Rob Neiffer

Director, Asset Management

AXA Investment Managers

Rob Neiffer bio – Rob is the US Director of Asset Management for AXA Investment Managers since 2017; AXA is a Paris-based, global institutional real estate investment firm and he is responsible for managing and overseeing all real estate asset management activities of the firm’s $6.0 billion US real estate portfolio. Prior to his current position, Rob spent 10 years at Invesco Real Estate where he was a Director in the Asset Management group and managed a real estate investment portfolio valued at $1.0+ billion. Rob also held various real estate positions at AT&T Investment Management Corp, Lucent Asset Management, ING Clarion Partners and UBS Asset Management. He began his real estate career at Trammell Crow Company. Rob has more than 30 years of experience in commercial and multi-family real estate asset management. Rob earned a Master’s in Business Administration from NYU’s Stern School of Business and a Bachelor’s degree in Civil Engineering from Bucknell University.

1. So, you’re an asset manager. What does that mean at your organization? What are you responsible for day-to-day?  

The AM functions as the “owner” of the asset and their primary responsibility is to execute on the Investment Thesis for the property.  This is accomplished by monitoring costs to ensure they are in line with budget.  There also needs to be a focus on the revenue side to understand when/why if revenues begin trending lower then budget.  The AM should also be communicating with stakeholders when performance is materially higher or lower than expected to void surprises.

3. What drew you to the work of asset management? What do you find attractive or stimulating about the role? 

I was always the kid playing with building blocks so after business school, I was attracted to real assets (versus financial assets) when making a career choice. So it was this interest that drew me to real estate after business school.

5. What can organizations do to better support their asset management team, and also to foster a stronger synergy between the AM team and other teams they need to work closely with but may also occasionally butt heads with (such as acquisitions or ESG teams)?   

Tearing down silos and insisting on a collaborative work environment can go a long way towards fostering synergy among working groups.  This needs to come from the top.

6. If you didn’t need a paycheck, would you still choose this career path? If yes, why? If no, what would you do instead?  

Yes, see response to question 3 above.

Garrett Hatton

Head of Asset Management

Foxfield Real Estate

Garrett is the Head of Asset Management at Foxfield LLC, a real estate investment and development company that focuses on industrial and residential assets. Garrett is responsible for overseeing the execution of Foxfield’s business plans and working to maximize the value of the portfolio. Prior to joining Foxfield, Garrett was Director of Investments at Alcion Ventures, where he sourced new acquisitions for Alcion’s investment funds and oversaw the asset management of over $2B in real estate investments. Garrett previously held positions at BayNorth Capital, Richards Barry Joyce & Partners, and Anglo Irish Bank.

So, you’re an asset manager. What does that mean at your organization? What are you responsible for day-to-day? 

At Foxfield, the job of the asset manager is to maximize the value of our investments on a daily basis. We are responsible for executing each investment's business plan and achieving the greatest possible outcomes for our investors. Day-to-day, our asset managers are negotiating leases and loan documents, performing financial analysis to inform decision making, reviewing monthly operating performance, preparing reporting, maintaining lender and brokerage relationships, overseeing capital projects, and directing the activity of our property managers. We view the Asset Management group as a strategic, rather than tactical, function of our business.  

2. As any asset manager knows, the role of an “asset manager” can differ significantly from one organization to the next. How would you define the role and the standard scope of work of an asset manager? What makes sense for the AM to always oversee? What, maybe, doesn’t?

I define the asset management role as a strategic rather than tactical role. My asset managers are responsible for maximizing value and generating investment returns. It always makes sense for the AM to oversee leasing, financing, and disposition. It does not make sense for them to oversee day-to-day property-level issues that can be handled by the property managers. 

3. What drew you to the work of asset management? What do you find attractive or stimulating about the role?

I enjoy solving problems, identifying risks, and proactively creating value. Where better to do that in the real estate investment business than asset management? I am a real estate investor by trade. I was trained in both acquisitions professional and asset management and I think organizations that value asset management equally with acquisitions are far more likely to achieve long-term success. 

4. How can the industry better support the recruitment and development of new asset managers, and perhaps better “sell” the AM role to people just starting in the industry (especially when acquisitions is viewed as the shinier, more exciting option)?

I train my asset managers to be thoughtful real estate investors. Whether you are in an asset management or an acquisitions role, it is crucial to identify and control risk. It is the job of the professional investor to bear risk for profit and whether you are making the initial investment or executing that investment's business plan, it must be approached through the same lens. I run the asset management team at Foxfield, but I do not view myself as an asset manager or an acquisitions professional; rather, I view myself as a real estate investor and that's how I train my team. Other than valuing the asset management function the same way you value the acquisitions function, you need to compensate and incentivize asset management professionals the same way you compensate and incentivize acquisitions professionals. 

5. What can organizations do to better support their asset management team, and also to foster a stronger synergy between the AM team and other teams they need to work closely with but may also occasionally butt heads with (such as acquisitions or ESG teams)?

Our asset managers work closely with our acquisitions team when making a new investment. If the investment will ultimately be passed to asset management to execute, the assumptions that go into the original underwriting model need to be signed off and approved by the folks that are actually going to implement the plan. And again, we all need to be paid when the investment results go according to plan. 

6. If you didn’t need a paycheck, would you still choose this career path? If yes, why? If no, what would you do instead?

Hell no. I would travel the world. 

Addie Calkin

Asset Manager

Hager Pacific Properties

Addie brings 10+ years of experience working in commercial real estate. Addie has managed a variety of properties including Class A Office, retail, industrial, mixed-use, value-add and redevelopment throughout southern California, Seattle and New York. She joined Hager Pacific Properties in 2022, holds her RPA® designation through BOMI International, and is a member of her local NAIOP and CREW chapters.

1. So, you’re an asset manager. What does that mean at your organization? What are you responsible for day-to-day? 

Our asset managers are a hybrid of traditional property managers and asset manager. We oversee all day to day operations of their properties, budgeting, CAM reconciliations, and Capital projects and also work directly with the owners on leasing negotiations, acquisitions and dispositions, and lender reporting.

2. As any asset manager knows, the role of an “asset manager” can differ significantly from one organization to the next. How would you define the role and the standard scope of work of an asset manager? What makes sense for the AM to always oversee? What, maybe, doesn’t?

In simplest terms, I think the Asset Manager is and should be the liaison between all property operations and the owners. What that looks like is going to vary significantly from firm to firm, depending on firm size, team capacity and company goals. That said, it is important for Asset Managers to have a strong hand in and oversight of their property’s or portfolio’s operations, setbacks, capital projects and budgetary goals but also allow their property managers or other operations teams to carry out the day-to-day details. Asset Managers also should have a strong financial outlook and understand their property and tenants’ positioning to help guide the owner(s) goals.

3. What drew you to the work of asset management? What do you find attractive or stimulating about the role?

I started my career in property operations which I still love. I was drawn to the Asset Manager role as I saw  a ceiling to Property Operations, and wanted to expand my experience into the acquisitions, dispositions, understanding owner positioning and overall property negotiations. As an Asset Manager, I also think it provides you first hand experience to see how property Owners think and have their success, which is such a huge learning opportunity. If you are only in property operations, this aspect may still be tangible, again depending on your role and firm, but Asset Management allows you a more birds eye view of Real Estate. All that said, having a micro-level foundation of property operations has been very beneficial for me and my career path.

4. How can the industry better support the recruitment and development of new asset managers, and perhaps better “sell” the AM role to people just starting in the industry (especially when acquisitions is viewed as the shinier, more exciting option)? 

It is interesting to hear Acquisitions is viewed as more exciting. Buying something, whether it’s a new building a new puppy or groceries has it’s appeal and rush of dopamine to the brain. That said, I find greater, longer lasting satisfaction in seeing what those new purchases can become. You can buy a building same as you can ingredients for a steak dinner but what you make of it is where I would say the magic happens and where a legacy can really be left. Real Estate Management isn’t as widely popular in school, or at least wasn’t when I was in college. So I think there’s opportunity in partnering with educational facilities to teach students about asset management and how it is a perfect collaboration of finance, operations, and business administration.  Finding mentorship whether formal or informal is also one of the best ways to expand your career, that goes for in any field you’re in.

5. What can organizations do to better support their asset management team, and also to foster a stronger synergy between the AM team and other teams they need to work closely with but may also occasionally butt heads with (such as acquisitions or ESG teams)?

As the age old saying goes, Communication is key. I find most conflicts and frustrations come when one team isn’t talking to the other about what is going on. For instance, acquisitions is working on a deal and the Asset Manager isn’t brought into the very end, whereby it’s too late in the Due diligence process to get key items, or they are handed a property without really having any background. Or the Asset Manager has questions on the deal that others aren’t able to answer simply because no one asked or thought to ask until then. Even if it’s a deal that ultimately doesn’t play out, it is great for the Asset Managers and even the operations team to be kept apprise of what’s in the pipeline to allow for collaboration and that everyone else is set up for success.

6. If you didn’t need a paycheck, would you still choose this career path? If yes, why? If no, what would you do instead?

If I didn’t need a paycheck, I would and frankly already do manage personal real estate and/or income properties in some capacity. I find real estate exciting, tangible, applicable in many ways and profitable – most of the time. That said, if a paycheck wasn’t a factor I would probably step back from a 40 hour work week  to spend more time with my young children, husband and family.

Brian Killinger

SVP, Asset Management

LivCor

As a Senior Vice President of Asset Management at LivCor, Brian Killinger and his team are responsible for driving the asset strategy and performance of a large multifamily portfolio spanning more than 15 major markets across the eastern US. Prior to LivCor, Brian held various leadership roles in asset management overseeing portfolios of LP & GP interests in LIHTC funds, conventional equity investments for institutional clients, and non-traded residential REITs. He has nearly 20 years of experience in the real estate industry, working with various asset classes, markets, and strategies and has a strong track record of delivering value to investors, clients, and partners. He’s passionate about finding innovative solutions to optimize property and portfolio performance to create long-term value and enjoys collaborating with a diverse and talented team of professionals who share his vision of excellence, integrity, and sustainability.

1. So, you’re an asset manager. What does that mean at your organization? What are you responsible for day-to-day? 

On a day-to-day basis asset managers are collaborating with and providing direction to various teams to support optimal operations & investment performance. These teams include, but are not limited to, site management, revenue management, construction management, finance, debt capital markets, and investments. In any given day, the asset manager could be: reviewing the financial performance of their assets to identify opportunities to drive revenues or control costs relative to budget, deriving and working with operations teams to execute property initiatives, reviewing and approving defensive or accretive capital spend with their construction management team,

2. As any asset manager knows, the role of an “asset manager” can differ significantly from one organization to the next. How would you define the role and the standard scope of work of an asset manager? What makes sense for the AM to always oversee? What, maybe, doesn’t?
Asset managers are responsible for the strategic direction and overall investment performance of an assigned portfolio. Success requires collaboration between various internal and external teams to ensure there’s clarity of objectives and performance is meeting expectations. In that vein, asset managers should always be leading the strategy development and decision making for their portfolio. They should be the asset and market experts and use that expertise to deliver the best financial outcomes. Conversely, asset management is not property management. Resident/tenant relations and customer service, while important, should not be a role of asset management. Asset management should bridge the gap between investment objectives and operational capabilities – but should be cautious to venture too far into either lane.

3. What drew you to the work of asset management? What do you find attractive or stimulating about the role?

No week is the same as an asset manager. You need to think strategically and understand the potential of your properties (either existing or new acquisitions), including market headwinds/tailwinds that can enable or limit that potential, and develop a plan to realize those targeted outcomes. You need to be analytical to understand prior and recent performance trends and understand when you need to step in to change course to maximize performance. You need to be a problem solver and give guidance to internal and external partners to make the best decisions for your portfolio. You need to occasionally serve in an investor relations capacity to communicate not just your plan but the performance of that plan to your investor set. You need to be a leader of the various teams you work with to ensure all groups are clear on the objectives and are moving in the same direction. And at the end of the day you need to make the hard calls as ownership representatives to protect investor capital.

4. How can the industry better support the recruitment and development of new asset managers, and perhaps better “sell” the AM role to people just starting in the industry (especially when acquisitions is viewed as the shinier, more exciting option)? 

Highlight more of the strategic components of the role and how it gives exposure to all facets of the investment life cycle and isn’t simply tax appeals and insurance renewals.

5. What can organizations do to better support their asset management team, and also to foster a stronger synergy between the AM team and other teams they need to work closely with but may also occasionally butt heads with (such as acquisitions or ESG teams)?

Some of it is simply clarifying for the broader organization what role asset management plays and, as importantly, doesn’t play in the leadership of a portfolio. In seeking to improve synergies between teams, I think providing clarity in roles and responsibilities goes a long way to foster synergy and minimize negative friction points between historically friction heavy departments.

Kristina Bernatis

Asset Manager

MORE Residential

Kristina Bernatis is an asset manager at MORE Residential, an investment manager with over $1.2 billion in built-to-rent (BTR) assets. She joined MORE Residential in 2022 bringing with her over 15 years of multifamily real estate experience. Kristina oversees MORE’s southeast portfolio’s assets strategy & performance. In her role, she is responsible for directing third-party property management partners to drive optimal asset performance. Prior to joining the MORE Residential team in 2022, she served as Vice-President of Training & Marketing for JLB Partners and Vice-President of Training for Monogram Residential Trust (NYSE: MORE).

1. So, you’re an asset manager. What does that mean at your organization? What are you responsible for day-to-day? 

I’m responsible for the asset performance and holding management companies accountable to our expectations as owners, and budgets.

2. As any asset manager knows, the role of an “asset manager” can differ significantly from one organization to the next. How would you define the role and the standard scope of work of an asset manager?

Input in underwriting, oversight on asset performance, capital improvements, and open communication with property managers. What makes sense for the AM to always oversee?  Budget and rent expectations. What, maybe, doesn’t?  Hiring decisions, general asset operations governed by property managers, vendor relations.  

3. What drew you to the work of asset management?

Personally, it allowed me to switch gears from support roles back to “operations”. What do you find attractive or stimulating about the role? Learning opportunities and interacting with the property managers.

4. How can the industry better support the recruitment and development of new asset managers, and perhaps better “sell” the AM role to people just starting in the industry (especially when acquisitions is viewed as the shinier, more exciting option)? 

After an acquisition, the asset manager is responsible for the success of the asset and directly impacts the value the asset brings to the organization and often investors. No pressure!

5. What can organizations do to better support their asset management team, and also to foster a stronger synergy between the AM team and other teams they need to work closely with but may also occasionally butt heads with (such as acquisitions or ESG teams)?

Provide a strong leader with a clear vision for the portfolio as a whole. Sharing organizational goals and an environment for collaboration with all teams to align and meet goals.

Jonathan Loke

Vice President, Asset Management

Ohana Real Estate Investors

Jonathan is responsible for supporting all aspects of the asset management team. As an asset manager, Jonathan oversees product and market strategy, performance monitoring and optimization, capital management, financial planning and reporting. He has a breadth of experience in hospitality and real estate having worked at EY’s Transaction Real Estate group and Fulcrum Hospitality. Jonathan graduated from Cornell University’s School of Hotel Administration with a Bachelor of Science in hotel administration and a minor in Real Estate.

1. So, you’re an asset manager. What does that mean at your organization? What are you responsible for day-to-day? 

As a hotel asset manager at Ohana Real Estate Investors, I am the primary point of contact for the property’s management team and principally responsible for the execution of the business plan. There are certain SOPs that apply to each investment – including onboarding the investment in our database, setting expectations on capital contributions/distributions, and establishing reporting expectations. But beyond that, each investment opportunity has different needs, and the asset management team adapts its approach. The asset manager is responsible for liaising with project team members for renovation/construction projects, the lender, on-property management teams and any other stakeholder necessary to make the investment a success.

3. What drew you to the work of asset management? What do you find attractive or stimulating about the role?

Especially in the context of hospitality, each property has different set of individuals leading the various functional areas (rooms, F&B, sales, etc). As an asset manager, there’s a lot of soft skills needed to understand and create buy-in with a team to achieve results. Functional understanding of the hospitality industry and real estate industry will get you 90% of the way there, but the last 10% comes down to how well you work with teams, understand the teams’ motives and psychology and deploy the right resources to achieve the business plan. Putting it all together is the fun part.

4. How can the industry better support the recruitment and development of new asset managers, and perhaps better “sell” the AM role to people just starting in the industry (especially when acquisitions is viewed as the shinier, more exciting option)? 

The industry needs a better mentorship model. Analysts and associates in asset management functions can easily be relegated to reporting and analytical work. But growing into the asset manager’s role requires hands-on experience, and it typically occurs by riding shotgun with more senior executives. The selling point of asset management is that you’ll be a cross-functional player in the real estate industry. You’ll know how to talk to lenders, architects, land use attorneys, etc. The best cost basis achieved by the investments team can still be lost if you don’t have individuals with good business sense making incremental decisions every day.

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