Q1 2023: Team Spotlight - Josh Tucker
Team Spotlight: Josh Tucker
Written by Josh Tucker, Asset Manager & Lily Turner, Marketing Coordinator
Q1 2023 Newsletter
JOSH TUCKER, Asset Manager, SPI Advisory, LLC
Josh Tucker
has served as SPI Advisory's Asset Manager since 2019.
Before joining the SPI team, Josh assumed the role of Asset Manager at Westdale Asset Management following his position as a Financial Systems Manager at Prime Income Asset Management.
Josh was born and raised in Hot Springs, AR and graduated from Henderson State University in 1999 with a Bachelor's in Business Administration. He moved to Dallas, TX in 2002 looking for a job in commercial real estate & now works at SPI's Dallas office, which oversees most of the company portfolio's maintenance & management in addition to syndications, marketing, accounting, and the firm's general systems & processes. As Asset Manager, Josh provides operational oversight for SPI's multifamily portfolio and acts as the primary liaison between associate property management companies and lenders. Additionally, in this role, he tends to ancillary income opportunities, property tax appeals, and construction oversight. Josh has over 15 years of extensive experience in the apartment industry in over ten states (GA, TX, NC, SC, FL, LA, IN, KY, IL, NE, WA), which makes him an indispensable asset to the SPI team.
We sat down with Josh to learn more about his industry proficiency, enduring stewardship as SPI's Asset Manager, and how his previous professional experiences influence his continued contributions to SPI & the SPI team today.
"How did you end up working in Real Estate / Asset Management?"
JT: "I actually stumbled into the Real Estate industry..." When I first moved to Dallas in 2002, I had no specific inclination to any one industry, but my girlfriend at the time had just started a commercial property management company and that really piqued my interest. Ultimately, my career in real estate began as an Accountant at Prime Income Asset Management. In this position, my department was responsible for publishing financial reports for three public companies, and after a couple of years, I was promoted to Financial Systems Manager. While a part of the accounting department at Prime, I was exposed to nearly all forms of Commercial Real Estate...from hotels, office buildings, undeveloped land, industrial buildings, and multifamily, to oil & gas. Within this role, I expanded our published financial statements to internal operating statements that included KPIs such as REPAR for the hotels or holding schedules for the undeveloped land. It was a great first job to be introduced to some of the unique characteristics of each category."
"So then, how did you come to work at Westdale?"
JT: "In 2008, I left Prime to join Westdale Asset Management as a Financial Analyst. Assuming my new position would be similar to my previous one, I was taken aback when one of my first assignments was to read through a stack of ancillary income agreements as opposed to drafting financial reports all day; it was completely different to what I was used to and I loved it. After some time in this role, I realized how my department's operations directly impacted the direction of our properties. Along with tracking and negotiating ancillary income contracts, I also developed Westdale's Asset Department's internal quarterly report that still guides how they manage their properties to this day.
When I first created that report, I regarded each apartment complex as its own individual business... from rents collected, to payroll and expenses paid out, to finally, the profit realized. But, I wanted to know even more, so I did my best to sit in every meeting that I could in order to soak up as much knowledge as possible. Additionally, I took advantage of every opportunity that I could get out onsite, meet the onsite staff, and to see how our instructions would filter down from the corporate office to ultimately be put into practice. After six years as a Financial Analyst, I was promoted to Asset Manager at Westdale and would stay in that position for the next five years."
"How did you come to join SPI Advisory?"
JT: "Before I joined SPI Advisory in 2019, I was looking for a smaller company that was growing. Specifically, I wanted to find a company that would allow me to grow along with it. While I was interviewing with SPI, I asked Michael, 'Are you growing?' and 'Can I grow with you?' to which he answered 'Yes,' and that made my decision easy."
"I wanted to find a company that would allow me to grow with it."
"What responsibilities does your current position as SPI's Asset Manager entail?"
JT: "Presently, I oversee all Asset Management operations of SPI's 30+ current properties under management. These duties include Revenue Management, CapEx, Property Tax, Contract Negotiation, Monthly & Quarterly Financial Reviews, Annual Budget Review, Industry Research, and Investor Relations.
On a typical day, I meet with our Regional Managers to determine how their properties are performing and which ones need more attention. Some properties need more attention than others depending on a range of items like how the property is leasing, whether or not the property is spending too much on Operating Expenses, or, if there are unforeseen Capital Expenses that need to be addressed. I'll also take calls from 3rd party vendors to see if they can either help with managing current costs or increasing our other income. I review Rental Rates daily and adjust them, if needed, a couple times a week. I try to make it out onsite roughly once a week to meet with the Regional Manager & onsite staff, walk the property, and see our ready units."
"So far, what's been your favorite SPI CapEx project?"
JT: "So far, putting the murals back on 5 Mockingbird has been my favorite project. I think that anytime you can incorporate public art into real estate is awe-inspiring. By taking what was a boring side of a building and adding an artist's vision, beautifies the building and the surrounding area... it brings culture to that part of the city. And the best part is that whether you love or hate the art that goes up, it still gives you something to look at, talk about, and think about.”
5 MOCKINGBIRD, MURAL RESTORATION PROJECT, 2021
"Anytime you can incorporate public art into real estate is awe-inspiring . . . It brings culture to that part of the city . . .
WHETHER YOU LOVE IT OR HATE THE ART THAT GOES UP, IT STILL GIVES YOU SOMETHING TO LOOK AT, TALK ABOUT, AND THINK ABOUT."
"What value do you add to SPI?"
JT: "My knowledge and expertise in Revenue Management have helped maximize SPI's Total Rent Growth for long-term growth. I took a portfolio that was consistently occupied at 90-91% when I entered this position and brought it up to the mid-90's. While initially I sacrificed higher New Lease Tradeouts, total rents collected grew. My primary focus at SPI is to consistently grow Net Rental Income monthly.
I feel that my aggressive opposition to real estate taxes has proven beneficial for SPI, along with the other systems that I've put in place to help the Asset Management Department run more efficiently. I take as much as I can off of Mike's desk so that he's able to focus on sourcing new deals."