Summary
Overview
Work History
Education
Skills
Certification
Timeline
Generic

Steven Freishtat

Potomac

Summary

A goal-oriented CFO with a demonstrated career history of achieving improved financial and strategic results in diverse business and organizational conditions. Extensive experience in corporate strategy, financial modeling and forecasting, equity and debt capital markets, treasury, investor relations and lending.

Overview

30
30
years of professional experience
1
1
Certification

Work History

Executive Vice President, Chief Financial Officer

Elme Communities (formerly Washington REIT)
01.2023 - Current
  • Led financial strategy for a ~$2.2B publicly traded REIT, overseeing a team of seven individuals responsible for Financial Planning and Analysis, Capital Markets, Treasury, Investor Relations, Research and Office Management functions
  • Worked closely with Chief Accounting Officer to oversee accounting function, ensure regulatory compliance and maintain accurate and timely financial statements that adhered to all relevant accounting standards, compliance and regulations
  • Partnered with company executives, including CEO, to develop and execute the company's overall strategic plan and growth initiatives including onboarding multifamily operations at a 20% ROI and exploring the Company's strategic alternatives
  • Presented regularly to Board of Trustees advising them on strategic initiatives, financial forecasts, annual budgets and capital markets including answering questions and defending recommendations
  • Supervised company-wide three-year corporate forecast model and helped create model capabilities to forecast various scenarios faster and better understand sensitivities of assumptions to guide strategic decision making
  • Oversaw and strengthened company's capital structure and investment grade balance sheet while leading capital markets activities, including debt and equity raises and interest rate risk management resulting in reducing leverage and increased interest expense certainty; maintained and managed relationships with more than twelve banking institutions
  • Spearheaded quarterly investor relations activities including earnings press release, script development, analyst Q&A, and SEC reporting. Spoke as a member of the executive team during earnings call prepared-remarks and answered questions during Q&A portion of the call. Developed process to create guidance ranges that included collaboration with other members of the leadership team intended to create alignment and allow the company to better achieve results consistent with issued guidance.
  • Communicated with investors and analysts regularly at up to ten in-person and virtual investor conferences annually; delivered strategic updates and financial overviews to public markets
  • Organized company strategic retreat intended to support board's discussion of selecting the best path forward for shareholders by coordinating with multiple banks to present strategic analysis, as well as internally develop and present a slide deck with financial analysis showing likelihood of success of various strategic alternatives
  • Led, in conjunction with the other members of the management team, a strategic review process that included working with strategic advisors, managing due diligence process, including a war room and answering diligence questions, updating the company's board regularly and analyzing potential outcomes, which resulted in a sale of a majority of the company's assets and a liquidation plan that was determined to be the option that maximized shareholder value resulting in an expected ~16% stock price increase at the midpoint of the announced dividend distribution range
  • Managed two rating agency relationships and annual presentations; collaborated with executive leadership to successfully maintain investment-grade credit ratings for the past 10 years
  • Led annual goal setting process for Finance, Accounting and IT initially and eventually for the entire company to setup strategic goals for the company to be supported by various departments that created alignment and focus on improving internal processes and capabilities
  • Oversaw internal research function including conducting an in-depth process to help drive capital allocation into new markets and prepare for quarterly earnings calls and investor conferences with data to support company's strategy, guidance and growth expectations

Vice President, Finance

Elme Communities (formerly Washington REIT)
01.2015 - 01.2023
  • Modeled and forecasted results utilizing three-year rolling corporate model including coordination of inputs from multiple departments. Modeled capital planning alternatives and presented to the executive team to analyze strategic and capital planning scenarios including potential mergers, acquisitions, dispositions capital markets and portfolio changes totaling more than $5B
  • Rebuilt and improved corporate forecast model and forecasting processes to allow for a more than 50% quicker turnaround to discuss results, enhanced flexibility to incorporate various forecasting assumptions, and improved understanding of how assumptions impacted expected future results that led to decisions including acquisitions, dispositions, equity and debt raises and timing of dividend distributions
  • Presented monthly recent performance analysis and updated three-year forecast including financial metrics to senior executives and company's leadership in order to lead strategic discussion and maximize results
  • Managed preparation of annual corporate budget presentation and quarterly financial updates and streamlined process allowing improved timing of distribution of these presentations by 8 hours allowing more time for the Board's review. Presented YTD financial information, updated multi-year forecast, financial highlights and strategic recommendations at Board of Directors meetings
  • Worked with external financial investment bank advisor on project to transform company from a diversified REIT into a multifamily REIT that included the sale of 20 commercial assets valued at nearly $1B. Created a pro forma forecast, announcement call presentation and script, rating agency presentation and balance sheet improvements
  • Maintained more than twelve banking relationships and met with banking contacts regularly to understand financial markets and develop financial strategies that were implemented by the company
  • Oversaw company balance sheet and negotiated over $3 billion of unsecured debt including credit facilities, term loans and private placement bonds
  • Supported executive team and Vice President, Investor Relations with earnings release, transcript review, Q&A preparation and analysis for quarterly earnings calls, earnings releases and press releases
  • Managed company's equity process that raised over $500 million in equity via an overnight deal and ATM program
  • Prepared annual rating agency presentation for Moody's and S&P. Presented, along with executive team, the company's business plan which was used to support and maintain the company's investment grade credit rating
  • Supervised Treasury RFP process including a 19-page RFP document sent to four banks, an internal cross-departmental decision-making process and implementation process to serve the company's banking needs
  • Led cash planning including the creation and management of a 13-week rolling cash flow forecast and daily cash report used to improve management of banking cash balances resulting in more than $100K of annual interest expense savings.
  • Conducted implementation process for new credit card, ACH and wire platform designed to increase electronic payments from zero to more than 75% of vendor payments, thereby reducing dependence on checks and risk of fraud
  • Oversaw risk management Director, who was responsible for the Company's D&O and property insurance program

Vice President, Corporate Finance

CapitalSource Bank
01.2004 - 01.2015
  • Acted as primary contact for up to 22 clients in industries such as technology, manufacturing, and retail, totaling almost $300 million in asset backed, senior and mezzanine cash flow loans
  • Provided daily operation review and quality control for a credit analyst and 5 account executives on all operational aspects of servicing loans including memos, ratings, lender call notes, cash receipts, loan term changes and customer inquiries
  • Analyzed client's monthly P&L, Balance Sheet and Cash Flow statements, Management Discussion & Analysis reports and accounting reports to gain a better understanding of current financial position and become aware of any potential situations regarding financing or covenants that needed to be addressed
  • Underwrote recapitalizations and acquisitions ranging in size from $5 to $100 million, including analyzing company's financial projection model, understanding accounting policies, writing internal approval memos and negotiating term sheets and loan documents
  • Negotiated, coordinated and drove the process for waivers and amendments that required cooperation from CapitalSource management, internal counsel, external counsel, client company's management, equity sponsor and opposing counsel
  • Oversaw restructuring scenarios of companies including situations with increased likelihood of principal loss to CapitalSource which resulted in additional equity investment in the company and eventual payoffs through either refinancing of existing debt or sale of the business
  • Conducted monthly presentations to update Credit Committee and upper management on financial performance and status of portfolio loans

Senior Financial Analyst, Corporate FP&A

Marriott International
01.2002 - 01.2004

Senior Financial Analyst, Corporate Finance

Lockheed Martin Global Telecommunications
01.2001 - 01.2002

Senior Accountant, Corporate Accounting

Lincoln Property Company
01.1997 - 01.1999

Staff Accountant, Corporate Accounting

Beco Management
01.1996 - 01.1997

Education

MBA -

Emory University
05-2001

Bachelor's Degree -

Indiana University
05-1996

Skills

  • Corporate Strategy
  • Financial Strategy
  • Capital Markets
  • Financial Modeling
  • Financial Analysis
  • Treasury
  • Accounting
  • Investor Relations
  • Risk Management

Certification

  • Certified Public Accountant (inactive)
  • Chartered Financial Analyst

Timeline

Executive Vice President, Chief Financial Officer

Elme Communities (formerly Washington REIT)
01.2023 - Current

Vice President, Finance

Elme Communities (formerly Washington REIT)
01.2015 - 01.2023

Vice President, Corporate Finance

CapitalSource Bank
01.2004 - 01.2015

Senior Financial Analyst, Corporate FP&A

Marriott International
01.2002 - 01.2004

Senior Financial Analyst, Corporate Finance

Lockheed Martin Global Telecommunications
01.2001 - 01.2002

Senior Accountant, Corporate Accounting

Lincoln Property Company
01.1997 - 01.1999

Staff Accountant, Corporate Accounting

Beco Management
01.1996 - 01.1997

MBA -

Emory University

Bachelor's Degree -

Indiana University

Similar Profiles

CREATE PROFILE
Steven Freishtat