Financial expertise and consulting
Real Estate Specialists

Financial Operations for Real Estate Investors

Navigate complex syndication accounting, property-level reporting, and investor distributions with CFO partners who specialize in real estate operations and fund management.

Financial expertise and consulting
Industry Challenges

Real Estate Accounting Challenges We Solve

Real estate investors face unique financial complexities from multi-entity structures to lender reporting requirements.

Property-Level Accounting
Multi-entity structures with property-specific LLCs
Rent roll reconciliation and tenant billing
Common area maintenance (CAM) reconciliation
Capital improvement tracking vs. repairs & maintenance
Syndication & Investor Reporting
Waterfall distribution calculations (preferred returns, catch-up, promote)
K-1 preparation for LP investors
Quarterly investor capital account statements
Compliance with SEC Regulation D and syndication agreements
Lender Reporting & Compliance
Monthly lender reports with rent rolls and operating statements
Debt service coverage ratio (DSCR) calculations
Reserve account tracking (capex, TI, leasing commissions)
Loan covenant compliance monitoring
1031 Exchange & Tax Planning
Like-kind exchange identification and documentation
Qualified intermediary coordination
Depreciation recapture calculations
Cost segregation study implementation
Our Expertise

Comprehensive Real Estate Financial Services

From single-property investors to institutional portfolios, we provide specialized accounting for every real estate strategy.

Multifamily Accounting
Rent roll & tenant ledger management
Property management fees tracking
Unit turn costs & capital expenditures
Occupancy & economic vacancy reporting
Commercial Properties
NNN lease accounting
CAM reconciliation & billing
Percentage rent calculations
Tenant improvement allowances
Development Accounting
Construction-in-progress tracking
Draw schedule management
Soft cost vs. hard cost allocation
Developer fee recognition
Syndication CFO
Waterfall distribution modeling
Investor capital account tracking
K-1 preparation & distribution
Quarterly investor reporting
REIT Compliance
REIT income test calculations
Asset & gross income tests
Distribution requirements (90%)
Annual REIT election filing
Tax Strategies
Cost segregation studies
1031 exchange coordination
Opportunity Zone tracking
Depreciation optimization
Real Estate Metrics

Portfolio Metrics We Track & Report

Monitor the operational and financial metrics that drive real estate performance and investor returns.

Property Performance
Net Operating Income (NOI)
Cash-on-Cash Return
Cap Rate
Economic vs. Physical Occupancy
Investor Returns
IRR (Internal Rate of Return)
Equity Multiple
Preferred Return Coverage
Distributions per Share
Debt Metrics
DSCR (Debt Service Coverage)
Loan-to-Value (LTV)
Debt Yield
Interest Coverage Ratio
Operational KPIs
Revenue per Unit/SF
Operating Expense Ratio
Tenant Retention Rate
Rent Growth (YoY)
Lender Reporting

Perfect Lender Covenant Compliance

Missing lender reporting deadlines or violating loan covenants can trigger default provisions and jeopardize financing. We maintain 100% on-time compliance with all lender reporting requirements.

100%
On-Time Lender Reports

Never missed a monthly or quarterly lender reporting deadline

Zero
Covenant Violations

Proactive monitoring prevents DSCR, LTV, and debt yield breaches

48 Hours
Audit Response Time

Complete lender audit documentation delivered within 2 business days

Portfolio Health

1.45 DSCR

Our Clients

"Rich and the aquifer team helped us significantly improve our financial infrastructure. This allows us to focus on scaling faster, while feeling confident we have the right financial systems in place."

"The Aquifer team has been incredibly insightful in approaching our finance stack, making them an invaluable partner for our business. They work with us rather than around us and continue to lend their expertise in the world of web3 accounting."

"Aquifer was instrumental in helping GDA scale by providing financial infrastructure & processes, financial advisory seed + Series A rounds, corporate accounting & tax support, and any other ad-hoc projects. The team brought a strong sense of co-founder ownership."

The Aquifer Difference

Strategic Partners Who Speak Real Estate

We don't just track rent rolls. We become integrated partners who understand your acquisition strategy, capital stack, and investor expectations—speaking the language of real estate investing.

Real Estate-First Expertise

We specialize exclusively in real estate, understanding nuances from syndication waterfalls to REIT compliance that generalist accountants miss.

Lender-Ready Always

Perfect compliance with monthly and quarterly lender reporting requirements, maintaining strong relationships with debt partners.

Tax Strategy Optimization

Maximize after-tax returns through cost segregation, 1031 exchanges, opportunity zones, and strategic depreciation planning.

Our Team

Meet Your CFO Partners

Our experienced CFOs bring decades of expertise across various industries to help your business thrive

Rich Zhou
CEO & Founder
Terence Papadacos
COO & Manager of Accounting
Alexander Williamson
Senior Manager of Accounting
Ron Armstrong
Senior Business Analyst
Witton Leung
Financial Modeling Expert
Lydia Yu
Manager of Accounting
Mhilanie Belleza
Manager of Accounting
Want to learn more about our team and expertise?
View Full Team Bios
Common Questions

Real Estate Accounting FAQ

How do you handle multi-entity real estate structures?
Can you help with syndication waterfall distributions?
What's your experience with cost segregation studies?
How do you manage lender reporting and covenant compliance?
What real estate metrics do you track and report?
Do you help with 1031 exchange coordination?
How do you handle CAM (Common Area Maintenance) reconciliation?
What about REIT compliance and reporting?
Let's Get Started

Ready to Optimize Your Portfolio?

Get a free real estate portfolio audit. We'll review your property-level accounting, lender compliance, and investor reporting—providing a custom optimization roadmap.

Free Audit ($3,500 value)
Real Estate Expert Call
Custom Tax Strategy