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Apartment Investment and Management Company Promotes Beaudin to Chief Property Operating Officer Adler Departs to Form Consulting Company

DENVER, Oct. 17 /PRNewswire-FirstCall/ -- Apartment Investment and Management Company ("Aimco") (NYSE: AIV), announced today that Tim Beaudin was promoted to a new and expanded role as the company's chief property operating officer.

Beaudin, who joined Aimco in 2005 as the company's first chief development officer, has been instrumental in planning and executing Aimco's strategy in the areas of redevelopment, property entitlements and construction services. In his new role, Beaudin will oversee conventional and affordable property operations and information technology, in addition to redevelopment and construction services. He also will build and lead a newly defined asset management function for conventional properties.

"Tim's solid record of success in redevelopment and his strong business acumen will enhance the effective execution of Aimco's strategic plan," said Aimco Chairman and Chief Executive Officer Terry Considine. "Tim's proven leadership will be a key asset as we align our operations, information technology, redevelopment and asset management functions to improve performance and deliver positive results to our shareholders."

Prior to joining Aimco, Beaudin was executive vice president for Catellus Development Corporation, a San Francisco-based real estate investment trust, where he was responsible for development, construction and asset management.

Aimco also announced the resignation of Jeff Adler, chief property operations officer, to found The Sanctuary Group LLC, a management consulting and investment banking firm for the multifamily industry whose services include development of investment and operations strategy, branding, target marketing and acquisition underwriting.

"Jeff has contributed enormously to Aimco's operational reinvention over the past nearly seven years, developing and then implementing our revised operating strategy, structure, tactics and metrics," said Mr. Considine. "His contribution has deeply influenced our organization, and he will be missed. We are pleased to be the first client of The Sanctuary Group, and look forward to his continued counsel on strategic issues."

Aimco is a real estate investment trust headquartered in Denver, Colorado that owns and operates a geographically diversified portfolio of apartment communities. Aimco, through its subsidiaries and affiliates, is one of the largest owners and operators of apartment communities in the United States with 1,114 properties, including 188,672 apartment units, and serves approximately 750,000 residents each year. Aimco's properties are located in 46 states, Washington, D.C., and Puerto Rico. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV and are included in the S&P 500. For more information about Aimco, please visit our website at www.aimco.com.

SOURCE Apartment Investment and Management Company

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