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Summary

Executive skilled in leadership, operations, commercial/residential real estate, strategy, large/complex capital markets transactions, investor relations, marketing/sales, development and finance.  Successful at increasing market share and sales and building high performance teams focused on serving the requirements of investors, customers, and employees.  Track record in turn-around environments, increasing profits and market share, improving investor relations and communications.

Interest

Real estate finance, property management, organizational turnarounds

References

Terry Considine

I have had the great pleasure of working with Jeff Adler for nearly 7 years, 5 as a direct report. It is with little exaggeration to say that he entirely reinvented AIMCO's Operations in every single aspect, and these achievements have been recognized by external public analysts as well. In my 35 years of real estate investing, and 14 as AIMCO's CEO, I have never learned more about how Operations can add value. After a year of restructuring in 2004, he has led AIMCO to all time record highs in occupancy and rental rates, while also exceeding industry and peer market averages.

Lee Montgomery

“I had the pleasure of working for Jeff for 6 years at AIMCO where he was the Executive Vice President of Operations. During this time, Jeff literally transformed AIMCO into a best in class operational organization. When Jeff began as EVP of Operations, he inherited a very dysfunctional organization that relied on “old school, gut feeling seat of the pants” management style. The operational results showed as we trailed most of our competitors as measured by outside analysts for several years running. Jeff quickly instituted process controls, system improvements, accountability, best in class customer service, improved credit quality while substantially upgrading the talent level of the organization. After 6 months, AIMCO began to comeback and eventually led to market out performance over the next several years. Several industry sources cited Jeff’s contribution to this out performance – Green Street, AXIOMETRICS and REIS – to name a few. As a leader, Jeff has the rare ability to evaluate complex business problems and create value by solving and executing solutions. His ability to relate to all levels of his organization allowed him to drive effective and long lasting change. Finally, Jeff is one of the finest leaders I have ever worked for and would be blessed to be able to work with him again.”

Craig Leupold

Oftentimes, changes in management teams do not provoke much of a reaction and even go overlooked. However, the recently announced resignation of Jeff Adler, AIMCO's former head of operations, looks to be a blow to the company. Mr. Adler has been a central figure in AIMCO's improved property operations performance since '04 and the timing of his departure is particularly troubling as the company and the apartment sector face an increasingly challenging operating environment.

October 17,2008

Shah Alam

“Jeff Adler's proven success record speaks for itself and I am writing this because I feel proud of the solid leadership Jeff has provided during his tenure at AIMCO. I first met Jeff quite a few years ago. I was impressed by the knowledge and analytical skills he dispalyed during an 8 hour meeting. Jeff as always is passionate in what he does and he does it by not keeping to himself but shares the wealth of knowledge, involves every one in the team with open discussions and leads by driving the team with clear vision and defined goals.Jeff in his time at Aimco not only defined operations and its goal but moved and steered all of us towards the complete understanding of sales, service and fiscal responsibility. Jeff introduced and successfully implemented contact center, marketing team, branding, customer focus, performance metricss and reporting and better inventory management. It was truly an honor to work under his leadership and for me he is one of the few most respected leaders of my world.”

Michael Karsner

“I have had the pleasure of working with Jeff over the last 4 years as both CFO of Conventional operations and DVP East Division. Jeff was the principal architect of transforming our business model by establishing the vision, strategy, metrics and analytics, complete with operating standards and a management team to successfully execute a scale able consumer footprint delivering consistently results exceeding competitive benchmarks. Jeff is very bright, articulate and has a unique ability to conceptualize a business opportunity and create value with tactical execution. As a leader he is open fair and challenging and is always striving for excellence.”

David Carline

“Jeff Adler is one of those rare individuals who can create quality strategy, clearly communicate it to the masses, and implement action plans to execute. He understands and leverages two critical components: people and process. Jeff successfully balances quantitative analysis and instinctive judgment when making decisions. Finally, he leads by example, challenges with respect, and teaches with passion. Having worked for countless executives over the years, Jeff is unquestionably a leader who both inspires and delivers.”

Tom Seeger

“I had the pleasure of reporting to Jeff when he was Chief Property Operations Officer. Jeff was instrumental in the development of AIMCOs operating platform. He provided and implemented a clear roadmap of initiatives aimed at moving the organization toward a consumer driven business model. He was excellent at linking strategy to implementation and led the team with energy, integrity and passion. He has an acute ability to convert data to information and information to action. During the tenure of his leadership, the company was able to produce results which outstripped the market. If I were looking for guidance or leadership in investing or operating in the multifamily industry Jeff would be my first call.”

Work experience

Jan 2009Present

President

The Sanctuary Group, LLC

Management Consulting & Investment Banking for the Real Estate industry www.sanctuarygroup.us.com. This includes  Multifamily Indexed Equity (MFIQ), LP a platform for a Patented Multifamily Inflation Indexed Investment Structure.

Chief Executive Officer

Leadership of strategic plan, product design, capital raising in public and private markets, underwriting, financial control, accounting/tax supervision, and distribution channel development.  Selected accomplishments as follows;

  • Assignments in REIT Stock Analysis, Property Acquisition Underwriting, Capital Structure, Property Management, Technology & Ancillary Revenue.
  • Published author in all major multifamily industry publications including Multi Family Executive, UNITS, Multi-Housing News, as well as regular speaker at multifamily industry conferences.
  • MFIQ - overall responsibility for product design, deal sourcing, deal underwriting and capital raising.
  • o Sourced and underwrote $100MM of deals.
  • o Original business plan called for perpetual unlevered investments with cash yields 400bp over US TIPS funded via IPO. Market conditions required multiple transitions to a private equity funded, 10 year duration, mezzanine preferred equity program.
Jan 2002Jan 2009

Chief Property Operations Officer

AIMCO (Apartment Investment and Management Co

Total responsibility for Strategy, Property, Asset and IT Management for AIV across all product categories (Conventional, Affordable, Student, Luxury Value-Added). Member of Investment and Executive Committees.  Reported directly to CEO, with regular reports to Board of Directors, investor quarterly earnings calls, public shareholders, investor conferences, banks, rating agencies, JV equity partners. Consulting Agreement in 2009.  Selected accomplishments and duties by function as follows;

Cumulative 7% revenue growth above city market averages from 2004-2008.  NOI growth greater than 5%, peaking at 9.5% in 2006.  Recognized as chief architect of AIMCO's resurgence following '02 recession.

Investment Strategy Execution and Review

Repositioned portfolio from 100 markets at $650/month rents to 20 markets at $1000/month rents.

  • Created and developed analytical framework to drive investment decisions:
  • o target city markets, scale criteria, and investment return hurdles,
  • o use of psychographic market segmentation (ESRI's Tapestry) to drive portfolio fit,
  • o acquisition and dispositiontemplates - target markets, target sub-markets, rent growth assumptions, cap ex requirements, expense assumptions, redevelopment potential,
  • Aligned debt maturities and redevelopment plans with expected hold periods.

Financial Control

AIMCO did not miss operational guidance from 2004-2008 after a series of guidance misses from 2001-2004. 

  • Led a financial staff (CFO, HQ Staff and regional controllers) in implementing forecasting and rolling budget process based on forward looking metrics. Implemented organizational plan to improve financial controls and act upon emerging trends.
  • Implemented separate capital expenditure planning and management controls. Implemented a complete daily updated web enabled Balanced Scorecard toolset, along with operating standards and best practices processes.

Executive Committee & Capital Markets

Repositioned investor views and valuation through crisp and concise communication of the AIMCO story.

  • Developed and communicated concept ofAIMCO's Corporate Strategyof "Value Add Strategy reduces Investment Risk and requires heightened Operational Intensity", which enables higher levels of property level debt and reduced enterprise risk, even with higher recurring capital expenditures than peers.
  • Helped create the AIMCO capital markets strategy and participated in the following transactions; AIMCO Common secondary offering in 2002, AIMCO Preferred equity offerings in 2004, AIMCO-GE Capital Joint Venture 2005, Maintained AIMCO S&P, Moody's, and Fitch ratings by presentations to both organizations in 2004-2008, presented to Bank consortium for credit line renewal and extension, AIMCO-JP Morgan Joint Venture for LA properties 2007.

Ancillary Revenue

Ancillary revenues provided an additional 50 bp of annual revenue growth each year 2004-2008.

  • Led team responsible for energy purchasing, utility rebilling, telecommunications, laundry and other co-marketing activity. Increased rebilling by 100%, which insulated AIMCO from un-hedged fluctuations in energy costs.

Revenue and Resident Credit Risk Management

1-3% revenue lift from revenue management, elimination of seasonal drop in occupancy in Q4, reduction in accounts receivable from 12% to 2%, and bad debt from 3% to below 1%.

  • Led development and implementation of revenue management team, processes, and systems including weekly effective pricing, yield management, and lease expiration management across all product categories.
  • Developed and implemented quantitative risk based resident quality standards for each property using commercially available services. Required regional/site staff to focus on product quality, cleanliness, and sales skill.

Marketing Services

Call abandon rate reduced from 25% to 5%; e-lead abandon rate reduced from 75% to 0% with 98% response time within 2 hrs, resulting in 2% increase in occupancy. Web based demand now generates >70% of demand.

  • Led development and implementation of a contact center to increase occupancy and revenue through increased responses, response times and professionalism.
  • Established a centralized web marketing/social media team to exploit all forms of web based demand- ILS, property web sites, Craig's List., and social media.
  • Developed consumer research for property management overhaul culminating in brand structure for 3 product lines brands to improve cost controls and revenue opportunity for the broad undifferentiated AIMCO portfolio.

Information Technology

Plan implementation to reduce IT cost 50% over 3 years.

  • Initiated a complete technology strategy review. As a result, changed IT strategy to emphasize flexibility of IT systems to fluctuations in size, ability to sustain technology through upgrade cycles, and enhanced security.
  • Practical shift from a proprietary "Big IT" department to vendor based industry solutions.

Regional/Site Functions, Service, Expense and Capital Management

$10M in vendor cost savings, reduced total unit cycle time from 34 to 15 days, reduced turn cycle time from 15 to 7 days.  Improved customer service score from 35% to 90%.  Total impact to NOI = 2%.

Redevelopment/Value -added

Oversight of 30 redevelopment projects, achieving lease-up and rent goals to obtain 7.5%-8.5% yields.

  • Company began in 2004 a 5-10 year asset value added program in core coastal markets.
  • Led development of location and product design targeting programs as well as processes/metrics to improve yields.

People and Culture

Reduced site level turnover from 45% to 35% and improved employee engagement scores from 57% to 75% in 3 yrs, sales yield 10%, and employee retention 30%, built regional asset mgmt and operational control organizations, consolidating University Communities Division ($1.5M), and Affordable Division ($1M).

  • Transformed operations to a performance based, customer driven organization with identified job competencies, succession plans, career paths, and targeted training and development.
  • Installed operating reviews and changed regional support functions in Sales, Service, Finance, and Training.

Customer Experience

Achieved 6 year highs in Occupancy levels and rental rate growth, increased customer duration to 19 from 16 months, increased retention to 60% from 57% while increasing rents in excess of market averages.

Senior Vice President, Marketing & Risk Management (2002-2003)                             

Responsible for loss prevention and insurance procurement, AIMCO Marketing department- pricing, resident underwriting, on-site sales, advertising, internet media strategy, call and e-mail inquiry response. Revenue management was responsible for $1B in revenues and marketing department directed $40M budget.  Selected accomplishments as follows;

  • Turned $10M underwriting loss to $10M profit for AIMCO's captive insurance program.
  • Stabilized revenue base, lack of forward looking models/ metrics led to an overly short-term focus, which deteriorated resident quality and physical asset quality.

Began development of revenue pipeline programs, implemented business review process and began building team in resident quality, media, inquiry response, e-commerce, pricing, and sales             

May 2000Jan 2002

Vice President, Property & Casualty

Responsible for all property/casualty operations, specifically Personal Line Businesses.

Sep 1990May 2000

Colorado General Manager

Progressive Insurance Companies
General Manager-Colorado Region (1996-2000)

Eighth largest region in the Corporation, $160 million premium income, 250 employees.  A successful business: product marketing, claims, public relations, independent agent sales, direct/Internet sales, and government relations.

  • Region's premium volume rose from $56 million to $160 million - exceeding all national averages.
  • Reduced expense structure by 25%; targeted both short and long-term cost reduction goals by evaluating which functions/departments should achieve scale economies; initiated major cost reductions in claims department.
  • Rallied management team to see cost reduction as natural component of business operations.
  • Recognizing Company's superior capabilities in data segmentation and claims handling, introduced new product lines (preferred auto insurance) which were piloted in CO and then adopted nationwide.
  • Established new distribution channels (direct and Internet); launched introduction of media advertising with direct response capability; secured 2 large call centers.

Product Manager-Mountain Division (1992-1996)

7 state division, responsible for pricing, underwriting, channel relations (agencies), sales and marketing and product development.

  • Led growth from $17M to $52M and Consumer Name Brand Awareness increase from 14% to 88%.
  • Drove turnaround performance leading to 35% annual volume growth.
  • Successfully defended Progressive's multiple commission/expense load product structure before regulatory authorities.
  • Led 4-year effort to increase brand awareness (yellow pages, advertising in print, radio, TV and cable TV), outdoor, safety and sport sponsorships. Established local public affairs office.

Manager of Consumer Research, Corporate Claims and Marketing (1990-1992)

Managed outside consulting teams in development of strategy for entry into Personal Auto Standard Market. Directed all phases of research design, research execution, and strategy development.

Aug 1984Aug 1990

Associate and Sr. Associate

Strategic Planning Associates

Assignments in aircraft engines, rail and ground intermodal transportation, fiberglass manufacturing, life insurance and consumer products.

Education

Sep 1986May 1988

MBA

Dean’s List, Beta Gamma Sigma

Sep 1980May 1984

BA

Economics (summa cum laude, Phi Beta Kappa)

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