Analyst Lauds Change at Apartment Investment & Management

"We believe the recent promotion of Jeff Adler to executive vice president-property operations, from senior vice president [of] marketing and risk management is another positive sign that AIV is working to improve its property operations," Miller says in his latest report. AIV also recently named Thomas Herzog its new chief accounting officer.

"We believe both are signs that AIV is serious about improving its operating and financial performance," Miller says. While Miller didn't meet with Adler during his last visit to the company, "we were told that Mr. Adler's focus at the time was putting structure and information systems in place for its operations," Miller says. "His role at and importance to AIV were highlighted early in our visit. We were told that Mr. Adler's strengths were his organizational, leadership and information systems skills."

Miller notes AIV recently announced its December operating metrics. "Although net rental income trended down on a sequential basis, results did reflect the seasonally weak leasing season for AIV, and were in line with management's expectations," Miller says.