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FOR IMMEDIATE RELEASE
November, 2005

SHELTER PROPOERTIES PROMOTES GREER TO VICE PRESIDENT OF OPERATIONS

Baltimore, Md.—Shelter Properties, a nationally respected manager of market rate and affordable apartment communities, recently promoted Timothy L. Greer, CPM, to Vice President of Operations. In his new position, Mr. Greer will help lead Shelter Properties' day-to-day Operations, Marketing, and Training.

Mr. Greer joined Shelter earlier this year as Regional Vice President, responsible for Shelter's Southeast Portfolio of properties in Texas, Tennessee, North Carolina, Georgia and Florida. In addition, Greer oversaw four of Shelter's regional managers based in Dallas, Memphis, Atlanta and Tallahassee. Mr. Greer will move from Shelter's Atlanta office to its headquarters in Baltimore.

In making the announcement, Robert Lampher, Executive Vice President for Shelter Properties, said, "It's a real pleasure to have Tim on the team and to work closely with someone whose values, approach, and work ethic are so admirable. Tim's proven dedication to superior customer service makes him the logical choice to lead our Operations team. His new position gives him scope to use both his strong interpersonal skills and his knowledge of field operations to make a real and lasting impact on Shelter's property management business."

Mr. Greer has more than 23 years experience in the multi-family, commercial and retail property management industry. He has overseen more than 26,000 units in 30 states. Prior to joining Shelter, Greer was a Regional Director with Jupiter Communities, LLC, where he led the management transition of a 3,000-unit portfolio in Atlanta and Florida. Greer also previously served as a Regional Vice President and a District Manager for Archon Residential Management and McNeil Real Estate Management in Atlanta, Georgia. During his twelve years with the company, Greer was responsible for the development of a regional management team, setting and monitoring operating policies, and coordinating team efforts of a multi-family and commercial portfolio consisting of 49 properties in twelve states. Greer received numerous awards in recognition of his outstanding service to McNeil Real Estate Management including the Annual McNeil Cup Award (1994, 1995, 1998, 1999) and Regional Vice President of the Year (1994).

A Certified Property Manager, Greer is a member of the Institute of Real Estate Management and the National Apartment Association.

The Shelter Group, the parent organization for Shelter Properties, is a national real estate development and property management company specializing in multi-family and senior living communities. From its founding in 1977, the value of Shelter's development portfolio has grown in excess of $1 billion and the size of its management portfolio makes it among the country's largest and most sophisticated property management companies. The firm's portfolio contains a broad range of properties, including conventional multi-family real estate, as well as apartments, independent and assisted living communities for seniors. For more information on The Shelter Group and its operating companies, please visit www.TheShelterGroup.com.


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