Associated Estates Announces 'at-the-market' Offering Program

CLEVELAND, Aug. 4 /PRNewswire-FirstCall/ -- Associated Estates Realty Corporation announced today that it has filed a prospectus supplement under which it may from time to time sell up to $25.0 million aggregate offering price of its common shares through an "at-the-market" share offering program. The shares would be offered through Citi, as sales agent.

The sales, if any, of common shares made under the equity distribution agreement will be made by means of ordinary brokers' transactions at market prices, in block transactions or as otherwise agreed by Citi and the Company. The Company intends to use the proceeds from any sales for general corporate purposes, which may include reducing borrowings under the Company's $150.0 million unsecured revolving credit facility, the repayment of other indebtedness, funding for development activities and funding for future acquisitions. Sales in the offering, if any, would be made pursuant to a prospectus supplement, dated August 4, 2010, to the Company's prospectus, dated June 23, 2010 filed as part of its effective shelf registration statement.

Copies of the prospectus supplement may be obtained from Citi, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220; Attention: Prospectus Department; Telephone: [phone]. You may also obtain the prospectus supplement and the related prospectus at the Securities and Exchange Commission website at http://www.sec.gov/.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. The offering may be made only by means of the prospectus supplement forming part of the effective shelf registration statement.

Associated Estates is a real estate investment trust ("REIT") and is a member of the Russell 2000. The Company is headquartered in Richmond Heights, Ohio. Associated Estates' portfolio consists of 50 properties containing 12,730 units located in eight states.

For more information, please contact: Media Contact: -------------- Kimberly Kanary [phone] [e-mail] Investor Contact: ----------------- Jeremy Goldberg [phone] [e-mail]

Associated Estates Realty Corporation

CONTACT: Media, Kimberly Kanary, [phone],
[e-mail], or Investor, Jeremy Goldberg, [phone],
[e-mail]

Web Site: http://www.aecrealty.com/