Associated Estates Realty (AEC) Commences 4.5M Common Offering

Associated Estates Realty Corporation (NYSE: AEC) today announced that it plans to sell 4,500,000 of its common shares in an underwritten public offering. Associated Estates also plans to grant the underwriters a 30-day option to purchase up to an additional 675,000 of its common shares to cover over-allotments, if any. All of the common shares will be offered by Associated Estates and will be issued under the Company's currently effective shelf registration statement filed with the Securities and Exchange Commission.

Associated Estates intends to use the net proceeds received from the offering to repay borrowings under its unsecured revolving credit facility, to repay other indebtedness and for general corporate purposes.

Citi and Raymond James will be joint book-running managers for the offering. A preliminary prospectus supplement and final prospectus supplement related to the public offering will be filed with the Securities and Exchange Commission.