Associated Estates Declares Preferred Share Dividend

CLEVELAND, May 17 /PRNewswire-FirstCall/ -- Associated Estates Realty Corporation announced today that a quarterly dividend of $0.54375 per one-tenth depositary share has been declared on the Company's 8.70% Class B Series II Cumulative Redeemable Preferred Shares (NYSE: AECPRB) (Nasdaq: AECPRB). Each depositary share represents one-tenth of a share of the Company's 8.70% Class B Series II Cumulative Redeemable Preferred Shares. The company had previously announced its intention to redeem all outstanding shares of its 8.70% Class B Series II Cumulative Redeemable Preferred Stock. Accordingly, the dividend will be paid on June 7, 2010, which is the date fixed for the redemption of such shares. The dividend will be apportioned and prorated for the current dividend period to June 7, 2010, the date fixed for redemption of such shares. The estimated dividend for such prorated period of time is $ 0.50750 per depositary share.

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 49 properties containing 12,366 units located in eight states. For more information about the Company, please visit its website at www.AssociatedEstates.com.

SOURCE Associated Estates Realty Corporation

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