AEC

Associated Estates Realty Corporation or AERC is a self-administered and self-managed equity real estate investment trust or REIT. The Company specializes in multifamily ownership, operation, acquisition, development, construction, disposition and property management activities. It owns a taxable REIT subsidiary that performs general contracting and construction services for its own account and for third parties. It has since substantially completed performance under all of its remaining third party construction services contracts. It intends to continue to provide general contracting and construction services for its own account in connection with the development of multifamily properties it will own and operate. Its operating property portfolio consists of approximately 53 owned apartment communities containing 13,908 units in eight states. It has two reportable segments which are multifamily properties and construction and other services. The Company's acquisition/disposition strategy in recent years has been to buy properties outside of the Midwest and to sell properties where market conditions are such that the reinvestment of cash proceeds derived from a sale are expected to provide, over time, a significantly greater return on equity, an increase in cash flow or further enhance its strategic objectives. The Company is near completion of a new development property in Nashville, Tennessee comprising of 242 units. It also intends to continue to execute its strategic growth strategy in part via the development and construction of new properties in its targeted growth markets. It operates in many different markets and submarkets. Each of these markets may have economic characteristics that differ from other markets, and, as a result, the degree to which it can increase rents varies between markets. However, its goal is to maximize property net operating income in all of its markets through a combination of increasing net rents and by continual efforts to contain controllable operating expenses. The Company's subsidiary, Merit Enterprises, is a general contractor that acts as its in-house construction division and provides general contracting and construction management services to third parties. It intends to continue to provide general contracting and construction services for its own account in connection with the development of multifamily properties it will own and operate....

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