Associated Estates Declares Preferred Share Dividend

CLEVELAND, Nov. 3, 2009 (GLOBE NEWSWIRE) -- Associated Estates Realty Corporation (Nasdaq:AEC) (NYSE:AEC) 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), payable on December 15, 2009 to shareholders of record on November 30, 2009. Each depositary share represents one-tenth of a share of the Company's 8.70% Class B Series II Cumulative Redeemable Preferred Shares.

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.

The Associated Estates Realty Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5181

CONTACT:  Associated Estates
          Media Contact:
          Kim Kanary
            (216) 797-8718
            kkanary@AssociatedEstates.com
          Investor Contact:
          Swarup Katuri 
            (216) 797-8743
            skaturi@AssociatedEstates.com