Associated Estates Realty Corporation Announces New $25 Million Stock Repurchase Program

Board Declares Common Share Dividend

• Press Release
• Source: Associated Estates Realty Corporation
• On 3:31 pm EST, Wednesday December 10, 2008

CLEVELAND, Dec. 10, 2008 (GLOBE NEWSWIRE) -- Associated Estates Realty Corporation (NYSE:AEC - News), (Nasdaq:AEC) (the ``Company'') announced today that its Board of Directors authorized the repurchase of up to $25 million of the Company's common and preferred shares. This action follows a previous authorization originally approved by the board in July 2005 and October 2006. About 3.8 million common shares and 389,000 preferred share depositary shares were repurchased under the prior $50 million authorization. The Company has approximately $1.3 million remaining under the previous authorization. Repurchases under the plan may be effected from time to time in open market or privately negotiated transactions, depending on market conditions.

Separately, the Company announced today that a quarterly dividend of $0.17 per share has been declared on its common shares, payable February 2, 2009 to shareholders of record on January 16, 2009.

Associated Estates Realty Corporation is a real estate investment trust (``REIT'') and is a member of the Russell 2000 Index. The Company, headquartered in Richmond Heights, Ohio, directly or indirectly owns, manages or is a joint venture partner in 54 properties containing a total of 13,396 units located in nine states. For more information about the Company, please visit its website at http://www.aecrealty.com.

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

          Associated Estates Realty Corporation 
          Kimberly Kanary, Vice President of Corporate 
           Communications 
          216-797-8718 
          kkanary@aecrealty.com