Associated Estates Realty Corporation Announces Renewal of Shareholder Rights Agreement

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Symbol	Price	Change
AEC	11.03	+0.13

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CLEVELAND, Dec. 30, 2008 (GLOBE NEWSWIRE) -- Associated Estates Realty Corporation (NYSE:AEC - News) (Nasdaq:AEC) (the ``Company'') announced today that its Board of Directors has approved the renewal of its shareholder rights agreement to extend the term of the agreement through December 30, 2018. Prior to the renewal, the rights agreement, which had been originally adopted by AEC's Board of Directors on January 6, 1999, had been scheduled to expire on January 6, 2009.

The Board of Directors believes that the rights agreement provides an effective means to guard against the potential use of coercive takeover tactics and to ensure that shareholders of the Company receive fair and equal treatment in the event of any proposed takeover of the Company. Additional details regarding the Amended and Restated Shareholder Rights Agreement may be found in the Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission.

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