Associated Estates Realty Corporation Announces 2008 Tax Allocations of Common and Preferred Share Dividends

CLEVELAND, Jan. 22 /PRNewswire-FirstCall/ -- Associated Estates Realty Corporation (NYSE: AEC, Nasdaq: AEC) announced today the 2008 tax allocations of the dividends paid by Associated Estates Realty Corporation on the Company's common and preferred shares.

The schedules below are provided for informational purposes and should only be used by shareholders of Associated Estates Realty Corporation to clarify the Form 1099-DIV.

    Common Shares (NYSE:  AEC, Nasdaq:  AEC)
    Cusip: 045604 10 5

                                     Nontaxable
                        Ordinary     Return of    Total  Unrecaptured
     Record    Payable   Taxable      Capital    Capital  Section 1250 Total
      Date      Date    Dividends  Distributions  Gain      Gain(a)  Dividends

     1/15/08   2/1/08  $0.021811    $0.023652   $0.124537 $0.123605 $0.170000
     4/11/08   5/1/08  $0.021811    $0.023652   $0.124537 $0.123605 $0.170000
     7/11/08   8/1/08  $0.021811    $0.023652   $0.124537 $0.123605 $0.170000
    10/17/08  11/3/08  $0.021811    $0.023652   $0.124537 $0.123605 $0.170000
                       $0.087244    $0.094608   $0.498148 $0.494420 $0.680000


    Preferred B Shares (NYSE:  AECPRB, Nasdaq:  AECPRB)
    Cusip: 045604 40 2

                                     Nontaxable
                        Ordinary     Return of    Total  Unrecaptured
     Record    Payable   Taxable      Capital    Capital  Section 1250 Total
      Date      Date    Dividends  Distributions  Gain      Gain(a)  Dividends

     2/29/08   3/14/08   $0.081037  $0.000000  $0.462713  $0.459248  $0.543750
     5/30/08   6/13/08   $0.081037  $0.000000  $0.462713  $0.459248  $0.543750
     8/29/08   9/12/08   $0.081036  $0.000000  $0.462714  $0.459247  $0.543750
    11/28/08  12/12/08   $0.081036  $0.000000  $0.462714  $0.459248  $0.543750
                         $0.324146  $0.000000  $1.850854  $1.836992  $2.175000

Associated Estates Realty Corporation (AEC), based in Richmond Heights, Ohio, is a real estate investment trust ("REIT") and is a member of the Russell 2000. AEC's portfolio consists of 52 properties totaling 13,192 units in nine states. For more information about the Company, please visit its website at www.aecrealty.com .

    For more information, please contact:

    Kim Kanary
    Vice President of Corporate Communications
    216-797-8718
    kkanary@aecrealty.com

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