Associated Estates Realty Corporation operates as a real estate investment trust. The company is a fully integrated multifamily real estate company engaged in property acquisition, advisory, development, management, disposition, operation and ownership activities. The company owns three REIT subsidiaries that provide management and other services to it and to third parties. As of December 31, 2006, it owned or property managed 99 apartment communities in nine states consisting of 20,558 units. The company owns, either directly or indirectly through subsidiaries, or holds ownership interests in 66 of the 99 apartment communities containing 15,355 units in eight states. Twelve of those owned or partially owned apartment communities, consisting of 1,254 units, are Affordable Housing communities. The company also property manages 33 communities in which it do not have an ownership interest, consisting of 5,203 units. Additionally, it asset manages a 186-unit apartment community and one commercial property containing approximately 145,000 square feet. Large pension funds, non-profit organizations, and affiliated or non-affiliated third parties own the managed properties. In January 2007, the company assumed property management responsibilities for a 200-unit Affordable Housing property located in Pennsylvania. In February 2007, it completed the sale of a 120-unit congregate care property located in Northeast Ohio. Segments The company has four segments: Acquisition/Disposition multifamily properties, Same Community Market-Rate (Market-Rate) multifamily properties, Affordable Housing multifamily properties, and Management and Service Operations. Acquisition/Disposition: The Acquisition/Disposition properties represent acquired or developed properties which have not yet reached stabilization and properties that have been sold or are classified as held for sale in accordance with SFAS 144, ‘Accounting for the Impairment or Disposal of Long-Lived Assets.’ Market-Rate: The Market-Rate properties are wholly owned conventional multifamily residential properties that the company has owned for the entirety of the comparison periods. Affordable Housing: The Affordable Housing properties are multifamily properties for which the rents are subsidized and certain aspects of the operations are regulated by U.S. Department of Housing and Urban Development (HUD) in compliance with Section 8 of the National Housing Act of 1937. Management and Service Operations: The Management and Service Operations provide management and advisory services to the Acquired, Market-Rate and Affordable Housing properties that the company owns or has an investment in, as well as to non-owned properties that it manages. This segment also includes the results from the company’s painting subsidiary, Merit Painting Services. REIT Tax Status The company has elected to be taxed as a real estate investment trust (REIT) under the Internal Revenue Code. The company would not be taxed on the portion of its income, which is distributed to shareholders, provided it distributes at least 90% of its taxable income. History Associated Estates Realty Corporation was founded in 1993.
associated estates realty cp
1 AEC Parkway
Richmond Heights, OH 44143
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