Waterstone at Wellington

Phone:     

(561) 753-7880

2141 Vinings Circle

Fax:          

(561) 753-7881

Wellington, FL  33414

Web Site: 

www.waterstoneatwellingtonapts.com

For more information, please contact:

Jeremy Goldberg

(216) 797-8715

Associated Estates Realty Corporation
Second Quarter 2011
Supplemental Financial Data

Table of Contents

Page

Earnings Release

  3

Financial and Operating Highlights

  5

Condensed Consolidated Balance Sheets

  8

Consolidated Statements of Operations

  9

Reconciliation of Funds from Operations (FFO) and Funds Available for Distribution (FAD)

10

Development Community Under Construction

11

Overview of Operating Expenses Related to Repairs and Maintenance and Capitalized

   Expenditures

12

Fees, Reimbursements and Other Revenue, Direct Property Management and Service Company

   Expense, Construction and Other Services and General and Administrative Expense

13

Same Community Data

14

Second Quarter Property Revenue

17

Second Quarter Property Operating Expenses

18

Second Quarter Property Net Operating Income (Property NOI)

19

Year-to-Date Property Revenue

20

Year-to-Date Property Operating Expenses

21

Year-to-Date Property Net Operating Income (Property NOI)

22

Debt Structure

23

2011 Financial Outlook

24

Definitions of Non-GAAP Financial Measures

25

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:  This news release contains forward-looking statements based on current judgments and knowledge of management, which are subject to certain risks, trends and uncertainties that could cause actual results to vary from those projected, including but not limited to, expectations regarding our 2011 performance, which are based on certain assumptions.  Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release.  These forward-looking statements are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  The words "expects," "projects," "believes," "plans," "anticipates" and similar expressions are intended to identify forward-looking statements.  Investors are cautioned that our forward-looking statements involve risks and uncertainty that could cause actual results to differ from estimates or projections contained in these forward-looking statements, including without limitation the following: changes in the economic climate in the markets in which we own and manage properties, including interest rates, the overall level of economic activity, the availability of consumer credit and mortgage financing, unemployment rates and other factors; elimination or limitations to federal government support for Fannie Mae and/or Freddie Mac that might result in significantly reduced availability of mortgage financing sources as well as increases in interest rates for mortgage financing; our ability to refinance debt on favorable terms at maturity; risks of a lessening of demand for the multifamily units that we own; competition from other available multifamily units and changes in market rental rates; new acquisitions and/or development projects may fail to perform in accordance with our expectations; increases in property and liability insurance costs; unanticipated increases in real estate taxes and other operating expenses; weather conditions that adversely affect operating expenses; expenditures that cannot be anticipated such as utility rate and usage increases and unanticipated repairs; our inability to control operating expenses or achieve increases in revenue; shareholder ownership limitations that may discourage a takeover otherwise considered favorably by shareholders; the results of litigation filed or to be filed against us; changes in tax legislation; risks of personal injury claims and property damage related to mold claims that are not covered by our insurance; catastrophic property damage losses that are not covered by our insurance; our ability to acquire properties at prices consistent with our investment criteria; risks associated with property acquisitions such as failure to achieve expected results or matters not discovered in due diligence; risks related to the perception of residents and prospective residents as to the attractiveness, convenience and safety of our properties or the neighborhoods in which they are located; and construction and construction business risks, including, without limitation, rapid and unanticipated increases in prices of building materials and commodities.

Associated Estates Realty Corporation
Second Quarter Earnings

Associated Estates Realty Corporation
Second Quarter Earnings

Associated Estates Realty Corporation
Financial and Operating Highlights
For the Three and Six Months Ended June 30, 2011 and 2010
(Unaudited; in thousands, except per share and ratio data)

Three Months Ended

Six Months Ended

June 30,

June 30,

OPERATING INFORMATION

2011

2010

2011

2010

Total revenue

 $

45,548 

 $

34,880 

 $

88,912 

 $

67,836 

Property revenue

 $

39,755 

 $

32,962 

 $

78,447 

 $

64,607 

Net (loss) income applicable to common shares

 $

(1,573)

 $

(4,547)

 $

(4,655)

 $

(8,503)

Per share - basic and diluted

 $

(0.04)

 $

(0.17)

 $

(0.11)

 $

(0.35)

Funds from Operations (FFO) ⁽¹⁾

 $

11,188 

 $

4,012 

 $

20,706 

 $

8,278 

FFO as adjusted ⁽¹⁾

 $

11,188 

 $

5,732 

 $

20,706 

 $

9,445 

FFO per share - basic and diluted

 $

0.27 

 $

0.15 

 $

0.50 

 $

0.34 

FFO as adjusted per share - basic and diluted

 $

0.27 

 $

0.21 

 $

0.50 

 $

0.39 

Funds Available for Distribution (FAD) ⁽¹⁾

 $

9,838 

 $

4,451 

 $

18,792 

 $

7,723 

Dividends per share

 $

0.17 

 $

0.17 

 $

0.34 

 $

0.34 

Payout ratio - FFO

63.0%

113.3%

68.0%

100.0%

Payout ratio - FFO as adjusted

63.0%

81.0%

68.0%

87.2%

Payout ratio - FAD

70.8%

106.3%

75.6%

106.3%

General and administrative expense

 $

3,959 

 $

3,692 

 $

8,129 

 $

7,397 

Costs associated with acquisitions

 $

65 

 $

61 

 $

121 

 $

61 

Interest expense ⁽²⁾

 $

7,344 

 $

7,262 

 $

14,662 

 $

15,494 

Interest coverage ratio ⁽³⁾

       2.45:1

       1.92:1

       2.35:1

       1.75:1

Fixed charge coverage ratio ⁽⁴⁾

       2.45:1

       1.70:1

       2.35:1

       1.55:1

General and administrative expense to property revenue

10.0%

11.2%

10.4%

11.4%

Interest expense to property revenue

18.5%

22.0%

18.7%

24.0%

Property NOI ⁽⁵⁾

 $

23,654 

 $

18,700 

 $

46,006 

 $

36,421 

ROA ⁽⁶⁾

7.7%

7.7%

7.7%

7.7%

Same Community revenue increase

3.4%

0.6%

3.1%

0.0%

Same Community expense increase

0.8%

1.7%

0.6%

1.4%

Same Community NOI increase (decrease)

5.3%

(0.2)%

5.1%

(1.0)%

Same Community operating margins

57.7%

56.6%

57.4%

56.3%

(1)

See page 10 for a reconciliation of net (loss) income attributable to AERC to these non-GAAP measurements and page 25 for our definition of these non-GAAP measurements.

(2)

Excludes amortization of financing fees of $476 and $948 for 2011 and $315 and $697 for 2010.  The six months ended June 30, 2010 excludes a credit of $(553) for refunds of defeasance costs for previously defeased loans.  In addition, the three and six months ended June 30, 2010 excludes $727 for issuance costs for the redemption of trust preferred securities.

(3)

Is calculated as EBITDA divided by interest expense, including capitalized interest and amortization of deferred financing costs and excluding defeasance and/or other prepayment costs/credits.  Individual line items in this calculation include results from discontinued operations where applicable.  See page 26 for a reconciliation of net (loss) income applicable to common shares to EBITDA and our definition of EBITDA.

(4)

Represents interest expense, including capitalized interest, and preferred stock dividend payment coverage, excluding defeasance and/or other prepayment costs/credits, and preferred share redemption costs.  Individual line items in this calculation include discontinued operations where applicable.

(5)

See page 27 for a reconciliation of net (loss) income attributable to AERC to this non-GAAP measurement and our definition of this non-GAAP measurement.

(6)

ROA is calculated as trailing twelve month Property NOI divided by average gross real estate assets, excluding properties currently under development or held for sale.  Gross real estate assets for acquired properties are prorated based upon the percentage of time owned.

Associated Estates Realty Corporation
Financial and Operating Highlights
Second Quarter 2011
(Unaudited; in thousands, except per share and ratio data)

June 30,

 December 31,

MARKET CAPITALIZATION DATA

2011

2010

Net real estate assets

 $

897,691 

 $

875,000 

Total assets

 $

930,271 

 $

918,235 

Debt

 $

589,184 

 $

555,666 

Noncontrolling redeemable interest

 $

2,774 

 $

2,774 

Total shareholders' equity attributable to AERC

 $

299,413 

 $

316,184 

Common shares outstanding

41,534 

41,380 

Share price, end of period

 $

16.25 

 $

15.29 

Total market capitalization

 $

1,264,112 

 $

1,188,366 

Undepreciated book value of real estate assets

 $

1,253,842 

 $

1,210,289 

Debt to undepreciated book value of real estate assets

47.0%

45.9%

Debt to total market capitalization

46.6%

46.8%

Annual dividend

 $

0.68 

 $

0.68 

Annual dividend yield based on share price, end of period

4.2%

4.4%

Associated Estates Realty Corporation
Financial and Operating Highlights
Second Quarter 2011

 Number

PORTFOLIO INFORMATION

 Properties

 of Units

Average Age

Company Portfolio:

Same Community:

Midwest

34  

7,648  

19  

Mid-Atlantic

6  

1,471  

14  

Southeast

8  

2,989  

15  

Total Same Community

48  

12,108  

17  

Acquisitions

5  

1,716  

8  

Development ⁽¹⁾

-  

60  

1  

Total Company Portfolio

53  

13,884  

16  

(1)

Reflects construction of 60 units on land adjacent to River Forest Apartments in Richmond, Virginia, placed in service on June 30, 2010.

Associated Estates Realty Corporation
Condensed Consolidated Balance Sheets
Second Quarter 2011
(Unaudited; dollar amounts in thousands)

June 30,

December 31,

2011

2010

ASSETS

Real estate assets

Investment in real estate

 $

1,243,088 

 $

1,207,554 

Construction in progress

10,754 

2,735 

Less:  Accumulated depreciation

(356,151)

(335,289)

Net real estate

897,691 

875,000 

Cash and cash equivalents

739 

4,370 

Restricted cash

8,172 

8,959 

Other assets

23,669 

29,906 

Total assets

 $

930,271 

 $

918,235 

LIABILITIES AND SHAREHOLDERS' EQUITY

Mortgage notes payable

 $

460,684 

 $

463,166 

Unsecured revolving credit facility

3,500 

92,500 

Unsecured term loan

125,000 

- 

Total debt

589,184 

555,666 

Accounts payable and other liabilities

38,900 

43,611 

Total liabilities

628,084 

599,277 

Noncontrolling redeemable interest

1,734 

1,734 

Equity

Common shares, without par value; $.10 stated value; 91,000,000

authorized; 46,570,763 issued and 41,534,263 and 41,380,205

outstanding at June 30, 2011 and December 31, 2010, respectively

4,657 

4,657 

Paid-in capital

575,893 

574,994 

Accumulated distributions in excess of accumulated net income

(223,955)

(205,021)

Less:  Treasury shares, at cost, 5,036,500 and 5,190,558 shares

at June 30, 2011 and December 31, 2010, respectively

(57,182)

(58,446)

Total shareholders' equity attributable to AERC

299,413 

316,184 

Noncontrolling interest

1,040 

1,040 

Total equity

300,453 

317,224 

Total liabilities and equity

 $

930,271 

 $

918,235 

Associated Estates Realty Corporation
Consolidated Statements of Operations
Three and Six Months Ended June 30, 2011 and 2010
(Unaudited; dollar and share amounts in thousands)

Three Months Ended

Six Months Ended

June 30,

June 30,

2011

2010

2011

2010

REVENUE

Property revenue

 $

39,755 

 $

32,962 

 $

78,447 

 $

64,607 

Management and service company revenue

- 

290 

- 

498 

Construction and other services

5,793 

1,628 

10,465 

2,731 

Total revenue

45,548 

34,880 

88,912 

67,836 

EXPENSES

Property operating and maintenance

16,101 

14,262 

32,441 

28,186 

Depreciation and amortization

13,248 

8,971 

26,303 

17,591 

Direct property management and service company expense

- 

277 

- 

409 

Construction and other services

5,921 

1,885 

10,946 

3,301 

General and administrative

3,959 

3,692 

8,129 

7,397 

Costs associated with acquisitions

65 

61 

121 

61 

Total expenses

39,294 

29,148 

77,940 

56,945 

Operating income

6,254 

5,732 

10,972 

10,891 

Interest income

5 

11 

9 

20 

Interest expense

(7,820)

(8,304)

(15,610)

(16,365)

Net (loss) income

(1,561)

(2,561)

(4,629)

(5,454)

Net income attributable to noncontrolling redeemable interest

(12)

(13)

(26)

(26)

Net (loss) income attributable to AERC

(1,573)

(2,574)

(4,655)

(5,480)

Preferred share dividends

- 

(980)

- 

(2,030)

Preferred share redemption costs

- 

(993)

- 

(993)

Net (loss) income applicable to common shares

 $

(1,573)

 $

(4,547)

 $

(4,655)

 $

(8,503)

Earnings per common share - basic and diluted:

Net (loss) income applicable to common shares 

 $

(0.04)

 $

(0.17)

 $

(0.11)

 $

(0.35)

Weighted average shares outstanding - basic and diluted

41,414 

27,433 

41,338 

24,316 

Associated Estates Realty Corporation
Reconciliation of Funds from Operations (FFO) and Funds Available for Distribution (FAD)
For the Three and Six Months Ended June 30, 2011 and 2010
(In thousands, except per share data)

Three Months Ended

Six Months Ended

June 30,

June 30,

2011

2010

2011

2010

CALCULATION OF FFO AND FAD

Net (loss) income attributable to AERC

 $

(1,573)

 $

(2,574)

 $

(4,655)

 $

(5,480)

Add:

Depreciation - real estate assets

10,795 

8,367 

21,293 

16,589 

Amortization of intangible assets

1,966 

192 

4,068 

192 

Less:

Preferred share dividends

- 

(980)

- 

(2,030)

Preferred share redemption costs

- 

(993)

- 

(993)

Funds from Operations (FFO) ⁽¹⁾

11,188 

4,012 

20,706 

8,278 

Add:

Preferred share redemption costs

- 

993 

- 

993 

Trust preferred redemption costs

- 

727 

- 

727 

Less:

Refund of defeasance costs for previously defeased loans

- 

- 

- 

(553)

Funds from Operations as adjusted ⁽¹⁾

11,188 

5,732 

20,706 

9,445 

Add:

Depreciation - other assets

487 

412 

942 

810 

Amortization of deferred financing fees

476 

315 

948 

697 

Less:

Recurring fixed asset additions ⁽²⁾

(2,313)

(2,008)

(3,804)

(3,229)

Funds Available for Distribution (FAD) ⁽¹⁾

 $

9,838 

 $

4,451 

 $

18,792 

 $

7,723 

Weighted average shares outstanding - basic and diluted ⁽³⁾

41,414 

27,433 

41,338 

24,316 

PER SHARE INFORMATION:

FFO - basic and diluted

 $

0.27 

 $

0.15 

 $

0.50 

 $

0.34 

FFO as adjusted - basic and diluted

 $

0.27 

 $

0.21 

 $

0.50 

 $

0.39 

Dividends

 $

0.17 

 $

0.17 

 $

0.34 

 $

0.34 

Payout ratio - FFO

63.0%

113.3%

68.0%

100.0%

Payout ratio - FFO as adjusted

63.0%

81.0%

68.0%

87.2%

Payout ratio - FAD

70.8%

106.3%

75.6%

106.3%

(1)

See page 25 for our definition of these non-GAAP measurements.  Individual line items included in FFO and FAD calculation include results from discontinued operations where applicable.

(2)

Fixed asset additions exclude development, investment, revenue enhancing and non-recurring capital additions.

(3)

The Company has excluded 502 and 492 common share equivalents from the three and six months ended June 30, 2011 calculation, respectively, and 569 and 326 common share equivalents from the three and six months ended June 30, 2010 calculation, respectively, used in the computation of earnings per share and FFO per share, as they would be anti-dilutive to the loss from continuing operations.

Associated Estates Realty Corporation
Development Community Under Construction
As of June 30, 2011

(Unaudited, dollar amounts in thousands)

Estimated/Actual Dates for

Development Community

Ownership

Total

Total Budgeted

Cost to

Total

Construction

Initial

Construction

Stabilized

Under Construction

%

Units

Capital Cost ⁽¹⁾

Date

Debt

Start

Occupancy

Completion

Operations ⁽²⁾

Vista Germantown

90.0%

242 

 $

35,300 

 $

16,120 

 $

4,603 

Q4 2010

Q1 2012

Q2 2012

Q1 2013

(1)

Total budgeted capital cost represents estimated costs for projects under development inclusive of all capitalized costs, in accordance with GAAP.

(2)

We define stabilized occupancy as the earlier of the attainment of 93.0% physical occupancy or one year after the completion of construction.

Associated Estates Realty Corporation
Overview of Operating Expenses Related to Repairs and Maintenance and Capitalized Expenditures
(In thousands, except estimated GAAP useful life and cost per unit)

Six Months Ended

Estimated

June 30, 2011

GAAP Useful

Cost Per

Life (Years)

Amount

 Unit ⁽¹⁾

OPERATING EXPENSES RELATED TO REPAIRS AND MAINTENANCE

Repairs and maintenance ⁽²⁾

 $

5,183 

 $

379 

Maintenance personnel labor cost ⁽²⁾

3,380 

247 

Total Operating Expenses Related to Repairs and Maintenance

8,563 

626 

CAPITAL EXPENDITURES

Recurring Capital Expenditures ⁽³⁾

Amenities

5

413 

30 

Appliances

5

402 

29 

Building improvements

14

331 

24 

Carpet and flooring

5

1,381 

101 

Office/Model

5

25 

2 

HVAC and mechanicals

15

547 

40 

Landscaping and grounds

14

610 

45 

Suite improvements

5

21 

2 

Total Recurring Capital Expenditures - Properties

3,730 

273 

Corporate capital expenditures

74 

5 

Total Recurring Capital Expenditures

3,804 

278 

Total Recurring Capital Expenditures and Repairs and Maintenance

 $

12,367 

 $

904 

Total Recurring Capital Expenditures

 $

3,804 

Investment/Revenue Enhancing/Non-Recurring Expenditures ⁽⁴⁾

Building improvements - unit upgrades

Various

522 

Building improvements - other

20

43 

Ground improvements

Various

20 

Total Investment/Revenue Enhancing/Non-Recurring Expenditures

585 

Grand Total Capital Expenditures

 $

4,389 

(1)

Calculated using weighted average units owned during the three months ended June 30, 2011 of 13,682.

(2)

Included in property operating and maintenance expense in the Consolidated Statements of Operations.

(3)

See page 27 for our definition of recurring fixed asset additions.

(4)

See page 27 for our definition of investment/revenue enhancing and/or non-recurring fixed asset additions.

Associated Estates Realty Corporation
Fees, Reimbursements and Other Revenue, Direct Property Management and Service Company
    Expense, Construction and Other Services and General and Administrative Expense
For the Three and Six Months Ended June 30, 2011 and 2010
(Unaudited; in thousands)

Three Months Ended

Six Months Ended

June 30,

June 30,

2011

2010

2011

2010

Fees, Reimbursements and Other Revenue

Property management fees

 $

- 

 $

20 

 $

- 

 $

40 

Asset management fees

- 

73 

- 

121 

Other revenue

- 

14 

- 

89 

Payroll reimbursements⁽¹⁾

- 

183 

- 

248 

Fees, Reimbursements and Other Revenue⁽²⁾

- 

290 

- 

498 

Direct Property Management and Service Company Expense

Service company allocations

- 

94 

- 

161 

Payroll reimbursements⁽¹⁾

- 

183 

- 

248 

Direct Property Management and Service Company Expense⁽²⁾

- 

277 

- 

409 

Service Company NOI

 $

- 

 $

13 

 $

- 

 $

89 

Construction and Other Services

Revenue

 $

5,793 

 $

1,628 

 $

10,465 

 $

2,731 

Expense⁽³⁾

5,921 

1,885 

10,946 

3,301 

Construction and Other Services Net Income

 $

(128)

 $

(257)

 $

(481)

 $

(570)

General and Administrative and Service Company Expense

General and administrative expense⁽²⁾

 $

3,959 

 $

3,692 

 $

8,129 

 $

7,397 

Service company allocations

- 

94 

- 

161 

General and Administrative and Service Company Expense

 $

3,959 

 $

3,786 

 $

8,129 

 $

7,558 

(1)

Salaries and benefits reimbursed in connection with the management of properties for third parties.

(2)

As reported per the Consolidated Statement of Operations.

(3)

Includes direct and general and administrative overhead expenses.

Associated Estates Realty Corporation
Same Community Data
Operating Results for the Last Five Quarters
(Unaudited, in thousands, except unit totals and per unit amounts)

Quarter Ended

 June 30, 

 March 31, 

 December 31, 

 September 30, 

 June 30, 

 2011

 2011

 2010

 2010

 2010

Property Revenue

 $

33,423 

 $

32,541 

 $

32,410 

 $

32,595 

 $

32,336 

Property Operating and

Maintenance Expenses

Personnel

3,954 

4,100 

3,911 

3,886 

3,813 

Advertising

385 

367 

379 

369 

371 

Utilities

1,847 

1,963 

1,775 

1,933 

1,821 

Repairs and maintenance

2,441 

2,048 

1,955 

2,415 

2,547 

Real estate taxes and insurance

4,304 

4,428 

3,806 

4,454 

4,285 

Other operating

1,219 

1,071 

1,133 

1,240 

1,204 

Total Expenses

14,150 

13,977 

12,959 

14,297 

14,041 

Property Net Operating Income

 $

19,273 

 $

18,564 

 $

19,451 

 $

18,298 

 $

18,295 

Operating Margin

57.7%

57.0%

60.0%

56.1%

56.6%

Total Number of Units

12,108 

12,108 

12,108 

12,108 

12,108 

NOI Per Unit

 $

1,592 

 $

1,533 

 $

1,606 

 $

1,511 

 $

1,511 

Average Net Rents Per Unit ⁽¹⁾

 $

937 

 $

928 

 $

920 

 $

915 

 $

909 

Average Net Rent Collected Per Unit ⁽²⁾

 $

889 

 $

867 

 $

866 

 $

866 

 $

859 

Physical Occupancy - End of Period ⁽³⁾

96.8%

95.8%

94.7%

96.0%

96.6%

(1)

Represents gross potential rents less concessions.

(2)

Represents gross potential rents less vacancies and concessions.

(3)

Is defined as number of units occupied divided by total number of units.

Associated Estates Realty Corporation
Same Community Data
Operating Results for the Six Months Ended June 30, 2011 and 2010
(Unaudited, in thousands, except unit totals and per unit amounts)

Six Months Ended

June 30,

 2011

 2010

Property Revenue

 $

65,964 

 $

63,982 

Property Operating and Maintenance Expenses

Personnel

8,054 

7,683 

Advertising

752 

736 

Utilities

3,810 

3,719 

Repairs and maintenance

4,489 

4,679 

Real estate taxes and insurance

8,732 

8,825 

Other operating

2,290 

2,323 

Total Expenses

28,127 

27,965 

Property Net Operating Income

 $

37,837 

 $

36,017 

Operating Margin

57.4 %

56.3 %

Total Number of Units

12,108 

12,108 

NOI Per Unit

 $

3,125 

 $

2,975 

Average Net Rents Per Unit ⁽¹⁾

 $

932 

 $

908 

Average Net Rent Collected Per Unit ⁽²⁾

 $

878 

 $

851 

Physical Occupancy - End of Period ⁽³⁾

96.8%

96.6%

(1)

Represents gross potential rents less concessions.

(2)

Represents gross potential rents less vacancies and concessions.

(3)

Is defined as number of units occupied divided by total number of units.

Associated Estates Realty Corporation
Same Community Data
As of June 30, 2011 and 2010
(Unaudited)

Net Rent Collected

Net Rents

 Average Rent

Physical

Turnover

per Unit ⁽¹⁾

 per Unit ⁽²⁾

 per Unit ⁽³⁾

 Occupancy ⁽⁴⁾

 Ratio ⁽⁵⁾

No. of

Average

Q2

Q2

%

Q2

Q2

%

Q2

Q2

%

Q2

Q2

Q2

Q2

Units

Age ⁽⁶⁾

2011

2010

Change

2011

2010

Change

2011

2010

Change

2011

2010

2011

2010

Midwest Properties

Indiana

836 

15 

 $

819 

 $

800 

2.4%

 $

862 

 $

846 

1.9%

 $

920 

 $

914 

0.7%

97.2%

97.8%

87.1%

95.7%

Michigan

2,888 

20 

759 

722 

5.1%

788 

760 

3.7%

849 

840 

1.1%

97.7%

97.3%

59.3%

62.9%

Ohio - Central Ohio

2,621 

20 

811 

775 

4.6%

846 

818 

3.4%

868 

849 

2.2%

97.6%

96.4%

58.6%

63.6%

Ohio - Northeastern Ohio

1,303 

16 

968 

932 

3.9%

996 

963 

3.4%

1,038 

1,024 

1.4%

98.0%

98.9%

48.5%

62.0%

Total Midwest

7,648 

19 

819 

784 

4.5%

852 

824 

3.4%

895 

882 

1.5%

97.6%

97.3%

60.3%

66.6%

Mid-Atlantic Properties

Baltimore/Washington

667 

25 

1,332 

1,256 

6.1%

1,390 

1,330 

4.5%

1,437 

1,387 

3.6%

97.0%

95.7%

48.6%

49.2%

Virginia

804 

5 

1,104 

1,087 

1.6%

1,157 

1,149 

0.7%

1,230 

1,217 

1.1%

98.5%

96.4%

59.7%

74.1%

Total Mid-Atlantic

1,471 

14 

1,207 

1,164 

3.7%

1,263 

1,231 

2.6%

1,324 

1,294 

2.3%

97.8%

96.1%

54.7%

62.8%

Southeast Properties

Florida

1,272 

12 

1,152 

1,133 

1.7%

1,233 

1,191 

3.5%

1,367 

1,360 

0.5%

95.8%

95.9%

57.5%

57.5%

Georgia

1,717 

16 

734 

725 

1.2%

818 

806 

1.5%

996 

1,004 

(0.8)%

92.8%

94.5%

57.3%

71.3%

Total Southeast

2,989 

15 

912 

899 

1.4%

995 

970 

2.6%

1,154 

1,155 

(0.1)%

94.1%

95.1%

57.4%

65.4%

Total/Average Same

Community

12,108 

17 

 $

889 

 $

859 

3.5%

 $

937 

 $

909 

3.1%

 $

1,011 

 $

1,000 

1.1%

96.8%

96.6%

58.9%

65.8%

(1)

Represents gross potential rents less vacancies and concessions for all units divided by the number of units in a market.

(2)

Represents gross potential rents less concessions for all units divided by the number of units in a market.

(3)

Represents gross potential rents for all units divided by the number of units in a market.

(4)

Represents physical occupancy at the end of the quarter.

(5)

Represents the number of units turned over for the quarter, divided by the number of units in a market, annualized.

(6)

Age shown in years.

Associated Estates Realty Corporation
Property Revenue
For the Three Months Ended June 30, 2011 and 2010
(Unaudited, in thousands, except unit totals and per unit amounts)

 2011

 2010

 Q2

 Q2

 No. of

 Physical 

 Physical 

 2011

 2010

 Increase/

 %

Property Revenue

 Units

Occupancy ⁽¹⁾

Occupancy ⁽¹⁾