Associated Estates Realty Corporation (AERC) is an integrated multifamily real estate company engaged in property acquisition, advisory, development, management, disposition, operation and ownership activities. As of December 31, 2008, the Company’s property portfolio included 50 owned apartment communities containing 12,672 units in eight states, three apartment communities that it manages for third party owners consisting of 616 units and a 186-unit apartment community and a commercial property containing approximately 145,000 square feet that it asset manages. The Company has three segments: Acquisition/Disposition Multifamily Properties, Same Community Multifamily Properties and Management and Service Operations.