CLEVELAND, March 20 /PRNewswire-FirstCall/ -- Associated Estates Realty
Corporation (NYSE: AEC) today announced that the Company has completed the
sale of its Toledo, Ohio portfolio to a privately-held, national apartment
company.
The Toledo portfolio was comprised of four properties built between
1973 and 1990, consisting of 1,060 units. The sale price reflects an
overall capitalization rate of 7 percent, based on trailing 12 month net
operating income and after $800 in capital expenditures and a 3 percent
management fee.
"These sales are consistent with our plans to exit certain markets,"
said Jeffrey I. Friedman, president and chief executive officer. The
Company expects to use the proceeds from the sale to either acquire
properties, pay down debt or for general corporate purposes.
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 Index. AEC's portfolio now consists of 53 properties
containing 13,011 units in nine states. For more information about the
Company, please visit its website at http://www.aecrealty.com .
For more information, please contact:
Michael Lawson
Vice President of Investor Relations
216-797-8798
mlawson@aecrealty.com
SOURCE Associated Estates Realty Corporation
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Related links:
http://www.aecrealty.com
CONTACT:
Michael Lawson, Vice President of Investor
Relations of Associated Estates Realty Corporation,
+1-216-797-8798, mlawson@aecrealty.com
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