CLEVELAND, March 24 /PRNewswire-FirstCall/ -- Associated Estates Realty
Corporation (NYSE: AEC) announced today that it amended its $100 million
senior unsecured revolving credit facility to increase the facility to $150
million and extend its maturity to March 20, 2011. National City Bank acted
as Lead Arranger and is the Administrative Agent. The other participating
banks are Wells Fargo Bank, N.A., Raymond James Bank, FSB, The Huntington
National Bank and US Bank, National Association.
"The steps we have taken to improve our fixed charge coverage and grow
our unencumbered asset pool have enabled us to expand our line and extend
its terms," said Lou Fatica, chief financial officer. "This increased
credit facility provides us with the enhanced flexibility to further our
strategic objectives of repositioning the portfolio to faster growing
markets and strengthening the Company's balance sheet."
Associated Estates Realty Corporation (AEC) is a real estate investment
trust ("REIT") and is a member of the Russell 2000. The Company is
headquartered in Richmond Heights, Ohio. AEC's portfolio consists of 53
properties containing 13,011 units located 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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