CLEVELAND, May 3 /PRNewswire-FirstCall/ -- Associated Estates Realty
Corporation (NYSE: AEC) announced today that James A. Schoff was elected to
the Board of Directors at the Company's Annual Meeting of Shareholders.
Mr. Schoff replaces Frank E. Mosier, who did not stand for reelection
due to the Company's age limitation policy for directors. Mr. Mosier had
served as a Director since the Company's initial public offering in 1993.
In addition, six directors were reelected to the Board.
Mr. Schoff, 60, has held several positions with Developers Diversified
Realty Corporation (DDR) since 1993, including Executive Vice President and
Chief Operating Officer and Vice Chairman and Chief Investment Officer. He
also served on DDR's Board of Directors from 1993 through 2002. Currently,
he serves as special advisor to the Chief Executive Officer of DDR. DDR,
headquartered in Beachwood, Ohio, is a shopping center real estate
investment trust.
Mr. Schoff graduated from Hamilton College and Cornell University Law
School and was employed for nine years with the law firm of Thompson, Hine
& Flory.
"We are pleased to have Jim Schoff join our Board," said Jeffrey I.
Friedman, Chairman, President and CEO. "He brings a tremendous amount of
real estate knowledge and deal-making experience."
"We will miss Frank Mosier's leadership, wisdom and counsel," said
Friedman. "We are extremely grateful for his 13 years of dedicated service
to our Board, including his Chairmanship of the Executive Compensation
Committee, and his service on the Nominating and Corporate Governance
Committee and the Finance and Planning Committee."
Mr. Mosier was presented with a framed proclamation at the Annual
Meeting, formally recognizing and acknowledging his contributions to the
Board.
Mr. Schoff is also involved in many civic and philanthropic
organizations in the Cleveland area, including Chairman of the Board of
Trustees of the Western Reserve Historical Society; past Chairman and a
member of the Board of Trustees of the Near West Theatre; a Trustee and
member of the Executive Committee of the National Conference for Community
and Justice; and a Trustee of the Greater Cleveland Sports Commission.
Previously, he was involved with the Cleveland Ballet, Children's Aid
Society, and Cleveland Play House.
Associated Estates Realty Corporation, one of the largest multifamily
property managers in the United States, is a real estate investment trust
("REIT"), headquartered in Richmond Heights, Ohio, a suburb of Cleveland.
The Company directly or indirectly owns, manages, or is a joint venture
partner in 109 apartment communities containing a total of 23,313 units
located in 11 states.
For more information, please contact: Barbara E. Hasenstab, Vice
President of Investor Relations and Corporate Communications, by telephone
at 216-797- 8798 or e-mail at IR@aecrealty.com. This press release and
other corporate information are available through the Company's web site on
the Internet at http://www.aecrealty.com. AEC's web site is linked to
Sharebuilder, an online service that allows investments in shares of AEC
common stock directly on a recurring basis. For more information, access
the Investor Relations "News" section of http://www.aecrealty.com.
SOURCE Associated Estates Realty Corporation
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Related links:
http://www.aecrealty.com/
CONTACT:
Barbara E. Hasenstab, Vice President of
Investor Relations and Corporate Communications of Associated
Estates Realty Corporation, +1-216-797-8798, or IR@aecrealty.com
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