CLEVELAND, Dec. 26 /PRNewswire-FirstCall/ -- Associated Estates Realty
Corporation (NYSE: AEC) announced today the sale of three Columbus, Ohio
apartment communities containing a total of 514 units, as well as the
Company's 276-unit Raleigh, North Carolina apartment community.
The sales prices reflect a blended cap rate of 6.3 percent for the
Columbus properties and 4.6 percent for the Raleigh property on trailing
12- month NOI, after a 3.0 percent management fee and $500 per unit cap/ex.
Net sales proceeds are approximately $36 million after closing costs and
the repayment of associated debt and defeasance costs.
"The disposition of these four assets is in line with the Company's
strategic plan to reduce its Midwest portfolio by selling non-core assets
and exit markets where it does not plan to grow," said Jeffrey I. Friedman,
President and CEO. "This brings our total year-to-date sales to $92.5
million and concludes our transactional activity for 2006," Friedman
continued.
Associated Estates Realty Corporation 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 99 multifamily properties containing a total of 20,558 units
located in 9 states. For more information about the Company, please visit
its website at: http://www.aecrealty.com.
For more information, please contact:
Kimberly Kanary
Investor Relations and Corporate Communications
216-797-8752
kkanary@aecrealty.com
SOURCE Associated Estates Realty Corporation
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Related links:
http://www.aecrealty.com/
CONTACT:
Kimberly Kanary, Investor Relations and
Corporate Communications of Associated Estates Realty
Corporation, +1-216-797-8752, or kkanary@aecrealty.com
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