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Associated Estates Realty Corporation

PROPERTIES

(a) Somerset West has 39 Contract Suites and 158 Market-rate Property Suites.

(b) The Triangle also contains 63,321 square feet of office/retail space.

(c) The Company acquired a noteholder interest entitling the Company to substantially all cash flows from operations. The Company has certain rights under a security agreement to foreclose on the property to the extent that the unpaid principal and interest on the underlying notes exceed seven years equivalent principal and interest payments.

(d) The property was developed in 1981 subject to a warranty deed reversion provision which states that the assignment of fee simple title of the property to the Company shall expire in 2037.

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