CLEVELAND, Aug. 12, 2008 (PRIME NEWSWIRE) -- Associated Estates Realty Corporation (NYSE:AEC - News) (Nasdaq:AEC) announced today that a quarterly dividend of $0.54375 per one-tenth depositary share has been declared on the Company's 8.70% Class B Series II Cumulative Redeemable Preferred Shares (NYSE:AECPRB) (Nasdaq:AECPRB), payable on September 12, 2008 to shareholders of record on August 29, 2008. Each depositary share represents one-tenth of a share of the Company's 8.70% Class B Series II Cumulative Redeemable Preferred Shares.

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 54 properties containing 13,396 units located in nine states. For more information about the Company, please visit its website at http://www.aecrealty.com.

The Associated Estates Realty Corporation logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=5181

          Associated Estates Realty Corporation
          Kim Kanary, Vice President of Corporate Communications
          216-797-8718
          kkanary@aecrealty.com