|                                                                                                                                                                                                                                                               |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| UNITED STATES  SECURITIES AND EXCHANGE COMMISSION                                                                                                                                                                                                                                                                                                                                          |
| Washington, D.C.  20549                                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                         |
| **Form 10-K**                                                                                                                                                                                                                                                                                                                                                                              |
| **                           **                                                                                                                                                                                                                     |
| [x] ANNUAL REPORT  PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                     |
| **For the fiscal  year ended December 31, 2008**                                                                                                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                               |
| OR                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                          |
| [ ] TRANSITION  REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF  1934                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                       |
| For the transition  period from       to       Commission File Number 1-12486                                                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                  |
| **Associated  Estates Realty Corporation**                                                                                                                                                                                                                                                                                                                                                 |
| *(Exact name of registrant as specified in its  charter)*                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                          |
| **OHIO**                                                                                                                                                                                                                                                                                                                                                                                   |     | **34-1747603** |
| *(State or other jurisdiction of incorporation or  organization)*                                                                                                                                                                                                                                                                                                                          |           | *(I.R.S. Employer Identification Number)* |
|                                                                                                                                                                                                                                                                                                       |
| **1 AEC Parkway,   Richmond Heights, Ohio  44143-1467**                                                                                                                                                                                                                                                                                                                               |
| *(Address of principal executive offices)*                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                               |
| Registrant's telephone number, including area code  (216)  261-5000                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                               |
| Securities registered pursuant to Section 12(b) of  the Act:                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                            |
| **TITLE OF EACH CLASS**                                                                                                                                                                                                                                                                                                                                                                    | **          ** | **NAME OF EACH EXCHANGE ON WHICH REGISTERED** |
| Common Shares, without par value                                                                                                                                                                                                                                                                                                                                                           | **         ** | New York Stock Exchange, Inc. |
|                                                                                                                                                                                                                                                                                                                                                                                            | ** ** | Nasdaq Global Market |
| **                                       **                                                                                                                                             | **         ** |                 |
| Depositary Shares, each representing 1/10 of a Share  of 8.70% Class B                                                                                                                                                                                                                                                                                                                     | **        ** | New York Stock Exchange, Inc. |
| Series II Cumulative Redeemable Preferred Shares,  without par value                                                                                                                                                                                                                                                                                                                       | **            ** | Nasdaq Global Market |
|                                                                                                                                                                                                             |
| Securities registered pursuant to Section 12(g) of  the Act:  None                                                                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                |
| Indicate by check mark if  the registrant is a well-known seasoned issuer, as defined in Rule 405 of the  Securities Act. Yes [  ]  No [ x ]                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                       |
| Indicate by check mark if  the registrant is not required to file reports pursuant to Section 13 or  Section 15(d) of the Act.  Yes [   ]   No [ x ]                                                                                                                                                                                                              |
|                                                                                                                                                 |
| Indicate  by check mark whether the registrant (1) has filed all reports required to be  filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during  the preceding 12 months (or for such shorter period that the registrant was  required to file such reports), and (2) has been subject to such filing  requirements for the past 90 days.  Yes [ x ]  No [ ] |
|                                                                                                                                            |
| Indicate  by check mark if disclosure of delinquent filers pursuant to Item 405 of  Regulation S-K is not contained herein, and will not be contained, to the best  of registrant's knowledge, in definitive proxy or information statements  incorporated by reference in Part III of this Form 10-K or any amendment to  this Form 10-K.  [ x ]                                     |
|                                                                                          |
| Indicate  by check mark whether the registrant is a large accelerated filer, an  accelerated filer, or a non-accelerated filer, or a smaller reporting company.  See definition of "large accelerated filer, accelerated filer and  smaller reporting company" in Rule 12b-2 of the Exchange Act.  (Check  one):                                                            |
|                                                                 |
| Large accelerated filer [  ]  Accelerated filer [ x ] Non-accelerated filer [  ]  (Do not check if a  smaller reporting company) Smaller reporting company [  ]                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                           |
| Indicate by check mark whether the registrant is a  shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes [   ]  No  [ x ]                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                            |
| The aggregate market value of the voting stock held  by non-affiliates of the Registrant was $148.6 million as of June 30, 2008.                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                            |
| The number of Common Shares outstanding as of  February 13, 2009 was 16,557,221.                                                                                                                                                                                                                                                                                                           |
|                                                                 |
| DOCUMENTS INCORPORATED BY REFERENCE (To the Extent  Indicated Herein).                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                 |
| Notice of Annual Meeting and Proxy Statement for the  Annual Meeting of Shareholders to be held on May 6, 2009 (in Part III).                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                            |  |  |  |

----

**ASSOCIATED ESTATESREALTY CORPORATIONTABLE OF CONTENTSFORM 10-K ANNUAL REPORTFOR THE YEAR ENDED DECEMBER 31, 2008 **

| Item   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Page |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------|
| PART I |
| 1.     | Business
3

    General  Development of Business
3

    Business  Segments
3

       Acquisition/Disposition
3

       Same  Community
3

       Management  and Service Operations
4

    Operating  Strategy and Business Objectives
4

        Acquisition/Disposition
4

       Property  Operations
4

        Fee  Management/Advisory Business
4

        Financing  and Capital
4

    Income  Taxes
5

   

    Competitive  Conditions
5

    Customers
5

    Employees
5

    Available  Information
5

    Reports  to Security Holders
5

1A.

    Risk  Factors
5

1B.

    Unresolved  Staff Comments
9

2.

Properties
10

    Our  Portfolio
10

    Indebtedness  Encumbering the Properties
13

3.

Legal  Proceedings
13

4.

Submission  of Matters to a Vote of Security Holders
13

    Executive  Officers of the Registrant and Other Key Employees
13

                                        
PART II

                                                    
5.

Market  for Registrant's Common Equity, Related Stockholder Matters 
15

    and  Issuer Purchases of Equity Securities
6.

Selected  Financial Data
16

7.

Management's  Discussion and Analysis of Financial
18

    Condition  and Results of Operations
7A.

Quantitative  and Qualitative Disclosures About Market Risk
29

8.

Consolidated  Financial Statements and Supplementary Data
29

9.

Changes  in and Disagreements with Accountants
29

    on  Accounting and Financial Disclosure
9A.

Controls  and Procedures
29

9B.

Other  Information
29

                                          
PART III

                                              
10.

Directors,  Executive Officers and Corporate Governance
30

11.

Executive  Compensation
30

12.

Security  Ownership of Certain Beneficial Owners and Management
30

    and  Related Shareholder Matters
13.

Certain  Relationships and Related Transactions and Director Independence
31

14.

Principal  Accountant Fees and Services
31

                                        
PART IV
                            
15.

Exhibits  and Financial Statement Schedules
32
         
2
****
**PART I**

             Except as thecontext otherwise requires, all references to "we", "our","us" and the "Company" in this report collectively refer toAssociated Estates Realty Corporation ("AERC") and its consolidatedsubsidiaries.

**Item 1.  Business**

**GENERAL DEVELOPMENT OFBUSINESS**

            We are a self-administered and self-managed equity real estateinvestment trust ("REIT").  We are publicly traded on the New YorkStock Exchange ("NYSE") and the Nasdaq Global Market("NASDAQ") under the ticker symbol "AEC".  Our headquartersis located at 1 AEC Parkway in Richmond Heights, Ohio.  The headquarters iscomprised of one office building of approximately 42,000 square feet and twoadjacent parcels of land containing approximately 1.1 and 3.0 acres,respectively, all of which are suitable for further development or expansionand all of which we own under a long-term lease.

**           **We are a fully integrated multifamily real estate companyengaged in property acquisition, advisory, development, management,disposition, operation and ownership activities.  We own two taxable REITsubsidiaries that provide management and other services to us and to thirdparties (collectively the "Service Companies").  As of December 31,2008, our property portfolio consisted of: (i) 50 owned apartment communitiescontaining 12,672 units in eight states, (ii) three apartment communities thatwe manage for third party owners consisting of 616 units; and (iii) a 186-unitapartment community and a commercial property containing approximately 145,000square feet that we asset manage.  See Item 2 for a state-by-state listing ofour portfolio.  In January 2009, we completed the sale of a 96-unit propertylocated in Northeast Ohio.  Our consolidated financial statements include theaccounts of all subsidiaries and qualified REIT subsidiaries, which include butare not limited to, separate legal entities that were formed in connection withproject specific, nonrecourse mortgage refinancing for which records, books ofaccounts and depository accounts must be maintained separately and apart fromany other person or entity; the Service Companies, each of which is taxed as a TaxableREIT Subsidiary ("TRS") under the REIT Modernization Act ("RMA")implemented in 1999, and an Operating Partnership structured as a DownREIT, ofwhich we own 97.4%.

**BUSINESS SEGMENTS**

            We have three reportable segments:  (1) Acquisition/DispositionMultifamily Properties; (2) Same Community Multifamily Properties; and (3)Management and Service Operations.  We previously reported a fourth segment,Affordable Housing Multifamily Properties; however, during the first half of2008, all of our wholly owned Affordable Housing properties were sold. Therefore, the financial information at December 31, 2008, and all priorperiods for all of the previously wholly owned Affordable Housing propertiesare reported as discontinued operations in the Acquisition/DispositionMultifamily Properties segment.  We have identified our reportable segmentsbased upon how management makes decisions regarding resource allocation andperformance assessment.  All of our segments are located in the United States.

            See Note 16 of the Notes to the Consolidated Financial Statementspresented in Part II, Item 8 of this report on Form 10-K for the segmentfinancial information.

            ***Acquisition/Disposition.***The Acquisition/Disposition properties represent acquired or developedproperties which have not yet reached stabilization (we consider a propertystabilized when its occupancy rate reaches 93.0% and we have owned the propertyfor one year), and properties that have been sold or are classified as held forsale in accordance with SFAS 144, "Accounting for the Impairment orDisposal of Long-Lived Assets."

            ***Same Community.***  The Same Community properties arewholly owned multifamily properties that we have owned for the entirety of thecomparison periods.

3

             ***Management andService Operations***.  The Management and Service Operations providemanagement and advisory services to the Acquisition/Disposition and SameCommunity properties that we own, as well as to third party clients andproperties, both affiliate and non-affiliates.  

**OPERATING STRATEGY AND BUSINESS OBJECTIVES**

            See Part II, Item 7, "Management's Discussion and Analysis ofFinancial Condition and Results of Operations" of this report on Form 10-Kfor additional discussion of our 2009 outlook and strategy.

            ***Acquisition/Disposition.***  Our acquisition/dispositionstrategy is to systematically migrate portions of our older Midwest portfolioto newer properties in higher growth markets primarily located in the coastaland sunbelt areas and to reduce and/or maintain our exposure to any one metroarea to a specified percentage of total property net operating income.  We mayalso consider opportunistic sales of properties in any market, including anyproperty located in our targeted growth markets, if we determine that theproceeds from such sales would provide a greater return on equity and increasedcash flow when invested in other properties or used to reduce debt orrepurchase our shares.  We expect to continue to sell non-core propertieslocated in the Midwest while evaluating potential acquisition opportunities. During 2008, we sold 15 properties totaling 2,206 units located in NortheastOhio, 11 of which were Affordable Housing properties.  In addition, a jointventure in which we were a 50.0% partner, sold the 108-unit Affordable Housingproperty that it owned, completing our divestiture of all ownership interestsin the Affordable Housing business.  In January 2009, we sold a 96-unitproperty, which was also located in Northeast Ohio.  During 2008, we acquiredtwo properties located in the Richmond, Virginia metropolitan area totaling 536units and a 5.92 acre undeveloped land parcel located adjacent to one of thoseproperties.

            ***Property Operations.***  We operate in many differentmarkets and submarkets.  Each of these markets may have economiccharacteristics that differ from other markets, and as a result, the degree towhich we can maintain or increase rents varies between markets.  However, ourgoal is to maximize property net operating income in all of our markets througha combination of adjusting rents to reflect continuously changing marketconditions and by continual efforts to contain controllable operatingexpenses.  We constantly monitor our markets. We attempt to provide superiorresident services. We increasingly employ the Internet and other advancementsin technology and we are always seeking new ancillary revenue producingprograms.  Our AEC Academy for Career Development provides training and supportfor our employees, which helps us to better provide trained, quality personnelat our communities.  We attempt to control operating expenses throughstrategies such as utilizing centralized purchasing contracts benefitingmultiple properties and through investments in capital projects andpreventative maintenance.

            ***Fee Management/Advisory Business.***  We havesignificantly reduced our reliance on this portion of the business and weexpect this trend to continue.

            ***Financing and Capital.***  Our strategy is to reduce theoverall cost of debt, increase the value of unencumbered assets, and maintainsufficient liquidity to execute our operating and acquisition strategies.  Weattempt to stagger debt maturities to allow for greater flexibility in therepayment or refinancing in advance of upcoming maturities.  Proceeds receivedfrom new debt, debt refinancing, property sales are invested based upon theexpected return and the impact on our balance sheet.  During 2008, we continuedto focus on lowering our cost of debt through financing, refinancing anddefeasing/prepaying debt.  The weighted average interest rate on our fixed ratedebt was 6.5% at December 31, 2008, compared to 6.7% at December 31, 2007, andour weighted average interest rate on our total debt was 6.1% at December 31,2008, compared to 6.7% at December 31, 2007.

4

            In 2008, we increasedour unsecured revolving credit facility to $150.0 million from $100.0 million. This credit facility provides enhanced financial flexibility in a dislocated creditmarket and the opportunity to capitalize on strategic acquisitions with nofinancing contingencies.

            During 2008, we repurchased 278,000 of our preferreddepositary shares at an aggregate cost of $4.7 million.  The average repurchasecost of $16.77 per share represents a discount of $8.23 per share or 32.9% onthe liquidation preference value of $25.00 per share.

**INCOME TAXES**

            See Note 1 of the Notes to the Consolidated Financial Statementspresented in Part II, Item 8 of this report on Form 10-K.

**COMPETITIVE CONDITIONS**

**           **See Part II, Item 7, "Management's Discussion and Analysisof Financial Condition and Results of Operations" of this report on Form10-K.

**CUSTOMERS**

            Our business, taken as a whole, is not dependent upon any singlecustomer or a few customers.

**EMPLOYEES**

            On February 13, 2009, we employed approximately 380 people. Satisfactory relations have generally prevailed between our employees and us.

**AVAILABLE INFORMATION**

            Shareholders may obtain, free of charge from our Internet site athttp://www.aecrealty.com, a copy of our annual report on Form 10-K, quarterlyreports on Form 10-Q, current reports on Form 8-K, and amendments to thosereports filed or furnished pursuant to Section 13(a) or 15(d) of the ExchangeAct of 1934, as amended, as soon as reasonably practicable after we file suchmaterial electronically with, or furnish it to, the Securities and ExchangeCommission ("SEC").

**REPORTS TO SECURITY HOLDERS**

            We issue annual reports to our security holders that containfinancial statements.

**Item 1A. Risk Factors**

            We are subject to certain risks and uncertainties as describedbelow.  These risks and uncertainties are not the only ones we face and theremay be additional risks that we do not presently know of or that we currentlyconsider immaterial.  All of these risks could adversely affect our business,financial condition, results of operations and cash flows.  Our ability to paydividends on, and the market price of, our equity securities may be adverselyaffected if any of such risks are realized.

5

**I.**          **We aresubject to risks inherent in the ownership of real estate.**  We own andmanage multifamily apartment communities that are subject to varying degrees ofrisk generally incident to the ownership of real estate.  Our financialcondition, the value of our properties and our ability to make distributions toour shareholders will be dependent upon our ability to operate our propertiesin a manner sufficient to generate income in excess of operating expenses anddebt service charges, which may be affected by the following risks, some ofwhich are discussed in more detail below:

•   

changes in the economic climate  in the markets in which we own and manage properties, including interest  rates, our ability to consummate the sale of properties pursuant to our  current plan, the overall level of economic activity, the availability of  consumer credit and mortgage financing, unemployment rates and other factors;

•   

the ability to refinance debt  on favorable terms at maturity;

•   

the ability to defease or  prepay debt pursuant to our current plan;

•   

risks of a lessening of demand  for the multifamily units that we own or manage;

•   

competition from other  available multifamily units and changes in market rental rates;

•   

increases in property and  liability insurance costs;

•   

unanticipated increases in real  estate taxes and other operating expenses;

•   

weather conditions that  adversely affect operating expenses;

•   

expenditures that cannot be  anticipated such as utility rate and usage increases, unanticipated repairs  and real estate tax valuation reassessments or millage rate increases;

•   

inability to control operating  expenses or achieve increases in revenue;

•   

the results of litigation filed  or to be filed against us;

•   

changes in tax legislation;

•   

risks of personal injury claims  and property damage related to mold claims because of diminished insurance  coverage;

•   

catastrophic property damage  losses that are not covered by our insurance;

•   

the ability to acquire  properties at prices consistent with our investment criteria;

•   

risks associated with property  acquisitions such as environmental liabilities, among others;

•   

changes in or termination of contracts  relating to third party management and advisory business; and

•   

risks related to the perception  of residents and prospective residents as to the attractiveness, convenience  and safety of our properties or the neighborhoods in which they are located.

            **We are dependent on rental income from our multifamily apartmentcommunities. **If we are unable to attract and retain residents or if ourresidents are unable to pay their rental obligations, our financial conditionand funds available for distribution to our shareholders may be adverselyaffected.

            **Our multifamilyapartment communities are subject to competition.**  Our apartmentcommunities are located in developed areas that include other apartmentcommunities and compete with other housing alternatives, such as condominiums,single and multifamily rental homes and owner occupied single and multifamilyhomes.  In certain markets, such as Florida, failed condominium conversions orproperties originally developed as condominiums are reverting to apartmentrentals, creating increasing competition in those markets.  Such competitionmay affect our ability to attract and retain residents and to increase ormaintain rental rates.

            **The properties weown are concentrated in Ohio, Michigan, Georgia, Florida, Indiana, Virginia, Maryland,and Pennsylvania.**  As of December 31, 2008, approximately 32%, 23%, 14%, 10%,7%, 6%, 5% and 3% of the units in properties we own were located in Ohio,Michigan, Georgia, Florida, Indiana, Virginia, Maryland, and Pennsylvania,respectively.  Our performance, therefore, is linked to economic conditions andthe market for available rental housing in the sub-markets in which weoperate.  The decline in the market for apartment housing in the varioussub-markets in Ohio, Michigan, where 55% of our units are located, or to alesser extent the sub-markets in the other states, may adversely affect ourfinancial condition, results of operations and ability to make distributions toour shareholders.

6

             **Our insurance maynot be adequate to cover certain risks. **There are certain types of risks,generally of a catastrophic nature, such as earthquakes, floods, windstorms,acts of war and terrorist attacks that may be uninsurable, are not economicallyinsurable, or are not fully covered by insurance.  Moreover, certain risks,such as mold and environmental exposures, generally are not covered by ourinsurance.  Other risks are subject to various limits, sublimits, deductiblesand self insurance retentions, which help to control insurance costs, but whichmay result in increased exposures to uninsured loss.  Any such uninsured losscould have a material adverse effect on our business, financial condition andresults of operations.

**            Debt financing could adversely affect our performance.**  Thirty-twoof our fifty properties are encumbered by project specific, non-recourse, andexcept for five properties, non-cross-collateralized mortgage debt.  There is arisk that these properties may not have sufficient cash flow from operations topay required principal and interest.  We may not be able to refinance theseloans at an amount equal to the loan balance and the terms of any refinancingmay not be as favorable as the terms of existing indebtedness.  If we areunable to make required payments on indebtedness that is secured by a mortgage,the property securing the mortgage may be foreclosed with a consequent loss ofincome and value to us.

            **Real estate investments are generally illiquid, and we may notbe able to sell our properties when it is economically or strategicallyadvantageous to do so.**  Real estate investments generally cannot be soldquickly, and our ability to sell properties may be affected by marketconditions.  We may not be able to further diversify or vary our portfolio inaccordance with our strategies or in response to economic or other conditions. In addition, provisions of the Internal Revenue Code, as amended (the"Code") limit the ability of a REIT to sell its properties in somesituations when it may be economically advantageous to do so, therebypotentially adversely affecting our ability to make distributions to ourshareholders.

            **Our access to corporate public bond markets is limited.** Substantially all of our current debt is either secured or bank debt under ourrevolving credit facility because of our limited access to corporate public bondmarkets.

            **Litigation may result in unfavorable outcomes.**  Like manyreal estate operators, we are frequently involved in lawsuits involvingpremises liability claims, housing discrimination claims and alleged violationsof landlord-tenant laws, which may give rise to class action litigation orgovernmental investigations.  Any material litigation not covered by insurance,such as a class action, could result in substantial costs being incurred.

            **Our financial results may be adversely impacted if we are unableto sell properties and employ the proceeds in accordance with our strategicplan.**  Our ability to pay down debt, reduce our interest costs, and acquireproperties is impacted by our ability to sell the properties we have selectedfor disposition at the prices and within the deadlines established for eachrespective property.  Moreover, if we are unable to acquire properties atprices consistent with our investment criteria, we may reduce or discontinueproperty sales.

            **The costs of complying with laws and regulations could adverselyaffect our cash flow. **Our properties must comply with Title III of theAmericans with Disabilities Act (the "ADA") to the extent that theyare "public accommodations" or "commercial facilities" asdefined in the ADA.  The ADA does not consider apartment communities to bepublic accommodations or commercial facilities, except for portions of suchcommunities that are open to the public.  In addition, the Fair HousingAmendments Act of 1988 (the "FHAA") requires apartment communitiesfirst occupied after March 13, 1990, to be accessible to the handicapped. Other laws also require apartment communities to be handicap accessible. Noncompliance with these laws could result in the imposition of fines or anaward of damages to private litigants.  We have been subject to lawsuitsalleging violations of handicap design laws in connection with certain of ourdevelopments.

7

            Under variousfederal, state and local laws, an owner or operator of real estate may beliable for the costs of removal or remediation of certain hazardous or toxicsubstances on, under or in the property.  This liability may be imposed withoutregard to whether the owner or operator knew of, or was responsible for, thepresence of the substances.  Other law imposes on owners and operators certainrequirements regarding conditions and activities that may affect human healthor the environment.  Failure to comply with applicable requirements could complicateour ability to lease or sell an affected property and could subject us tomonetary penalties, costs required to achieve compliance and potentialliability to third parties.  We are not aware of any material noncompliance,liability or claim relating to hazardous or toxic substances or otherenvironmental matters in connection with any of our properties.  Nonetheless,it is possible that material environmental contamination or conditions exist,or could arise in the future in the apartment communities or on the land uponwhich they are located.

            **We are subject to risks associated with development, acquisitionand expansion of multifamily apartment communities.**  Development projects,acquisitions and expansions of apartment communities are subject to a number ofrisks, including:

•  

availability  of acceptable financing;

•  

competition  with other entities for investment opportunities;

•  

failure by our  properties to achieve anticipated operating results;

•  

construction  costs of a property exceeding original estimates;

•  

delays in  construction; and

•  

expenditure of  funds on, and the devotion of management time to, transactions that may not  come to fruition.

**II.**         **We imposestock ownership limitations. **With certain limited exceptions, our SecondAmended and Restated Articles of Incorporation, as amended and supplemented todate, prohibit the ownership of more than 4.0% of the outstanding common sharesand more than 9.8% of the shares of any series of any class of our preferredshares by any person, unless we grant a waiver.  Absent such a waiver, anyshares owned in excess of such ownership limit are subject to repurchase byus and to other consequences as set forth in our Amended and Restated Articles of Incorporation. Allshares of stock issued by the Company are subject to the followingrestrictions, whether such shares are in certificated or uncertificated form:

            "The Common Shares represented by this certificate are subjectto restrictions on transfer for the purpose of preserving the Corporation’sstatus as a Real Estate Investment Trust under the Internal Revenue Code of1986, as amended.  Subject to certain provisions of the Corporation’s Amendedand Restated Articles of Incorporation, no Person may Beneficially Own CommonShares in excess of 4.0% of the outstanding Common Shares of the Corporation(unless such Person is an Existing Holder) and no Person (other than anExisting Holder who Constructively Owns in excess of 9.8% of the Common Sharesimmediately following the consummation of the Initial Public Offering) mayConstructively Own Common Shares in excess of 9.8% of the outstanding CommonShares of the Corporation.  Any Person who attempts to Beneficially Own orConstructively Own Common Shares in excess of the above limitations mustimmediately notify the Corporation.  All capitalized terms in this legend havethe meanings defined in the Corporation’s Amended and Restated Articles ofIncorporation, a copy of which, including the restrictions of transfer, will besent without charge to each shareholder who so requests.  If the restrictionson transfer are violated, certain of the Common Shares represented may besubject to repurchase by the Corporation on the terms and conditions set forthin the Corporation’s Amended and Restated Articles of Incorporation."

            We also have a shareholders rights plan, which may be triggered ifany person or group becomes the beneficial owner of, or announces an offer toacquire 15.0% or more of our common shares.  We are domiciled in the State of Ohio, where various state statutes place certain restrictions on takeover activity.  Theserestrictions are likely to have the effect of precluding acquisition of controlof us without our consent even if a change in control is in the interests ofshareholders. All shares of stock issued by the Company include the followingreference to such shareholders rights agreement whether such shares are incertificated or uncertificated form:

8

            "Thiscertificate also evidences and entitles the holder hereof to certain Rights asset forth in an Amended and Restated Shareholder Rights Agreement betweenAssociated Estates Realty Corporation, an Ohio corporation (the "Company"),and National City Bank, a national banking association, as rights agent (the "RightsAgent"), dated as of December 30, 2008 (as amended, supplemented orotherwise modified from time to time, the "Rights Agreement"), theterms of which are incorporated by reference herein and a copy of which is onfile at the principal offices of the Company and the stock transferadministration office of the Rights Agent.  The Company will mail a copy of theRights Agreement without charge to the holder of this certificate within fivedays after the receipt of a written request therefor.  Under certaincircumstances, as set forth in the Rights Agreement, the Rights will beevidenced by separate certificates and will no longer be evidenced by thiscertificate.  The Company may redeem the Rights at a redemption price of $0.01per Right, subject to adjustment, under the terms of the Rights Agreement.  Undercertain circumstances, Rights issued to or held by Acquiring Persons or by anyAffiliates or Associates thereof (as defined in the Rights Agreement), and any subsequentholder of such Rights, may become null and void.  The Rights are notexercisable, and are void so long as held, by a holder in any jurisdictionwhere the requisite qualification to the issuance to such holder, or theexercise by such holder, of the Rights in such jurisdiction has not beenobtained."

**III.**        **We may fail to qualify as a REIT and our shareholders mayincur tax liability as a result.**  Commencing with our taxable year endingDecember 31, 1993, we have operated in a manner so as to permit us to qualifyas a REIT under the Code, and we intend to continue to operate in such a manner. Although we believe that we will continue to operate as a REIT, no assurancecan be given that we will remain qualified as a REIT.  If we were to fail toqualify as a REIT in any taxable year, we would not be allowed a deduction fordistributions to our shareholders in computing our taxable income and would besubject to federal income tax (including any applicable alternative minimumtax) on our taxable income at regular corporate rates.  Unless we are entitledto relief under certain Code provisions, we also would be disqualified fromtreatment as a REIT for the four taxable years following the year during whichREIT qualification was lost.  As a result, the cash available for distributionto our shareholders could be reduced or eliminated for each of the yearsinvolved.

**IV.**        **We are subject to control by our directors and officers. **Ourdirectors and executive officers and some members of their respective familiesowned approximately 15.0% of our outstanding common shares as of December 31,2008.  Accordingly, those persons have substantial influence over us and theoutcome of matters submitted to our shareholders for approval.

**V.**         **We depend on our key personnel.**  Our success dependsto a significant degree upon the continued contribution of key members of ourmanagement team, who may be difficult to replace.  The loss of services ofthese executives could have a material adverse effect on us.  There can be noassurance that the services of such personnel will continue to be available tous.  Our Chairman of the Board, President and Chief Executive Officer, Mr.Jeffrey I. Friedman, is a party to an employment agreement with us.  Other thanMr. Friedman, the Company does not have employment agreements with keypersonnel.  We do not hold key-man life insurance on any of our key personnel.

**Item 1B.  Unresolved Staff Comments**

            None.

9

**Item 2.  Properties**

            ***Our Portfolio.*** The following table represents our portfolio as of December 31, 2008, whichconsists of properties we owned, directly or indirectly, and properties wemanage.

**Total Number**

** **

**Total Number**

**of Properties**

** **

**of Units**

**Wholly Owned Properties:**

Same Community Properties:

Baltimore/Washington

3 

667 

Florida

4 

1,272 

Georgia

3 

874 

Indiana

3 

836 

Michigan

11 

2,888 

Ohio

20 

3,924 

Pennsylvania

1 

468 

45 

10,929 

Acquisition Properties:

Georgia

1 

843 

Virginia

3 

804 

Held For Sale Properties:

Ohio (a)

1 

96 

Total wholly owned properties

50 

12,672 

**Managed for Pension Fund Clients:**

Colorado

1 

258 

**Managed for Other Third Parties:**

Ohio

2 

358 

Total managed properties

3 

616 

**Total Portfolio**

53 

13,288 

**Other Properties:**

**Units/Sq. Ft.**

**Asset Managed for Third Parties:**

Multifamily:

Texas

1 

186 

Commercial:

California

1 

145,000 

2 

*  *

(a)

We  completed the sale of this property on January 9, 2009.

* *

10
**
**Total Number**

** **

**Age of Owned**

**of Units**

** **

**Properties(b)**

**Wholly Owned Properties:**

Same Community Properties:

**Baltimore/Washington**

Annen Woods

131 

21 

Hampton Point

352 

22 

Reflections

184 

23 

667 

**Florida**

Courtney Chase

288 

5 

Cypress Shores

300 

17 

Vista Lago

316 

5 

Windsor Pines

368 

10 

1,272 

**Georgia**

Cambridge at Buckhead

168 

13 

The Falls

520 

22 

Morgan Place

186 

19 

874 

**Indiana**

Residence at White River

228 

17 

Steeplechase

264 

10 

Waterstone Apartments

344 

11 

836 

**Michigan**

Arbor Landings

328 

9 

Aspen Lakes Apartments

144 

27 

Central Park Place

216 

20 

Country Place Apartments

144 

19 

Clinton Place Apartments

202 

20 

Georgetown Park Apartments

480 

9 

Oaks at Hampton

544 

20 

The Landings at the Preserve

190 

17 

Spring Brook Apartments

168 

20 

Spring Valley Apartments

224 

21 

Summer Ridge

248 

17 

2,888 

**Ohio**

St. Andrews at Little Turtle

102 

21 

Barrington

288 

9 

Bedford Commons

112 

21 

Bradford at Easton

324 

12 

Heathermoor

280 

19 

Kensington Grove

76 

13 

Lake Forest

192 

14 

 

(b)

Age  of property is determined by subtracting the year the property was built or  the year the property was rehabilitated from 2008.
      
11

**Total Number**

** **

**Age of Owned**

**of Units**

** **

**Properties(b)**

**Ohio  (Continued)**

Mallard's  Crossing

192 

18 

Muirwood  Village at Bennell

164 

20 

Perimeter  Lakes

189 

16 

Remington  Place

234 

18 

Residence  at Christopher Wren

264 

15 

Residence  at Turnberry

216 

17 

Saw  Mill Village

340 

21 

Sterling  Park

128 

14 

Village  at Avon

312 

7 

Westchester  Townhomes

136 

19 

Western  Reserve

108 

10 

Westlake  Townhomes

7 

23 

Williamsburg  Townhomes

260 

18 

3,924 

**Pennsylvania**

Chestnut  Ridge

468 

22 

Acquisition Properties:

**Georgia**

Idlewylde

843 

7 

**Virginia**

The  Alexander at Ghent

268 

2 

The  Belvedere

296 

3 

River  Forest

240 

2 

804 

Held For Sale Properties:

**Ohio**

Bay  Club(a)

96 

18 

**Total wholly owned properties**

12,672 

14 

**Anticipated**

**Location**

** **

**Acres**

** **

**Completion**

** **

** **

** **

** **

** **

**Undeveloped Land Parcels:**

** **

** **

Aspen  Lakes

Grand Rapids, MI

19.5 

On Hold

Landings  at the Preserve

Battle Creek, MI

4.3 

On Hold

River  Forest

Richmond, VA

5.9 

2009

Westlake

Westlake, OH

39.0 

On Hold

Wyndemere

Franklin, OH

10.0 

On Hold

Total undeveloped land  parcels

78.7 

 

(a)

We  completed the sale of this property on January 9, 2009.

(b)

Age  of property is determined by subtracting the year the property was built or  the year the property was rehabilitated from 2008.
      
12

            ***Indebtedness Encumbering theProperties.***  We have financed, and in many cases refinanced, theacquisition, development and rehabilitation of our properties with a variety ofsources of mortgage indebtedness.  At December 31, 2008, 18 of the 50 whollyowned properties were unencumbered, 25 properties were encumbered by conventionalmortgages, five properties were encumbered by cross-collateralized,cross-defaulted mortgage loans, and two properties were encumbered by federallyinsured mortgages.

**Item 3.  Legal Proceedings**

            For information concerning current legal proceedings, see Note 8 ofthe Notes to Consolidated Financial Statements presented in Part II, Item 8 ofthis report on Form 10-K.

**Item 4.  Submission of Matters to a Vote of Security Holders**

            No matter was submitted to a vote of security holders during thefourth quarter of the fiscal year covered by this report.

**Executive Officers of the Registrant and Other KeyEmployees**

            The following information regarding our executive officers isprovided pursuant to Instruction 3 to Item 401(b) of Regulation S-K.

Name

Age

Position with  the Company

Jeffrey I. Friedman

57

Chairman of the Board, President and Chief Executive  Officer

                   

Lou Fatica

42

Vice President, Treasurer and Chief Financial Officer

                      

Martin A. Fishman

67

Vice President, General Counsel and Secretary

                        

John T. Shannon

47

Senior Vice President, Operations

            Jeffrey I. Friedman has served as our Chairman of the Board andChief Executive Officer since the Company was organized in 1993 and served asour President from the Company's organization until February 24, 2000.  InAugust 2002, Mr. Friedman reassumed the role of President.  Mr. Friedman joinedthe Company's predecessor, Associated Estates Group, ("AEG"), in 1974and became Chief Executive Officer and President of Associated EstatesCorporation, a company in the AEG group.

            Lou Fatica joined the Company in 1999 as Controller, and waspromoted to Vice President-Controller during 2000.  On March 15, 2001, Mr.Fatica became Vice President, Treasurer and Chief Financial Officer of theCompany.  Mr. Fatica is a Certified Public Accountant (CPA), a member of theAmerican Institute of Certified Public Accountants (AICPA) and the Ohio Societyof CPA's.

            Martin A. Fishman has been our VicePresident, General Counsel and Secretary since the Company's organization.  Mr.Fishman joined AEG in 1986 as Vice President - General Counsel of AssociatedEstates Corporation, a position he held until the formation of the Company.

            John T. Shannonjoined the Company in 2004 as Senior Vice President, Operations.  Mr. Shannonhad previously held the position of Vice President of Operations at The ShelterGroup and has 19 years of property management experience.

13

            In addition to theofficers named in the table above, the following persons have been appointed asofficers of the Company and hold positions in senior management as indicated:

Michelle B. Creger joined the Company in 2009 as Vice President, AssociateGeneral Counsel.  Ms. Creger was previously the Vice President of HumanResources at U-Store-It Trust, and has also worked for American GreetingsCorporation and McDonald Hopkins, a major Cleveland law firm.  She earnedher law degree from Case Western Reserve University School of Law and aBachelor's degree in Economics from Creighton University.  Ms. Creger hasover 26 years of legal experience and is 53 years old.

            Patrick Duffy joined the Company in 2005 as Vice President ofStrategic Marketing.  Mr. Duffy plays a key role in our diversification plan byassisting in identifying markets for asset acquisitions and dispositions.  Inaddition, he is responsible for developing property-specific marketing plansand strategies to assist in maximizing top line revenue growth for ourproperties, while also assisting with pricing and positioning strategies.  Mr.Duffy previously held the position of Senior Vice President of Marketing at TheShelter Group.  He graduated from Loyola College and holds a Master's Degree inAdministrative Sciences from Johns Hopkins University.  Mr. Duffy has over 22years of experience in the real estate industry and is 47 years old.

            Daniel E. Gold joined the Company in 2009 as Vice Presidentof Human Resources.  Mr. Gold previously served as the Director of CorporateHuman Resources for Falcon Transport and has also worked for RockwellAutomation, Cap Gemini and Bailey Controls.  Mr. Gold is responsible for theoversight of all Human Resource functions, including employee development,compensation, benefits, recruiting and payroll.  Mr. Gold has a Bachelor's ofScience degree in Communications from Ohio University, and is a member of boththe Ohio Human Resource Planning Society and the Society for Human ResourceManagement.  Mr. Gold has over 15 years of Human Resources experience and is 40years old.

            Kimberly Kanary joined the Company in 2008 as Vice President ofCorporate Communications.  She is responsible for strategic, integratedinternal and external communications, as well as investor relations.  Ms.Kanary had previously worked at the Company as Manager of CorporateCommunications and Investor Relations, prior to joining National City Bank asAssistant Vice President, Retail Communications.  She is a graduate ofBaldwin-Wallace College and holds a Master's degree in Communications fromBowling Green State University.  Ms. Kanary has eight years of experience inCorporate Communications and is 28 years old.

             Miria C. Rabideau joined the Company in 1994 as a PropertyManager, and was promoted to Regional Manager in 2003.  During 2006, she waspromoted to Regional Vice President.  Ms. Rabideau is responsible forproperties in Colorado, Indiana, Michigan, and Northeast Ohio.  Ms. Rabideauhas 16 years of asset and property management experience. She has a Bachelor'sdegree from Michigan State University and is 39 years old.

            Beth L. Stoll joined the Company in 2004 as a Regional VicePresident, and was promoted to Vice President of Operations during 2006.  Sheis responsible for properties in Georgia, Maryland, Florida, Virginia, CentralOhio and Pennsylvania.  Ms. Stoll is also responsible for the AEC Academy for Career Development, which provides training and support for our employees.  Ms.Stoll previously held the position of Regional Vice President at The ShelterGroup.  Ms. Stoll has over 21 years of property management experience and is 53years old.

14

**PART II **

**Item 5. Marketfor Registrant's Common Equity, Related Stockholder Matters and Issuer Purchasesof Equity Securities.**

Our common shares are traded on the NYSE and NASDAQ underthe trading symbol "AEC".  The following table sets forth for theperiods indicated the high and low closing sale prices per common share asreported on the NYSE (composite tape) and the dividends declared per commonshare.

Dividends Declared

Price Range

Per Share

2008

2007

2008

2007

High

Low

High

Low

First Quarter

 $

12.16  

 $

8.30  

 $

16.95  

 $

13.95  

 $

0.17  

 $

0.17  

Second Quarter

13.47  

10.71  

15.74  

14.14  

0.17  

0.17  

Third Quarter

14.88  

10.97  

15.95  

12.26  

0.17  

0.17  

Fourth Quarter

13.06  

6.35  

14.06  

9.44  

0.17  

0.17  

 $

0.68  

 $

0.68  

            On February 13, 2008, there were approximately 844holders of record and approximately 5,140 beneficial owners of our commonshares.

            For information concerning security ownership of certain beneficialowners and management and related shareholder matters, reference is made toPart III, Item 12 of this report on Form 10-K.

            We maintain a dividend reinvestment plan under which shareholdersmay elect to reinvest their dividends automatically in our common shares. Under the plan, the administrator of the plan will purchase shares directlyfrom us (either treasury shares or newly-issued common shares), in the openmarket, or in privately negotiated transactions with third parties on behalf ofparticipating shareholders.

            As previously announced, in December 2008, our Board of Directorsauthorized the repurchase of up to $25.0 million of our common and/or preferredshares.  This authorization is in addition to the $1.3 million remaining on our$50.0 million authorization, which was originally approved by our Board ofDirectors in July 2005 and October 2006.  Additionally, we have a policy whichallows employees to pay their portion of the income taxes related to restrictedshare vesting by surrendering a number of shares to us equal in value on theday of vesting to the amount of taxes due up to the minimum statutorywithholding amount.  The following table sets forth our repurchase activitiesfor the fourth quarter of 2008. 

Issuer Purchases of Equity Securities for the Three  Months Ended December 31, 2008

Total Number of

Approximate Dollar

Shares Purchased

Value of Shares That May

Total Number

Average

As Part of

Yet Be Purchased Under

of Shares

Price Paid

Publicly Announced

the Plans or Programs

Period

Purchased

Per Share

Plans or Programs

(in thousands)

October 1 through October  31:

Preferred  depositary shares

199,900  

 $

17.09  

199,900  

 $

2,532  

November 1 through November  30:

Common  shares

175  

7.74  

-  

2,532  

Preferred  depositary shares

76,900  

15.93  

76,900  

1,307  

December 1 through December  31:

Preferred  depositary shares

1,200  

15.86  

1,200  

26,288  

Total Common shares

175  

 $

7.74  

-  

Total Preferred depositary  shares

278,000  

 $

16.77  

278,000  
                           
15

**Item 6.  Selected FinancialData**

            The following tables set forth selected financial and other datafor us on a consolidated basis.  The historical financial information containedin the tables has been derived from and should be read in conjunction with (i)our Consolidated Financial Statements and Notes thereto and (ii) Management'sDiscussion and Analysis of Financial Condition and Results of Operations bothincluded elsewhere herein.

Year Ended December 31,

*(In thousands, except per  share, unit count and net collected rent amounts)*

2008  

2007  

2006  

2005  

2004  

**Operating Data:**

*Revenue*

Property  revenue

 $

132,089  

 $

117,705  

 $

106,597  

 $

98,745  

 $

91,846  

Management  and service operations:

Fees,  reimbursements and other

1,784  

10,990  

11,689  

11,723  

13,400  

Painting  services

1,010  

2,218  

1,078  

1,094  

6,147  

Total  revenue

134,883  

130,913  

119,364  

111,562  

111,393  

Total expenses

(109,499)

(107,249)

(98,691)

(92,699)

(89,701)

Interest  income

135  

430  

652  

602  

297  

Interest  expense

(36,489)

(40,131)

(46,808)

(35,274)

(32,067)

(Loss) income before gain on  disposition of investment,

equity  in net income (loss) of joint ventures, minority interest, 

and  income from discontinued operations

(10,970)

(16,037)

(25,483)

(15,809)

(10,078)

Gain on disposition of  investment

-  

-  

-  

150  

-  

Equity in net income (loss)  of joint ventures

1,502  

(258)

(462)

(644)

(923)

Minority interest in  operating partnership

(53)

(53)

(61)

(63)

(63)

**(Loss) income from  continuing operations**

(9,521)

(16,348)

(26,006)

(16,366)

(11,064)

Income from discontinued  operations:

Operating  (loss) income

(1,054)

5,649  

(1,066)

4,036  

4,706  

Gain  on disposition of properties

45,202  

20,864  

54,093  

48,536  

9,682  

Income from discontinued  operations

44,148  

26,513  

53,027  

52,572  

14,388  

**Net income**

34,627  

10,165  

27,021  

36,206  

3,324  

Preferred share dividends

(4,655)

(4,924)

(5,046)

(5,130)

(5,805)

Original issuance costs  related to

repurchase/redemption  of preferred shares

(143)

(58)

-  

(2,163)

-  

Discount/(premium) on  preferred share repurchase

2,289  

(114)

-  

-  

-  

**Net income (loss)  applicable to common shares**

 $

32,118  

 $

5,069  

 $

21,975  

 $

28,913  

 $

(2,481)

** **

**Earnings per common share  - Basic and Diluted:**

(Loss)  income from continuing operations applicable to

common  shares 

 $

(0.74)

 $

(1.27)

 $

(1.82)

 $

(1.23)

 $

(0.87)

Income  from discontinued operations

2.72  

1.57  

3.11  

2.74  

0.74  

Net  income (loss) applicable to common shares

 $

1.98  

 $

0.30  

 $

1.29  

 $

1.51  

 $

(0.13)

Weighted  average number of common shares outstanding

16,262  

16,871  

17,023  

19,162  

19,519  

**Dividends declared per  common share**

 $

0.68  

 $

0.68  

 $

0.68  

 $

0.68  

 $

0.68  

** **

 16

2008  

2007  

2006  

2005  

2004  

**Cash flow data:**

Cash flow provided by  operations

 $

24,665  

 $

28,962  

 $

17,912  

 $

24,376  

 $

32,935  

Cash flow provided by (used  for) investing activity

41,051  

(38,610)

73,935  

4,421  

(12,745)

Cash flow (used for)  provided by financing activity

(63,714)

(18,813)

(101,570)

(50,798)

37,332  

**Balance Sheet Data at  December 31:**

Real estate assets, net

 $

673,848  

 $

659,586  

 $

591,520  

 $

645,937  

 $

665,268  

Total assets

699,896  

686,796  

648,829  

719,242  

762,917  

Total debt

557,481  

556,695  

498,634  

573,570  

557,279  

Total shareholders' equity

105,621  

89,786  

112,051  

108,980  

163,590  

**Other Data:**

Net operating income (a) (c)

 $

76,083  

 $

64,207  

 $

57,378  

 $

53,618  

 $

53,405  

Total properties (at end of  period) - includes joint ventures

50  

64  

66  

74  

76  

** **

Total multifamily units (at  end of period) - includes joint ventures

12,672  

14,450  

15,355  

17,395  

17,854  

Average monthly net  collected rent per unit 

 $

858  

 $

815  

 $

750  

 $

689  

 $

671  

Physical occupancy (b)

93.0%

94.1%

94.5%

92.9%

91.7%

 

(a)  

We evaluate the performance of our reportable  segments based on net operating income ("NOI").  NOI is determined  by deducting property operating and maintenance expenses, direct property  management and service company expenses and painting service expense from  total revenue.  We consider NOI to be an appropriate supplemental measure of  our performance because it reflects the operating performance of our real  estate portfolio and management and service companies at the property and  management and service company level and is used to assess regional property  and management and service company level performance.  NOI should not be  considered (i) as an alternative to net income determined in accordance with  accounting principles generally accepted in the United States  ("GAAP"), (ii) as an indicator of financial performance, (iii) as  cash flow from operating activities (determined in accordance with GAAP) or  (iv) as a measure of liquidity; nor is it necessarily indicative of  sufficient cash flow to fund all of our needs.  Other real estate companies  may define NOI in a different manner.

 
 
(b)  

Physical occupancy represents the actual number of  units leased divided by the total number of units available at the end of the  period.

 
 
(c)  

Reconciliation of NOI to net income:

 

Year Ended December 31,

*(In thousands)*

2008  

2007  

2006  

2005  

2004  

Net operating income

 $

76,083  

 $

64,207  

 $

57,378  

 $

53,618  

 $

53,405  

Depreciation and  amortization

(36,930)

(30,216)

(26,865)

(26,756)

(23,942)

General and administrative  expense

(13,769)

(10,327)

(9,840)

(7,999)

(7,771)

Interest income

135  

430  

652  

602  

297  

Interest expense

(36,489)

(40,131)

(46,808)

(35,274)

(32,067)

Gain on disposition of  investment

-  

-  

-  

150  

-  

Equity in net gain (loss) of  joint ventures

1,502  

(258)

(462)

(644)

(923)

Minority interest in  operating partnership

(53)

(53)

(61)

(63)

(63)

Income from discontinued  operations:

Operating  (loss) income

(1,054)

5,649  

(1,066)

4,036  

4,706  

Gain  on disposition of properties 

45,202  

20,864  

54,093  

48,536  

9,682  

Income from discontinued  operations

44,148  

26,513  

53,027  

52,572  

14,388  

Net income 

 $

34,627  

 $

10,165  

 $

27,021  

 $

36,206  

 $

3,324  

 

17

**Item 7. Management's Discussion and Analysis of Financial Condition and Results ofOperations**

            The followingdiscussion should be read in conjunction with the consolidated financialstatements and notes thereto included in Part II, Item 8 of this report on Form10-K.  This discussion may contain forward-looking statements based on currentjudgments and current knowledge of management, which are subject to certainrisks, trends and uncertainties that could cause actual results to vary fromthose projected, including but not limited to, expectations regarding our 2009performance, which is based on certain assumptions.  Accordingly, readers arecautioned not to place undue reliance on forward-looking statements which speakonly as of the dates of the document.  These forward-looking statements areintended to be covered by the safe harbor provisions of the Private SecuritiesLitigation Reform Act of 1995.  The words "expects","projects", "believes", "plans", "anticipates",and similar expressions are intended to identify forward-looking statements. Investors are cautioned that our forward-looking statements involve risks anduncertainty, which could cause actual results to differ from estimates orprojections contained in these forward-looking statements.  For a discussion ofthese risks and uncertainties, see "Risk Factors" in Item 1A.

            ***Overview.***  We are engaged primarily in the ownershipand operation of multifamily residential units.  We also provide asset andproperty management services to third party owners of multifamily residentialunits for which we are paid fees.  Our primary source of cash and revenue fromoperations is rents from the leasing of owned apartment units, whichrepresented 97.9% of our consolidated revenue for the year ended December 31,2008.

            The operating performance of our properties is affected by generaleconomic trends including but not limited to factors such as householdformation, job growth, unemployment rates, population growth, immigration, thesupply of new multifamily rental communities and in certain markets the supplyof other housing alternatives, such as condominiums, single and multifamilyrental homes and owner occupied single and multifamily homes.  Additionally, ourperformance may be affected by the access to and cost of capital.

            Rental revenue collections are a combination of rental rates,occupancy levels and rent concessions.  We attempt to adjust these factors toadapt to changing market conditions, thus allowing us to maximize rentalrevenue.  Indicators that we use in measuring these factors include physicaloccupancy and net rents.  These indicators are more fully described in theResults of Operations comparison.  Additionally, we consider property NOI to bean important indicator of our overall performance.  Property NOI (propertyoperating revenue less property operating and maintenance expenses) is ameasure of the profitability of our properties, which has the largest impact ofall of our sources of income and expense on our financial condition andoperating results.  See Note 16 of the Notes to Consolidated FinancialStatements presented in Part II, Item 8 of this report on Form 10-K foradditional information regarding property NOI and total NOI, in addition to areconciliation of total NOI to consolidated net income in accordance withaccounting principals generally accepted in the United States of America("GAAP").

            We have three reportable segments:  (1) Acquisition/DispositionMultifamily Properties; (2) Same Community Multifamily Properties; and (3)Management and Service Operations.  We previously reported a fourth segment,Affordable Housing Multifamily Properties; however, during the first half of2008, all of our wholly owned Affordable Housing properties were sold. Therefore, the financial information at December 31, 2008, and all priorperiods for all of the previously wholly owned Affordable Housing propertiesare reported as discontinued operations in the Acquisition/DispositionMultifamily Properties segment.  We have identified our reportable segmentsbased upon how management makes decisions regarding resource allocation andperformance assessment.

            Our Same Community portfolio consists of 45 properties containing 10,929units and accounted for 86.9% of total property revenue in 2008 and 85.6% ofour property NOI.  During 2008 NOI for the Same Community portfolio increased 5.4%. This growth was due to an increase of 8.6% for our Midwest portfolio, while ourMid-Atlantic/Southeast portfolio decreased 0.4%.  In 2009, at the midpoint ofour guidance, we expect Same Community NOI to decline approximately 1.8% comparedto 2008.

18

            We intend to continuedivesting non-core Midwest properties so long as we can do so at our targetprices.  We also intend to continue to evaluate potential property acquisitionsin higher growth markets that we have identified and to acquire properties whenour investment criteria warrant a new acquisition.  We may also considerselling assets in any market, including the Mid-Atlantic and Southeast markets,where market conditions are such that the reinvestment of cash proceeds derivedfrom a sale are expected to provide over time a significantly greater return onequity or an increase in cash flow.

            We are also focused on reducing overall interest charges onour borrowings, which at December 31, 2008, had a weighted average rate of 6.1%. We plan to accomplish this goal by using a portion of any sale proceeds to payoff debt or refinance existing debt with new debt at lower interest rates.

            In order to maximize property NOI, we plan to continue to focus ourefforts on improving revenue, controlling costs and realizing operationalefficiencies at the property level, both regionally and portfolio-wide.

           **2009 Expectations: **

•  *** ***

***Portfolio  performance*** - At the midpoint of our guidance, we expect Same  Community property NOI to decrease 1.8% in 2009 and we expect property revenue to  remain relatively flat while property operating expenses increase 2.5%  compared to 2008.

 
 
•  *** ***

***Property  acquisitions and sales*** - We plan to acquire approximately $80.0 million  of properties, while disposing of approximately $80.0 million of properties.   We also plan to develop 60 units on land adjacent to one of our  properties in the Richmond, Virginia metropolitan area, for an approximate  cost of $7.0 million.

 
 
• *** ***

***Defeasance and other prepayment costs*** - We expect net  defeasance/prepayment costs to be approximately $1.4 million to  defease/prepay or refinance debt during 2009.

            **Forecast Qualification.**  The uncertainties caused bythe current economic turndown and the unprecedented financial crisis complicateour ability to forecast future performance and disposition/acquisitionactivity. We believe that the apartment industry is better situated to weatherthe recession and financial crisis than other real estate sectors, becausepeople will normally choose shelter over discretionary spending such as goingto the mall or hotel stays and because government sponsored agencies such asFannie Mae and Freddie Mac continue to provide needed financing and refinancingcredit facilities, which are otherwise unavailable to other commercial realestate sectors. However, our 2009 expectations may be adversely impacted ifrecessionary forces accelerate or Congress curtails Fannie Mae or Freddie Macfinancing support to the apartment industry.

***           ******Federal Income Taxes.***  We have elected to betaxed as a Real Estate Investment Trust ("REIT") under Sections 856through 860 of the Internal Revenue Code of 1986, as amended, commencing withour taxable year ending December 31, 1993.  REITs are subject to a number oforganizational and operational requirements including a requirement that 90.0%of the income that would otherwise be considered as taxable income bedistributed to shareholders.  Providing we continue to qualify as a REIT, wewill generally not be subject to federal income tax on net income.  However,our Service Companies are subject to federal income tax.

            A REIT is precluded from owning more than 10.0% of the outstandingvoting securities of any one issuer, other than a wholly owned subsidiary oranother REIT, and more than 10.0% of the value of all securities of any oneissuer.  As an exception to this prohibition, a REIT is allowed to own up to100% of the securities of a TRS that can provide non-customary services to REITtenants and others without disqualifying the rents that a REIT receives fromits tenants.  However, no more than 20.0% of the value of a REIT's total assetscan be represented by securities of one or more TRS's.  The amount ofintercompany interest and other expenses between a TRS and a REIT are subjectto arms length allocations.  We have elected TRS status for all of our ServiceCompanies.

19

***LIQUIDITY AND CAPITALRESOURCES***

            ***Cash Flows and Liquidity.***  Significant sources anduses of cash in the past three years are summarized as follows:

           ***Significant Cash Sources (Uses):***

Year Ended December 31,

*(In thousands)*

2008

2007

2006

Net cash provided by  operating activities

 $

24,665  

 $

28,962  

 $

17,912  

Fixed assets:

Property/land  acquisitions, net

(34,604)

(70,547)

(256)

Net  property disposition proceeds

88,347  

46,478  

87,038  

Recurring,  revenue enhancing and non-recurring capital expenditures

(12,692)

(12,300)

(12,526)

Debt:

Decrease  in mortgage notes

(45,716)

(3,939)

(74,937)

Increase  in revolver borrowings

1,500  

20,000  

-    

Cash dividends and operating  partnership distributions paid

(15,813)

(16,554)

(16,872)

Purchase of preferred and/or  treasury shares

(4,882)

(16,861)

(10,258)

*           *Our primarysources of liquidity are cash flow provided by operations, short-termborrowings on the revolver and proceeds from property sales.  We believe thatwe are well positioned to weather the recent turmoil in the financial markets. Our debt repayment obligations are relatively modest.  We have four mortgageloans totaling approximately $72.2 million maturing in 2009.  In February 2009,we repaid two of those loans totaling $45.0 million with$35.2 million of proceeds from two new mortgage loans and $9.8 million of borrowings on our revolver.  We have amortgage loan commitment in the amount of $17.3 million which we plan to usetoward the refinancing of a third loan maturing this year.  We will utilizeour revolver to repay all other debt maturing in 2009.  Our revolver matures March11, 2011.

            We anticipate that cash flow provided by operations for 2009 will beadequate to fund our cash needs other than the debt repayments described aboveand $7.0 million required to develop our 60-unit expansion of one of ourRichmond, Virginia properties.  We intend to fund the development withborrowings on our revolver.

            Cash flow provided by operations decreased in 2008 compared to 2007primarily due to a reduction in accrued real estate taxes and funds held formanaged properties in 2008 compared to 2007.  This decrease was partially offsetby increased cash flow from property operations in 2008 when compared to 2007.

            The increase in cashprovided by operations in 2007 compared to 2006 was primarily due to anincrease in property revenues provided mainly by two properties acquired inJune 2007 and a reduction in defeasance and other prepayment costs incurred in2007 compared to 2006.  This increase in cash flow was partially offset bychanges in accounts payable and accounts receivable resulting from the timingof cash payments.

            During 2008, we received net proceeds of $88.3 million from thesale of 15 properties.  $30.5 million of those proceeds wereused to partially fund the acquisition of two properties located in theRichmond, Virginia metropolitan area and $5.2 million of those proceeds wereused to acquire the ground lessor’s interest in ground leases at six AffordableHousing properties, which ground leases we needed to acquire in order tocomplete the sale of those properties.  $42.9 million of these proceedswere used torepay and/or defease debt, $3.8 million was used to fund revenueenhancing/non-recurring fixed asset additions, and the remaining $5.9 millionwas used for other general corporate purposes.

            In March 2008, we increased the borrowing capacity on ourunsecured revolving credit facility to $150.0 million from $100.0 million,extended the maturity date of this facility for an additional year to March 20,2011, and modified certain financial covenants.

20

            ***ShelfAvailability.***  In November 2008, we filed a new shelf registrationstatement with the Securities and Exchange Commission relating to possibleofferings, from time to time, of debt securities, preferred shares, depositaryshares, common shares and common share warrants.  This registration statementreplaced the shelf registration statement that expired in December 2008.  Securitiesofferings up to $214.7 million would be available under the new shelf registrationstatement once approved by the SEC.  The new shelf registration wouldexpire three years from its effective date.  However, until the capital markets improve, it is unlikely that we willbe in a position to issue securities under this registration statement. Moreover, major modifications to the shelf registration debt covenants contained in the indenture,currently in place, would be necessary before the issuance of any debtsecurities under the shelf registration.

            ***Liquidity:* *Normal Business Operations.**** *Weanticipate that we will meet our normal business operations and liquidityrequirements for the upcoming year generally through net cash provided byoperations.  We believe that if net cash provided by operations is belowprojections, other sources, such as the revolver, secured and unsecuredborrowings, and property sales proceeds are or can be made available and shouldbe sufficient to meet our normal business operations and liquidityrequirements.

            ***Liquidity:  Non-Operational Activities.***  Sources ofcash available for paying down debt, acquiring properties or buying back ourshares are expected to be provided primarily by property sale proceeds,refinancings and from the revolver

           ***Long-Term Contractual Obligations.***  The followingtable summarizes our long-term contractual obligations at December 31, 2008, asdefined by Item 303(a) 5 of Regulation S-K of the Securities and Exchange Actof 1934.

* *

Payments Due In

*(In thousands)*

2014 and

Contractual Obligations

Total

2009

2010-2011

2012-2013

Later Years

Debt payable - principal

 $

557,481  

 $

74,587  

 $

156,919  

 $

212,945  

 $

113,030  

Debt payable - interest

220,528  

33,890  

55,871  

35,584  

95,183  

Operating leases

165  

87  

78  

-  

-  

Purchase obligations

9,759  

8,698  

718  

280  

63  

Total

 $

787,933  

 $

117,262  

 $

213,586  

 $

248,809  

 $

208,276  

** **

***Debt Payable-Principal.***  Debt payable-principalincludes principal payments on all property specific mortgages, the revolvingcredit facility and unsecured debt based on amounts and terms of debt inexistence at December 31, 2008.  For detailed information about our debt, seeNote 5 of the Notes to Consolidated Financial Statements presented in Part II,Item 8 of this report on Form 10-K.

***Debt Payable-Interest. *** Debt payable-interest includesaccrued interest at December 31, 2008 and interest payments as required basedupon the terms of the debt in existence at December 31, 2008.  Interest relatedto floating rate debt is calculated based on applicable rates as of December31, 2008.

             ***Operating Leases.***  We lease certain equipmentand facilities under operating leases.  For detailed information about ourlease obligations, see Note 8 of the Notes to Consolidated Financial Statementspresented in Part II, Item 8 of this report on Form 10-K.

             ***Purchase Obligations.***  Purchase obligationsrepresent agreements to purchase goods or services and contracts for theacquisition of properties that are legally binding and enforceable and thatspecify all significant terms of the agreement.  Our purchase obligationsinclude, but******are not limited to, vendor contracts for propertyoperations entered into in the normal course of operations, such as for landscaping,snow removal, elevator maintenance, security, trash removal and electronicallygenerated services. Obligations included in the above table representagreements dated December 31, 2008, or earlier.

21

             ***Dividends.***  On December 10, 2008, we declared adividend of $0.17 per common share, which was paid on February 2, 2009, toshareholders of record on January 16, 2009.  We anticipate that we willcontinue paying quarterly regular dividends in cash and that our Board ofDirectors will sustain our current dividend rate of $0.17 per quarter. Additionally, on January 29, 2009, we declared a quarterly dividend of $0.54375per Depositary Share on our Class B Cumulative Redeemable Preferred Shares,which will be paid on March 13, 2009, to shareholders of record on February 27,2009.

***Capital Expenditures.***  We anticipate incurringapproximately $9.9 million in capital expendi-tures for 2009.  This includesreplacement of worn carpet and appliances, parking lots, roofs and similaritems in accordance with our current property expenditure plan, as well ascommitments for investment/revenue enhancing and non-recurring expenditures. These commitments are expected to be funded largely with cash provided by operatingactivities.

***            Financing and Other Commitments.***  The following tableidentifies our total debt outstanding and weighted average interest rates as ofDecember 31, 2008 and 2007:

December 31, 2008

December 31, 2007

Balance

Weighted Average

Balance

Weighted Average

*(Dollar amounts in  thousands)*

Outstanding

Interest Rate

Outstanding

Interest Rate

**FIXED RATE DEBT**

Mortgages payable - CMBS

 $

154,685  

7.7%

 $

200,168  

7.7%

Mortgages payable - other

320,516  

5.8%

275,747  

5.8%

Unsecured borrowings

25,780  

7.9%

25,780  

7.9%

**Total  fixed rate debt**

500,981  

6.5%

501,695  

6.7%

** **

**VARIABLE RATE DEBT**

Mortgages payable

35,000  

1.6%

35,000  

6.2%

Revolver borrowings

21,500  

3.7%

20,000  

6.7%

**Total  variable rate debt**

56,500  

2.4%

55,000  

6.4%

**TOTAL  DEBT**

 $

557,481  

6.1%

 $

556,695  

6.7%

** **

             The following table provides information on loans repaid at par ordefeased as well as loans assumed during 2008:

*(Dollar amounts in  thousands)*

Loans Repaid/Defeased

Loans Assumed

Property

Amount

Rate

Amount

Rate

Hawthorne Hills Apartments 

 $

2,432  

7.9%

 $

-  

N/A

Bay Club 

3,086  

7.9%

-  

N/A

St. Andrews at Little Turtle

3,729  

7.9%

-  

N/A

The Woodlands

4,362  

7.9%

-  

N/A

Bedford Commons 

5,363  

7.9%

-  

N/A

Westchester Townhouses 

5,583  

7.9%

-  

N/A

Steeplechase

7,310  

7.9%

-  

N/A

Country Club Apartments 

10,985  

7.6%

-  

N/A

The Belvedere

-  

N/A

26,099  

5.6%

River Forest

-  

N/A

18,903  

5.7%

 $

42,850  

7.8%

(a)

 $

45,002  

5.6%

(a)

 

(a)

Represents  weighted average interest rate for the loans listed.

  22

            At December 31, 2008,we had 18 unencumbered properties.  These properties had net income of $9.2million for the year ended December 31, 2008, and a net book value of $142.5million at December 31, 2008.  One of these unencumbered properties was sold inJanuary 2009 and three are currently being marketed for sale.

             We lease certain equipment and facilities under operating leases. Future minimum lease payments under all noncancellable-operating leases inwhich we are the lessee, are included in the previous table of contractualobligations.

              ***Off-Balance Sheet Investments and Financing Commitments.*** On December 31, 2008, the joint venture in which we were a 50.0% partner soldthe Affordable Housing property that it owned.  We accounted for our investmentin this unconsolidated joint venture under the equity method of accounting aswe exercised significant influence, but did not control this entity and werenot required to consolidate it in accordance with FASB Interpretation No. 46,"Consolidation of Variable Interest Entities" or under EITF 04-05,"Investor's Accounting for an Investment in a Limited Partnership When theInvestor Is the Sole General Partner and the Limited Partners Have CertainRights."  This investment was initially recorded at cost as investment injoint ventures and subsequently adjusted for equity in earnings, cashcontributions and distributions, and the gain recognized upon the sale of theproperty.  The debt associated with this property was assumed by the buyer andwe have no continuing involvement with the property or the assumed debt.

            For summarized financial information related to our joint ventureinvestments, see Note 6 of the Notes to the Consolidated Financial Statementspresented in Part II, Item 8 of this report on Form 10-K.

            ***Operating Partnership.***  As provided in the AERC HPInvestors Limited Partnership Agreement ("DownREIT Partnership"), we,as general partner, have guaranteed the obligation of the DownREIT Partnershipto redeem OP units held by the limited partners.  The DownREIT Partnership wasformed in 1998.  Under the terms of the DownREIT Partnership Agreement, theDownREIT Partnership is obligated to redeem OP units for our common shares orcash, at our discretion, at a price per OP unit equal to the 20 day trailingprice of our common shares for the immediate 20 day period preceding a limitedpartner's redemption notice.  As of December 31, 2008, there were 78,335 OPunits remaining having a carrying value of $1.8 million, and 443,697 of theoriginal 522,032 OP units had been redeemed.  These transactions had the effectof increasing our interest in the DownREIT Partnership from 85.0% to 97.4%. For additional information regarding the OP units, see Note 1 of the Notes tothe Consolidated Financial Statements presented in Part II, Item 8 of thisreport on Form 10-K.

            ***Acquisitions and Development.***  On April 21, 2008, weacquired two apartment communities located in the Richmond, Virginiametropolitan area totaling 536 units for a purchase price of $75.0 million andadditional closing costs of $540,000.  The acquisition also included a 5.92acre future development land parcel, adjacent to one of the properties.  Thispurchase was funded by the assumption of mortgage loans encumbering theacquired properties, Section 1031 exchange cash proceeds and borrowings on ourrevolving credit facility.

             We intend to continue to evaluate potential property acquisitionsin historically higher growth markets that we previously identified.  Anyfuture property acquisitions or developments would be financed with the mostappropriate sources of capital, which may include the assumption of mortgageindebtedness, bank and other institutional borrowings, the exchange ofproperties, undistributed earnings, secured or unsecured debt financings, orthe issuance of shares or units exchangeable into common shares.

            ***Dispositions.***  During 2008, we sold 15 properties,including our entire Affordable Housing portfolio of 11 properties, for netcash proceeds of $88.3 million.  The operating results of these properties,along with the gains of $45.2 million that we recognized, are included in"Income from discontinued operations."

23

             ***Management and Service Operations.***  Revenuesfrom our management and service operations were significantly reduced in 2008as a result of our exit from the Affordable Housing business at the end of2007.  As of December 31, 2008, we managed one Affordable Housing property foran affiliated third party and two market rate properties for third party owners. The Affordable Housing property is expected to be sold during 2009, after whichwe will no longer manage this property and therefore not receive managementfees.  We are also the asset manager for one residential property and onecommercial property.  

***RESULTS OF OPERATIONS FOR 2008 COMPARED WITH 2007 AND2007 COMPARED WITH 2006***

            In the followingdiscussion of the comparison of the year ended December 31, 2008 to the yearended December 31, 2007 and the year ended December 31, 2007 to the year endedDecember 31, 2006, Same Community properties represent 45 wholly ownedproperties.  Acquired/Disposed properties represent two properties acquired inJune 2007, two properties acquired in April 2008, and one property classifiedas held for sale at December 31, 2008.

            During the 2008 to 2007 comparison period, operating incomeincreased $1.7 million primarily as a result of increased property revenue,which was partially offset by increases in property operating and maintenanceexpenses and depreciation and amortization expense.  Losses from continuingoperations decreased by $6.8 million during this comparison period as a resultof the increase in operating income, a decrease in interest expense of $3.6million, which was primarily due to decreased debt defeasance/prepayment costs,and an increase in equity in net income (loss) of joint ventures of $1.8million, which was primarily due to the gain recognized on the sale of a jointventure property.  During the 2007 to 2006 comparison period, operating incomeincreased $3.0 million primarily as a result of increased property revenue,which was partially offset by increases in property operating and maintenanceexpenses and depreciation and amortization expense.  Losses from continuingoperations during this comparison period decreased by $9.7 million primarily asa result of an interest expense reduction of $6.7 million, attributable todecreased debt defeasance/prepayment costs, and the $3.0 million increase inoperating income.

            The following chart is intended to reflect the amount andpercentage change in line items that are relevant to the changes in overalloperating performance when comparing the years ended December 31, 2008 to 2007 and2007 to 2006:

Increase (decrease) when comparing  

 the years ended December 31,

*(In thousands)*

2008 to 2007

2007 to 2006

Property revenue

 $

14,384  

12.2%

 $

11,108  

10.4%

Fees, reimbursements and  other

(9,206)

(83.8)%

(699)

(6.0)%

Property operating and  maintenance expense items:

Personnel

1,351  

9.8%

1,639  

13.5%

Real  estate taxes and insurance

1,057  

6.3%

845  

5.3%

Utilities

983  

16.2%

597  

10.9%

Depreciation and  amortization

6,714  

22.2%

3,351  

12.5%

Direct property management  and service company expenses

(11,239)

(87.4)%

168  

1.3%

General and administrative

3,442  

33.3%

487  

4.9%

Interest expense

(3,642)

(9.1)%

6,677  

(14.3)%

Equity in net income (loss)  of joint ventures

1,760  

682.2%

204  

(44.2)%

Income from discontinued  operations

17,635  

66.5%

(26,514)

(50.0)%

  24

            ***PropertyRevenue. ***Property revenue is impacted by a combination of rentalrates, rent concessions and occupancy levels, i.e., net collected rent per unit. We measure these factors using indicators such as physical occupancy (number ofunits occupied divided by total number of units at the end of the period) andaverage monthly net rent per unit (gross potential rents less concessionsdivided by total number of units).  This information is presented in thefollowing table for the years ended December 31, 2008, 2007 and 2006:

Physical Occupancy

For the year ended December 31,

2008  

2007  

2006  

Same Community Properties:

Midwest

94.8%

94.8%

95.2%

Mid-Atlantic/Southeast

89.6%

93.8%

93.4%

Total Same Community

93.4%

94.5%

94.7%

Acquired Properties

90.5%

90.5%

N/A

 

Average Monthly Net Collected

Rent Per Unit

For the year ended December 31,

2008  

2007  

2006  

Same Community Properties:

Midwest

 $

775  

 $

741  

 $

708  

Mid-Atlantic/Southeast

 $

1,054  

 $

1,058  

 $

1,027  

Total Same Community

 $

847  

 $

822  

 $

790  

Acquired Properties

 $

938  

 $

896  

N/A 

            Property revenueincreased in 2008 compared to 2007 primarily as a result of an increase of $10.9million contributed by the two properties acquired in 2007 and the twoproperties acquired in 2008.  Property revenue in the Same Community propertiesincreased $3.5 million primarily due to stable occupancy throughout themajority of 2008 combined with rental rate increases and an overall reductionin concessions.  Property revenues increased in 2007 compared to 2006 primarilyas a result of $6.5 million contributed by the two properties acquired in 2007and an increase of $4.6 million in the Same Community properties which wasprimarily due to stable occupancy combined with rental rate increases and anoverall reduction in concessions.

            ***Fees, Reimbursements and Other.**** *Themanagement and service operations saw a decrease of $1.9 million in fee revenuein 2008 compared to 2007primarily as a result of the loss of management fee revenue associated with ourexit from the Affordable Housing fee management business at the end of 2007 andthe resulting reduction of properties managed for third party owners. Reimbursement of expense from managed properties decreased $7.3 million in 2008compared to 2007 also as a result of the reduction of the number of propertiesmanaged.  This reduction had no impact to the net loss from continuingoperations as these reimbursements are also included in "Direct propertymanagement expenses."

25

            ***PropertyOperating and Maintenance Expenses.***  Property operating and maintenanceexpenses for the Same Community segment increased $172,000 or 0.3% in 2008compared to 2007, however total property operating and maintenance expensesincreased $4.2 million or 8.0% in 2008 primarily as a result of the addition ofexpenses relating to acquired properties.  When comparing 2007 to 2006,property operating and maintenance expenses for the Same Community segmentincreased $1.4 million or 2.9%, primarily as a result of increases in personnelexpense, real estate tax expense and other operating expenses.  Personnelexpense increased due to increased salary and benefit costs.  Real estate taxesincreased due to taxes related to assessed property value and millage rateincreases.  Other operating expenses increased as a result of increases in thenet write off of uncollectible tenant rent receivables and associatedcollection costs.  These increases were partially offset by a credit recordedduring 2007 resulting from favorable property insurance loss experiences and arenegotiation of the self-insured retention amounts.  Property operating andmaintenance expenses related to the acquired properties increased $2.4 millionin 2007 compared to 2006.

            ***Depreciation and Amortization.***  Depreciation andamortization expenses increased when comparing 2008 to 2007 and 2007 to 2006primarily as a result of the acquisition of two properties in 2008 and twoproperties in 2007.

            ***Direct Property Management and Service Company Expenses.**** *Direct property management and service company expenses decreased in 2008compared to 2007 as a result of the reduction in the number of propertiesmanaged for third party owners.  The reimbursement of expenses from the managedproperties decreased in 2008, as noted on the previous page.  However, thisreduction had no impact to the net loss from continuing operations as thesereimbursements are also included in "Fees, reimbursements and other"revenue.  Additionally, service company expenses, which represent the portionof general and administrative expense that relates to the management of thirdparty owned properties, decreased $4.0 million in 2008 compared to 2007 due tothe reduction in the number of properties managed.

            ***General and Administrative Expenses.***  General and administrativeexpense increased in 2008 primarily as a result of the reduction in costsallocated to "Direct property management and service company expenses",as noted above, an increase in 2008 of $560,000 related to pre-acquisition andother project costs, and an increase in directors' compensation expense in 2008of $470,000.  These increases were partially offset by decreases in payrollrelated costs in 2008 of $600,000 primarily as a result of our exit from the AffordableHousing fee management business in 2007.  General and administrative expensesincreased in 2007 compared to 2006 primarily due to increases in corporatepayroll, bonus, and share-based payment costs in 2007.  These increases werepartially offset by a reduction of $876,000 in Directors' compensation in 2007compared to 2006, primarily as a result of valuation adjustments of theirdeferred compensation based upon the closing price of our common shares at theend of each period.

            ***Interest Expense.***  Interest expense decreased in 2008compared to 2007 primarily due to a reduction of $4.2 million indefeasance/prepayment costs that were included in income from continuingoperations.  Interest expense decreased in 2007 compared to 2006 primarily dueto a reduction of $6.6 million in defeasance/prepayment costs that wereincluded in income from continuing operations.  Interest expense, includingdefeasance/prepayment costs that are associated with discontinued operationsare included in "Income from discontinued operations", as discussed onthe next page.

            ***Equity in Net Income (Loss) of Joint Ventures.***  OnDecember 31, 2008, the joint venture in which we were a 50.0% partner sold theAffordable Housing property that it owned.  Our proportionate share of gainrecognized in 2008 was $1.6 million.

26

            ***Income fromDiscontinued Operations.***  Included in discontinued operations for theyears ended December 31, 2008, 2007 and 2006, are the operating results and thegains related to 15 wholly owned properties that were sold in 2008, threewholly owned properties that were sold in 2007, eight wholly owned propertiesthat were sold in 2006, and one wholly owned property that was classified asheld for sale at December 31, 2008.  The operating loss from discontinuedoperations in 2008 and 2006 were primarily due to costs incurred to defeaseloans that were secured by properties that were sold.  For further details on"Income from discontinued operations," see Note 2 of the Notes to theConsolidated Financial Statements presented in Part II, Item 8 of this reporton Form 10-K.

            ***Discount/(Premium) on Preferred Share Repurchase.***  In2008 and 2007, we repurchased 278,000 and 111,500, respectively, of ourpreferred depositary shares, which each represent 1/10th of a share of our8.70% Class B Series II Cumulative Redeemable Preferred Shares.  The depositaryshares have a recorded value of $25.00 per share.  The average price that wepaid per share for the 2008 repurchases was $16.77, and we therefore recognizeda total discount of $2.3 million.  The average price that we paid per share forthe 2007 repurchases was $26.02, and we therefore recognized a premium of$114,000.

            ***Inflation.*** We believe that the effects of inflation only minimally impacts our operationalperformance because our leases are mostly for 12 month terms, which allows usthe opportunity to increase our new lease and lease renewal rents to account forinflationary price increases.

**Critical Accounting Estimates**

            Our consolidated financial statements include accounts of allsubsidiaries, the Service Companies and the Operating Partnership structured asa DownREIT.  The preparation of the consolidated financial statements inconformity with GAAP requires us to make estimates and assumptions in certaincircumstances that affect amounts reported in the consolidated financialstatements and related notes.  In preparing these consolidated financialstatements, we have utilized information available including industry practiceand our own past history in forming estimates and judgments of certain amountsincluded in the consolidated financial statements, giving due consideration tomateriality.  It is possible that the ultimate outcome that we anticipated informulating the estimates inherent in these consolidated financial statementsmay not materialize.  However, application of the accounting policies belowinvolves the exercise of judgment and use of assumptions as to futureuncertainties and, as a result, actual results could differ from theseestimates.  In addition, other companies may utilize different estimates thatmay impact comparability of our results of operations to those of companies insimilar businesses.

            SFAS No. 144, "Accounting for the Impairment or Disposal ofLong-Lived Assets," requires us to assess the recoverability of thecarrying value of long-lived assets when an event of impairment has occurred. In performing this analysis, we estimate holding periods of the assets, changesin fair market value of the assets and cash flows related to the operations ofthe assets to determine the range of potential alternatives and assign aprobability to the various alternatives under consideration by management. Should the estimates used to determine alternatives or the probabilities of theoccurrence thereof change, an impairment may result which could materially impactour results of operations.

            SFAS No. 142, "Goodwill and Other Intangible Assets,"requires us to review goodwill annually and whenever there is an impairmentindicator.  In performing this analysis, we use a multiple of revenues to therange of potential alternatives and assign a probability to the variousalternatives we consider.  Should estimates used to determine the alternativesconsidered or the probabilities of the occurrence thereof change, an impairmentmay result which could materially impact our results of operations.

27

            SFAS No. 123(R),"Share-Based Payment," requires us to estimate the fair value ofstock options awarded.  We use the Black-Scholes option-pricing model toestimate the fair value of the stock options, and the Monte Carlo method toestimate the fair value of awards in which the number of shares that willultimately vest are subject to market conditions.  The use of judgment and/orestimates is required in determining certain of the assumptions used by thesevaluation models.  If we had used different judgment and/or estimates,different valuations would have been produced that may have resulted in amaterial change to our results of operations.  SFAS No. 123(R) also requires usto estimate future performance results related to certain share-based awards. If the results vary from our estimate, it may require us to make a materialadjustment to our results of operations.

            We estimate the amount of real estate taxes for which we will beliable based upon assumptions relating to possible changes in millage rates andproperty value reassessments.  In certain circumstances, it is possible thatthe actual millage rates or reassessment values are not available until thefollowing reporting period and that these rates or values could differ fromassumptions and require material adjustments to the liabilities recorded.

**Quantitative and Qualitative Disclosures About Market Risk**

            ***Interest RateRisk.***  Based on our variable rate debt outstanding at December 31, 2008and 2007, an interest rate change of 100 basis points would impact interestexpense by approximately $565,000 and $550,000 on an annual basis,respectively.  Additionally, we have interest rate risk associated with fixedrate debt at maturity.  We have, and will continue to manage, interest raterisk as follows:  (i) maintain what we believe to be a conservative ratio offixed rate, long-term debt to total debt such that variable rate exposure iskept at an acceptable level; (ii) consider hedges for certain long termvariable and/or fixed rate debt through the use of interest rate swaps orinterest rate caps; and (iii) consider the use of treasury locks whereappropriate to hedge rates on anticipated debt transactions.  We use variousfinancial models and advisors to assist us in analyzing opportunities toachieve those objectives.  For additional information related to interest ratehedge agreements, see "Derivative Instruments and Hedging Activities"in Note 1 of the Notes to Consolidated Financial Statements presented in Part II,Item 8 of this report on Form 10-K.  The table below provides information aboutour financial instruments that are sensitive to change in interest rates.  Fordebt obligations, the table below presents principal cash flows and relatedweighted average interest rates based on expected maturity dates.

December 31, 2008

December 31, 2007

*(Dollar amounts in  thousands)*

Fair Market

Fair Market

**Long term debt**

2009  

2010  

2011  

2012  

2013  

Thereafter

Total

Value

Total

Value

**Fixed:**

Fixed rate mortgage debt

$

37,163 

 $

78,571  

$

55,595  

 $

82,356  

 $

132,209  

$

115,087  

$

500,981 

 $

492,525  

$

501,695 

 $

526,817  

Weighted average interest  rate

7.5%

6.0%

7.6%

7.0%

6.1%

6.1%

6.5%

**Variable:**

Variable rate mortgage debt

35,000  

-  

-  

-  

-  

-  

35,000  

34,813  

35,000   

35,000  

Weighted average interest  rate

1.6%

-  

-  

-  

-  

-  

1.6%

LIBOR based revolving credit  facility (a)

-  

-  

21,500  

-  

-  

-  

21,500  

21,552  

20,000  

20,000  

Total variable rate debt

35,000  

-  

21,500  

-  

-  

-  

56,500  

56,365  

55,000  

55,000  

Total long term debt

$

72,163 

$

78,571  

$

77,095  

$

82,356  

 $

132,209  

 $

115,087  

 $

557,481 

 $

548,890  

$

556,695 

 $

581,817  

 

(a)

Our  revolving credit facility matures in March 2011 and had a weighted average  interest rate of 3.7% at December 31, 2008.

**CONTINGENCIES**

            ***Environmental.***  We have reviewed tangible long-livedassets and other agreements for associated asset retirement obligations("AROs"), in accordance with FASB Statement No. 143, "Accountingfor Asset Retirement Obligations" and FIN 47 "Accounting for ConditionalAsset Retirement Obligations".  Based on that analysis, we do not have anymaterial AROs that would require recognition as a liability or disclosure inour financial statements at December 31, 2008.  Phase I environmental auditswere obtained at the time of the IPO, property acquisition or propertyrefinancing, as the case may be, on all of our wholly owned properties.

28

            Future claims forenvironmental liabilities are not measurable given the uncertaintiessurrounding whether there exists a basis for any such claims to be assertedand, if so, whether any claims will, in fact, be asserted.

            ***Pending Litigation.***  For a discussion of pendinglitigation, see Note 8 of the Notes to Consolidated Financial Statementspresented in Part II, Item 8 of this report on Form 10-K.

**Item 7A.  Quantitative and Qualitative Disclosures About Market Risk**

            For a discussion of the Quantitative and Qualitative Disclosuresabout Market Risk, see "Quantitative and Qualitative Disclosures aboutMarket Risk" in Item 7.

**Item 8.  Consolidated Financial Statements and Supplementary Data**

**           **The response to this item is included in Item 15 of thisreport.

**Item 9.  Changes in and Disagreements with Accountants on Accounting andFinancial Disclosure**

            None.

**Item 9A.  Controls and Procedures**

            ***Disclosure Controls and Procedures.***  We evaluated thedesign and operation of our disclosure controls and procedures to determinewhether they are effective in ensuring that the disclosure of requiredinformation is made timely in accordance with the Securities Exchange Act of1934 ("Exchange Act") and the rules and forms of the Securities andExchange Commission.  This evaluation was made under the supervision and withthe participation of management, including our Chief Executive Officer("CEO") and Chief Financial Officer ("CFO") as of the endof the period covered by this annual report on Form 10-K.  The CEO and CFO haveconcluded, based on their review, that our disclosure controls and procedures,as defined in Exchange Act Rules 13a-15(e) and 15d-15(e), are effective toensure that information required to be disclosed in reports that we file underthe Exchange Act is (i) recorded, processed, summarized and reported within thetime periods specified in Securities and Exchange Commission rules and forms,and (ii) accumulated and communicated to management, including the principalexecutive and principal financial officers, as appropriate, to allow timelydecisions regarding disclosure.

            ***Management's Report on Internal Control Over FinancialReporting.***  We are responsible for establishing and maintainingadequate internal control over financial reporting as defined in Rule 13a-15(f)under the Exchange Act.  We assessed the effectiveness of our internal controlover financial reporting using the criteria set forth by the Committee ofSponsoring Organizations of the Treadway Commission (COSO) in "InternalControl - Integrated Framework".  Based on that assessment and thosecriteria, we concluded that our internal control over financial reporting iseffective as of December 31, 2008.  Our independent registered publicaccounting firm, PricewaterhouseCoopers LLP, has issued an audit report on theeffectiveness of our internal control over financial reporting, which isincluded in the "Report of Independent Registered Public AccountingFirm" in Part II, Item 8 of this annual report on Form 10-K.

            ***Changes in Internal Control over Financial Reporting.*** There were no changes in our internal control over financial reporting duringthe fourth quarter of 2008 that materially affected or are reasonably likely tomaterially affect our internal control over financial reporting.

            We believe thatbecause of its inherent limitations, internal control over financial reportingmay not prevent or detect misstatements.  Also, projections of any evaluationof effectiveness to future periods are subject to the risk that controls maybecome inadequate because of changes in conditions, or that the degree ofcompliance with the policies or procedures may deteriorate.

**Item 9B.  Other Information**

            None.

29

**PART III**

**Item 10.  Directors, Executive Officers and Corporate Governance**

            The information regarding our Directors, including informationregarding the audit committee's financial expert, contained in the Notice ofAnnual Meeting and Proxy Statement for the Annual Meeting of Shareholders to beheld on May 6, 2009, is incorporated by reference in this report on Form 10-K. Such information will be filed with the SEC no later than 120 days after theyear covered by this report.

            The information regarding executive officers and other keyemployees is set forth in Part I of this report on Form 10-K under the heading"Executive Officers of the Registrant and Other Key Employees."

            We adopted a formal Code of Ethics that applies to our ChiefExecutive Officer, Chief Financial Officer and Director of FinancialReporting.  The Code of Ethics is posted on our website, www.aecrealty.com. Any future amendments to, or waivers from, the Code of Ethics that apply tothese individuals will be posted on the website also.

**Item 11.  Executive Compensation**

            The information on Executive Compensation contained in the Noticeof Annual Meeting and Proxy Statement for the Annual Meeting of Shareholders tobe held on May 6, 2009, is incorporated by reference in this report on Form10-K.  Such information will be filed with the SEC no later than 120 days afterthe year covered by this report.

**Item 12.  Security Ownership of Certain Beneficial Owners and Managementand Related Shareholder Matters**

            The following table summarizes information about our common sharesthat may be issued upon exercise of options outstanding and the total number ofsecurities available for future issuance under all of the existing compensationplans as of December 31, 2008.  We have two compensation plans under whichgrants of options to employees and directors can be made and both of theseplans were approved by our shareholders.  The 2008 Equity Based Award Plan wasapproved by our shareholders on May 7, 2008, and the Amended and Restated 2001Equity-Based Award Plan was approved by our shareholders on May 4, 2005.  Also,certain options previously granted to outside Directors, which were not madeunder any of those plans, were not approved by shareholders, as shareholderapproval for these grants was not required at the time the grants were made. For more information regarding all of our plans, see Note 14 of the Notes toConsolidated Financial Statements presented in Part II, Item 8 of this reporton Form 10-K.

            Previously, we hadthree equity compensation plans, two of which, the AERC Share Option Plan andthe Equity-Based Incentive Compensation Plan, had been approved byshareholders; and one, the Year 2001 Equity Incentive Plan, that had not beenapproved by shareholders, as there was no requirement for this plan to beapproved by shareholders when it was adopted.  As previously stated, this planwas amended and approved by shareholders in 2005.

Number of Securities Remaining

Number of

Available for Future Issuance

Securities to be

Weighted Average

Under Equity Compensation

Issued Upon Exercise

Exercise Price of  

Plans (Excluding Securities

Plan Category

of Outstanding Options

Outstanding Options

Reflected in the First Column)

Equity compensation plans

approved  by security holders

1,348,364  

 $

9.39  

1,232,762  

Equity compensation plans  not

approved  by security holders

30,000  

 $

10.44  

-  

1,378,364  

1,232,762  

  30

            Additionally, theinformation on Security Ownership of Certain Beneficial Owners and Managementcontained in the Notice of Annual Meeting and Proxy Statement for the AnnualMeeting of Shareholders to be held on May 6, 2009, is incorporated by referencein this report on Form 10-K.  Such information will be filed with the SEC nolater than 120 days after the year covered by this report.

**Item 13.  Certain Relationships and Related Transactions and Director Independence**

            The information on Certain Relationships and Related Transactionscontained in the Notice of Annual Meeting and Proxy Statement for the AnnualMeeting of Shareholders to be held on May 6, 2009, is incorporated by referencein this report on Form 10-K.  Such information will be filed with the SEC nolater than 120 days after the year covered by this report.

**Item 14. Principal Accountant Fees and Services**

            The information on Principal Accountant Fees and Services containedin the Notice of Annual Meeting and Proxy Statement for the Annual Meeting ofShareholders to be held on May 6, 2009, is incorporated by reference in thisreport on Form 10-K.  Such information will be filed with the SEC no later than120 days after the year covered by this report.

31

**PART IV **

**Item 15.  Exhibits and Financial Statement Schedules **

**           **The following documents are filed as partof this Report.

1.

Consolidated Financial Statements:

                       

Report of Independent Registered Public Accounting Firm.

                            

Consolidated Balance Sheets at December 31, 2008 and 2007.

                        

Consolidated Statements of Operations for the years ended  December 31, 2008, 2007 and 2006.

                        

Consolidated Statements of Shareholders’ Equity for the  years ended December 31, 2008, 2007 and 2006.

                       

Consolidated Statements of Cash Flows for the years ended  December 31, 2008, 2007 and 2006.

                        

Notes to Consolidated Financial Statements.

                         

2.

Financial Statement  Schedules:  The following financial statement schedules of Associated  Estates Realty Corporation are filed as part of this Report and should be  read in conjunction with the Consolidated Financial Statements of Associated  Estates Realty Corporation.

                           

Schedules

Page

II

Valuation and Qualifying Accounts

F-38

III

Real Estate and Accumulated Depreciation

F-39

 

                           

Schedules not listed above have been omitted because they  are not applicable or not required or the information required to be set  forth therein is included in the Consolidated Financial Statements or Notes  thereto.

                               

3.

Exhibits:  The Exhibits listed on the accompanying  Index to Exhibits are filed as part of, or incorporated by reference into,  this Report.
      
32

**SIGNATURES**

            Pursuant to therequirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, theregistrant has duly caused this report to be signed on its behalf by theundersigned, thereunto duly authorized, on the 25th day of February, 2009.

**ASSOCIATED ESTATES REALTY  CORPORATION**

**               **

By: /s/ Jeffrey I. Friedman

Jeffrey I. Friedman, Chairman  of the Board and Chief

  Executive Officer

            Pursuant to the requirements of the Securities Exchange Act of 1934,this report has been signed below by the following persons on behalf of theregistrant and in the capacities indicated on the 25th day of February, 2009.

              Signature               

                                   Title                                   

            Date            

/s/ Jeffrey I. Friedman           

Chairman of the Board and Chief  Executive

February 25, 2009    

Jeffrey I. Friedman

Officer (Principal Executive  Officer)

 

                        

/s/ Lou Fatica                       

Chief Financial Officer  (Principal Financial

February 25, 2009    

Lou Fatica

Officer and Principal  Accounting Officer)

             

/s/ Albert T. Adams              

Director

February 25, 2009    

Albert T. Adams

                   

                 

/s/ James M. Delaney           

Director

February 25, 2009    

James M. Delaney

                 

/s/ Michael E. Gibbons         

Director

February 25, 2009    

Michael E. Gibbons

                 

                 

/s/ Mark L. Milstein               

Director

February 25, 2009    

Mark L. Milstein

                 

                 

/s/ James A. Schoff              

Director

February 25, 2009    

James A. Schoff

                 

/s/ Richard T. Schwarz          

Director

February 25, 2009    

Richard T. Schwarz

                 

33

**INDEX TO EXHIBITS**

** **

** **

**Filed herewith or**

** **

** **

**incorporated herein**

**Number**

**                                                       Title                                                          **

**by reference**

3.1

Amendment to Second Amended  and Restated Articles of Incorporation.

Exhibit 3.1 to Form 8-K  filed December 8, 2004.

                 

3.2

Second Amended and Restated  Articles of Incorporation.

Exhibit 3.2 to Form 10-Q filed  July 31, 2007.

                 

3.3

Amended and Restated Code of  Regulations of the Company.

Exhibit 3.3 to Form 10-Q  filed August 1, 2006.

                 

4.1

Specimen Common Share  Certificate.

Exhibit 3.1 to Form S-11  filed September 2, 1993 (File No. 33-68276 as amended).

4.1a

Amended and Restated  Shareholders Rights Agreement dated December 30, 2008.

Exhibit 4.1 to Form 8-K  filed December 30, 2008.

                 

4.2

Specimen 8.70% Class B  Series II Cumulative Redeemable Preferred Shares.

Exhibit 4.3 to Form 8-A  filed December 8, 2004.

                 

4.3

Deposit Agreement by and  among Associated Estates Realty Corporation and National City Bank and  Depositary Receipts.

Exhibit 4.5 to Form 8-A  filed December 8, 2004.

                 

4.4

Form of Indemnification  Agreement.

Exhibit 4.2 to Form S-11  filed September 2, 1993 (File No. 33-68276 as amended).

                 

4.5

Form  of Promissory Note and Form of Mortgage and Security Agreement dated May 10,  1999 from AERC to The Chase Manhattan Bank.

Exhibit 4.5 to Form 10-Q  filed August 13, 1999.

                

4.5a

Form  of Promissory Note and Form of Mortgage and Security Agreement dated  September 10, 1999 from AERC to The Chase Manhattan Bank.

Exhibit 4.5a to Form 10-Q  filed November 12, 1999.

                 

4.5b

Form  of Promissory Note and Form of Mortgage and Security Agreement dated November  18, 1999 from AERC to The Chase Manhattan Bank.

Exhibit 4.5b to Form 10-K  filed March 15, 2000.
                            
4.9

Second  Amended and Restated Loan Agreement dated April 19, 2002 between Associated  Estates Realty Corporation and National City Bank.

Exhibit 4.13a to Form 10-Q  filed August 13, 2002.

                 

4.9a

Third  Amended and Restated Loan Agreement dated November 1, 2005 between Associated  Estates Realty Corporation and National City Bank.

Exhibit 4.9a to From 10-K  filed March 1, 2006.

4.9a(i)

Amendment  No. 1 to Third Amended and Restated Loan Agreement dated May 15, 2006 between  Associated Estates Realty Corporation and National City Bank.

Exhibit 4.9a(i) to Form 10-Q  filed August 1, 2006.

                

4.9b

First  Amendment to Second Amended and Restated Loan Agreement dated May 14, 2002  between Associated Estates Realty Corporation and National City Bank.

Exhibit 4.13b to Form 10-Q  filed August 13, 2002.

                 

4.9c

Second  Amendment to Second Amended and Restated Loan Agreement dated April 17, 2003  between Associated Estates Realty Corporation and National City Bank.

Exhibit 4.13c to Form 10-Q  filed August 1, 2003.

                 

4.11

Loan  Agreement dated July 22, 2003 between The Huntington National Bank and  MIG/Orlando Development, Ltd.

Exhibit 4.15 to Form 10-Q  filed November 20, 2003.

                 

4.12

Amended  and Restated Loan Agreement dated February 20, 2006 between The Huntington  National Bank and MIG/Orlando Development Ltd.

Exhibit 4.12 to Form 10-Q  filed May 2, 2006.

                 

4.13

Credit  Agreement Dated April 24, 2007 among Associated Estates Realty Corporation,  as Borrower and National City Bank as Administrative Agent, Lead Arranger,  and Book Manager and The Several Lenders From Time To Time Parties Hereto, as  Lenders.

Exhibit 4.13 to Form 10-Q  filed July 31, 2007.
         
34

** **

** **

**Filed herewith or**

** **

** **

**incorporated herein**

**Number**

**                                                       Title                                                          **

**by reference**

            

4.14

Shareholders  Rights Agreement dated January 6, 1999 between Associated Estates Realty  Corporation, an Ohio corporation (the "Company") and National City  Bank, a national banking association (the "Rights Agent").

Exhibit 1 to Form 8-A filed  January 26, 1999.

                   

4.14a

Amended  and Restated Shareholder Rights Agreement dated December 30, 2008 between  Associated Estates Realty Corporation, an Ohio corporation (the  "Company") and National City Bank, a national banking association  (the "Rights Agent"). 

Exhibit 4.1 to Form 8-K filed  December 30, 2008.

                     

4.15

First  Amendment to Credit Agreement dated March 20, 2008, by and among Associated  Estates Realty Corporation (the Borrower), National City Bank and other banks  and financial institutions (the Lenders) and National City Bank (the  Administrative Agent).

Exhibit 4.15 to Form 10-Q  filed May 6, 2008.

                   

4.16

Joinder  to Subsidiary Guaranty dated March 20, 2008, for the benefit of National City  Bank, as Agent for itself and certain other lenders, with respect to a loan  from the Lenders to Associated Estates Realty Corporation.

Exhibit 4.16 to Form 10-Q  filed May 6, 2008.

                  

Certain  of the Registrant's assets are subject to mortgage obligations each of which  individually relates to indebtedness totaling less than 10.0% of the total  assets of the Registrant.  The Registrant hereby agrees to furnish a copy of  such agreements to the Commission upon its request.

            

The  Registrant issued unsecured debt in the form of Trust Preferred Securities on  March 15, 2005 in a private placement in an amount less than 10.0% of the  total assets of the Registrant.  The Registrant hereby agrees to furnish a  copy of the Purchase Agreement dated March 15, 2005 between Associated Estates  Realty Corporation, AERC Delaware Trust and Taberna Preferred Funding 1, Ltd.  and a specimen Preferred Securities Certificate to the Commission upon its  request.

                 

10

Associated  Estates Realty Corporation Directors' Deferred Compensation Plan.

Exhibit 10 to Form 10-Q  filed November 14, 1996.

                        

10a

Associated  Estates Realty Corporation Directors' Deferred Compensation Plan

Exhibit 10a to Form 10-K

(January  1, 2005 Restatement).

filed herewith.

                

10.1

Stock  Option Plan.

Exhibit 10.2 to Form S-11  filed September 2, 1993 (File No. 33-68276 as amended).

                      

10.2

Amended  and Restated Employment Agreement between the Company and Jeffrey I.  Friedman.

Exhibit 10.1 to Form 10-Q filed  May 13, 1996.

                  

10.3

Equity-Based  Incentive Compensation Plan.

Exhibit 10.4 to Form 10-K  filed March 29, 1995.

                   

10.4

Form  of Restricted Stock Agreement dated by and among the Company and its Non-Management  Directors.

Exhibit 10.9 to Form 10-K  filed March 28, 1996.

                 

10.6

Amended  2008 Equity-Based Award Plan.

Exhibit 10.1 to Form 8-K  filed May 13, 2008.

                       

10.7

Amendment  to Associated Estates Realty Corporation 2008 Equity-Based Award  

Exhibit 10.7 to Form 10-K

Plan.

filed herewith.

                               

10.7a

Amendment  to Associated Estates Realty Corporation Amended and Restated

Exhibit 10.7a to Form 10-K

Equity-Based  Award Plan.

filed herewith.

                               

10.7b

Associated  Estates Realty Corporation Supplemental Executive Retirement Plan

Exhbiit 10.7b to Form 10-K

(Restated).

filed herewith.
         
  35

**Filed herewith or**

**incorporated herein**

**Number**

**                                                       Title                                                       **

**by reference**

                     

10.8

Form  of Share Option Agreement by and among the Company and its Non-Management  Directors.

Exhibit 10.14 to Form 10-K  filed March 30, 1993.

                   

10.10

Associated  Estates Realty Corporation Amended and Restated 2001 Equity-Based Plan (as  amended on May 4, 2005).  Incorporated by reference to Appendix 1 to the  Definitive Proxy Statement filed March 28, 2005.

Exhibit 99.01 to Form S-8  filed May 26, 2005.

                  

10.11

Form  of Equity Award Agreement.

Exhibit 10.11 to Form 10-Q  filed August 2, 2005.

                     

10.12

Long Term Incentive  Compensation Plan.

Exhibit 10.12 to Form 10-Q  filed November 1, 2005.

                  

10.13

Associated Estates Realty  Corporation Elective Deferred Compensation Plan.

Exhibit 10.13 to Form 10-Q  filed July 31, 2007.

                

10.14

Agreement of Purchase and  Sale dated August 31, 2007 between River Forest Properties, LLC and  Associated Estates Realty Corporation.

Exhibit 10.14 to Form 10-Q  filed August 5, 2008.

                 

10.15

Agreement of Purchase and  Sale dated August 31, 2007 between Belvedere Properties, LLC and Associated  Estates Realty Corporation.

Exhibit 10.15 to Form 10-Q  filed August 5, 2008.

                      

21.1

List of Subsidiaries.

Exhibit 21.1 to Form 10-K

                    

filed herewith.

                      

23.1

Consent of Independent  Accountants.

Exhibit 23.1 to Form10-K  filed herewith.

                  

31

Certification  of Chief Executive Officer Pursuant to Section 302 of the Sarbanes Oxley Act.

Exhibit 31 to Form 10-K  filed herewith.

                   

31.1

Certification  of Chief Financial Officer Pursuant to Section 302 of the Sarbanes Oxley Act.

Exhibit 31.1 to Form 10-K  filed herewith.

                      

32

Certification  of Chief Executive Officer and Chief Financial Officer Pursuant to Section  906 of the Sarbanes Oxley Act.

Exhibit 32 to Form 10-K  filed herewith.

 

36

**INDEX TOCONSOLIDATED FINANCIAL STATEMENTSASSOCIATED ESTATES REALTY CORPORATION**

Consolidated Financial Statements:

        Page         

                              

** **

   Report of Independent Registered Public Accounting Firm

F-2

                                     

   Consolidated Balance Sheets at December 31, 2008 and  2007

F-3

                                               

   Consolidated Statements of Operations for the

      years ended December 31, 2008, 2007 and 2006

F-4

                                          

   Consolidated Statements of Shareholders' Equity for the

      years ended December 31, 2008, 2007 and 2006

F-5

                                                 

   Consolidated Statements of Cash Flows for the

      years ended December 31, 2008, 2007 and 2006

F-6

                                        

   Notes to Consolidated Financial Statements

F-7

                                     

   Financial Statement Schedules:

                                              

      II - Valuation and Qualifying Accounts

F-38

                                      

      III - Real Estate and Accumulated Depreciation at  December 31, 2008

F-39

** **

      All other schedules are omitted because they are notapplicable or the required information is shown in the consolidated financialstatements or notes thereto.

F-1

**REPORT OFINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors andShareholders of Associated Estates Realty Corporation:

In our opinion, the consolidated financial statements listed in theaccompanying Item 15 present fairly, in all material respects, the financialposition of Associated Estates Realty Corporation and its subsidiaries atDecember 31, 2008 and December 31, 2007, and the results of their operationsand their cash flows for each of the three years in the period ended December31, 2008 in conformity with accounting principles generally accepted in theUnited States of America.  In addition, in our opinion, the financial statementschedules listed in the accompanying Item 15 present fairly, in all materialrespects, the information set forth therein when read in conjunction with therelated consolidated financial statements.  Also in our opinion, the Companymaintained, in all material respects, effective internal control over financialreporting as of December 31, 2008, based on criteria established in *InternalControl - Integrated Framework* issued by the Committee of SponsoringOrganizations of the Treadway Commission (COSO).  The Company's management isresponsible for these financial statements and financial statement schedules,for maintaining effective internal control over financial reporting and for itsassessment of the effectiveness of internal control over financial reporting,included under Item 9A.  Our responsibility is to express opinions on thesefinancial statements, on the financial statement schedules, and on theCompany's internal control over financial reporting based on our integratedaudits.  We conducted our audits in accordance with the standards of the PublicCompany Accounting Oversight Board (United States).  Those standards requirethat we plan and perform the audits to obtain reasonable assurance aboutwhether the financial statements are free of material misstatement and whethereffective internal control over financial reporting was maintained in allmaterial respects.  Our audits of the financial statements included examining,on a test basis, evidence supporting the amounts and disclosures in thefinancial statements, assessing the accounting principles used and significantestimates made by management, and evaluating the overall financial statementpresentation.  Our audit of internal control over financial reporting includedobtaining an understanding of internal control over financial reporting,assessing the risk that a material weakness exists, and testing and evaluating thedesign and operating effectiveness of internal control based on the assessedrisk.  Our audits also included performing such other procedures as weconsidered necessary in the circumstances.  We believe that our audits providea reasonable basis for our opinions.

A company's internal control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes inaccordance with generally accepted accounting principles.  A company's internalcontrol over financial reporting includes those policies and procedures that (i) pertainto the maintenance of records that, in reasonable detail, accurately and fairlyreflect the transactions and dispositions of the assets of the company; (ii) providereasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally acceptedaccounting principles, and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directorsof the company; and (iii) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition, use, or dispositionof the company's assets that could have a material effect on the financialstatements.

Because of its inherent limitations, internal control over financial reportingmay not prevent or detect misstatements.  Also, projections of any evaluationof effectiveness to future periods are subject to the risk that controls maybecome inadequate because of changes in conditions, or that the degree ofcompliance with the policies or procedures may deteriorate.

/s/ PricewaterhouseCoopers LLP

Cleveland, OhioFebruary 25, 2009

 

F-2
****
**ASSOCIATED ESTATESREALTY CORPORATIONCONSOLIDATED BALANCE SHEETS**

*(In thousands, except  share amounts)*

December 31,

December 31,

**ASSETS**

2008 

2007 

Real estate assets

Land

 $

110,220  

 $

107,912  

Buildings  and improvements

812,443  

826,226  

Furniture  and fixtures

29,315  

30,154  

951,978  

964,292  

Less:   accumulated depreciation

(280,541)

(305,427)

671,437  

658,865  

Construction  in progress

745  

721  

Real  estate associated with property held for sale, net

1,666  

-  

Real  estate, net

673,848  

659,586  

Cash and cash equivalents

3,551  

1,549  

Restricted cash

6,873  

6,730  

Accounts and notes  receivable, net

Rents

1,320  

1,128  

Affiliates

606  

1,875  

Other

1,842  

820  

Goodwill

1,725  

1,725  

Other assets, net

10,131  

13,383  

**Total assets**

 $

699,896  

 $

686,796  

**LIABILITIES AND SHAREHOLDERS' EQUITY**

Mortgage notes payable

 $

510,201  

 $

510,915  

Unsecured revolving credit  facility

21,500  

20,000  

Unsecured debt

25,780  

25,780  

Total  debt

557,481  

556,695  

Accounts payable, accrued  expenses and other liabilities

26,217  

27,729  

Dividends payable

2,920  

2,848  

Resident security deposits

3,360  

3,826  

Accrued interest

2,468  

2,737  

Accumulated losses in excess  of investments in joint ventures

-  

1,346  

**Total liabilities**

592,446  

595,181  

Operating partnership  minority interest

1,829  

1,829  

Shareholders' equity

Preferred  shares, without par value; 9,000,000 shares authorized; 8.70% Class B Series  II cumulative

 redeemable,  $250 per share liquidation preference, 232,000 issued and 193,050 and

220,850  outstanding at December 31, 2008 and December 31, 2007, respectively

48,263  

55,213  

Common  shares, without par value, $.10 stated value; 41,000,000 authorized;  22,995,763 issued and

16,556,221  and 16,353,700 outstanding at December 31, 2008 and December 31, 2007,  respectively

2,300  

2,300  

Paid-in  capital

282,501  

281,152  

Accumulated  distributions in excess of accumulated net income

(159,595)

(180,436)

Accumulated  other comprehensive loss

(2,899)

(1,050)

Less:   Treasury shares, at cost, 6,439,542 and 6,642,063 shares

at  December 31, 2008 and December 31, 2007, respectively

(64,949)

(67,393)

**Total shareholders' equity**

105,621  

89,786  

**Total liabilities and shareholders' equity**

 $

699,896  

 $

686,796  

The accompanying notes are an integral part of these  consolidated financial statements.

** **

F-3
**
**ASSOCIATED ESTATESREALTY CORPORATIONCONSOLIDATED STATEMENTS OF OPERATIONS**

Year Ended December 31,

*(In thousands, except per  share amounts)*

2008 

2007 

2006 

**Revenue**

Property  revenue

 $

132,089  

 $

117,705  

 $

106,597  

Management  and service company revenue:

Fees,  reimbursements and other

1,784  

10,990  

11,689  

Painting  services

1,010  

2,218  

1,078  

Total  revenue

134,883  

130,913  

119,364  

**Expenses**

Property  operating and maintenance

55,838  

51,679  

47,924  

Depreciation  and amortization

36,930  

30,216  

26,865  

Direct  property management and service company expenses

1,624  

12,863  

12,695  

Painting  services

1,338  

2,164  

1,367  

General  and administrative

13,769  

10,327  

9,840  

Total  expenses

109,499  

107,249  

98,691  

Operating income

25,384  

23,664  

20,673  

Interest  income

135  

430  

652  

Interest  expense

(36,489)

(40,131)

(46,808)

(Loss) income before equity  in net income (loss) of joint ventures,

minority  interest and income from discontinued operations

(10,970)

(16,037)

(25,483)

Equity  in net income (loss) of joint ventures

1,502  

(258)

(462)

Minority  interest in operating partnership

(53)

(53)

(61)

(Loss) income from  continuing operations

(9,521)

(16,348)

(26,006)

Income  from discontinued operations:

Operating  (loss) income

(1,054)

5,649  

(1,066)

Gain  on disposition of properties

45,202  

20,864  

54,093  

Income  from discontinued operations

44,148  

26,513  

53,027  

**Net income**

34,627  

10,165  

27,021  

Preferred share dividends

(4,655)

(4,924)

(5,046)

Preferred share repurchase  costs

(143)

(58)

-  

Discount/(premium) on  preferred share repurchase

2,289  

(114)

-  

**Net income applicable to  common shares**

 $

32,118  

 $

5,069  

 $

21,975  

**Earnings per common share  - basic and diluted:**

(Loss)  income from continuing operations applicable

to  common shares

 $

(0.74)

 $

(1.27)

 $

(1.82)

Income  from discontinued operations

2.72  

1.57  

3.11  

Net  income applicable to common shares

 $

1.98  

 $

0.30  

 $

1.29  

**Dividends declared per  common share**

 $

0.68  

 $

0.68  

 $

0.68  

**Weighted average number  of common shares**

**outstanding - basic and diluted**

16,262  

16,871  

17,023  

The accompanying notes are an integral part of these  consolidated financial statements.

** **

F-4
****
**ASSOCIATED ESTATESREALTY CORPORATIONCONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY**

Year Ended December 31,

*(In  thousands, except share data)*

2008 

2007 

2006 

**Common shares outstanding**

Balance outstanding at  beginning of period

16,353,700  

17,261,224  

17,950,326  

Shares purchased

(21,003)

(1,045,346)

(992,423)

Shares issued from treasury  for stock option exercises

180,021  

22,479  

236,599  

Restricted share activity,  net

43,503  

115,343  

66,722  

Balance outstanding at end  of period

16,556,221  

16,353,700  

17,261,224  

**Preferred shares  outstanding**

Balance outstanding at  beginning of period

220,850  

232,000  

232,000  

Purchase and retirement of  Class B Cumulative Redeemable Preferred Shares

(27,800)

(11,150)

-  

Balance outstanding at end  of period

193,050  

220,850  

232,000  

**Preferred shares**

Balance outstanding at  beginning of period

 $

55,213  

 $

58,000  

 $

58,000  

Purchase and retirement of  Class B Cumulative Redeemable Preferred Shares

(6,950)

(2,787)

-  

Balance outstanding at end  of period

48,263  

55,213  

58,000  

**Common shares (at $.10  stated value)**

Balance outstanding at  beginning and end of period

2,300  

2,300  

2,300  

**Paid-in capital**

Balance outstanding at  beginning of period

281,152  

280,369  

278,885  

Share based compensation

1,294  

786  

2,099  

Shares issued from treasury  for stock option exercises

(88)

(60)

(615)

Purchase and retirement of  Class B Cumulative Redeemable Preferred Shares

143  

57  

-  

Balance outstanding at end  of period

282,501  

281,152  

280,369  

**Accumulated distributions  in excess of accumulated net income**

Balance outstanding at  beginning of period

(180,436)

(173,962)

(184,303)

Net income

34,627  

10,165  

27,021  

Share based compensation

8  

10  

14  

Purchase and retirement of  Class B Cumulative Redeemable Preferred Shares

2,146  

(172)

-  

Common share dividends  declared

(11,285)

(11,553)

(11,648)

Preferred share dividends  declared

(4,655)

(4,924)

(5,046)

Balance outstanding at end  of period

(159,595)

(180,436)

(173,962)

**Accumulated other  comprehensive loss**

Balance outstanding at  beginning of period

(1,050)

(71)

(25)

Change in fair value of  hedge instruments

(1,849)

(979)

(46)

Balance outstanding at end  of period

(2,899)

(1,050)

(71)

**Treasury shares (at cost)**

Balance outstanding at  beginning of period

(67,393)

(54,585)

(45,877)

Purchase of common shares

(221)

(13,959)

(10,269)

Share based compensation

734  

890  

(1,091)

Shares issued from treasury  for stock option exercises

1,931  

261  

2,652  

Balance outstanding at end  of period

(64,949)

(67,393)

(54,585)

**Total Shareholders'  Equity**

 $

105,621  

 $

89,786  

 $

112,051  

The accompanying notes are an integral part of these  consolidated financial statements.

** **

F-5
****
**ASSOCIATED ESTATESREALTY CORPORATIONCONSOLIDATED STATEMENTS OF CASH FLOWS**

Year Ended December 31,

*(In thousands)*

2008 

2007 

2006 

**Cash flow from operating  activities:**

Net  income

 $

34,627  

 $

10,165  

 $

27,021  

Adjustments  to reconcile net income to net cash provided by operating activities:

Depreciation  and amortization (including discontinued operations)

37,867  

34,164  

33,389  

Loss  on fixed asset replacements write-off

288  

108  

163  

Gain  on disposition of properties

(45,202)

(20,864)

(54,093)

Amortization  of deferred financing costs and other, net

1,295  

1,273  

1,666  

Share-based  compensation

1,893  

1,590  

965  

Equity  in net (income) loss of joint ventures and minority interest expense

(1,449)

311  

523  

Distribution  from joint ventures

-  

780  

318  

Net  change in assets and liabilities:

Accounts  and notes receivable

210  

787  

2,495  

Accounts  payable and accrued expenses

(3,982)

102  

4,333  

Other  operating assets and liabilities

(739)

(3)

(86)

Restricted  cash

(143)

549  

1,218  

Total  adjustments

(9,962)

18,797  

(9,109)

Net  cash flow provided by operations

24,665  

28,962  

17,912  

**Cash flow from investing  activities:**

Recurring  fixed asset additions

(8,873)

(10,420)

(11,049)

Revenue  enhancing/non-recurring fixed asset additions

(3,819)

(1,880)

(1,477)

Net  proceeds from disposition of operating properties

88,347  

46,478  

87,038  

Acquisition  fixed asset additions

(34,604)

(70,547)

(256)

Other  investing activity

-  

(2,241)

(321)

Net  cash flow provided by (used for) investing activities

41,051  

(38,610)

73,935  

**Cash flow from financing  activities:**

Principal  payments on mortgage notes payable

(45,716)

(119,477)

(207,146)

Payment  of debt procurement costs

(646)

(1,660)

(1,540)

Proceeds  from mortgage notes obtained

-  

115,538  

132,209  

Revolver  and/or line of credit borrowings

149,175  

155,260  

96,300  

Revolver  and/or line of credit repayments

(147,675)

(135,260)

(96,300)

Common  share dividends paid

(11,105)

(11,577)

(11,765)

Preferred  share dividends paid

(4,655)

(4,924)

(5,046)

Operating  partnership distributions paid

(53)

(53)

(61)

Exercise  of stock options

1,843  

201  

2,037  

Purchase  of preferred and/or treasury shares

(4,882)

(16,861)

(10,258)

Net  cash flow used for financing activities

(63,714)

(18,813)

(101,570)

Increase (decrease) in cash  and cash equivalents

2,002  

(28,461)

(9,723)

Cash and cash equivalents,  beginning of period

1,549  

30,010  

39,733  

**Cash and cash equivalents,  end of period**

 $

3,551  

 $

1,549  

 $

30,010  

The accompanying notes are an integral part of these  consolidated financial statements.

 

F-6  
****
**ASSOCIATED ESTATESREALTY CORPORATIONNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**1.           BASISOF PRESENTATION AND ACCOUNTING POLICIES**

**Business**

            We are a self-administered and self-managed equity real estateinvestment trust ("REIT") specializing in multifamily propertymanagement, advisory, development, acquisition, disposition, operation and ownershipactivities.  In addition to rental revenue, we receive certain property andasset management fees, acquisition, disposition, incentive and consultationfees.  Our MIG subsidiary is a registered investment advisor and serves as areal estate advisor to pension funds. We own two taxable REIT subsidiaries (the"Service Companies") that provide management and other services to usand to third parties.

             As of December 31, 2008, our property portfolio consisted of: (i) 50owned apartment communities containing 12,672 units in eight states, (ii) threeapartment communities that we manage for third party owners consisting of 616units; and (iii) a 186-unit apartment community and a commercial propertycontaining approximately 145,000 square feet that we asset manage.

**Principles of Consolidation**

            The accompanying consolidated financial statements include theaccounts of all REIT subsidiaries, which include but are not limited to:

•  

separate legal entities that were formed in connection with project  specific, nonrecourse mortgage refinancing for which records, books of  accounts and depository accounts must be maintained that are separate and  apart from any other person or entity;

•  

the Service Companies (which are taxed as Taxable REIT Subsidiaries  ("TRS") under the REIT Modernization Act ("RMA")  implemented in 1999); and

•  

an Operating Partnership structured as a DownREIT in which we own an  aggregate 97.4% as of December 31, 2008 and 2007.

           

            Limited partnershipinterests held by others in real estate partnerships controlled by us arereflected as "Operating partnership minority interest" in theConsolidated Balance Sheets.  Capital contributions, distributions and profitsand losses are allocated to minority interests in accordance with the terms ofthe Operating Partnership agreement.  The DownREIT structure enabled us toacquire multifamily real estate assets in an operating partnership entity thatis separate from other properties that we own.  In the DownREIT structure, thelimited partners originally contributed two real estate assets to the operatingpartnership and, in return, received partnership units entitling them to ashare of the profits, based on the number of operating partnership units.  Oneof the properties was sold in October 2005.  The operating partnership unitsentitle the holder to exchange their partnership units at some future time forcommon shares or to redeem partnership units for cash (at our option).  We arethe DownREIT general partner.  All significant intercompany balances and transactionshave been eliminated in consolidation.

            We own 100% of the common stock of all REIT subsidiaries includedin our consolidated financial statements.

F-7  

**Use of Estimates**

            The preparation of the consolidated financial statements inaccordance with accounting principles generally accepted in the United Statesof America ("GAAP") requires management to make estimates andassumptions that affect the reported amounts of assets and liabilities,disclosure of contingent assets and liabilities at the date of the consolidatedfinancial statements and reported amounts of revenues and expenses during thereporting periods.  Actual results could differ from these estimates.

**Cash Equivalents**

            Highly liquid investments with an original maturity of three monthsor less when purchased are considered to be cash equivalents.

**Real Estate and Depreciation**

            Real estate assets are stated at cost less accumulateddepreciation.  Depreciation is provided on a straight-line basis over theestimated useful lives of the assets as follows:

•  

Buildings and improvements

5 - 30 years

•  

Furniture, fixtures and  equipment

5 - 10 years

            We capitalize replacements and improvements, such as HVACequipment, structural replacements, windows, appliances, flooring, carpetingand kitchen/bath replacements and renovations.  Ordinary repairs and maintenance,such as unit cleaning, painting and appliance repairs are expensed whenincurred.

            We capitalize interest costs on funds used in construction, realestate taxes and insurance from the commencement of development activitythrough the time the property is ready for leasing.

            In accordance with SFAS 144, we discontinue the depreciation ofassets that we have specifically identified as held for sale.  There was oneproperty classified as held for sale at December 31, 2008, and no properties wereclassified as held for sale at December 31, 2007.

**Classification of Fixed Asset Additions**

            We define recurring fixed asset additions to a property to becapital expenditures made to replace worn out assets to maintain the property'svalue.  We define revenue enhancing/non-recurring fixed asset additions to becapital expenditures that increase the value of the property and/or enable usto increase rents.  We define acquisition fixed asset additions to be capitalexpenditures for the purchase or construction of new properties to be added toour portfolio, or fixed asset additions identified at the time of purchase thatare not made until subsequent periods.

F-8  

**Impairment of Long-LivedAssets**

            We evaluate the recoverability of the carrying value of our realestate assets when a triggering event occurs using the methodology prescribedin Statement of Financial Accounting Standards ("SFAS") No. 144,"Accounting for the Impairment or Disposal of Long-Lived Assets." Factors we consider in evaluating impairment of existing real estate assetsheld for investment include significant declines in property operating profits,recurring property operating losses and other significant adverse changes in generalmarket conditions that are considered permanent in nature.  Under SFAS No. 144,a real estate asset held for investment is not considered impaired if theundiscounted, estimated future cash flows of the asset (both the annualestimated cash flow from future operations and the estimated cash flow from thetheoretical sale of the asset) over its estimated holding period are in excessof the asset's net book value at the balance sheet date.  If any real estateasset held for investment is considered impaired, a loss is recorded to reducethe carrying value of the asset to its fair value.  We periodically classifyreal estate assets as held for sale.  See Note 2 for a discussion of our policyregarding classification of a property as held for sale.  Upon the classificationof a real estate asset as held for sale, the carrying value of the asset isreduced to the lower of its net book value or its fair value, less costs tosell.  Subsequent to the classification of assets as held for sale, no furtherdepreciation expense is recorded.  No impairment was recorded in connectionwith our owned real estate assets for the years ended December 31, 2008, 2007and 2006.

**Deferred Financing Costs**

**           **Costs incurred in obtaining long-term financing are deferredand amortized over the life of the associated instrument on a straight-linebasis, which approximates the effective interest method.

**Intangible Assets and Goodwill**

            SFAS 142, "Goodwill and Other Intangible Assets,"requires that intangible assets not subject to amortization and goodwill aretested for impairment annually, or more frequently if events or changes incircumstances indicate that the carrying value may not be recoverable.  SeeNote 4 for additional information related to intangible assets and goodwill.

**Revenue Recognition**

            Our residential property leases are for terms of generally one yearor less.  Rental income is recognized on the straight-line basis. 

            Acquisition, management and disposition fees and other fees arerecognized when the related services are performed and the earnings process iscomplete.

            Rent concessions, including free rent, incurred in connection withresidential property leases, are capitalized and amortized on a straight-linebasis over the terms of the related leases (generally one year) and are chargedas a reduction of rental revenue.

**Property Management**

**           **We are reimbursed for expenses incurred in connection with themanagement of properties for third parties, joint ventures and otheraffiliates.  We are the primary obligor for these expenses, which are primarilysalaries and benefits relating to employees at these properties, and thereforewe record these reimbursements as management and service company revenue(included in "Fees, reimbursements and other") and as expenses (includedin "Direct property management and service company expenses").  For theyears ended December 31, 2008, 2007 and 2006, the reimbursements shown asrevenue were equivalent to the expenses, which were $1.1 million, $8.3 millionand $8.3 million, respectively.

F-9  
****
**Advertising Costs**

            We recognize advertising costs as expense when incurred.  The totalamount charged to advertising expense for the years ended December 31, 2008, 2007,and 2006, were $1.7 million, $1.8 million and $2.0 million, respectively.  Therewere no advertising costs reported as assets for the years ended December 31,2008 and 2007.

**Share-Based Compensation**

            We account for share based compensation under the provisions ofStatement of Financial Accounting Standards No. 123 (revised), "Share-BasedPayment" ("SFAS 123(R)"), which requires the use of the fairvalue method to recognized compensation cost.  See Note 14 for informationabout share-based compensation and our equity based award plans.

**Operating Partnership Minority Interest**

            In 1998, in conjunction with the acquisition of an operatingpartnership that owned two apartment communities, one of which was sold inOctober 2005, we issued a total of 522,032 operating partnership units("OP units").  Holders of OP units are entitled to receive cumulativedistributions per OP unit equal to the per share distributions on our commonshares.  If and when the OP units are presented for redemption, we havethe option to redeem, in certain circumstances, the OP units for common sharesexchangeable on a one-for-one basis, or the cash equivalent amount.  As ofDecember 31, 2008, all units presented for redemption were redeemed for cash.  Thedifference between the cash paid and the recorded value of the units reducedthe recorded amount of the underlying real estate.  There were 78,335 OP unitsremaining as of December 31, 2008.

            The following table identifies the effect of OP unit redemptions(in thousands, except units redeemed):

 Recorded  

 Reduction in  

 Units  

 Value at  

 Underlying  

 Year  

 Redeemed  

 Cash Paid  

 Issuance  

 Real Estate  

2000 - 2005

429,009  

 $

3,848  

 $

9,765  

 $

5,917  

2006

13,746  

184  

321  

137  

2007

942  

14  

22  

8  

2008

-  

-  

-  

-  

443,697  

 $

4,046  

 $

10,108  

 $

6,062  

**Income Taxes**

            We have elected to be taxed as a REIT under the Internal RevenueCode of 1986 (the "Code"), as amended.  As a REIT, we are entitled toa tax deduction for dividends paid to shareholders, thereby effectivelysubjecting the distributed net income to taxation at the shareholder levelonly, provided we distribute at least 90.0% of our taxable income and meetcertain other qualifications.

            The Service Companies have elected to be treated as TRS and operateas C-corporations under the Code and have accounted for income taxes inaccordance with the provisions of SFAS No. 109, "Accounting for IncomeTaxes."  Taxes are provided for those Service Companies having net profitsfor both financial statement and income tax purposes.  The 2008, 2007 and 2006net operating loss carry forwards for the Service Companies, in the aggregate,are approximately $8.9 million, $8.3 million and $8.0 million, respectively,and expire during the years 2018 to 2028.

F-10  

            The gross deferredtax assets were $5.0 million, $4.8 million and $4.5 million at December 31, 2008,2007 and 2006, respectively, and relate principally to net operating losses ofthe Service Companies.  Gross deferred tax liabilities of $159,000, $155,000and $166,000 at December 31, 2008, 2007 and 2006, respectively, relateprimarily to tax basis differences in fixed assets and intangibles.  Thedeferred tax valuation allowance was $4.9 million, $4.7 million and $4.3 millionat December 31, 2008, 2007 and 2006, respectively.  We reserve for net deferredtax assets when we believe it is more likely than not that they will not berealized.  The deferred tax assets and the deferred tax valuation allowance arerecorded in "Other assets, net" and the deferred tax liabilities arerecorded in "Accounts payable, accrued expenses and otherliabilities" in the Consolidated Balance Sheets.

            At December 31, 2008 and 2007, our net tax basis of propertiesexceeds the amount set forth in the Consolidated Balance Sheets by $32.9million and $55.1 million, respectively.

**Reconciliation Between GAAP Net Income and Taxable Income (Loss)**           

Year Ended December 31,

*(In thousands)*

2008  

2007  

2006  

GAAP net income

 $

34,627  

 $

10,165  

 $

27,021  

Add:      GAAP net loss of  taxable REIT subsidiaries

and  minority interest in joint venture, net

2,058  

525  

748  

GAAP net income from REIT  operations (a)

36,685  

10,690  

27,769  

Add:      Book  depreciation and amortization

39,167  

35,808  

35,388  

Less:     Tax depreciation  and amortization

(27,090)

(26,267)

(27,058)

Book/tax  differences on losses from 

capital  transactions

(33,105)

(21,076)

(27,106)

Other book/tax differences,  net

(656)

(1,203)

1,496  

Taxable income (loss) before  adjustments

15,001  

(2,048)

10,489  

Less:  Capital (gain) loss

(13,722)

216  

(26,986)

Taxable income (loss)  subject to dividend requirement

 $

1,279  

 $

(1,832)

 $

(16,497)

(a)

All  adjustments to GAAP net income from REIT operations are net of amounts  attributable to taxable REIT subsidiaries and minority interests.

**Reconciliation Between Cash Dividends Paid and Dividends Paid Deduction**           

Year Ended December 31,

*(In thousands)*

2008  

2007  

2006  

Cash dividends paid

 $

15,761  

 $

16,473  

 $

16,691  

Less:    Dividends  designated to prior year

-  

-  

(1,252)

Less:    Portion designated  as capital gain distribution

(13,722)

-  

(11,169)

Less:    Return of capital

(760)

(16,473)

(4,270)

Dividends paid deduction

 $

1,279  

 $

-  

 $

-  

  F-11 

**Dividends Per Share**

            Total dividends per common share and the related components forthe years ended December 31, 2008, 2007 and 2006, as reported for income taxpurposes, were as follows:

Year Ended December 31, 2008

 Non-Taxable  

 20% Rate  

 Unrecaptured  

 Ordinary  

 Return of  

 Capital  

 Section 1250  

 Date Paid  

 Income  

 Capital  

 Gain  

 Gain  

 Dividends  

2/1/2008

 $

0.021811  

 $

0.023652  

 $

0.124537  

 $

0.123605  

 $

0.170000  

5/1/2008

0.021811  

0.023652  

0.124537  

0.123605  

0.170000  

8/1/2008

0.021811  

0.023652  

0.124537  

0.123605  

0.170000  

11/3/2008

0.021811  

0.023652  

0.124537  

0.123605  

0.170000  

 $

0.087244  

 $

0.094608  

 $

0.498148  

 $

0.494420  

 $

0.680000  

Year Ended December 31, 2007

 Non-Taxable  

 20% Rate  

 Unrecaptured  

 Ordinary  

 Return of  

 Capital  

 Section 1250  

 Date Paid  

 Income  

 Capital  

 Gain  

 Gain  

 Dividends  

2/2/2007

 $

-  

 $

0.170000  

 $

-  

 $

-  

 $

0.170000  

5/1/2007

-  

0.170000  

-  

-  

0.170000  

8/1/2007

-  

0.170000  

-  

-  

0.170000  

11/1/2007

-  

0.170000  

-  

-  

0.170000  

 $

-  

 $

0.680000  

 $

-  

 $

-  

 $

0.680000  

Year Ended December 31, 2006

 Non-Taxable  

 20% Rate  

 Unrecaptured  

 Ordinary  

 Return of  

 Capital  

 Section 1250  

 Date Paid  

 Income  

 Capital  

 Gain  

 Gain  

 Dividends  

1/23/2006 (a)

 $

-  

 $

0.040981  

 $

0.058761  

 $

0.047265  

 $

0.099742  

5/1/2006

-  

0.069847  

0.100153  

0.080559  

0.170000  

8/1/2006

-  

0.069847  

0.100153  

0.080559  

0.170000  

11/1/2006

-  

0.069847  

0.100153  

0.080559  

0.170000  

 $

-  

 $

0.250522  

 $

0.359220  

 $

0.288942  

 $

0.609742  

           

(a)

Represents  a portion of the dividend paid on January 23, 2006.  The remaining portion of  this dividend was reported for the year ended December 31, 2005, for income  tax purposes.

            Preferred dividendsof $4.7 million, $4.9 million and $5.0 million were paid for the years endedDecember 31, 2008, 2007 and 2006, respectively, of which $4.0 million, zero,and $5.0 million were designated as a capital gain dividend, respectively.

F-12  

**Derivative Instruments andHedging Activities**

            Statement of Financial Accounting Standards No. 133, "Accountingfor Derivative Instruments and Hedging Activities*"* ("SFAS 133"),as amended and interpreted, establishes accounting and reporting standards forderivative instruments, including certain derivative instruments embedded inother contracts, and for hedging activities.  As required by SFAS 133, werecord all derivatives on the balance sheet at fair value.  The accounting forchanges in the fair value of derivatives depends on the intended use of thederivative and the resulting designation.  Derivatives used to hedge theexposure to changes in the fair value of an asset, liability, or firmcommitment attributable to a particular risk, such as interest rate risk, areconsidered fair value hedges.  Derivatives used to hedge the exposure tovariability in expected future cash flows, or other types of forecastedtransactions, are considered cash flow hedges.

 

            For derivatives designated as fair value hedges, changes in thefair value of the derivative and the hedged item related to the hedged risk arerecognized in earnings.  For derivatives designated as cash flow hedges, theeffective portion of changes in the fair value of the derivative is initiallyreported in other comprehensive income (outside of earnings) and subsequentlyreclassified to earnings when the hedged transaction affects earnings, and theineffective portion of changes in the fair value of the derivative isrecognized directly in earnings.  Hedge ineffectiveness is measured bycomparing the changes in fair value or cash flows of the derivative hedginginstrument with the changes in fair value or cash flows of the designatedhedged item or transaction.  For derivatives not designated as hedges, changesin fair value are recognized in earnings.  As of December 31, 2008, noderivatives were designated as fair value hedges.

            We do not use derivatives for trading or speculative purposes.  Further,we have a policy of only entering into contracts with major financialinstitutions based upon their credit ratings and other factors.  When viewed inconjunction with the underlying and offsetting exposure that the derivativesare designed to hedge, we have not sustained a material loss from those.

            We have utilized interest rate swaps and caps to add stability to interestexpense and to manage our exposure to interest rate movements.  Interestrate swaps designated as cash flow hedges involve the receipt of variable-rateamounts in exchange for fixed-rate payments over the life of the agreementswithout exchange of the underlying principal amount.  Interest rate capsdesignated as cash flow hedges involve the receipt of variable-rate amounts ifinterest rates rise above a certain level in exchange for an up front premium.

**           **Interest Rate Hedge Activity:  During 2007, weexecuted two interest rate swaps to hedge the cash flows of existing variablerate debt.  The notional amounts of the swaps were $42.0 million (whichcommenced on August 28, 2007 and matures on June 1, 2010) and $21.0 million(which commenced on December 20, 2007 and matures on December 1, 2010).  We didnot have any material derivative instruments outstanding as of or during theyear ended December 31, 2006.  At December 31, 2008 and 2007, the total fairvalue of these swaps was a liability of $2.9 million and $1.0 million,respectively, and was included in the Consolidated Balance Sheets as"Accounts payable, accrued expenses and other liabilities."  No hedgeineffectiveness on these cash flow hedges was recognized during 2008 or 2007. For the year ended December 31, 2008 and 2007, the cumulative change of $2.9million and $1.0 million, respectively, of the net unrealized loss on these derivativeswas reported as "Accumulated other comprehensive loss" in the Consolidated BalanceSheets.  Amounts reported in accumulated other comprehensive loss related toderivatives will be reclassified to interest expense as interest payments aremade on our variable-rate debt.  During 2009, we estimate that approximately $2.0million will be reclassified from accumulated other comprehensive loss as anincrease to interest expense.

F-13  

**Treasury Shares**

            We record the purchase of Treasury shares at cost.  From time totime, we may reissue these shares.  When shares are reissued, we account forthe issuance based on the "First in, first out" method.  Foradditional information regarding treasury shares, see Note 11.

**Recent Accounting Pronouncements**

            In September 2006, the Financial Accounting Standards Board ("FASB")issued Statement No. 157, "Fair Value Measurements" ("SFAS 157").SFAS 157 provides guidance for using fair value to measure assets andliabilities. This statement clarifies the principle that fair value should bebased on the assumptions that market participants would use when pricing theasset or liability. SFAS 157 establishes a fair value hierarchy, giving thehighest priority to quoted prices in active markets and the lowest priority tounobservable data. SFAS 157 applies whenever other standards require assets orliabilities to be measured at fair value. SFAS 157 also provides for certaindisclosure requirements, including, but not limited to, the valuationtechniques used to measure fair value and a discussion of changes in valuationtechniques, if any, during the period. We adopted this statement on January 1,2008, except for nonfinancial assets and nonfinancial liabilities that are notrecognized or disclosed at fair value on a recurring basis, for which theeffective date is January 1, 2009. The adoption of this standard did not have amaterial effect on our financial position and results of operations.  See Note 9for additional information on the adoption of SFAS 157.

            In February 2007, the FASB issued Statement No. 159, "The FairValue Option for Financial Assets and Financial Liabilities" ("SFAS159"), which gives entities the option to measure eligible financialassets, financial liabilities and firm commitments at fair value on aninstrument-by-instrument basis, that are otherwise not permitted to beaccounted for at fair value under other accounting standards. The election touse the fair value option is available when an entity first recognizes afinancial asset or financial liability or upon entering into a firm commitment.Subsequent changes (i.e., unrealized gains and losses) in fair value must berecorded in earnings.  Additionally, SFAS 159 allows for a one-time electionfor existing positions upon adoption, with the transition adjustment recordedto beginning retained earnings.  We adopted this statement on January 1, 2008.  Wedid not elect the fair value option for any instruments.

            In December 2007, the FASB issued Statement No. 141 (revised 2007),"Business Combinations" ("SFAS 141(R)"), which establishesprinciples and requirements for how the acquirer shall recognize and measure inits financial statements the identifiable assets acquired, liabilities assumed,any noncontrolling interest in the acquiree and goodwill acquired in a businesscombination.  We do not believe that the adoption of this standard will have amaterial effect on our financial position and results of operations.

            In December 2007, the FASB issued Statement No. 160, "NoncontrollingInterests in Consolidated Financial Statements — an Amendment of ARB No. 51"("SFAS 160"), which establishes and expands accounting and reportingstandards for minority interests, which will be recharacterized asnoncontrolling interests, in a subsidiary and the deconsolidation of asubsidiary.  SFAS 160 is effective for us for business combinations for whichthe acquisition date is on or after January 1, 2009.  We do not believe thatthe adoption of this standard will have a material effect on our financialposition and results of operations.

F-14  

            In March 2008, theFASB issued Statement No. 161, "Disclosures about Derivative Instrumentsand Hedging Activities" ("SFAS 161"), which amends and expandsthe disclosure requirements of SFAS 133.  This statement requires entities toprovide enhanced disclosures about how and why it uses derivative instruments;how derivative instruments and related hedged items are accounted for; and howderivative instruments and related hedged items affect an entity’s financialposition, financial performance, and cash flows.  This statement requiresdisclosure of the fair values of derivative instruments and their gains andlosses in a tabular format, and disclosure of credit risk related features. This statement also requires cross-referencing within the footnotes to helpusers of financial statements locate important information about derivativeinstruments.  SFAS 161 is effective for us beginning on January 1, 2009.  We donot believe that the adoption of this standard will have a material effect on ourfinancial position and results of operations.

           **Reclassifications**

            Certain reclassifications have been made to the 2007 and 2006consolidated financial statements to conform to the 2008 presentation.

**2.         ACQUISITION AND DISPOSITION ACTIVITY**

**Acquisition Activity**

**           **On April 21, 2008, we acquired two apartment communitieslocated in the Richmond, Virginia metropolitan area totaling 536 units for apurchase price of $75.0 million and additional closing costs of $540,000.  Theacquisition also included a 5.92 acre future development land parcel, adjacentto one of the properties.  This purchase was funded with the assumption ofmortgage loans on the acquired properties, Section 1031 exchange cash proceedsreceived from the disposition of a property that we sold on March 19, 2008, andborrowings on our revolving credit facility.

            The following pro forma financial information is presented as ifthese acquisitions had occurred at the beginning of each period presented. This information is presented for informational purposes only and is not necessarilyindicative of what our actual results of operations would have been had theacquisitions occurred at such times:

Year Ended December 31,

*(Unaudited; in  thousands, except per share data)*

2008  

2007  

2006  

Pro forma revenue

 $

137,067  

 $

137,621  

 $

126,072  

Pro forma net income  applicable to common shares

31,215  

1,165  

18,054  

Earnings per common share -  basic and diluted:

Pro  forma net income applicable to common shares

 $

1.92  

 $

0.07  

 $

1.06  

 

            The purchase priceallocation for the two properties acquired on April 21, 2008 was as follows:

*(In thousands)*

Land

 $

10,698  

Buildings and improvements

55,002  

Furniture and fixtures

6,458  

Existing leases and tenant  relationships (Other assets)(a)

3,383  

Total

 $

75,541  

           

(a)

See  Note 4 for additional information related to intangible assets identified as  existing leases and tenant relationships.
      
F-15  

            On June 29, 2007, weacquired our joint venture partner’s 51.0% interest in Idlewylde Apartments, an843-unit property located in Atlanta, Georgia.  We previously owned a 49.0%interest in this partnership and had accounted for this investment under theequity method of accounting.  We paid our partner $21.6 million in cash. Commencing June 29, 2007, the results of operations, financial condition (includingthe existing $42.0 million non-recourse mortgage loan), and cash flows of thisproperty are included in our consolidated financial statements.

            On June 8, 2007, we acquired a 268-unit property located inNorfolk, Virginia for a purchase price of $48.3 million.  The purchase wasfunded primarily by 1031 proceeds from the disposition of a property which wesold on May 30, 2007, and with borrowings from our revolving credit facility.

**Disposition Activity**

            We report the results of operations and gain/loss related to thesale of real estate assets as discontinued operations in accordance with SFAS144, "Accounting for the Impairment or Disposal of Long-LivedAssets."  Real estate assets that are classified as held for sale are reportedas discontinued operations for the current and all prior periods.  We classifyproperties as held for sale when all significant contingencies surrounding theclosing have been resolved.  In most transactions, these contingencies are notsatisfied until the actual closing of the transaction.  Properties held forsale are measured at the lower of the carrying amount or the fair value lessthe cost to sell.  Subsequent to classification of a property as held for sale,no further depreciation is recorded.  Interest expense included in discontinuedoperations is limited to interest and any defeasance/prepayment costs onmortgage debt specifically associated with properties sold or classified asheld for sale.

            We classified one property as held for sale at December 31, 2008. We evaluated this property for recoverability and based upon the expected salesprice less costs to sell, determined that the carrying value was below theexpected net sales price.  The major classes of assets related to this propertyhave been reclassified as such in the accompanying Consolidated Balance Sheetat December 31, 2008.  There were no material liabilities related to thisproperty at December 31, 2008.  We completed the sale of this property onJanuary 9, 2009.  See Note 18 for further information related to this sale.

            During 2008, we completed the sale of four properties and our entirewholly owned Affordable Housing portfolio of 11 properties, for a total salesprice of $91.8 million.  These 15 properties represented a total of 2,206 unitsand were all located in Ohio.  We recognized total gains of $45.2 millionrelated to these sales, which are included in "Income from discontinuedoperations."  

           During 2007, we completed the sale of three properties containing a total of1,173 units for a total sales price of $49.0 million.  Two of theseproperties were located in Ohio and one was located in Texas.  Werecognized total gains of $20.9 million related to these sales, which areincluded in "Income from discontinued operations."

            During 2006, we completed the sale of eight properties containing atotal of 2,040 units for a total sales price of $92.5 million.  Seven of theseproperties were located in Ohio and one was located in North Carolina.  Werecognized total gains of $54.1 million related to these sales, which areincluded in "Income from discontinued operations."

F-16  

            The following chartsummarizes "Income from discontinued operations" for the years endedDecember 31, 2008, 2007 and 2006, respectively:

*(In thousands)*

2008

2007

2006

Property revenue(a)

 $

4,907  

 $

24,420  

 $

36,637  

Property operating and  maintenance expense

(2,651)

(13,160)

(22,209)

Real estate asset  depreciation and amortization

(937)

(3,947)

(6,525)

Interest income

3  

29  

45  

Interest expense(b)

(2,376)

(1,693)

(9,014)

Operating (loss) income

(1,054)

5,649  

(1,066)

Gain on disposition of  properties

45,202  

20,864  

54,093  

**Income from discontinued  operations**

 $

44,148  

 $

26,513  

 $

53,027  

 

(a)

Includes  non-recurring rental revenue of $1.6 million received in 2007 as a result of  a settlement of a lawsuit with HUD relating to past due rents at some of the  Affordable Housing properties that we previously owned.

(b)

Includes  $2.0 million and $4.7 million of defeasance/prepayment costs associated with  the prepayment of mortgage loans in 2008 and 2006, respectively.

**3.         RESTRICTED CASH**

            Restricted cash, some of which is required by our lenders, includesresidents' security deposits, reserve funds for replacements and other escrowsheld for the future payment of real estate taxes and insurance.  The reservefunds for replacements are intended to provide cash to defray future costs thatmay be incurred to maintain the associated property.

            Restricted cash is comprised of the following:

December 31,

*(In thousands)*

2008

2007

Resident security deposits

 $

1,258  

 $

1,343  

Other escrows

165  

111  

Escrows and reserve funds  for replacements

required  by mortgages

5,450  

5,276  

 $

6,873  

 $

6,730  

            Restricted residentsecurity deposits are held in separate bank accounts in the name of theproperties for which the funds are being held.  Other escrows represents fundsheld primarily for the payment of operating expenses associated with propertieswe manage on behalf of our advisory clients.  These funds are held inshort-term investments.  Certain reserve funds for replacements are invested ina combination of money market funds and certificates of deposit with maturitiesless than 18 months.

F-17  
****
**4.         GOODWILL AND OTHERASSETS**

**Goodwill**

            *MIG Realty Advisors, Inc.*   In June 1998, we recordedgoodwill in connection with the MIG Realty Advisors, Inc. merger, which wasallocated fully to the Management and Service Operations segment.

            We have a policy of completing our annual review of goodwill duringthe first quarter of each year and more frequently if events or changes incircumstances indicate that the carrying value may not be recoverable.  Thereview that was completed during the three months ended March 31, 2008determined that goodwill was not impaired.  Additionally, no other eventsoccurred during the year that warranted an update of this analysis, as suchthere were no changes to the carrying value of goodwill as of December 31,2008.  In performing this analysis, we use a multiple of revenues to the rangeof potential alternatives and assign a probability of the various alternativesunder consideration by management.  Should the estimates used to determinealternatives or the probabilities of the occurrence thereof change, impairmentmay result which could materially impact our results of operations for theperiod in which it is recorded.

**Other Assets, Net**

            Other assets, net, consist of the following:

December 31,

*(In thousands)*

2008

2007

Intangible assets

 $

8,478  

 $

5,095  

Deferred financing and  leasing costs

8,346  

8,581  

Less:  Accumulated  amortization

(11,571)

(7,223)

5,253  

6,453  

Prepaid expenses

4,142  

4,104  

Other assets

736  

2,826  

 $

10,131  

 $

13,383  

**Intangible assets**

            *Property Acquisitions. *In accordance with SFAS 141,"Business Combinations," we allocate a portion of the total purchaseprice of a property acquisition to any intangible assets identified, such asexisting leases and tenant relationships.  The intangible assets are amortizedover the remaining lease terms or estimated life of the tenant relationship,which is approximately 12 to 16 months.  Due to the short term nature ofresidential leases, we believe that existing lease rates approximate marketrates; therefore, no allocation is made for above/below market leases.

        In connection with two property acquisitions completed during 2008, as discussedin Note 2, we recorded total intangible assets in the amount of $2.5 millionrelated to existing leases, which are being amortized over 12 months, and$890,000 related to tenant relationships, which are being amortized over 16months.

            I n connection with two properties acquired in June 2007, asdiscussed in Note 2, we recorded intangible assets in the amount of $2.6million related to existing leases, which were amortized over 12 months, and$589,000 related to tenant relationships, which were amortized over 16 months. 

F-18  

            Information relatedto intangible assets at December 31, 2008 is as follows:

In Place

Tenant

*(In thousands)*

Leases

Relationships

Gross carrying amount

 $

6,571  

 $

1,907  

Less: Accumulated  amortization

(5,907)

(1,503)

Balance as of December 31,  2008

 $

664  

 $

404  

            The aggregate amortization expense for the years ended December 31,2008, 2007 and 2006 was $3.9 million, $1.5 million and $847,000, respectively. The estimated amortization expense related to intangible assets existing atDecember 31, 2008, is $1.1 million for the year ended December 31, 2009.

**Deferred financing and leasingcosts**

            Amortization expense for deferred financing and leasing costs,including amortization classified in income from discontinued operations, was $1.3million, $1.1 million and $1.0 million for the years ended December 31, 2008,2007 and 2006, respectively.

**5.         DEBT**

            The following table identifies our total debt outstanding and weightedaverage interest rates as of December 31, 2008 and 2007:           

December 31, 2008

December 31, 2007

Balance

Weighted Average

Balance

Weighted Average

*(Dollar amounts in  thousands)*

Outstanding

Interest Rate

Outstanding

Interest Rate

**FIXED RATE DEBT**

Mortgages payable - CMBS

 $

154,685  

7.7%

 $

200,168  

7.7%

Mortgages payable - other

320,516  

5.8%

275,747  

5.8%

Unsecured borrowings

25,780  

7.9%

25,780  

7.9%

**Total  fixed rate debt**

500,981  

6.5%

501,695  

6.7%

** **

**VARIABLE RATE DEBT**

Mortgages payable

35,000  

1.6%

35,000  

6.2%

Revolver borrowings

21,500  

3.7%

20,000  

6.7%

**Total  variable rate debt**

56,500  

2.4%

55,000  

6.4%

**TOTAL  DEBT**

 $

557,481  

6.1%

 $

556,695  

6.7%

** **

            Real estate assetspledged as collateral for all debt had a net book value of $511.5 million and $497.6million at December 31, 2008 and 2007, respectively.

F-19  

            As of December 31,2008, the scheduled debt maturities for each of the next five years andthereafter, are as follows (in thousands):           

2009

 $

72,163  

2010

78,571  

2011

77,095  

2012

82,356  

2013

132,209  

Thereafter

115,087  

 $

557,481  

            Cash paid for interest was $37.8 million, $41.0 million and $54.6million for the years ended December 31, 2008, 2007 and 2006, respectively. Included in cash paid for interest are $2.0 million, $3.8 million and $14.4million of defeasance and other prepayment costs that were paid during theyears ended December 31, 2008, 2007 and 2006, respectively.

            During 2008, 2007 and 2006, we defeased 21 loans.  These loans weredefeased in accordance with the loan documents.  Also, in accordance with SFAS140, "Accounting for Transfers and Servicing of Financial Assets andExtinguishment of Liabilities," we removed those financial assets and themortgage loans from our financial records.  All risk of loss associated withthese defeasances have been transferred from us to the successor borrower andany ongoing relationship between the successor borrower and us was deemedinconsequential at the time of completion of the initial transfer.  However, wesubsequently learned that certain defeasance transactions, completed prior toJune 2007, could enable us to receive additional compensation in connectionwith the transaction.  Such amounts cannot be estimated due to the uncertaintyof future payments, but we believe that any amounts we may receive would not bematerial to our consolidated financial position, cash flow or results ofoperations.

             The following table provides information on loans repaid/defeasedand loans assumed during 2008:

*(Dollar amounts in  thousands)*

Loans Repaid/Defeased

Loans Assumed

Property

Amount

Rate

Amount

Rate

Hawthorne Hills Apartments 

 $

2,432  

7.9%

 $

-  

N/A

Bay Club 

3,086  

7.9%

-  

N/A

St. Andrews at Little Turtle

3,729  

7.9%

-  

N/A

The Woodlands

4,362  

7.9%

-  

N/A

Bedford Commons 

5,363  

7.9%

-  

N/A

Westchester Townhouses 

5,583  

7.9%

-  

N/A

Steeplechase

7,310  

7.9%

-  

N/A

Country Club Apartments 

10,985  

7.6%

-  

N/A

The Belvedere

-  

N/A

26,099  

5.6%

River Forest

-  

N/A

18,903  

5.7%

 $

42,850  

7.8%

(a)

 $

45,002  

5.6%

(a)

 

(a)

Represents  weighted average interest rate for the loans listed. 

F-20  

            In 2008, we paid $2.0million in defeasance/prepayment costs that are recognized in interest expense. These costs were included in "Income from discontinued operations."  In2007, we recognized in interest expense defeasance/prepayment costs totaling$4.2 million of which $3.8 million were paid during 2007 and $400,000 weredeferred financing costs that were charged to expense.  All of these costs wereincluded in "Income from continuing operations."  In 2006, werecognized in interest expense defeasance/prepayment costs totaling $15.5million of which $14.4 million were paid during 2006 and $1.1 million weredeferred financing costs that were charged to expense.  Of the $15.5 milliontotal costs, $10.8 million were included in "Income from continuingoperations" and $4.7 million were included in "Income fromdiscontinued operations."

            In 2007, we prepaid/defeased 11 mortgage loans totaling $116.2million and obtained seven mortgage loans totaling $115.5 million.  Additionally,on June 29, 2007, we acquired our joint venture partner's 51.0% interest inIdlewylde Apartments.  In connection with the acquisition, effective June 29,2007, we included the existing $42.0 million non-recourse mortgage loan on ourConsolidated Balance Sheet.  See Note 2 for additional information regardingthis acquisition.

**Mortgage Notes Payable**

            At December 31, 2008, mortgage notes payable consisted of:

•   

25 project specific loans that  are each collateralized by the respective real estate and resident leases;

•   

Five cross-collateralized,  cross-defaulted loans that are secured by the real estate and resident leases  at five properties and include a collateral substitution feature; and

•   

two fixed-rate mortgages that  are insured by the Federal Housing Administration ("FHA").

 

            At December 31, 2007, mortgage notes payable consisted of:

•   

33 project specific loans that  are each collateralized by the respective real estate and resident leases;  and

•   

Five cross-collateralized,  cross-defaulted loans that are secured by the real estate and resident leases  at five properties and include a collateral substitution feature.

            Mortgages payable aregenerally due in monthly installments of principal and/or interest and matureat various dates through October 2014.  Under certain of the mortgageagreements, we are required to make escrow deposits for taxes, insurance andreplacement of project assets.  The two FHA insured loans were assumed inconnection with the April 2008 acquisition of two properties.  Both of theseloans require monthly installments of principal and interest and mature in 2046. Under agreements with the FHA, we are required to make monthly escrow depositsfor taxes, insurance and replacement of project assets.  See Note 2 foradditional information regarding these acquisitions.

**Unsecured Revolving Credit Facility**

            On March 20, 2008, we increased the borrowing capacity on ourunsecured revolving credit facility to $150.0 million from $100.0 million.  Wealso extended the maturity date of that facility for an additional year toMarch 20, 2011, and modified various financial covenants.  From time to time,we have the option to choose either a LIBOR-based or Prime-based variableinterest rate on this facility.  As of December 31, 2008, the LIBOR-based rateis LIBOR plus 1.6% and the Prime-based rate is the prime rate plus 0.6%.   Therewere outstanding borrowings of $21.5 million and $20.0 million on this facilityat December 31, 2008 and 2007, respectively, with a weighted average interestrate of 3.7% and 6.7%, respectively.   We terminated our two secured lines ofcredit, which totaled $31.0 million, during 2007 in connection with obtainingthe revolving credit facility.

F-21  
****
**Unsecured Debt**

            On March 15, 2005, AERC Delaware Trust (the "Trust"), a newlyformed wholly owned subsidiary, sold trust preferred securities for anaggregate amount of $25.8 million.  Associated Estates Realty Corporation("AERC") owns all of the common securities of the Trust.  The Trustused the proceeds to purchase AERC's junior subordinated note due March 30,2035, which represents all of the Trust's assets.  The terms of the trustpreferred securities are substantially the same as the terms of the juniorsubordinated note.  Interest on the junior subordinated note is payable at afixed rate equal to 7.9% per annum through the interest rate payment date inMarch 2015 and thereafter at a variable rate equal to LIBOR plus 3.25% perannum.  AERC may redeem the junior subordinated note at par at any time on orafter March 30, 2010.  To the extent that AERC redeems the junior subordinatednote, the Trust is required to redeem a corresponding amount of trust preferredsecurities.

**6.         INVESTMENTS IN ANDADVANCES TO JOINT VENTURES**

            On December 31, 2008, the joint venture in which we were a 50.0%partner sold the Affordable Housing property that it owned.  We accounted forour investment in this unconsolidated joint venture under the equity method ofaccounting as we exercised significant influence, but did not control thisentity and were not required to consolidate it in accordance with FASBInterpretation No. 46R, "Consolidation of Variable Interest Entities"or under EITF 04-05, "Investor's Accounting for an Investment in a LimitedPartnership When the Investor Is the Sole General Partner and the LimitedPartners Have Certain Rights."  This investment was initially recorded atcost as investment in joint ventures and subsequently adjusted for equity inearnings, cash contributions and distributions, and the gain recognized uponthe sale of the property.  The debt associated with this property was assumedby the buyer.

            On June 29, 2007, we acquired our joint venture partner’s 51.0%interest in Idlewylde Apartments, an 843-unit property located in Atlanta,Georgia.  We previously owned a 49.0% interest in this partnership and hadaccounted for this investment under the equity method of accounting.  See Note2 for additional information regarding this acquisition.

             The following tables represent summarized financial information at100% for the joint ventures in which we have been an investor during the yearspresented.

*(In thousands)*

Year ended December 31,

**Operating data**

2008

2007

2006

Property revenue

 $

-  

 $

4,029  

 $

7,978  

Operating and maintenance  expenses

-  

(1,761)

(3,590)

Depreciation and  amortization

-  

(1,068)

(2,134)

Interest expense

-  

(1,485)

(2,701)

(Loss) income from  continuing operations

-  

(285)

(447)

Income (loss) from  discontinued operations:

Operating  (loss) income

(207)

(222)

(417)

Gain  on disposition of properties

3,206  

-  

-  

Income (loss) from  discontinued operations

2,999  

(222)

(417)

Net income (loss)

 $

2,999  

 $

(507)

 $

(864)

Equity in net income (loss)  of joint ventures

 $

1,502  

 $

(258)

 $

(462)

  F-22 

*(In thousands)*

December 31,

**Balance sheet data**

2007

Real estate, net

 $

1,406  

Other assets

308  

Total assets

 $

1,714  

Amounts payable to us 

 $

15  

Mortgages payable

4,135  

Other liabilities 

327  

Equity

(2,763)

Total liabilities and equity

 $

1,714  

Accumulated losses in excess  of investments

in  joint ventures

 $

(1,346)

             We madecontributions to the joint ventures of zero and $69,000 for the years endedDecember 31, 2008 and 2007, respectively, and we received distributions of zeroand $780,000 during 2008 and 2007, respectively.  Revenue from property andasset management fees charged to joint ventures aggregated $46,000, $270,000and $487,000 for the years ended December 31, 2008, 2007, and 2006,respectively.  The corresponding expenses are included in the operating andmaintenance expenses of the joint ventures, as set forth above.

**7.         TRANSACTIONS WITH AFFILIATES AND JOINT VENTURES**

            We provide management and other services to (and are reimbursed forcertain expenses incurred on behalf of) certain non-owned properties in whichour Chief Executive Officer ("CEO") and/or other related parties havevarying ownership interests.  The entities which own these properties, as well asother related parties, are referred to as "affiliates".  We alsoprovided similar services to joint venture properties.  Management feesreceived from affiliates and joint ventures during the years ended December 31,2008, 2007 and 2006, were $109,000, $365,000, and $587,000, respectively.

            Accounts and notes receivable from affiliates primarily consists offunds advanced, property management fees and other miscellaneous receivables.  OnDecember 31, 2007, we had $750,000 receivable from the partnership that ownedIdlewylde Apartments, which represented the final cash distribution related toour acquisition of our joint venture partner’s 51.0% interest in this propertyin June 2007.  These funds were received during the first quarter of 2008.

            In the normal course of business, we have advanced funds on behalfof affiliates and joint ventures and held funds for the benefit of affiliatesand joint ventures.  Funds due from affiliates were $212,000 and $452,000 atDecember 31, 2008 and 2007, respectively.

            Merit Painting Services ("Merit"), a subsidiary of ours,has provided services to JAS Construction, Inc. ("JAS") related toproperty rehabilitation and other work from time to time.  JAS is owned by ason of our CEO.  Reported revenue related to work performed by Merit for JASwas $209,000, $1.4 million, and $265,000 for the years ended December 31, 2008,2007 and 2006, respectively.  Accounts receivable owing from JAS to Merit atDecember 31, 2008 and 2007, respectively were $157,000 and $360,000.  The$157,000 owing at December 31, 2008, was subsequently paid in February 2009.

             In April 2008, we executed a $2.0 million contract with JAS thatwas approved by our Board of Directors, under which JAS provided generalcontractor services for the interior rehabilitation of one of our properties. This project was completed and paid for during 2008.

F-23  

            Merit has alsoprovided services in 2008 to certain non-owned properties in which our CEOand/or other related parties have varying ownership interests.  Reportedrevenue related to the services performed in 2008 was $185,000.  The $185,000was classified as a receivable at December 31, 2008, and subsequently paid inJanuary 2009.

**8.         COMMITMENTS AND CONTINGENCIES**

***Leases***

**           **We had no equipment leased under capital leases at December 31,2008 and 2007.  We lease certain equipment and facilities under operatingleases.  Future minimum lease payments under all noncancellable operatingleases in which we are the lessee are immaterial.

***Legal Proceedings***

            We are subject to legal proceedings, lawsuits and other claims,including proceedings by government authorities (collectively"Litigation").  Litigation is subject to uncertainties and outcomesare difficult to predict.  Consequently, we are unable to estimate ultimateaggregate monetary liability or financial impact with respect to the Litigationmatter described in the following paragraph as of December 31, 2008, and noaccrual has been made for this matter.  We believe that other Litigation willnot have a material adverse impact on us after final disposition.  However,because of the uncertainties of Litigation, one or more lawsuits couldultimately result in a material obligation.

***Pending Lawsuits***

            On or about April 14, 2002, Melanie and Kyle Kopp commenced anaction against us in the Franklin County, Ohio Court of Common Pleas seekingundetermined damages, injunctive relief and class action certification.  Thiscase arose out of our Suredeposit program.  This program allowed cash shortprospective residents to purchase a bond in lieu of paying a security deposit. The bond serves as a fund to pay those resident obligations that wouldotherwise have been funded by the security deposit.  Plaintiffs allege that thenonrefundable premium paid for the bond is a disguised form of securitydeposit, which is otherwise required to be refundable in accordance with Ohio's Landlord-Tenant Act.  Plaintiffs further allege that certain pet deposits and othernonrefundable deposits required by us are similarly security deposits that mustbe refundable in accordance with Ohio's Landlord-Tenant Act.  On or about January15, 2004, the Plaintiffs filed a motion for class certification.  Wesubsequently filed a motion for summary judgment.  On or about September 3,2008, the court granted our motion for summary judgment thereby dismissing allPlaintiff claims against us.  However, Plaintiff subsequently appealed thecourt’s ruling and the matter is now on appeal before the Ohio Court of Appealsfor the 10th District.

***Guarantees***

            We routinely guaranty mortgage debt of our wholly ownedsubsidiaries and subsidiaries that own unencumbered property guaranty theCompany's obligations under the revolver.  In the normal course of business, wemay enter into contractual arrangements under which we may agree to indemnifythe third party to such arrangements from any losses incurred relating to theservices they perform on behalf of AERC or for losses arising from certainevents as defined within the particular contract, which may include, forexample, litigation or claims relating to past performance.  Suchindemnification obligations may not be subject to maximum loss clauses. Historically, payments made related to these indemnifications have not beenmaterial.

F-24  

**9.         FAIR VALUE**

             On January 1, 2008, we adopted certain provisions of SFAS 157. See "Recent Accounting Pronouncements" in Note 1 for informationregarding additional provisions of SFAS 157 that will be effective January 1,2009.  SFAS 157 clarifies the principle that fair value should be based on theassumptions that market participants would use when pricing the asset orliability, and establishes the following fair value hierarchy:

•

Level 1 inputs utilize quoted  prices (unadjusted) in active markets for identical assets or liabilities  that we have the ability to access;

•

Level 2 inputs may include  quoted prices for similar assets and liabilities in active markets, as well  as interest rates and yield curves that are observable at commonly quoted  intervals; and

•

Level 3 inputs are unobservable  inputs for the asset or liability that are typically based on an entity’s own  assumptions as there is little, if any, related market activity.

            In instances where the determination of the fair value measurementis based on inputs from different levels of the fair value hierarchy, the fairvalue measurement will fall within the lowest level input that is significantto the fair value measurement in its entirety.

            The following table presents the financial liability that wemeasured at fair value on a recurring basis as of December 31, 2008:

*(In thousands)*

Level 1

Level 2

Level 3

Total

Interest rate swaps

 $

-    

 $

2,898  

 $

-    

 $

2,898  

            To comply with the provisions of SFAS 157, we incorporate creditvaluation adjustments to appropriately reflect both our own nonperformance riskand that of the respective counterparty in the fair value measurements.  Thecredit valuation adjustments utilize Level 3 inputs, such as estimates ofcurrent credit spreads, to evaluate the likelihood of default by either therespective counterparty or us.  However, we determined that as of December 31,2008, the impact of the credit valuation adjustments was not significant to theoverall valuation of the swaps.  See "Derivative Instruments and HedgingActivity" in Note 1 for additional information regarding the swaps.

            Rents, accounts and notes receivable, accounts payable, accruedexpenses and other liabilities are carried at amounts that reasonablyapproximate corresponding fair values.

            In the following disclosure, we determined estimated fair value byusing available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and developestimated fair values.  Accordingly, the estimates presented herein are notnecessarily indicative of the amounts we could realize on disposition of thefinancial instruments.  The use of different market assumptions and/orestimation methodologies may have a material effect on the estimated fair valueamounts.

            Mortgage notes payable, revolving debt, and other unsecured debtwith an aggregate carrying value of $557.5 million and $556.7 million atDecember 31, 2008 and 2007, respectively, have an estimated aggregate fairvalue of approximately $549.0 million and $581.8 million, respectively.  Estimatedfair value is based on interest rates available to us as of the dates reportedon for issuance of debt with similar terms and remaining maturities.

F-25  

**10.        SUPPLEMENTALDISCLOSURE OF CASH FLOW INFORMATION**

            The following table summarizes our non-cash investing and financingactivities which are not reflected in the Consolidated Statements of CashFlows:            

 Year Ended  December 31, 

*(In thousands)*

2008

2007

2006

Dividends declared but not paid

 $

2,920  

 $

2,848  

 $

2,934  

Assumption of debt in connection with property acquisition

45,002  

42,000  

-    

Reclassification of original issuance costs related to  repurchase

of preferred shares and related  discount/(premium), net

2,146  

(172)

-    

Net change in accounts payable related to recurring fixed

asset additions

558  

599  

859  

Fixed asset adjustment for purchase of operating

partnership units

-    

8  

137  

Final adjustment to fixed assets related to 2002

non-monetary joint venture  exchange

-    

-    

506  

**11.        COMMON, TREASURYAND PREFERRED SHARES**

***Treasury Shares***

            In December 2008, our Board of Directors authorized the repurchaseof up to $25.0 million of our common and/or preferred shares.  Thisauthorization is in addition to the $1.3 million remaining on our $50.0 millionauthorization which was originally approved by our Board of Directors in July2005 and subsequently expanded in October 2006 to include our preferred shares.  As of December 31, 2008, we had repurchased 3,825,125 common shares under thisplan at a cost of $41.1 millionand 389,500 preferred depositary shares at a cost of $7.6 million.

            During the year endedDecember 31, 2008, a total of 63,821 restricted shares had vested and wereissued from treasury shares.  Effective January 1, 2006, we adopted SFAS123(R).  This Statement requires that restricted shares are recorded as issuedshares when they become vested.  In accordance with previous guidance underGAAP, we had recorded restricted shares as issued shares when they wereinitially granted.  As a result of the adoption of this Statement, the 144,582restricted shares which were nonvested at January 1, 2006, were recorded asthough they were returned to treasury.  See Note 14 for additional informationrelated to the adoption of SFAS 123(R).

***Preferred Shares***

            We are authorized to issue a total of 9,000,000 Preferred Shares,designated as follows:

•  

3,000,000 Class A Cumulative Preferred Shares, of which 225,000 have  been designated as 9.75% Class A Cumulative Redeemable Preferred Shares and were  redeemed in 2005.

•  

3,000,000 Class B Cumulative Preferred Shares, of which 400,000 have  been designated as Class B Series I Cumulative Preferred Shares and 232,000  have been designated as 8.70% Class B Series II Cumulative Redeemable  Preferred Shares and are discussed below.

•  

3,000,000 Noncumulative Preferred Shares.

  F-26 

            *8.70% Class BSeries II Cumulative Redeemable Preferred Shares. *In December 2004, weissued 2,320,000 depositary shares, each representing 1/10th of a share of our8.70% Class B Series II Cumulative Redeemable Preferred Shares, for $58.0million and incurred costs of approximately $1.2 million related to theissuance.  The liquidation preference for each Class B Preferred Shares is$250.00 (equivalent to $25.00 per depositary share), plus accrued and unpaiddividends.  Dividends on the Class B Preferred Shares are cumulative from thedate of issue and are payable quarterly.  Except in certain circumstancesrelating to the preservation of our status as a REIT, the Class B PreferredShares are not redeemable prior to December 15, 2009.  On or after December 15,2009, the Class B Preferred Shares are redeemable for cash at our option.  Thenet proceeds from this offering were used to redeem the outstanding 9.75% ClassA Cumulative Redeemable Preferred Shares.  During 2008 and 2007, we repurchaseda total of 389,500 depositary shares under our $50.0 million share repurchaseauthorization, leaving 1,930,500 depositary shares outstanding as of December31, 2008.

**Shareholder Rights Plan**

            In January 1999, we adopted a Shareholder Rights Plan.  Toimplement the Plan, the Board of Directors declared a distribution of one Rightfor each of our outstanding common shares.  Each Right entitles the holder topurchase from us 1/1,000th of a Class B Series I Cumulative Preferred Share (a"Preferred Share") at a purchase price of $40 per Right, subject toadjustment.  One one-thousandth of a Preferred Share is intended to beapproximately the economic equivalent of one common share.

**           **The Rights are not currently exercisable and are traded withour common shares.  The Rights will become exercisable if a person or groupbecomes the beneficial owner of, or announces an offer to acquire, 15.0% ormore of the then outstanding common shares.

            If a person or groupacquires 15.0% or more of our outstanding common shares, then each Right notowned by the acquiring person or its affiliates will entitle its holder topurchase, at the Right's then-current exercise price, fractional preferredshares that are approximately the economic equivalent of common shares (or, incertain circumstances, common shares, cash, property or other securities)having a market value equal to twice the then-current exercise price.  Inaddition, if, after the rights become exercisable, we are acquired in a mergeror other business combination transaction with an acquiring person or itsaffiliates or sell 50.0% or more of our assets or earning power to an acquiringperson or its affiliates, each Right will entitle its holder to purchase, atthe Right’s then-current exercise price, a number of the acquiring commonshares having a market value of twice the Right’s exercise price.  The Board ofDirectors may redeem the Rights, in whole, but not in part, at a price of $.01per Right.

            The distribution was made on January 29, 1999, to shareholders ofrecord on that date.  The initial distribution of Rights was not taxable toshareholders.

     OnDecember 30, 2008, we entered into an Amended and Restated Shareholder RightsAgreement to that among other matters extended the Plan to December 30, 2018and revised the Plan definition of "beneficial ownership" to includecertain derivative or synthetic arrangements having characteristics of a longposition in the Company’s common shares.

**12.        EARNINGS PERSHARE**

**           **Earnings per share ("EPS") has been computed pursuantto the provisions of SFAS No. 128.  There were 1.4 million, 1.6 million, and 1.9million options to purchase common shares outstanding at December 31, 2008, 2007and 2006, respectively.  There were 189,867, 210,213, and 171,509 nonvestedrestricted share awards outstanding at December 31, 2008, 2007 and 2006,respectively.  The dilutive effect of these options and restricted share awardswere not included in the calculation of diluted earnings per share for theyears presented as their inclusion would be antidilutive to the net lossapplicable to common shares from continuing operations.

            The exchange of operating partnership minority interests intocommon shares was not included in the computation of diluted EPS because weplan to settle these OP units in cash.

  F-27 

**13.        EMPLOYEE BENEFITPLANS**

**           **We offer medical, dental, vision and life insurance benefits tothose employees who have completed their 90-day introductory period.  Employeeswho have completed six months of service are eligible for educationalassistance program and to participate in the 401(k) plan and employees who havecompleted one year of service are provided with long-term disability coverage. Additionally, we offer a variety of supplemental benefits to employees at theirown cost.

            We sponsor a defined contribution plan pursuant to Section 401(k)of the Internal Revenue Code, whereby eligible employees may elect tocontribute up to 25.0% of their gross wages.  After one year of participation,we match such contributions at a rate of 25.0% up to a maximum participantcontribution of 6.0% of their wages.  We recorded expense in relation to thisplan of approximately $116,000, $151,000 and $148,000 for the years endedDecember 31, 2008, 2007 and 2006, respectively.

**Supplemental Executive Retirement Plan**

**           **Our Supplemental Executive Retirement Plan (the"SERP") was adopted by the Board of Directors on January 1, 1997. This Plan was implemented to provide competitive retirement benefits forofficers and to act as a retention incentive.  This non-qualified, unfunded,defined contribution plan extends to certain named officers nominated by theChief Executive Officer and approved by the Executive Compensation Committee ofthe Board.  The SERP provides for us to make a contribution to the account ofeach of the participating officers at the end of each plan year.  Thecontribution, which is a percentage of eligible earnings (including base salaryand payments under the Annual Incentive Plan), is set by the Committee at thebeginning of each SERP year.  Contributions will not be taxable to theparticipant (other than social security and federal unemployment taxes oncevested) until distribution.  The account balances earn interest each year at arate determined by the Executive Compensation Committee of the Board.  InJanuary 2007, the Executive Compensation Committee revised the annualcontributions such that the accounts of participants not vested as of January1, 2007, would no longer receive annual contributions, however their accountswill continue to receive interest.  The Executive Compensation Committeeapproves the interest rate at the beginning of the year.  The following tablesummarizes the changes in SERP balances for the years ended December 31, 2008,2007 and 2006:

Supplemental Executive Retirement Plan Benefit

for the year ended December 31,

*(In thousands)*

2008

2007

2006

Balance at beginning of  period

 $

1,337  

 $

1,164  

 $

1,035  

Service cost

140  

76  

99  

Forfeiture

-   

-   

(52)

Interest cost

111  

97  

82  

Balance at end of period

 $

1,588  

 $

1,337  

 $

1,164  

**14.        EQUITY BASED AWARD PLANS**

**2008 Equity Based Award Plan**

            On May 7, 2008, our shareholders approved the 2008 Equity BasedAward Plan (the "Plan") which previously had been adopted by ourBoard of Directors (the "Board") on March 14, 2008, subject toshareholder approval.  Subsequent to receiving shareholder approval on May 7,2008, the Board adopted amended language to the Plan consistent with theadditional proxy materials filed by the Company on May 1, 2008.

  F-28 

            Under thePlan, a total of 750,000 common shares are available for awards.  The Planprovides for the grant to our officers, other employees and directors ofoptions to purchase our common shares, rights to receive the appreciation invalue of common shares, awards of common shares subject to vesting andrestrictions on transfer, awards of common shares issuable in the future uponsatisfaction of certain conditions and other awards based on common shares.  AtDecember 31, 2008, no awards had been issued under this plan.

**Year 2001 Equity Incentive Plan**

**           **Our Year 2001 Equity Incentive Plan (the "EIP") wasadopted by the Board on December 8, 2000.  On May 4, 2005, our shareholdersapproved the Amended and Restated 2001 Equity-Based Award Plan (the"Plan").  The Plan was amended to (i) allow for the shares reservedfor issuance to be listed on the New York Stock Exchange pursuant to the rulesof the exchange, (ii) allow us to grant options that qualify as incentive stockoptions under the Internal Revenue Code of 1986, as amended, (iii) allowcompensation attributable to equity based awards under the Plan to qualify as"performance-based compensation," as defined in the Internal RevenueCode, and (iv) increase the number of common shares available for awards by750,000 common shares.  The Plan provides for equity award grants to ourofficers, employees and directors.  Equity awards available under the Planinclude stock options, share appreciation rights, restricted shares, deferredshares and other awards based on common shares.  The aggregate number of commonshares subject to awards under the Plan was increased to 2,250,000 from1,500,000.  At December 31, 2008, we had 482,762 common shares available forawards and 1,040,364 shares outstanding under this plan, of which 1,010,364 wereexercisable.

**Equity-Based Incentive Compensation Plan**

            The Equity-Based Incentive Compensation Plan (the "OmnibusEquity Plan") expired February 20, 2005, and therefore no additionalshares/awards will be granted under this plan.  At December 31, 2008, therewere 295,000 shares outstanding and 275,000 shares exercisable under thisplan.  These awards will remain in effect according to the original terms andconditions of the plan.  This plan provided key employees equity or equitybased incentives under which 1.4 million of our common shares had been reservedfor awards of share options and restricted shares.  Options were granted at pershare prices not less than fair market value at the date of grant and must beexercised within ten years thereof.** **

**AERC Share Option Plan**

            The AERC Share Option Plan expired September 30, 2003, andtherefore no additional options will be granted under this plan.  At December31, 2008, there were 13,000 options outstanding and exercisable under thisplan.  These options will remain in effect according to the original terms andconditions of the plan.  Under this plan, 543,093 of our common shares had beenreserved for awards of share options to eligible key employees.  Options weregranted at per share prices not less than fair market value at the date ofgrant and must be exercised within ten years thereof.

**Options Granted to Outside Directors**

      We have granted options to outside directors on a periodic basis since theinitial public offering ("IPO").  The option awards are determined andapproved by the Board of Directors.  These option awards vest either oneyear or three years from the date of grant.  At December 31, 2008, therewere 30,000 options outstanding and exercisable that had been awarded to outsidedirectors.

  F-29 

**Share-Based Compensation**

            Our share-based compensation awards consist primarily of restrictedshares.  We award share-based compensation to our officers and employees as aperformance incentive and to align individual goals with those of the Company. Certain of our share-based awards require only continued service with thecompany to vest.  These awards vest either at the end of the specified service periodor in equal increments during the service period on each anniversary of thegrant date.  In accordance with SFAS 123(R), we have elected to recognizecompensation cost on these awards on a straight-line basis.  In addition toawards containing only service conditions, we issue certain awards in which thenumber of shares that will ultimately vest and the date at which they will vestis dependant upon the achievement of specified performance goals and/or marketconditions.  Compensation cost for awards with performance conditions isrecognized based on our best estimate of the number of awards that will vestand the period of time in which they will vest.  Compensation cost for awardswith market conditions is recognized based on the estimated fair market valueof the award on the date granted, as described below, and the vesting period. SFAS 123(R) requires us to estimate the amount of expected forfeitures whencalculating compensation costs.  The forfeiture rates we use were calculatedbased on our historical forfeiture activity, which was adjusted for activitythat we believe is not representative of expected future activity.

            During the year ended December 31, 2008, 2007, and 2006, werecognized total share-based compensation cost of $1.9 million, $1.5 million,and $928,000 in "General and administrative expense."

            *Stock Options.*  We use the Black-Scholes option pricingmodel to estimate the fair value of share-based awards.  There were no stockoptions granted in 2008, and 4,000 options and 237,155 options were granted in2007 and 2006, respectively.  The weighted average Black-Scholes assumptionsand fair value for 2007 and 2006 were as follows:

Year Ended December 31,

* *

2007  

2006  

* *

Expected volatility

27.5 %

27.7 %

Risk-free interest rate

4.5 %

4.6 %

Expected life of options (in  years)

7.0  

6.0  

Dividend yield

4.3 %

6.0 %

Grant-date fair value

 $

3.45  

 $

1.85  

            The expected volatility was based upon the historical volatility ofour weekly share closing prices over a period equal to the expected life of theoptions granted.  The risk-free interest rate used was the yield from U.S.Treasury zero-coupon bonds on the date of grant with a maturity equal to theexpected life of the options.  We used the "simplified" method, asallowed at that time under the provisions of the Securities and ExchangeCommission's Staff Accounting Bulletin No. 107, to derive the expected life ofthe options.  The dividend yield was derived using our annual dividend rate asa percentage of the price of our shares on the date of grant.

            The following table represents stock option activity for the yearended December 31, 2008:

Weighted-Average

Number of

Weighted-Average

Remaining  

* *

Stock Options

Exercise Price

Contract Life

* *

Outstanding at beginning of  period

1,562,385  

 $

9.52  

Granted

-    

 $

-    

Exercised

180,021  

 $

10.24  

Forfeited

4,000  

 $

15.99  

Outstanding at end of period

1,378,364  

 $

9.41  

 4.3 years  

Exercisable at end of period

1,328,364  

 $

9.40  

 4.2 years  
                        
F-30  

            The aggregateintrinsic value of stock options outstanding and stock options exercisable atDecember 31, 2008, was $376,000 and $362,000, respectively.  The aggregateintrinsic value of stock options exercised during the years ended December 31,2008, 2007 and 2006 was $697,000, $119,000, and $1.5 million, respectively.

            *Restricted Shares.*  Restricted shares generally have thesame rights as our common shares, except for transfer restrictions andforfeiture provisions.  Cash distributions paid during the period ofrestriction on shares that are expected to vest are recorded as a charge to"Accumulated distributions in excess of accumulated net income." Cash distributions paid during the period of restriction on shares that areexpected to be forfeited are recorded as a charge to expense.  Prior to January1, 2006, restricted share awards were recorded in shareholders' equity asdeferred compensation on the grant date based upon the price of our commonshares on the grant date and amortized into expense over the requisite serviceperiod based on the straight line method.  Upon adoption of SFAS 123(R) onJanuary 1, 2006, $1.5 million of unearned compensation was recorded as thoughthe nonvested shares were returned to treasury.  We recorded an immaterialcumulative effect of a change in accounting principle as a result of our changein policy from recognizing forfeitures as they occur to one where we recognizecost after the application of an estimated forfeiture rate.  This amount wasrecorded in "General and administrative expense" in the ConsolidatedStatements of Operations.  Accrued compensation cost of $561,000 related tononvested restricted shares at January 1, 2006 was transferred to additionalpaid in capital from deferred compensation.

            The following table represents restricted share activity for the yearended December 31, 2008:

Weighted  

 Average

Number of

Grant-Date

Shares

Fair Value

Nonvested at beginning of  period

210,213  

 $

11.36  

Granted

55,961  

 $

10.45  

Vested

63,821  

 $

11.28  

Forfeited

12,486  

 $

9.39  

Nonvested at end of period

189,867  

 $

11.33  

**           **During June 2007, we implemented the Associated EstatesRealty Corporation Elective Deferred Compensation Program.  Under this plan,certain of our officers elected to defer the receipt of a portion of therestricted shares that had been granted during 2008 and 2007.  See Note 15 foradditional information regarding this program.

            A portion of the restricted shares granted during 2007 were awardsin which the number of shares that will ultimately vest are subject to marketconditions.  The total estimated grant-date fair value of these awards,including the awards that were deferred, as noted above, was $1.4 million.  Weused the Monte Carlo method to estimate the fair value of these awards.  The Monte Carlo method, which is similar to the binomial analysis, evaluates the award forchanging stock prices over the term of vesting and uses random situations thatare averaged based on past stock characteristics.  There were one millionsimulation paths used to estimate the fair value of these awards.  The expectedvolatility was based upon the historical volatility of our daily share closingprices over a period equal to the market condition performance periods.  Therisk-free interest rate used was based on a yield curve derived from U.S.Treasury zero-coupon bonds on the date of grant with a maturity equal to themarket condition performance periods.  The expected life used was the marketcondition performance periods.

F-31  

            The following table represents the assumptionranges used in the Monte Carlo method during 2007:

* *

2007  

* *

Expected volatility

25.7% to 27.7%

Risk-free interest rate

4.5% to 5.1%

Expected life (performance  period)

One to three years

            The weighted average grant-date fair value of restricted sharesgranted during the years ended December 31, 2008, 2007 and 2006 was $10.45,$11.77 and $11.64, respectively.  The total fair value of restricted sharesvested during the years ended December 31, 2008, 2007 and 2006 was $583,000, $1.2million and $482,000, respectively.  At December 31, 2008, there was $1.7million of unrecognized compensation cost related to nonvested restricted shareawards that we expect to recognize over a weighted average period of 2.2 years.** **

**15.        DIRECTOR/EXECUTIVECOMPENSATION**

**Elective Deferred Compensation Program**

**           **On June 18, 2007, we implemented The Associated Estates RealtyCorporation Elective Deferred Compensation Program (the "Plan").  ThePlan is an unfunded, non-qualified deferred compensation program that issubject to the provisions of Section 409A of the Internal Revenue code, whichstrictly regulates the timing of elections and payment.  This plan wasdeveloped in lieu of updating our Executive Deferred Compensation Plan, whichwas initially adopted by the Board of Directors on July 1, 1999.  Eligibilityunder the Plan shall be determined by the Executive Compensation Committee orits designee, and initially consists of each of our appointed and/or electedofficers.

            The Plan permits deferral of up to 90.0% of base salary and up to100% of any incentive payment.  An individual bookkeeping account will bemaintained for each participant.  Participants are provided a number ofmeasurement funds from which they may select to determine earnings, which maybe, but are not required to be, the same as those offered under our 401(k)Savings Plan.  Deferrals of base salary and incentive payments (other thanrestricted shares, discussed below) are fully vested.

            The Plan also permits the deferral of the receipt of restrictedshares granted under the Equity-Based Award Plan, which also will be reflectedin a separate bookkeeping account for each individual as share equivalentunits.  Dividend credits shall be made to such account in the form of shareequivalent units.  Distribution of amounts reflected by such share equivalents willbe made in the form of shares.  The vesting of share equivalent units occurs onthe same schedule as the restricted shares that had been deferred.

            The Plan allows for in-service and separation sub-accounts topermit election of distribution at either a specified date or followingseparation.  Payment of each deferral under the Plan will be made in the formspecified in the participant's election, and may be in the form of a lump sumor annual installment payments over a period not to exceed four years.  Paymentof each deferral under the Plan will be made on account of separation fromservice, death, or disability, or at a time specified by the participant,within the parameters set forth in the Plan.  Redeferral elections arepermitted within the parameters set forth in the Plan.  Accounts will be distributedupon a change of control, and distribution due to unforeseen financial hardshipis also possible.  At December 31, 2008 and 2007, there were187,000 and 128,000 share equivalent units, respectively, deferred under thisplan.

F-32  
****
**Director’s DeferredCompensation Plan**

            The Directors' Deferred Compensation Plan was adopted by our Boardof Directors on August 22, 1996.  The plan was implemented to allow personsserving as Independent Directors the option of deferring receipt ofcompensation otherwise payable to them for their services as Directors and tocreate an opportunity for appreciation of the amount deferred based uponappreciation of our Common Shares.

            Prior to January 1 of each year, any eligible Director may elect todefer all or a portion of the fees otherwise payable to that Director for thatyear and such amount will be credited to a deferral account maintained onbehalf of the Director.  Fees for each period are credited to the deferralaccount as they are earned.  Amounts credited to the deferral account areconverted to "share units" which are valued based upon the closingprice of our common shares at the end of each reporting period.  Each deferralaccount is increased when we pay a dividend on our common shares by the numberof share units that represent the dividend paid per share multiplied by thenumber of share units in the account on the date of record for the relateddividend payment.  At the end of each reporting period, the total value of thedeferred compensation is adjusted for increases in share units and for changesin our common share price.  The total amount of deferred compensation relatingto this plan is included in "Accounts payable and accrued expenses"in the Consolidated Balance Sheets.  Adjustments to the total value of the planare reflected in "General and administrative expenses" in theConsolidated Statements of Operations.  Distributions of $24,000 and $15,000were made from this account during 2008 and 2007, respectively.  At December31, 2008 and 2007, deferred director compensation totaled $1.5 million and $1.2million, respectively.  The deferral account is vested at all times.

**Executive Compensation and Employment Agreements**

            We have a three year employment agreement with the Chairman,President and Chief Executive Officer dated January 1, 1996, that isautomatically extended for an additional year at the end of each year of theagreement, subject to the right of either party to terminate by giving oneyear's prior written notice.  Additionally, we have severance arrangements withcertain other executive officers.

**Annual Incentive Plan**

            On February 26, 2008, the Executive Compensation Committee (the"Committee") approved the terms of the Annual Incentive Plan forOfficers.  Annual incentives emphasize pay for performance and serve as a keymeans of driving current objectives and priorities.  Officers are rewarded foraccomplishing our short-term financial and business unit objectives.  In 2008, annualincentive opportunities for the officers were linked to property net operating income,as defined, business unit objectives and individual performance.  In 2008, theofficers earned annual incentives of approximately $1.6 million in cash.  In2007, the officers earned annual incentives of approximately $1.5 million incash and $44,000 in restricted shares under the 2007 plan.  Restricted sharesvest incrementally over a three-year period and participants receive votingrights and dividends during the restricted period. 

**Long-Term Incentive Plan**

            On February 26, 2007, the Committee established the terms of theCompany's 2007 Long-Term Incentive Plan ("LTIP") that is intended tocreate a stronger link to shareholder returns, reward long-term performance andfoster retention of the executives.  Each executive had threshold, target andmaximum award opportunities established that are expressed as a percentage ofbase salary.  The framework of the LTIP includes a single year and multi-yearcomponent.  The single-year component comprises approximately 50.0% of thelong-term award.  Objectives under the single year LTIP are establishedannually at the beginning of the year and evaluated at the conclusion of theyear.  If one or all of the objectives is met, a grant of restricted shareswill be issued.  One-third of the issued shares will vest immediately and theremaining two-thirds will vest in equal, annual installments.  Restrictedshares, if issued, have voting rights and dividends will be paid on them duringthe restricted period.  In 2007, officers earned approximately $800,000 underthe single year LTIP.

F-33  

            On February 26, 2008,the Committee approved the terms of the 2008 single-year component of theLTIP.  This component focused on interest coverage and fixed charge coveragefinancial ratios and same property NOI over a one-year period.  In 2008,officers earned approximately $1.3 million under the single year LTIP.

            The multi-year component focuses on performance over a three-yearmeasurement period.  On an annualized basis, this component comprises 50.0% ofthe total LTIP and over the three-year period, is intended to provideopportunities that are approximately equal to three times the single yearcomponent.  The multi-year long term component focuses on cumulative totalshareholder return over the three year period and continued employment with theCompany.  Total shareholder return threshold, target and maximum objectiveswere established at the beginning of the three-year measurement period and agrant of restricted shares was issued at that time.  The value of the shares atthe time of the grant was $3.4 million.  Performance objectives related to TSRwill be evaluated at the end of the three-year period and if achieved, theshares will vest entirely one year after the conclusion of the three-yearmeasurement period.  If total shareholder return objectives are not met, onlythe portion of shares that is attributable to continued employment with theCompany will vest.  Restricted shares have voting rights and dividends accrueand earn interest at a rate determined by the Executive Compensation Committeeduring the restricted period.  Only the dividends and accrued interestattributable to shares that vest will be paid when such shares vest.  Grantsunder the multi-year component are issued and metrics and objectives areestablished every three years.

            On February 28, 2006,the Committee approved the 2006 awards under the 2006 LTIP.  The awardgenerally consists of 50.0% Non-Qualified Stock Options ("NQSO's")and 50.0% restricted shares.  The NQSO's vested in thirds on December 31, 2008,2007 and 2006.  The restricted shares vest at the end of the three-year cyclebased on the attainment of the three-year benchmark.  One-sixth of the originalaward of restricted shares was accelerated at the end of each annualmeasurement period based upon the achievement of interim strategic objectivesas determined by the Committee.  Restricted shares on which vesting was notaccelerated were vested at the end of the three-year period as a result of theachievement of the overall objective.  Based on the grant-date fair value ofthe restricted shares awarded, officers earned approximately $88,000, $88,000and $353,000 in 2008, 2007 and 2006, respectively, under the 2006 LTIP.

**16.        SEGMENT REPORTING**

            We have three reportable segments, identified below, that are basedupon how we make decisions regarding resource allocation and performanceassessment:  

• 

Acquisition/Disposition Multifamily Properties;

• 

Same Community Multifamily Properties; and

• 

Management and Service Operations.

            We previously reported a fourth segment, Affordable HousingMultifamily Properties; however, during the first half of 2008, all of ourwholly owned Affordable Housing properties were sold.  Therefore, the financialinformation at December 31, 2008, and all prior periods for all of the whollyowned Affordable Housing properties are reported as discontinued operations inthe Acquisition/Disposition Multifamily Properties segment.  TheAcquisition/Disposition properties represent acquired or developed propertieswhich have not yet reached stabilization (we consider a property stabilizedwhen its occupancy rate reaches 93.0% and we have owned the property for oneyear), and properties that have been sold or are classified as held for sale inaccordance with SFAS 144.  The Same Community properties are multifamilyresidential properties.  The Management and Service Operations providemanagement and advisory services to the Acquisition/Disposition and Same Communityproperties that we own, as well as to third party clients and properties, bothaffiliates and non-affiliates, and charge a market rate fee based upon services. All of our segments are located in the United States.

F-34  

            The accountingpolicies of the reportable segments are the same as those described in Note 1,"Basis of Presentation and Significant Accounting Policies."  Weevaluate the performance of our reportable segments based on Net OperatingIncome ("NOI").  NOI is determined by deducting property operatingand maintenance expenses from property revenue for the Acquisition/Disposition(excluding amounts classified as discontinued operations), and Same Communitysegments and deducting direct property management and service company expensesand painting service expenses from Management and Service Company revenue forthe Management and Service Operations segment.  We consider NOI to be anappropriate supplemental measure of our performance because it reflects theoperating performance of our real estate portfolio and management and servicecompanies at the property and management and service company level and is usedto assess regional property level performance.  NOI should not be considered(i) as an alternative to net income (determined in accordance with GAAP), (ii)as an indicator of financial performance, (iii) as cash flow from operatingactivities (determined in accordance with GAAP) or (iv) as a measure ofliquidity; nor is it necessarily indicative of sufficient cash flow to fund allof our needs.  Other real estate companies may define NOI in a differentmanner.

            Segment informationfor the years ended December 31, 2008, 2007 and 2006 is as follows:

Year Ended December 31, 2008

Management

Acquisition/

Same

and Service

Total  

*(In thousands)*

Disposition

Community

Operations

Consolidated

Total segment revenue

 $

17,326  

 $

114,784  

 $

8,769  

 $

140,879  

Elimination of intersegment  revenue

(10)

(11)

(5,975)

(5,996)

Consolidated revenue

17,316  

114,773  

2,794  

134,883  

Operating loss from  discontinued operations

(1,054)

-  

-  

(1,054)

*NOI

10,962  

65,289  

(168)

76,083  

Total assets

183,760  

502,227  

13,909  

699,896  

 

*Intersegment  revenue and expenses have been eliminated in the computation of NOI for each  of the segments.

 

Year Ended December 31, 2007

Management

Acquisition/

Same

and Service

Total  

*(In thousands)*

Disposition

Community

Operations

Consolidated

Total segment revenue

 $

6,466  

 $

111,261  

 $

20,536  

 $

138,263  

Elimination of intersegment  revenue

-  

(22)

(7,328)

(7,350)

Consolidated revenue

6,466  

111,239  

13,208  

130,913  

Operating income from  discontinued operations

5,649  

-  

-  

5,649  

*NOI

4,099  

61,927  

(1,819)

64,207  

Total assets

157,036  

516,421  

13,339  

686,796  

 

*Intersegment  revenue and expenses have been eliminated in the computation of NOI for each  of the segments.

  F-35 

Year Ended December 31, 2006

Management

Acquisition/

Same

and Service

Total  

*(In thousands)*

Disposition

Community

Operations

Consolidated

Total segment revenue

 $

-  

 $

106,631  

 $

20,555  

 $

127,186  

Elimination of intersegment  revenue

-  

(34)

(7,788)

(7,822)

Consolidated revenue

-  

106,597  

12,767  

119,364  

Operating loss from  discontinued operations

(1,066)

-  

-  

(1,066)

*NOI

-  

58,673  

(1,295)

57,378  

 

*Intersegment  revenue and expenses have been eliminated in the computation of NOI for each  of the segments.

            A reconciliation of total segment NOI to total consolidatednet income for the years ended December 31, 2008, 2007 and 2006 is as follows:

*(In thousands)*

2008

2007

2006

Total NOI for reporting  segments

 $

76,083  

 $

64,207  

 $

57,378  

Depreciation and  amortization

(36,930)

(30,216)

(26,865)

General and administrative  expense

(13,769)

(10,327)

(9,840)

Interest income

135  

430  

652  

Interest expense (a)

(36,489)

(40,131)

(46,808)

Equity in net income (loss)  of joint ventures

1,502  

(258)

(462)

Minority interest in  operating partnership

(53)

(53)

(61)

Income from discontinued  operations:

Operating  (loss) income

(1,054)

5,649  

(1,066)

Gain  on disposition of properties

45,202  

20,864  

54,093  

Consolidated net income

 $

34,627  

 $

10,165  

 $

27,021  

 

(a)

Includes  $4.2 million and $10.8 million of defeasance costs and deferred financing  fees written off during 2007 and 2006, respectively.

**17.        COMPREHENSIVE INCOME**

            The following chart identifies our total comprehensive income forthe years ended December 31, 2008, 2007, and 2006:

*(In thousands)*

Year Ended December 31,

2008  

2007  

2006  

**Comprehensive income:**

Net income

 $

34,627  

 $

10,165  

 $

27,021  

Other comprehensive loss:

Change  in fair value of hedge instruments

(1,849)

(979)

(46)

Total comprehensive income

 $

32,778  

 $

9,186  

 $

26,975  

            For informationregarding the change in fair value of hedge instruments, see “Derivative Instrumentsand Hedging Activity” in Note 1.

  F-36 

**18.        SUBSEQUENT EVENTS**

            ***Dividends.***  On February 2, 2009, we paid a dividendof $0.17 per common share to shareholders of record on January 16, 2009, whichhad been declared on December 10, 2008.

            On January 29, 2009,we declared a quarterly dividend of $0.54375 per Depositary Share on our ClassB Cumulative Redeemable Preferred Shares, which will be paid on March 13, 2009,to shareholders of record on February 27, 2009.

            ***Property Disposition Activity.***  On January 9, 2009,we completed the sale of a 96-unit property located in Ohio.  This property hadbeen classified as held for sale at December 31, 2008.  The sales price was$4.1 million and we will recognize a gain of approximately $2.3 million duringthe first quarter of 2009 related to this disposition.

            ***Debt.***  In February 2009, we repaid two mortgage loanstotaling $45.0 million.  Also in February 2009 we funded two new mortgage loanstotaling $35.2 million.  Both of the new loans have variable interest rates ofLIBOR plus 4.4% and mature in February 2016.

**19.        QUARTERLY FINANCIAL INFORMATION (UNAUDITED)**

** **

2008

** **

First

Second

Third

Fourth  

*(In thousands, except per  share data)*

Quarter

Quarter

Quarter

Quarter

Revenue as reported in Form  10-Q's

 $

32,121  

 $

34,020  

 $

35,343  

Revenue of sold/held for  sale properties

transferred  to discontinued operations

(196)

(209)

(209)

Revenue

 $

31,925  

 $

33,811  

 $

35,134  

 $

34,013  

Net income (loss) applicable  to common shares

 $

37,444  

 $

(1,380)

 $

(4,244)

 $

298  

Basic and diluted earnings  per share

 $

2.32  

 $

(0.09)

 $

(0.26)

 $

0.02  

 

** **

2007

** **

First

Second

Third

Fourth  

*(In thousands, except per  share data)*

Quarter

Quarter

Quarter

Quarter

Revenue as reported in Form  10-Q's

 $

30,685  

 $

32,043  

 $

34,535  

Revenue of sold/held for  sale properties

transferred  to discontinued operations

(191)

(134)

(207)

Revenue

 $

30,494  

 $

31,909  

 $

34,328  

 $

34,182  

Net (loss) income applicable  to common shares

 $

(811)

 $

8,796  

 $

(4,022)

 $

1,106  

Basic and diluted earnings  per share

 $

(0.05)

 $

0.51  

 $

(0.24)

 $

0.07  

** **

F-37  
****
**SCHEDULE II**

**ASSOCIATED ESTATESREALTY CORPORATIONVALUATION AND QUALIFYING ACCOUNTS**

Column A

Column B

Column C

Column D

Column E

ADDITIONS

*(In  thousands)*

Balance at

Charged to

Charged

Balance

Beginning

Costs and

to Other

at End 

DESCRIPTION

of Period

Expenses (a)

Accounts

Deductions (b)

of Period

Year ended  December 31, 2008:

Deducted from asset accounts:

Allowance for doubtful accounts

 $

49  

 $

1,825  

 $

-  

 $

(1,747)

 $

127  

Valuation  allowance-deferred tax asset

4,668  

195  

-  

-  

4,863  

Year ended  December 31, 2007:

Deducted from asset accounts:

Allowance for doubtful accounts

 $

106  

 $

2,076  

 $

-  

 $

(2,133)

 $

49  

Valuation  allowance-deferred tax asset

4,297  

371  

-  

-  

4,668  

Year ended  December 31, 2006:

Deducted from asset accounts:

Allowance for doubtful accounts

 $

69  

 $

2,153  

 $

-  

 $

(2,116)

 $

106  

Valuation  allowance-deferred tax asset

4,178  

119  

-  

-  

4,297  
                                 
 

(a)

Adjustments  to the valuation allowance for deferred taxes are recorded to adjust deferred  tax asset to net realizable value.

                           

(b)

Uncollectible  amounts reserved for or written off.

**  **

F-38  
****
**SCHEDULE III**

**ASSOCIATED ESTATES REALTY CORPORATION**

**REAL ESTATE AND ACCUMULATED DEPRECIATION**

**December 31, 2008**

** **

** **

** **

** **

** **

** **

Initial Cost to Company

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

Costs

*(In thousands)*

* *

** **

Capitalized

Dates Acquired/

Depreciable

Buildings &

** **

Subsequent

Property

Constructed

Lives - Years

Land

Improvements

** **

to Acquisition

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**RESIDENTIAL MULTIFAMILY  PROPERTIES**

** **

**NORTHERN OHIO**

** **

Barrington

September, 1995

5-30

 $

2,357  

 $

21,986  

 $

924  

Bay Club

December, 1990

5-30

129  

3,622  

476  

Mallard's Crossing

February, 1995

5-30

941  

8,499  

2,028  

Village at Avon

June, 1998

5-30

2,145  

21,704  

2,122  

Westchester Townhomes

November, 1989

5-15

693  

5,686  

809  

Western Reserve

August, 1996

5-30

691  

6,866  

198  

Westlake Townhomes

October, 1995

5-30

559  

332  

274  

Williamsburg Townhomes

February, 1994

5-30

844  

12,787  

2,252  

**CENTRAL OHIO**

** **

St. Andrews at Little Turtle

March, 1995

5-30

478  

4,216  

767  

Bedford Commons

December, 1994

5-30

929  

5,751  

644  

Bradford at Easton

October, 1995

5-30

2,033  

16,303  

1,089  

Residence at Christopher  Wren

March, 1994

5-30

1,560  

13,754  

2,627  

Heathermoor

August, 1994

5-30

1,796  

8,535  

1,459  

Kensington Grove

July, 1995

5-30

533  

4,600  

508  

Lake Forest

July, 1994

5-30

824  

6,135  

631  

Muirwood Village at Bennell

March, 1994

5-30

790  

4,657  

458  

Perimeter Lakes

Sept, 1996

5-30

1,265  

8,647  

872  

Saw Mill Village

April, 1997

5-30

2,548  

17,218  

3,040  

Sterling Park

August, 1994

5-30

646  

3,919  

334  

Residence at Turnberry

March, 1994

5-30

869  

11,567  

3,812  

Wyndemere Land

March, 1997

-

200  

-  

-  

 

F-39  
****
**SCHEDULE III**

**ASSOCIATED ESTATES REALTY CORPORATION**

**REAL ESTATE AND ACCUMULATED DEPRECIATION**

**December 31, 2008**

** **

** **

** **

** **

** **

*(In thousands)*

* *

Gross Amount at Which Carried at December 31, 2008

Buildings &

Accumulated

Encumbrances

Property

Land

Improvements

Total

Depreciation

(a)

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**RESIDENTIAL MULTIFAMILY  PROPERTIES**

** **

**NORTHERN OHIO**

** **

Barrington

 $

2,357  

 $

22,910  

 $

25,267  

 $

8,360  

 $

19,500  

Bay Club

129  

4,098  

4,227  

2,597  

-  

Mallard's Crossing

941  

10,527  

11,468  

4,830  

-  

Village at Avon

2,145  

23,826  

25,971  

7,148  

21,000  

Westchester Townhomes

693  

6,495  

7,188  

4,591  

-  

Western Reserve

691  

7,064  

7,755  

2,580  

4,931  

Westlake Townhomes

-  

1,165  

1,165  

1,102  

-  

Williamsburg Townhomes

844  

15,039  

15,883  

7,507  

-  

**CENTRAL OHIO**

St. Andrews at Little Turtle

478  

4,983  

5,461  

2,330  

-  

Bedford Commons

929  

6,395  

7,324  

3,000  

-  

Bradford at Easton

2,033  

17,392  

19,425  

6,998  

12,803  

Residence at Christopher  Wren

1,560  

16,381  

17,941  

8,103  

9,444  

Heathermoor

1,796  

9,994  

11,790  

5,174  

8,588  

Kensington Grove

533  

5,108  

5,641  

2,285  

3,234  

Lake Forest

824  

6,766  

7,590  

3,331  

-  

Muirwood Village at Bennell

790  

5,115  

5,905  

2,564  

-  

Perimeter Lakes

1,265  

9,519  

10,784  

4,218  

5,714  

Saw Mill Village

2,548  

20,258  

22,806  

8,079  

11,150  

Sterling Park

646  

4,253  

4,899  

2,069  

2,968  

Residence at Turnberry

869  

15,379  

16,248  

8,288  

8,080  

Wyndemere Land

200  

-  

200  

-  

-  

 

F-40  
****
**SCHEDULE III**

**ASSOCIATED ESTATES REALTY CORPORATION**

**REAL ESTATE AND ACCUMULATED DEPRECIATION**

**December 31, 2008**

** **

** **

Initial Cost to Company

Costs

*(In thousands)*

* *

Capitalized

Dates Acquired/

Depreciable

Buildings &

Subsequent

Property

Constructed

Lives - Years

Land

Improvements

to Acquisition

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**RESIDENTIAL MULTIFAMILY  PROPERTIES**

** **

**SOUTHERN OHIO**

** **

Remington Place

April, 1997

5-30

 $

1,645  

 $

10,031  

 $

661  

**MICHIGAN**

Arbor Landings

June, 1999

5-30

1,129  

10,403  

9,584  

Aspen Lakes Apartments

September,1996

5-30

742  

5,501  

907  

Central Park Place

December, 1994

5-30

1,013  

7,363  

1,242  

Country Place Apartments

June, 1995

5-30

768  

4,181  

638  

Clinton Place Apartments

August, 1997

5-30

1,219  

9,478  

1,206  

Georgetown Park Apartments

June, 1999

5-30

1,778  

12,141  

13,374  

Oaks at Hampton

August, 1995

5-30

3,026  

27,204  

3,222  

The Landings at the Preserve

September, 1995

5-30

1,081  

7,190  

984  

Spring Brook Apartments

June, 1996

5-30

610  

5,308  

510  

Spring Valley Apartments

October,1997

5-30

1,433  

13,461  

1,217  

Summer Ridge

April, 1996

5-30

1,251  

11,194  

1,552  

**FLORIDA**

Cypress Shores

February, 1998

5-30

2,769  

16,452  

1,001  

Windsor Pines

October, 1998

5-30

4,834  

28,795  

794  

Courtney Chase (b)

August, 2004

5-30

3,032  

20,452  

313  

Vista Lago (b)

March, 2005

5-30

4,012  

35,954  

52  

**GEORGIA**

The Falls

February, 1998

5-30

5,403  

23,420  

2,604  

Morgan Place

July, 1998

5-30

3,292  

9,159  

625  

Cambridge at Buckhead (b)

October, 2005

5-30

6,166  

16,730  

412  

Idlewylde (b)

June, 2007

5-30

12,058  

53,124  

299  

**BALTIMORE/WASHINGTON**

** **

Reflections

February, 1998

5-30

1,807  

12,447  

3,260  

Annen Woods

July, 1998

5-30

1,389  

9,069  

1,092  

Hampton Point

July, 1998

5-30

3,394  

21,703  

2,288  

**INDIANA**

Residence at White River

February, 1997

5-30

1,064  

11,631  

1,023  

Waterstone Apartments

August, 1997

5-30

1,508  

22,861  

1,131  

Steeplechase

July, 1998

5-30

2,261  

16,257  

685  

** **

F-41  
****
**SCHEDULE III**

**ASSOCIATED ESTATES REALTY CORPORATION**

**REAL ESTATE AND ACCUMULATED DEPRECIATION**

**December 31, 2008**

** **

** **

** **

** **

** **

*(In thousands)*

* *

Gross Amount at Which Carried at December 31, 2008

Buildings &

Accumulated

Encumbrances

Property

Land

Improvements

Total

Depreciation

(a)

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**RESIDENTIAL MULTIFAMILY  PROPERTIES**

** **

**SOUTHERN OHIO**

** **

Remington Place

 $

1,645  

 $

10,692  

 $

12,337  

 $

4,250  

 $

-  

**MICHIGAN**

Arbor Landings

1,682 

19,434 

21,116  

7,560 

16,995  

Aspen Lakes Apartments

742 

6,408 

7,150  

2,670 

-  

Central Park Place

1,013 

8,605 

9,618  

3,999 

6,428  

Country Place Apartments

768 

4,819 

5,587  

2,158 

-  

Clinton Place Apartments

1,219 

10,684 

11,903  

4,121 

8,496  

Georgetown Park Apartments

2,128 

25,165 

27,293  

10,637 

16,000  

Oaks at Hampton

3,026 

30,426 

33,452  

13,700 

26,014  

The Landings at the Preserve

1,081 

8,174 

9,255  

3,527 

-  

Spring Brook Apartments

610 

5,818 

6,428  

2,431 

4,437  

Spring Valley Apartments

1,433 

14,678 

16,111  

5,570 

10,817  

Summer Ridge

1,251 

12,746 

13,997  

5,405 

8,845  

**FLORIDA**

Cypress Shores

2,769 

17,453 

20,222  

6,352 

27,344  

Windsor Pines

4,834 

29,589 

34,423  

10,387 

39,390  

Courtney Chase(b)

3,032 

20,765 

23,797  

3,661 

-  

Vista Lago(b)

4,012 

36,006 

40,018  

5,200 

-  

**GEORGIA**

The Falls

5,403 

26,024 

31,427  

9,810 

16,558  

Morgan Place

3,292 

9,784 

13,076  

3,538 

-  

Cambridge at Buckhead(b)

6,166 

17,142 

23,308  

2,124 

-  

Idlewylde(b)

12,058 

53,423 

65,481  

3,535 

42,000  

**BALTIMORE/WASHINGTON**

Reflections

1,807 

15,707 

17,514  

5,231 

19,450  

Annen Woods

1,389 

10,161 

11,550  

3,855 

13,025  

Hampton Point

3,394 

23,991 

27,385  

8,925 

33,000  

**INDIANA**

Residence at White River

1,064 

12,654 

13,718  

5,030 

9,221  

Waterstone Apartments

1,508 

23,992 

25,500  

9,273 

16,500  

Steeplechase

2,261 

16,942 

19,203  

5,965 

-  

  F-42 
****
**SCHEDULE III**

**ASSOCIATED ESTATES REALTY CORPORATION**

**REAL ESTATE AND ACCUMULATED DEPRECIATION**

**December 31, 2008**

** **

** **

Initial Cost to Company

Costs

*(In thousands)*

* *

Capitalized

Dates Acquired/

Depreciable

** **

Buildings &

Subsequent

Property

Constructed

Lives - Years

** **

Land

Improvements

to Acquisition

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**RESIDENTIAL MULTIFAMILY  PROPERTIES**

** **

**PENNSYLVANIA**

** **

Chestnut Ridge

 March, 1996 

5-30

 $

2,146  

 $

19,159  

 $

3,809  

**VIRGINIA**

The Alexander at Ghent (b)

 June, 2007 

5-30

4,368  

43,263  

513  

The Belvedere (b)

 April, 2008 

5-30

6,044  

35,353  

-    

River Forest (b)

 April, 2008 

5-30

3,751  

25,758  

-    

River Forest Land

 April, 2008 

5-30

904  

-    

-    

 $

108,727  

 $

731,826  

80,322  

**MANAGEMENT SERVICE  COMPANIES**

 November, 1993 

10-30

6,014  

Land, Building and  Improvements

 $

86,336  

** **

F-43  
****
**SCHEDULE III**

**ASSOCIATED ESTATES REALTY CORPORATION**

**REAL ESTATE AND ACCUMULATED DEPRECIATION**

**December 31, 2008**

** **

** **

** **

** **

** **

*(In thousands)*

* *

Gross Amount at Which Carried at December 31, 2008

Buildings &

Accumulated

Encumbrances

Property

Land

Improvements

Total

Depreciation

(a)

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**RESIDENTIAL MULTIFAMILY  PROPERTIES**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**PENNSYLVANIA**

Chestnut Ridge

 $

2,146  

 $

22,968  

 $

25,114  

 $

9,213  

 $

19,000  

**VIRGINIA**

The Alexander at Ghent

4,368  

43,776  

48,144  

2,680  

24,500  

The Belvedere

6,044  

35,353  

41,397  

881  

25,963  

River Forest

3,751  

25,758  

29,509  

650  

18,806  

River Forest Land

904  

-    

904  

-    

-  

109,071  

811,804  

920,875  

257,492  

 $

510,201  

**MANAGEMENT SERVICE  COMPANIES**

1,278  

4,736  

6,014  

2,278  

Land, Building and  Improvements

 $

110,349

 $

816,540 

926,889  

259,770  

Furniture, Fixtures and  Equipment

29,427  

23,443  

Construction in Progress

745  

- 

**GRAND  TOTALS**

 $

957,061

 $

283,213  

 

(a)

Encumbrances  include mortgage debt and other obligations secured by the real estate  assets.

                      

(b)

These  property acquisitions were recorded in accordance with SFAS 141.  As such, we  recognized intangible assets, such as in place leases

not  included in the initial costs or historical costs shown.

 

F-44  
****
**SCHEDULE III**

**ASSOCIATED ESTATES REALTY CORPORATIONREAL ESTATE AND ACCUMULATED DEPRECIATIONDECEMBER 31, 2008**

The Aggregate Cost for FederalIncome Tax purposes was approximately $923.2 million at December 31, 2008.

The changes in Total Real Estate Assets for the years ended December 31, 2008,2007 and 2006 are as follows:

*(In thousands)*

2008

2007

2006

Balance, beginning of period

 $

965,013  

 $

877,797  

 $

944,724  

Disposal of fixed assets

(99,523)

(39,984)

(80,938)

New acquisition properties

78,320  

113,748  

-  

Improvements

13,251  

13,452  

14,011  

Balance, end of period

 $

957,061  

 $

965,013  

 $

877,797  

The changes in AccumulatedDepreciation for the years ended December 31, 2008, 2007 and 2006 are asfollows:

*(In thousands)*

2008

2007

2006

Balance, beginning of period

 $

305,427  

 $

286,277  

 $

298,788  

Disposal of fixed assets

(56,152)

(13,468)

(45,053)

Depreciation for period

33,938  

32,618  

32,542  

Balance, end of period

 $

283,213  

 $

305,427  

 $

286,277  

  F-45 |