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| 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, 2007**                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                |
| 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. |
| **                                       **                                                                                                                                              | **         ** |                 |
| Depositary Shares, each representing 1/10 of a Share  of 8.7% Class B                                                                                                                                                                                                                                                                                                                       | **        ** | New York Stock Exchange, Inc. |
| Series II Cumulative Redeemable Preferred Shares,  without par value                                                                                                                                                                                                                                                                                                                        | **            ** |              |
|                                                                                                                                                                                                              |
| 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 [  ]    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 $240.9 million as of June 30, 2007.                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                             |
| The number of Common Shares outstanding as of  February 20, 2008 was 16,345,611.                                                                                                                                                                                                                                                                                                            |
|                                                                  |
| 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 7, 2008 (in Part III).                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                  |
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|                                                                                                                                                                                                                                                                                                                                                                                             |  |  |  |

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**ASSOCIATED ESTATESREALTY CORPORATIONTABLE OF CONTENTSFORM 10-K ANNUAL REPORTFOR THE YEAR ENDED DECEMBER 31, 2007**

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    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---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------|
| PART I |
| 1.     | Business
3

    General  Development of Business
3

    Business  Segments
3

       Acquisition/Disposition
4

       Market-Rate
4

       Affordable  Housing
4

       Management  and Service Operations
4

    Operating  Strategy and Business Objectives
4

        Acquisition/Disposition
4

        Property  Operations: Market-Rate Properties
4

        Property  Operations: Affordable Housing Properties
5

        Fee  Management/Advisory Business
5

        Financing  and Capital
5

    Income  Taxes
5

   

    Competitive  Conditions
5

    Customers
5

    Employees
5

    Available  Information
6

    Reports  to Security Holders
6

1A.

    Risk  Factors
6

1B.

    Unresolved  Staff Comments
11

2.

Properties
11

    Our  Portfolio
11

    Indebtedness  Encumbering the Properties
15

3.

Legal  Proceedings
15

4.

Submission  of Matters to a Vote of Security Holders
15

    Executive  Officers of the Registrant and Other Key Employees
16

                                        
 

PART II

                                                    
 

5.

Market  for Registrant's Common Equity, Related Stockholder Matters 
18

    and  Issuer Purchases of Equity Securities
6.

Selected  Financial Data
20

7.

Management's  Discussion and Analysis of Financial
22

    Condition  and Results of Operations
7A.

Quantitative  and Qualitative Disclosures About Market Risk
35

8.

Consolidated  Financial Statements and Supplementary Data
36

9.

Changes  in and Disagreements with Accountants
36

    on  Accounting and Financial Disclosure
9A.

Controls  and Procedures
36

9B.

Other  Information
36

                                          
 

PART III

                                              
 

10.

Directors,  Executive Officers and Corporate Governance
37

11.

Executive  Compensation
37

12.

Security  Ownership of Certain Beneficial Owners and Management
37

    and  Related Shareholder Matters
13.

Certain  Relationships and Related Transactions and Director Independence
38

14.

Principal  Accountant Fees and Services
38

                                        
 

PART IV
                             
 

15.

Exhibits  and Financial Statement Schedules
39

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") under the ticker symbol "AEC".  Ourheadquarters is located at 1 AEC Parkway in Richmond Heights, Ohio.  Theheadquarters is comprised of one office building of approximately 42,000 squarefeet and two adjacent parcels of land containing approximately 1.1 and 3.0acres, respectively, all of which are suitable for further development orexpansion, 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 31,2007, our property portfolio consisted of: (i) 64 owned apartment communitiescontaining 14,450 units in eight states, 12 of which are Affordable Housingcommunities including one joint venture property containing 108 units; (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.  See Item 2for a state-by-state listing of our portfolio.  Our consolidated financialstatements include the accounts of all subsidiaries and qualified REITsubsidiaries, which include but are not limited to, separate legal entitlesthat were formed in connection with project specific, nonrecourse mortgage refinancingfor which records, books of accounts and depository accounts must be maintainedseparately and apart from any other person or entity; the Service Companies,each of which is taxed as a Taxable REIT Subsidiary ("TRS") under theREIT Modernization Act ("RMA") implemented in 1999, certain variableinterest entities of which we are the primary beneficiary and holder of amajority voting interest, and an Operating Partnership structured as aDownREIT, of which we own 97.4%.

            During the thirdquarter of 2007, we announced our plan to exit the Affordable Housingbusiness.  At that time, we managed 30 Affordable Housing apartment communitiesfor third party owners and owned directly or through a joint venture 12 otherAffordable Housing properties.  As of January 1, 2008, we no longer manage 29of the third party owned Affordable Housing properties.  The 12 AffordableHousing communities that we own, directly or through a joint venture, are undercontracts to be sold and most are expected to be sold during the first half of 2008.

**BUSINESS SEGMENTS**

            We have four reportable segments:  (1) Acquisition/Dispositionmultifamily properties, (2) Same Community Market-Rate("Market-Rate") multifamily properties, (3) Affordable Housingmultifamily properties ("Affordable Housing"), and (4) Management andService Operations.  We have identified these segments based upon types ofproperty and services.  All of our segments are located in the United States.

            See Note 19 of the Notes to the Consolidated Financial Statementspresented in Part II, Item 8 of this report on Form 10-K for the segmentfinancial information.

3

            ***Acquisition/Disposition.***The Acquisition/Disposition properties represent acquired or developedproperties which we have owned for less than one year or have not yet reachedstabilization (we consider a property stabilized when its occupancy ratereaches 93.0% and after owning the property for one year) and properties thathave been sold or are classified by us as held for sale in accordance with SFAS144, "Accounting for the Impairment or Disposal of Long-LivedAssets."

            ***Market-Rate.***  The Market-Rate properties are whollyowned conventional multifamily residential properties that we have owned forthe entirety of the comparison periods.

            ***Affordable Housing.***  The Affordable Housingproperties are multifamily properties for which the rents are subsidized andcertain aspects of the operations are regulated by U.S. Department of Housingand Urban Development ("HUD") in compliance with Section 8 of theNational Housing Act of 1937.  See "General Development of Business"above for information about our plan to exit the Affordable Housing business.

            ***Management and Service Operations***.  The Managementand Service Operations provide management and other services to the Market-Rateand Affordable Housing properties that we own or have an investment in, as wellas to non-owned properties that we manage.  

**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 2008 outlook and strategy.

            ***Acquisition/Disposition.***  Our acquisition/dispositionstrategy is to systematically migrate portions of our Midwest portfolio tohigher growth markets such as Florida, Atlanta and the Baltimore/Washington,DC/Virginia corridor, and to reduce the number of markets in which we operate. In doing so, we expect to continue to sell non-core properties located in the Midwest while evaluating potential acquisition opportunities in the markets noted above andother markets that we believe will offer an acceptable return on ourinvestment.  We continually monitor the profitability of all of our propertiesand therefore we may also consider opportunistic sales of properties in anymarket, including 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.  During 2007, we sold three properties totaling 1,173units, two located in Ohio and one in Texas.  We also acquired two propertiesduring 2007; a 268-unit property located in Norfolk, Virginia and our partner's51.0% ownership interest in an 843-unit joint venture partnership propertylocated in Atlanta, Georgia.  In 2008, we anticipate selling $100.0 million ofproperties, including our 11 Affordable Housing properties and four Midwest properties.

            ***PropertyOperations:  Market-Rate Properties.***  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 increase rents varies between markets.  However, our goal is tomaximize Market-Rate property net operating income in all of our marketsthrough a combination of increasing net collected rents and by continualefforts to contain controllable operating expenses.  Strategies to increaserents include constant monitoring of our markets, providing superior residentservice and desirable communities in which to live, leveraging the power of theinternet through enhanced property websites, resident portals, and onlineleasing, and the implementation of programs such as utility and refusereimbursements.  Our AEC Academy for Career Development provides training andsupport for our employees, which helps us to provide better trained, quality personnelat our communities.  We attempt to control operating expenses throughstrategies such as utilizing centralized purchasing contracts benefitingmultiple properties and through diligent upkeep and regular maintenance at ourapartment communities.

4

            ***PropertyOperations:  Affordable Housing Properties.***  As discussed above in "GeneralDevelopment of Business", we plan to exit the Affordable Housing business.

            ***Fee Management/Advisory Business.   ***We apply our management approach to the manage-mentof properties for third parties, thereby affording our clients the benefit of ourexpertise in the management of their properties. We believe that third partyproperty management broadens our knowledge of a market, creates opportunitiesfor future acquisitions, enhances purchasing power and provides a network fornew personnel while at the same time generating fee income.

            ***Financing and Capital.***   Proceeds received from newdebt, debt refinancing, property sales or equity issuances are invested basedupon the expected return and the impact on our balance sheet.  The reduction ofoverall interest costs and an increase in the number of unencumbered assets aretwo of our principal objectives.  During 2007, we continued to focus onlowering our cost of debt through financing, refinancing anddefeasing/prepaying debt.  As a result our interest expense, before defeasanceand other prepayment costs, declined over 2.0% as our weighted average interestrate on our total debt declined 50 basis points from 7.2% at the end of 2006 to6.7% at the end of 2007.  Our interest coverage ratios and fixed charge ratioswere 1.73:1 and 1.54:1, respectively, in 2007, up from 1.54:1 and 1.38:1,respectively in 2006.

             During 2007 we successfully obtained a $100.0 million unsecuredrevolving line of credit.  This line replaced two smaller secured lines of credittotaling $31.0 million.  This new revolver provides enhanced financial flexibilityin a tightening credit market and the opportunity to capitalize on strategicacquisitions with no financing contingencies.

           During 2007, we repurchased 1,021,200 of our common shares at a cost of $13.6million and 111,500 preferred depository shares at a cost of $2.9 million.

**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**

            At February 20, 2008, we employed approximately 448 people. Satisfactory relations have generally prevailed between our employees and us.

5

**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.

6

            **We are subject torisks inherent in the ownership of real estate.**  We own and managemultifamily apartment communities that are subject to varying degrees of riskgenerally incident to the ownership of real estate.  Our financial condition,the value of our properties and our ability to make distributions to ourshareholders will be dependent upon our ability to operate our properties in amanner sufficient to generate income in excess of operating expenses and debtservice charges, which may be affected by the following risks, some of whichare 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 change in market rental rates;

•   

increases in property and  liability insurance costs;

•   

unanticipated increases in real  estate taxes and other operating expenses (e.g., cleaning, utilities, repair  and maintenance costs, insurance and administrative costs, security,  landscaping, staffing and other general costs);

•   

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;

•   

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

•   

changes in government  regulations affecting our properties, the rents of which are subsidized and  certain aspects of which are regulated by the United States Department of  Housing and Urban Development ("HUD") and other properties that we  manage;

•   

inability to renew current  contracts with HUD for rent subsidized properties at existing rents;

•   

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

•   

risks related to our joint  ventures; 

•   

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;  and

•   

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

            **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.

7

            **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 arereverting back to apartment rentals creating increasing competition in thosemarkets.  Such competition may affect our ability to attract and retainresidents and to increase or maintain rental rates.

            **The properties weown are primarily concentrated in Ohio, Michigan, Georgia, Florida, Indiana, Maryland, Pennsylvania, and Virginia.**  As of December 31, 2007, approximately 43%,20%, 12%, 9%, 6%, 5%, 3% and 2% of the units in properties we own were locatedin Ohio, Michigan, Georgia, Florida, Indiana, Maryland, Pennsylvania, andVirginia, respectively.  Our performance, therefore, is linked to economicconditions and the market for available rental housing in these states and,more importantly, their respective sub-markets.  The decline in the market forapartment housing in the various sub-markets in Ohio, or to a lesser extent,the sub-markets in the other states, may adversely affect our financialcondition, results of operations and ability to make distributions to ourshareholders.

            **We own or manage properties that are subject to governmentprograms. **As of December 31, 2007, we own directly or through subsidiariesor joint ventures 12 properties with 1,254 units which benefit from some formof interest rate or rental subsidy subject to governmental programsadministered by HUD.  As a condition to the receipt of assistance under HUDprograms, many of the properties must comply with various HUD requirements,which typically include maintenance of decent, safe and sanitary housing, HUDapproval of rent adjustments, and HUD's approval of any assignment of HAPcontracts in connection with the sale of a property.  All 12 of theseproperties are under contract for sale and we plan to exit the AffordableHousing business.  If current agreements with HUD expire prior to theconsummation of the sale of any of these properties, we can give no assurancethat we will be able to renew such agreements with HUD at existing or higherrents.  HUD requirements, and other current and future laws regarding theprovision of affordable housing and any changes to existing law making it moredifficult to meet such requirements, could adversely affect our results ofoperations, financial condition, our ability to consummate the sale of theseproperties and our ability to make distributions to our shareholders.

            **Our insurance may not be adequate to cover certain risks. **Thereare certain types of risks, generally of a catastrophic nature, such asearthquakes, floods, windstorms, act of war and terrorist attacks that may beuninsurable, are not economically insurable, or are not fully covered byinsurance.  Moreover, certain risks, such as mold and environmental exposures,generally are not covered by our insurance.  Other risks are subject to varioussublimits, deductibles and self insurance retentions, which help to controlinsurance costs, but which may result in increased exposures to uninsured loss. Any such uninsured loss could have a material adverse effect on our business,financial condition and results of operations.

**            Debt financing could adversely affect our performance.**  Sixtypercent of our assets 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.

8

            **Real estateinvestments are generally illiquid, and we may not be able to sell ourproperties when it is economically or strategically advantageous to do so.** Real estate investments generally cannot be sold quickly, and our ability tosell properties may be affected by market conditions.  We may not be able todiversify or vary our portfolio promptly in accordance with our strategies orin response to economic or other conditions.  In addition, provisions of theInternal Revenue Code of 1986, as amended (the "Code") limit the abilityof a REIT to sell its properties in some situations when it may be economicallyadvantageous to do so, thereby potentially adversely affecting our ability tomake distributions to our shareholders.

            **Our access to public debt markets is limited.**  Substantiallyall of our current debt is either secured or bank debt under our revolvingcredit facility because of our limited access to public debt markets.

            **Litigation that may result in unfavorable outcomes.**  Likemany real 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, buy backstock and acquire properties is impacted by our ability to sell the propertieswe have selected for disposition at the prices and within the deadlinesestablished for each respective property.  Moreover, if we are unable toacquire properties at prices consistent with our investment criteria, we mayreduce or discontinue property sales.

            **The costs of complying with laws and regulations could adverselyaffect our cash flow and ability to make distributions to our shareholders. **Ourproperties must comply with Title III of the Americans with Disabilities Act(the "ADA") to the extent that they are "publicaccommodations" or "commercial facilities" as defined in the ADA.  The ADA does not consider apartment communities to be public accommodations orcommercial facilities, except for portions of such communities that are open tothe public.  In addition, the Fair Housing Amendments Act of 1988 (the"FHAA") requires apartment communities first occupied after March 13,1990, to be accessible to the handicapped.  Other laws also require apartmentcommunities to be handicap accessible.  Noncompliance with these laws couldresult in the imposition of fines or an award of damages to private litigants. We have been subject to lawsuits alleging violations of handicap design laws inconnection with certain of our developments.  If compliance with these lawsinvolves substantial expenditures or must be made on an accelerated basis, ourability to make distributions to our shareholders could be adversely affected.

            Under various federal, state and local laws, an owner or operatorof real estate may be liable for the costs of removal or remediation of certainhazardous or toxic substances on, under or in the property.  This liability maybe imposed without regard to whether the owner or operator knew of, or wasresponsible for, the presence of the substances.  Other law imposes on ownersand operators certain requirements regarding conditions and activities that mayaffect human health or the environment.  Failure to comply with applicablerequirements could complicate our ability to lease or sell an affected propertyand could subject us to monetary penalties, costs required to achievecompliance and potential liability to third parties.  We are not aware of anymaterial noncompliance, liability or claim relating to hazardous or toxicsubstances or other environmental matters in connection with any of ourproperties.  Nonetheless, it is possible that material environmentalcontamination or conditions exist, or could arise in the future in theapartment communities or on the land upon which they are located.

9

            **We are subject tothe risks associated with investments through joint ventures. **One of ourproperties is owned by a joint venture partnership in which we do not have acontrolling interest.  We may enter into joint ventures, including jointventures that we do not control, in the future.  Any joint venture investmentinvolves risks such as the possibility that the co-venturer may seek reliefunder federal or state insolvency laws, or have economic or business interestsor goals that are inconsistent with our business interests or goals.  While thebankruptcy or insolvency of our co-venturer generally should not disrupt theoperations of the joint venture, we could be forced to purchase theco-venturer's interest in the joint venture or the interest could be sold to athird party.  We also may guarantee the indebtedness of our joint ventures.  Ifwe do not have control over a joint venture, the value of our investment may beaffected adversely by a third party that may have different goals andcapabilities than ours.

            **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.

            **We may fail toqualify as a REIT and you may incur tax liability as a result.**  Commencingwith our taxable year ending December 31, 1993, we have operated in a manner soas to permit us to qualify as a REIT under the Code, and we intend to continueto operate in such a manner.  Although we believe that we will continue tooperate as a REIT, no assurance can be given that we will remain qualified as aREIT.  If we were to fail to qualify as a REIT in any taxable year, we wouldnot be allowed a deduction for distributions to our shareholders in computingour taxable income and would be subject to federal income tax (including anyapplicable alternative minimum tax) on our taxable income at regular corporaterates.  Unless we are entitled to relief under certain Code provisions, we alsowould be disqualified from treatment as a REIT for the four taxable yearsfollowing the year during which REIT qualification was lost.  As a result, thecash available for distribution to our shareholders could be reduced oreliminated for each of the years involved.

            **Our ownership limit, shareholders rights plan and stateanti-takeover laws may discourage takeover attempts. **With certain limitedexceptions, our Second Amended and Restated Articles of Incorporation, asamended and supplemented to date, prohibit the ownership of more than 4.0% ofthe outstanding common shares and more than 9.8% of the shares of any series ofany class of our preferred shares by any person.  Our shareholder rights planwill be triggered if any person or group becomes the beneficial owner of, orannounces an offer to acquire 15% or more of our common stock.  We aredomiciled in the State of Ohio, where various state statutes place certainrestrictions on takeover activity.  These restrictions are likely to have theeffect of precluding acquisition of control of us without our consent even if achange in control is in the interests of shareholders.

            **We are subject to control by our directors and officers. **Ourdirectors and executive officers and some members of their respective familiesowned approximately 20.0% of our outstanding common shares as of December 31,2007.  Accordingly, those persons have substantial influence over us and theoutcome of matters submitted to our shareholders for approval.

10

            **We depend on ourkey personnel.**  Our success depends to a significant degree upon thecontinued contribution of key members of our management team, who may bedifficult to replace.  The loss of services of these executives could have amaterial adverse effect on us.  There can be no assurance that the services ofsuch personnel will continue to be available to us.  Our Chairman of the Board,President and Chief Executive Officer, Mr. Jeffrey I. Friedman, is a party toan employment agreement with Associated Estates Realty Corporation.  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.

**Item 2.  Properties**

            ***Our Portfolio.*** The following table represents our portfolio as of December 31, 2007, whichconsists of properties we owned, directly or indirectly, a property in which weare a joint venture partner and properties we manage.

11
**
**Total Number**

** **

**Total Number**

**of Properties at**

** **

**of Units at**

**December 31, 2007**

** **

**December 31,  2007**

**Wholly Owned Properties**

Market-Rate Properties:

Florida

4

1,272

Georgia

3

874

Indiana

3

836

Maryland

3

667

Michigan

11

2,888

Ohio

25

5,080

Pennsylvania

1

468

50

12,085

Affordable Housing Properties:

Ohio

11

1,146

Acquisition Properties:

Georgia

1

843

Virginia

1

268

2

1,111

Total wholly owned properties

63

14,342

**Joint Ventures:**

Affordable Housing Property:

50.0% owned - Ohio

1

108

**Managed for Pension Fund Clients:**

Market-Rate Properties:

Colorado

1

258

**Managed for Other Third Parties:**

Affordable Housing Properties:

Ohio

1

85

Market-Rate Properties:

Ohio

1

273

2

358

Total managed properties

3

616

**Total Portfolio**

67

15,066

**Other Properties:**

Units/Sq. Ft.

**Asset Managed for Third Parties:**

Multifamily:

Texas

1

186

Commercial:

California

1

145,000

2

*  *

12
**
**Total Number**

** **

**Age of Owned**

**of Units at**

** **

**Properties at**

**December 31, 2007**

** **

**December 31,  2007(a)**

**Wholly Owned and Joint Venture Properties**

**Wholly Owned Properties**

Market-Rate Properties:

**Florida**

Courtney Chase

288

4

Cypress Shores

300

16

Vista Lago

316

4

Windsor Pines

368

9

1,272

**Georgia**

Cambridge at Buckhead

168

12

The Falls

520

21

Morgan Place

186

18

874

**Indiana**

Residence at White River

228

16

Steeplechase

264

9

Waterstone Apartments

344

10

836

**Maryland**

Annen Woods

131

20

Hampton Point

352

21

Reflections

184

22

667

**Michigan**

Arbor Landings

328

8

Aspen Lakes Apartments

144

26

Central Park Place

216

19

Country Place Apartments

144

18

Clinton Place apartments

202

19

Georgetown Park Apartments

480

8

Oaks and Woods at Hampton

544

19

The Landings at the Preserve

190

16

Spring Brook Apartments

168

19

Spring Valley Apartments

224

20

Summer Ridge

248

16

2,888

**Ohio**

St. Andrews at Little Turtle

102

20

Barrington

288

8

Bay Club

96

17

Bedford Commons

112

20

Bradford at Easton

324

11

Country Club Apartments

316

18
               
(a)

Age  of property is determined by subtracting the year the property was built or  the year the property was rehabilitated from 2007.
      
13

**Total Number**

** **

**Age of Owned**

**of Units at**

** **

**Properties at**

**December 31, 2007**

** **

**December 31,  2007(a)**

**Ohio (Continued)**

The Cloisters

506

17

Hawthorne Hills Apartments

88

34

Heathermoor

280

18

Kensington Grove

76

12

Lake Forest

192

13

Mallard's Crossing

192

17

Muirwood Village at Bennell

164

19

Perimeter Lakes

189

15

Remington Place

234

17

Residence at Christopher Wren

264

14

Residence at Turnberry

216

16

Saw Mill Village

340

20

Sterling Park

128

13

Village at Avon

312

6

Westchester Townhouses

136

18

Western Reserve

108

9

Westlake Townhouses

7

22

Williamsburg at Green Village

260

17

The Woodlands

150

33

5,080

**Pensylvania**

Chestnut Ridge

468

21

Affordable Housing Properties:

**Ohio**

Ellet

100

29

Puritas Place

100

26

Riverview Towers

98

28

Shaker Park Gardens II

151

43

State Road Apartments

72

30

Statesman II

47

20

Sutliff Apartments

185

28

Tallmadge Acres

125

26

Twinsburg Apartments

100

28

Village Towers

100

28

West High Apartments

68

26

1,146

 

(a)

Age  of property is determined by subtracting the year the property was built or  the year the property was rehabilitated from 2007.
      
14

**Total Number**

** **

**Age of Owned**

** **

**of Units at**

** **

**Properties at**

** **

**December 31, 2007**

** **

**December 31,  2007(a)**

** **

Acquisition Properties:

**Georgia**

Idlewylde

843

6

**Virginia**

The Alexander at Ghent

268

1

1,111

**Total wholly owned  properties**

14,342

16

**Joint Venture Properties**

Affordable Housing Property:

**50% Owned - Ohio**

Lakeshore Village

108

25

**Anticipated**

**Location**

** **

**Acres**

** **

**Completion**

** **

** **

** **

** **

** **

**Undeveloped Land Parcels:**

** **

** **

Aspen Lakes land

Grand Rapids, MI

19.5

On Hold

Landings at the Preserve land

Battle Creek, MI

4.3

On Hold

Westlake land

Westlake, OH

39.0

On Hold

Wyndemere land

Franklin, OH

10.0

On Hold

Total undeveloped land parcels

72.8
                     
(a)

Age  of property is determined by subtracting the year the property was built or  the year the property was rehabilitated from 2007.

*            **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, 2007, twenty-five of thesixty-three wholly owned properties were unencumbered (eleven of which areAffordable Housing properties), thirty-three properties were encumbered byconventional mortgages and five properties were encumbered bycross-collateralized, cross-defaulted mortgage loans.

**Item 3.  Legal Proceedings**

            For information concerning current legal proceedings, see Note 10of the Notes to Consolidated Financial Statements presented in Part II, Item 8of this 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.

15

**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

56

Chairman of the Board, President and Chief Executive  Officer

                   

Lou Fatica

41

Vice President, Treasurer and Chief Financial Officer

                     

Martin A. Fishman

66

Vice President, General Counsel and Secretary

                        

John T. Shannon

46

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 18 years of property management experience.

            In addition to the officers named in the table above, the followingpersons have been appointed as officers of the Company and hold positions insenior management as indicated:

            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 ourMarket-Rate properties, while also assisting with pricing and positioningstrategies.  Mr. Duffy previously held the position of Senior Vice President ofMarketing at The Shelter Group.  He graduated from Loyola College and holds aMaster's Degree in Administrative Sciences from Johns Hopkins University.  Mr. Duffy has over 21 years of experience in the real estate industry and is 46years old.

            Kara Florack joined the Company in 2004 as Director ofCompensation, and was promoted to Director of Human Resources in November2005.  In January 2007, she became Vice President of Human Resources.  Ms.Florack previously held the position of Assistant Manager of Compensation atCharter One Bank where she worked for three years.  Ms. Florack has aBachelor's degree from Boston University and is 32 years old.

           

16

            Michael K. Lawsonjoined the Company in 2007 as Vice President of Investor Relations andCorporate Communications.  Prior to joining the Company, Mr. Lawson was theprincipal of the MKL Group, a full service corporate communications and publicaffairs consulting firm that advises clients on a host of investor, media andgovernment relations strategies and tactics.  He previously served as Directorof Corporate Communications for Granite Construction Incorporated, one of thelargest transportation builders in the country.  Prior to joining Granite, Mr.Lawson worked as a journalist for the McGraw-Hill Companies.  Mr. Lawson has 21years of experience in investor relations and corporate communications and is 52years old.

            Miria C. Rabideau joined the Company in 1994 as a Property Manager,and was promoted to Regional Manager in 2003.  During 2006, she was promoted toRegional Vice President.  Ms. Rabideau is responsible for properties in Colorado, Indiana, Michigan, and Northwest Ohio.  Ms. Rabideau has 15 years of asset andproperty management experience. She has a Bachelor's degree from Michigan State University and is 38 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 the Market-Rate properties in Georgia, Maryland, Florida, Virginia, Central Ohio and Northeast Ohio.  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 TheShelter Group.  Ms. Stoll has over 20 years of property management experienceand is 52 years old.

 

17

**PART II **

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

            Our common shares are traded on the New York Stock Exchangeunder the trading symbol "AEC".   The following table sets forth forthe periods indicated the high and low closing sale prices per common share asreported on the New York Stock Exchange (composite tape) and the dividendsdeclared per common share.

Dividends Declared

Price Range

Per Share

2007

2006

2007

2006

High

Low

High

Low

First Quarter

 $

16.95  

 $

13.95  

 $

11.56  

 $

9.16  

 $

0.17  

 $

0.17     

Second Quarter

15.74  

14.14  

12.40  

10.42  

0.17     

0.17     

Third Quarter

15.95  

12.26  

15.90  

12.50  

0.17     

0.17     

Fourth Quarter

14.06  

9.44  

16.49  

13.59  

0.17     

0.17     

 $

0.68     

 $

0.68     

            On February 20, 2008, there were approximately 950 holders ofrecord and approximately 5,250 beneficial owners of our common shares.

            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.

18

            Our Board ofDirectors has authorized the repurchase of up to $50.0 million of our commonand/or preferred shares.  Additionally,we have a policy which allows employees to pay their portion of the payrolltaxes related to restricted share vesting by surrendering a number of shares tous equal in value on the day of vesting to the amount of taxes due up to theminimum statutory withholding amount.  The following table sets forth ourrepurchase activities for the fourth quarter of 2007. 

Issuer Purchases of Equity Securities for the Three  Months Ended December 31, 2007

Approximate

Dollar Value of

Total Number of

Shares That May

Shares Purchased

Yet Be Purchased 

Total Number

Average

As Part of

Under the Plans

of Shares

Price Paid

Publicly Announced

or Programs

Period

Purchased

Per Share

Plans or Programs

(in thousands)

October 1 through 

October  31

553,200  

 $

13.22  

553,200  

 $

5,949  

November 1 through

November  30

208  

11.54  

-  

5,949  

December 1 through

December  31

-  

-  

-  

5,949  

Total

553,408  

 $

13.22  

553,200  
                           
19

**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.

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

Year Ended December 31,

* *

2007 

2006 

2005 

2004 

2003 

**Operating Data:**

*Revenue*

Property  revenue

 $

138,224  

 $

124,926  

 $

116,565  

 $

109,423  

 $

107,553  

Management  and service company revenue:

Fees,  reimbursements and other

10,914  

11,689  

11,723  

13,400  

14,310  

Painting  services

2,218  

1,078  

1,094  

6,147  

2,827  

Total  revenue

151,356  

137,693  

129,382  

128,970  

124,690  

Total expenses

(120,349)

(111,386)

(104,436)

(100,903)

(100,913)

Interest  income

458  

680  

638  

309  

148  

Interest  expense

(41,824)

(50,634)

(38,632)

(35,288)

(35,353)

(Loss) income before gain on  disposition of

investment,  equity in net loss of joint ventures,

gain  on sale of partnership interest, minority

interest,  and income from discontinued operations

(10,359)

(23,647)

(13,048)

(6,912)

(11,428)

Gain on disposition of  investment

-  

-  

150  

-  

-  

Equity in net loss of joint  ventures

(258)

(462)

(644)

(923)

(1,157)

Gain on sale of partnership  interest

-  

-  

-  

-  

1,314  

Minority interest in  operating partnership

(53)

(61)

(63)

(63)

(75)

**(Loss) income from  continuing operations**

(10,670)

(24,170)

(13,605)

(7,898)

(11,346)

Income from discontinued  operations:

Operating  (loss) income

(29)

(2,902)

1,275  

1,540  

433  

Gain  on disposition of properties

20,864  

54,093  

48,536  

9,682  

-  

Income from discontinued  operations

20,835  

51,191  

49,811  

11,222  

433  

**Net income (loss)**

10,165  

27,021  

36,206  

3,324  

(10,913)

Preferred share dividends

(4,924)

(5,046)

(5,130)

(5,805)

(5,484)

Original issuance costs  related to 

repurchase/redemption  of preferred shares

(172)

-  

(2,163)

-  

-  

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

 $

5,069  

 $

21,975  

 $

28,913  

 $

(2,481)

 $

(16,397)

** **

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

(Loss)  income from continuing operations applicable to

common  shares 

 $

(0.93)

 $

(1.72)

 $

(1.09)

 $

(0.70)

 $

(0.87)

Income  from discontinued operations

1.23  

3.01  

2.60  

0.57  

0.02  

Net  income (loss) applicable to common shares

 $

0.30  

 $

1.29  

 $

1.51  

 $

(0.13)

 $

(0.85)

Weighted  average number of common shares outstanding

16,871  

17,023  

19,162  

19,519  

19,401  

**Dividends declared per  common share**

 $

0.68  

 $

0.68  

 $

0.68  

 $

0.68  

 $

0.68  

** **
                                 
    20

2007 

2006 

2005 

2004 

2003 

**Cash Flow Data:**

Cash flow provided by  operations

 $

28,962  

 $

17,912  

 $

24,376  

 $

32,935  

 $

30,758  

Cash flow (used for)  provided by investing activity

(38,610)

73,935  

4,421  

(12,745)

(11,509)

Cash flow (used for)  provided by financing activity

(18,813)

(101,570)

(50,798)

37,332  

(15,937)

**Balance Sheet Data at  December 31:**

Real estate assets, net

 $

659,586  

 $

591,520  

 $

645,937  

 $

665,268  

 $

661,585  

Total Assets

686,796  

648,829  

719,242  

762,917  

704,793  

Total Debt

556,695  

498,634  

573,570  

557,279  

543,496  

Total Shareholders' equity

89,786  

112,051  

108,980  

163,590  

121,428  

**Other Data:**

Net operating income (a) (c)

 $

74,702  

 $

66,041  

 $

62,770  

 $

62,837  

 $

58,294  

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

64  

66  

74  

76  

78  

** **

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

14,450  

15,355  

17,395  

17,854  

18,313  

Average monthly net  collected rent per unit 

 $

766  

 $

750  

 $

675  

 $

671  

 $

670  

Physical occupancy (b)

94.5%  

94.5% 

92.9% 

91.7% 

92.7% 

 

(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 (loss):
            
Year Ended December 31,

*(In thousands)*

2007 

2006 

2005 

2004 

2003 

Net operating income

 $

74,702  

 $

66,041  

 $

62,770  

 $

62,837  

 $

58,294  

Depreciation and  amortization

(33,368)

(29,894)

(29,825)

(26,999)

(28,433)

General and administrative  expense

(10,327)

(9,840)

(7,999)

(7,771)

(6,084)

Interest income

458  

680  

638  

309  

148  

Interest expense

(41,824)

(50,634)

(38,632)

(35,288)

(35,353)

Gain on disposition of  investment

-  

-  

150  

-  

-  

Equity in net loss of joint  ventures

(258)

(462)

(644)

(923)

(1,157)

Gain on sale of partnership  interest

-  

-  

-  

-  

1,314  

Minority interest in  operating partnership

(53)

(61)

(63)

(63)

(75)

Income from discontinued  operations:

Operating  (loss) income

(29)

(2,902)

1,275  

1,540  

433  

Gain  on disposition of properties 

20,864  

54,093  

48,536  

9,682  

-  

Income from discontinued  operations

20,835  

51,191  

49,811  

11,222  

433  

Net income (loss)

 $

10,165  

 $

27,021  

 $

36,206  

 $

3,324  

 $

(10,913)
                                 
21

**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 2008performance, 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 operationof multifamily residential units that we own.  We also provide asset and propertymanagement services to third party owners of multifamily residential units forwhich we are paid fees.  Our primary source of cash and revenue from operationsis rents from the leasing of owned apartment units.  Approximately 91.3% of ourconsolidated revenue was generated from the leasing of these owned units forthe year ended December 31, 2007, and approximately 87.2% of the propertyrevenue generated by these owned properties was related to the Market-Rateproperties.  During the third quarter of 2007, we announced our plan to exitthe Affordable Housing business.  As of December 31, 2007, we have reduced ourmanagement of properties to only three, one of which is an Affordable Housingproperty.  The owned Affordable Housing properties and the joint venture affordablehousing property are all under contracts for sale.

            We consider property NOI to be an important indicator of ouroverall performance.  Property NOI (property operating revenue less propertyoperating and maintenance expenses) is a measure of the profitability of ourproperties, which has the largest impact of all of our sources of income andexpense on our financial condition and operating results.  See Note 19 of theNotes to Consolidated Financial Statements presented in Part II, Item 8 of thisreport on Form 10-K for additional information regarding property NOI and totalNOI, in addition to a reconciliation of total NOI to consolidated net income inaccordance with accounting principals generally accepted in the United Statesof America ("GAAP").

            Our four reportable segments are based upon types of property andservices and consist of our Market-Rate properties (87.2% of total property revenue),properties we acquired or developed within the prior year and properties thathave been sold or are classified as held for sale, which segment is referred toas Acquisition/Disposition, our Affordable Housing properties and Managementand Service Operations.

            Our Same Community Market-Rate portfolio consists of 50 propertiescontaining 12,085 units and accounted for 87.2% of total property revenue in2007 and 86.6% of our property NOI.  During 2007 our net collected rents forthe Market-Rate portfolio increased 4.0%.  This growth was due to an increaseof 4.6% for our Midwest portfolio and 3.0% for our Mid-Atlantic/Southeastportfolio.  The growth rate in our Midwest portfolio is similar to the growthwe recognized in 2006, while the growth rate for our Mid-Atlantic/Southeastportfolio was much less than the 9.5% growth rate we recognized in 2006.  Weanticipate that for 2008 the net collected rents for the Same CommunityMarket-Rate portfolio will grow at approximately 3.0% to 3.3%.

22

            In 2008, we intend tocontinue with our strategy of reducing our Midwest presence by selling non-coreproperties.  We will also continue to evaluate potential property acquisitionsin higher growth markets that we have identified.  However, recent limitedtransactional activity in these markets may hinder our ability to find suitablereplacement properties that satisfy our investment criteria.  We may alsoconsider selling assets in any market, including the Mid-Atlantic and Southeastmarkets, where market conditions are such that the reinvestment of cashproceeds derived from a sale are expected to provide a significantly greaterreturn on equity and an increase in cash flow.

            We are also focused on reducing overall interest ratecharges on our borrowings which, at December 31, 2007, had a weighted averagerate of 6.7%.  We plan to accomplish this goal by using a portion of any saleproceeds to pay off debt or refinance existing debt with new debt at lowerinterest rates.

            In order to increase 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.  In2007, we updated all of our property websites to offer prospective tenantsvirtual property tours, and the ability to check availability and reserve anapartment unit online.  In 2008, we plan to offer online leasing and a residentportal feature that gives residents the ability to pay rent, sign up forutilities, request maintenance services and create their own personal web homepage.  Also in 2007, we introduced a product standardization initiativedesigned to reduce costs in certain areas and in 2008, we plan to expand thisprogram into other areas to provide additional savings.

            **2008 Expectations:**

• *** ***

***Portfolio  performance*** - We expect to increase our Market-Rate property NOI by  approximately 3.3% to 3.7% in 2008, driven by property revenue increases of  3.0% to 3.3%.  However, these expectations may be adversely impacted if the  economy suffers a broad and prolonged recessionary period.

• *** ***

***Property  acquisitions and sales*** - We plan to acquire approximately $100.0 million  of properties, while disposing of approximately $100.0 million of properties.   Included in these dispositions are the 11 Affordable Housing properties,  which contributed income of approximately $0.13 per common share from  property operations and $0.09 per common share relating to the settlement of  a lawsuit in 2007 pertaining to the collection of past due rents.  These  properties are expected to be disposed of during the first half of 2008.

•  *** ***

***Defeasance and other prepayment costs*** - We expect to incur  approximately $2.0 million in costs to defease/prepay or refinance debt  during 2008.

***            FederalIncome Taxes.***  We have elected to be taxed as a Real Estate InvestmentTrust ("REIT") under Sections 856 through 860 of the Internal RevenueCode of 1986, as amended, commencing with our taxable year ending December 31,1993.  REITs are subject to a number of organizational and operationalrequirements including a requirement that 90.0% of the income that wouldotherwise be considered as taxable income be distributed to shareholders. Providing we continue to qualify as a REIT, we will generally not be subject tofederal income tax on net income.  However, our Service Companies are subjectto 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 Taxable REIT Subsidiary ("TRS") that canprovide non-customary services to REIT tenants and others without disqualifyingthe rents that a REIT receives from its tenants.  However, no more than 20.0%of the value of a REIT's total assets can be represented by securities of oneor more TRS's.  The amount of intercompany interest and other expenses betweena TRS and a REIT are subject to arms length allocations.  We have elected TRSstatus for all of our Service Companies.

23

            ***LIQUIDITY ANDCAPITAL RESOURCES***

            ***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)*

2007

2006

2005

Net cash provided by  operating activities

 $

28,962  

 $

17,912  

 $

24,376  

Fixed assets:

Property  acquisitions, net

(70,547)

(256)

(65,320)

Property  disposition proceeds, net

46,478  

87,038  

78,739  

Recurring  and non-recurring capital expenditures

(12,300)

(12,526)

(8,998)

Debt:

(Decrease)  increase in mortgage notes

(3,939)

(74,937)

27,007  

Increase  (decrease) in revolver or line of credit borrowings

20,000  

-    

(10,000)

Issuance  of unsecured trust preferred securities

-    

-    

25,780  

Cash dividends and operating  partnership distributions paid

(16,554)

(16,872)

(18,742)

Purchase of preferred and/or  treasury shares

(16,861)

(10,258)

(73,677)

*           *Our primary sources of liquidity are cash flow provided byoperations, short-term borrowings on the revolver and proceeds from propertysales.  The increase in cash provided by operations in 2007 compared to 2006was primarily due to an increase in property revenues provided mainly by thetwo properties acquired in June 2007 and a reduction in defeasance and otherprepayment costs incurred in 2007 compared to 2006.  This increase in cash flowwas partially offset by changes in accounts payable and accounts receivableresulting from the timing of cash payments.

            The decrease in cash provided by operations in 2006 compared to 2005was primarily due to the payment of $14.4 million of defeasance and otherprepayment costs, which were funded by property sales and secured borrowings. Excluding these costs, cash flow from operations would have increased $7.9million primarily due to changes in accounts payable and accounts receivableresulting from the timing of cash payments.

            During 2007, cash on hand, funds received from the sale ofproperties and funds borrowed on the revolver were primarily used to acquiretwo operating properties and repurchase our common and preferred sharespursuant to our stock repurchase plan.

             ***Revolving Credit Facility.***  In April 2007, weobtained a $100.0 million unsecured revolving credit facility which is being usedfor the refinancing of existing debt, the acquisition of properties and generalcorporate purposes.  The revolver provides for, without limitation, a maximumdebt limitation and other financial covenants related to net worth, leverage,fixed charge coverage, unencumbered interest coverage, and dividend payments.  Weterminated our $17.0 million and $14.0 million secured lines of creditsimultaneously with obtaining the revolver.  At December 31, 2007, there wereborrowings of $20.0 million outstanding on the revolver.  We are currently innegotiation with our lenders to increase this credit facility.

            ***Shelf Availability.***  We have a shelf registrationstatement on file with the Securities and Exchange Commission relating to apossible offering, from time to time, of debt securities, preferred shares,depositary shares, common shares and common share warrants.  The remainingavailability under the shelf registration at December 31, 2007, is $214.7million.  However, it is unlikely that we could issue debt securities underthis shelf registration without first making major modifications to the shelfregistration debt covenants.

24

            ***Liquidity:* *Normal Business Operations.**** *We anticipate that we will meet ourbusiness operations and liquidity requirements for the upcoming year generallythrough net cash provided by operations.  We believe that if net cash providedby operations is below projections, other sources, such as the revolver, securedand unsecured borrowings, and property sales proceeds are or can be made availableand should be sufficient to meet our business operations and liquidityrequirements.

           ***Liquidity: Non-Operational Activities.***  Sources of cash available for paying downdebt, acquiring properties or buying back our shares are expected to beprovided primarily by property sale proceeds, refinancings and from therevolver.

***Long-Term Contractual Obligations.***  The followingtable summarizes our long-term contractual obligations at December 31, 2007, asdefined by Item 303(a) 5 of Regulation S-K of the Securities and Exchange Actof 1934.

* *

Payments Due In

*(In thousands)*

2013 and

Contractual Obligations

Total

2008

2009-2010

2011-2012

Later Years

Debt payable - principal

 $

556,695  

 $

34,635  

 $

174,891  

 $

144,642  

 $

202,527  

Debt payable - interest

199,828  

37,079  

63,600  

41,176  

57,973  

Operating leases

877  

144  

146  

75  

512  

Purchase obligations

83,485  

83,112  

373  

-    

-    

Total

 $

840,885  

 $

154,970  

 $

239,010  

 $

185,893  

 $

261,012  

** **

***Debt Payable-Principal.***  Debt payable-principalincludes principal payments on all property specific mortgages, the revolvingcredit facility and unsecured debt.  For detailed information about our debt,see Note 6 of the Notes to Consolidated Financial Statements presented in PartII, Item 8 of this report on Form 10-K.

***Debt Payable-Interest. *** Debt payable-interest includesaccrued interest at December 31, 2007 and interest payments as required basedupon the terms of the debt in existence at December 31, 2007.  Interest relatedto floating rate debt is calculated based on applicable rates as of December31, 2007.

             ***Operating Leases.***  We lease certain equipmentand facilities under operating leases.  For detailed information about ourlease obligations, see Note 10 of the Notes to Consolidated FinancialStatements presented 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 represent agreementsdated December 31, 2007, or earlier.

             ***Dividends.***  On December 10, 2007, we declared adividend of $0.17 per common share, which was paid on February 1, 2008, toshareholders of record on January 15, 2008.  We anticipate that we willcontinue paying quarterly dividends and that we will sustain our currentdividend rate of $0.17 per quarter.  Additionally, on January 29, 2008, wedeclared a quarterly dividend of $0.54375 per Depositary Share on our Class B CumulativeRedeemable Preferred Shares, which will be paid on March 14, 2008, to shareholdersof record on February 29, 2008.

25

***Capital Expenditures.***  We anticipate incurringapproximately $14.0 million in capital expenditures for 2008.  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 byoperating activities and proceeds from property sales.

***            Financing and Other Commitments.***  The following tableidentifies our total debt outstanding and weighted average interest rates as ofDecember 31, 2007 and 2006: 

*(Dollar amounts in thousands)*

Balance

Weighted

Balance

Weighted

Outstanding

Average

Outstanding

Average

December 31, 2007

Interest Rate

December 31, 2006

Interest Rate

**FIXED RATE DEBT**

Mortgages payable - CMBS

 $

200,168  

7.7%

 $

303,945  

7.7%

Mortgages payable - other

275,747  

5.8%

132,209  

6.1%

Unsecured borrowings

25,780  

7.9%

25,780  

7.9%

**Total  fixed rate debt**

501,695  

6.7%

461,934  

7.3%

** **

**VARIABLE RATE DEBT**

Mortgages payable

35,000  

6.2%

36,700  

6.6%

Revolver / lines of credit  borrowings

20,000  

6.7%

-  

0.0%

**Total  variable rate debt**

55,000  

6.4%

36,700  

6.6%

**TOTAL  DEBT**

 $

556,695  

6.7%

 $

498,634  

7.2%

** **

             The following table provides information on loans defeased/prepaidand loans obtained during 2007:

*(Dollar amounts in thousands)*

Loans prepaid/defeased

Loans obtained

Property

Amount

Rate

Amount

Rate

Chestnut Ridge 

 $

14,632  

7.5%

 $

19,000  

6.2%

(a)

Residence at White River 

8,284  

7.5%

9,221  

5.4%

Spring Valley Apartments 

11,008  

7.5%

10,817  

5.4%

Georgetown Park  Apartments 

19,379  

7.9%

16,000  

6.2%

(a)

Muirwood Village at  Bennell 

3,773  

7.9%

-    

N/A

Waterstone Apartments 

15,729  

7.5%

16,500  

5.8%

Lake Forest 

5,764  

7.9%

-    

N/A

The Landings at the Preserve  

6,740  

7.9%

-    

N/A

Residence at Barrington

15,152  

7.9%

19,500  

5.8%

The Alexander at Ghent 

-    

N/A

24,500  

5.8%

Cambridge at Buckhead

11,800  

7.1%

(a)

-    

N/A

Aspen Lakes 

3,900  

7.1%

(a)

-    

N/A

 $

116,161  

7.6%

(b)

 $

115,538  

5.8%

(b)
                                 
(a)

Denotes  variable rate loan.  Variable rates on loans obtained are as of December 31,  2007.

(b)

Represents  weighted average interest rate for the loans listed.
      
26

            At December 31, 2007,we had 25 unencumbered properties, 11 of which are Affordable Housingproperties.  These 25 properties had net income of $8.8 million for the yearended December 31, 2007, and a net book value of $156.1 million at December 31,2007.  Twelve of these unencumbered properties are scheduled for dispositionduring the first half of 2008.

              We own six of the Affordable Housing unencumbered propertiespursuant to ground lease agreements which, upon expiration of the applicable lease,require reversion of the land and building to the ground lessor.  These groundleases expire at various dates from 2021 to 2036.  Total revenue derived from theseproperties was $6.8 million, $5.2 million and $4.9 million for the years endedDecember 31, 2007, 2006 and 2005, respectively.  Furthermore, at the end of theterm of each ground lease, any remaining replacement reserves applicable tofour of those properties revert to the ground lessor.  Such replacement reservesincluded in restricted cash were $558,000 and $565,000 at December 31, 2007 and2006, respectively.  With respect to such leases, we paid ground rent of $33,000for each the years ended December 31, 2007, 2006 and 2005.

              One of the unencumbered properties is subject to a right ofreverter.  This provision requires that the land and real estate assets revertat expiration back to the original grantor from whom we acquired this propertyor its successors and assignees, which is in September 2037.  The net bookvalue of this property was $678,000 at December 31, 2007.  This propertygenerated revenue of $1.0 million, $997,000, and $934,000 for the years endedDecember 31, 2007, 2006 and 2005, respectively, and net income of $299,000, $318,000,and $344,000 for 2007, 2006, and 2005 respectively.

             We lease certain equipment and facilities under operating leases. Future minimum lease payments under all noncancellable-operating leases inwhich we are the lessee, principally for ground leases, are included in theprevious table of contractual obligations.

              ***Off-Balance Sheet Investments and Financing Commitments.*** We have an investment in a joint venture that owns an Affordable Housingproperty.  The operation of this property is similar to the operations of ourwholly owned portfolio.  Joint venture investments enable us to exerciseinfluence over the operations of such properties and share in their profits,while earning additional fee income.  We account for our investment in theunconsolidated joint venture under the equity method of accounting as weexercise significant influence, but do not control this entity and are notrequired 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 and cashcontributions and distributions.  This joint venture property had negative cashflow during 2007 and is expected to have negative cash flow during 2008 as aresult of operating expenses exceeding tenant rents and the housing assistancepayments from HUD.  The joint venture partnership that owns this property hasentered into a contract to sell it.  Our proportionate share of the debt onthis property at December 31, 2007, was $2.1 million.

            For summarized financial information for this joint venture, seeNote 7 of the Notes to the Consolidated Financial Statements presented in PartII, Item 8 of this report on Form 10-K.

27

            ***Operating Partnership.***  As provided in the AERCHP Investors Limited Partnership Agreement ("DownREIT Partnership"),we, as general partner, have guaranteed the obligation of the DownREITPartnership to redeem OP units held by the limited partners.  The DownREITPartnership was formed in 1998.  Under the terms of the DownREIT PartnershipAgreement, the DownREIT Partnership is obligated to redeem OP units for ourcommon shares or cash, at our discretion, at a price per OP unit equal to the20 day trailing price of our common shares for the immediate 20 day periodpreceding a limited partner's redemption notice.  During 2007, we redeemed 942OP units.  As of December 31, 2007, there were 78,335 OP units remaining havinga carrying value of $1.8 million, and 443,697 of the original 522,032 OP unitshad been redeemed.  These transactions had the effect of increasing ourinterest in the DownREIT Partnership from 85.0% to 97.4%.  For additionalinformation regarding the OP units, see Note 1 of the Notes to the ConsolidatedFinancial Statements presented in Part II, Item 8 of this report on Form 10-K.

            ***Acquisitions and Development.***  On June 29, 2007, weacquired our joint venture partner's 51.0% interest in Idlewylde Apartments, an843-unit Market-Rate property located in Atlanta, Georgia.  We previously owneda 49.0% interest in this partnership and had accounted for this investmentunder the equity method of accounting.  We paid our partner $21.6 million incash and assumed responsibility for the entire mortgage debt encumbering theproperty.  Commencing June 29, 2007, the results of operations, financialcondition (including the existing $42.0 million non-recourse mortgage loan),and cash flows of this property are included in our consolidated financialstatements.

            On June 8, 2007, we acquired a 268-unit Market-Rate propertylocated in Norfolk, Virginia for a purchase price of $48.3 million.  Thepurchase was funded primarily by 1031 proceeds from the disposition of aMarket-Rate property, which we sold on May 30, 2007, and with borrowings fromour revolving credit facility.

            On May 25, 2007, we acquired the land on which one of ourAffordable Housing properties is located for a purchase price of $897,000.  Wehad been leasing this land pursuant to a ground lease which was scheduled tomature in 2021.

            We intend to continue to evaluate potential property acquisitionsin higher growth markets that we previously identified.  Any future propertyacquisitions or developments would be financed with the most appropriatesources of capital, which may include the assumption of mortgage indebtedness,bank and other institutional borrowings, the exchange of properties,undistributed earnings, secured or unsecured debt financings, or the issuanceof shares or units exchangeable into common shares.

            ***Dispositions.***  During 2007, we sold three Market-Rateproperties for net cash proceeds of $46.9 million.  These proceeds were used topartially fund the acquisition of one property, fund capital expenditures andfor general corporate purposes.  The operating results of these properties,along with the gains of $20.9 million that we recognized, are included in"Income from discontinued operations".

            During 2006, we sold eight properties (seven Market-Rate propertiesand one Affordable Housing property) for net cash proceeds of $87.0 million. These proceeds were used primarily to defease/prepay debt, repurchase $10.2million of our common shares and partially fund capital expenditures.  Theoperating results of these properties, along with the gains of $54.1 millionthat we recognized, are included in "Income from discontinued operations".

28

             ***Management and Service Operations.***  Revenuesfrom our management and service operations will be significantly reduced in2008 as a result of our exit from the affordable housing business.  At the endof 2007, the management contracts related to 29 affordable housing properties wereterminated.  As of December 31, 2007, we managed one affordable housingproperty for an affiliated third party, two market rate properties for thirdparty owners, and the joint venture affordable housing property.  Additionally,we asset managed one residential property and one commercial property.  Weexpect revenues generated by third party management operations to decrease by $2.1million due to our decision to exit this business.  Net income received fromthis business in 2007 was approximately $500,000, and during 2008 we expect tooffset this loss of net income with cost savings that we have identified.

***RESULTS OF OPERATIONS FOR 2007 COMPARED WITH 2006 AND2006 COMPARED WITH 2005***

            In the followingdiscussion of the comparison of the year ended December 31, 2007 to the yearended December 31, 2006 and the year ended December 31, 2006 to the year endedDecember 31, 2005, Market-Rate properties refers to the Same CommunityMarket-Rate property portfolio.  Market-Rate properties represent 50 whollyowned properties.  Acquired/Disposed properties represent two acquiredproperties.  Affordable Housing properties represent 11 properties.

           During the 2007 to 2006 comparison period, operating incomeincreased $4.7 million primarily as a result of increased property revenue.  Interestexpense decreased $8.8 million when comparing 2007 to 2006, primarily due todecreased debt defeasement/prepayment costs.  Losses from continuing operationsdecreased by $13.5 million during the 2007 to 2006 comparison period.  Duringthe 2006 to 2005 comparison period, operating income increased $1.4 millionprimarily as a result of increased property revenue. Interest expense during the2006 to 2005 comparison period increased, primarily due to debtdefeasement/prepayment costs, resulting in an increase in the loss fromcontinuing operations.

            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, 2007 to 2006and 2006 to 2005:

Increase (decrease) when comparing 

 the years ended December 31,

*(Dollar amounts in  thousands)*

2007 to 2006

2006 to 2005

Property revenue

 $

13,298  

10.6%

 $

8,361  

7.2%

Property operating and  maintenance expense items:

Personnel

1,856  

12.3%

1,226  

8.8%

Real  estate taxes and insurance

788  

4.3%

1,535  

9.2%

Other  operating expenses

877  

20.0%

322  

7.9%

Depreciation and  amortization

3,474  

11.6%

69  

0.2%

General and administrative

487  

4.9%

1,841  

23.0%

Interest expense

(8,810)

(17.4)%

12,002  

31.1%

  29

            ***PropertyRevenue. ***Property revenue is impacted by a combination of rentalrates, rent concessions and occupancy levels.  We measure these factors usingindicators such as physical occupancy (number of units occupied divided bytotal number of units at the end of the period) and average monthly netcollected rent per unit (gross potential rents less vacancies and concessionsdivided by total number of units).  This information is presented in thefollowing table for the years ended December 31, 2007, 2006 and 2005:

Physical Occupancy

For the year ended December 31,

2007 

2006 

2005 

Market-Rate Properties:

Midwest

94.6%

95.2%

92.1%

Mid-Atlantic/Southeast

93.8%

93.4%

96.4%

Total Market-Rate

94.4%

94.8%

93.1%

Affordable Housing

99.0%

99.6%

99.2%

Acquisition Properties

90.5%

N/A

N/A
                                          
Average Monthly Net Collected

Rent Per Unit

For the year ended December 31,

2007 

2006 

2005 

Market-Rate Properties:

Midwest

 $

729  

 $

697  

 $

671  

Mid-Atlantic/Southeast

 $

1,058  

 $

1,027  

 $

762  

Total Market-Rate

 $

805  

 $

774  

 $

692  

Affordable Housing

 $

659  

 $

648  

 $

640  

Acquisition Properties

 $

944  

N/A

N/A

           

            Property revenueincreased in 2007 compared to 2006 primarily as a result of $6.5 millioncontributed by two properties acquired in 2007 and an increase of $5.0 millionin our Market-Rate properties.  Revenue increases in our Market-Rate propertieswere primarily due to stable occupancy combined with rental rate increases andan overall reduction in concessions.  Property revenues increased in 2006 comparedto 2005, primarily due to an increase of $8.2 million in the Market-Rateproperties driven by increased occupancy, increased rental rates, fewerconcessions, and from increases in revenue related to utility and refusereimbursement programs that were initiated in late 2004 and 2005. Additionally, two properties acquired in 2005 contributed $2.5 million inrental revenue during 2006.

            Property revenue for the Affordable Housing properties increased $1.8million in 2007 compared to 2006 primarily due to non-recurring rental revenueof $1.6 million received as a result of a settlement of a lawsuit with HUDrelating to the collection of past due rents at some of our Affordable Housingproperties.  Property revenue for the Affordable Housing properties alsoincreased approximately $200,000 in both comparison periods primarily due to HUDapproved rent increases during 2007 and 2006.  Affordable Housing revenue isprimarily dependent upon the receipt of rental assistance subsidies from HUDvia monthly housing assistance payments ("HAP Payments").  The amountof each monthly HAP Payment is equal to the rent amount (the "ContractRent") stated in the HAP Contract with HUD, less the amount payable by theeligible resident for such month.  In accordance with our plan to exit theAffordable Housing business, we expect to sell all 11 of our owned AffordableHousing properties in 2008.  Total revenue from these properties was $11.1million, which includes the aforementioned $1.6 million nonrecurringsettlement, $9.4 million, and $9.2 million for the years ended December 31,2007, 2006, and 2005, respectively.

30

 

            Below is a tablesetting forth the expiration dates of the HAP Contracts and the HAP Paymentsrevenue recognized for our Affordable Housing properties as of December 31,2007.
         
(In  thousands)

Final

Revenue Recognized During

                         Property                       

 Expiration Date 

    2007  

    2006  

   2005  

Ellet

December 2017

 $

384 

 $

401 

 $

415 

Lakeshore Village (50.0% joint  venture)(1)

July 2024

600 

585 

581 

Puritas Place

September 2011

669 

673 

692 

St. James (Riverview)

November 2009

441 

454 

466 

Shaker Park Gardens II

June 2008

859 

718 

716 

State Road Apartments

December 2016

459 

440 

413 

Statesman II

November 2008

353 

318 

320 

Sutliff Apartments

November 2019

737 

758 

767 

Tallmadge Acres

March 2008

838 

812 

796 

Twinsburg Apartments

June 2009

425 

437 

439 

Village Towers

November 2009

402 

416 

427 

West High Apartments

November 2008

623 

608 

596 
        
(1)

Amounts  shown represent 100% payment.

            The eleven wholly owned properties shown in the above table hadpositive cash flow during 2007 and are anticipated to have positive cash flowfor the remaining contract terms.  Therefore, none of these HAP contracts areconsidered to be loss contracts.  Lakeshore Village had negative cash flowduring 2007 as a result of increased operating expenditures related toincreased repair and maintenance expenses that exceeded the mark-to-marketmodeled expectations.  Our request for a budget-based increase in monthly HAPpayments sufficient to support a positive cash flow at this property was deniedby HUD.  We anticipate that additional cash requirements resulting from thenegative cash flow, if any, will be funded by our joint venture partner and us. The joint venture partnership that owns this property has entered into acontract to sell the property that is not expected to close until late 2008 orearly 2009.

            Contract Rents may be adjusted at least annually for some of theproperties in accordance with the annual adjustment factor method.  Generally,these types of adjustments are only permitted if current rents are below theHUD published Fair Market Rent ("FMR") threshold.  If current rentsexceed FMRs, a rent comparability study must be completed to demonstrate thatthe property's rents are below "market."

            "Contract Renewal Request Forms" must be submitted to HUD(or its corresponding contract agent) not less than 120 days prior to theapplicable HAP anniversary date in order to renew an existing HAP contract.  Weunderstand that the following options are available to us for expiring HAPcontracts:  (i) for properties without mortgages, we may renew at the lesser ofcurrent rents plus an operating cost adjustment factor ("OCAF") thatis set by HUD on an annual basis; or a budget based rent increase; (ii) forproperties encumbered by a mortgage, we may renew at the lesser of (x) currentrents plus an OCAF or (y) comparable market rents; or, (iii) opt out of theSection 8 program.  Opting out of the Section 8 program requires an additionalone-year notice to HUD (or the contract agent) and the affected residents.

            As previously indicated, we anticipate that these AffordableHousing properties will be sold during 2008.  However, if the sale of aproperty has not been consummated prior to the expiration of a HUD contract, webelieve that the contract will be renewed or we will enter into anothergovernment subsidized or mortgage restructuring program.

            The following represents our current expectations concerning thoseHAP contracts that expire in 2008, if the properties are not sold by the timethe respective contracts expire:

31

            *Shaker ParkGardens II.*  In April 2007, we requested a renewal of the current contractfor a one-year term with a budget based rent increase of 10.2%.  HUD denied ourrequest. Subsequently, we applied for a 4.7% increase, as calculated, using theOCAF published on October 2, 2006.  Our request for an OCAF increase wasgranted and the contract was renewed for a one-year term through June 30, 2008. Prior to expiration of the current contract, we intend to request a renewal foran additional one-year period.

            *Statesman II.*  In July 2007, we requested a renewal of thecurrent contract for a one-year term with an increase in rents of 2.6%, ascalculated, using the OCAF published on October 2, 2006.  Our request for anOCAF increase was granted and the contract was renewed for a one-year termthrough November 30, 2008.  Prior to expiration of the current contract, weintend to request a renewal for an additional one-year period.

            *Tallmadge Acres.*  In November 2007, we requested arenewal of the current contract for a one-year term with an increase in rentsof 2.6%, as calculated, using the OCAF published on October 17, 2007.  Ourrequest for an OCAF increase was granted and we expect the contract to berenewed for a one-year term effective March 17, 2008.

            *West High Apartments.*  In July 2007, we requested a renewalof the current contract for a one-year term with an increase in rents of 2.6%,as calculated, using the OCAF published on October 2, 2006.  Our request for anOCAF increase was granted and the contract was renewed for a one-year termthrough November 30, 2008.  Prior to expiration of the current contract, weintend to request a renewal for an additional one-year period.

            ***Fees, Reimbursements and Other.***  Fee revenue andexpense reimbursements for the management and service operations will besignificantly reduced during 2008 as a result of our exit from the AffordableHousing business.  During the fourth quarter of 2007, management contracts for29 properties that we managed during 2007 were transferred to either the thirdparty owner or to other management companies.  As of January 1, 2008, we managethree properties for third party owners and the joint venture property, and weasset manage one residential and one commercial property.  One of the threemanaged properties is an Affordable Housing property and is expected to be soldduring 2008 or 2009.  The joint venture property is also expected to be soldduring 2008 or 2009.  Upon the sale of these properties, we will no longerreceive the management fee or reimbursement revenue associated with theseproperties.  Management and advisory fees attributed to properties owned bynon-affiliated third party owners and advisory clients are earned pursuant tocontracts that are generally terminable upon 30 days notice.

            ***Property Operating and Maintenance Expenses.*** Property operating and maintenance expenses increased when comparing 2007 to 2006primarily as a result of increases in personnel expense, real estate taxexpense and other operating expenses.  Personnel expense increased due toincreased salary and benefit costs.  Real estate taxes increased due to taxesrelated to the two properties acquired during 2007 and assessed property valueand millage rate increases.  Other operating expenses increased as a result ofincreases in the write off of uncollectible tenant rent receivables andassociated collection costs.  These increases were partially offset by a creditrecorded during 2007 resulting from favorable property insurance lossexperiences and a renegotiation of the self-insured retention amounts.  Propertyoperating and maintenance expenses increased when comparing 2006 to 2005primarily as a result of increases in real estate tax expense, personnelexpense, and repairs and maintenance expenses.  The increase in real estatetaxes was due to assessed property value and millage rate increases and adecrease in refunds related to prior year taxes received in 2006.  The increasein repairs and maintenance expense was due to increases in maintenance projectcosts, unit preparation costs, landscaping costs, and trash removal costs.

32

            ***InterestExpense.***  Interest expense decreased in 2007 compared to 2006 primarilydue to a reduction of $8.2 million in defeasance/prepayment costs that wereincluded in income from continuing operations in 2007.  Interest expenseincreased in 2006 compared to 2005 primarily due to $12.4 million in defeasance/prepaymentcosts that were included in income from continuing operations in 2006.  Interestexpense associated with mortgage and revolving debt in income from continuingoperations decreased $800,000 in 2007 compared to 2006 and $400,000 in 2006compared to 2005 primarily as a result of reduced weighted average interestrates.  "Income from discontinued operations", as discussed below,includes no defeasance/prepayments costs or interest expense in 2007, and $5.2million in interest expense, of which $3.2 million is defeasance/prepaymentcosts, in 2006.

            ***Depreciationand Amortization.***  Depreciation and amortization expenses increased in2007 compared to 2006 primarily as a result of the acquisition of two propertiesin 2007.

            ***General and Administrative Expenses.***  General andadministrative expenses increased in 2007 compared to 2006 primarily due to increasesin corporate payroll, bonus, and share-based payment costs in 2007.  These increaseswere partially offset by a reduction of $876,000 in Directors' compensation in2007 compared to 2006, as a result of valuation adjustments in deferredcompensation based on common share units which are valued using the closingprice of our common shares at the end of each period.  General andadministrative expenses increased when comparing 2006 to 2005 primarily due tosalary, benefit and share-based payment costs and an increase of $585,000 inDirectors' compensation, resulting from a valuation adjustment in deferredcompensation in 2006.  Additionally, during 2006, we recorded an estimated losscontingency in connection with the out of court settlement reached with Montgomery County, Maryland.  See Note 10 of the Notes to Consolidated Financial Statementspresented in Part II, Item 8 of this report on Form 10-K for furtherinformation concerning this settlement.

            ***Income From Discontinued Operations.***  Included indiscontinued operations for the years ended December 31, 2007, 2006 and 2005,are the operating results and the gains related to three wholly ownedproperties that were sold in 2007, eight wholly owned properties that were soldin 2006, and three wholly owned properties that were sold in 2005.  Theoperating loss from discontinued operations in 2006 was primarily due to costsincurred to defease four loans that were secured by the properties that weresold.  For further details on "Income from discontinued operations,"see Note 2 of the Notes to the Consolidated Financial Statements presented inPart II, Item 8 of this report on Form 10-K.

            ***Inflation.***  It is our belief that the effects ofinflation would be minimal on the operational performance of our portfolio as aresult of the short-term nature of our leases that are typically for terms ofone year or less.

**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.

33

            SFAS No. 144,"Accounting for the Impairment or Disposal of Long-Lived Assets,"requires us to assess the recoverability of the carrying value of long-livedassets when an event of impairment has occurred.  In performing this analysis,we estimate holding periods of the assets, changes in fair market value of theassets and cash flows related to the operations of the assets to determine therange of potential alternatives and assign a probability to the variousalternatives under consideration by management.  Should the estimates used todetermine alternatives or the probabilities of the occurrence thereof change,an impairment may result which could materially impact our results ofoperations.

            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.

            SFAS No. 123(R), "Share-Based Payment," requires us toestimate the fair value of stock options awarded.  We use the Black-Scholesoption-pricing model to estimate the fair value of the stock options, and the Monte Carlo method to estimate the fair value of awards in which the number of shares thatwill ultimately vest are subject to market conditions.  The use of judgmentand/or estimates is required in determining certain of the assumptions used bythese valuation 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.

  34

**Quantitativeand Qualitative Disclosures About Market Risk**

            ***Interest RateRisk.***  At December 31, 2007, we had $55.0 million of variable ratedebt.  Based on this amount of variable rate debt, an interest rate change of100 basis points would impact interest expense approximately $550,000 on anannual basis.  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 various financialmodels and advisors to assist us in analyzing opportunities to achieve thoseobjectives.  For additional information related to interest rate hedgeagreements, see "Derivative Instruments and Hedging Activities" inNote 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 amortization and maturitydates.

December 31, 2007

December 31, 2006

*(Dollar amounts in  thousands)*

Fair Market

Fair Market

**Long term debt**

2008 

2009 

2010 

2011 

2012 

Thereafter

Total

Value

Total

Value

**Fixed:**

Fixed rate mortgage debt

 $

34,635  

 $

39,422  

 $

80,469  

 $

64,799  

 $

79,843  

 $

202,527  

 $

501,695  

 $

526,817  

 $

461,934  

 $

504,182  

Weighted average interest  rate

7.8% 

7.5% 

6.0% 

7.6% 

6.9% 

6.2% 

6.7% 

**Variable:**

Variable rate mortgage debt

-  

35,000  

-  

-  

-  

-  

35,000  

35,000  

36,700  

36,700  

Weighted average interest  rate

-  

6.2% 

-  

-  

-  

-  

6.2 %

LIBOR based revolving credit  facility (a)

-  

-  

20,000  

-  

-  

-  

20,000  

20,000  

-  

-  

Total variable rate debt

-  

35,000  

20,000  

-  

-  

-  

55,000  

55,000  

36,700  

36,700  

Total long term debt

 $

34,635  

 $

74,422  

 $

100,469  

 $

64,799  

 $

79,843  

 $

202,527  

 $

556,695  

 $

581,817  

 $

498,634  

 $

540,882  

(a)

Our  revolving credit facility matures in April 2010 and had a weighted average  interest rate of 6.7% at December 31, 2007.

**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 forConditional Asset Retirement Obligations".  Based on that analysis, we donot have any material AROs that would require recognition as a liability ordisclosure in our financial statements at December 31, 2007.  Phase Ienvironmental audits were obtained at the time of the IPO, property acquisitionor property refinancing, as the case may be, on all of our wholly owned andjoint venture properties.

            Future claims for environmental liabilities are not measurablegiven the uncertainties surrounding whether there exists a basis for any suchclaims to be asserted and, if so, whether any claims will, in fact, beasserted.

            ***Pending Litigation.***  For a discussion of pendinglitigation, see Note 10 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.

35

**Item 8.  ConsolidatedFinancial 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 haveevaluated the design and operation of our disclosure controls and procedures todetermine whether they are effective in ensuring that the disclosure ofrequired information is made timely in accordance with the Securities ExchangeAct of 1934 ("Exchange Act") and the rules and forms of theSecurities and Exchange Commission.  This evaluation was made under thesupervision and with the participation of management, including our ChiefExecutive Officer ("CEO") and Chief Financial Officer("CFO") as of the end of the period covered by this annual report onForm 10-K.  The CEO and CFO have concluded, based on their review, that ourdisclosure controls and procedures, as defined in Exchange Act Rules 13a-15(e)and 15d-15(e), are effective to ensure that information required to bedisclosed in reports that we file under the Exchange Act is (i) recorded,processed, summarized and reported within the time periods specified inSecurities and Exchange Commission rules and forms, and (ii) accumulated andcommunicated to management, including the principal executive and principalfinancial officers, as appropriate, to allow timely decisions regardingdisclosure.

            ***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 those criteria,we concluded that our internal control over financial reporting is effective asof December 31, 2007.  Our independent registered public accounting firm,PricewaterhouseCoopers LLP, has issued an audit report on management'sassessment of our internal control over financial reporting, which is includedin the "Report of Independent Registered Public Accounting Firm" inPart 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 2007 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.

36

**PART III**

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

            The information regarding our Directors, including information regardingthe audit committee's financial expert, contained in the Notice of AnnualMeeting and Proxy Statement for the Annual Meeting of Shareholders to be heldon May 7, 2008, is incorporated by reference in this report on Form 10-K.  Suchinformation will be filed with the SEC no later than 120 days after the yearcovered 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 7, 2008, 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 stockthat 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, 2007.  On May 4, 2005, our shareholders approved theAmended and Restated 2001 Equity-Based Award Plan which is currently the onlyplan under which grants of options to employees and directors can be made. Also, certain options previously granted to outside Directors, which were notmade under any of those plans, were not approved by shareholders, asshareholder approval for these grants was not required at the time the grants weremade.  For more information regarding all of our plans, see Note 17 of theNotes to Consolidated Financial Statements presented in Part II, Item 8 of thisreport on 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 formed.  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

1,532,385  

 $              9.50 

517,069  

Equity compensation plans  not

approved  by security holders

30,000  

 $           10.44 

-  

1,562,385  

517,069  
                     
37

            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 7, 2008 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 7, 2008, 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 7, 2008, 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.

38

**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, 2007 and 2006.

                         

Consolidated Statements of Operations for the years ended  December 31, 2007, 2006 and 2005.

                        

Consolidated Statements of Shareholders' Equity for the  years ended December 31, 2007, 2006 and 2005.

                        

Consolidated Statements of Cash Flows for the years ended  December 31, 2007, 2006 and 2005.

                        

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-45

 

 

III

Real Estate and Accumulated Depreciation

F-46

 

 

                           

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.
            
39

**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 27th day of February, 2008.

**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, thisreport has been signed below by the following persons on behalf of theregistrant and in the capacities indicated on the 27th day of February, 2008.

              Signature              

                                   Title                                  

            Date           

 

/s/ Jeffrey I. Friedman          

Chairman of the Board and Chief  Executive

February 27, 2008   

Jeffrey I. Friedman

Officer (Principal Executive  Officer)

                        

/s/ Lou Fatica                      

Chief Financial Officer  (Principal Financial

February 27, 2008   

Lou Fatica

Officer and Principal  Accounting Officer)

 

              

/s/ Albert T. Adams             

Director

February 27, 2008   

Albert T. Adams

                   

 

                 

/s/ James M. Delaney          

Director

February 27, 2008   

James M. Delaney

                 

 

/s/ Michael E. Gibbons        

Director

February 27, 2008   

Michael E. Gibbons

                 

 

                

/s/ Mark L. Milstein              

Director

February 27, 2008   

Mark L. Milstein

                 

 

                 

/s/ James A. Schoff             

Director

February 27, 2008   

James A. Schoff

 

                 

/s/ Richard T. Schwarz         

Director

February 27, 2008   

Richard T. Schwarz

 

                 
         
40

**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)

                 

4.2

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 10Q  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.
         
41

** **

** **

**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.

                  

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.

                

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.

                     

10.8

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.

                      

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.
         
42

**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, 2007 and  2006

F-4

                                                

   Consolidated Statements of Operations for the

      years ended December 31, 2007, 2006 and 2005

F-5

                                          

   Consolidated Statements of Shareholders' Equity for the

      years ended December 31, 2007, 2006 and 2005

F-6

                                                 

   Consolidated Statements of Cash Flows for the

      years ended December 31, 2007, 2006 and 2005

F-7

                                        

   Notes to Consolidated Financial Statements

F-8

                                     

   Financial Statement Schedules:

                                             

      II - Valuation and Qualifying Accounts

F-45

                                      

      III - Real Estate and Accumulated Depreciation at  December 31, 2007

F-46

** **

      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, 2007 and December 31, 2006, and the results of their operationsand their cash flows for each of the three years in the period ended December31, 2007 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 Company maintained,in all material respects, effective internal control over financial reportingas of December 31, 2007, based on criteria established in *Internal Control -Integrated Framework* issued by the Committee of Sponsoring Organizations ofthe Treadway Commission (COSO).  The Company's management is responsible forthese financial statements and financial statement schedules, for maintainingeffective internal control over financial reporting and for its assessment ofthe effectiveness of internal control over financial reporting, included under item9A.  Our responsibility is to express opinions on these financial statements,on the financial statement schedules, and on the Company's internal controlover financial reporting based on our integrated audits.  We conducted ouraudits in accordance with the standards of the Public Company AccountingOversight Board (United States).  Those standards require that we plan andperform the audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement and whether effective internalcontrol over financial reporting was maintained in all material respects.  Ouraudits of the financial statements included examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements,assessing the accounting principles used and significant estimates made bymanagement, and evaluating the overall financial statement presentation.  Ouraudit of internal control over financial reporting included obtaining anunderstanding of internal control over financial reporting, assessing the riskthat a material weakness exists, and testing and evaluating the design andoperating effectiveness of internal control based on the assessed risk.  Ouraudits also included performing such other procedures as we considerednecessary in the circumstances.  We believe that our audits provide areasonable basis for our opinions.

As discussed in Note 17 to the consolidated financial statements, the Companychanged the manner in which it accounts for share-based compensation in 2006 inaccordance with guidance provided in Statement of Financial AccountingStandards No. 123(R), "Share-Based Payment".

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.

F-2

Because of its inherentlimitations, internal control over financial reporting may not prevent ordetect misstatements.  Also, projections of any evaluation of effectiveness tofuture periods are subject to the risk that controls may become inadequate becauseof changes in conditions, or that the degree of compliance with the policies orprocedures may deteriorate.

/s/ PricewaterhouseCoopers LLP

Cleveland, Ohio

February 27, 2008

** **

F-3
****
**ASSOCIATED ESTATESREALTY CORPORATIONCONSOLIDATED BALANCE SHEETS**

*(In thousands, except  share amounts)*

December 31,

December 31,

**ASSETS**

2007 

2006 

Real estate assets

Land

 $

107,912  

 $

92,341  

Buildings  and improvements

826,226  

751,393  

Furniture  and fixtures

30,154  

28,126  

964,292  

871,860  

Less:   accumulated depreciation

(305,427)

(281,994)

658,865  

589,866  

Construction  in progress

721  

1,323  

Real  estate associated with property held for sale, net

-  

331  

Real  estate, net

659,586  

591,520  

Cash and cash equivalents

1,549  

30,010  

Restricted cash

6,730  

7,279  

Accounts and notes  receivable, net

Rents

1,128  

1,582  

Affiliates

1,875  

322  

Other

820  

1,955  

Investments in joint  ventures, net

-  

5,247  

Goodwill

1,725  

1,725  

Other assets, net

13,383  

9,155  

Other assets associated with  property held for sale, net

-  

34  

**Total assets**

 $

686,796  

 $

648,829  

**LIABILITIES AND SHAREHOLDERS' EQUITY**

Mortgage notes payable

 $

510,915  

 $

472,854  

Unsecured revolving credit  facility

20,000  

-  

Unsecured debt

25,780  

25,780  

Total  debt

556,695  

498,634  

Accounts payable, accrued  expenses and other liabilities

25,909  

24,568  

Dividends payable

2,848  

2,934  

Resident security deposits

3,826  

3,601  

Funds held on behalf of  managed properties - affiliates

344  

200  

Funds held on behalf of  managed properties - other

1,476  

1,978  

Accrued interest

2,737  

2,992  

Accumulated losses in excess  of investments in joint ventures

1,346  

-  

Other liabilities associated  with property held for sale

-  

20  

**Total liabilities**

595,181  

534,927  

Operating partnership  minority interest

1,829  

1,851  

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

220,850  and 232,000 outstanding at December 31, 2007 and December 31, 2006,  respectively

55,213  

58,000  

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

issued  and 16,353,700 and 17,261,224 outstanding at December 31, 2007 and

December  31, 2006, respectively

2,300  

2,300  

Paid-in  capital

281,152  

280,369  

Accumulated  distributions in excess of accumulated net income

(180,436)

(173,962)

Accumulated  other comprehensive loss

(1,050)

(71)

Less:   Treasury shares, at cost, 6,642,063 and 5,734,539 shares

at  December 31, 2007 and December 31, 2006, respectively

(67,393)

(54,585)

**Total shareholders' equity**

89,786  

112,051  

**Total liabilities and shareholders' equity**

 $

686,796  

 $

648,829  

The accompanying notes are an integral part of these  consolidated financial statements.
   
F-4
**
**ASSOCIATED ESTATESREALTY CORPORATIONCONSOLIDATED STATEMENTS OF OPERATIONS**

Year Ended December 31,

*(In thousands, except per  share amounts)*

2007 

2006 

2005 

**Revenue**

Property  revenue

 $

138,224  

 $

124,926  

 $

116,565  

Management  and service company revenue:

Fees,  reimbursements and other

10,914  

11,689  

11,723  

Painting  services

2,218  

1,078  

1,094  

Total  revenue

151,356  

137,693  

129,382  

**Expenses**

Property  operating and maintenance

61,627  

57,590  

52,959  

Depreciation  and amortization

33,368  

29,894  

29,825  

Direct  property management and service company expenses

12,863  

12,695  

12,503  

Painting  services

2,164  

1,367  

1,150  

General  and administrative

10,327  

9,840  

7,999  

Total  expenses

120,349  

111,386  

104,436  

Operating income

31,007  

26,307  

24,946  

Interest  income

458  

680  

638  

Interest  expense

(41,824)

(50,634)

(38,632)

(Loss) income before gain on  disposition of investment, 

equity  in net loss of joint ventures, minority interest

and  income from discontinued operations

(10,359)

(23,647)

(13,048)

Gain  on disposition of investment

-  

-  

150  

Equity  in net loss of joint ventures

(258)

(462)

(644)

Minority  interest in operating partnership

(53)

(61)

(63)

(Loss) income from  continuing operations

(10,670)

(24,170)

(13,605)

Income  from discontinued operations:

Operating  (loss) income

(29)

(2,902)

1,275  

Gain  on disposition of properties

20,864  

54,093  

48,536  

Income  from discontinued operations

20,835  

51,191  

49,811  

**Net income**

10,165  

27,021  

36,206  

Preferred share dividends

(4,924)

(5,046)

(5,130)

Preferred share repurchase  costs

(172)

-  

(2,163)

**Net income applicable to  common shares**

 $

5,069  

 $

21,975  

 $

28,913  

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

(Loss)  income from continuing operations applicable

to  common shares

 $

(0.93)

 $

(1.72)

 $

(1.09)

Income  from discontinued operations

1.23  

3.01  

2.60  

Net  income applicable to common shares

 $

0.30  

 $

1.29  

 $

1.51  

**Dividends declared per  common share**

 $

0.68  

 $

0.68  

 $

0.68  

**Weighted average number  of common shares**

**outstanding - basic and diluted**

16,871  

17,023  

19,162  
   
The accompanying notes are an integral part of these  consolidated financial statements.

**  **

F-5
****
**ASSOCIATED ESTATESREALTY CORPORATIONCONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY**

Year Ended December 31,

*(In thousands, except  share data)*

2007 

2006 

2005 

**Common shares outstanding**

Balance outstanding at  beginning of period

17,261,224  

17,950,326  

19,653,187  

Shares purchased

(1,045,346)

(992,423)

(1,823,265)

Shares issued from treasury  for stock option exercises

22,479  

236,599  

61,300  

Restricted share activity,  net

115,343  

66,722  

59,104  

Balance outstanding at end  of period

16,353,700  

17,261,224  

17,950,326  

**Preferred shares  outstanding**

Balance outstanding at  beginning of period

232,000  

232,000  

457,000  

Redemption of Class A  Cumulative Redeemable Preferred Shares

-  

-  

(225,000)

Purchase and retirement of  Class B Cumulative Redeemable Preferred Shares

(11,150)

-  

-  

Balance outstanding at end  of period

220,850  

232,000  

232,000  

**Preferred shares**

Balance outstanding at  beginning of period

 $

58,000  

 $

58,000  

 $

114,250  

Redemption of Class A  Cumulative Redeemable Preferred Shares

-  

-  

(56,250)

Purchase and retirement of  Class B Cumulative Redeemable Preferred Shares

(2,787)

-  

-  

Balance outstanding at end  of period

55,213  

58,000  

58,000  

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

Balance outstanding at  beginning and end of period

2,300  

2,300  

2,300  

**Treasury shares (at cost)**

Balance outstanding at  beginning of period

(54,585)

(45,877)

(29,800)

Purchase of common shares

(13,959)

(10,269)

(17,427)

Share based compensation

890  

(1,091)

668  

Shares issued from treasury  for stock option exercises

261  

2,652  

682  

Balance outstanding at end  of period

(67,393)

(54,585)

(45,877)

**Paid-in capital**

Balance outstanding at  beginning of period

280,369  

278,885  

277,117  

Share based compensation

786  

2,099  

(220)

Shares issued from treasury  for stock option exercises

(60)

(615)

(189)

Adjustment to 2004 issuance  of Class B Series II Cumulative

Redeemable  Preferred Shares

-  

-  

14  

Redemption of Class A  Cumulative Redeemable Preferred Shares

2,163  

Purchase and retirement of  Class B Cumulative Redeemable Preferred Shares

57  

-  

-  

Balance outstanding at end  of period

281,152  

280,369  

278,885  

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

Balance outstanding at  beginning of period

(173,962)

(184,303)

(200,277)

Net income

10,165  

27,021  

36,206  

Share based compensation

10  

14  

-  

Redemption of Class A  Cumulative Redeemable Preferred Shares

-  

-  

(2,163)

Purchase and retirement of  Class B Cumulative Redeemable Preferred Shares

(172)

-  

-  

Common share dividends  declared

(11,553)

(11,648)

(12,939)

Preferred share dividends  declared

(4,924)

(5,046)

(5,130)

Balance outstanding at end  of period

(180,436)

(173,962)

(184,303)

**Accumulated other  comprehensive income**

Balance outstanding at  beginning of period

(71)

(25)

-  

Change in fair value of  hedge instruments

(979)

(46)

(25)

Balance outstanding at end  of period

(1,050)

(71)

(25)

**Total Shareholders'  Equity**

 $

89,786  

 $

112,051  

 $

108,980  
   
The accompanying notes are an integral part of these  consolidated financial statements.

F-6
****
**ASSOCIATED ESTATESREALTY CORPORATIONCONSOLIDATED STATEMENTS OF CASH FLOWS**

Year Ended December 31,

*(In thousands)*

2007 

2006 

2005 

**Cash flow from operating  activities:**

Net  income

 $

10,165  

 $

27,021  

 $

36,206  

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

Depreciation  and amortization (including discontinued operations)

34,164  

33,389  

35,465  

Loss  on fixed asset replacements write-off

108  

163  

80  

Gain  on disposition of properties

(20,864)

(54,093)

(48,686)

Minority  interest in operating partnership

53  

61  

63  

Amortization  of deferred financing costs and other

1,567  

2,163  

826  

Amortization  of swap termination payments received

(294)

(497)

(727)

Share-based  compensation

1,590  

965  

303  

Equity  in net loss of joint ventures

258  

462  

644  

Distribution  from joint ventures

780  

318  

-  

Net  change in assets and liabilities:

Accounts  and notes receivable

787  

2,495  

547  

Accounts  payable and accrued expenses

102  

4,333  

(2,098)

Other  operating assets and liabilities

(3)

(86)

1,510  

Restricted  cash

549  

1,218  

243  

Total  adjustments

18,797  

(9,109)

(11,830)

Net  cash flow provided by operations

28,962  

17,912  

24,376  

**Cash flow from investing  activities:**

Recurring  fixed asset additions

(10,420)

(11,049)

(8,127)

Revenue  enhancing/non-recurring fixed asset additions

(1,880)

(1,477)

(871)

Net  proceeds from disposition of operating properties

46,478  

87,038  

78,739  

Acquisition  fixed asset additions

(70,547)

(256)

(65,320)

Other  investing activity

(2,241)

(321)

-  

Net  cash flow (used for) provided by investing activities

(38,610)

73,935  

4,421  

**Cash flow from financing  activities:**

Principal  payments on mortgage notes payable

(119,477)

(207,146)

(60,933)

Payment  of debt procurement costs

(1,660)

(1,540)

(1,659)

Proceeds  from mortgage notes obtained

115,538  

132,209  

87,940  

Revolver  and/or line of credit borrowings

155,260  

96,300  

60,250  

Revolver  and/or line of credit repayments

(135,260)

(96,300)

(70,250)

Common  share dividends paid

(11,577)

(11,765)

(13,229)

Preferred  share dividends paid

(4,924)

(5,046)

(5,450)

Operating  partnership distributions paid

(53)

(61)

(63)

Exercise  of stock options

201  

2,037  

493  

Purchase  of preferred and/or treasury shares

(16,861)

(10,258)

(73,677)

Proceeds  from issuance of unsecured trust preferred securities

-  

-  

25,780  

Net  cash flow used for financing activities

(18,813)

(101,570)

(50,798)

Decrease in cash and cash  equivalents

(28,461)

(9,723)

(22,001)

Cash and cash equivalents,  beginning of period

30,010  

39,733  

61,734  

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

 $

1,549  

 $

30,010  

 $

39,733  
   
The accompanying notes are an integral part of these  consolidated financial statements.

** **

F-7 
****
**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 andownership activities.  In addition to rental revenue, we receive certainproperty and asset management fees, acquisition, disposition and incentivefees, consultation fees, and mortgage servicing fees.  Our MIG subsidiary is aregistered investment advisor and serves as a real estate advisor to pensionfunds. We own two taxable REIT subsidiaries (the "Service Companies")that provide management and other services to us and to third parties.

             As of December 31, 2007, our property portfolio consisted of: (i)64 owned apartment communities containing 14,450 units in eight states, 12 ofwhich are Affordable Housing communities including one joint venture propertycontaining 108 units; (ii) three apartment communities that we manage for thirdparty owners consisting of 616 units; and (iii) a 186-unit apartment communityand a commercial property containing approximately 145,000 square feet that we assetmanage.

            During the third quarter of 2007, we announced our plan to exit theAffordable Housing business.  At that time, we managed 30 Affordable Housingapartment communities for third party owners.  As of January 1, 2008, we nolonger manage 29 of the third party owned Affordable Housing properties.  The 12Affordable Housing communities that we own, directly or through a joint venture,are under contracts to be sold and most are expected to be sold during thefirst half of 2008.

**Principles of Consolidation**

            The accompanying 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 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);

•  

certain variable interest entities in which we have a controlling  interest, including where we have been determined to be a primary beneficiary  of a variable interest entity in accordance with the provisions of  Interpretation No. 46(R), "Consolidation of Variable Interest  Entities", or meet certain criteria of a sole general partner or  managing member in accordance with EITF 04-05, "Investor's Accounting  for an Investment in a Limited Partnership When the Investor Is the Sole  General Partner and the Limited Partners Have Certain Rights"; and

•  

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

           

F-8 

            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 andtransactions have been eliminated in consolidation.

            We own 100% of the common stock of all qualified REIT subsidiariesincluded in our consolidated financial statements.

**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, real estatetaxes and insurance from the commencement of development activity through thetime 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 were noproperties classified as held for sale at December 31, 2007, and one propertyclassified as held for sale at December 31, 2006.

F-9 

**Classification of Fixed AssetAdditions**

            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 assets to be capitalexpenditures if such improvements increase the value of the property and/orenable us to increase rents.  We define acquisition fixed asset additions to befor the purchase or construction of new properties to be added to ourportfolio, or fixed asset additions identified at the time of purchase that arenot made until subsequent periods.

**Impairment of Long-Lived Assets**

            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 ingeneral market conditions that are considered permanent in nature.  Under SFASNo. 144, a real estate asset held for investment is not considered impaired ifthe undiscounted, 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 theclassification of a real estate asset as held for sale, the carrying value ofthe asset is reduced to the lower of its net book value or its fair value, lesscosts to sell.  Subsequent to the classification of assets as held for sale, nofurther depreciation expense is recorded.  No impairment was recorded inconnection with our owned real estate assets for the years ended December 31,2007, 2006 and 2005.

            Investments in joint ventures that we own 50.0% or less arepresented using the equity method of accounting as we have the ability toexercise significant influence over, but do not have financial or operatingcontrol over such entities.  Since we intend to fulfill our obligations as apartner in the joint ventures, we have recognized our share of losses anddistributions in excess of our investment.  Our investment in unconsolidatedentities is periodically reviewed for other than temporary declines in marketvalue.  Any decline that is not expected to recover in the next 12 months isconsidered other than temporary and an impairment is recorded as a reduction inthe carrying value of the investment.  Estimated fair values are based on ourprojections of cash flows and market capitalization rates.  As of December 31,2007, no impairment has been recorded in connection with any of our jointventure investments.  For additional information concerning our activity inconnection with our joint venture investments, see Note 7.

**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.

  F-10 
****
**Revenue Recognition**

            Our residential property leases are for terms of generally one yearor less.  Rental income is recognized on the straight-line basis.  Retroactiverevenue increases related to budget based Affordable Housing properties aregenerally recognized based on rental increase applications that are approved byHUD.

            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(included in "Direct property management and service companyexpenses").  For the years ended December 31, 2007, 2006 and 2005, thereimbursements shown as revenue were equivalent to the expenses, which were$8.3 million, $8.3 million and $8.6 million, respectively.

**Advertising Costs**

            We recognize advertising costs as expense when incurred.  The totalamount charged to advertising expense for the years ended December 31, 2007, 2006,and 2005, were $1.8 million, $2.0 million and $2.0 million, respectively.  Therewere no advertising costs reported as assets for the years ended December 31,2007 and 2006.

**Share-Based Compensation**

            Effective January 1, 2006, we adopted the provisions of Statementof Financial Accounting Standards No. 123 (revised), "Share-BasedPayment" ("SFAS 123(R)") using the modified prospectiveapplication method.  Prior to the adoption of SFAS 123(R), we accounted forshare-based compensation using the intrinsic value method in accordance withAccounting Principles Board Opinion No. 25 ("APB No. 25"), andaccordingly, we recognized no compensation expense for stock option awards. For information about our equity based award plans, see Note 17.

            Under the modified prospective method of SFAS 123(R), share-basedcompensation cost is recognized on (i) all awards granted on or after January1, 2006, using the fair-value method, (ii) nonvested stock option awardsgranted prior to January 1, 2006, based on their grant date fair value aspreviously calculated under the pro-forma disclosure provisions of SFAS 123over the remaining requisite service periods, and (iii) nonvested restrictedshare awards based on their grant date fair value over the remaining serviceperiods.  Prior periods were not restated to reflect the impact of adoptingthis Statement.  Additionally, SFAS 123(R) requires us to estimate the amountof expected forfeitures when calculating compensation costs, instead ofaccounting for forfeitures as they occur, which was our previous method. Forfeiture rates were calculated based on our historical forfeiture activity,which was adjusted for activity that we believe is not representative ofexpected future activity.  The following table reflects the effect on operatingresults and per share information if we had accounted for share-basedcompensation in accordance with SFAS 123(R) for the year ended December 31, 2005:

F-11 

Year Ended

*(In thousands, except per  share amounts)*

December 31, 2005

Net income

 $

36,206  

Total stock compensation  recognized

358  

Total stock compensation  cost had SFAS 123(R) been adopted

(663)

Proforma net income had SFAS  123(R) been adopted

 $

35,901  

** **

Net income applicable to  common shares:

Net income applicable to  common shares as reported

 $

28,913  

Total stock compensation  recognized

358  

Total stock compensation  cost had SFAS 123(R) been adopted

(663)

Proforma net income  applicable to common shares had SFAS 123(R) been adopted

 $

28,608  

Income per common share -  basic and diluted:

Income per common share as  reported

 $

1.51  

Total stock compensation  recognized

0.02  

Total stock compensation  cost had SFAS 123(R) been adopted

(0.04)

Proforma income per common  share had SFAS 123(R) been adopted

 $

1.49  

**Operating Partnership MinorityInterest**

            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 of December31, 2007, 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, 2007.

            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 - 2004

429,009  

 $

3,848  

 $

9,765  

 $

5,917  

2005

-  

-  

-  

-  

2006

13,746  

184  

321  

137  

2007

942  

14  

22  

8  

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.

  F-12 

            The Service Companieshave elected to be treated as Taxable REIT Subsidiaries and operate as C-corporationsunder the Code and have accounted for income taxes in accordance with theprovisions of SFAS No. 109, "Accounting for Income Taxes".  Taxes areprovided for those Service Companies having net profits for both financialstatement and income tax purposes.  The 2007, 2006 and 2005 net operating losscarry forwards for the Service Companies, in the aggregate, are approximately $8.3million, $8.0 million and $7.0 million, respectively, and expire during theyears 2018 to 2027.

            The gross deferred tax assets were $4.8 million, $4.5 million and$4.3 million at December 31, 2007, 2006 and 2005, respectively, and relateprincipally to net operating losses of the Service Companies.  Gross deferredtax liabilities of $155,000, $166,000 and $150,000 at December 31, 2007, 2006and 2005, respectively, relate primarily to tax basis differences in fixedassets and intangibles.  The deferred tax valuation allowance was $4.7 million,$4.3 million and $4.2 million at December 31, 2007, 2006 and 2005,respectively.  We reserve for net deferred tax assets when we believe it ismore likely than not that they will not be realized.  The deferred tax assetsand the deferred tax valuation allowance are recorded in "Other assets,net" and the deferred tax liabilities are recorded in "Accountspayable, accrued expenses and other liabilities" in the ConsolidatedBalance Sheets.

            At December 31, 2007 and 2006, our net tax basis of propertiesexceeds the amount set forth in the Consolidated Balance Sheets by $55.1million and $66.5 million, respectively.

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

Year Ended December 31,

*(In thousands)*

2007 

2006 

2005 

GAAP net income

 $

10,165  

 $

27,021  

 $

36,206  

Add:        GAAP net loss  (income) of taxable REIT

   subsidiaries  and minority interest in joint venture, net

525  

748  

(340)

GAAP net income from REIT  operations (1)

10,690  

27,769  

35,866  

Add:        Book  depreciation and amortization

35,808  

35,388  

37,639  

Less:       Tax depreciation  and amortization

(26,267)

(27,058)

(28,522)

   Book/tax  differences on (losses) gains from 

   capital  transactions

(21,076)

(27,106)

(22,105)

Other book/tax differences,  net

(1,203)

1,496  

(796)

Taxable (loss) income before  adjustments

(2,048)

10,489  

22,082  

Less:  Capital loss (gain)

216  

(26,986)

(25,769)

Taxable (loss) income  subject to dividend requirement

 $

(1,832)

 $

(16,497)

 $

(3,687)
                     
(1)

All  adjustments to GAAP net income from REIT operations are net of amounts  attributable to taxable REIT subsidiaries and minority interests.
      
F-13 
****
**Reconciliation Between CashDividends Paid and Dividends Paid Deduction**            

Year Ended December 31,

*(In thousands)*

2007 

2006 

2005 

Cash dividends paid

 $

16,473  

 $

16,691  

 $

18,279  

Plus:    Dividends  designated to prior year from following year

-  

(1,252)

1,252  

Less:   Portion designated  as capital gain distribution

-  

(11,169)

(19,531)

Less:   Return of capital

(16,473)

(4,270)

-  

Dividends paid deduction

 $

-  

 $

-  

 $

-  

**Dividends Per Share**

            Total dividends per common share and the related components forthe years ended December 31, 2007, 2006 and 2005, as reported for income taxpurposes, were as follows:

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 (1)

 $

-  

 $

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  
                                 
(1)

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.
      
F-14 

Year Ended December 31, 2005

 Non-Taxable 

 20% Rate 

 Unrecaptured 

 Ordinary 

 Return of 

 Capital 

 Section 1250 

 Date Paid 

 Income 

 Capital 

 Gain 

 Gain 

 Dividends 

2/1/2005

 $

-  

 $

-  

 $

0.170000  

 $

0.066019  

 $

0.170000  

5/2/2005

-  

-  

0.170000  

0.066019  

0.170000  

8/1/2005

-  

-  

0.170000  

0.066019  

0.170000  

11/1/2005

-  

-  

0.170000  

0.066019  

0.170000  

1/23/2006 (1)

-  

-  

0.070258  

0.027285  

0.070258  

 $

-  

 $

-  

 $

0.750258  

 $

0.291361  

 $

0.750258  
                                 
(1)

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, 2006, for income  tax purposes.

            Preferred dividends of $4.9 million, $5.0 million and $5.1 millionwere paid for the years ended December 31, 2007, 2006 and 2005, respectively,and were designated as a non-taxable return of capital and capital gaindividend.

**Derivative Instruments and Hedging 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, theCompany records all derivatives on the balance sheet at fair value.  Theaccounting for changes in the fair value of derivatives depends on the intendeduse of the derivative and the resulting designation. Derivatives used to hedgethe exposure 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 effectiveness is assessed by comparingthe changes in fair value or cash flows of the derivative hedging instrumentwith the changes in fair value or cash flows of the designated hedged item ortransaction. For derivatives not designated as hedges, changes in fair valueare recognized in earnings. 

 

            As of December 31, 2007, no derivatives were designated as fairvalue hedges.  Additionally, we do not use derivatives for trading orspeculative purposes.  Further, we have a policy of only entering intocontracts with major financial institutions based upon their credit ratings andother factors. When viewed in conjunction with the underlying and offsettingexposure that the derivatives are designed to hedge, we have not sustained amaterial loss from those instruments and we do not anticipate any materialadverse effect on our net income or financial position in the future from theuse of derivatives.

 

F-15 

We have utilized interest rate swaps and caps to add stability tointerest expense and to manage our exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt ofvariable-rate amounts in exchange for fixed-rate payments over the life of theagreements without exchange of the underlying principal amount.  Interest rateswaps designated as fair value hedges involve the payment of variable-rate amountsin exchange for fixed-rate payments over the life of the agreements withoutexchange of the underlying principal amount.  Interest rate caps designated ascash flow hedges involve the receipt of variable-rate amounts if interest ratesrise above a certain level in exchange for an up front premium.  During 2007,such derivatives were used to hedge the variable cash flows associated with $63.0million of existing variable-rate debt.  At December 31, 2006, there were nointerest rate swap derivatives included on the Consolidated Balance Sheets.

Interest Rate Hedge Activity:  During2007, we executed two interest rate swaps to hedge the cash flows of existingvariable rate debt.  The notional amounts of the swaps were $42.0 million(which commenced on August 28, 2007) and $21.0 million (which commenced onDecember 20, 2007).  At December 31, 2007, the fair value of these twoswaps was a liability of $1.0 million and was included in the ConsolidatedBalance Sheets as "Accounts payable, accrued expenses and other liabilities". No hedge ineffectiveness on these cash flow hedges was recognized during 2007. For the year ended December 31, 2007, the change in net unrealized gains/losseson these hedges was reported in the Consolidated Statements of Shareholders'Equity as a $1.0 million net loss.  Amounts reported in accumulated othercomprehensive income related to derivatives will be reclassified to interestexpense as interest payments are made on our variable-rate debt. The change innet unrealized gains/losses on cash flow hedges reflects a reclassification of$88,000 net gain from accumulated other comprehensive income to interest expensefor the year ended December 31, 2007.  During 2008, we estimate that anadditional $260,000 will be reclassified as an increase to interest expense.

On April 19, 2002, we executed an interestrate swap with a notional amount of $14.0 million (which commenced on May 15,2002) to hedge the fair market value of a fixed rate loan. This swap expired inNovember 2005 upon the maturity of the related loan. We recorded a credit tointerest expense of $147,000 for the year ended December 31, 2005, related tothis swap.

On February 25, 2000, we executed two interestrate swaps. The notional amounts of the swaps were approximately $10.6 million(which commenced March 1, 2000) and $54.8 million (which commenced March 10,2000). The swaps amortized monthly in accordance with the amortization of thehedged loans and were to expire upon maturity of the loans. These swaps wereexecuted to hedge the fair market value of five fixed rate loans. On December11, 2000, we executed termination agreements for both swaps, and received atotal termination payment of $3.2 million. This termination payment was beingamortized, as a credit to interest expense, through the maturity dates of therelated loans in 2007. If a loan is extinguished prior to the original maturitydate, any unamortized termination payment related to such loan is immediatelycredited to interest expense. Total amortization related to the terminationpayments was $294,000, $497,000 and $727,000 for the years ended December 31,2007, 2006 and 2005, respectively.

  During 2006, we utilized forward contracts with respect to forecastedprobable purchases of natural gas used in heating certain properties that weowned or managed. We utilized the gas forwards to limit the market price riskassociated with the forecasted gas purchase. Identification of a forwardcontract as a qualifying cash-flow hedge requires us to determine that theforecasted transaction(s) is probable, and the hedging relationship between thegas contract and the expected future purchase is expected to be highlyeffective at the initiation of the hedge and throughout the hedgingrelationship. The changes in fair value of the contracts were recorded in othercomprehensive income ("OCI"). The amount in OCI was reclassified intoearnings when the cost of the gas affected earnings.  As of December 31, 2007and 2006, this hedge was reported at fair value on the Consolidated BalanceSheets as "Accounts payable, accrued expenses and other liabilities"in the amount of $0 and $80,000, respectively. The unrealized gain/loss in thefair value of this hedge was deferred in OCI and recognized in earnings as thehedged transaction occurred. The change in net unrealized gain/loss on thishedge reflects a reclassification of net unrealized loss from accumulated OCIto earnings of $71,000 and $143,000 during the years ended December 31, 2007and 2006, respectively.

  F-16 
****
**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 14.

**Recent Accounting Pronouncements**

            In June 2007, the Accounting Standards Executive Committee of theAmerican Institute of Certified Public Accountants ("AICPA") issuedStatement of Position 07-1, "Clarification of the Scope of the Audit and AccountingGuide Investment Companies and Accounting by Parent Companies and Equity MethodInvestors for Investments in Investment Companies" ("SOP 07-1").SOP 07-1 addresses when the accounting principles of the AICPA Audit andAccounting Guide "Investment Companies" must be applied by an entityand whether investment company accounting must be retained by a parent companyin consolidation or by an investor in the application of the equity method ofaccounting. In addition, SOP 07-1 includes certain disclosure requirements forparent companies and equity method investors in investment companies thatretain investment company accounting in the parent company's consolidatedfinancial statements or the financial statements of an equity method investor.On February 6, 2008, FSP SOP 07-1a was issued to delay indefinitely theeffective date of SOP 07-1 and prohibit adoption of SOP 07-1 for an entity thathas not early adopted SOP 07-1 before issuance of the final FSP. We have determinedthat we are not an investment company under the provisions of SOP 07-1 and donot expect to retain specialized investment company accounting for any of ourconsolidated or equity method investments where the investment entity may bedeemed an investment company. 

            In September 2006, the FASB issued Statement No. 157, Fair ValueMeasurements ("SFAS 157"). SFAS 157 provides guidance for using fairvalue to measure assets and liabilities. This statement clarifies the principlethat fair value should be based on the assumptions that market participantswould use when pricing the asset or liability. SFAS 157 establishes a fairvalue hierarchy, giving the highest priority to quoted prices in active marketsand the lowest priority to unobservable data. SFAS 157 applies whenever otherstandards require assets or liabilities to be measured at fair value. SFAS 157also provides for certain disclosure requirements, including, but not limitedto, the valuation techniques used to measure fair value and a discussion ofchanges in valuation techniques, if any, during the period. This statement iseffective for us on January 1, 2008, except for nonfinancial assets andnonfinancial liabilities that are not recognized or disclosed at fair value ona recurring basis, for which the effective date is January 1, 2009. We do notbelieve that the adoption of this standard will have a material effect on ourfinancial position and results of operations.

            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. This statement is effective for us on January1, 2008.  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. 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. This statement is effective for us for business combinations forwhich the acquisition date is on or after January 1, 2009.  We are currentlyassessing the potential impact that the adoption of SFAS 141(R) will have on ourfinancial position and results of operations. 

F-17 

            In December 2007, theFASB issued Statement No. 160, "Noncontrolling Interests inConsolidated 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 are currentlyassessing the potential impact that the adoption of SFAS 160 will have on ourfinancial position and results of operations. 

            **Reclassifications**

            Certain reclassifications have been made to the 2006 and 2005consolidated financial statements to conform to the 2007 presentation.

**2.         ACQUISITION ANDDISPOSITION ACTIVITY**

**Acquisition Activity**

            On June 29, 2007, weacquired our joint venture partner's 51.0% interest in Idlewylde Apartments, an843-unit Market-Rate property located in Atlanta, Georgia.  We previously owneda 49.0% interest in this partnership and had accounted for this investmentunder the equity method of accounting.  We paid our partner $21.6 million incash.  Commencing June 29, 2007, the results of operations, financial condition(including the existing $42.0 million non-recourse mortgage loan), and cashflows of this property are included in our consolidated financial statements.

            On June 8, 2007, we acquired a 268-unit Market-Rate propertylocated in Norfolk, Virginia for a purchase price of $48.3 million.  Thepurchase was funded primarily by 1031 proceeds from the disposition of aMarket-Rate property which we sold on May 30, 2007, and with borrowings fromour revolving credit facility.

            On May 25, 2007, we acquired the land on which one of ourAffordable Housing properties is located for a purchase price of $897,000.  Wehad been leasing this land pursuant to a ground lease that was scheduled tomature in 2021.

            On October 11, 2005, we acquired a 168-unit Market-Rate propertylocated in Atlanta, Georgia.  The purchase was funded primarily by mortgagefinancing on the acquired property, by cash received from the disposition of aMarket-Rate property on June 29, 2005, which had previously been placed inescrow in accordance with Section 1031 of the Internal Revenue Code, and cashpreviously received through the March 15, 2005, issuance of trust preferredsecurities.

            On March 9, 2005, we acquired a 316-unit Market-Rate propertylocated in West Palm Beach, Florida.  The purchase was funded primarily bymortgage financing on the acquired property and on a previously unencumberedMarket-Rate property.  Additionally, this property was part of a reverseLike-Kind Exchange under Section 1031 of the Internal Revenue Code.

F-18 

**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 alsoreported as discontinued operations.  We classify properties as held for salewhen all significant contingencies surrounding the closing have been resolved. In many transactions, these contingencies are not satisfied until the actualclosing of the transaction.  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.

            During 2007, we completed the sale of three Market-Rate propertiescontaining a total of 1,173 units for a total sales price of $49.0 million. Two of these properties were located in Ohio and one was located in Texas.  We recognized 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 (six Market-Rate properties and one AffordableHousing property) and one was a Market-Rate property located in North Carolina.  We recognized total gains of $54.1 million related to these sales, whichare included in "Income from discontinued operations."

            During 2005, wecompleted the sale of three Market-Rate properties containing a total of 943units for a total sales price of $108.5 million.  These properties were locatedin Ohio, Florida, and Arizona.  We recognized total gains of $48.5 millionrelated to these sales, which are included in "Income from discontinuedoperations."

            The following chart summarizes the "Income from discontinuedoperations" for the years ended December 31, 2007, 2006 and 2005,respectively:

2007

2006

2005

*(in thousands)*

Property revenue

 $

3,977  

 $

18,307  

 $

29,752  

Property operating and  maintenance expense

(3,212)

(12,542)

(18,330)

Real estate asset  depreciation and amortization

(795)

(3,495)

(5,639)

Interest income

1  

16  

9  

Interest expense(1)

-  

(5,188)

(4,517)

Operating (loss) income

(29)

(2,902)

1,275  

Gain on disposition of  properties

20,864  

54,093  

48,536  

**Income  from discontinued operations**

 $

20,835  

 $

51,191  

 $

49,811  
                     
(1)

Includes  $3.2 million of defeasance/prepayment costs associated with the prepayment of  four mortgage loans in 2006.
      
F-19 

**3.         RESTRICTED CASH**

            Restricted cash, some of which is required by HUD for certaingovernment subsidized properties and some of which is required by our lenders,includes residents' security deposits, reserve funds for replacements and otherescrows held for the future payment of real estate taxes and insurance.  Thereserve funds for replacements are intended to provide cash to defray futurecosts that may be incurred to maintain the associated property.

            Restricted cash is comprised of the following:

December 31,

2007

2006

*(in thousands)*

Resident security deposits

 $

1,343  

 $

1,423  

Other escrows

111  

86  

Escrows and reserve funds  for replacements

required  by mortgages

5,276  

5,770  

 $

6,730  

 $

7,279  

            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 and funds from deferredcompensation.  These funds are held in short-term investments.  Certain reservefunds for replacements are invested in a combination of money market funds and U.S. treasury bills with maturities less than 18 months.

**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.

            In addition to the annual review of goodwill completed during thefirst quarter of 2007, we reviewed goodwill during the second quarter of 2007as a result of the loss of fee revenue associated with our acquisition of ourjoint venture partner's 51.0% interest in Idlewylde Apartments (see Note 2 fordetails of this acquisition).  In performing this analysis, we use a multipleof revenues to the range of potential alternatives and assign a probability tothe various alternatives we consider.  Based on this analysis, we determinedthat goodwill was not impaired as of December 31, 2007 and 2006.  As such,there were no changes to the carrying amount of goodwill during 2007.  Shouldthe estimates used to determine alternatives or the probabilities of theoccurrence thereof change, impairment may result which could materially impactour results of operations for the period in which it is recorded.

F-20 

**Other Assets, Net**

            Other assets, net, consist of the following:

December 31,

2007

2006

*(in thousands)*

Intangible assets

 $

5,095  

 $

1,945  

Deferred financing and  leasing costs

8,581  

8,112  

Less:  Accumulated  amortization

(7,223)

(5,976)

6,453  

4,081  

Prepaid expenses

4,104  

4,712  

Other assets

2,826  

362  

 $

13,383  

 $

9,155  

**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 twelve to sixteen months.  Due to the short term natureof residential leases, we believe that existing lease rates approximate marketrates, and therefore, no allocation is made for above/below market leases.

            In connection with the 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 are being amortized over twelvemonths, and $589,000 related to tenant relationships, which are being amortizedover sixteen months.  These intangible assets were fully allocated to theAcquisition/Disposition segment.

            In connection with the two properties acquired in 2005, asdiscussed in Note 2, we recorded intangible assets in the amount of $1.5million related to existing leases, which had been amortized over twelve to thirteenmonths, and $424,000 related to tenant relationships, which had been amortizedover sixteen months.  These intangible assets were fully allocated to theAcquisition/Disposition segment.

Information onthe intangible assets at December 31, 2007 is as follows:

In Place

Tenant

Leases

Relationships

*(in thousands)*

Gross carrying amount

 $

4,076  

 $

1,019  

Less: Accumulated amortization

(2,824)

(657)

Balance as  of December 31, 2007

 $

1,252  

 $

362  

            The aggregate amortization expense for the years ended December 31,2007, 2006 and 2005 was $1.5 million, $847,000 and $1.5 million, respectively. The estimated amortization expense related to intangible assets existing atDecember 31, 2007, is $1.6 million for the year ended December 31, 2008.

F-21 
****
**Deferred financing and leasingcosts**

            Amortization expense for deferred financing and leasing costs,including amortization classified in income from discontinued operations, was $1.1million, $1.0 million and $1.2 million for the years ended December 31, 2007,2006 and 2005, respectively.

**5.         PROPERTY REVENUE**

            During the second quarter of 2007, we recordednon-recurring rental revenue of $1.6 million as a result of a settlement of alawsuit with HUD relating to past due rents at some of our Affordable Housingproperties.

**6.         DEBT**

            The following table identifies our total debt outstanding andweighted average interest rates as of December 31, 2007 and 2006:            

*(Dollar amounts in thousands)*

Balance

Weighted

Balance

Weighted

Outstanding

Average

Outstanding

Average

December 31, 2007

Interest Rate

December 31, 2006

Interest Rate

**FIXED RATE DEBT**

Mortgages payable - CMBS

 $

200,168  

7.7%

 $

303,945  

7.7%

Mortgages payable - other

275,747  

5.8%

132,209  

6.1%

Unsecured borrowings

25,780  

7.9%

25,780  

7.9%

**Total  fixed rate debt**

501,695  

6.7%

461,934  

7.3%

** **

**VARIABLE RATE DEBT**

Mortgages payable

35,000  

6.2%

36,700  

6.6%

Revolver / lines of credit  borrowings

20,000  

6.7%

-  

0.0%

**Total  variable rate debt**

55,000  

6.4%

36,700  

6.6%

**TOTAL  DEBT**

 $

556,695  

6.7%

 $

498,634  

7.2%

** **

            Real estate assetspledged as collateral for all debt had a net book value of $497.6 million and $439.2million at December 31, 2007 and 2006, respectively.

            As of December 31,2007, the scheduled debt maturities for each of the next five years andthereafter, are as follows (in thousands):            

2008

 $

31,935  

2009

72,802  

2010

98,809  

2011

67,563  

2012

83,059  

Thereafter

202,527  

 $

556,695  
         
F-22 

            Cash paid forinterest was $41.0 million, $54.6 million and $41.9 million for the years endedDecember 31, 2007, 2006 and 2005, respectively.  Included in cash paid forinterest are $3.8 million and $14.4 million of defeasance and other prepaymentcosts that were paid during the years ended December 31, 2007 and 2006,respectively.

**Conventional Mortgage Debt**

             The following table provides information on loans defeased/prepaidand loans obtained during 2007:

*(Dollar amounts in thousands)*

Loans prepaid/defeased

Loans obtained

Property

Amount

Rate

Amount

Rate

Chestnut Ridge 

 $

14,632  

7.5%

 $

19,000  

6.2%

(a)

Residence at White River 

8,284  

7.5%

9,221  

5.4%

Spring Valley Apartments 

11,008  

7.5%

10,817  

5.4%

Georgetown Park  Apartments 

19,379  

7.9%

16,000  

6.2%

(a)

Muirwood Village at  Bennell 

3,773  

7.9%

-    

N/A

Waterstone Apartments 

15,729  

7.5%

16,500  

5.8%

Lake Forest 

5,764  

7.9%

-    

N/A

The Landings at the Preserve  

6,740  

7.9%

-    

N/A

Residence at Barrington

15,152  

7.9%

19,500  

5.8%

The Alexander at Ghent 

-    

N/A

24,500  

5.8%

Cambridge at Buckhead

11,800  

7.1%

(a)

-    

N/A

Aspen Lakes 

3,900  

7.1%

(a)

-    

N/A

 $

116,161  

7.6%

(b)

 $

115,538  

5.8%

(b)
                                 
(a)

Denotes  variable rate loan.  Variable rates on loans obtained are as of December 31,  2007.

(b)

Represents  weighted average interest rate for the loans listed.

            In relation to theloan defeasances/prepayments in 2007, we recognized in interest expensedefeasement/prepayment costs totaling $4.2 million of which $3.8 million werepaid during 2007 and $400,000 were deferred financing costs that were chargedto expense.  All of these costs were included in "Income from continuingoperations".

            On June 29, 2007, we acquired our joint venture partner's 51.0% interestin Idlewylde Apartments.  In connection with the acquisition, effective June29, 2007, we are including the results of operations, financial condition,including the existing $42.0 million non-recourse mortgage loan, and cash flowsin our consolidated financial statements.  During the third quarter of 2007, weexecuted an interest rate swap in connection with this loan that effectivelyfixed the interest rate at 5.9% through maturity.  This loan matures in June2010.  See Note 1 for additional information regarding the interest rate swapand Note 2 for additional information regarding the acquisition.

F-23 

            During 2006, weprepaid a total of 18 conventional mortgage loans totaling $200.6 million.  Ofthese 18 loans, ten fixed rate loans were prepaid with the proceeds receivedfrom property sales, and five fixed rate loans and three variable rate loanswere prepaid with the proceeds of a $132.2 million mortgage refinancinginvolving five properties.  The new loans were structured as five separateloans; however, each loan is cross-collateralized, cross-defaulted and includesa collateral substitution feature.  These loans mature in October 2013 andaccrue interest at a fixed rate of 6.1%.  The fifteen fixed rate loans thatwere prepaid totaled $146.0 million and had a weighted average interest rate of7.6%.  In connection with the loan defeasance/prepayments, we recognized defeasement/prepaymentcosts totaling $15.5 million in interest expense of which $14.4 million werepaid during 2006 and $1.1 million were deferred financing costs that had beencharged to expense.  A total of $12.3 million of these costs were included in"Income from continuing operations", and $3.2 million were includedin "Income from discontinued operations".

            Conventionalmortgages payable are comprised of 33 loans at December 31, 2007 and 36 loansat December 31, 2006, each of which is a project specific loan collateralizedby the respective real estate and resident leases.  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.

**Other Mortgage Debt**

            Other mortgages payable are comprised of five loans at December31, 2007 and 2006, which are cross-collateralized, cross-defaulted and includea collateral substitution feature.  These loans are payable in monthly paymentsof interest only and mature in October 2013.

**Federally Insured Mortgage Debt**

            During 2006, we prepaid the $1.2 million federally insured mortgagewhich previously encumbered one of our properties with the proceeds from thesale of this property.  This loan was insured by HUD pursuant to one of themortgage insurance programs administered under the National Housing Act of1934.

**Revolving Credit Facility/Lines of Credit**

            In April 2007, we obtained an unsecured revolving credit facility("revolver") in the amount of $100.0 million to be used for the refinancingof existing debt, general corporate purposes, and/or the acquisition ofproperties.  This revolver matures in April 2010 and accrues interest at avariable rate of LIBOR plus 1.6%.  At December 31, 2007, there were outstandingborrowings of $20.0 million on the revolver with a weighted average interestrate of 6.7%.  In connection with obtaining the revolver, we terminated bothour secured $17.0 million and our secured $14.0 million lines of credit.  Therewere no borrowings outstanding on the $17.0 million or $14.0 million securedlines of credit at December 31, 2006.

F-24 

**Trust Preferred Securities**

            On March 15, 2005, AERC Delaware Trust (the "Trust"), anewly formed 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.

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

            At December 31, 2007, we had an investment in one joint venturethat owns an Affordable Housing multifamily apartment community.  The operationof this property is similar to the operations of our wholly owned portfolio. We account for our investment in the unconsolidated joint venture under theequity method of accounting as we exercise significant influence, but do notcontrol this entity and are not required to consolidate it in accordance withFASB Interpretation No. 46, "Consolidation of Variable InterestEntities" or under EITF 04-05, "Investor's Accounting for anInvestment in a Limited Partnership When the Investor Is the Sole GeneralPartner and the Limited Partners Have Certain Rights".  This investmentwas initially recorded at cost as investment in joint ventures and subsequentlyadjusted for equity in earnings and cash contributions and distributions.  Thisjoint venture property had negative cash flow during 2007 and is expected tohave negative cash flow during 2008 as a result of operating expenses exceedingtenant rents and the housing assistance payments from HUD.  The joint venturepartnership that owns this property has entered into a contract to sell it. Our proportionate share of the non-recourse debt on this property at December31, 2007, was $2.1 million.

            This property is governed by regulations pursuant to the property'sHUD rent subsidy and mortgage insurance programs, which contain provisionsgoverning certain aspects of the operations of the property (See Note 10). Rent subsidies of $600,000, $585,000 and $581,000 for the years ended December31, 2007, 2006 and 2005, respectively, were received by the property.

            On June 29, 2007, we acquired our joint venture partner's 51.0%interest in Idlewylde Apartments, an 843-unit Market-Rate 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.

F-25 

             The following tablesrepresent summarized financial information at 100% for the joint ventures inwhich we have been an investor during the years presented.            

**Operating data**

Year ended December 31,

*(In thousands)*

2007

2006

2005

Property revenue

 $

4,699  

 $

8,602  

 $

7,685  

Operating and maintenance  expenses

(2,375)

(4,353)

(4,261)

Depreciation and  amortization

(1,263)

(2,329)

(2,314)

Interest expense

(1,568)

(2,784)

(2,346)

Net (loss) income

 $

(507)

 $

(864)

 $

(1,236)

Equity in net loss of joint  ventures

 $

(258)

 $

(462)

 $

(644)
                                                
**Balance sheet data**

December 31,

*(In thousands)*

2007

2006

Real estate, net

 $

1,406  

 $

51,865  

Other assets

308  

3,446  

Total assets

 $

1,714  

 $

55,311  

Amounts payable to us 

 $

15  

 $

11  

Mortgages payable

4,135  

46,149  

Other liabilities 

327  

1,059  

Equity

(2,763)

8,092  

Total liabilities and equity

 $

1,714  

 $

55,311  

(Accumulated losses in  excess of investments

in joint ventures)  investments in joint ventures, net

 $

(1,346)

 $

5,247  

            The $4.1 million of mortgages payable at December 31, 2007 maturesin 2031.

             We made contributions to the joint ventures of $69,000 and$137,000 for the years ended December 31, 2007 and 2006, respectively, and wereceived distributions of $780,000 and $318,000 during 2007 and 2006, respectively. Revenue from property and asset management fees charged to joint venturesaggregated $270,000, $487,000, and $451,000 for the years ended December 31, 2007,2006, and 2005, respectively.  The corresponding expenses are included in theoperating and maintenance expenses of the joint ventures, as set forth above.

            We capitalized interest costs in accordance with SFAS No. 58,"Capitalization of Interest Cost in Financial Statements That IncludeInvestments Accounted for by the Equity Method" related to our investmentin certain joint venture properties during their construction period.  Theremaining amount of capitalized interest was $0 and $874,000 at December 31,2007 and 2006, respectively.  This excess investment over equity in theunderlying net assets of the joint ventures is included in "Investment injoint ventures, net" in the Consolidated Balance Sheets, and was amortizedas a reduction to earnings on a straight-line basis over the lives of therelated assets.

F-26 

**8.         TRANSACTIONS WITHAFFILIATES 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 wellas other related parties, are referred to as "affiliates".  We alsoprovide similar services to joint venture properties.  Management fees receivedfrom affiliates and joint ventures during the years ended December 31, 2007,2006 and 2005, were $365,000, $587,000, and $892,000, 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.  These funds represent the final cash distribution relatedto our acquisition of our joint venture partner's 51.0% interest in thisproperty in June 2007.  These funds were received during the first quarter of2008.

            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 $452,000 and $294,000 atDecember 31, 2007 and 2006, 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 $1.4 million, $265,000, and $368,000 for the years ended December 31, 2007,2006 and 2005, respectively.  Accounts receivable from affiliates and jointventures related to JAS at December 31, 2007 and 2006, respectively were $360,000and $33,000.

**9.         NOTEHOLDER INTEREST**

            On May 15, 2006, we completed the sale of a Market-Rateproperty located in Northeast Ohio.  The sales price was a net $28.4 millionand we recorded a gain of $23.4 million.  In connection with our IPO in 1993,we acquired a Noteholder Interest which was secured by a limited partnershipinterest in one-half of this property.  We had declared the notes to be indefault because of nonpayment of interest and principal.  On July 16, 2004, weaccepted a 98.999% limited partnership interest in the limited partnership thatowned the property in full satisfaction of all obligations under the notes.  Inaddition, one of our subsidiaries acquired the remaining 1.001% generalpartnership interest in that limited partnership held by our President and CEO,Jeffrey I. Friedman and a company controlled by him.  The subsidiary acquiredsuch partnership interest in return for a promise to pay Mr. Friedman and hiscontrolled company 1.001% of the net sale proceeds derived from any future saleof the property.  Pursuant to the terms of the buyout, Mr. Friedman and hiscontrolled company were paid a total of $127,000 from the proceeds of thissale.  The independent members of the Board of Directors approved the terms ofthe buyout.

F-27 

**10.        COMMITMENTS ANDCONTINGENCIES**

***Leases***

**           **We had no equipment leased under capital leases at December 31,2007 and 2006.  We lease certain equipment and facilities under operatingleases.  Future minimum lease payments under all noncancellable operatingleases in which we are the lessee, principally for ground leases, for each ofthe next five years and thereafter, are as follows:            

Operating

*(In thousands)*

Leases

2008

 $

144  

2009

73  

2010

73  

2011

42  

2012

33  

Thereafter

512  

 $

877  

             The ground leaseagreements contain provisions which, upon expiration of the lease, requirereversion of the land and building to the lessor.  Such provisions exist forsix properties at December 31, 2007.  These ground leases expire at variousdates from 2021 to 2036.  Total revenue derived from these properties was $6.8million, $5.2 million and $4.9 million for the years ended December 31, 2007,2006 and 2005, respectively.  Furthermore, at the end of the term of eachlease, any remaining replacement reserves revert to the lessor.  Such cashreserves included in restricted cash were $558,000 and $565,000 at December 31,2007 and 2006, respectively.  With respect to such leases, we paid ground rentof $33,000 for each of the years ended December 31, 2007, 2006 and 2005.

             We own one property which is subject to a right of reverter.  Thisprovision requires that the land and real estate assets revert at expirationback to the original grantor from whom we acquired this property or itssuccessors and assignees, which is in September 2037.  The net book value ofthis property was $678,000 at December 31, 2007.  This property generatedrevenue of $1.0 million, $997,000, and $939,000 for the years ended December31, 2007, 2006 and 2005, respectively, and net income of $299,000, $318,000,and $344,000 for 2007, 2006, and 2005 respectively.

***Affordable Housing***

            Our Affordable Housing properties are governed by rent subsidieswhich contain provisions governing certain aspects of the operations of theseproperties.  Among other matters, such provisions may include a requirement tomaintain a reserve fund for replacements, the renting of properties toqualifying residents and the requirement to make distributions in accordancewith certain regulations.  Certain approvals may be required to encumberproperties having rental subsidies.

            The rent subsidy program provides that HUD will make monthlyhousing assistance payments to our subsidiary on behalf of persons who residein approved properties and who meet the eligibility criteria.  The amount ofthe total monthly rental and the subsidy is determined at least annually byHUD.  This arrangement is evidenced by a contract between HUD and the applicablesubsidiary.  Such contracts have scheduled expiration dates between March 2008and November 2019 for the properties that we own.  HUD may abate subsidypayments if the applicable subsidiary defaults on any obligations under suchcontracts and fails to cure each default after receiving notice thereof. Federal rent subsidies recognized in income was $6.2 million, $6.0 million and$6.5 million for the years ended December 31, 2007, 2006 and 2005,respectively.  Additionally, during 2007 we received $1.6 million resultingfrom the settlement of a lawsuit with HUD relating to past due rents at some ofour Affordable Housing properties.

F-28 

            In conjunction withour exit from the Affordable Housing business, we anticipate that all of ourowned Affordable Housing properties will be sold during 2008.

***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 Litigationmatters described in the following paragraphs as of December 31, 2007, and noaccruals have been made for these matters other than those identified in thefollowing paragraphs.  We believe that other Litigation will not have amaterial adverse impact on us after final disposition.  However, because of theuncertainties of Litigation, one or more lawsuits could ultimately result in amaterial 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 aboutJanuary 15, 2004, the Plaintiffs filed a motion for class certification.  Wesubsequently filed a motion for summary judgment.  Both motions are pendingbefore the Court.  We intend to vigorously defend ourselves against theseclaims.*** ***

***Government Investigations***

            On or about August 7, 2002, the Maryland Attorney General served uswith a subpoena seeking information concerning certain of our leasing practicesin connection with our Maryland properties.  The subpoena sought extensiveinformation going back a number of years, including information about ourSuredeposit programs and certain non-refundable deposits.  The MarylandAttorney General completed its review of the information we furnished and basedupon that information contended that certain of our leasing practices were inviolation of Maryland's landlord tenant laws.  We reached an out of courtsettlement with the Maryland Attorney General for the purpose of resolving thismatter and recorded our estimate of the settlement amount in "General andadministrative expense" in the Consolidated Statements of Operationsduring 2006.

            On or about December 22, 2003, the Montgomery County, MarylandOffice of Landlord-Tenant Affairs commenced an investigation into possibleviolations of state and county Landlord-Tenant laws involving two propertiesoperated by us located in Montgomery County, Maryland.  The matters that werethe subject of this investigation were for the most part the same leasingpractices being investigated by the Maryland Attorney General. Although these Montgomery County charges were never formally withdrawn, we believe that Montgomery County will not pursue these matters based upon our settlement with the Maryland AttorneyGeneral.

F-29 

             Montgomery County commenced additional investigations concerning the charging of trash fees. We reached an out of court settlement with Montgomery concerning this matterand our estimate of the settlement amount was recorded in "General andadministrative expense" in the Consolidated Statements of Operationsduring 2006.

**11.        GUARANTEES**

            We previously were a 49.0% partner in the joint venture partnershipthat owned Idlewylde Apartments, an 843-unit multifamily community, located in Atlanta, Georgia.  In connection with the $42.0 million mortgage loan encumbering thisproperty, we guaranteed certain obligations of the partnership includingenvironmental indemnification obligations and typical nonrecourse carveouts. Although we had not recorded a liability for a potential loss, we were requiredby GAAP to estimate the fair value of this guaranty.  We estimated the fairvalue of the guaranty to be $290,000, and at December 31, 2006, this amount wasincluded as an asset in "Investments in joint ventures, net" and as aliability in "Accounts payable, accrued expenses and other liabilities"in the accompanying Consolidated Balance Sheets.  On June 29, 2007, we acquiredour joint venture partner's 51.0% interest in this property.  Consequently,during the second quarter of 2007, the asset and liability representing thefair value of the guarantee were removed in the accompanying ConsolidatedBalance Sheets.  In addition, we routinely guaranty mortgage debt of our whollyowned subsidiaries 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 certain eventsas defined within the particular contract, which may include, for example,litigation or claims relating to past performance.  Such indemnificationobligations may not be subject to maximum loss clauses.  Historically, paymentsmade related to these indemnifications have not been material.

**12.        DISCLOSURE ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS**

            In the following disclosures, 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.

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

            Mortgage notespayable, revolving debt, and other unsecured debt with an aggregate carrying valueof $556.7 million and $498.6 million at December 31, 2007 and 2006,respectively, have an estimated aggregate fair value of approximately $581.8million and $540.9 million, respectively.  Estimated fair value is based oninterest rates currently available to us for issuance of debt with similarterms and remaining maturities.

            We may, from time to time, enter into interest rate agreements tomanage interest costs and risks associated with changing rates.  We do notutilize these agreements for trading or speculative purposes.  See"Derivative instruments and hedging activities" in Note 1 for furtherinformation.

            Disclosure about the fair value of financial instruments is basedon pertinent information available to us as of December 31, 2007 and 2006. Although we are not aware of any factors that would significantly affect thefair value amounts, such amounts have not been comprehensively revalued forpurposes of these consolidated financial statements since these dates andcurrent estimates of fair value may differ significantly from the amountspresented herein.

F-30 

**13.        SUPPLEMENTALDISCLOSURE OF CASH FLOW INFORMATION**

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

 Year Ended  December 31, 

*(In thousands)*

2007

2006

2005

Dividends declared but not paid

 $

2,848  

 $

2,934  

 $

3,052  

Assumption of debt by purchaser of property

-    

-    

10,065  

Assumption of debt in connection with property acquisition

42,000  

-    

-    

Reclassification of original issuance costs related to

repurchase/redemption of preferred  shares

172  

-    

2,163  

Fixed asset replacement and other write-offs

2,648  

2,842  

2,435  

Net change in accounts payable related to recurring fixed

asset additions

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  

-    

**14.        COMMON, TREASURYAND PREFERRED SHARES**

***Treasury Shares***

            On July 27, 2005, our Board of Directors ("Board")authorized the repurchase of up to $50.0 million of our common shares.  OnOctober 20, 2006, our Board expanded this authorization to include therepurchase of our Class B Series II Preferred Shares.  As of December 31, 2007,we had repurchased 3,825,125 common shares under this plan at a cost of $41.2 million and 111,500 preferred shares ata cost of $2.9 million.  

            During the year endedDecember 31, 2007, a total of 76,667 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 as thoughthey were returned to treasury.  See Note 17 for additional information relatedto the adoption of SFAS 123(R).

F-31 

***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  are discussed below.

•  

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.
      
            *8.70% Class B Series II Cumulative Redeemable Preferred Shares. *In December 2004, we issued 2,320,000 depositary shares, each representing1/10th of a share of our 8.70% Class B Series II Cumulative RedeemablePreferred Shares, for $58.0 million and incurred costs of approximately $1.2million related to the issuance.  The liquidation preference for each Class BPreferred Shares is $250.00 (equivalent to $25.00 per depositary share), plusaccrued and unpaid dividends.  Dividends on the Class B Preferred Shares arecumulative from the date of issue and are payable quarterly.  Except in certaincircumstances relating to the preservation of our status as a REIT, the Class BPreferred Shares are not redeemable prior to December 15, 2009.  On or afterDecember 15, 2009, the Class B Preferred Shares are redeemable for cash at ouroption.  The net proceeds from this offering were used to redeem theoutstanding 9.75% Class A Cumulative Redeemable Preferred Shares as discussedbelow.  During 2007, we repurchased 111,500 depositary shares under our $50.0million share repurchase authorization, leaving 2,208,500 outstanding as ofDecember 31, 2007.

            *9.75% Class A Cumulative Redeemable Preferred Shares.*  OnJanuary 6, 2005, we redeemed all of our outstanding 9.75% Class A CumulativeRedeemable Preferred Shares at a cost of $56.6 million.  In connection with theissuance of the 9.75% Class A Cumulative Redeemable Preferred Shares in July1995, we incurred issuance costs of $2.2 million which were recorded as areduction in shareholders' equity.  In accordance with GAAP, we recognized the $2.2million of issuance costs as a reduction in net earnings to arrive at netincome applicable to common shares for the year ended December 31, 2005.

**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 willexpire on January 6, 2009, unless extended.

**           **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.

  F-32 

            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.

**15.        EARNINGS PER SHARE**

**           **Earnings per share ("EPS") has been computed pursuantto the provisions of SFAS No. 128.

            There were 1.6 million, 1.9 million, and 2.0 million options topurchase common shares outstanding at December 31, 2007, 2006 and 2005,respectively.  None of the options were included in the calculation of dilutedearnings per share for the years presented as their inclusion would beantidilutive to the net loss from continuing operations applicable to commonshares.

            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.

**16.        EMPLOYEE BENEFIT PLANS**

**           **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%.  We recorded expense in relation to this plan ofapproximately $151,000, $148,000 and $141,000 for the years ended December 31,2007, 2006 and 2005, respectively.

F-33 
****
**Supplemental ExecutiveRetirement 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, 2007,2006 and 2005:            

Supplemental Executive Retirement Plan Benefit

for the year ended December 31,

*(In thousands)*

2007

2006

2005

Balance at beginning of  period

 $

1,164  

 $

1,035  

 $

933  

Service cost

76  

99  

105  

Forfeiture

-   

(52)

(74)

Interest cost

97  

82  

71  

Balance at end of period

 $

1,337  

 $

1,164  

 $

1,035  

**17.        EQUITY BASED AWARD PLANS**

**AERC Share Option Plan**

            The AERC Share Option Plan expired September 30, 2003, andtherefore no additional options will be granted under this plan.  On December31, 2007, there were 15,000 options outstanding and exercisable under thisplan.  These options will remain in effect according to the original terms andconditions of the plan.  This plan was provided as an incentive andnon-qualified stock option whereby 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.

**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.  On December 31, 2007, therewere 468,021 shares outstanding and 366,522 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.

F-34 

**Year 2001 Equity IncentivePlan**

**           **Our Year 2001 Equity Incentive Plan (the "EIP") wasadopted by the Board on December 8, 2000.  At our 2005 Annual Meeting ofShareholders held on May 4, 2005, our shareholders approved the Amended andRestated 2001 Equity-Based Award Plan (the "Plan").  The Plan wasamended to (i) allow for the shares reserved for issuance to be listed on theNew York Stock Exchange pursuant to the rules of the exchange, (ii) allow us togrant options that qualify as incentive stock options under the InternalRevenue Code of 1986, as amended, (iii) allow compensation attributable toequity based awards under the Plan to qualify as "performance-basedcompensation", as defined in the Internal Revenue Code, and (iv) increasethe number of common shares available for awards by 750,000 common shares.  ThePlan provides for equity award grants to our officers, employees anddirectors.  Equity awards available under the Plan include stock options, shareappreciation rights, restricted shares, deferred shares and other awards basedon common shares.  The aggregate number of common shares subject to awardsunder the Plan was increased to 2,250,000 from 1,500,000.  At December 31, 2007,we have 517,069 common shares available for awards under the amended and restatedPlan and 1,049,364 shares outstanding under this plan of which 939,632 wereexercisable.

**Options Granted to OutsideDirectors**

            We have granted options to outside directors on a periodic basissince the initial public offering ("IPO").  The option awards aredetermined and approved by the Board of Directors.  These option awards vest eitherone year or three years from the date of grant.  On December 31, 2007, therewere 30,000 options outstanding and exercisable that had been awarded tooutside directors.

**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. We grant share-based awards that vest either at the end of a specified serviceperiod, or, in equal increments during the service period on each anniversaryof the grant date.  In accordance with SFAS 123(R), we have elected torecognize compensation cost on these awards on a straight-line basis.  Inaddition to awards containing only service conditions, we issue certain grantsin which the number of shares that will ultimately vest and the date at whichthey will vest is dependant upon the achievement of specified performance goalsor market conditions.  Compensation cost for awards with performance conditionsis recognized 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.

            During the year ended December 31, 2007, we recognized totalshare-based compensation cost of $1.5 million in "General andadministrative expense".  Additionally, we allocated an immaterial amountof equity compensation expense to individual properties which is included in"Property operating and maintenance expense" in the Consolidated Statementsof Operations.

F-35 

            *Stock Options.* We use the Black-Scholes option pricing model to estimate the fair value ofshare-based awards.  The weighted average Black-Scholes assumptions and fairvalue for the years ended December 31, 2007, 2006 and 2005 were as follows:            

Year Ended December 31,

* *

2007 

2006 

2005 

* *

Expected volatility

27.5%

27.7%

30.7%

Risk-free interest rate

4.5%

4.6%

4.1%

Expected life of options (in  years)

           7.0

             6.0  

             7.1  

Dividend Yield

4.3%

6.0%

7.0%

Grant-date fair value

 $

3.45  

 $

1.85  

 $

1.50  

            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 use the "simplified" method asallowed under the provisions of the Securities and Exchange Commission's StaffAccounting Bulletin No. 107 to derive the expected life of the options.  Thedividend yield was derived using our annual dividend rate as a percentage ofthe price of our shares on the date of grant.

            The following table represents stock option activity for the yearended December 31, 2007:            

Weighted-Average

Number of

Weighted-Average

Remaining 

* *

Stock Options

Exercise Price

Contract Life

* *

Outstanding at beginning of  period

1,920,864  

 $           12.08 

Granted

4,000  

 $           15.99 

Exercised

22,479  

 $             8.93 

Forfeited

340,000  

 $           24.06 

Outstanding at end of period

1,562,385  

 $             9.52 

 4.9 years 

Exercisable at end of period

1,351,154  

 $             9.28 

 4.8 years 

            The aggregate intrinsic value of stock options outstanding andstock options exercisable at December 31, 2007, was $706,000 and $666,000,respectively.  The aggregate intrinsic value of stock options exercised duringthe years ended December 31, 2007, 2006 and 2005 was $119,000, $1.5 million, and$98,000, respectively.

F-36 

            *Restricted Shares.* Restricted shares generally have the same rights as our common shares, exceptfor transfer restrictions and forfeiture provisions.  Cash distributions paidduring the period of restriction on shares that are expected to vest arerecorded as a charge to "Accumulated distributions in excess ofaccumulated net income."  Cash distributions paid during the period ofrestriction on shares that are expected to be forfeited are recorded as acharge to expense.  Prior to January 1, 2006, restricted share awards wererecorded in shareholders' equity as deferred compensation on the grant datebased upon the price of our common shares on the grant date and amortized intoexpense over the requisite service period based on the straight line method. Upon adoption of SFAS 123(R), $1.5 million of unearned compensation wasrecorded as though the nonvested shares were returned to treasury.  We recordedan immaterial cumulative effect of a change in accounting principle as a resultof our change in policy from recognizing forfeitures as they occur to one wherewe recognize cost after the application of an estimated forfeiture rate.  Thisamount was recorded 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 tablerepresents restricted share activity for the year ended December 31, 2007:            

Weighted

Average

Number of

Grant-Date

Shares

Fair Value

Nonvested at beginning of  period

171,509  

 $

10.26  

Granted

123,715  

 $

11.77  

Vested

76,693  

 $

9.38  

Forfeited

8,318  

 $

13.01  

Nonvested at end of period

210,213  

 $

11.36  

**           **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 the first quarter of 2007.  SeeNote 18 for additional 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 market conditionperformance periods.

F-37 

            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, 2007, 2006 and 2005 was $11.77,$11.64 and $9.72, respectively.  The total fair value of restricted sharesvested during the years ended December 31, 2007, 2006 and 2005 was $1.2 million,$482,000 and $139,000, respectively.  At December 31, 2007, there was $1.8million of unrecognized compensation cost related to nonvested restricted shareawards that we expect to recognize over a weighted average period of 2.9 years.

**18.        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.

F-38 
****
**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 ofeach year, any eligible Director may elect to defer all or a portion of thefees otherwise payable to that Director for that year and such amount will becredited to a deferral account maintained on behalf of the Director.  Fees foreach period are credited to the deferral account as they are earned.  Amountscredited to the deferral account are converted to "share units" whichare valued based upon the closing price of our common shares at the end of eachreporting period.  Each deferral account is increased when we pay a dividend onour common shares by the number of share units that represent the dividend paidper share multiplied by the number of share units in the account on the date ofrecord for the related dividend payment.  At the end of each reporting period,the total value of the deferred compensation is adjusted for increases in shareunits and for changes in our common share price.  The total amount of deferredcompensation relating to this plan is included in "Accounts payable andaccrued expenses" in the Consolidated Balance Sheets.  Adjustments to thetotal value of the plan are reflected in "General and administrativeexpenses" in the Consolidated Statements of Operations.  Distributions of$15,000 and $64,000 were made from this account during 2007 and 2006,respectively.  At December 31, 2007 and 2006, deferred director compensationtotaled $1.2 million and $1.4 million, respectively.  The deferral account isvested 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, 2007, 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 2007, annualincentive opportunities for the officers were linked to Property Net OperatingIncome, as defined, business unit objectives and individual performance.  Officerswho participated in the 2007 long term incentive plan ("LTIP"), asdescribed below, receive their annual bonuses entirely in cash.  Officers whodo not participate in the 2007 LTIP receive their awards through a mix of cashand restricted shares.  In 2007, the officers earned annual incentives of approximately$1.5 million in cash and $44,000 in restricted shares.  Restricted shares vestincrementally over a three-year period and participants receive voting rightsand dividends during the restricted period. In 2006, annual incentiveopportunities for the officers were linked to Property Net Operating Income, asdefined.  Participants' awards were paid in a combination of cash andrestricted shares.  For 2006, the officers earned an award of approximately$1.1 million which was paid $835,000 in cash and $278,000 in restricted shares,which vest incrementally over a three-year period.

 F-39 

**Long-Term Incentive Plan**

            On February 26, 2007, the Committee also 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 has threshold, target andmaximum award opportunities that are expressed as a percentage of base salary. The framework of the LTIP includes a single year and multi-year component.  Thesingle-year component comprises approximately 50.0% of the long-term award. This component focuses on three metrics: total shareholder return("TSR"), strategic objectives and NOI growth over a one-year period. Objectives under the single year LTIP are established annually at the beginningof the year and evaluated at the conclusion of the year.  If one or all of theobjectives is met, a grant of restricted shares will be issued.  One-third ofthe issued shares will vest immediately and the remaining two-thirds will vestin equal, annual installments.  Restricted shares, if issued, have votingrights and dividends will be paid on them during the restricted period.  In2007, officers earned approximately $800,000 under the single year LTIP.

            The multi-yearcomponent focuses on performance over a three-year measurement period.  On anannualized basis, this component comprises 50.0% of the total LTIP and over thethree-year period, is intended to provide opportunities that are approximatelyequal to three times the single year component.  The multi-year long termcomponent focuses on cumulative total shareholder return over the three yearperiod and continued employment with the Company.  Total shareholder returnthreshold, target and maximum objectives were established at the beginning ofthe three-year measurement period and a grant of restricted shares was issuedat that time.  The value of the shares at the time of the grant was$3,409,200.  Performance objectives related to TSR will be evaluated at the endof the three-year period and if achieved, the shares will vest entirely oneyear after the conclusion of the three-year measurement period.  If totalshareholder return objectives are not met, only the portion of shares that isattributable to continued employment with the Company will vest.  Restrictedshares have voting rights and dividends accrue and earn interest at a ratedetermined by the Executive Compensation Committee during the restrictedperiod.  Only the dividends and accrued interest attributable to shares that vestwill be paid when shares vest.  Grants under the multi-year component areissued and metrics and objectives are established every three years.

            On February 28, 2006,the Committee approved the 2006 awards under the long-term incentivecompensation plan.  The award generally consists of 50.0% Non-Qualified StockOptions ("NQSO's") and 50.0% restricted shares.  The NQSO's will vestin thirds on December 31, 2006, 2007 and 2008.  The restricted shares vest atthe end of the three-year cycle based on the attainment of the three-yearbenchmark.  The vesting of no more than one-sixth of the original award ofrestricted shares may be accelerated at the end of each annual measurementperiod based upon the achievement of interim strategic objectives as determinedby the Committee.  Any of these restricted shares that have not vestedpreviously will vest at the end of the three-year period if the overallobjective is achieved, or will be forfeited if the overall objective is notachieved. 

**19.        SEGMENT REPORTING**

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

• 

Acquisition/Disposition Multifamily Properties;

• 

Same Community Market-Rate ("Market-Rate")  Multifamily Properties;

• 

Affordable Housing Multifamily Properties; and

• 

Management and Service Operations.
      
F-40 

            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 after owning the property for oneyear) and properties that have been sold or are classified as held for sale inaccordance with SFAS 144, "Accounting for the Impairment or Disposal ofLong-Lived Assets."  The Market-Rate Multifamily Properties are SameCommunity wholly owned conventional multifamily residential properties.  TheAffordable Housing properties are multifamily properties for which the rentsare subsidized and certain aspects of the operations are regulated by HUDpursuant to Section 8 of the National Housing Act of 1937.  The Management andService Operations provide management and advisory services to the Acquired,Market-Rate and Affordable Housing properties, that we own or have an investmentin, as well as to non-owned properties that we manage.  Additionally, thissegment includes the results from our painting subsidiary, Merit PaintingServices.  All of our segments are located in the United States.

            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 total revenue, for the Acquisition/Disposition,Market-Rate and Affordable Housing segments and deducting direct propertymanagement and service company expense, and painting service expense from totalrevenue for the Management and Service Operations segment.  We consider NOI tobe an appropriate supplemental measure of our performance because it reflectsthe operating performance of our real estate portfolio and management andservice companies at the property and management and service company level andis used to assess regional property level performance.  NOI should not beconsidered (i) as an alternative to net income determined in accordance withGAAP, (ii) as an indicator of financial performance, (iii) as cash flow fromoperating activities determined in accordance with GAAP, or (iv) as a measureof liquidity; nor is it necessarily indicative of sufficient cash flow to fundall of our needs.  Certain other real estate companies may define NOI in adifferent manner.

            Segment information for the years ended December 31, 2007, 2006 and2005 is as follows:

Year Ended December 31, 2007

 

 

Management

Acquisition/

Affordable

and Service

Total 

*(In thousands)*

Disposition

Market-Rate

Housing

Operations

Consolidated

Total segment revenue

 $

6,466  

 $

120,575  

 $

11,250  

 $

20,460  

 $

158,751  

Elimination of intersegment  revenue

-  

(22)

(45)

(7,328)

(7,395)

Consolidated revenue

6,466  

120,553  

11,205  

13,132  

151,356  

Equity in net loss of joint  ventures

-  

(149)

(109)

-  

(258)

Operating loss from  discontinued operations

(29)

-  

-  

-  

(29)

*NOI

4,099  

66,303  

6,195  

(1,895)

74,702  

Total assets

114,804  

551,267  

7,386  

13,339  

686,796  
                                
*Intersegment  revenue and expenses have been eliminated in the computation of NOI for each  of the segments.
      
F-41 

Year Ended December 31, 2006

 

 

Management

Acquisition/

Affordable

and Service

Total 

*(In thousands)*

Disposition

Market-Rate

Housing

Operations

Consolidated

Total segment revenue

 $

-  

 $

115,601  

 $

9,406  

 $

20,555  

 $

145,562  

Elimination of intersegment  revenue

-  

(34)

(47)

(7,788)

(7,869)

Consolidated revenue

-  

115,567  

9,359  

12,767  

137,693  

Equity in net loss of joint  ventures

-  

(253)

(209)

-  

(462)

Operating loss from  discontinued operations

(2,902)

-  

-  

-  

(2,902)

*NOI

-  

62,961  

4,375  

(1,295)

66,041  

Total assets

27,945  

568,740  

7,410  

44,734  

648,829  
                
*Intersegment  revenue and expenses have been eliminated in the computation of NOI for each  of the segments.
      
Year Ended December 31, 2005

 

 

Management

Acquisition/

Affordable

and Service

Total 

*(In thousands)*

Disposition

Market-Rate

Housing

Operations

Consolidated

Total segment revenue

 $

-  

 $

107,478  

 $

9,201  

 $

21,637  

 $

138,316  

Elimination of intersegment  revenue

-  

(89)

(25)

(8,820)

(8,934)

Consolidated revenue

-  

107,389  

9,176  

12,817  

129,382  

Equity in net income (loss)  of joint ventures

4  

(534)

(114)

-  

(644)

Operating income from  discontinued operations

1,275  

-  

-  

-  

1,275  

*NOI

-  

58,990  

4,617  

(837)

62,770  

Total assets

66,687  

586,112  

7,655  

58,788  

719,242  
                
*Intersegment  revenue and expenses have been eliminated in the computation of NOI for each  of the segments.
   
  F-42 

            A reconciliation oftotal segment NOI to total consolidated net income for the years ended December31, 2007, 2006 and 2005 is as follows:

*(In thousands)*

2007

2006

2005

Total NOI for reporting  segments

 $

74,702  

 $

66,041  

 $

62,770  

Depreciation and  amortization

(33,368)

(29,894)

(29,825)

General and administrative  expense

(10,327)

(9,840)

(7,999)

Interest income

458  

680  

638  

Interest expense (1)

(41,824)

(50,634)

(38,632)

Gain on disposition of  investment

-  

-  

150  

Equity in net loss of joint  ventures

(258)

(462)

(644)

Minority interest in  operating partnership

(53)

(61)

(63)

Income from discontinued  operations:

Operating  (loss) income

(29)

(2,902)

1,275  

Gain  on disposition of properties

20,864  

54,093  

48,536  

Consolidated net income

 $

10,165  

 $

27,021  

 $

36,206  
                     
(1)

2007  includes $4.2 million and 2006 includes $12.7 million of defeasance costs and  deferred financing fees written off related to the prepayment of 11 and 14  mortgage loans, respectively.

**20.        COMPREHENSIVEINCOME**

            The following chart identifies our total comprehensive income forthe years ended December 31, 2007, 2006, and 2005:

Year Ended December 31,

*(In thousands)*

2007 

2006 

2005 

**Comprehensive income:**

Net income

 $

10,165  

 $

27,021  

 $

36,206  

Other comprehensive (loss)  income:

Change  in fair value of hedge instruments

(979)

(46)

(25)

Total comprehensive income

 $

9,186  

 $

26,975  

 $

36,181  

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

**21.        SUBSEQUENT EVENTS**

            ***Dividends.***  On February 1, 2008, we paid a dividendof $0.17 per common share to shareholders of record on January 15, 2008, whichhad been declared on December 10, 2007.

            On January 29, 2008,we declared a quarterly dividend of $0.54375 per Depositary Share on our ClassB Cumulative Redeemable Preferred Shares, which will be paid on March 14, 2008,to shareholders of record on February 29, 2008.

F-43 

**22.        QUARTERLY FINANCIALINFORMATION (UNAUDITED)**

** **

2007

** **

First

Second

Third

Fourth 

*(in thousands, except per  share data)*

Quarter

Quarter

Quarter

Quarter

* *

Revenue as reported in Form  10-Q's

 $

37,165  

 $

38,452  

 $

39,368  

Revenue of sold properties  transferred to

discontinued  operations

(1,968)

(303)

(305)

Revenue

 $

35,197  

 $

38,149  

 $

39,063  

 $

38,947  

Net (loss) income applicable  to common shares

 $

(812)

 $

8,796  

 $

(4,022)

 $

1,106  

Basic and diluted earnings  per share

 $

(0.05)

 $

0.51  

 $

(0.24)

 $

0.07  

****

** **

2006

** **

First

Second

Third

Fourth 

*(in thousands, except per  share data)*

Quarter

Quarter

Quarter

Quarter

* *

Revenue as reported in Form  10-Q's

 $

35,692  

 $

34,946  

 $

35,183  

Revenue of sold properties  transferred to

discontinued  operations

(1,980)

(286)

(300)

Revenue

 $

33,712  

 $

34,660  

 $

34,883  

 $

34,438  

Net (loss) income applicable  to common shares

 $

(8,885)

 $

26,701  

 $

(7,933)

 $

12,092  

Basic and diluted earnings  per share

 $

(0.51)

 $

1.58  

 $

(0.47)

 $

0.71  
                                       
** **

F-44 
****
**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 (2)

Accounts

Deductions (1)

of Period

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  

Year ended December 31,  2005:

Deducted  from asset accounts:

Allowance  for doubtful accounts

 $

240  

 $

2,028  

 $

-  

 $

(2,199)

 $

69  

Valuation allowance-deferred  tax asset

3,803  

375  

-  

-  

4,178  

(1)

Uncollectible  amounts reserved for or written off.

(2)

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

**  **

F-45 
****
**SCHEDULE III**

**ASSOCIATED ESTATES REALTY CORPORATION**

**REAL ESTATE AND ACCUMULATED DEPRECIATION**

**December 31, 2007**

** **

** **

**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  

 $

850  

Bay Club

December, 1990

5-30

129  

3,622  

425  

Country Club Apartments

February, 1998

5-30

2,772  

12,192  

953  

Ellet

January, 1978

5-30

-  

2,175  

680  

Hawthorne Hills Apartments

May, 1997

5-30

370  

2,701  

327  

Mallard's Crossing

February, 1995

5-30

941  

8,499  

1,642  

Puritas Place

October, 1981

5-30

150  

2,698  

769  

Riverview Towers

October, 1979

5-30

-  

2,300  

600  

Shaker Park Gardens II

May 1, 1964

5-17

277  

3,012  

1,340  

State Road Apartments

September, 1977

5-30

-  

1,184  

1,336  

Statesman II

May, 1987

5-30

223  

1,632  

448  

Sutliff Apartments

December, 1979

5-30

-  

3,277  

1,097  

Tallmadge Acres

June, 1981

5-40

236  

4,644  

1,162  

The Cloisters

September, 1995

5-30

2,724  

17,522  

2,857  

Twinsburg Apartments

July, 1979

5-30

-  

2,834  

706  

The Woodlands

October, 1974

5-30

566  

4,598  

870  

Village at Avon

June, 1998

5-30

2,145  

21,704  

2,024  

Village Towers

October, 1979

5-30

-  

2,442  

668  

West High Apartments

December, 1981

5-15

-  

2,715  

625  

Westchester Townhouses

November, 1989

5-30

693  

5,686  

584  

Western Reserve

August, 1996

5-30

691  

6,866  

193  

Westlake Townhouses

October, 1995

5-30

559  

332  

256  

Williamsburg at Green Village

February, 1994

5-30

844  

12,787  

2,027  

**CENTRAL OHIO**

** **

St. Andrews at Little Turtle

March, 1995

5-30

478  

4,216  

670  

Bedford Commons

December, 1994

5-30

929  

5,751  

566  

Bradford at Easton

October, 1995

5-30

2,033  

16,303  

1,049  

Residence at Christopher  Wren

March 1, 1994

5-30

1,560  

13,754  

2,585  

Heathermoor

August, 1994

5-30

1,796  

8,535  

1,388  

Kensington Grove

July, 1995

5-30

533  

4,600  

467  

Lake Forest

July, 1994

5-30

824  

6,135  

581  

Muirwood Village at  Bennell

March, 1994

5-30

790  

4,657  

438  

Perimeter Lakes

September, 1996

5-30

1,265  

8,647  

845  

Saw Mill Village

April, 1997

5-30

2,548  

17,218  

2,940  

Sterling Park

August, 1994

5-30

646  

3,919  

280  

Residence at Turnberry

March, 1994

5-30

869  

11,567  

3,481  

Wyndemere Land

March, 1997

-

         200  

                       -  

                       -  
                            
F-46 
****
**SCHEDULE III**

**ASSOCIATED ESTATES REALTY CORPORATION**

**REAL ESTATE AND ACCUMULATED DEPRECIATION**

**December 31, 2007**

***(In thousands)***

*** ***

**Gross Amount at Which Carried at December 31, 2007**

** **

** **

**Buildings &**

** **

** **

** **

**Accumulated**

** **

**Encumbrances**

**Property**

** **

**Land**

** **

**Improvements**

** **

**Total**

** **

**Depreciation**

** **

**(1)**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**RESIDENTIAL MULTIFAMILY  PROPERTIES**

** **

**NORTHERN   OHIO**

** **

Barrington

 $

2,357  

 $

22,836  

 $

25,193  

 $

7,630  

 $

19,500  

Bay Club

129  

4,047  

4,176  

2,459  

3,092  

Country Club Apartments

2,772  

13,145  

15,917  

4,534  

11,031  

Ellet

-  

2,855  

2,855  

2,569  

-  

Hawthorne Hills Apartments

370  

3,028  

3,398  

1,218  

2,437  

Mallard's Crossing

941  

10,141  

11,082  

4,426  

-  

Puritas Place

150  

3,467  

3,617  

2,955  

-  

Riverview Towers

-  

2,900  

2,900  

2,674  

-  

Shaker Park Gardens II

277  

4,352  

4,629  

3,689  

-  

State Road Apartments

911  

1,609  

2,520  

1,405  

-  

Statesman II

223  

2,080  

2,303  

1,859  

-  

Sutliff Apartments

-  

4,374  

4,374  

3,903  

-  

Tallmadge Acres

270  

5,772  

6,042  

4,954  

-  

The Cloisters

2,724  

20,379  

23,103  

8,385  

-  

Twinsburg Apartments

-  

3,540  

3,540  

3,191  

-  

The Woodlands

566  

5,468  

6,034  

2,200  

4,372  

Village at Avon

2,145  

23,728  

25,873  

6,367  

21,000  

Village Towers

-  

3,110  

3,110  

2,868  

-  

West High Apartments

-  

3,340  

3,340  

3,066  

-  

Westchester Townhouses

693  

6,270  

6,963  

4,399  

5,596  

Western Reserve

691  

7,059  

7,750  

2,345  

5,007  

Westlake Townhouses

-  

1,147  

1,147  

1,093  

-  

Williamsburg at Green Village

844  

14,814  

15,658  

6,892  

-  

**CENTRAL OHIO**

St. Andrews at Little Turtle

478  

4,886  

5,364  

2,141  

3,737  

Bedford Commons

929  

6,317  

7,246  

2,773  

5,375  

Bradford at Easton

2,033  

17,352  

19,385  

6,413  

12,997  

Residence at Christopher  Wren

1,560  

16,339  

17,899  

7,497  

9,603  

Heathermoor

1,796  

9,923  

11,719  

4,860  

8,733  

Kensington Grove

533  

5,067  

5,600  

2,086  

3,284  

Lake Forest

824  

6,716  

7,540  

3,098  

-  

Muirwood Village at  Bennell

790  

5,095  

5,885  

2,397  

-  

Perimeter Lakes

1,265  

9,492  

10,757  

3,860  

5,811  

Saw Mill Village

2,548  

20,158  

22,706  

7,277  

11,340  

Sterling Park

646  

4,199  

4,845  

1,917  

3,013  

Residence at Turnberry

869  

15,048  

15,917  

7,744  

8,217  

Wyndemere Land

200  

-  

200  

-  

-  
                                
F-47 
****
**SCHEDULE III**

**ASSOCIATED ESTATES REALTY CORPORATION**

**REAL ESTATE AND ACCUMULATED DEPRECIATION**

**December 31, 2007**

** **

** **

**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  

 $

819  

**MICHIGAN**

Arbor Landings

June, 1999

5-30

1,129  

10,403  

9,321  

Aspen Lakes  Apartments

September,1996

5-30

742  

5,501  

800  

Central Park Place

December, 1994

5-30

1,013  

7,363  

1,127  

Country Place Apartments

June, 1995

5-30

768  

4,181  

530  

Clinton Place Apartments

August, 1997

5-30

1,219  

9,478  

1,099  

Georgetown Park  Apartments

June, 1999

5-30

1,778  

12,141  

13,077  

Oaks and Woods at Hampton

August, 1995

5-30

3,026  

27,204  

3,009  

The Landings at the Preserve

Septemer, 1995

5-30

1,081  

7,190  

771  

Spring Brook Apartments

June, 1996

5-30

610  

5,308  

446  

Spring Valley Apartments

October,1997

5-30

1,433  

13,461  

1,127  

Summer Ridge

April, 1996

5-30

1,251  

11,194  

1,301  

**FLORIDA**

Cypress Shores

February, 1998

5-30

2,769  

16,452  

900  

Windsor Pines

October, 1998

5-30

4,834  

28,795  

472  

Courtney Chase

August, 2004

5-30

3,032  

20,452  

213  

Vista Lago

March, 2005

5-30

4,012  

35,954  

50  

**GEORGIA**

The Falls

February, 1998

5-30

5,403  

23,420  

2,231  

Morgan Place

July, 1998

5-30

3,292  

9,159  

615  

Cambridge at Buckhead

October, 2005

5-30

6,166  

16,730  

378  

Idlewylde

June, 2007

5-30

12,058  

53,124  

-  

**MARYLAND**

** **

Reflections

February, 1998

5-30

1,807  

12,447  

1,015  

Annen Woods

July, 1998

5-30

1,389  

9,069  

1,070  

Hampton Point

July, 1998

5-30

3,394  

21,703  

2,050  

**INDIANA**

Residence at White River

February, 1997

5-30

     1,064 

             11,631  

                  812  

Waterstone Apartments

August, 1997

5-30

     1,508 

             22,861  

               1,026  

Steeplechase

July, 1998

5-30

     2,261 

             16,257  

                  590  
              
F-48 
****
**SCHEDULE III**

**ASSOCIATED ESTATES REALTY CORPORATION**

**REAL ESTATE AND ACCUMULATED DEPRECIATION**

**December 31, 2007**

***(In thousands)***

*** ***

**Gross Amount at Which Carried at December 31, 2007**

** **

** **

**Buildings &**

** **

** **

** **

**Accumulated**

** **

**Encumbrances**

**Property**

** **

**Land**

** **

**Improvements**

** **

**Total**

** **

**Depreciation**

** **

**(1)**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**RESIDENTIAL MULTIFAMILY  PROPERTIES**

** **

**SOUTHERN   OHIO**

** **

Remington Place

 $   1,645  

 $

10,850  

 $

12,495  

 $

4,007  

 $

-  

**MICHIGAN**

Arbor Landings

1,681

19,172 

20,853  

6,802 

17,253  

Aspen Lakes  Apartments

742

6,301 

7,043  

2,419 

-  

Central Park Place

1,013

8,490 

9,503  

3,684 

6,537  

Country Place Apartments

768

4,711 

5,479  

1,979 

-  

Clinton Place Apartments

1,219

10,577 

11,796  

3,720 

8,638  

Georgetown Park  Apartments

2,128

24,868 

26,996  

9,671 

16,000  

Oaks and Woods at Hampton

3,026

30,213 

33,239  

12,568 

26,461  

The Landings at the Preserve

1,081

7,961 

9,042  

3,248 

-  

Spring Brook Apartments

610

5,754 

6,364  

2,229 

4,505  

Spring Valley Apartments

1,433

14,588 

16,021  

5,148 

10,817  

Summer Ridge

1,251

12,495 

13,746  

4,920 

8,994  

**FLORIDA**

Cypress Shores

2,769

17,352 

20,121  

5,738 

27,344  

Windsor Pines

4,834

29,267 

34,101  

9,415 

39,390  

Courtney Chase

3,032

20,665 

23,697  

2,823 

-  

Vista Lago

4,012

36,004 

40,016  

3,847 

-  

**GEORGIA**

The Falls

5,403

25,651 

31,054  

8,845 

16,809  

Morgan Place

3,292

9,774 

13,066  

3,211 

-  

Cambridge at Buckhead

6,166

17,108 

23,274  

1,459 

-  

Idlewylde

12,058

53,124 

65,182  

1,184 

42,000  

**MARYLAND**

Reflections

1,807

13,462 

15,269  

4,733 

19,450  

Annen Woods

1,389

10,139 

11,528  

3,488 

13,025  

Hampton Point

3,394

23,753 

27,147  

8,077 

33,000  

**INDIANA**

Residence at White River

1,064

12,443 

13,507  

4,578 

9,221  

Waterstone Apartments

1,508

23,887 

25,395  

8,468 

16,500  

Steeplechase

2,261

16,847 

19,108  

5,411 

7,326  
                            
F-49 
****
** **

**SCHEDULE III**
**ASSOCIATED ESTATES REALTY CORPORATION**
**REAL ESTATE AND ACCUMULATED DEPRECIATION**
**December 31, 2007**

** **
** **
**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  

 $
3,540  

**VIRGINIA**

The Alexander at Ghent 

 June, 2007 

5-30

4,367  

43,263  

-    

 $
105,345  

 $
736,641  

86,118  
 
 
 
 
 
 

 

 
 
**MANAGEMENT SERVICE COMPANIES**

 November, 1993 

10-30

Land, Building and Improvements

6,034  
Furniture, Fixtures and Equipment

Construction in Progress
 
 
 
 
 
 
 
 
 

**GRAND    TOTALS**

 $
92,152  
 
 
 
 
 
 
 
 
 
 

**JOINT VENTURE PROPERTIES**

** **

**INVESTMENTS IN WHICH AERC**

**HAS A 50%    INTEREST**

**RESIDENTIAL MULTIFAMILY PROPERTY**

**NORTHERN OHIO**

Lakeshore Village

October, 1982

3-30

 $
482  

 $
3,862  

 $
535  

Land, Building and Improvements

 $
482  

 $
3,862  

 $
535  

**  **** **

F-50 
****
**SCHEDULE III**

**ASSOCIATED ESTATES REALTY CORPORATION**

**REAL ESTATE AND ACCUMULATED DEPRECIATION**

**December 31, 2007**

** **

** **

** **

** **

** **

***(In thousands)***

*** ***

**Gross Amount at Which Carried at December 31, 2007**

** **

** **

**Buildings &**

** **

** **

** **

**Accumulated**

** **

**Encumbrances**

**Property**

** **

**Land**

** **

**Improvements**

** **

**Total**

** **

**Depreciation**

** **

**(1)**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**RESIDENTIAL MULTIFAMILY  PROPERTIES**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**PENNSYLVANIA**

Chestnut Ridge

 $

2,146  

 $

22,699  

 $

24,845  

 $

8,351  

 $

19,000  

**VIRGINIA**

The Alexander at Ghent

4,367  

43,263  

47,630  

966  

24,500  

106,633  

821,471  

928,104  

278,133  

 $

510,915  

**MANAGEMENT SERVICE  COMPANIES**

1,279  

4,755  

6,034  

2,094  

Land, Building and  Improvements

 $

107,912  

 $

826,226  

934,138  

280,227  

Furniture, Fixtures and  Equipment

30,154  

25,200  

Construction in Progress

721  

- 

**GRAND  TOTALS**

 $

965,013  

 $

305,427  

**JOINT VENTURE PROPERTIES**

** **

**INVESTMENTS IN WHICH AERC**

**HAS  A 50% INTEREST**

**RESIDENTIAL  MULTIFAMILY PROPERTY**

**NORTHERN OHIO**

Lakeshore Village

 $

482  

 $

4,397  

 $

4,879  

 $

3,485  

 $

2,068  

Land, Building and  Improvements

 $

482  

 $

4,397  

4,879  

3,485  

 $

2,068  

Furniture, Fixures and  Equipment

339  

327  

Construction in Progress

-    

-    

**JOINT  VENTURE GRAND TOTAL**

 $

5,218  

 $

3,812  

** **
                                                                  
F-51 
****
**SCHEDULE III(continued)ASSOCIATED ESTATES REALTY CORPORATIONREAL ESTATE AND ACCUMULATED DEPRECIATIONDECEMBER 31, 2007**

The Aggregate Cost for FederalIncome Tax purposes was approximately $939.3 million and $845.6 million atDecember 31, 2007 and 2006, respectively.

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

2006

Balance, beginning of period

 $

877,797  

 $

944,724  

Disposal of fixed assets

(39,984)

(80,938)

New acquisition properties

113,748  

-  

Improvements

13,452  

14,011  

Balance, end of period

 $

965,013  

 $

877,797  

The changes in Accumulated Depreciation for the years ended December 31, 2007and 2006 are as follows:
*(in thousands)*
2007

2006

Balance, beginning of period

 $

286,277  

 $

298,788  

Disposal of fixed assets

(13,468)

(45,053)

Depreciation for period

32,618  

32,542  

Balance, end of period

 $

305,427  

 $

286,277  
            
F-52 |