Associated Estates Realty Corporation Declares Common Share Dividend.

Associated Estates Realty Corporation announced today that a quarterly dividend of $0.17 per share has been declared on the Company's common shares, payable on February 2, 2004 to shareholders of record on January 15, 2004.

Associated Estates Realty Corporation, one of the largest multifamily property owners in the United States, is a real estate investment trust ("REIT"), headquartered in Richmond Heights, Ohio, a suburb of Cleveland. The Company directly or indirectly owns, manages, or is a joint venture partner in 107 multifamily properties containing a total of 24,770 units located in 12 states.

For more information, please contact: Barbara E. Hasenstab, Vice President of Investor Relations and Corporate Communications, by telephone at 216-797-8798 or e-mail at IR@aecrealty.com. This press release and other corporate information are available through the Company's web site on the Internet at http://www.aecrealty.com/ . AEC's web site is linked to Sharebuilder, an online service that allows investments in shares of AEC common stock directly on a recurring basis. For more information, access the Investor Relations "News" section of http://www.aecrealty.com/ .

CONTACT: Barbara E. Hasenstab, Vice President of Investor Relations and Corporate Communications, Associated Estates Realty Corporation, +1-216-797-8798, or IR@aecrealty.com

Web site: http://www.aecrealty.com/