Associated Estates Realty Corp is a fully integrated, self-administered and self-managed equity real estate investment trust. The Company is engaged in multifamily ownership, operation, acquisition, development, construction, disposition and property management activities. It is engaged in the ownership and operation of multifamily apartment units. It owns a taxable REIT subsidiary that performs general contracting and construction services for its own account in connection with the development of multifamily properties that it owns and operates. As of December 31, 2013, its operating property portfolio consisted of 53 owned apartment communities containing 13,676 units in ten states. The Company has one operating segment of multifamily properties. Its Same Community portfolio includes properties it has owned and operated for the entire two-year period ending December 31, 2013, and consists of 43 properties containing 10,995 units. The Company uses LRO, a rental revenue software product that provides comprehensive submarket-based statistical data to assist in maximizing rental revenue while remaining market competitive. The Company owned one of its properties, Windsor Pines, in Pembroke Pines, Florida, containing 368 apartment units, through an Operating Partnership structured as a DownREIT. In conjunction with its acquisition of land for development of an apartment community, it acquired a commercial building in Los Angeles, California, containing approximately 78,800 total square feet of office and commercial space.