Associated Estates Announces Pricing of 5.5M Share Offering at $14.40

Associated Estates Realty Corporation

today announced the pricing of a public offering of 5,500,000 of its common shares at a price of $14.40 per share, for net proceeds of approximately $75.8 million after the underwriting discount and estimated offering expenses (or approximately $87.2 million if the underwriters exercise their option to purchase additional shares in full). The Company has granted the underwriters a 30-day option to purchase up to an additional 825,000 of its common shares. All of the shares were offered by the Company and will be issued under the Company's currently effective shelf registration statement filed with the Securities and Exchange Commission. The offering is expected to close on June 27, 2012, subject to customary closing conditions.