NAREIT – Annual Convention

November 11-13, 2009

Safe Harbor Statement

Statements included in this presentation that are not based

on historical fact, are forward-looking statements based on
current judgments and knowledge of management, which
are subject to certain risks, trends and uncertainties that
could cause actual results to vary from those projected. The
Risk Factors and cautionary statements identifying important
factors that could cause actual results to differ materially
from those in these forward-looking statements are detailed
in our filings with the SEC.

All information as of Q3 2009, unless otherwise noted.

$ in thousands, except for per unit and per share information, unless otherwise noted.
Overview

1. Associated Estates Today

2. Financial Profile

3. Value Investing Opportunity

4. Appendix – Market Summary

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 Associated Estates Today – Company Snapshot

Company Overview Average Age of Portfolio(2)

Portfolio 16 years

¾ 49 class A and B properties totaling 15 years 15 years 15 years

12,366 units owned and managed in 8 states
14 years
¾ Gross real estate assets of approximately
$935 million
¾ 57% of NOI derived from the Midwest, 19% of
NOI derived from the Mid-Atlantic and 24% of 2005 2006 2007 2008 Q3 2009

NOI derived from the Southeast(1)

Quality Earnings– YTD 2009 Revenue Composition

Platform Other Revenue = 2%

¾ Fully integrated operations, development
and redevelopment capabilities
¾ Experienced management team of apartment
operators
¾ Approximately 370 employees
Property Revenue = 98%
(1) NOI contribution by region represents Q3 2009 NOI contribution.
(2) 2005, 2006 and 2007 depict age of market rate portfolio only.

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People - Experienced and Vetted Management Team

Multifamily
Name Position Years with AEC
Experience
Jeffrey I. Friedman Chairman, President & CEO 35 yrs. 35 yrs.

Lou Fatica VP, CFO & Treasurer 10 yrs. 10 yrs.

Martin A. Fishman VP, General Counsel & Secretary 23 yrs. 33 yrs.

John T. Shannon Senior VP of Operations 5 yrs. 19 yrs.

Michelle B. Creger VP, Associate General Counsel -- --

Patrick Duffy VP of Strategic Marketing 4 yrs. 22 yrs.

Jason A. Friedman VP of Construction and Development -- 6 yrs.

Daniel Gold VP of Human Resources -- --

Miria Rabideau VP of Operations 15 yrs. 16 yrs.

Beth L. Stoll VP of Operations 5 yrs. 23 yrs.

¾ 15% of common shares outstanding held by officers, directors and affiliates

¾ Deep management team with over 160 years of collective multifamily experience and an average
of 10 years with Associated Estates
¾ Expertise in multifamily operations, development and redevelopment

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Portfolio - High Quality Portfolio of Well-Positioned
Communities
Q3 2009 NOI Contribution Location of Owned Properties
Maryland
9%

Ohio Florida
32% 14%

Georgia
10%

Virginia
10%
Michigan
Indiana
19%
6%

River Forest Village at Avon Cambridge at Buckhead

Richmond, Virginia Avon, Ohio Atlanta, Georgia

240 Units 312 Units 168 Units
Built in 2006 Built in 2001 Built in 1995

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 Portfolio Transformation – 2005 to YTD 2009

2005 – YTD 2009 Disposition Summary Select Dispositions

# of Properties Disposed 31
Total Units Disposed 6,923
Average Age 24 years
Operating Margin(1) 41.1%
Gross Proceeds $375,650 Shaker Park Gardens North Pointe Fleetwood
Avg. Price Per Unit $54 Warrensville Hts., OH Euclid, OH Houston, TX

Economic Cap Rate(2) 5.4% 151 Units 949 Units 104 Units
Built in 1964 Built in 1971 Built in 1993
GAAP Gains $184,000

2005 – YTD 2009 Acquisition Summary Select Acquisitions

# of Properties Acquired 6

Total Units Acquired 2,131

Average Age 6 years

Operating Margin(3) 60.6%

Total Price $232,420 The Belvedere Vista Lago The Alexander at Ghent
Richmond, VA West Palm Beach, FL Norfolk, VA
Avg. Price Per Unit $135
296 Units 316 Units 268 Units
Economic Cap Rate(4) 5.6% Built in 2005 Built in 2003 Built in 2006

(1) Operating margin calculated after 2.25% in office allocations for market rate properties and 1.5% in office allocations for affordable properties.
(2) Disposition economic cap rate calculated after 3% in management fee and $500 in capital reserve per unit for all dispositions except Affordable and Toledo which include $750 in capital per unit.
(3) Operating margin calculated after 2.25% in office allocations.
(4) Acquisition economic cap rate calculated after 3% in management fee and $250 in capital reserve per unit.

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 Associated Estates’ Portfolio – It’s a Submarket Story

Mkt. Q3 ‘09 AEC Q3 ‘09 AEC Variance Market Physical AEC Physical
Region Units Net Rent Net Rent To Mkt. Occupancy Occupancy

MIDWEST

Indiana 836 $628 $856 36.3% 90.8% 97.5%

Michigan 2,888 $758 $767 1.2% 90.7% 95.7%

Ohio – Central 2,621 $632 $821 29.9% 91.6% 96.0%

Ohio – Northeastern 1,303 $696 $961 38.1% 93.2% 95.7%

Total Midwest 7,648 $690 $828 20.0% 91.4% 96.0%

MID-ATLANTIC

Baltimore/Washington 667 $1,158 $1,313 13.4% 94.0% 95.2%

Virginia 804 $769 $1,176 52.9% 92.6% 93.0%

Total Mid-Atlantic 1,471 $945 $1,238 31.0% 93.2% 94.0%

SOUTHEAST

Florida 1,272 $974 $1,200 23.2% 91.4% 93.7%

Georgia 1,717 $756 $829 9.7% 88.9% 89.5%

Total Southeast 2,989 $849 $987 16.3% 90.0% 91.3%

Total Portfolio 12,108 $760 $917 20.7% 91.3% 94.6%

Source: Company financials, REIS and Western Michigan PMA Market Survey.

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 Associated Estates’ Portfolio Unemployment Snapshot

September 2008 vs. September 2009 Unemployment Figures in Associated Estates’ Portfolio(1)(2)

Year over Year Increase (bps)

260 620 240 180 280 290 450 380 360 350

14.2%

11.0%
10.5%
9.8% 9.5%
8.0% 8.3% 8.3%
7.7% 7.6% 7.3%
6.5% 6.5% 6.7%
5.9% 6.2% 6.0%
5.1% 4.8%
4.4%

Indiana Michigan Central Ohio NE Ohio Baltimore / D.C. Virginia Florida Georgia Total Portfolio US Average
Sept., 2008 Sept., 2009

Highlights

¾ Unemployment across the Associated Estates’ portfolio has increased 10 bps more than the national average

¾ 59% of NOI is concentrated in markets where unemployment has increased less than the national average
(1) Unemployment rate for Associated Estates’ portfolio is weighted by 3Q 2009 NOI contribution by region.
(2) All data is not seasonally adjusted.
Source: BLS.

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 2009 Q3 & YTD Same Community Results - Associated
Estates vs. Peers
Q3 2009 vs. Q3 2008 YTD 2009 vs. YTD 2008

Q3 Revenue Q3 Expense Q3 NOI YTD Revenue YTD Expense YTD NOI

Ticker Growth / Growth / Growth / Growth / Growth / Growth /
(Decline) (Decline) (Decline) (Decline) (Decline) (Decline)
HME (0.2%) 0.2% (0.5%) 0.4% 1.5% (0.4%)

UDR (3.0%) (1.6%) (3.7%) (1.3%) (1.7%) (1.0%)

MAA (1.7%) (1.3%) (2.1%) n/a n/a n/a

AEC (2.5%) (2.9%) (2.2%) (1.1%) 0.5% (2.3%)

ESS (4.7%) 1.8% (8.0%) (1.5%) 0.6% (2.6%)

AIV (2.9%) 1.1% (5.4%) (2.1%) (0.4%) (3.3%)

PPS (6.0%) (0.1%) (10.0%) (3.7%) (4.2%) (3.3%)

EQR (3.9%) (0.6%) (5.8%) (2.3%) 0.5% (3.9%)

BRE (5.6%) (0.2%) (7.9%) (3.3%) 1.4% (5.3%)

AVB (4.8%) 3.2% (8.5%) (2.8%) 3.0% (5.4%)

CLP (4.1%) (1.1%) (6.2%) (2.5%) 2.5% (5.6%)

CPT (4.5%) (0.6%) (7.0%) (2.4%) 3.8% (6.2%)

Source: Company financials.

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 2009 Same Community Guidance Midpoints - Associated
Estates vs. Peers
Revenue Guidance Expense Guidance NOI Guidance
Ticker
Growth / (Decline) Growth / (Decline) Growth / (Decline)

HME (0.1%) 0.7% (0.6%)

MAA (1.5%) n/a (2.3%)

AEC (1.4%) 0.8% (3.0%)

UDR (2.0%) 1.8% (4.0%)

AIV n/a n/a (4.5%)

EQR (3.0%) 0.5% (5.0%)

ESS (3.5%) n/a (5.5%)

PPS (4.2%) (2.2%) (5.6%)

BRE (3.5%) 2.0% (6.0%)

CPT (3.0%) 2.0% (6.0%)

CLP (3.1%) 3.0% (6.9%)

AVB (3.6%) n/a (7.0%)

Source: Company financials.

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 Reasons For Relatively Insulated Earnings

¾ No “boom” no “bust” in the Midwest

¾ Relatively young and well-maintained portfolio

¾ Strong leadership at Regional Manager and property level

¾ Solid Class A and B portfolio

¾ Highly desirable sub-markets

¾ Limited new supply combined with consistent household formation

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 Vastly Improved Financial Profile

Debt / Gross Real Estate Assets(1) Coverage Ratios FFO Payout Ratio(2)

74.7%
60.7%
Fixed Charge
Fixed 1.38x
Fixed Charge
Charge
2005 Interest Coverage
Interest
Interest Coverage
Coverage 1.54x

56.0%
56.2%
Fixed Charge 1.55x
Fixed Charge
Interest Coverage
YTD
Interest Coverage 1.74x
2009 Interest Coverage

2005 Q3 2009 2005 YTD 2009

# of Unencumbered Assets Unencumbered Pool Value(3) Unencumbered NOI / Total NOI

$220,000

2005 12
2005 6.3%

Q3 17 $40,000 YTD 24.6%

2009 2009

2005 Q3 2009
(1) Undepreciated book value.
(2) As adjusted for defeasance, other prepayment and early redemption costs and discounts.
(3) Q3 2009 value depicts the estimated market value based on a nominal cap rate of 8.4%.

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 Strong Liquidity Position

Debt Structure Scheduled Principal Maturities

Weighted $166,940
Balance at Percent of Average
09/30/09 Total Debt Interest Rate
$34,984
Fixed Rate Debt: $132,209

Secured – CMBS $116,000 22.1% 7.7%

Secured – Other 337,385 64.1% 5.8%
Unsecured 25,780 4.9% 7.9% $78,378
$81,786

Total Fixed Rate 479,165 91.1% 6.4% $66,836

$36,000 $132,209 $131,956
Variable Rate Debt: $12,000
$63,000
Mortgages payable 34,984 6.6% 4.7%
Revolver 12,000 2.3% 1.8% $45,786
- $54,836
Total Variable Rate 46,984 8.9% 4.0% $15,378

Total Debt $526,149 100.0% 6.2% 2009 2010 2011 2012 2013 2014+
CMBS Fixed Rate Variable Rate

Highlights

¾ Well laddered debt maturity schedule

¾ $138 million available on unsecured revolving credit facility at 160 basis points over LIBOR

¾ No significant short term unsecured debt maturities

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 In-Line Leverage Metrics

Debt to Gross Real Estate Assets(1) In-Line Leverage Metrics

59.9% 60.1%

56.2% ¾ Only 17.5% of gross assets acquired during

54.8%
53.2% 53.5% 54.0%
49.4%
50.6% 51.5% the last three years at earnings neutral
47.5%
cap rates
39.0%

¾ Reduced leverage during “frothy” acquisition

environment
PPS CPT CLP MAA ESS AVB EQR UDR BRE AEC HME AIV

Debt / Annualized Q2 2009 EBITDA ¾ Unencumbered asset value less

10.2x
unsecured debt = $11.00 per share(2)
10.0x
9.5x
8.7x 8.7x
8.4x 8.4x 8.4x
8.2x
7.9x

6.9x 7.0x

(1) Gross real estate assets measured as undepreciated book value.

(2) Q3 2009 value depicts the estimated market value based on a nominal cap rate of 8.4%.
MAA ESS CPT BRE AEC HME EQR UDR PPS AVB AIV CLP Source: Company financials, Raymond James & Associates.

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 Dividend Yields

Current Dividend Yield(1)

7.1%

6.5%
6.1%

5.3% 5.3% 5.3% 5.3% 5.2% 5.1%

5.0% 4.9%
4.7%

3.2%

AEC HME CLP MAA ESS Avg. AVB BRE UDR CPT PPS EQR AIV
Reduced Dividend in 2009
(1) Share prices as of 11/06/2009.
Source: KeyBanc Capital Markets, Bloomberg, Company financials and Company conference calls.

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 2010 Consensus Metrics

Consensus 2010 FFO Payout Ratio(1) Consensus 2010 FFO Multiple

17.3x
88.7% 89.6% 91.3% 16.7x 16.8x
80.8% 15.1x
13.6x 13.6x 13.8x
70.7% 70.7% 71.8% 12.8x 13.2x
67.2%
63.6% 65.5%
59.4%
9.6x 9.8x
8.9x

30.5%

AIV CLP AEC UDR CPT EQR MAA BRE PPS HME ESS AVB AEC AIV CLP UDR MAA CPT HME BRE EQR PPS ESS AVB
Reduced Dividend in 2009

Consensus 2010 AFFO Payout Ratio(1) Consensus 2010 AFFO Multiple

110.3%
106.7%108.1% 22.0x
98.1% 20.3x
89.5% 90.8% 18.1x 18.6x
84.9.8%
79.3% 80.6% 16.3x 16.9x
17.0x
76.6% 77.9% 16.0x
15.0x 15.5x
12.6x 12.9x
51.9%

AIV UDR CLP CPT BRE EQR AEC MAA AVB PPS ESS HME AEC CLP UDR BRE CPT AIV HME MAA EQR AVB ESS PPS
Reduced Dividend in 2009
(1) Payout ratios are calculated using projected full year dividend for respective year.
Source: KeyBanc Capital Markets, Bloomberg, Company financials and Company conference calls.

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 Significant Discount to Net Asset Value

Associated Estates’ Analyst Current

NAV NAV(1) Share Price(2)

Value Per Share $17.50 $15.52 $9.57

Premium / (Discount) n/a (11.3%) (45.3%)

Implied Nominal Cap Rate 8.00% 8.33% 9.46%

Implied Economic Cap Rate 6.75% 7.03% 7.99%

Implied Value Per Unit $77,700 $74,800 $65,800

Implied 2009(E) FFO Multiple(3) 14.6x 13.0x 8.0x

Implied 2009(E) AFFO Multiple(4) 20.0x 17.8x 11.0x

(1) Analyst NAV includes, Green Street Advisors ($13.75), R.W. Baird ($16.67) and Benchmark ($16.13).
(2) Share price as of 11/06/2009.
(3) FFO multiple calculated at the midpoint of Associated Estates’ guidance of $1.19.
(4) AFFO multiple calculated at the midpoint of Associated Estates’ guidance of $0.87.

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Appendix – Submarket Information

Property Overview

Suburban Cleveland

Suburban Columbus

Suburban Detroit

Suburban Indianapolis

Florida

Atlanta

Baltimore / Washington

Virginia

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 Property Overview – Suburban Cleveland

Suburban Cleveland Property Map Associated MSA

Estates(1) Data
Q3 2009 Physical Occupancy 95.7% 93.2%
Q3 2009 Net Rent $961 $696
YOY Net Rent Growth (0.6%) (1.6%)
2009-2014 Projected Household
4.4% (1.3%)
Formation %
2009-2014 CAGR Projected
0.9% (0.3%)
Household Formation
% of Renter Households 17.6% 31.0%
Average Household Income $92,063 $65,080
Housing Stock Value $189,496 $106,000
Average Commute Time (mins.) 27.3 26.4

The Residence at Barrington Village at Western Reserve Williamsburg Townhomes

(1) AEC data represents a weighted average of statistics within a 5 mile radius, based upon AEC units owned.
Source: Company financials, REIS, Census Bureau, S&P Case Shiller Index, NRA and Claritas.

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 Property Overview – Suburban Columbus

Suburban Columbus Property Map Associated MSA

Estates(1) Data
Q3 2009 Physical Occupancy 96.0% 91.5%

Q3 2009 Net Rent $827 $629

YOY Net Rent Growth 1.0% 0.0%

2009-2014 Projected Household 5.8% 5.5%

Formation %
2009-2014 CAGR Projected 1.1% 1.1%
Household Formation
% of Renter Households 37.1% 35.5%

Average Household Income $78,315 $68,408

Housing Stock Value $174,506 $136,600

Average Commute Time (mins.) 24.6 25.7

The Residence at Christopher Wren Bradford at Easton The Residence at Turnberry

(1) AEC data represents a weighted average of statistics within a 5 mile radius, based upon AEC units owned.
Source: Company financials, REIS, Census Bureau, S&P Case Shiller Index, NRA and Claritas.

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 Property Overview – Suburban Detroit

Suburban Detroit Property Map Associated MSA

Estates(1) Data
Q3 2009 Physical Occupancy 95.9% $92.4%
Q3 2009 Net Rent $809 $757
YOY Net Rent Growth (1.0%) (1.9%)
2009-2014 Projected Household
3.7% 0.2%
Formation %
2009-2014 CAGR Projected
0.7% 0.0%
Household Formation
% of Renter Households 26.1% 26.8%
Average Household Income $84,547 $69,248
Housing Stock Value $199,743 $71,590
Average Commute Time (mins.) 28.5 29.0

Spring Valley Arbor Landings Georgetown Park

(1) AEC data represents a weighted average of statistics within a 5 mile radius, based upon AEC units owned.
Source: Company financials, REIS, Census Bureau, S&P Case Shiller Index, NRA and Claritas.

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 Property Overview – Suburban Indianapolis

Suburban Indianapolis Property Map Associated MSA

Estates(1) Data
Q3 2009 Physical Occupancy 97.5% 90.8%
Q3 2009 Net Rent $856 $628
YOY Net Rent Growth (0.1%) (1.0%)
2009-2014 Projected Household
2.7% 6.7%
Formation %
2009-2014 CAGR Projected
0.5% 1.3%
Household Formation
% of Renter Households 41.3% 30.4%
Average Household Income $58,732 $70,439
Housing Stock Value $118,313 $121,300
Average Commute Time (mins.) 24.4 26.2

The Residence at White River Steeplechase at Shiloh Waterstone

(1) AEC data represents a weighted average of statistics within a 5 mile radius, based upon AEC units owned.
Source: Company financials, REIS, Census Bureau, S&P Case Shiller Index, NRA and Claritas.

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 Property Overview – Florida

Florida Property Map Associated MSA

Estates(1) Data
Q3 2009 Physical Occupancy 93.7% 91.4%
Q3 2009 Net Rent $1,200 $974
YOY Net Rent Growth (3.6%) (2.8%)
2009-2014 Projected Household
8.2% 7.6%
Formation %
2009-2014 CAGR Projected
1.6% 1.5%
Household Formation
% of Renter Households 29.8% 29.3%
Average Household Income $68,635 $73,461
Housing Stock Value $229,401 $194,222
Average Commute Time (mins.) 30.1 29.3

Cypress Shores Courtney Chase Windsor Pines

(1) AEC data represents a weighted average of statistics within a 5 mile radius, based upon AEC units owned.
Source: Company financials, REIS, Census Bureau, S&P Case Shiller Index, NRA and Claritas.

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 Property Overview – Atlanta

Atlanta Property Map Associated MSA

Estates(1) Data
Q3 2009 Physical Occupancy 89.5% 88.9%
Q3 2009 Net Rent $829 $756
YOY Net Rent Growth (5.8%) (2.2%)
2009-2014 Projected Household
10.9% 12.5%
Formation %
2009-2014 CAGR Projected
2.1% 2.4%
Household Formation
% of Renter Households 39.4% 31.2%
Average Household Income $77,611 $76,784
Housing Stock Value $207,827 $121,400
Average Commute Time (mins.) 32.4 34.0

Cambridge at Buckhead Idlewylde Morgan Place

(1) AEC data represents a weighted average of statistics within a 5 mile radius, based upon AEC units owned.
Source: Company financials, REIS, Census Bureau, S&P Case Shiller Index, NRA and Claritas.

25
 Property Overview – Baltimore/Washington

Baltimore/Washington Property Map Associated MSA

Estates(1) Data
Q3 2009 Physical Occupancy 95.2% 94.0%
Q3 2009 Net Rent $1,313 $1,158
YOY Net Rent Growth 0.1% (0.2%)
2009-2014 Projected Household
3.0% 5.1%
Formation %
2009-2014 CAGR Projected
0.6% 1.0%
Household Formation
% of Renter Households 33.8% 33.7%
Average Household Income $101,803 $95,441
Housing Stock Value $349,623 $287,936
Average Commute Time (mins.) 35.3 34.2

Hampton Point Reflections Annen Woods

(1) AEC data represents a weighted average of statistics within a 5 mile radius, based upon AEC units owned.
Source: Company financials, REIS, Census Bureau, S&P Case Shiller Index, NRA and Claritas.

26
 Property Overview – Virginia

Virginia Property Map Associated MSA

Estates(1) Data
Q3 2009 Physical Occupancy 93.0% 92.6
Q3 2009 Net Rent $1,176 $769
YOY Net Rent Growth 2.7% (1.9%)
2009-2014 Projected Household
3.5% 5.5%
Formation %
2009-2014 CAGR Projected
0.7% 1.1%
Household Formation
% of Renter Households 28.5% 31.8%
Average Household Income $80,419 $72,895
Housing Stock Value $211,478 $212,800
Average Commute Time (mins.) 25.9 27.0

The Alexander at Ghent Belvedere River Forest

(1) AEC data represents a weighted average of statistics within a 5 mile radius, based upon AEC units owned.
Source: Company financials, REIS, Census Bureau, S&P Case Shiller Index, NRA and Claritas.

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 Associated Estates
1 AEC Parkway
Richmond Heights, OH 44143

www.AssociatedEstates.com

NYSE, NASDAQ: AEC

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