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Associated Estates Realty Corporation Employee Receives Prestigious Industry Award

CLEVELAND, March 26 /PRNewswire-FirstCall/ -- Associated Estates Realty Corporation (NYSE: AEC) announced today that the National Association of Home Builders (NAHB) Multifamily Division selected Senior Property Manager Carol Abdulla as the winner in the 2003 Pillars of the Industry Awards "Property Manager of the Year" category.

The 2003 Pillars of the Industry Awards winners were announced during a dinner ceremony on March 24, 2003 at the Boca Raton Resort & Club in Boca Raton, Florida. The event is the highlight of the Pillars of the Industry Annual Conference.

Ms. Abdulla joined AEC in 1994. She currently manages four affordable housing properties in Northeast Ohio, comprised of approximately 400 units. "Carol sets the bar high for her staff, but provides them with the leadership and guidance to reach each and every challenge. Her tenure and experience in the industry make her an invaluable asset to her properties and the company at large," said Vice President of Operations JoAnn C. Hirsh.

Ms. Abdulla holds numerous property management certifications including Certified Occupancy Specialist (COS), Certified Manager of Housing (CMH) and Certified Manager of Maintenance (CMM), and is currently completing requirements in 2003 for the Registered Housing Manager (RHM) designation. Carol will celebrate her 70th birthday in 2003 and has no intention of slowing down.

The Pillars Awards, presented annually, are considered the most prestigious awards in the multifamily industry. The awards recognize excellence in multifamily design, development, finance, management and marketing.

Associated Estates Realty Corporation, one of the largest multifamily property managers 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 109 multifamily properties containing a total of 25,174 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 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 www.aecrealty.com .

SOURCE Associated Estates Realty Corporation

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/NOTE TO EDITORS: Electronic photo available upon request./

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

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

(AEC)


CO:  Associated Estates Realty Corporation
ST:  Ohio
IN:  FIN RLT
SU:  AWD



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2732 03/26/200310:13 ESThttp://www.prnewswire.com

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