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<title>s8dec2011</title>



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  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><b>&nbsp;</b></p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><b>&nbsp;</b></p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><b>As filed with
  the Securities and Exchange Commission on December 20, 2011</b></p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:right'><b>Registration No.
  333-<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
  <br>
  </u></b></p>
  </td>
 </tr>
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<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>SECURITIES AND
EXCHANGE COMMISSION</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>Washington, D.C. 20549</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>
</b></u></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><b><font style="font-size: 15.0pt">FORM S-8</font></b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><b><font style="font-size: 20.0pt">ASSOCIATED ESTATES REALTY CORPORATION</font></b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-align:center'><font style="font-size: 8.0pt">(Exact name of registrant as specified in its charter)</font></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='margin-left:.25in;border-collapse:collapse'>
 <tr style='page-break-inside:avoid'>
  <td width=360 valign=top style='width:3.75in;padding:0in .25in 0in .25in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>Ohio</p>
  </td>
  <td width=360 valign=top style='width:3.75in;padding:0in .25in 0in .25in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>34-1747603</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=360 valign=top style='width:3.75in;padding:0in .25in 0in .25in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><font style="font-size: 8.0pt">(State or other jurisdiction of incorporation or
  organization)</font></p>
  </td>
  <td width=360 valign=top style='width:3.75in;padding:0in .25in 0in .25in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><font style="font-size: 8.0pt">(I.R.S. Employer Identification No.)</font></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=360 valign=top style='width:3.75in;padding:0in .25in 0in .25in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 8.0pt">&nbsp;</font></p>
  </td>
  <td width=360 valign=top style='width:3.75in;padding:0in .25in 0in .25in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 8.0pt">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 8.0pt">&nbsp;</font></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
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 <tr style='page-break-inside:avoid'>
  <td width=360 valign=top style='width:3.75in;padding:0in .25in 0in .25in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>1 AEC Parkway,
  Richmond Heights, Ohio</p>
  </td>
  <td width=360 valign=top style='width:3.75in;padding:0in .25in 0in .25in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>44143</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=360 valign=top style='width:3.75in;padding:0in .25in 0in .25in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><font style="font-size: 8.0pt">(Address of Principal Executive Offices)</font></p>
  </td>
  <td width=360 valign=top style='width:3.75in;padding:0in .25in 0in .25in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><font style="font-size: 8.0pt">(Zip Code)</font></p>
  </td>
 </tr>
</table>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>
</b></u></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>ASSOCIATED ESTATES
REALTY CORPORATION</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-align:center'>2011
EQUITY-BASED AWARD PLAN</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>ASSOCIATED ESTATES
REALTY CORPORATION</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>&nbsp;DIRECTORS&#146; DEFERRED
COMPENSATION PLAN</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>ASSOCIATED ESTATES
REALTY CORPORATION</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>ELECTIVE DEFERRED
COMPENSATION PLAN</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>(Full title of the
plan)</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-align:center'><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>
</b></u></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>JEFFREY I. FRIEDMAN, CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>Associated Estates
Realty Corporation</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center;line-height:120%'>1
AEC Parkway </p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>Richmond Heights,
Ohio 44143-1467</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-align:center'>(Name
and address of agent for service)</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>(216) 261-5000</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>(Telephone number,
including area code, of agent for service)</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-align:center'><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>
</b></u></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>CALCULATION OF
REGISTRATION FEE</p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='margin-left:6.0pt;border-collapse:collapse'>
 <tr style='page-break-inside:avoid'>
  <td width=123 valign=top style='width:92.55pt;border:none;border-top:double windowtext 2.25pt;
  padding:0in 6.0pt 0in 6.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-top:4.5pt;text-align:center'><font style="font-size: 8.0pt"><br>
  Title of</font></p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><font style="font-size: 8.0pt">securities</font></p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><font style="font-size: 8.0pt">to be</font></p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:2.7pt;text-align:center'><font style="font-size: 8.0pt">registered</font></p>
  </td>
  <td width=149 valign=bottom style='width:111.75pt;border-top:double windowtext 2.25pt;
  border-left:solid windowtext 1.0pt;border-bottom:none;border-right:none;
  padding:0in 6.0pt 0in 6.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-top:4.5pt;text-align:center'><font style="font-size: 8.0pt"><br>
  <br>
  Amount</font></p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><font style="font-size: 8.0pt">to be</font></p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:2.7pt;text-align:center'><font style="font-size: 8.0pt">registered</font></p>
  </td>
  <td width=149 valign=bottom style='width:111.75pt;border-top:double windowtext 2.25pt;
  border-left:solid windowtext 1.0pt;border-bottom:none;border-right:none;
  padding:0in 6.0pt 0in 6.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-top:4.5pt;text-align:center'><font style="font-size: 8.0pt"><br>
  Proposed maximum</font></p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><font style="font-size: 8.0pt">offering</font></p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><font style="font-size: 8.0pt">price per</font></p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:2.7pt;text-align:center'><font style="font-size: 8.0pt">unit</font><sup><font style="font-size: 6.5pt">(2)</font></sup></p>
  </td>
  <td width=149 valign=bottom style='width:111.75pt;border-top:double windowtext 2.25pt;
  border-left:solid windowtext 1.0pt;border-bottom:none;border-right:none;
  padding:0in 6.0pt 0in 6.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-top:4.5pt;text-align:center'><font style="font-size: 8.0pt">Proposed<br>
  maximum</font></p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><font style="font-size: 8.0pt">aggregate</font></p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><font style="font-size: 8.0pt">offering</font></p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:2.7pt;text-align:center'><font style="font-size: 8.0pt">price</font><sup><font style="font-size: 6.5pt">(2)</font></sup></p>
  </td>
  <td width=149 valign=bottom style='width:112.05pt;border-top:double windowtext 2.25pt;
  border-left:solid windowtext 1.0pt;border-bottom:none;border-right:none;
  padding:0in 6.0pt 0in 6.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><font style="font-size: 8.0pt">Amount of</font></p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><font style="font-size: 8.0pt">registration</font></p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:2.7pt;text-align:center'><font style="font-size: 8.0pt">fee</font><sup><font style="font-size: 6.5pt">(2)</font></sup></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid'>
  <td width=123 style='width:92.55pt;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;
  padding:0in 6.0pt 0in 6.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-top:4.5pt;text-align:center'><font style="font-size: 8.0pt">Common Shares,</font></p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><font style="font-size: 8.0pt">without par&nbsp;value</font></p>
  </td>
  <td width=149 valign=bottom style='width:111.75pt;border-top:solid windowtext 1.0pt;
  border-left:solid windowtext 1.0pt;border-bottom:double windowtext 2.25pt;
  border-right:none;padding:0in 6.0pt 0in 6.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-top:4.5pt;text-align:center'><font style="font-size: 8.0pt">2,100,000 Shares<sup>(1)</sup></font></p>
  </td>
  <td width=149 valign=bottom style='width:111.75pt;border-top:solid windowtext 1.0pt;
  border-left:solid windowtext 1.0pt;border-bottom:double windowtext 2.25pt;
  border-right:none;padding:0in 6.0pt 0in 6.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:2.7pt;text-align:center'><font style="font-size: 8.0pt">$15.74</font></p>
  </td>
  <td width=149 valign=bottom style='width:111.75pt;border-top:solid windowtext 1.0pt;
  border-left:solid windowtext 1.0pt;border-bottom:double windowtext 2.25pt;
  border-right:none;padding:0in 6.0pt 0in 6.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:2.7pt;text-align:center'><font style="font-size: 8.0pt">$33,043,500</font></p>
  </td>
  <td width=149 valign=bottom style='width:112.05pt;border-top:solid windowtext 1.0pt;
  border-left:solid windowtext 1.0pt;border-bottom:double windowtext 2.25pt;
  border-right:none;padding:0in 6.0pt 0in 6.0pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:2.7pt;text-align:center'><font style="font-size: 8.0pt">$3,786.79</font></p>
  </td>
 </tr>
</table>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 8.0pt">&nbsp;</font></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
  <td width=31 valign=top style='width:23.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 8.0pt">(1)</font></p>
  </td>
  <td width=703 valign=top style='width:527.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 8.0pt">Covers 1,726,608 Common
  Shares, without par value (the &#147;Common Shares&#148;) issuable under the Associated
  Estates Realty Corporation 2011 Equity-Based Award Plan, 235,000 Common
  Shares issuable under the Associated Estates Realty Corporation Directors&#146;
  Deferred Compensation Plan and 138,392 Common Shares issuable under the
  Associated Estates Realty Corporation Elective Deferred Compensation Plan,
  and pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the
  &#147;Securities Act&#148;), this Registration Statement also covers an indeterminate
  number of additional shares which may be offered and issued to prevent
  dilution resulting from stock splits, stock dividends or similar
  transactions.</font></p>
  </td>
 </tr>
 <tr>
  <td width=31 valign=top style='width:23.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 8.0pt">&nbsp;</font></p>
  </td>
  <td width=703 valign=top style='width:527.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 8.0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>
  </td>
 </tr>
 <tr>
  <td width=31 valign=top style='width:23.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 8.0pt">(2)</font></p>
  </td>
  <td width=703 valign=top style='width:527.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 8.0pt">The registration fee has
  been calculated pursuant to Rule 457(c) and (h) based on the average of the
  high and low sale prices on December 16, 2011 of the Registrant&#146;s Common
  Shares as reported on the New York Stock Exchange.</font></p>
  </td>
 </tr>
</table>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-left:.5in;text-indent:-.5in'><font style="font-size: 8.0pt">&nbsp;</font></p>

<p style='mso-style-link:"Footer Char";margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><font style="font-size: 8.0pt">&nbsp;</font></p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>

</div>

<br
clear=all style='page-break-before:always'>


<div style='page:WordSection2;'>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>

<p style='mso-style-link:"Header Char";margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-align:center'><b>PART
II</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-align:center'><b>INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt'><b>Item 3. Incorporation of
Documents by Reference.</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-indent:.5in'>The documents
listed in (a) through (d) below are incorporated by reference in this
Registration Statement.&nbsp; All documents filed by the Registrant pursuant to
Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as
amended (&#147;Exchange Act&#148;), subsequent to the date of the filing of this
Registration Statement and prior to the filing of a post-effective amendment
that indicates that all securities registered hereunder have been sold, or that
deregisters all securities then remaining unsold, shall be deemed to be
incorporated by reference in this Registration Statement and to be a part
hereof from the date of the filing of such documents.</p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='margin-left:1.0in;border-collapse:collapse'>
 <tr>
  <td width=43 valign=top style='width:.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>(a)</p>
  </td>
  <td width=588 valign=top style='width:441.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>The Company's annual Report on Form 10-K for the fiscal
  year ended December 31, 2010;</p>
  </td>
 </tr>
 <tr style='height:.1in'>
  <td width=43 valign=top style='width:.45in;padding:0in 5.4pt 0in 5.4pt;
  height:.1in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=588 valign=top style='width:441.0pt;padding:0in 5.4pt 0in 5.4pt;
  height:.1in'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=43 valign=top style='width:.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>(b)</p>
  </td>
  <td width=588 valign=top style='width:441.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>The Company's Quarterly Reports on Form 10-Q for the
  fiscal quarters ended March 31, 2011, June 30, 2011 and September 30, 2011;</p>
  </td>
 </tr>
 <tr>
  <td width=43 valign=top style='width:.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=588 valign=top style='width:441.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=43 valign=top style='width:.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>(c)</p>
  </td>
  <td width=588 valign=top style='width:441.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>The Company&#146;s Current Reports on Form 8-K filed January 3,
  2011, February 4, 2011, February 22, 2011, May 6, 2011, June 8, 2011 and August
  9, 2011 (as amended on October 6, 2011); and</p>
  </td>
 </tr>
 <tr>
  <td width=43 valign=top style='width:.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=588 valign=top style='width:441.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=43 valign=top style='width:.45in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>(d)</p>
  </td>
  <td width=588 valign=top style='width:441.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>The description of the Company&#146;s Common Shares contained
  in the Company&#146;s Registration Statement on Form 8-A dated October 14, 1993.</p>
  </td>
 </tr>
</table>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt'><b>Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interests
of Named Experts and Counsel.</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-indent:.5in'>The legality of the Common Shares
offered hereby has been passed upon for the Company by Baker&nbsp;&amp;
Hostetler <font style="font-size: 8.0pt">LLP</font>, Cleveland, Ohio.&nbsp; Albert T. Adams, a director of the Company, is a partner of Baker &amp; Hostetler <font style="font-size: 8.0pt">LLP</font>.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt'><b>Item 6. Indemnification of
Directors and Officers.</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-indent:.5in'>The Ohio
Revised Code (&#147;Ohio Code&#148;) authorizes Ohio corporations to indemnify officers
and directors from liability if the officer or director acted in good faith and
in a manner reasonably believed by the officer or director to be in or not
opposed to the best interests of the corporation, and, with respect to any
criminal actions, if the officer or director had no reason to believe his
action was unlawful.&nbsp; In the case of an action by or on behalf of a
corporation, indemnification may not be made (i) if the person seeking
indemnification is adjudged liable for negligence or misconduct, unless the
court in which such action was brought determines such person is fairly and
reasonably entitled to indemnification, or (ii) if liability asserted against
such person concerns certain unlawful distributions.&nbsp; The indemnification
provisions of the Ohio Code require indemnification if a director or officer
has been successful on the merits or otherwise in defense of any action, suit
or proceeding that he or she was a party to by reason of the fact that he or
she is or was a director or officer of the corporation.&nbsp; Unless the only
liability asserted against a director is for certain unlawful distributions,
the indemnification provisions of the Ohio Code provide for the advancement of
expenses incurred in connection with the defense of any action, suit or
proceeding that he or she was a party to by reason of the fact that he or she
is or was a director of the Corporation upon the receipt of an undertaking to
reasonably cooperate with the corporation concerning the action, suit or
proceeding and to repay such amount if it is proved that his or her action or
failure to act was with deliberate intent to cause injury to the corporation or
with reckless disregard for the best interests of the corporation.&nbsp; The
indemnification authorized under Ohio law is not exclusive and is in addition
to any other rights granted to officers and directors under the articles of
incorporation or code of regulations of the corporation or any agreement
between officers and directors and the corporation.&nbsp; A corporation may purchase
and maintain insurance or furnish similar protection on behalf of any officer
or director against any liability asserted against him and incurred by him in
his capacity, or arising out of his status, as an officer or director, whether
or not the corporation would have the power to indemnify him against such
liability under the Ohio Code.</p>

<p style='mso-style-link:"Footer Char";margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>1</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>

</div>

<br
clear=all style='page-break-before:always'>


<div style='page:WordSection3;'>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>

<p style='mso-style-link:"Header Char";margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-indent:.5in'>The
Registrant&#146;s Code of Regulations provides for the indemnification of directors
and officers of Registrant to the maximum extent permitted by Ohio law as
authorized by the Board of Directors of the Registrant (&#147;Board&#148;).&nbsp; The Board
may authorize the advancement of expenses incurred in connection with the
defense of any action, suit or pro-ceeding that a director or officer was a
party to by reason of the fact that he or she is or was a director or officer
of the Registrant upon the receipt of an undertaking to repay such amount,
unless it is ultimately determined that the director or officer is entitled to
indemnification.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-indent:.5in'>The Registrant
maintains a directors&#146; and officers&#146; insurance policy which insures the
officers and directors of the Registrant against any claim arising out of an
alleged wrongful act by such persons in their respective capacities as officers
and directors of the Registrant.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-indent:.5in'>The Registrant
has entered into indemnification agreements with its officers and directors
which provide for indemnification to the fullest extent permitted under Ohio law.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt'><b>Item 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.</b></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
  <td width=112 colspan=2 valign=top style='width:83.7pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><u>Exhibit Number</u></p>
  </td>
  <td width=613 valign=top style='width:459.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><u>Description of Exhibit</u></p>
  </td>
 </tr>
 <tr>
  <td width=25 valign=top style='width:18.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=86 valign=top style='width:.9in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=613 valign=top style='width:459.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=25 valign=top style='width:18.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=86 valign=top style='width:.9in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>4.01</p>
  </td>
  <td width=613 valign=top style='width:459.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>Second Amended and Restated Articles of Incorporation of
  Associated Estates Realty Corporation, as amended (incorporated by reference
  to Exhibit 3.1 of the Company&#146;s Quarterly Report on
  Form 10-Q dated August 3, 2010)</p>
  </td>
 </tr>
 <tr>
  <td width=25 valign=top style='width:18.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=86 valign=top style='width:.9in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=613 valign=top style='width:459.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=25 valign=top style='width:18.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=86 valign=top style='width:.9in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>4.02</p>
  </td>
  <td width=613 valign=top style='width:459.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>Amended and Restated Code of Regulations of Associated Estates
  Realty Corporation (incorporated by reference to Exhibit 3.3 of the Company&#146;s Quarterly Report on Form 10-Q dated
  August 1, 2006)</p>
  </td>
 </tr>
 <tr>
  <td width=25 valign=top style='width:18.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=86 valign=top style='width:.9in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=613 valign=top style='width:459.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=25 valign=top style='width:18.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=86 valign=top style='width:.9in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>5.01</p>
  </td>
  <td width=613 valign=top style='width:459.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>Opinion of Baker &amp; Hostetler <font style="font-size: 8.0pt">LLP</font> as to legality of the Common Shares being registered</p>
  </td>
 </tr>
 <tr>
  <td width=25 valign=top style='width:18.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=86 valign=top style='width:.9in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=613 valign=top style='width:459.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=25 valign=top style='width:18.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=86 valign=top style='width:.9in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>23.01</p>
  </td>
  <td width=613 valign=top style='width:459.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>Consent of PricewaterhouseCoopers <font style="font-size: 8.0pt">LLP</font></p>
  </td>
 </tr>
 <tr>
  <td width=25 valign=top style='width:18.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=86 valign=top style='width:.9in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=613 valign=top style='width:459.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=25 valign=top style='width:18.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=86 valign=top style='width:.9in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>23.02</p>
  </td>
  <td width=613 valign=top style='width:459.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-left:1.5in;text-indent:-1.5in'>Consent of
  Baker &amp; Hostetler <font style="font-size: 8.0pt">LLP</font> (included in
  Exhibit 5.01 hereto)</p>
  </td>
 </tr>
 <tr>
  <td width=25 valign=top style='width:18.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=86 valign=top style='width:.9in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=613 valign=top style='width:459.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-left:1.5in;text-indent:-1.5in'>&nbsp;&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=25 valign=top style='width:18.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=86 valign=top style='width:.9in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>24.01</p>
  </td>
  <td width=613 valign=top style='width:459.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-left:1.5in;text-indent:-1.5in'>Powers of
  Attorney (included at Part II, page 4)</p>
  </td>
 </tr>
 <tr>
  <td width=25 valign=top style='width:18.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=86 valign=top style='width:.9in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=613 valign=top style='width:459.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-left:1.5in;text-indent:-1.5in'>&nbsp;&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=25 valign=top style='width:18.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=86 valign=top style='width:.9in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>99.01</p>
  </td>
  <td width=613 valign=top style='width:459.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>Associated Estates Realty Corporation 2011 Equity-Based
  Award Plan (incorporated by reference to Exhibit&nbsp;10.1 of the Company&#146;s
  Current Report on Form&nbsp;8-K dated May 6, 2011)</p>
  </td>
 </tr>
 <tr>
  <td width=25 valign=top style='width:18.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=86 valign=top style='width:.9in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=613 valign=top style='width:459.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=25 valign=top style='width:18.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=86 valign=top style='width:.9in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>99.02</p>
  </td>
  <td width=613 valign=top style='width:459.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>Associated Estates Realty Corporation Directors&#146; Deferred
  Compensation Plan (incorporated by reference to Exhibit 10 of the Company&#146;s
  Annual&nbsp; Report on Form&nbsp;10-K filed February 25, 2010)</p>
  </td>
 </tr>
 <tr>
  <td width=25 valign=top style='width:18.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=86 valign=top style='width:.9in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=613 valign=top style='width:459.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=25 valign=top style='width:18.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=86 valign=top style='width:.9in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>99.03</p>
  </td>
  <td width=613 valign=top style='width:459.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>Associated Estates Realty Corporation Elective Deferred
  Compensation Plan (incorporated by reference to Exhibit&nbsp;10.13 of the
  Company&#146;s Quarterly Report on Form&nbsp;10-Q dated July 31, 2007)</p>
  </td>
 </tr>
</table>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt'><b>Item 9. Undertakings</b></p>

<p style='mso-style-link:"Footer Char";margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:left; margin-left:0in; margin-right:0in; margin-top:0in'>
The undersigned Registrant hereby undertakes:</p>

<p style='mso-style-link:"Footer Char";margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>
2</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>

</div>

<br
clear=all style='page-break-before:always'>


<div style='page:WordSection4;'>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='margin-left:.7in;border-collapse:collapse'>
 <tr>
  <td width=54 valign=top style='width:40.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>(1)</p>
  </td>
  <td width=577 valign=top style='width:432.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>To file, during any period in which offers or sales are
  being made, a post-effective amendment to this Registration Statement:</p>
  </td>
 </tr>
 <tr>
  <td width=54 valign=top style='width:40.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=577 valign=top style='width:432.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=54 valign=top style='width:40.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>(i)</p>
  </td>
  <td width=577 valign=top style='width:432.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>To include any prospectus required by Section 10(a)(3) of
  the Securities Act of 1933 (&#147;Securities Act&#148;).</p>
  </td>
 </tr>
 <tr>
  <td width=54 valign=top style='width:40.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=577 valign=top style='width:432.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=54 valign=top style='width:40.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>(ii)</p>
  </td>
  <td width=577 valign=top style='width:432.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>To reflect in the prospectus any facts or events arising
  after the effective date of the Registration Statement (or the most recent
  post-effective amendment thereof) which, individually or in the aggregate,
  represent a fundamental change in the information set forth in the
  Registration Statement.&nbsp; Notwithstanding the foregoing, any increase or
  decrease in volume of securities offered (if the total dollar value of
  securities offered would not exceed that which was registered) and any
  deviation from the low or high end of the estimated maximum offering range
  may be reflected in the form of prospectus filed with the Commission pursuant
  to Rule 424(b) if, in the aggregate, the changes in volume and price
  represent no more than a 20% change in the maximum aggregate offering price
  set forth in the &#147;Calculation of Registration Fee&#148; table in the effective
  Registration Statement.</p>
  </td>
 </tr>
 <tr>
  <td width=54 valign=top style='width:40.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=577 valign=top style='width:432.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=54 valign=top style='width:40.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>(iii)</p>
  </td>
  <td width=577 valign=top style='width:432.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt'>To include any material
  information with respect to the plan of distribution not previously disclosed
  in the Registration Statement or any material change to such information in
  the Registration Statement.</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>Provided, however, that paragraphs (i) and (ii) do not
  apply if the information required to be included in a post-effective
  amendment by those paragraphs is contained in periodic reports filed with or
  furnished to the Commission by the Registrant pursuant to section 13 or section
  15(d) of the Exchange Act that are incorporated by reference in the
  Registration Statement.</p>
  </td>
 </tr>
 <tr>
  <td width=54 valign=top style='width:40.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=577 valign=top style='width:432.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=54 valign=top style='width:40.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>(2)</p>
  </td>
  <td width=577 valign=top style='width:432.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>That, for the purpose of determining any liability under
  the Securities Act, each such post-effective amendment shall be deemed to be
  a new registration statement relating to the securities offered therein, and
  the offering of such securities at that time shall be deemed to be the
  initial bona fide offering thereof.</p>
  </td>
 </tr>
 <tr>
  <td width=54 valign=top style='width:40.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=577 valign=top style='width:432.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=54 valign=top style='width:40.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>(3)</p>
  </td>
  <td width=577 valign=top style='width:432.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>To remove from registration by means of a post-effective
  amendment any of the securities being registered which remain unsold at the
  termination of the offering.</p>
  </td>
 </tr>
</table>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-top:12.0pt;margin-right:0in;margin-bottom:
12.0pt;margin-left:0in;text-indent:.5in'>The undersigned Registrant further
undertakes that, for purposes of determining any liability under the Securities
Act, each filing of the Registrant&#146;s annual report pursuant to section 13(a) or
section 15(d) of the Exchange Act that is incorporated by reference in the
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-indent:.5in'>Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the foregoing provisions,
described under Item 6 or otherwise, the Registrant has been advised that in
the opinion of the Securities and Exchange Commission such indemnification is
against public policy as expressed in the Securities Act and is therefore
unenforceable. &nbsp;In the event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of expenses incurred or
paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.</p>

<p style='mso-style-link:"Footer Char";margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>3</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>

</div>

<br
clear=all style='page-break-before:always'>


<div style='page:WordSection5;'>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>

<p style='mso-style-link:"Header Char";margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:6.0pt;text-align:center'><b><font style="font-size: 10.0pt">Signatures</font></b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt'><b><font style="font-size: 10.0pt">The
Registrant</font></b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-indent:.25in'><font style="font-size: 10.0pt">Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies
that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-8 and has duly caused this Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Richmond Heights, State of Ohio, on this 8th day of December, 2011.</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp;</font></p>

<table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0
 style='margin-left:153.9pt;border-collapse:collapse;border:none'>
 <tr>
  <td width=456 colspan=2 valign=top style='width:4.75in;border:none;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><b><font style="font-size: 10.0pt">ASSOCIATED ESTATES
  REALTY CORPORATION</font></b></p>
  </td>
 </tr>
 <tr>
  <td width=456 colspan=2 valign=top style='width:4.75in;border:none;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><b><font style="font-size: 10.0pt">(Registrant)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width=456 colspan=2 valign=top style='width:4.75in;border:none;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><b><font style="font-size: 10.0pt">&nbsp;&nbsp; </font></b></p>
  </td>
 </tr>
 <tr>
  <td width=42 valign=top style='width:31.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">By:</font></p>
  </td>
  <td width=414 valign=top style='width:310.5pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">/s/ Jeffrey I. Friedman</font></p>
  </td>
 </tr>
 <tr>
  <td width=42 valign=top style='width:31.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td width=414 valign=top style='width:310.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">Jeffrey I. Friedman,
  Chairman of the Board and Chief Executive Officer</font></p>
  </td>
 </tr>
</table>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp;</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-align:center'><b><font style="font-size: 10.0pt">POWER OF ATTORNEY</font></b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt;text-indent:.25in'><font style="font-size: 10.0pt">KNOW ALL MEN BY THESE PRESENTS, that each person whose
signature appears below constitutes and appoints Jeffrey I. Friedman,&nbsp; and
Bradley Van Auken, or any one of them, his true and lawful attorneys-in-fact
and agents, with full power of substitution and resubstitution, for him and in
his name, place and stead, in any and all capacities, to sign any and all pre-
and post-effective amendments to this Registration Statement, and to file the
same, with all exhibits hereto, and other documents in connection herewith,
with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do
and perform each and every act and thing requisite or necessary to be done in and
about the premises, as fully to all intents and purposes as he might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, or any of them, or their or his substitute or substitutes may
lawfully do or cause to be done by virtue hereof.</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-bottom:12.0pt'><b><font style="font-size: 10.0pt">Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement
has been signed on this 8th day of December, 2011.</font></b></p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
  <td width=343 valign=top style='width:257.4pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">/s/ Jeffrey I. Friedman</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">Chairman of the Board,
  Chief Executive Officer </font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">Jeffrey I. Friedman</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">and Director (Principal
  Executive Officer)</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp;&nbsp; </font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">/s/ Lou Fatica</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">Vice President, Chief
  Financial Officer and Treasurer</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">Lou Fatica</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">(Principal Financial
  Officer and Principal Accounting Officer)</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp;&nbsp; </font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">/s/ Albert T. Adams</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">Director</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">Albert T. Adams</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp; </font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp; </font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">/s/ James M. Delaney</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">Director</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">James M. Delaney</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp; </font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp; </font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">/s/ Michael E. Gibbons</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">Director</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">Michael E. Gibbons</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp; </font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp; </font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">/s/ Mark L. Milstein</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">Director</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">Mark L. Milstein</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp; </font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp; </font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">/s/ James A. Schoff</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">Director</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">James A. Schoff</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp; </font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp; </font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">/s/ Richard T. Schwarz</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">Director</font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;border:none;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">Richard T. Schwarz</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp; </font></p>
  </td>
 </tr>
 <tr>
  <td width=343 valign=top style='width:257.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp;</font></p>
  </td>
  <td width=391 valign=top style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><font style="font-size: 10.0pt">&nbsp; </font></p>
  </td>
 </tr>
</table>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>

<p style='mso-style-link:"Footer Char";margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>4</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>

<hr size=2 width="100%" noshade style='color:navy' align=center>

</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>

</div>

<br
clear=all style='page-break-before:always'>


<div style='page:WordSection6;'>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>

<p style='mso-style-link:"Header Char";margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'><b>EXHIBIT INDEX</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>

<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
  <td width=19 valign=top style='width:.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=81 valign=top style='width:60.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>EXHIBIT</p>
  </td>
  <td width=96 colspan=3 valign=top style='width:1.0in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=507 valign=top style='width:380.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><u>&nbsp;</u></p>
  </td>
 </tr>
 <tr>
  <td width=19 valign=top style='width:.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=81 valign=top style='width:60.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><u>NUMBER</u></p>
  </td>
  <td width=39 valign=top style='width:29.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=564 colspan=3 valign=top style='width:423.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'><u>EXHIBIT DESCRIPTION</u></p>
  </td>
 </tr>
 <tr>
  <td width=19 valign=top style='width:.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=81 valign=top style='width:60.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=63 colspan=2 valign=top style='width:47.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=540 colspan=2 valign=top style='width:405.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=19 valign=top style='width:.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=81 valign=top style='width:60.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>4.01</p>
  </td>
  <td width=63 colspan=2 valign=top style='width:47.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=540 colspan=2 valign=top style='width:405.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:justify'>Second Amended and Restated
  Articles of Incorporation of Associated Estates Realty Corporation, as
  amended (incorporated by reference to Exhibit 3.1 of
  the Company&#146;s Quarterly Report on Form 10-Q dated August 3, 2010)</p>
  </td>
 </tr>
 <tr>
  <td width=19 valign=top style='width:.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=81 valign=top style='width:60.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=63 colspan=2 valign=top style='width:47.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=540 colspan=2 valign=top style='width:405.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:justify'>&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=19 valign=top style='width:.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=81 valign=top style='width:60.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>4.02</p>
  </td>
  <td width=63 colspan=2 valign=top style='width:47.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=540 colspan=2 valign=top style='width:405.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:justify'>Amended and Restated Code of
  Regulations of Associated Estates Realty Corporation (incorporated by
  reference to Exhibit 3.3 of the Company&#146;s Quarterly
  Report on Form 10-Q dated August 1, 2006)</p>
  </td>
 </tr>
 <tr>
  <td width=19 valign=top style='width:.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=81 valign=top style='width:60.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=63 colspan=2 valign=top style='width:47.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=540 colspan=2 valign=top style='width:405.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:justify'>&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=19 valign=top style='width:.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=81 valign=top style='width:60.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>5.01</p>
  </td>
  <td width=63 colspan=2 valign=top style='width:47.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=540 colspan=2 valign=top style='width:405.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:justify'>Opinion of Baker &amp;
  Hostetler <font style="font-size: 8.0pt">LLP</font> as to legality of the
  Common Shares being registered</p>
  </td>
 </tr>
 <tr>
  <td width=19 valign=top style='width:.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=81 valign=top style='width:60.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=63 colspan=2 valign=top style='width:47.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=540 colspan=2 valign=top style='width:405.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:justify'>&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=19 valign=top style='width:.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=81 valign=top style='width:60.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>23.01</p>
  </td>
  <td width=63 colspan=2 valign=top style='width:47.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=540 colspan=2 valign=top style='width:405.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:justify'>Consent of
  PricewaterhouseCoopers <font style="font-size: 8.0pt">LLP</font></p>
  </td>
 </tr>
 <tr>
  <td width=19 valign=top style='width:.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=81 valign=top style='width:60.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=63 colspan=2 valign=top style='width:47.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=540 colspan=2 valign=top style='width:405.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:justify'>&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=19 valign=top style='width:.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=81 valign=top style='width:60.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>23.02</p>
  </td>
  <td width=63 colspan=2 valign=top style='width:47.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-left:1.5in;text-indent:-1.5in'>&nbsp;</p>
  </td>
  <td width=540 colspan=2 valign=top style='width:405.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-left:1.5in;text-align:justify;text-indent:
  -1.5in'>Consent of Baker &amp; Hostetler <font style="font-size: 8.0pt">LLP</font>
  (included in Exhibit 5.01 hereto)</p>
  </td>
 </tr>
 <tr>
  <td width=19 valign=top style='width:.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=81 valign=top style='width:60.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=63 colspan=2 valign=top style='width:47.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-left:1.5in;text-indent:-1.5in'>&nbsp;</p>
  </td>
  <td width=540 colspan=2 valign=top style='width:405.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-left:1.5in;text-align:justify;text-indent:
  -1.5in'>&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=19 valign=top style='width:.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=81 valign=top style='width:60.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>24.01</p>
  </td>
  <td width=63 colspan=2 valign=top style='width:47.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-left:1.5in;text-indent:-1.5in'>&nbsp;</p>
  </td>
  <td width=540 colspan=2 valign=top style='width:405.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-left:1.5in;text-align:justify;text-indent:
  -1.5in'>Powers of Attorney (included at Part II, page 4)</p>
  </td>
 </tr>
 <tr>
  <td width=19 valign=top style='width:.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=81 valign=top style='width:60.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=63 colspan=2 valign=top style='width:47.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-left:1.5in;text-indent:-1.5in'>&nbsp;</p>
  </td>
  <td width=540 colspan=2 valign=top style='width:405.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";margin-left:1.5in;text-align:justify;text-indent:
  -1.5in'>&nbsp;&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=19 valign=top style='width:.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=81 valign=top style='width:60.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>99.01</p>
  </td>
  <td width=63 colspan=2 valign=top style='width:47.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=540 colspan=2 valign=top style='width:405.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:justify'>Associated Estates Realty
  Corporation 2011 Equity-Based Award Plan (incorporated by reference to
  Exhibit&nbsp;10.1 of the Company&#146;s Current Report on Form&nbsp;8-K dated May
  6, 2011)</p>
  </td>
 </tr>
 <tr>
  <td width=19 valign=top style='width:.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=81 valign=top style='width:60.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=63 colspan=2 valign=top style='width:47.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=540 colspan=2 valign=top style='width:405.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:justify'>&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=19 valign=top style='width:.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=81 valign=top style='width:60.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>99.02</p>
  </td>
  <td width=63 colspan=2 valign=top style='width:47.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=540 colspan=2 valign=top style='width:405.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:justify'>Associated Estates Realty
  Corporation Directors&#146; Deferred Compensation Plan (incorporated by reference
  to Exhibit 10 of the Company&#146;s Annual&nbsp; Report on Form&nbsp;10-K filed
  February 25, 2010)</p>
  </td>
 </tr>
 <tr>
  <td width=19 valign=top style='width:.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=81 valign=top style='width:60.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=63 colspan=2 valign=top style='width:47.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=540 colspan=2 valign=top style='width:405.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:justify'>&nbsp; </p>
  </td>
 </tr>
 <tr>
  <td width=19 valign=top style='width:.2in;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=81 valign=top style='width:60.85pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>99.03</p>
  </td>
  <td width=63 colspan=2 valign=top style='width:47.15pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>
  </td>
  <td width=540 colspan=2 valign=top style='width:405.0pt;padding:0in 5.4pt 0in 5.4pt'>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:justify'>Associated Estates Realty Corporation
  Elective Deferred Compensation Plan (incorporated by reference to
  Exhibit&nbsp;10.13 of the Company&#146;s Quarterly Report on Form&nbsp;10-Q dated
  July 31, 2007)</p>
  </td>
 </tr>
 <tr height=0>
  <td width=19 style='border:none'></td>
  <td width=81 style='border:none'></td>
  <td width=39 style='border:none'></td>
  <td width=24 style='border:none'></td>
  <td width=33 style='border:none'></td>
  <td width=507 style='border:none'></td>
 </tr>
</table>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";'>&nbsp;</p>

<p style='mso-style-link:"Footer Char";margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";text-align:center'>5</p>

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<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman","serif";line-height:1.0pt'>&nbsp;</p>

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[{"type": "S-8", "sequence": "1", "filename": "esforms8dec2011final.htm", "description": "FORM S-8", "secsgml_size_bytes": 95378}]
{"company-data": {"conformed-name": "ASSOCIATED ESTATES REALTY CORP", "cik": "0000911635", "assigned-sic": "6798", "irs-number": "341747603", "state-of-incorporation": "OH", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-178630", "film-number": "111271787"}, "business-address": {"street1": "1 AEC PARKWAY", "city": "RICHMOND HEIGHTS", "state": "OH", "zip": "44143-1467", "phone": "2162615000"}, "mail-address": {"street1": "1 AEC PARKWAY", "city": "RICHMOND HEIGHTS", "state": "OH", "zip": "44143-1467"}}
s8dec2011
As filed with
  the Securities and Exchange Commission on December 20, 2011
Registration No.
  333-
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933
ASSOCIATED ESTATES REALTY CORPORATION
(Exact name of registrant as specified in its charter)
Ohio
34-1747603
(State or other jurisdiction of incorporation or
  organization)
(I.R.S. Employer Identification No.)
1 AEC Parkway,
  Richmond Heights, Ohio
44143
(Address of Principal Executive Offices)
(Zip Code)
ASSOCIATED ESTATES
REALTY CORPORATION
2011
EQUITY-BASED AWARD PLAN
ASSOCIATED ESTATES
REALTY CORPORATION
DIRECTORS' DEFERRED
COMPENSATION PLAN
ASSOCIATED ESTATES
REALTY CORPORATION
ELECTIVE DEFERRED
COMPENSATION PLAN
(Full title of the
plan)
JEFFREY I. FRIEDMAN, CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER
Associated Estates
Realty Corporation
1
AEC Parkway
Richmond Heights,
Ohio 44143-1467
(Name
and address of agent for service)
(216) 261-5000
(Telephone number,
including area code, of agent for service)
CALCULATION OF
REGISTRATION FEE
Title of
securities
to be
registered
Amount
to be
registered
Proposed maximum
offering
price per
unit
(2)
Proposed
maximum
aggregate
offering
price
(2)
Amount of
registration
fee
(2)
Common Shares,
without par value
2,100,000 Shares
(1)
$15.74
$33,043,500
$3,786.79
(1)
Covers 1,726,608 Common
  Shares, without par value (the "Common Shares") issuable under the Associated
  Estates Realty Corporation 2011 Equity-Based Award Plan, 235,000 Common
  Shares issuable under the Associated Estates Realty Corporation Directors'
  Deferred Compensation Plan and 138,392 Common Shares issuable under the
  Associated Estates Realty Corporation Elective Deferred Compensation Plan,
  and pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the
  "Securities Act"), this Registration Statement also covers an indeterminate
  number of additional shares which may be offered and issued to prevent
  dilution resulting from stock splits, stock dividends or similar
  transactions.
(2)
The registration fee has
  been calculated pursuant to Rule 457(c) and (h) based on the average of the
  high and low sale prices on December 16, 2011 of the Registrant's Common
  Shares as reported on the New York Stock Exchange.
PART
II
INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of
Documents by Reference.
The documents
listed in (a) through (d) below are incorporated by reference in this
Registration Statement.  All documents filed by the Registrant pursuant to
Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as
amended ("Exchange Act"), subsequent to the date of the filing of this
Registration Statement and prior to the filing of a post-effective amendment
that indicates that all securities registered hereunder have been sold, or that
deregisters all securities then remaining unsold, shall be deemed to be
incorporated by reference in this Registration Statement and to be a part
hereof from the date of the filing of such documents.
(a)
The Company's annual Report on Form 10-K for the fiscal
  year ended December 31, 2010;
(b)
The Company's Quarterly Reports on Form 10-Q for the
  fiscal quarters ended March 31, 2011, June 30, 2011 and September 30, 2011;
(c)
The Company's Current Reports on Form 8-K filed January 3,
  2011, February 4, 2011, February 22, 2011, May 6, 2011, June 8, 2011 and August
  9, 2011 (as amended on October 6, 2011); and
(d)
The description of the Company's Common Shares contained
  in the Company's Registration Statement on Form 8-A dated October 14, 1993.
Item 5.            Interests
of Named Experts and Counsel.
The legality of the Common Shares
offered hereby has been passed upon for the Company by Baker &
Hostetler
LLP
, Cleveland, Ohio.  Albert T. Adams, a director of the Company, is a partner of Baker & Hostetler
LLP
.
Item 6. Indemnification of
Directors and Officers.
The Ohio
Revised Code ("Ohio Code") authorizes Ohio corporations to indemnify officers
and directors from liability if the officer or director acted in good faith and
in a manner reasonably believed by the officer or director to be in or not
opposed to the best interests of the corporation, and, with respect to any
criminal actions, if the officer or director had no reason to believe his
action was unlawful.  In the case of an action by or on behalf of a
corporation, indemnification may not be made (i) if the person seeking
indemnification is adjudged liable for negligence or misconduct, unless the
court in which such action was brought determines such person is fairly and
reasonably entitled to indemnification, or (ii) if liability asserted against
such person concerns certain unlawful distributions.  The indemnification
provisions of the Ohio Code require indemnification if a director or officer
has been successful on the merits or otherwise in defense of any action, suit
or proceeding that he or she was a party to by reason of the fact that he or
she is or was a director or officer of the corporation.  Unless the only
liability asserted against a director is for certain unlawful distributions,
the indemnification provisions of the Ohio Code provide for the advancement of
expenses incurred in connection with the defense of any action, suit or
proceeding that he or she was a party to by reason of the fact that he or she
is or was a director of the Corporation upon the receipt of an undertaking to
reasonably cooperate with the corporation concerning the action, suit or
proceeding and to repay such amount if it is proved that his or her action or
failure to act was with deliberate intent to cause injury to the corporation or
with reckless disregard for the best interests of the corporation.  The
indemnification authorized under Ohio law is not exclusive and is in addition
to any other rights granted to officers and directors under the articles of
incorporation or code of regulations of the corporation or any agreement
between officers and directors and the corporation.  A corporation may purchase
and maintain insurance or furnish similar protection on behalf of any officer
or director against any liability asserted against him and incurred by him in
his capacity, or arising out of his status, as an officer or director, whether
or not the corporation would have the power to indemnify him against such
liability under the Ohio Code.
1
The
Registrant's Code of Regulations provides for the indemnification of directors
and officers of Registrant to the maximum extent permitted by Ohio law as
authorized by the Board of Directors of the Registrant ("Board").  The Board
may authorize the advancement of expenses incurred in connection with the
defense of any action, suit or pro-ceeding that a director or officer was a
party to by reason of the fact that he or she is or was a director or officer
of the Registrant upon the receipt of an undertaking to repay such amount,
unless it is ultimately determined that the director or officer is entitled to
indemnification.
The Registrant
maintains a directors' and officers' insurance policy which insures the
officers and directors of the Registrant against any claim arising out of an
alleged wrongful act by such persons in their respective capacities as officers
and directors of the Registrant.
The Registrant
has entered into indemnification agreements with its officers and directors
which provide for indemnification to the fullest extent permitted under Ohio law.
Item 8.            Exhibits.
Exhibit Number
Description of Exhibit
4.01
Second Amended and Restated Articles of Incorporation of
  Associated Estates Realty Corporation, as amended (incorporated by reference
  to Exhibit 3.1 of the Company's Quarterly Report on
  Form 10-Q dated August 3, 2010)
4.02
Amended and Restated Code of Regulations of Associated Estates
  Realty Corporation (incorporated by reference to Exhibit 3.3 of the Company's Quarterly Report on Form 10-Q dated
  August 1, 2006)
5.01
Opinion of Baker & Hostetler
LLP
as to legality of the Common Shares being registered
23.01
Consent of PricewaterhouseCoopers
LLP
23.02
Consent of
  Baker & Hostetler
LLP
(included in
  Exhibit 5.01 hereto)
24.01
Powers of
  Attorney (included at Part II, page 4)
99.01
Associated Estates Realty Corporation 2011 Equity-Based
  Award Plan (incorporated by reference to Exhibit 10.1 of the Company's
  Current Report on Form 8-K dated May 6, 2011)
99.02
Associated Estates Realty Corporation Directors' Deferred
  Compensation Plan (incorporated by reference to Exhibit 10 of the Company's
  Annual  Report on Form 10-K filed February 25, 2010)
99.03
Associated Estates Realty Corporation Elective Deferred
  Compensation Plan (incorporated by reference to Exhibit 10.13 of the
  Company's Quarterly Report on Form 10-Q dated July 31, 2007)
Item 9. Undertakings
The undersigned Registrant hereby undertakes:
2
(1)
To file, during any period in which offers or sales are
  being made, a post-effective amendment to this Registration Statement:
(i)
To include any prospectus required by Section 10(a)(3) of
  the Securities Act of 1933 ("Securities Act").
(ii)
To reflect in the prospectus any facts or events arising
  after the effective date of the Registration Statement (or the most recent
  post-effective amendment thereof) which, individually or in the aggregate,
  represent a fundamental change in the information set forth in the
  Registration Statement.  Notwithstanding the foregoing, any increase or
  decrease in volume of securities offered (if the total dollar value of
  securities offered would not exceed that which was registered) and any
  deviation from the low or high end of the estimated maximum offering range
  may be reflected in the form of prospectus filed with the Commission pursuant
  to Rule 424(b) if, in the aggregate, the changes in volume and price
  represent no more than a 20% change in the maximum aggregate offering price
  set forth in the "Calculation of Registration Fee" table in the effective
  Registration Statement.
(iii)
To include any material
  information with respect to the plan of distribution not previously disclosed
  in the Registration Statement or any material change to such information in
  the Registration Statement.
Provided, however, that paragraphs (i) and (ii) do not
  apply if the information required to be included in a post-effective
  amendment by those paragraphs is contained in periodic reports filed with or
  furnished to the Commission by the Registrant pursuant to section 13 or section
  15(d) of the Exchange Act that are incorporated by reference in the
  Registration Statement.
(2)
That, for the purpose of determining any liability under
  the Securities Act, each such post-effective amendment shall be deemed to be
  a new registration statement relating to the securities offered therein, and
  the offering of such securities at that time shall be deemed to be the
  initial bona fide offering thereof.
(3)
To remove from registration by means of a post-effective
  amendment any of the securities being registered which remain unsold at the
  termination of the offering.
The undersigned Registrant further
undertakes that, for purposes of determining any liability under the Securities
Act, each filing of the Registrant's annual report pursuant to section 13(a) or
section 15(d) of the Exchange Act that is incorporated by reference in the
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the foregoing provisions,
described under Item 6 or otherwise, the Registrant has been advised that in
the opinion of the Securities and Exchange Commission such indemnification is
against public policy as expressed in the Securities Act and is therefore
unenforceable.  In the event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of expenses incurred or
paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
3
Signatures
The
Registrant
Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies
that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-8 and has duly caused this Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Richmond Heights, State of Ohio, on this 8th day of December, 2011.
ASSOCIATED ESTATES
  REALTY CORPORATION
(Registrant)
By:
/s/ Jeffrey I. Friedman
Jeffrey I. Friedman,
  Chairman of the Board and Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose
signature appears below constitutes and appoints Jeffrey I. Friedman,  and
Bradley Van Auken, or any one of them, his true and lawful attorneys-in-fact
and agents, with full power of substitution and resubstitution, for him and in
his name, place and stead, in any and all capacities, to sign any and all pre-
and post-effective amendments to this Registration Statement, and to file the
same, with all exhibits hereto, and other documents in connection herewith,
with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do
and perform each and every act and thing requisite or necessary to be done in and
about the premises, as fully to all intents and purposes as he might or could
do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents, or any of them, or their or his substitute or substitutes may
lawfully do or cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement
has been signed on this 8th day of December, 2011.
/s/ Jeffrey I. Friedman
Chairman of the Board,
  Chief Executive Officer
Jeffrey I. Friedman
and Director (Principal
  Executive Officer)
/s/ Lou Fatica
Vice President, Chief
  Financial Officer and Treasurer
Lou Fatica
(Principal Financial
  Officer and Principal Accounting Officer)
/s/ Albert T. Adams
Director
Albert T. Adams
/s/ James M. Delaney
Director
James M. Delaney
/s/ Michael E. Gibbons
Director
Michael E. Gibbons
/s/ Mark L. Milstein
Director
Mark L. Milstein
/s/ James A. Schoff
Director
James A. Schoff
/s/ Richard T. Schwarz
Director
Richard T. Schwarz
4
EXHIBIT INDEX
EXHIBIT
NUMBER
EXHIBIT DESCRIPTION
4.01
Second Amended and Restated
  Articles of Incorporation of Associated Estates Realty Corporation, as
  amended (incorporated by reference to Exhibit 3.1 of
  the Company's Quarterly Report on Form 10-Q dated August 3, 2010)
4.02
Amended and Restated Code of
  Regulations of Associated Estates Realty Corporation (incorporated by
  reference to Exhibit 3.3 of the Company's Quarterly
  Report on Form 10-Q dated August 1, 2006)
5.01
Opinion of Baker &
  Hostetler
LLP
as to legality of the
  Common Shares being registered
23.01
Consent of
  PricewaterhouseCoopers
LLP
23.02
Consent of Baker & Hostetler
LLP
(included in Exhibit 5.01 hereto)
24.01
Powers of Attorney (included at Part II, page 4)
99.01
Associated Estates Realty
  Corporation 2011 Equity-Based Award Plan (incorporated by reference to
  Exhibit 10.1 of the Company's Current Report on Form 8-K dated May
  6, 2011)
99.02
Associated Estates Realty
  Corporation Directors' Deferred Compensation Plan (incorporated by reference
  to Exhibit 10 of the Company's Annual  Report on Form 10-K filed
  February 25, 2010)
99.03
Associated Estates Realty Corporation
  Elective Deferred Compensation Plan (incorporated by reference to
  Exhibit 10.13 of the Company's Quarterly Report on Form 10-Q dated
  July 31, 2007)
5