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CLEVELAND, Aug. 8 /PRNewswire/ -- Associated Estates Realty Corporation (NYSE: AEC) today reported funds from operations (FFO) of $0.31 per basic common share ($0.31 per share diluted) for the second quarter ended June 30, 2000 compared with $0.28 per basic common share ($0.28 per share diluted) for the second quarter ended June 30, 1999, an increase of 10.7 percent. Total FFO was $6,152,000 for the second quarter compared with $6,325,000 for the second quarter a year ago. The Company will conduct a conference call on Tuesday, August 8 to review the quarterly results beginning at 2:00 pm EST. The call can be accessed via the Company's web site at www.aecrealty.com by clicking on \"Investor Relations,\" then clicking on \"Associated Estates Realty Corporation Second Quarter Earnings Release Conference Call\" and following the brief instructions. A replay of the call will also be available through August 15 via the Company's web site and via telephone at 1-800-642-1687, passcode 614245. For more information, contact Investor Relations at 1-800-440-2372, ext. 8752. (B) Effective January 1, 2000, the National Association of Real Estate Investment Trusts (NAREIT) has redefined Funds From Operations (\"FFO\"). The industry's supplemental performance measure, FFO, has been redefined to include all operating results, both recurring and non-recurring, except those results defined as \"extraordinary items\" under generally accepted accounting principles (GAAP) and gains and losses from sales of depreciable operating property. Non-recurring items that are not defined as \"extraordinary\" under GAAP are reflected in the calculation of FFO.

CLEVELAND, Nov. 9 /PRNewswire/ -- Associated Estates Realty Corporation (NYSE: AEC) today reported funds from operations (FFO) for the third quarter ended September 30, 1999 of $6,617,000 compared with $9,964,000 for the third quarter ended September 30, 1998. On a per share basis, FFO was $0.31 per basic common share ($0.31 per share diluted) compared with $0.44 per basic common share ($0.43 per share diluted) in the third quarter of 1998. Rental revenues for the same store (core) portfolio were down 1.2%, and same store property operating expenses increased 1.2% compared with the third quarter a year ago, primarily attributable to an increase of 18.7% in real estate taxes and insurance related to a reassessment in 1999 of properties in Ohio. As a result, NOI for the same store portfolio was down 3.1% compared with the third quarter of 1998. However, adjusting for the initial amortization of rent concessions on new properties in the third quarter of 1998, rental revenue was flat and NOI was down 1.4%.

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