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Company History
1960s: Associated Estates Corporation was formed. The Company was considered the local expert, or "sharpshooter," in Northeast Ohio, owning one of the largest portfolios of multifamily properties in the state.
1970s – 1980s: Associated Estates Corporation expanded its business of developing and managing government-assisted properties, primarily for lower-income elderly residents. The Company managed affordable housing for several not-for-profit agencies, including churches and hospitals, in Northeast Ohio.
1993: Associated Estates Realty Corporation, a real estate investment trust (REIT), was formed to continue the business of Associated Estates Corporation and its affiliated businesses, and went public in November 1993 (NYSE: AEC). At that time, the Company’s portfolio consisted of 45 apartment communities containing a total of 8,704 units, all located in Northeast Ohio.
Late 1990s:Associated Estates Realty Corporation expanded beyond Northeast Ohio and acquired apartment communities in Columbus, Indianapolis, Pittsburgh and Michigan.
1998:Associated Estates Realty Corporation acquired privately owned MIG Realty Advisors, Inc., a property management and pension fund advisory business. The acquisition included 13 apartment communities and one community under development. This allowed the Company to expand beyond the Midwest into several states, including Arizona, Florida, Georgia, Maryland and North Carolina.
2005:Associated Estates developed a new strategic plan to diversify its portfolio to achieve 50% NOI exposure in the Midwest, with the other 50% derived from outside the Midwest region of the country.
2007:Associated Estates expanded into Virginia, furthering its strategic plan to expand in the Mid-Atlantic and Southeast regions of the country.
2008:Fifteen years after its IPO, Associated Estates dual listed it stock on NASDAQ. The Company dual listed to increase competition between the markets in order to provide greater exposure and increased trading options for the Company’s shareholders. Associated Estates shares continue to trade under the ticker AEC for common shares and AECPRB for preferred shares on both the NYSE and NASDAQ.
Associated Estates exits the affordable housing business with the sale of its entire owned affordable portfolio.
2010:Associated Estates has a solid portfolio of Class A and Class B properties located in high barrier-to-entry suburban markets. The average age of its portfolio is 14 years – among the youngest of all the apartment REITs. The Company owns, manages or is a joint venture partner in 50 apartment communities containing a total of 12,670 units located in eight states. The Company employs approximately 375 people. |
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