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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 5/10

vs
industry
vs
history
Cash to Debt 0.01
AEC's Cash to Debt is ranked higher than
50% of the 582 Companies
in the Global REIT - Residential industry.

( Industry Median: 0.06 vs. AEC: 0.01 )
AEC' s 10-Year Cash to Debt Range
Min: 0   Max: No Debt
Current: 0.01

Equity to Asset 0.38
AEC's Equity to Asset is ranked higher than
58% of the 590 Companies
in the Global REIT - Residential industry.

( Industry Median: 0.49 vs. AEC: 0.38 )
AEC' s 10-Year Equity to Asset Range
Min: 0.13   Max: 0.4
Current: 0.38

0.13
0.4
Interest Coverage 1.18
AEC's Interest Coverage is ranked higher than
54% of the 509 Companies
in the Global REIT - Residential industry.

( Industry Median: 2.37 vs. AEC: 1.18 )
AEC' s 10-Year Interest Coverage Range
Min: 0.52   Max: 2.23
Current: 1.18

0.52
2.23
F-Score: 6
Z-Score: 0.47
M-Score: -1.93
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 6/10

vs
industry
vs
history
Operating margin (%) 19.08
AEC's Operating margin (%) is ranked higher than
56% of the 611 Companies
in the Global REIT - Residential industry.

( Industry Median: 40.09 vs. AEC: 19.08 )
AEC' s 10-Year Operating margin (%) Range
Min: 11.81   Max: 36.53
Current: 19.08

11.81
36.53
Net-margin (%) 33.75
AEC's Net-margin (%) is ranked higher than
72% of the 612 Companies
in the Global REIT - Residential industry.

( Industry Median: 33.75 vs. AEC: 33.75 )
AEC' s 10-Year Net-margin (%) Range
Min: -8.75   Max: 33.75
Current: 33.75

-8.75
33.75
ROE (%) 11.25
AEC's ROE (%) is ranked higher than
88% of the 598 Companies
in the Global REIT - Residential industry.

( Industry Median: 6.45 vs. AEC: 11.25 )
AEC' s 10-Year ROE (%) Range
Min: -8.99   Max: 33.22
Current: 11.25

-8.99
33.22
ROA (%) 4.31
AEC's ROA (%) is ranked higher than
81% of the 602 Companies
in the Global REIT - Residential industry.

( Industry Median: 3.17 vs. AEC: 4.31 )
AEC' s 10-Year ROA (%) Range
Min: -1.55   Max: 5.62
Current: 4.31

-1.55
5.62
ROC (Joel Greenblatt) (%) 2.54
AEC's ROC (Joel Greenblatt) (%) is ranked higher than
56% of the 500 Companies
in the Global REIT - Residential industry.

( Industry Median: 5.42 vs. AEC: 2.54 )
AEC' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: 1.97   Max: 8.58
Current: 2.54

1.97
8.58
Revenue Growth (%) -8.60
AEC's Revenue Growth (%) is ranked higher than
55% of the 501 Companies
in the Global REIT - Residential industry.

( Industry Median: 0.80 vs. AEC: -8.60 )
AEC' s 10-Year Revenue Growth (%) Range
Min: -24.2   Max: 15.3
Current: -8.6

-24.2
15.3
EBITDA Growth (%) -2.10
AEC's EBITDA Growth (%) is ranked higher than
65% of the 449 Companies
in the Global REIT - Residential industry.

( Industry Median: 2.30 vs. AEC: -2.10 )
AEC' s 10-Year EBITDA Growth (%) Range
Min: 0   Max: 45.1
Current: -2.1

0
45.1
» AEC's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q1 2013

AEC Guru Trades in Q1 2013

David Dreman 343,333 sh (New)
Scott Black 68,085 sh (+149.3%)
Manning & Napier Advisors, Inc 509,828 sh (+0.97%)
Columbia Wanger 3,837,700 sh (-2.39%)
Bill Frels 21,600 sh (-29.41%)
» More
Q2 2013

AEC Guru Trades in Q2 2013

David Dreman 442,215 sh (+28.8%)
Manning & Napier Advisors, Inc 560,708 sh (+9.98%)
Columbia Wanger 3,837,700 sh (unchged)
Bill Frels Sold Out
Scott Black 60,725 sh (-10.81%)
» More
Q3 2013

AEC Guru Trades in Q3 2013

Scott Black Sold Out
Manning & Napier Advisors, Inc 558,866 sh (-0.33%)
Columbia Wanger 3,823,000 sh (-0.38%)
David Dreman 217,485 sh (-50.82%)
» More
Q4 2013

AEC Guru Trades in Q4 2013

David Dreman 245,680 sh (+12.96%)
Manning & Napier Advisors, Inc 515,766 sh (-7.71%)
Columbia Wanger 2,898,000 sh (-24.2%)
» More
» Details

Insider Trades

Latest Guru Trades with AEC

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Scott Black 2013-09-30 Sold Out 0.12%$13.4 - $16.68 $ 16.619%0
David Dreman 2013-09-30 Reduce -50.82%0.1%$13.4 - $16.68 $ 16.619%217485
David Dreman 2013-06-30 Add 28.8%$15.48 - $18.9 $ 16.61-4%442215
David Dreman 2013-03-31 New Buy0.17%$15.89 - $18.65 $ 16.61-3%343333
Scott Black 2013-03-31 Add 149.3%0.1%$15.89 - $18.65 $ 16.61-3%68085
Scott Black 2012-12-31 Add 133.22%0.04%$14.35 - $16.05 $ 16.6110%27310
Scott Black 2012-09-30 New Buy0.03%$14.46 - $15.46 $ 16.6111%11710
Ron Baron 2011-03-31 Sold Out $14.43 - $16.31 $ 16.618%0
Premium More recent guru trades are included for Premium Members only!!
» Interactive Charts

Peter Lynch Chart ( What is Peter Lynch Charts )

Ratios

vs
industry
vs
history
P/E(ttm) 14.50
AEC's P/E(ttm) is ranked higher than
73% of the 535 Companies
in the Global REIT - Residential industry.

( Industry Median: 19.50 vs. AEC: 14.50 )
AEC' s 10-Year P/E(ttm) Range
Min: 2.85   Max: 130.78
Current: 14.5

2.85
130.78
P/B 1.80
AEC's P/B is ranked lower than
61% of the 555 Companies
in the Global REIT - Residential industry.

( Industry Median: 1.22 vs. AEC: 1.80 )
AEC' s 10-Year P/B Range
Min: 1.14   Max: 7.12
Current: 1.8

1.14
7.12
P/S 4.78
AEC's P/S is ranked higher than
74% of the 613 Companies
in the Global REIT - Residential industry.

( Industry Median: 6.77 vs. AEC: 4.78 )
AEC' s 10-Year P/S Range
Min: 0.63   Max: 5.39
Current: 4.78

0.63
5.39
EV-to-EBIT 50.00
AEC's EV-to-EBIT is ranked lower than
69% of the 599 Companies
in the Global REIT - Residential industry.

( Industry Median: 27.39 vs. AEC: 50.00 )
AEC' s 10-Year EV-to-EBIT Range
Min: 7.1   Max: 74.5
Current: 50

7.1
74.5
Shiller P/E 26.70
AEC's Shiller P/E is ranked higher than
63% of the 298 Companies
in the Global REIT - Residential industry.

( Industry Median: 29.70 vs. AEC: 26.70 )
AEC' s 10-Year Shiller P/E Range
Min: 5.79   Max: 304.33
Current: 26.7

5.79
304.33

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 4.58
AEC's Dividend Yield is ranked lower than
51% of the 611 Companies
in the Global REIT - Residential industry.

( Industry Median: 4.81 vs. AEC: 4.58 )
AEC' s 10-Year Dividend Yield Range
Min: 3.72   Max: 14.48
Current: 4.58

3.72
14.48
Dividend Payout 7.60
AEC's Dividend Payout is ranked lower than
67% of the 502 Companies
in the Global REIT - Residential industry.

( Industry Median: 0.96 vs. AEC: 7.60 )
AEC' s 10-Year Dividend Payout Range
Min: -41.67   Max: 6.8
Current: 7.6

-41.67
6.8
Dividend growth (3y) 3.80
AEC's Dividend growth (3y) is ranked higher than
69% of the 359 Companies
in the Global REIT - Residential industry.

( Industry Median: 4.30 vs. AEC: 3.80 )
AEC' s 10-Year Dividend growth (3y) Range
Min: -18.7   Max: 10.1
Current: 3.8

-18.7
10.1
Yield on cost (5-Year) 5.26
AEC's Yield on cost (5-Year) is ranked higher than
52% of the 613 Companies
in the Global REIT - Residential industry.

( Industry Median: 5.30 vs. AEC: 5.26 )
AEC' s 10-Year Yield on cost (5-Year) Range
Min: 4.25   Max: 16.54
Current: 5.26

4.25
16.54
Share Buyback Rate -19.70
AEC's Share Buyback Rate is ranked higher than
55% of the 478 Companies
in the Global REIT - Residential industry.

( Industry Median: -7.20 vs. AEC: -19.70 )
AEC' s 10-Year Share Buyback Rate Range
Min: 5.3   Max: -40.8
Current: -19.7

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 1.80
AEC's Price/Tangible Book is ranked lower than
52% of the 548 Companies
in the Global REIT - Residential industry.

( Industry Median: 1.30 vs. AEC: 1.80 )
AEC' s 10-Year Price/Tangible Book Range
Min: 0.79   Max: 5.47
Current: 1.8

0.79
5.47
Price/Median PS Value 2.90
AEC's Price/Median PS Value is ranked lower than
81% of the 562 Companies
in the Global REIT - Residential industry.

( Industry Median: 1.10 vs. AEC: 2.90 )
AEC' s 10-Year Price/Median PS Value Range
Min: 0.59   Max: 2.91
Current: 2.9

0.59
2.91
Price/Graham Number 3.70
AEC's Price/Graham Number is ranked lower than
69% of the 515 Companies
in the Global REIT - Residential industry.

( Industry Median: 1.00 vs. AEC: 3.70 )
AEC' s 10-Year Price/Graham Number Range
Min: 0.53   Max: 3.62
Current: 3.7

0.53
3.62
Earnings Yield (Greenblatt) 2.00
AEC's Earnings Yield (Greenblatt) is ranked higher than
50% of the 593 Companies
in the Global REIT - Residential industry.

( Industry Median: 3.70 vs. AEC: 2.00 )
AEC' s 10-Year Earnings Yield (Greenblatt) Range
Min: 1.3   Max: 14.2
Current: 2

1.3
14.2
Forward Rate of Return (Yacktman) -30.78
AEC's Forward Rate of Return (Yacktman) is ranked lower than
54% of the 450 Companies
in the Global REIT - Residential industry.

( Industry Median: 1.39 vs. AEC: -30.78 )
AEC' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -38.2   Max: 16.5
Current: -30.78

-38.2
16.5

Business Description

Industry: REITs » REIT - Residential
Compare:PPS, EQR, AVB, AGNC, AIV » details
Traded in other countries:WWS.Germany
Associated Estates Realty Corporation is incorporated in Ohio. The Company is a self-administered and self-managed equity real estate investment trust or REIT. It specializes in multifamily ownership, operation, acquisition, development, construction, disposition and property management activities. The Company's subsidiary, Merit Enterprises, Inc. is a general contractor that acts as its in-house construction division. During the year ended December 31, 2012, its main sources of cash and revenue from operations were rents from the leasing of its apartment units. It owns a taxable REIT subsidiary that performs general contracting and construction services for its own account and for third parties. As of December 31, 2012, its operating property portfolio consisted of 52 owned apartment communities containing 13,950 units in ten states. Its business, taken as a whole, is not dependent upon any single customer or a few customers. The Company competes with other housing alternatives, such as condominiums, single and multifamily rental homes and owner occupied single and multifamily homes.

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