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Filed Pursuant to Rule 424(b)(7)
Registration No. 333-22419
PRICING SUPPLEMENT NO. 9, dated April 24, 1997
This Pricing Supplement is used in reliance on Rule 434 under the Securities Act
of 1933, as amended (the "Act"), and supplements the Prospectus dated March 7,
1997 and the Prospectus Supplement dated April 24, 1997. For purposes of Section
10(a) of the Act, the final prospectus relating to the securities offered hereby
consists of this Pricing Supplement, the Prospectus and the Prospectus
Supplement and the documents incorporated therein by reference.
$75,000,000
Associated Estates Realty Corporation
Medium-Term Notes Series IX
Fixed Rate Notes
Due from 9 Months or More From Date of Issue
Principal Amount: $15,000,000
Issue Price: 100%
Original Issue Date: April 29, 1997
Maturity Date: April 30, 2007
Interest Rate: 7.82%
Agent's Commission: .625%
Agent's Capacity: Agent
Net Proceeds to Company: $14,906,250
Agent: Lehman Brothers Inc.
This Pricing Supplement supplements the Prospectus and Prospectus Supplement
with respect to both (1) the initial offering of Medium-Term Notes Series IX and
(2) market-making transactions in Medium-Term Notes Series IX Lehman Brothers
Inc.
