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Filed Pursuant to Rule 424(b)(7)
Registration No. 33-80169
PRICING SUPPLEMENT NO. 8, dated February 14, 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 December
27, 1995 and the Prospectus Supplement dated January 3, 1996. 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 VIII
Fixed Rate Notes
Due from 9 Months or More From Date of Issue
Principal Amount: $5,000,000
Issue Price: 100%
Original Issue Date: February 20, 1997
Maturity Date: February 20, 2027
Repayment at the Option
of the Holder: February 20, 2002 (the "Repayment Date") at
a repayment price equal to 100% of the
unpaid principal amount together with any
unpaid interest accrued to the repayment
date. For the Note to be repaid, the Note
must be received, together with the form
thereon entitled "Option to Elect Repayment"
duly completed, by the Trustee at its
Corporate Trust Office (or such other
address of which the Company shall from time
to time notify the Holders) not more than 60
nor less than 30 calendar days prior to the
Repayment Date. Capitalized terms used but
not defined herein, shall have the meanings
given to them in the Prospectus Supplement,
the Prospectus, the Note or the Indenture,
as the case may be.
Interest Rate: 6.52%
Agent's Commission: .50%
Agent's Capacity: Principal
Net Proceeds to Company: $4,975,000
Agent: Alex. Browns & Sons Incorporated
This Pricing Supplement supplements the Prospectus and Prospectus Supplement
with respect to both (1) the initial offering of Medium-Term Notes Series VIII
and (2) market-making transactions in Medium-Term Notes Series VIII by Alex.
Brown & Sons Incorporated.
