Benchmark Reports AEC Estimates Up

According to Benchmark, Associated Estates Realty AEC 2012 estimates are up. Benchmark reported that it recently had the opportunity to spend time on the road with AEC senior management. “The main take-aways include: possible stagflation protection of AEC portfolio; rents surprising to the upside; equity deals would require stock near NAV or accretive use of funds; leverage would remain in targeted range at high end of acquisition guidance; and development is under budget and on time. We are raising 2012E FFO modestly and maintaining our Buy rating.” Associated Estates Realty closed yesterday at $15.74.