Associated Estates Realty Corporation (AEC) is a real estate investment trust (REIT). As of December 26, 2012, the Company's portfolio consisted of 52 properties containing 13,950 units located in 10 states. The Company operates in one segment: multifamily properties. The Company is focused on multifamily ownership, operation, acquisition, development, construction, disposition and property management activities. The Company's subsidiary, Merit Enterprises, Inc. (Merit), is a general contractor and construction manager, which acts as its in-house construction division. On August 28, 2012, AEC acquired The Park at Crossroads, a 344-unit property located in Cary, North Carolina. On July 23, 2012, the Company acquired 21 Forty Medical District, a 396-unit property located in Dallas, Texas. On July 17, 2012, it acquired Southpoint Village Apartments, a 211-unit property located in Durham, North Carolina. On May 23, 2012, AEC acquired The Apartments at the Arboretum, a 205-unit community.