Exhibit 12

Associated Estates Realty Corporation
Calculation of Ratio of Combined Fixed Charges and Preferred Stock Dividends to Earnings

	For the three
	months ended			For the years ended December 31,
	3/31/2010			2009			2008			2007			2006			2005
Pretax (loss) income from continuing operations before equity in net (loss) income of joint ventures and net income attributable to noncontrolling redeemable interest	$	(2,815	)	$	(9,417	)	$	(11,297	)	$	(15,676	)	$	(25,311	)	$	(15,177	)
Fixed charges (see below)		8,155			34,399			38,915			41,894			55,875			43,256
Amortization of capitalized interest		42			169			234			418			409			409
Distributed income of equity investees		—			—			—			780			318			—
Capitalized interest		(81	)		(119	)		—			—			—			—
Earnings as adjusted	$	5,301		$	25,032		$	27,852		$	27,416		$	31,291		$	28,488
Fixed Charges:
Interest expense and amortization of deferred costs	$	8,061		$	34,251		$	38,865		$	41,823		$	55,821		$	43,150
Capitalized interest		81			119			—			—			—			—
Interest expense included in rent/operating leases (33%)		13			29			50			71			54			106
Total fixed charges		8,155			34,399			38,915			41,894			55,875			43,256
Preferred stock dividends		1,050			4,199			4,655			4,924			5,046			5,130
Combined fixed charges and preferred stock dividends	$	9,205		$	38,598		$	43,570		$	46,818		$	60,921		$	48,386
Ratio of earnings to combined fixed charges and preferred stock dividends		0.58			0.65			0.64			0.59			0.51			0.59
Ratio of earnings to fixed charges		0.65			0.73			0.72			0.65			0.56			0.66