ASSOCIATED EST RLTY Cash Flow | AEC |

PERIOD ENDING	31-Dec-08	31-Dec-07	31-Dec-06
Net Income	34,627	10,165	27,021

Operating Activities, Cash Flows Provided By or Used In
Depreciation	39,162	35,437	35,055
Adjustments To Net Income	(44,470)	(18,075)	(52,124)
Changes In Accounts Receivables	210	787	2,495
Changes In Liabilities	(3,982)	102	4,333
Changes In Inventories	-	-	-
Changes In Other Operating Activities	(882)	546	1,132

Total Cash Flow From Operating Activities	24,665	28,962	17,912

Investing Activities, Cash Flows Provided By or Used In
Capital Expenditures	(47,296)	(82,847)	(12,782)
Investments	-	-	-
Other Cashflows from Investing Activities	88,347	44,237	86,717

Total Cash Flows From Investing Activities	41,051	(38,610)	73,935

Financing Activities, Cash Flows Provided By or Used In
Dividends Paid	(15,813)	(16,554)	(16,872)
Sale Purchase of Stock	(3,039)	(16,660)	(8,148)
Net Borrowings	(44,862)	14,401	(76,477)
Other Cash Flows from Financing Activities	-	-	(73)

Total Cash Flows From Financing Activities	(63,714)	(18,813)	(101,570)
Effect Of Exchange Rate Changes	-	-	-

Change In Cash and Cash Equivalents	$2,002	($28,461)	($9,723)

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