Equity Residential Properties Trust, Chicago, has priced a $150 million offering of 6.0 million depositary shares, each representing a one-tenth interest in a share of the company's 6.48% series N cumulative redeemable preferred stock.The depositary shares, with a $25 liquidation value, entitle holders to a 6.48% annual cumulative dividend and are not convertible into common stock, the real estate investment trust said. The shares are redeemable at the company's option on and after June 19, 2008. Equity Residential also announced that it has called for the redemption of all $100 million of its 7.625% series L cumulative redeemable preferred stock. The REIT can be found online at http://www.eqr.com.
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