Distributions on the Series N preferred shares represented by the depositary shares will be cumulative from the date of original issue and will be payable quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, commencing October 15, 2003, at the rate of 6.48% of the $250.00 liquidation preference per year, or $16.20 per Series N preferred share (equivalent to $1.62 per year per depositary share).
The Series N preferred shares represented by the depositary shares are not redeemable until June 19, 2008, except to preserve our status as a real estate investment trust. On or after June 19, 2008, we may redeem the shares at a redemption price of $250.00 per Series N preferred share (equivalent to $25.00 per depositary share), plus any accrued and unpaid distributions to, and including, the date of redemption. The Series N preferred shares and the depositary shares have no maturity date and will remain outstanding indefinitely unless redeemed.
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Equity Residential is a real estate investment trust. Co. is focused on the acquisition, development and management of residential properties. Co. is the general partner of and owns an ownership interest in its subsidiary, ERP Operating Limited Partnership (ERPOP). All of Co.'s property ownership, development and related business operations are conducted through ERPOP and those entities/subsidiaries owned or controlled by ERPOP (collectively, Operating Partnership) and it has no material assets or liabilities other than its investment in ERPOP. The Operating Partnership holds substantially all of the assets of Co., including its ownership interests in its joint ventures. Preferred: EQR.PRN Open the EQR Information Page » |
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