UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number |
811-21241 |
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RMR REAL ESTATE FUND |
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(Exact name of registrant as specified in charter) |
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400 CENTRE STREET |
02458 |
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(Address of principal executive offices) |
(Zip code) |
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Thomas M. O’Brien, President |
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(Name and address of agent for service) |
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Copy to: |
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Thomas Perugini
Thomas Reyes, Esq. |
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Registrant's telephone number, including area code: |
(617) 332-9530 |
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Date of fiscal year end: |
December 31 |
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Date of reporting period: |
September 30, 2004 |
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Item 1. Schedule of Investments.
RMR Real Estate Fund
Portfolio of Investments - September 30, 2004 (unaudited)
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Company |
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Shares |
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Value |
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Real Estate Investment Trusts—147.1% |
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Common Stocks—110.8% |
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Apartments—25.2% |
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AMLI Residential Properties Trust |
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106,700 |
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$ |
3,259,685 |
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Apartment Investment & Management Co. |
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149,100 |
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5,185,698 |
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Avalonbay Communities, Inc. |
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78,200 |
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4,709,204 |
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BNP Residential Properties, Inc. |
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200,000 |
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2,736,000 |
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Cornerstone Realty Income Trust, Inc. |
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150,000 |
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1,464,000 |
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Post Properties, Inc. |
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145,400 |
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4,347,460 |
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United Dominion Realty Trust, Inc. |
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189,600 |
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3,759,768 |
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25,461,815 |
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Diversified—24.8% |
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Bedford Property Investors, Inc. |
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150,000 |
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4,551,000 |
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Colonial Properties Trust |
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125,000 |
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5,027,500 |
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Commercial Net Lease Realty |
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289,600 |
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5,276,512 |
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Crescent Real Estate Equities Co. |
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324,000 |
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5,099,760 |
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Lexington Corporate Properties Trust |
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200,000 |
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4,342,000 |
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Liberty Property Trust |
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20,000 |
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796,800 |
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25,093,572 |
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Health Care—11.0% |
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Healthcare Realty Trust, Inc. |
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16,000 |
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624,640 |
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Health Care REIT, Inc. |
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150,000 |
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5,280,000 |
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Nationwide Health Properties, Inc. |
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250,000 |
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5,187,500 |
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11,092,140 |
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Industrial—6.0% |
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First Industrial Realty Trust, Inc. |
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165,000 |
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6,088,500 |
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Office—22.3% |
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Arden Realty, Inc. |
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114,600 |
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3,733,668 |
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Equity Office Properties Trust |
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225,000 |
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6,131,250 |
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Glenborough Realty Trust, Inc. |
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285,000 |
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5,919,450 |
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Highwoods Properties, Inc. |
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85,000 |
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2,091,850 |
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Maguire Properties, Inc. |
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170,000 |
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4,132,700 |
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Reckson Associates Realty Corp. |
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21,000 |
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603,750 |
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22,612,668 |
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Retail—13.2% |
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Glimcher Realty Trust |
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75,000 |
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1,822,500 |
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Heritage Property Investment Trust |
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200,000 |
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5,834,000 |
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New Plan Excel Realty Trust |
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156,200 |
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3,905,000 |
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The Mills Corp. |
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35,000 |
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1,815,450 |
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13,376,950 |
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Specialty—5.4% |
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Getty Realty Corp. |
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28,600 |
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749,892 |
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U.S. Restaurant Properties, Inc. |
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280,000 |
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4,729,200 |
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5,479,092 |
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Storage—2.9% |
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Sovran Self Storage, Inc. |
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75,000 |
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2,938,500 |
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Total Common Stocks (Cost $109,628,391) |
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112,143,237 |
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Preferred Stocks—36.3% |
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Apartments—2.0% |
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Apartment Investment & Research Management Co., Series G |
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20,000 |
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533,200 |
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Apartment Investment & Research Management Co., Series T |
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60,000 |
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1,495,800 |
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2,029,000 |
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See notes to portfolio of investments.
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Company |
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Shares |
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Value |
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Health Care—8.2% |
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LTC Properties, Inc., Series F |
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160,000 |
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$ |
4,067,200 |
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Nationwide Health Properties, Inc. |
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250 |
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25,563 |
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OMEGA Healthcare Investors, Inc., Series D |
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160,000 |
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4,168,000 |
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8,260,763 |
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Hospitality—11.3% |
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Ashford Hospitality Trust |
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40,000 |
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1,016,400 |
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Equity Inns, Inc., Series B |
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34,000 |
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897,600 |
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FelCor Lodging Trust, Inc., Series A |
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83,000 |
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2,008,600 |
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FelCor Lodging Trust, Inc., Series B |
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18,900 |
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483,840 |
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Innkeepers USA Trust, Series C |
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120,000 |
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3,036,000 |
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Winston Hotels, Inc., Series B |
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160,000 |
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3,984,000 |
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11,426,440 |
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Manufactured Homes—7.1% |
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Affordable Residential Communities, Series A |
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280,000 |
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7,142,800 |
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Office—1.9% |
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Highwoods Properties, Inc., Series B |
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75,000 |
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1,887,750 |
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Retail—2.5% |
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CBL & Associates Properties, Inc., Series B |
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20,000 |
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1,075,000 |
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Glimcher Realty Trust, Series G |
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50,000 |
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1,272,500 |
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The Mills Corp., Series B |
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1,300 |
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35,334 |
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The Mills Corp., Series E |
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7,100 |
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191,700 |
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2,574,534 |
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Specialty—3.3% |
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Anthracite Capital, Inc., Series C |
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10,000 |
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266,500 |
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RAIT Investment Trust, Series A |
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125,000 |
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3,081,250 |
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3,347,750 |
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Total Preferred Stocks (Cost $36,368,906) |
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36,669,037 |
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Total Real Estate Investment Trusts (Cost $145,997,297) |
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148,812,274 |
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Short-Term Investment—1.4% |
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Other Investment Companies—1.4% |
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SSgA Money Market Fund, 1.4%* (Cost $1,443,605) |
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1,443,605 |
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1,443,605 |
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Total Investments—148.5% (Cost $147,440,902)** |
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150,255,879 |
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Other assets less liabilities—0.9% |
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932,711 |
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Preferred Shares, at liquidation preference—(49.4)% |
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(50,000,000 |
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Net Assets applicable to common shareholders—100% |
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$ |
101,188,590 |
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Notes to Portfolio of Investments
* Rate reflects 7 day yield as of September 30, 2004.
** The cost of investments for federal income tax purposes is substantially the same as the cost for financial reporting purposes.
Item 2. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
EXHIBIT NO. |
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DESCRIPTION OF EXHIBIT |
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(a)(1) |
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Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
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(a)(2) |
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Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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RMR REAL ESTATE FUND |
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By: |
/s/ Thomas M. O’Brien |
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Thomas M. O’Brien |
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Date: |
November 18, 2004 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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By: |
/s/ Thomas M. O’Brien |
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Thomas M. O’Brien |
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Date: |
November 18, 2004 |
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By: |
/s/ Mark L. Kleifges |
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Mark L. Kleifges |
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Date: |
November 18, 2004 |
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