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 |
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02458 |
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(Address of principal executive offices) |
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(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 |
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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, 2005 |
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Item 1. Schedule of investments
RMR Real Estate Fund
Portfolio of Investments - September 30, 2005 (unaudited)
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Company |
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Shares |
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Value |
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Common Stocks – 104.9% |
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Real Estate Investment Trusts – 102.6% |
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Apartments – 16.4% |
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AMLI Residential Properties Trust |
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118,620 |
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$ |
3,804,143 |
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Apartment Investment & Management Co. |
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149,100 |
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5,782,098 |
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Associated Estates Realty Corp. |
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141,400 |
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1,385,720 |
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BNP Residential Properties, Inc. |
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200,000 |
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2,870,000 |
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Home Properties, Inc. |
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115,200 |
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4,521,600 |
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18,363,561 |
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Diversified – 25.4% |
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Bedford Property Investors, Inc. |
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150,000 |
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3,576,000 |
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Colonial Properties Trust |
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132,900 |
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5,911,392 |
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Commercial Net Lease Realty |
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295,800 |
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5,916,000 |
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Crescent Real Estate Equities Co. |
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346,000 |
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7,096,460 |
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Lexington Corporate Properties Trust |
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208,000 |
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4,898,400 |
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Liberty Property Trust |
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20,000 |
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850,800 |
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Washington Real Estate Investment Trust |
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4,000 |
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124,440 |
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28,373,492 |
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Health Care – 12.2% |
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Health Care Properties Investors Inc. |
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15,080 |
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407,009 |
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Healthcare Realty Trust, Inc. |
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9,200 |
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369,288 |
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Health Care REIT, Inc. |
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158,600 |
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5,882,474 |
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Nationwide Health Properties, Inc. |
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250,000 |
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5,825,000 |
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Omega Healthcare Investors, Inc. |
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83,200 |
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1,158,144 |
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13,641,915 |
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Hospitality – 0.5% |
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Eagle Hospitality Properties Trust, Inc. |
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60,000 |
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598,800 |
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Industrial – 6.4% |
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First Industrial Realty Trust, Inc. |
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178,640 |
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7,154,532 |
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Manufactured Homes – 3.0% |
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Sun Communities, Inc. |
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103,900 |
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3,403,764 |
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Office – 20.1% |
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Arden Realty, Inc. |
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79,600 |
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3,277,132 |
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CarrAmerica Realty Corp. |
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10,000 |
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359,500 |
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Equity Office Properties Trust |
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250,000 |
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8,177,500 |
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Glenborough Realty Trust, Inc. |
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285,000 |
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5,472,000 |
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Highwoods Properties, Inc. |
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85,000 |
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2,508,350 |
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Maguire Properties, Inc. |
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90,000 |
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2,704,500 |
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22,498,982 |
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Retail – 11.5% |
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Glimcher Realty Trust |
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75,000 |
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1,835,250 |
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Heritage Property Investment Trust |
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200,000 |
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7,000,000 |
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New Plan Excel Realty Trust |
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172,280 |
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3,953,826 |
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Realty Income Corp. |
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4,000 |
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95,640 |
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12,884,716 |
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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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Specialty – 4.7% |
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Getty Realty Corp. |
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28,600 |
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$ |
823,108 |
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Trustreet Properties, Inc. |
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280,000 |
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4,382,000 |
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5,205,108 |
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Storage – 2.4% |
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Extra Space Storage, Inc. |
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880 |
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13,534 |
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Sovran Self Storage, Inc. |
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50,000 |
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2,447,500 |
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U-Store-It Trust |
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10,000 |
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202,700 |
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2,663,734 |
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Total Real Estate Investment Trusts (Cost $103,990,093) |
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114,788,604 |
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Other - 2.3% |
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Iowa Telecommunication Services, Inc. |
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16,000 |
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269,120 |
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Panamsat Holding Corp. |
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73,000 |
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1,766,600 |
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Seaspan Corp.± |
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30,000 |
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580,500 |
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Total Other (Cost $2,228,950) |
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2,616,220 |
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Total Common Stocks (Cost $106,219,043) |
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117,404,824 |
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Preferred Stocks – 37.2% |
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Real Estate Investment Trusts – 37.2% |
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Apartments – 2.1% |
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Apartment Investment & Management Co., Series G |
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32,800 |
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868,544 |
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Apartment Investment & Management Co., Series T |
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60,000 |
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1,518,000 |
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2,386,544 |
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Diversified - 2.1% |
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Capital Automotive REIT |
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4,000 |
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98,160 |
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Capital Automotive REIT, Series A |
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5,000 |
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111,500 |
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Capital Automotive REIT, Series B |
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13,250 |
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312,038 |
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Colonial Properties Trust, Series D |
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10,000 |
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259,000 |
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Colonial Properties Trust, Series E |
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62,910 |
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1,568,975 |
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2,349,673 |
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Health Care – 7.9% |
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LTC Properties, Inc., Series F |
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160,000 |
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4,104,000 |
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OMEGA Healthcare Investors Inc., Series D |
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160,000 |
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4,150,400 |
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Windrose Medical Properties Trust, Series A* |
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20,000 |
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545,000 |
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8,799,400 |
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Hospitality – 13.2% |
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Ashford Hospitality Trust, Series A |
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107,900 |
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2,806,479 |
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Equity Inns, Inc., Series B |
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34,000 |
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893,010 |
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Eagle Hospitality Properties Trust, Inc., Series A |
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28,000 |
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702,800 |
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FelCor Lodging Trust, Inc., Series A* |
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83,000 |
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2,044,290 |
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FelCor Lodging Trust, Inc., Series C |
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49,200 |
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1,225,080 |
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Innkeepers USA Trust, Series C |
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120,000 |
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3,138,000 |
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Winston Hotels, Inc., Series B |
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160,000 |
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4,001,600 |
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14,811,259 |
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Manufactured Homes – 5.2% |
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Affordable Residential Communities, Series A |
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280,000 |
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5,838,000 |
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Office – 0.8% |
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Alexandria Real Estate Equities, Inc., Series B |
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5,000 |
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130,300 |
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Kilroy Realty Corp., Series F |
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30,000 |
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763,200 |
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893,500 |
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Company |
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Shares |
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Value |
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Retail – 2.7% |
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CBL & Associates Properties, Inc., Series B |
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20,000 |
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$ |
1,044,000 |
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Glimcher Realty Trust, Series F |
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20,000 |
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516,200 |
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Glimcher Realty Trust, Series G |
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50,000 |
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1,269,500 |
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The Mills Corp., Series E |
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7,100 |
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188,150 |
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3,017,850 |
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Specialty – 3.2% |
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New Century Financial Corp., Series A |
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20,000 |
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482,000 |
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RAIT Investment Trust, Series A |
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125,000 |
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3,131,250 |
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3,613,250 |
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Total Preferred Stocks (Cost $41,554,300) |
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41,709,476 |
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Short-Term Investment – 0.4% |
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Other Investment Companies – 0.4% |
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SSgA Money Market Fund, 3.3808%(a) (Cost $392,680) |
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392,680 |
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392,680 |
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Total Investments – 142.5% (Cost $148,166,023) (b) |
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159,506,980 |
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Other assets less liabilities – 2.2% |
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2,409,684 |
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Preferred Shares, at liquidation preference – (44.7)% |
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(50,000,000 |
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Net Assets attributable to common shares – 100% |
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$ |
111,916,664 |
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Notes to portfolio of investments
± Non income producing security as first dividend paid subsequent to September 30, 2005.
* Convertible into common stock.
(a) Rate reflects 7 day yield as of September 30, 2005.
(b) Although subject to adjustments to the extent 2005 distributions by the issuers of the Fund’s investments are characterized as return of capital, the cost, gross unrealized appreciation and gross unrealized depreciation of the Fund’s investments for federal income tax purposes, as of September 30, 2005, are as follows:
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Cost |
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$ |
148,166,023 |
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Gross unrealized appreciation |
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$ |
14,067,956 |
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Gross unrealized depreciation |
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(2,726,999 |
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Net unrealized appreciation |
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$ |
11,340,957 |
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Reference should be made to the Fund’s financial statements for the year ended December 31, 2004, and the six months ended June 30, 2005, for further information concenring the income tax characterization of the Fund’s investment income and distributions.
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, as amended.
(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.
Item 3. Exhibits.
(a)(1) Certification of Principal Executive Officer, as required by Rule 30a-2(a) under the 1940 Act.
(a)(2) Certification of Principal Financial Officer, as required by Rule 30a-2(a) under the 1940 Act.
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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President |
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Date: |
November 22, 2005 |
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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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President |
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Date: |
November 22, 2005 |
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By: |
/s/ Mark L. Kleifges |
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Mark L. Kleifges |
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Treasurer |
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Date: |
November 22, 2005 |
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