UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY
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)
400 CENTRE STREET
NEWTON, MASSACHUSETTS 02458
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(Address of principal executive offices)(Zip code)
(Name and Address of Agent for Service of Copy to:
Process)
Thomas M. O'Brien, President Thomas Perugini
RMR Real Estate Fund State Street Bank and Trust Company
400 Centre Street One Federal Street, 8th Floor
Newton, Massachusetts 02458 Boston, Massachusetts 02110
Thomas Reyes, Esq.
State Street Bank and Trust Company
One Federal Street, 9th Floor
Boston, Massachusetts 02110
Registrant's telephone number, including area code: (617) 332-9530
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Date of fiscal year end: December 31
Date of reporting period: March 31, 2005
ITEM 1. SCHEDULE OF INVESTMENTS.
RMR REAL ESTATE FUND
PORTFOLIO OF INVESTMENTS - March 31, 2005 (unaudited)
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COMPANY SHARES VALUE
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COMMON STOCKS - 111.0%
REAL ESTATE INVESTMENT TRUSTS - 109.5%
APARTMENTS - 24.9%
AMLI Residential Properties Trust 106,700 $ 2,922,513
Apartment Investment & Management Co. 149,100 5,546,520
BNP Residential Properties, Inc. 200,000 3,200,000
Cornerstone Realty Income Trust, Inc. 150,000 1,488,000
Home Properties, Inc. 121,200 4,702,560
Post Properties, Inc. 129,000 4,004,160
United Dominion Realty Trust, Inc. 159,600 3,330,852
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25,194,605
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DIVERSIFIED - 23.6%
Bedford Property Investors, Inc. 150,000 3,274,500
Colonial Properties Trust 125,000 4,801,250
Commercial Net Lease Realty 289,600 5,343,120
Crescent Real Estate Equities Co. 324,000 5,294,160
Lexington Corporate Properties Trust 200,000 4,388,000
Liberty Property Trust 20,000 781,000
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23,882,030
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HEALTH CARE - 10.7%
Health Care REIT, Inc. 150,000 4,800,000
Healthcare Realty Trust, Inc. 26,000 947,440
Nationwide Health Properties, Inc. 250,000 5,052,500
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10,799,940
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HOSPITALITY - 0.5%
Eagle Hospitality Properties Trust, Inc. 60,000 538,200
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INDUSTRIAL - 6.2%
First Industrial Realty Trust, Inc. 165,000 6,241,950
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OFFICE - 22.3%
Arden Realty, Inc. 114,600 3,879,210
CarrAmerica Realty Corp. 10,000 315,500
Equity Office Properties Trust 250,000 7,532,500
Glenborough Realty Trust, Inc. 285,000 5,449,200
Highwoods Properties, Inc. 85,000 2,279,700
Maguire Properties, Inc. 100,000 2,388,000
Reckson Associates Realty Corp. 21,000 644,700
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22,488,810
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RETAIL - 13.4%
Glimcher Realty Trust 75,000 1,777,500
Heritage Property Investment Trust 200,000 5,936,000
New Plan Excel Realty Trust 156,200 3,922,182
The Mills Corp. 35,000 1,851,500
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13,487,182
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SPECIALTY - 5.0%
Getty Realty Corp. 28,600 730,730
Trustreet Properties, Inc. 280,000 4,309,200
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5,039,930
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STORAGE - 2.9%
Sovran Self Storage, Inc. 70,000 2,774,100
U-Store-It Trust 10,000 174,000
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2,948,100
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OTHER INVESTMENTS - 1.5%
TELECOMMUNICATIONS - 1.5%
PanAmSat Holding Corp. 88,000 1,496,000
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Total Common Stocks (Cost $109,213,253) 112,116,747
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See previously submitted notes to financial statements for the year ended
December 31, 2004, and notes to portfolio of investments.
RMR REAL ESTATE FUND
PORTFOLIO OF INVESTMENTS - continued
COMPANY SHARES VALUE
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PREFERRED STOCKS - 37.2%
REAL ESTATE INVESTMENT TRUSTS - 37.2%
APARTMENTS - 2.0%
Apartment Investment & Research Management Co., Series G 20,000 $ 532,000
Apartment Investment & Research Management Co., Series T 60,000 1,482,600
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2,014,600
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HEALTH CARE - 8.2%
LTC Properties, Inc., Series F 160,000 4,116,800
OMEGA Healthcare Investors Inc., Series D 160,000 4,160,000
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8,276,800
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HOSPITALITY - 13.7%
Ashford Hospitality Trust 107,900 2,857,192
Equity Inns, Inc., Series B 34,000 874,820
FelCor Lodging Trust, Inc., Series A 83,000 2,053,420
FelCor Lodging Trust, Inc., Series B 15,062 387,094
FelCor Lodging Trust, Inc., Series C 29,200 686,200
Innkeepers USA Trust, Series C 120,000 3,012,000
Winston Hotels, Inc., Series B 160,000 3,984,000
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13,854,726
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MANUFACTURED HOMES - 7.0%
Affordable Residential Communities, Series A 280,000 7,028,000
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OFFICE - 0.7%
Kilroy Realty Corp., Series F 30,000 744,000
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RETAIL - 2.5%
CBL & Associates Properties, Inc., Series B 20,000 1,073,200
Glimcher Realty Trust, Series G 50,000 1,255,000
The Mills Corp., Series E 7,100 185,452
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2,513,652
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SPECIALTY - 3.1%
RAIT Investment Trust, Series A 125,000 3,125,000
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Total Preferred Stocks (Cost $36,643,415) 37,556,778
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SHORT-TERM INVESTMENT - 0.9%
OTHER INVESTMENT COMPANIES - 0.9%
SSgA Money Market Fund, 2.42% (a) (Cost $915,292) 915,292 915,292
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Total Investments - 149.1% (b) (Cost $146,771,960) 150,588,817
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Other assets less liabilities - 0.4% 401,987
Preferred Shares, at liquidation preference - (49.5)% (50,000,000)
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Net Assets applicable to common shareholders - 100% $ 100,990,804
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NOTES TO PORTFOLIO OF INVESTMENTS
(a) Rate reflects 7 day yield as of March 31, 2005.
(b) Although subject to adjustments, principally due to the extent
of distributions characterized by the issuers of the Fund's
investments as return of capital during 2005, the cost, gross
unrealized appreciation and gross unrealized depreciation of
the Fund's investments for federal income tax purposes, as of
March 31, 2005, are as follows:
Cost $ 146,771,960
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Gross unrealized appreciation $ 6,460,816
Gross unrealized depreciation (2,643,959)
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Net unrealized appreciation $ 3,816,857
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See previously submitted notes to financial statements for the year ended
December 31, 2004, and notes to portfolio of investments.
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.
RMR REAL ESTATE FUND
By: /s/ Thomas M. O'Brien
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Thomas M. O'Brien
President
Date: May 26, 2005
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.
By: /s/ Thomas M. O'Brien
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Thomas M. O'Brien
President
Date: May 26, 2005
By: /s/ Mark L. Kleifges
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Mark L. Kleifges
Treasurer
Date: May 26, 2005