UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-PX
ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number 811-21241
RMR REAL ESTATE FUND
(Exact name of registrant as specified in charter)
400 CENTRE STREET
NEWTON, MASSACHUSETTS 02458
(Address of principal executive offices) (Zip code)
(NAME AND ADDRESS OF AGENT COPY TO:
FOR SERVICE OF PROCESS)
ROBERT N. HICKEY, ESQ.
Sullivan & Worcester LLP
THOMAS M. O'BRIEN, PRESIDENT 1666 K Street, NW
RMR Real Estate Fund Washington, DC 20006
400 Centre Street
Newton, Massachusetts 02458 KAREN JACOPPO-WOOD, 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
Date of fiscal year end: December 31
Date of reporting period: June 30, 2004
ITEM 1. PROXY VOTING RECORD
ISSUER: AIMCO
TICKER: AIV CUSIP NO.: 03748R101
SHAREHOLDER MEETING DATE: 4/30/2004 MEETING TYPE: ANNUAL
RECORD DATE: 3/5/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director T. Considine For For Management
1.2 Elect Director P. Kompaniez For For Management
1.3 Elect Director J. Bailey For For Management
1.4 Elect Director R. Ellwood For For Management
1.5 Elect Director J. Martin For For Management
1.6 Elect Director T. Rhodes For For Management
2 Ratify auditors. For For Management
3 Approve sale of high performance units. For Against Management
4 Board to establish a policy to seek shareholder Against For Shareholder
approval of executive severance arrangements.
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ISSUER: AMLI RESIDENTIAL
TICKER: AML CUSIP NO.: 001735109
SHAREHOLDER MEETING DATE: 4/26/2004 MEETING TYPE: ANNUAL
RECORD DATE: 3/5/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director J. Allen For For Management
1.2 Elect Director A. Metz For For Management
1.3 Elect Director P. Tague For For Management
2 Ratify auditors. For For Management
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ISSUER: AVALONBAY COMMUNITIES, INC.
TICKER: AVB CUSIP NO.: 053484101
SHAREHOLDER MEETING DATE: 5/5/2004 MEETING TYPE: ANNUAL
RECORD DATE: 3/9/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director B. Blair For For Management
1.2 Elect Director B. Choate For For Management
1.3 Elect Director J. Healy For For Management
1.4 Elect Director G. Meyer For For Management
1.5 Elect Director C. Peebler For For Management
1.6 Elect Director L. Primis For For Management
1.7 Elect Director A. Schuster For For Management
1.8 Elect Director A. Williams For For Management
2 Proposal to implement a shareholder Against Against Shareholder
rights agreement ("poison pill").
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ISSUER: BEDFORD PROPERTY INVESTORS, INC.
TICKER: BED CUSIP NO.: 076446301
SHAREHOLDER MEETING DATE: 5/13/2004 MEETING TYPE: ANNUAL
RECORD DATE: 3/12/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director P. Bedford For For Management
1.2 Elect Director A. Frank For For Management
1.3 Elect Director P. Linneman For For Management
1.4 Elect Director B. McCoy For For Management
1.5 Elect Director T. Nolan For For Management
1.6 Elect Director M. Zankel For For Management
2 To approve restatement of the 2002 Directors' For For Management
stock plan.
3 Ratify auditors. For For Management
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ISSUER: BNP RESIDENTIAL PROPERTIES, INC.
TICKER: BNP CUSIP NO.: 05564T103
SHAREHOLDER MEETING DATE: 5/20/2004 MEETING TYPE: ANNUAL
RECORD DATE: 4/2/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director P. Payne For For Management
1.2 Elect Director S. Blank For For Management
2 Act upon business as may properly come For For Management
before the meeting or adjournments.
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ISSUER: CBL & ASSOCIATES PROPERTIES, INC.
TICKER: CBL CUSIP NO.: 124830100
SHAREHOLDER MEETING DATE: 5/10/2004 MEETING TYPE: ANNUAL
RECORD DATE: 3/12/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director S. Lebovitz For For Management
1.2 Elect Director W. Walker For For Management
2 Ratify auditors. For For Management
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ISSUER: COLONIAL PROPERTIES TRUST
TICKER: CLP CUSIP NO.: 195872106
SHAREHOLDER MEETING DATE: 4/21/2004 MEETING TYPE: ANNUAL
RECORD DATE: 2/17/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director M. Gorrie For For Management
1.2 Elect Director J. Lowder For For Management
1.3 Elect Director H. Meisler For For Management
1.4 Elect Director J. Spiegel For For Management
2 Ratify auditors. For For Management
3 Amendment to provide for annual election of For For Management
trustees.
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ISSUER: ARDEN REALTY, INC.
TICKER: ARI CUSIP NO.: 039793104
SHAREHOLDER MEETING DATE: 5/11/2004 MEETING TYPE: ANNUAL
RECORD DATE: 3/31/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director L. Bider For For Management
1.2 Elect Director S. Good For For Management
1.3 Elect Director A. Rothenberg For For Management
2 Severance agreements for senior executives. Against Against Shareholder
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ISSUER: COMMERCIAL NET LEASE REALTY, INC.
TICKER: NNN CUSIP NO.: 202218103
SHAREHOLDER MEETING DATE: 8/5/2004 MEETING TYPE: ANNUAL
RECORD DATE: 6/2/2004
MANAGEMENT VOTE
#PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director R. Bourne For For Management
1.2 Elect Director K. Habicht For For Management
1.3 Elect Director C. Hinkle For For Management
1.4 Elect Director R. Jennings For For Management
1.5 Elect Director T. Lanier For For Management
1.6 Elect Director R. Legler For For Management
1.7 Elect Director C. MacNab For For Management
1.8 Elect Director R. Martinez For For Management
1.9 Elect Director J. Seneff For For Management
2 Eliminate supermajority voting requirements for For For Management
stockholders to approve certain transactions.
3 Increase number of authorized shares of For For Management
common stock.
4 Conform the definition of independent director For For Management
to corporate governance rules.
5 Modify procedure for filling vacancies on the For For Management
board of directors.
6 Modify requirements for shareholder approval For For Management
in accordance with "Best Practices" in corporate
governance.
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ISSUER: CORNERSTONE REALTY INCOME TRUST
TICKER: TCR CUSIP NO.: 21922V102
SHAREHOLDER MEETING DATE: 5/25/2004 MEETING TYPE: ANNUAL
RECORD DATE: 3/31/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director R. Gary For For Management
1.2 Elect Director W. Houston For For Management
1.3 Elect Director P. Kyle For For Management
1.4 Elect Director H. Taubenfeld For For Management
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ISSUER: CRESCENT REAL ESTATE EQUITIES COMPANY
TICKER: CEI CUSIP NO.: 225756105
SHAREHOLDER MEETING DATE: 6/28/2004 MEETING TYPE: ANNUAL
RECORD DATE: 4/29/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director D. Alberts For For Management
1.2 Elect Director T. Worrell For For Management
2 Ratify auditors. For For Management
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ISSUER: EQUITY OFFICE PROPERTIES TRUST
TICKER: EOP CUSIP NO.: 294741103
SHAREHOLDER MEETING DATE: 5/19/2004 MEETING TYPE: ANNUAL
RECORD DATE: 3/12/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director T. Dobrowski For For Management
1.2 Elect Director W. Goodyear For For Management
1.3 Elect Director J. Harper, Jr. For For Management
1.4 Elect Director R. Kincaid For For Management
1.5 Elect Director D. McKown For For Management
1.6 Elect Director S. Rosenberg For For Management
1.7 Elect Director E. Sidman For For Management
1.8 Elect Director J. Van Der Vlist For For Management
1.9 Elect Director S. Zell For For Management
2 Ratify auditors. For For Management
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ISSUER: ESSEX PROPERTY TRUST
TICKER: ESS CUSIP NO.: 297178105
SHAREHOLDER MEETING DATE: 5/11/2004 MEETING TYPE: ANNUAL
RECORD DATE: 2/27/2004
MANAGEMENT VOTE
#PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director K. Guericke For For Management
1.2 Elect Director I. Rabinovitch For For Management
1.3 Elect Director T. Randlett For For Management
2 Approval of 2004 Stock incentive plan. For For Management
3 Ratify auditors. For For Management
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ISSUER: FIRST INDUSTRIAL REALTY TRUST
TICKER: FR CUSIP NO.: 32054K103
SHAREHOLDER MEETING DATE: 5/12/2004 MEETING TYPE: ANNUAL
RECORD DATE: 3/22/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director J. Shidler For For Management
1.2 Elect Director S. Wilson For For Management
2 Ratify auditors. For For Management
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ISSUER: GETTY REALTY CORPORATION
TICKER: GTY CUSIP NO.: 374297109
SHAREHOLDER MEETING DATE: 5/20/2004 MEETING TYPE: ANNUAL
RECORD DATE: 3/26/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director M. Cooper For For Management
1.2 Elect Director P. Coviello For For Management
1.3 Elect Director L. Liebowitz For For Management
1.4 Elect Director H. Safenowitz For For Management
1.5 Elect Director W. Wintrub For For Management
2 Approval of the 2004 omnibus incentive For For Management
compensation plan.
3 Ratify auditors. For For Management
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ISSUER: GLENBOROUGH REALTY TRUST, INC.
TICKER: GLB CUSIP NO.: 37803P105
SHAREHOLDER MEETING DATE: 5/5/2004 MEETING TYPE: ANNUAL
RECORD DATE: 2/27/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director A. Batinovich For For Management
1.2 Elect Director L. Wallace For For Management
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ISSUER: GLIMCHER REALTY TRUST
TICKER: GRT CUSIP NO.: 379302102
SHAREHOLDER MEETING DATE: 5/7/2004 MEETING TYPE: ANNUAL
RECORD DATE: 3/15/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director P. Barach For For Management
1.2 Elect Director W. Williams For For Management
1.3 Elect Director N. Overly For For Management
2 Ratify auditors. For For Management
3 Approval of 2004 incentive compensation plan. For For Management
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ISSUER: HEALTH CARE REIT, INC.
TICKER: HCN CUSIP NO.: 42217K106
SHAREHOLDER MEETING DATE: 5/6/2004 MEETING TYPE: ANNUAL
RECORD DATE: 3/11/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director T. Derosa For For Management
1.2 Elect Director J. Donahue For For Management
1.3 Elect Director B. Thompson For For Management
2 Ratify auditors. For For Management
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ISSUER: HERITAGE PROPERTY INVESTMENT TRUST, INC.
TICKER: HTG CUSIP NO.: 42725M107
SHAREHOLDER MEETING DATE: 5/7/2004 MEETING TYPE: ANNUAL
RECORD DATE: 3/12/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director J. Barry For For Management
1.2 Elect Director R. Garrison For For Management
1.3 Elect Director D. Laughton For For Management
1.4 Elect Director K. Phelan For For Management
2 To act with discretionary authority upon matters For For Management
which may come before the meeting or
adjournments.
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ISSUER: HIGHWOODS PROPERTIES, INC.
TICKER: HIW CUSIP NO.: 431284108
SHAREHOLDER MEETING DATE: 5/18/2004 MEETING TYPE: ANNUAL
RECORD DATE: 3/15/2004
MANAGEMENT VOTE
#PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director E. Fritsch For For Management
1.2 Elect Director L. Kaplan For For Management
1.3 Elect Director L. Orr, Jr. For For Management
1.4 Elect Director W. Graham, Jr. For For Management
2 Ratify auditors. For For Management
3 Act upon business as may properly come For For Management
before the meeting or adjournments.
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ISSUER: LEXINGTON CORPORATE PROPERTIES TRUST
TICKER: LXP CUSIP NO.: 529043101
SHAREHOLDER MEETING DATE: 5/26/2004 MEETING TYPE: ANNUAL
RECORD DATE: 4/12/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director E. Roskind For For Management
1.2 Elect Director R. Rouse For For Management
1.3 Elect Director T. Eglin For For Management
1.4 Elect Director G. Dohrmann For For Management
1.5 Elect Director C. Glickman For For Management
1.6 Elect Director J. Grosfeld For For Management
1.7 Elect Director K. Lynch For For Management
1.8 Elect Director S. Perla For For Management
1.9 Elect Director For For Management
2 Act upon business as may properly come For For Management
before the 2004 meeting.
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ISSUER: MAGUIRE PROPERTIES, INC.
TICKER: MPG CUSIP NO.: 559775101
SHAREHOLDER MEETING DATE: 6/3/2004 MEETING TYPE: ANNUAL
RECORD DATE: 4/23/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director R. Maguire III For For Management
1.2 Elect Director R. Gilchrist For For Management
1.3 Elect Director L. Kaplan For For Management
1.4 Elect Director C. McBride For For Management
1.5 Elect Director A. Van De Kamp For For Management
1.6 Elect Director W. Weisman For For Management
2 Ratify auditors. For For Management
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ISSUER: NATIONWIDE HEALTH PROPERTIES, INC.
TICKER: NHP CUSIP NO.: 638620104
SHAREHOLDER MEETING DATE: 4/16/2004 MEETING TYPE: ANNUAL
RECORD DATE: 2/27/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director D. Banks For For Management
1.2 Elect Director D. Pasquale For For Management
1.3 Elect Director J. Samuelson For For Management
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ISSUER: NEW PLAN EXCEL REALTY TRUST, INC.
TICKER: NXL CUSIP NO.: 648053106
SHAREHOLDER MEETING DATE: 5/12/2004 MEETING TYPE: ANNUAL
RECORD DATE: 3/1/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director N. Gold For For Management
1.2 Elect Director N. Matis For For Management
1.3 Elect Director W. Newman For For Management
1.4 Elect Director G. Puskar For For Management
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ISSUER: POST PROPERTIES, INC.
TICKER: PPS CUSIP NO.: 737464107
SHAREHOLDER MEETING DATE: 5/27/2004 MEETING TYPE: ANNUAL
RECORD DATE: 3/26/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director D. Crocker II For For Management
1.2 Elect Director W. Deriso For For Management
1.3 Elect Director N. Paumgarten For For Management
2 To declassify the board of directors. For For Management
3 Shareholder approval of director compensation. Against Against Shareholder
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ISSUER: SOVRAN SELF STORAGE, INC.
TICKER: SSS CUSIP NO.: 84610H108
SHAREHOLDER MEETING DATE: 5/13/2004 MEETING TYPE: ANNUAL
RECORD DATE: 4/2/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director R. Attea For For Management
1.2 Elect Director K. Myszka For For Management
1.3 Elect Director J. Burns For For Management
1.4 Elect Director M. Elia For For Management
1.5 Elect Director A. Gammie For For Management
1.6 Elect Director C. Lannon For For Management
2 Approve outside directors' stock option plan. For For Management
3 Approve the deferred compensation for directors. For For Management
4 Ratify auditors. For For Management
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ISSUER: SUMMIT PROPERTIES, INC.
TICKER: SMT CUSIP NO.: 866239106
SHAREHOLDER MEETING DATE: 5/26/2004 MEETING TYPE: ANNUAL
RECORD DATE: 3/19/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director H. Fishkind For For Management
1.2 Elect Director J. Hance For For Management
1.3 Elect Director W. Riches For For Management
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ISSUER: UNITED DOMINION REALTY TRUST, INC.
TICKER: UDR CUSIP NO.: 910197102
SHAREHOLDER MEETING DATE: 5/4/2004 MEETING TYPE: ANNUAL
RECORD DATE: 3/1/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director E. Foss For For Management
1.2 Elect Director R. Freeman For For Management
1.3 Elect Director J. Grove For For Management
1.4 Elect Director J. Klingbeil For For Management
1.5 Elect Director R. Larson For For Management
1.6 Elect Director T. Oliver For For Management
1.7 Elect Director L. Sagalyn For For Management
1.8 Elect Director M. Sandler For For Management
1.9 Elect Director R. Scharar For For Management
1.10 Elect Director T. Toomey For For Management
2 Ratify auditors. For For Management
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ISSUER: U.S. RESTAURANTS
TICKER: USV CUSIP NO.: 902971100
SHAREHOLDER MEETING DATE: 5/19/2004 MEETING TYPE: ANNUAL
RECORD DATE: 4/8/2004
MANAGEMENT VOTE
# PROPOSAL RECOMMENDATION: CAST: PROPOSED BY:
1.1 Elect Director D. West For For Management
1.2 Elect Director L. Allen, Jr. For For Management
1.3 Elect Director G. Dawson For For Management
1.4 Elect Director J. Deterding For For Management
1.5 Elect Director R. Gidel For For Management
1.6 Elect Director J. Kropp For For Management
1.7 Elect Director R. Stetson For For Management
2 Ratify auditors. For For Management
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SIGNATURES
Pursuant to the requirements of 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
/s/ THOMAS M. O'BRIEN /s/ MARK L. KLEIFGES
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THOMAS M. O'BRIEN MARK L. KLEIFGES
PRESIDENT TREASURER
Date: August 23, 2004