nvq
Table of Contents

 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-10491
Nuveen Real Estate Income Fund
(Exact name of registrant as specified in charter)
     333 West Wacker Drive, Chicago, Illinois 60606     
(Address of principal executive offices) (Zip code)
Kevin J. McCarthy—Vice President and Secretary
     333 West Wacker Drive, Chicago, Illinois 60606     
(Name and address of agent for service)
Registrant’s telephone number, including area code:      312-917-7700     
Date of fiscal year end:        12/31      
Date of reporting period:    3/31/2007   
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
 
 

 


TABLE OF CONTENTS

Item 1. Schedule of Investments
Item 2. Controls and Procedures
Item 3. Exhibits
SIGNATURES
Certification


Table of Contents

Item 1. Schedule of Investments
Portfolio of Investments (Unaudited)
Nuveen Real Estate Income Fund (JRS)
March 31, 2007
                                 
Shares     Description (1)                   Value  
 
 
 
                       
        Real Estate Investment Trust Common Stocks – 95.9% (68.8% of Total Investments)
 
 
                       
 
Industrial – 6.8%
 
 
                       
  1,823,900    
DCT Industrial Trust Inc.
                  $ 21,576,737  
  626,600    
First Industrial Realty Trust, Inc.
                    28,384,980  
 
 
Total Industrial
                    49,961,717  
   
 
 
                       
 
Office – 22.2%
 
 
                       
  1,195,300    
Brandywine Realty Trust
                    39,934,973  
  2,280,800    
HRPT Properties Trust
                    28,053,840  
  1,090,500    
Mack-Cali Realty Corporation
                    51,940,515  
  264,600    
Maguire Properties, Inc.
                    9,409,176  
  1,579,000    
Republic Property Trust
                    18,142,710  
  116,396    
SL Green Realty Corporation
                    15,967,203  
 
 
Total Office
                    163,448,417  
         
 
 
                       
 
Residential – 22.4%
 
 
                       
  415,300    
Apartment Investment & Management Company, Class A
                    23,958,657  
  795,000    
Archstone-Smith Trust
                    43,152,600  
  464,500    
AvalonBay Communities, Inc.
                    60,385,000  
  278,100    
Camden Property Trust
                    19,553,211  
  590,000    
UDR Inc.
                    18,065,800  
 
 
Total Residential
                    165,115,268  
         
 
 
                       
 
Retail – 13.7%
 
 
                       
  413,800    
Federal Realty Investment Trust
                    37,498,556  
  691,000    
Macerich Company
                    63,820,759  
 
 
Total Retail
                    101,319,315  
         
 
 
                       
 
Specialized – 30.8%
 
 
                       
  1,740,200    
Ashford Hospitality Trust Inc.
                    20,777,988  
  731,400    
Cogdell Spencer Inc.
                    15,410,598  
  1,152,000    
Extra Space Storage Inc.
                    21,818,880  
  933,800    
Health Care Property Investors Inc.
                    33,644,814  
  931,564    
Hersha Hospitality Trust
                    10,973,824  
  1,587,300    
Nationwide Health Properties, Inc.
                    49,618,998  
  1,716,100    
Senior Housing Properties Trust
                    41,014,790  
  1,710,500    
U-Store-It Trust
                    34,415,260  
 
 
Total Specialized
                    227,675,152  
         
 
Total Real Estate Investment Trust Common Stocks (cost $445,613,092)
              707,519,869  
         
                             
Shares     Description (1)   Coupon           Value  
 
 
 
                   
        Real Estate Investment Trust Preferred Stocks – 39.9% (28.7% of Total Investments)
 
 
                   
 
Diversified – 14.7%
 
 
                   
  101,900    
BRE Properties, Series C
  6.750%           $ 2,562,785  
  505,900    
BRE Properties, Series D
  6.750%             12,612,087  
  1,031,300    
Crescent Real Estate Equities Company, Series A (Convertible)
  6.750%             22,956,738  
  850,000    
Crescent Real Estate Equities Company, Series B
  9.500%             21,513,500  
  529,942    
Duke-Weeks Realty Corporation
  6.950%             13,407,533  
  150,000    
Lexington Corporate Properties Trust, Series B
  8.050%             3,804,000  
  850,000    
Lexington Realty Trust
  7.550%             21,687,750  
  400,000    
PS Business Parks, Inc., Series O
  7.375%             10,175,000  
 
 
Total Diversified
                108,719,393  
         
 
 
                   
 
Office – 7.0%
 
 
                   
  160,000    
Alexandria Real Estate Equities Inc., Series C
  8.375%             4,337,600  
  200,000    
Corporate Office Properties Trust, Series G
  8.000%             5,120,000  
  12,141    
Highwoods Properties, Inc., Series A
  8.625%             12,975,694  
  101,500    
Highwoods Properties, Inc., Series B
  8.000%             2,562,875  
  81,000    
HRPT Properties Trust, Series C
  7.125%             2,093,850  
  993,800    
Maguire Properties, Inc., Series A
  7.625%             24,546,860  
 
 
Total Office
                51,636,879  
         
 
 
                   
 
Residential – 2.4%
 
 
                   
  511,100    
Apartment Investment & Management Company, Series U
  7.750%             13,048,383  
  183,000    
Apartment Investment & Management Company, Series Y
  7.875%             4,764,405  
 
 
Total Residential
                17,812,788  
         
 
 
                   
 
Retail – 3.6%
 
 
                   
  160,000    
Cedar Shopping Centers Inc., Series A
  8.875%             4,198,400  
  113,000    
Glimcher Realty Trust, Series F
  8.750%             2,889,410  
  234,300    
Glimcher Realty Trust, Series G
  8.125%             5,927,790  
  125,000    
Saul Centers, Inc., Series A
  8.000%             3,200,000  
  400,000    
Taubman Centers, Inc., Series H
  7.625%             10,282,000  
 
 
Total Retail
                26,497,600  
         
 
 
                   
 
Specialized – 12.2%
 
 
                   
  130,000    
Ashford Hospitality Trust, Series A
  8.550%             3,328,000  
  546,900    
FelCor Lodging Trust Inc., Series C (2)
  8.000%             13,913,136  
  120,000    
Hersha Hospitality Trust, Series A
  8.000%             3,093,600  
  800,000    
Hospitality Properties Trust, Series C
  7.000%             19,875,040  
  1,000,000    
Public Storage Inc., Series I
  7.250%             25,820,000  
  151,700    
Public Storage Inc.
  6.750%             3,858,869  
  175,000    
Strategic Hotel Capital Inc., Series B
  8.250%             4,454,625  
  320,000    
Strategic Hotel Capital Inc., Series C
  8.250%             8,185,600  
  300,000    
Sunstone Hotel Investors Inc., Series A
  8.000%             7,651,500  
 
 
Total Specialized
                90,180,370  
         
 
Total Real Estate Investment Trust Preferred Stocks (cost $285,630,374)
          294,847,030  
         
                             
Principal                        
Amount (000)     Description (1)   Coupon   Maturity       Value  
 
 
 
                   
        Short-Term Investments – 3.4% (2.5% of Total Investments)
 
 
                   
$ 25,455    
Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/30/07, repurchase price $25,465,547, collateralized by $26,605,000 U.S. Treasury Bills, 4.972%, due 9/27/07, value $25,966,480
  4.900%   4/02/07       $ 25,455,153  
   
 
Total Short-Term Investments (cost $25,455,153)
                25,455,153  
         
 
Total Investments (cost $756,698,619) – 139.2%
                1,027,822,052  
         
 
Borrowings Payable – (9.5)% (3)
                (70,000,000 )
         
 
Other Assets Less Liabilities – 0.4%
                2,320,907  
         
 
Taxable Auctioned Preferred Shares, at Liquidation Value – (30.1)%
                (222,000,000 )
         
 
Net Assets Applicable to Common Shares – 100%
              $ 738,142,959  
         
Interest Rate Swaps outstanding at March 31, 2007:
                                                         
            Fund           Fixed            
            Pay/Receive   Floating       Rate         Unrealized  
    Notional     Floating   Rate Fixed Rate Payment   Termination     Appreciation  
Counterparty   Amount     Rate   Index (Annualized) Frequency   Date     (Depreciation)  
 
Citigroup Inc.
  $ 43,000,000     Receive   1-Month USD-LIBOR 5.190% Monthly     2/06/09     $ (226,019 )
 
USD-LIBOR (United States Dollar-London Interbank Offered Rate)
     
 (1)  
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
   
 
 (2)  
Investment is eligible for the Dividends Received Deduction.
   
 
 (3)  
Borrowings Payable as a percentage of total investments is (6.8)%.
   
 
Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recording income and timing differences in recognizing certain gains and losses on investment transactions.
At March 31, 2007, the cost of investments was $756,698,619.
Gross unrealized appreciation and gross unrealized depreciation of investments at March 31, 2007, were as follows:
         
 
 
       
Gross unrealized:
       
Appreciation
  $ 274,259,890  
Depreciation
    (3,136,457 )
 
       
 
 
       
Net unrealized appreciation (depreciation) of investments
  $ 271,123,433  
 
       
 


Table of Contents

Item 2. Controls and Procedures.
  a.   The registrant’s principal executive and principal financial officers, or persons performing similar functions, 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”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
  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 (17 CFR 270.30a-3(d)) 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.
File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached hereto.

 


Table of Contents

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.
(Registrant) Nuveen Real Estate Income Fund
         
     
By (Signature and Title)*  /s/ Kevin J. McCarthy    
  Kevin J. McCarthy  
  Vice President and Secretary   
 
Date May 30, 2007
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 (Signature and Title)*  /s/ Gifford R. Zimmerman    
  Gifford R. Zimmerman   
  Chief Administrative Officer (principal executive officer)   
 
Date May 30, 2007
         
     
By (Signature and Title)*  /s/ Stephen D. Foy    
  Stephen D. Foy   
  Vice President and Controller (principal financial officer)   
 
Date May 30, 2007
 
*   Print the name and title of each signing officer under his or her signature.