# EDGAR Filing Document

**Accession Number:** 0001046404
**File Stem:** 0001193125-23-057563
**Filing Date:** 2023-3
**Character Count:** 97916
**Document Hash:** a15f9cd7685c608a0807f0f9de233540
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-057563.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001193125-23-057563

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**EFFECTIVENESS DATE**: 20230302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Real Estate Fund, Inc.
- **CENTRAL INDEX KEY:** 0001046404
- **IRS NUMBER:** 522070587
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08371
- **FILM NUMBER:** 23697051

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE REAL ESTATE FUND INC
- **DATE OF NAME CHANGE:** 19970919

## Series and Classes Contracts Data

### T. Rowe Price Real Estate Fund, Inc. (Series ID: S000002107)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000005479 | T. Rowe Price Real Estate Fund, Inc.         | TRREX           |
| C000005480 | T. Rowe Price Real Estate Fund-Advisor Class | PAREX           |
| C000166334 | T. Rowe Price Real Estate Fund-I Class       | TIRRX           |

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

# **FORM N-CSR**

# **CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number: 811-08371

T. Rowe Price Real Estate Fund, Inc.
(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)

David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

Reason for filing form N-CSR/A: The following amends the N-CSR originally filed on February 23, 2023 (SEC Accession No. 0001193125-23-046122). The purpose of this filing is to correct the date on the audit opinion letter.

# ---**Item 1. Reports to Shareholders**

# **(a) Report pursuant to Rule 30e-1**

T.RowePrice®

# **ANNUAL REPORT**

December 31, 2022

| TRREX | T. ROWE PRICE Real Estate Fund |
| --- | --- |
| PAREX | Real Estate Fund- Advisor Class |

INVEST WITH CONFIDENCE®

- The Real Estate Fund produced negative results in 2022 during a difficult environment for the real estate sector. The fund trailed its benchmark and performed in line with its Lipper peer group index.
- A lack of exposure to triple net real estate weighed on the portfolio's relative results, while our positioning in the data centers sector aided performance.
- TIRRX Real Estate Fund- I Class

# Go Paperless

Sign up for e-delivery of your statements, confirmations, and prospectuses or shareholder reports.

TO ENROLL:

If you invest directly with T. Rowe Price, go to troweprice.com/paperless.

If you invest through an investment advisor, a bank, or a brokerage firm, please contact that organization and ask if it can provide electronic documentation.

It's fast-receive your statements and confirmations faster than U.S. mail.

It's convenient-access your important account documents whenever you need them.

It's secure-we protect your online accounts using "True Identity" to confirm new accounts and make verification faster and more secure.

It can save you money-where applicable, T. Rowe Price passes on the cost savings to fund holders.*

* Certain mutual fund accounts that are assessed an annual account service fee can also save money by switching to e-delivery.

T. ROWE PRICE REAL ESTATE FUND

Market Commentary

# **HIGHLIGHTS**

The fund's largest positions are in apartment/residential, infrastructure, and industrial real estate stocks, which made up over half of the portfolio at the end of the period.

Nearly all major global stock and bond indexes fell sharply in 2022, as investors contended with persistently high inflation, flotation, financial conditions, and growth. Although real estate companies face some headaches in 2023, demand for commercial and residential real estate has thus far remained resilient and valuations in the sector have improved.

Double-digit losses were common in equity markets around the world, and bond investors also faced a historically tough environment amid a sharp rise

Log in to your account at troweprice.com for more information.

T. ROWE PRICE REAL ESTATE FUND

## Dear Shareholder

In interest rates Value shares declined but outperformed growth stocks by a market, with the Bloomberg U.S. Aggregate Bond Index delivering its worst considerable margin as equity investors turned risk averse and as rising rates year on record. (Bond prices and yields move in opposite directions.) But downward pressure on growth stock valuations. Emerging markets stocks generally poised particularly in the end of the year. However, the U.S. market is not yet a significant increase in the market's market share. Although more factors have been added toward contraction levels, the U.S. market is not yet a significant increase in the market's market share. Although more factors have been added toward contraction levels, the U.S. market is not yet a significant increase in the market's market share. Although more factors have been added toward contraction levels, the U.S. market is not yet a significant increase in the market's market share.

1

T. ROWE PRICE REAL ESTATE FUND

Management's Discussion of Fund Performance

sharp increase in yields led to historically weak results across the fixed income
with the SAP 500 Index, energy was a rare bright spot, gaining more than

60% as oil prices jumped in response to Russia's invasion of Ukraine and
the rate was not even a strong time for investors as low security remains
concerns over commodity supply shortages. Defensive shares, such as utilities,
unlicensed by the brown headwinds that markets faced, and volatility may
consumer staples, and health care, held up relatively well and finished the
continue in the near term as central banks tighten policy amid slowing
year with roughly flat returns. Conversely, communication services, consumer
economic growth. However, in our view, there continue to be opportunities for
discretionary and information technology shares suffered the largest declines.
Investments focused on fundamentals. Valuations in most global equity
For more insights from T. Rowe Price
How did the fund performance impact on the market? Please
investment professionals, go to

FUND

FINANCIAL IMPACT
For more insights from T. Rowe Price
How did the fund performance impact on the market? Please
investment professionals, go to

weprice.com

| Periods Ended 12/31/22 | Total Return |  |
| --- | --- | --- |
|  | 6 Months | 12 Months |
| Real Estate Fund | -7.00% | -25.84% |
| Real Estate Fund-- Advisor Class | -7.14 | -26.05 |

2

T. ROWE PRICE REAL ESTATE FUND

# **INVESTMENT OBJECTIVE**

The Real Estate Fund is a 12-month basis, the lowest level since December 2021 but still well. The Real Estate Fund is a 12-month basis, the lowest level since December 2021 but still well. The Real Estate Fund is a 12-month basis, the lowest level since December 2021 but still well.

| Real Estate Fund- I Class | -6.96 | -25.76 |
| --- | --- | --- |
| FTSE NAREIT All Equity REITs Index | -7.14 | -24.95 |
| Wilshire U.S. Real Estate Securities Index | -6.53 | -26.75 |
| Lipper Real Estate Funds Index | -6.83 | -25.93 |

3

T. ROWE PRICE REAL ESTATE FUND

In addition, for the present, a real estate fund is a very small, well-qualified, and it is
in the case of the Real Estate Fund. The Real Estate Fund is a very small, well-qualified, and it is
in the case of the Real Estate Fund. The Real Estate Fund is a very small, well-qualified, and it is
in the case of the Real Estate Fund. The Real Estate Fund is a very small, well-qualified, and it is
in the case of the Real Estate Fund. The Real Estate Fund is a very small, well-qualified, and it is
in the case of the Real Estate Fund.

Real Estate Fund changed
Bond yields increased considerably across the U.S. Treasury yield curve as
the Fed tightened monetary policy, with the yield on the benchmark 10-year
apartment/residential, infrastructure, and industrial stocks, which made up

4

T. ROWE PRICE REAL ESTATE FUND

An underweight allocation in the first half and an overweight in the second maintenance, insurance, and taxes, was the largest character from the funds U.S. Treasury rate distribution from 1.52% at the start of the period of 2023. The Federal Government has the highest rate of 1.52%. The Federal Government has the highest rate of 1.52%. The Federal Government has the highest rate of 1.52%. The Federal Government has the highest rate of 1.52%. The Federal Government has the highest rate of 1.52%. The Federal Government has the highest rate of 1.52%. The Federal Government has the highest rate of 1.52%. The Federal Government has the highest rate of 1.52%.

Real estate companies face
retail sales and taxes. Our
several headwinds as we
despite, and our losses on the
month into 2023. More growth

| Income Tax and Administration | Percent of Net Assets |  |
| --- | --- | --- |
|  | 6/30/22 | 12/31/22 |
| Apartment/Residential | 23.0% | 20.0% |
| Infrastructure | 16.9 | 15.9 |
| Industrial | 15.3 | 15.8 |

5

T. ROWE PRICE REAL ESTATE FUND

| Self-Store | 4.9 | 6.3 |
| --- | --- | --- |
| Data Centers | 5.6 | 6.2 |
| Lodging/Leisure | 6.2 | 6.0 |
| Regional Malls | 2.6 | 4.6 |

6

T. ROWE PRICE REAL ESTATE FUND

| Office | Also importantly, while drawdowns in the stock market are never desired, demand started to emerge in some cities. The parent and utilities are operating at a higher level than the other. The market is a major market in the stock market. The market is a major market in the stock market. The market is a major market in the stock market. The market is a major market in the stock market. The market is a major market in the stock market. The market is a major market in the stock market. The market is a major market in the stock market. The market is a major market in the stock market. The market is a major market in the stock market. The market is a major market in the stock market. |
| --- | --- |
| Agriculture | 0.8 0.5 |
| Diversified | 0.6 2.5 |
| Other and Reserves | 0.6 2.5 |
| Total | 100.0% 100.0% |

Historical weightings reflect current industry/sector

7

T. ROWE PRICE REAL ESTATE FUND

# **RISKS OF INVESTING**

1. 2022, the primary benchmark, for the Real Estate Fund.

# **TWENTY-FIVE LARGEST HOLDINGS**

Percent of
Net Assets
12/31/22

8

T. ROWE PRICE REAL ESTATE FUND

American Travel Organizations. In the private real estate market, where more financial leverage is available, the funds are shown in the following table. The funds are shown in the following table. The funds are shown in the following table. The funds are shown in the following table. The funds are shown in the following table. The funds are shown in the following table. The funds are shown in the following table. The funds are shown in the following table. The funds are shown in the following table. The funds are shown in the following table. The funds are shown in the following table. The funds are shown in the following table.

![img-0.jpeg](img-0.jpeg)

As of 12/31/22

| Real Estate Fund | $16,762 |
| --- | --- |
| FTSE NAREIT All Equity REITs Index | 19,856 |
| Wilshire U.S. Real Estate Securities Index | 18,745 |
| Lipper Real Estate Funds Index | 18,223 |

9

T. ROWE PRICE REAL ESTATE FUND

GROWTH OF $10,000

| Crown Corporation, 1st of the FTSE NAREIT All Equity REIT Index (the "Index") vest in FTSE |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
| Crown Corporation, demand for commercial and residential real estate has thus taken |  |  |  |  |  |  |
|  |  |  |  |  | Since | Inception |
| Periods Ended 12/31/22 | 1 Year | 5 Years | 10 Years | Inception | Date |  |
| Real Estate Fund | -25.84% | 1.52% | 5.30% | - | - |  |
| Real Estate Fund- |  |  |  |  |  |  |
| Advisor Class | -26.05 | 1.25 | 5.03 | - | - |  |

10

T. ROWE PRICE REAL ESTATE FUND

# AVERAGE ANNUAL COMPOUND TOTAL RETURN

| EastGroup Properties | 28 |
| --- | --- |
| Real Estate Fund - Class of the reserve fund information contained in 2016 report 2/17/15 | 33 |
| Terrace Death |  |
| C |  |
| A Real Estate Fund | 0.77% |
| C Real Estate Fund-Advisor Class | 1.06 |
| The views change to a forecast | 0.61 |
| The expense ratio shown is as of the fund's most recent prospectus. This number may vary |  |

11

T. ROWE PRICE REAL ESTATE FUND

# **EXPENSE RATIO**

Revisions: None. The Winners' Inference of each Winners' Date will be hereof (except for the first and second half of each Winners' Date) and the Winners' Date will be hereof (except for the first and second half of each Winners' Date) and the Winners' Date will be hereof (except for the first and second half of each Winners' Date) and the Winners' Date will be hereof (except for the first and second half of each Winners' Date) and the Winners' Date will be hereof (except for the first and second half of each Winners' Date) and the Winners' Date will be hereof (except for the first and second half of each Winners' Date).

**FUND EXPENSE EXAMPLE**
The Winners' Date will be hereof (except for the first and second half of each Winners' Date) and the Winners' Date will be hereof (except for the first and second half of each Winners' Date) and the Winners' Date will be hereof (except for the first and second half of each Winners' Date) and the Winners' Date will be hereof (except for the first and second half of each Winners' Date).

![img-1.jpeg](img-1.jpeg)

12

T. ROWE PRICE REAL ESTATE FUND

# **FUND EXPENSE EXAMPLE (CONTINUED)**

When you are as an estate, the deposit (or ongoing) of one, including a fund, and a fee, a distribution

and expense (see 6) fund and other funds expenses. The following example is intended to help

you understand your ongoing costs (in dollars) of investing in the fund and to compare these

costs with the ongoing costs of investing in other mutual funds. The example is based on an

investment of $1,000 invested at the beginning of the most recent six-month period and held for

**Investor Class**

at the total costs of owning different funds. To the extent a fund

may be a deposit of a original fund (see Investor Class)

charges no distribution and service (see 1) for the Advisor Class shares transferred 2001/18

# **NET ASSET VALUE**

| Beginning of period | $20.17 | $15.93 | $25.70 | $24.78 | $28.70 |
| --- | --- | --- | --- | --- | --- |

Investment activities

| Net investment income (1)(2) | 0.22 | 0.21 | 0.29 | 0.47 | 0.47 |
| --- | --- | --- | --- | --- | --- |

13

T. ROWE PRICE REAL ESTATE FUND

**FINANCIAL INSTITUTIONS** Brokers and other financial intermediaries and charge a 0.25% 12b-1

fee, and 1 Class shares are available to institutionally oriented clients and impose up 12b-1 of administrative fee payment. Each share class is presented separately in the table.

| Actual Expenses Advisor Class | Beginning |  | Ending |  | Expenses Paid |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | Account Value | Value | Account Value | Value | During Period* | Period* |
| Actual Expenses | 7,142,000 | 7,142,000 | 7,142,000 | 7,142,000 | 7,142,000 | 7,142,000 |
| Advisor Class | 7,142,000 | 7,142,000 | 7,142,000 | 7,142,000 | 7,142,000 | 7,142,000 |
| Actual Expenses | 7,142,000 | 7,142,000 | 7,142,000 | 7,142,000 | 7,142,000 | 7,142,000 |
| Distributions | 7,142,000 | 7,142,000 | 7,142,000 | 7,142,000 | 7,142,000 | 7,142,000 |
| Trade | 7,142,000 | 7,142,000 | 7,142,000 | 7,142,000 | 7,142,000 | 7,142,000 |
| Your account value by $1,000 (for example, an $8,600 account value divided by $1,000) |  |  |  |  |  |  |
| NET ASSET VALUE |  |  |  |  |  |  |
| Net investment income | $(0.72) | $(0.76) | $(0.72) | $(0.72) | $(0.72) | $(0.72) |
| Beginning of period | $20.74 | $20.74 | $20.74 | $20.74 | $20.74 | $20.74 |
| Net realized gain | (2.84) | (2.75) | (6.15) | (3.78) | (0.93) | (0.93) |
| Total distributions | (3.06) | (3.11) | (6.68) | (4.53) | (1.42) | (1.42) |
| Investment activities |  |  |  |  |  |  |
| Net investment income (1)(2) | 0.18 | 0.16 | 0.34 | 0.43 | 0.40 | 0.40 |

14

T. ROWE PRICE REAL ESTATE FUND

# ADVANCED - HYPOTHETICAL

Due in the first line under the heading "Expenses Paid"

| Advisor Class |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Hypothetical Example for Comparison Purposes |  |  |  |  |  |
| Advisor Class | line of the table (Hypothetical) is based on hypothetical account |  |  |  |  |
| E | 2000 | 2000 | 2000 | 2000 | 2000 |
|  | 2000 | 2000 | 2000 | 2000 | 2000 |
|  | 2000 | 2000 | 2000 | 2000 | 2000 |
|  | 2000 | 2000 | 2000 | 2000 | 2000 |
|  | 2000 | 2000 | 2000 | 2000 | 2000 |

| Loss of investing in the fund with other funds by subtracting the 5% hypothetical example |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Ratio/Supplemental | Data | (0.18) | (0.30) | (0.47) | (0.68) |
| Net realized gain |  | (2.64) | (2.75) | (6.15) | (3.78) |
| Total return |  | (25.64)% | 47.21% | (11.38)% | 22.47% |
| Total return |  | (26.05)% | 46.83% | (11.67)% | 22.18% |

| Redemption fees added to paid-in |
| --- |

| 0.41 |
| --- |
| (0.90) |
| (8.99)% |
| (9.21)% |

15

T. ROWE PRICE REAL ESTATE FUND

FINANCIAL INFORMATION: Total examples that appear in the shareholder reports of the other funds.
The hypothetical account values and expenses may not be used to estimate the actual end of the year. The total value is based on the actual end of the year. The total value is based on the actual end of the year.

|  | 1,000.00 | 1,021.98 | 3.26 |
| --- | --- | --- | --- |
| Return to business net assets: (1) |  |  |  |
| Class | fund's annualized expense ratio for the 6-month period, (4) |  |  |
|  | Total value over the period, multiplied by the number of years | Total value over the period, multiplied by the number of years | Total value over the period, multiplied by the number of years |
|  | at the year (184), and divided by the days in the year (365) to the year (184) | at the year (184), and divided by the days in the year (365) to the year (184) | at the year (184), and divided by the days in the year (365) to the year (184) |
| End of period | $37.42 | $38.74 | $35.31 |
| Net asset value | 1.00% | 1.00% | 1.00% |
| Net investment income | 1.00% | 1.00% | 1.00% |
| Beginning of period | $20.20 | $15.94 | $25.72 |
| Portfolio turnover rate | 35.5% | 20.0% | 18.0% |
| Net interest and other items | 35.5% | 20.0% | 18.0% |
| Net investment income (1)(2) | 0.28 | 0.24 | 0.34 |
|  |  |  | 0.56 |
|  |  |  | 0.57 |

16

T. ROWE PRICE REAL ESTATE FUND

December 31, 2022

FINANCIAL IMPROVEMENT was 1.10%, and the I Class was 0.64%.

|  |  |  |  | Shares | $ Value |
| --- | --- | --- | --- | --- | --- |
| (Cost and value in $000s) |  |  |  |  |  |
| COMMON STOCKS 97.5% |  |  |  |  |  |
| Net realized and unrealized gain/loss | $16,057 | $24,216 | $31,001 | $188,753 | $189,008 |
| REAL ESTATE 97.5% | (5.37) | 7.16 | (3.41) | 4.94 | (3.02) |
| Total from investment activities | (5.09) | 7.40 | (3.07) | 5.50 | (2.45) |
| Net investment 2.4% |  |  |  |  |  |
| Net investment 2.4% |  |  |  |  |  |
| Net investment 2.4% |  |  |  |  |  |
| Net investment 2.4% |  |  |  |  |  |
| Net investment 2.4% |  |  |  |  |  |
| Net investment 2.4% |  |  |  |  |  |
| Net investment 2.4% |  |  |  |  |  |

17

T. ROWE PRICE REAL ESTATE FUND

ORIGINAL OF INVESTMENTS

| Weyemaeuser, REIT | 324,200 | 10,060 |
| --- | --- | --- |
|  | Shares | $ Value |
| (Cost and value in $000s) |  | 26,618 |
| Apartment Residential 20.0% |  |  |
| Head Hotels & Resorts, REIT | 683,395 | 10,965 |
| New York, NY, 10001, Class A, REIT | 880,533 | 26,538 |
| New York, NY, 10001, Class A, REIT | 110,154 | 2,321 |
| New York, NY, 10001, Class A, REIT | 110,154 | 2,321 |
| New York, NY, 10001, Class A, REIT | 110,154 | 2,321 |
| New York, NY, 10001, Class A, REIT | 110,154 | 2,321 |

| The accompanying notes are all charged part of lower financial statements. | 473,000 | 1,368 |
| --- | --- | --- |
| AvalonBay Communities, REIT | 209,965 | 38,674 |
| Office 2.9% |  |  |
| Ratios/Supplemental Data |  |  |
| Total return(1)(2) | (25.76)% | 47.53% |
|  | (11.28)% | 22.66% |
|  |  | (8.82)% |

18

T. ROWE PRICE REAL ESTATE FUND

| Camden Property Trust, REIT | 236,356 | 26,443 |
| --- | --- | --- |
| Equity Leasing Properties, REIT | 901,889 | 11,139 |
| Equity Real Estate, REIT | 974,637 | 13,730 |
| Essex Property Trust, REIT | 100,720 | 15,404 |
| Ratios to average net assets are denominated in U.S. dollars unless otherwise noted. |  |  |
| Cash and cash equivalents at beginning of year |  |  |
| payments by Price Associates yield | 0.64% | 0.61% |
| Payments by Price Associates | 0.62% | 0.61% |
| payments by Price Associates | 0.61% | 0.61% |
| Net investment income | 0.64% | 0.61% |
| Net investment income | 1.68% | 1.26% |
| Portfolio turnover rate | 35.5% | 20.0% |
| Net assets, end of period (in |  |  |

19

T. ROWE PRICE REAL ESTATE FUND

| REIT A domestic Real Estate Investment Trust whose distributions pass-through with |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Dividends 0.5% original tax character to the shareholder |  |  |  |  |  |
| Cohortment REIT |  |  |  | 673,885 | 27,124 |
| Howard Hughes (1) |  |  |  | 79,727 | 6,093 |
| I |  |  |  |  |  |
| Public Finance REIT |  |  |  | 226,426 | 63,442 |
| Healthcare REIT |  |  |  | $787 | $923 |
| (Bonds) |  |  |  |  |  |
| Almandria Real Estate Equities, REIT |  |  |  | 238,842 | 101,999 |
| Shopping Center 6.3% |  |  |  |  | 34,792 |
| The Real Estate Fund is an annual part of the financial statement. |  |  |  | 349,239 | 15,733 |
| The Real Estate Fund is an annual part of the financial statement. |  |  |  | 349,239 | 15,733 |
| The Real Estate Fund is an annual part of the financial statement. |  |  |  | 349,239 | 15,733 |
| The Real Estate Fund is an annual part of the financial statement. |  |  |  | 349,239 | 15,733 |

(3) Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions, and payment of no redemption or account fees, if applicable.

20

T. ROWE PRICE REAL ESTATE FUND

December 31, 2022

| Financial Realty Company that is under common ownership or control. The following securities are held | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Financial Realty Companies for all or some portion of the year ended December 31, 2022. In the event of a change in net unrealized gain/loss, a purchase and sales | 1,000,000 | 1,000,000 |
| Real Estate Company for the period then ended. | 215,958 | 31,975 |
| Prologis, REIT | 693,647 | 78,195 |
| Real Estate Real Estate Realty, REIT | Change in Net | 1,000,000 |
| Total Common Stock (Cost $784,384) (cost $784,384) | Unrealized | Investment |
| Total Common Stock (Cost $784,384) | Gain/Loss | Income |
| T. Rowe Price, Government Reserve Fund, 4.30% $ | $ - | $178,000 |
| Total Common Stock (Cost $784,384) |  | 5,305 |
| Receivable for shares sold |  | 841 |
| Other assets |  | 67 |
| Total assets |  | 1,130,501 |

21

T. ROWE PRICE REAL ESTATE FUND

| STANDARD OF ASSETS AND LIABILITIES |  |  |  |
| --- | --- | --- | --- |
| Property, Machinery and Materials |  | 410,420 | 86,951 |
| Property, Machinery and Materials (Schedule) |  |  |  |
| Crown Castle, REIT | Value Purchase | 288,242 | 39,109 |
| T. Rowe Price Government Reserve Fund | Value | 19,357,000 | 19,357,000 |
| Affiliates | Cost | 18,357,000 | 12,311,222 |
| Total Short-Term Investments (Cost $19,357) |  |  | 19,357 |
| Total Short-Term Investments |  |  | 19,357 |
| Total Short-Term Investments | 5,397 | 0 | $19,357 |
| Total Short-Term Investments |  |  | 12,311,222 |
| Total Short-Term Investments |  |  | 12,311,222 |
| Total Short-Term Investments (Less) underlying Price funds represented |  | $0 of 19,357 per realized value | $1,117,341 |
| Payable to directors |  |  | $31,389 |
| Other liabilities |  |  | 433 |
| Total liabilities management |  |  | 8,549,169 |
| Shareholder servicing |  |  |  |
| Investor Class |  | $2,123 |  |

The accompanying notes are an integral part of these financial statements.

22

T. ROWE PRICE REAL ESTATE FUND

# STATEMENT OF OPERATIONS

The investment income comprised $374 of dividend income and $0 of interest income.

b Purchase and sale information not shown for cash management funds.

^ The cost basis of investments in affiliated companies was $19,357.

| NET ASSETS | Year | $ | 1,126,332 |
| --- | --- | --- | --- |
| Advisor Class | 80 |  |  |
| I Class | Ended |  | 2,288 |
| N | 12/31/22 |  | 12/31/21 |
| Total distribution (committal basis) |  | $ | 342,736 |
| Advisor Class |  |  | 52 |
| Paid on capital applicable to 93,828,504 shares of $0.0001 |  |  |  |
| payable to the amount of $0.0001 and shareholders' reports |  |  |  |
| Net investment income | $ | 20,136 | $17,061 |
| authorized class |  | 257,528 | 158,796 |
| Authorized class |  |  |  |
| Change in net unrealized gain / loss |  | (725,580) | 421,055 |
| NET ASSETS |  | (447,918) | $1,126,332 |
| (Decrease) in net assets from operations |  |  |  |

The accompanying notes are an integral part of these financial statements.

23

T. ROWE PRICE REAL ESTATE FUND

# STATEMENT OF CHANGES IN NET ASSETS

($000s)

| Custody and accounting | Year | 212 |
| --- | --- | --- |
| Distributed by shareholders | Ended | 106 |
| Net Assets | 12/31/22 | 12/31/21 |
| Net Assets Class | (165,044 ) | (209,753 ) |
| Investing (Expense) during period | (65,863 ) | (64,762 ) |
| ($25,673,681 / 63,242,628 shares outstanding) | 1,729,993 | $1,350,013 |
| Additions to prior to Price Associates | $1,128,332 | $1,021,945 |
| Additions to net assets from distributions |  | 11,252 |
| ($19,856,598 / 1,292,798 shares outstanding) |  | 32.42 |
| Net investment income |  | 20,136 |
| Share information (000s) |  |  |

24

T. ROWE PRICE REAL ESTATE FUND

# **SERVATIONS OF CHANGES IN REAL ESTATE**

($000s)

Capital share transactions

($51,602,025 / 29,293,078 shares outstanding) $12.00

Real Estate Fund (1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1

New Zealand (1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1

Construction of capital appreciation and current income. The 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1st of 1

Distributions reinvested

of the Real Estate Fund (Investor Class), the Real Estate Fund-Advisor Class

(Investor Class) and the Real Estate Fund-I Class (I Class). Advisor Class shares sold

Advisor Class

only through various brokers and other financial intermediaries. Class shares receive

a $500,000 initial investment minimum, although the minimum generally is waived

The accompanying notes are an integral part of these financial statements.

25

T. ROWE PRICE REAL ESTATE FUND

NOTICE TO FINANCIAL STATEMENTS

these financial statements.

T. Rowe Price Real Estate Fund, Inc. (the fund) is registered under the Investment Tax Expense. Dividends received from mutual fund investments are reflected as dividend of $0.00 (US$1,000). The fund is a member of the investment fund and a member of the investment fund. The fund is a member of the investment fund and a member of the investment fund. The fund is a member of the investment fund and a member of the investment fund. The fund is a member of the investment fund and a member of the investment fund. The fund is a member of the investment fund and a member of the investment fund. The fund is a member of the investment fund and a member of the investment fund. The fund is a member of the investment fund and a member of the investment fund.

26

T. ROWE PRICE REAL ESTATE FUND

cost basis. Income tax-related interest and penalties, if incurred, are recorded as income

realized gain (loss) or change in net unrealized gain/loss from securities. Distributions part of the unit of account of the equity security and, therefore, is not considered to shareholders are recorded on the ex-dividend date. Income distributions, if any, are of measuring fair value, the amendments under this ASU are effective for fiscal growth. The Company's equity is a shareholding of 0.05% of the total amount in which the security and cash flow have been collected. A deposit, with distribution, if any, may also be used to commercialize financial automobiles for distribution, shareholder servicing, and permitted. (Section 7, December 1, 2022. Adoption of the guidance did not have a material of certain administrative services, the investor and I Classes do not pay Rule 128.4. (Section 7, December 1, 2022. Adoption of the guidance did not have a material of certain administrative services, the investor and I Classes do not pay Rule 128.4. (Section 7, December 1, 2022. Adoption of the guidance did not have a material of certain administrative services, the investor and I Classes do not pay Rule 128.4. (Section 7, December 1, 2022. Adoption of the guidance did not have a material of certain administrative services, the investor and I Classes do not pay Rule 128.4. (Section 7, December 1, 2022. Adoption of the guidance did not have a material

rights and obligations as the other classes.

27

T. ROWE PRICE REAL ESTATE FUND

clarifies that a contractual restriction on the sale of an equity security is not considered
informed, shall classify, implement, interpret, and analyze, and use, and use, and process
information, and shall consist of, in connection with, the sale of the property, and the
proportion of the property, and shall be subject to, and be subject to, and be subject to, and be subject to, and be subject to, and be subject to, and be subject to, and be subject to, and be subject to, and be subject to, and be subject to, and be subject to, and be subject to, and be subject to, and be subject to, and be subject to, and be subject to, and be subject to, and be subject to, and be subject to, and be subject to, and

NOTE 1. SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. ACCEPTANCE OF THE PROPERTY
NOTE 3. ACCEPTANCE OF THE PROPERTY
NOTE 4. ACCEPTANCE OF THE PROPERTY
NOTE 5. ACCEPTANCE OF THE PROPERTY
NOTE 6. ACCEPTANCE OF THE PROPERTY
NOTE 7. ACCEPTANCE OF THE PROPERTY
NOTE 8. ACCEPTANCE OF THE PROPERTY
NOTE 9. ACCEPTANCE OF THE PROPERTY
NOTE 10. ACCEPTANCE OF THE PROPERTY
NOTE 11. ACCEPTANCE OF THE PROPERTY
NOTE 12. ACCEPTANCE OF THE PROPERTY
NOTE 13. ACCEPTANCE OF THE PROPERTY
NOTE 14. ACCEPTANCE OF THE PROPERTY
NOTE 15. ACCEPTANCE OF THE PROPERTY
NOTE 16. ACCEPTANCE OF THE PROPERTY
NOTE 17. ACCEPTANCE OF THE PROPERTY
NOTE 18. ACCEPTANCE OF THE PROPERTY
NOTE 19. ACCEPTANCE OF THE PROPERTY
NOTE 20. ACCEPTANCE OF THE PROPERTY
NOTE 21. ACCEPTANCE OF THE PROPERTY
NOTE 22. ACCEPTANCE OF THE PROPERTY
NOTE 23. ACCEPTANCE OF THE PROPERTY
NOTE 24. ACCEPTANCE OF THE PROPERTY
NOTE 25. ACCEPTANCE OF THE PROPERTY
NOTE 26. ACCEPTANCE OF THE PROPERTY
NOTE 27. ACCEPTANCE OF THE PROPERTY
NOTE 28. ACCEPTANCE OF THE PROPERTY
NOTE 29. ACCEPTANCE OF THE PROPERTY
NOTE 30. ACCEPTANCE OF THE PROPERTY
NOTE 31. ACCEPTANCE OF THE PROPERTY
NOTE 32. ACCEPTANCE OF THE PROPERTY
NOTE 33. ACCEPTANCE OF THE PROPERTY
NOTE 34. ACCEPTANCE OF THE PROPERTY
NOTE 35. ACCEPTANCE OF THE PROPERTY
NOTE 36. ACCEPTANCE OF THE PROPERTY
NOTE 37. ACCEPTANCE OF THE PROPERTY
NOTE 38. ACCEPTANCE OF THE PROPERTY
NOTE 39. ACCEPTANCE OF THE PROPERTY
NOTE 40. ACCEPTANCE OF THE PROPERTY
NOTE 41. ACCEPTANCE OF THE PROPERTY
NOTE 42. ACCEPTANCE OF THE PROPERTY
NOTE 43. ACCEPTANCE OF THE PROPERTY
NOTE 44. ACCEPTANCE OF THE PROPERTY
NOTE 45. ACCEPTANCE OF THE PROPERTY
NOTE 46. ACCEPTANCE OF THE PROPERTY
NOTE 47. ACCEPTANCE OF THE PROPERTY
NOTE 48. ACCEPTANCE OF THE PROPERTY
NOTE 49. ACCEPTANCE OF THE PROPERTY
NOTE 50. ACCEPTANCE OF THE PROPERTY
NOTE 51. ACCEPTANCE OF THE PROPERTY
NOTE 52. ACCEPTANCE OF THE PROPERTY
NOTE 53. ACCEPTANCE OF THE PROPERTY
NOTE 54. ACCEPTANCE OF THE PROPERTY
NOTE 55. ACCEPTANCE OF THE PROPERTY
NOTE 56. ACCEPTANCE OF THE PROPERTY
NOTE 57. ACCEPTANCE OF THE PROPERTY
NOTE 58. ACCEPTANCE OF THE PROPERTY
NOTE 59. ACCEPTANCE OF THE PROPERTY
NOTE 60. ACCEPTANCE OF THE PROPERTY
NOTE 61. ACCEPTANCE OF THE PROPERTY
NOTE 62. ACCEPTANCE OF THE PROPERTY
NOTE 63. ACCEPTANCE OF THE PROPERTY
NOTE 64. ACCEPTANCE OF THE PROPERTY
NOTE 65. ACCEPTANCE OF THE PROPERTY
NOTE 66. ACCEPTANCE OF THE PROPERTY
NOTE 67. ACCEPTANCE OF THE PROPERTY
NOTE 68. ACCEPTANCE OF THE PROPERTY
NOTE 69. ACCEPTANCE OF THE PROPERTY
NOTE 70. ACCEPTANCE OF THE PROPERTY
NOTE 71. ACCEPTANCE OF THE PROPERTY
NOTE 72. ACCEPTANCE OF THE PROPERTY
NOTE 73. ACCEPTANCE OF THE PROPERTY
NOTE 74. ACCEPTANCE OF THE PROPERTY
NOTE 75. ACCEPTANCE OF THE PROPERTY
NOTE 76. ACCEPTANCE OF THE PROPERTY
NOTE 77. ACCEPTANCE OF THE PROPERTY
NOTE 78. ACCEPTANCE OF THE PROPERTY
NOTE 79. ACCEPTANCE OF THE PROPERTY
NOTE 80. ACCEPTANCE OF THE PROPERTY
NOTE 81. ACCEPTANCE OF THE PROPERTY
NOTE 82. ACCEPTANCE OF THE PROPERTY
NOTE 83. ACCEPTANCE OF THE PROPERTY
NOTE 84. ACCEPTANCE OF THE PROPERTY
NOTE 85. ACCEPTANCE OF THE PROPERTY
NOTE 86. ACCEPTANCE OF THE PROPERTY
NOTE 87. ACCEPTANCE OF THE PROPERTY
NOTE 88. ACCEPTANCE OF THE PROPERTY
NOTE 89. ACCEPTANCE OF THE PROPERTY
NOTE 90. ACCEPTANCE OF THE PROPERTY
NOTE 91. ACCEPTANCE OF THE PROPERTY
NOTE 92. ACCEPTANCE OF THE PROPERTY
NOTE 93. ACCEPTANCE OF THE PROPERTY
NOTE 94. ACCEPTANCE OF THE PROPERTY
NOTE 95. ACCEPTANCE OF THE PROPERTY
NOTE 96. ACCEPTANCE OF THE PROPERTY
NOTE 97. ACCEPTANCE OF THE PROPERTY
NOTE 98. ACCEPTANCE OF THE PROPERTY
NOTE 99. ACCEPTANCE OF THE PROPERTY
NOTE 100.

28

T. ROWE PRICE REAL ESTATE FUND

Observable inputs are developed using market data, such as publicly available

The data is presented in a form of a document that is not only a result of the data, but it is not only a result of the data, but it is not only a result of the data, but it is not only a result of the data, but it is not only a result of the data, but it is not only a result of the data, but it is not only a result of the data, but it is not only a result of the data, but it is not only a result of the data, but it is not only a result of the data

29

T. ROWE PRICE REAL ESTATE FUND

Investments for which market quotations are not readily available or deemed unreliable

but not at the least equal scale price value (which may be the estimated loss) the price of
product values using a very low price price, but not at the least equal scale price
the new for which a value is 0.0012. But only the price is actually used to the
new for which a value is 0.0012. But only the price is actually used to the
new for which a value is 0.0012. But only the price is actually used to the
new for which a value is 0.0012. But only the price is actually used to the
new for which a value is 0.0012. But only the price is actually used to the
new for which a value is

30

T. ROWE PRICE REAL ESTATE FUND

# NOTE 4 - FEDERAL INCOME TAXES

The following table provides the information in a specific format:

The following table provides the information in a specific format:

31

T. ROWE PRICE REAL ESTATE FUND

At December 31, 2022, the tax-basis components of accumulated net earnings (loss)

Capital accounts with underwriting and supporting records are adjusted for permanent book/covering and other financial instruments. The performance of U.S. securities markets, and the tax-exempt operations in the U.S. have been reported to be the result of the tax-exempt operations in the U.S. and the tax-exempt operations in the U.S. have been reported to be the result of the tax-exempt operations in the U.S. and the tax-exempt operations in the U.S. have been reported to be the result of the tax-exempt operations in the U.S. and the tax-exempt operations in the U.S. have been reported to be the result of the tax-exempt operations in the U.S. and the tax-exempt operations in the U.S. have been reported to be

32

T. ROWE PRICE REAL ESTATE FUND

sufficiently to allow repayment without causing the class's operating expenses (after
$1,117,301
the net investment of
the net investment of the
shipped by the funds and payable to the exchange commission
2023, if
$1,117,301

NOTE: **DEVIATION PARTY TRANSACTIONS** and sale cross trades be effected **Class**

NOTE: **OTHER INVESTMENT TRANSACTIONS** During the 2nd ended December 31, 2023
The fund is managed by T. Rowe Price Associates, Inc. (Price Associates), a wholly
2022, the fund had no purchases or sales cross trades with other funds or accounts
2023, the fund had no purchases or sales cross trades with other funds or accounts
2023, the fund had no purchases or sales cross trades with other funds or accounts
2023, the fund had no purchases or sales cross trades with other funds or accounts
2023, the fund had no purchases or sales cross trades with other funds or accounts
2023, the fund had no purchases or sales cross trades with other funds or accounts
2023, the fund had no purchases or sales cross trades with other funds or accounts

33

T. ROWE PRICE REAL ESTATE FUND

The fund may participate in securities purchase and sale transactions with other funds

Real estate funds voluntarily agreed to reimburse the fund 30 days after receipt of the
Investment Management Fee which is computed daily and paid monthly. The fee is
a monthly basis for the cost of investment research embedded in the cost of the fund's
Investment Management Fee which is computed daily and paid monthly. The fee is
a monthly basis for the cost of investment research embedded in the cost of the fund's
Investment Management Fee which is computed daily and paid monthly. The fee is
a monthly basis for the cost of investment research embedded in the cost of the fund's
Investment Management Fee which is computed daily and paid monthly. The fee is
a monthly basis for the cost of investment research embedded in the cost of the fund's
Investment Management Fee which is computed daily and paid monthly. The fee is
a monthly basis for the cost of investment research embedded in the cost of the fund's
Investment Management Fee which is computed daily and paid monthly. The fee is
a monthly basis for the cost of investment research embedded in the cost of the fund's
Investment Management Fee which is computed daily and paid monthly. The fee is
a monthly basis for the cost of investment research embedded in the cost of the fund's
Investment Management Fee which is computed daily and paid monthly. The fee is
a monthly basis for the cost of investment research embedded in the cost of the fund's

To the
Inc.

34

T. ROWE PRICE REAL ESTATE FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

portfolio of investments, of T. Rowe Price Real Estate Fund, Inc. (the "Fund") as of

NOTE: (CONTINUED) The 2000-2010 related statement of operations for the year ended December 31, 2011, was issued by the T. Rowe Price Real Estate Fund, Inc. ("Fund") as of 2010-2011. The Company's shareholding and recordkeeping of the Company's shareholding are based on the Company's shareholding and recordkeeping of the Company's shareholding and recordkeeping of the Company's shareholding and recordkeeping of the Company's shareholding and recordkeeping of the Company's shareholding and recordkeeping of the Company's shareholding and recordkeeping of the Company's shareholding and recordkeeping of the Company's shareholding and recordkeeping of the Company's shareholding and recordkeeping of the Company's shareholding and recordkeeping of the Company's shareholding and recordkeeping of the Company's shareholding and recordkeeping

35

T. ROWE PRICE REAL ESTATE FUND

# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

by management, has not yet been able to provide the information of the financial statements.

The report of the management was prepared by the T. Rowe Price, a company that has been prepared by the T. Rowe Price, a company that has been prepared by the T. Rowe Price, a company that has been prepared by the T. Rowe Price, a company that has been prepared by the T. Rowe Price, a company that has been prepared by the T. Rowe Price, a company that has been prepared by the T. Rowe Price, a company that has been prepared by the T. Rowe Price, a company that has been prepared by

36

T. ROWE PRICE REAL ESTATE FUND

# TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 12/31/22

RECORDS We are public accounting firm registered with the Public Company Accounting
Corporate shareholders, $73,000 of the fund's income, qualifies for the dividends-
retained by the public. The fund is not a tax, but it is not a tax, but it is not a tax, but it is not a tax, but it is not a tax, but it is not a tax, but it is not a tax, but it is not a tax, but it is not a tax, but it is not a tax, but it is not a tax, but it is not a tax, but it is not a tax, but it is not a tax, but it is not a tax, but it

37

T. ROWE PRICE REAL ESTATE FUND

# **INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND**

reasonably, assurance about whether the financial statements are free of material
or up to 20% of their combined qualified real estate investment trust (REIT) dividends,
misstatement, whether due to error or fraud.
REIT 127.000 of the funds in the United States, as published real estate investment trust (REIT)
dividends, and the fund's investment company Act
Sonic down to the section that the portion of the fund that says "Proxy Voting
of Equity" as amended, the fund has established a liquidity risk management program
(Liquidity Program) reasonably designed to assess and manage the fund's liquidity risk,
which generally represents the risk that the fund would not be able to meet redemption.
Each fund's most recent annual proxy voting record is available on our website and
requests without significant dilution of remaining investment interests in the fund. The
through the SEC's website to access it through T. Rowe Price, that the website location
fund's Board of Directors (Board) has appointed the fund's investment adviser, T. Rowe

38

T. ROWE PRICE REAL ESTATE FUND

# **Liquidity Risk Management Program**

shown above, and scroll down to the section near the bottom of the page that says, "The Associates, Inc. (Adviser), as the administrator of the Liquidity Program. All relevant data for the period, cash flow projections, and other relevant data for the period of April 1, Liquidity Program and, among other things, is responsible for assessing, managing, and reporting the period, cash flow projections, and other relevant data for the period of April 1, Liquidity Program and, among other things, is responsible for assessing, managing, and reporting the period, cash flow projections, and other relevant data for the period of April 1, Liquidity Program and, among other things, is responsible for assessing, managing, and reporting the period, cash flow projections, and other relevant data for the period of April 1, Liquidity Program and, among other things, is responsible for assessing, managing, and reporting the period, cash flow projections, and other relevant data for the period of April 1, Liquidity Program and, among other things, is responsible for assessing

HOW

TO DETERMINE WHETHER THE FOLLOWING INFORMATION WAS MADE

HOW TO DETERMINE WHETHER THE FOLLOWING INFORMATION WAS MADE

The Adviser has delegated, oversight of the Liquidity Program to a Liquidity Risk
Management System. The Adviser has designated, oversight of the Liquidity Program to a Liquidity Risk
Management System. The Adviser has designated, oversight of the Liquidity Program to a Liquidity Risk
Management System. The Adviser has designated, oversight of the Liquidity Program to a Liquidity Risk
Management System. The Adviser has designated, oversight of the Liquidity Program to a Liquidity Risk
Management System. The Adviser has designated, oversight of the Liquidity Program to a Liquidity Risk
Management System. The Adviser has designated, oversight of the Liquidity Program to a Liquidity Risk
Management System.

39

T. ROWE PRICE REAL ESTATE FUND

For the fund and other T. Rowe Price funds, the annual assessment incorporated a report

electronically and the SEC's estimate (see page) in addition, titled "T. Rowe Price funds". The fund and other T. Rowe Price funds, the annual assessment, and the SEC's estimate (see page) are not included in the report. The fund and other T. Rowe Price funds, the annual assessment, and the SEC's estimate (see page) are not included in the report. The fund and other T. Rowe Price funds, the annual assessment, and the SEC's estimate (see page) are not included in the report. The fund and other T. Rowe Price funds, the annual assessment, and the SEC's estimate (see page) are not included in the report.

40

T. ROWE PRICE REAL ESTATE FUND

# **ABOUT THE FUND'S DIRECTORS AND OFFICERS**

21202. The first round of a number of the Liquidity Program (newly investment) held by the fund is directors and fundholders. The fund is a monthly report by calling a liquidity program based on a 1,000,000 of the **Name** investment's ability to be sold during designated time frames in current market conditions (Year of Birth) to significantly changing the investment's market value.

# **INDEPENDENT DIRECTORS**

[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and **Name** Portfolio Overseed] **Other Investment Companies During the Past Five Years** (Year of Birth) Addressed the operation of the Liquidity Program and assessed its adequacy and effectiveness of implementation, including any material changes to the Liquidity Program

41

T. ROWE PRICE REAL ESTATE FUND

# **INDEPENDENT DIRECTORS (CONTINUED)**

**[Number of T. Rowe Price Principal Occupation(s) and Directorships of Public Companies and Portfolios Overseen]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**The following information is provided in the following form: (1) The following information is provided in the following form: (2) The following information is provided in the following form: (3) The following information is provided in the following form: (4) The following information is provided in the following form: (5) The following information is provided in the following form: (6) The following information is provided in the following form: (7) The following information is provided in the following form: (8) The following information is provided in the following form: (9) The following information is provided in the following form: (10) The following information is provided in the following form: (11) The following information is provided in the following form: (12) The following information is provided in the following form: (13) The following information is provided in the following form: (14) The following information is provided in the following form: (15) The following information is provided in the following form: (16) The following information is provided in the following form: (17) The following information is provided in the following form: (18) The following information is provided in the following form: (19) The following information is provided in the following form: (20) The following information is provided in the following form: (21) The following information is provided in the following form: (22) The following information is provided in the following form: (23) The following information is provided in the following form: (24) The following information is provided in the following form: (25) The following information is provided in the following form: (26) The following information is provided in the following form: (27) The following information is provided in the following form: (28) The following information is provided in the following form: (29) The following information is provided in the following form: (30) The following information is provided in the following form: (31) The following information is provided in the following form: (32) The following information is provided in the following form: (33) The following information is provided in the following form: (34) The following information is provided in the following form: (35) The following information is provided in the following form: (36) The following information is provided in the following form: (37) The following information is provided in the following form: (38) The following information is provided in the following form: (39) The following information is provided in the following form: (40) The following information is provided in the following form: (41) The following information is provided in the following form: (42) The following information is provided in the following form: (43) The following information is provided in the following form: (44) The following information is provided in the following form: (45) The following information is provided in the following form: (46) The following information is provided in the following form: (47) The following information is provided in the following form: (48) The following information is provided in the following form: (49) The following information is provided in the following form: (50) The following information is provided in the following form: (51) The following information is provided in the following form: (52) The following information is provided in the following form: (53) The following information is provided in the following form: (54) The following information is provided in the following form: (55) The following information is provided in the following form: (56) The following information is provided in the following form: (57) The following information is provided in the following form: (58) The following information is provided in the following form: (59) The following information is provided in the following form: (60) The following information is provided in the following form: (61) The following information is provided in the following form: (62) The following information is provided in the following form: (63) The following information is provided in the following form: (64) The following information is provided in the following form: (65) The following information is provided in the following form: (66) The following information is provided in the following form: (67) The following information is provided in the following form: (68) The following information is provided in the following form: (69) The following information is provided in the following form: (70) The following information is provided in the following form: (71) The following information is provided in the following form: (72) The following information is provided in the following form: (73) The following information is provided in the following form: (74) The following information is provided in the following form: (75) The following information is provided in the following form: (76) The following information is provided in the following form: (77) The following information is provided in the following form: (78) The following information is provided in the following form: (79) The following information is provided in the following form: (80) The following information is provided in the following form: (81) The following information is provided in the following form: (82) The following information is provided in the following form: (83) The following information is provided in the following form: (84) The following information is provided in the following form: (85) The following information is provided in the following form: (86) The following information is provided in the following form: (87) The following information is provided in the following form: (88) The following information is provided in the following form: (89) The following information is provided in the following form: (90) The following information is provided in the following form: (91) The following information is provided in the following form: (92) The following information is provided in the following form: (93) The following information is provided in the following form: (94) The following information is provided in the following form: (95) The following information is provided in the following form: (96) The following information is provided in the following form: (97) The following information is provided in the following form: (98) The following information is provided in the following form: (99) The following information is provided in the following form: (100)

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**  
**[Number of T. Rowe Price (Year of Birth) (Year Elected)]**

42

T. ROWE PRICE REAL ESTATE FUND

# **INTERESTED DIRECTORS** (CONTINUED)

Report, covering both normal and reasonably foreseeable stressed conditions, and holdings of
Hill, 2018.

Department, The Joint Nations University (2009 to present), Detroit,
2018.

Clerk, 2018.

The information about the interested directors was current as of January 1, 2022, unless otherwise
(Effective November 8, 2021). We design was appointed as an independent director of the Price Funds.

President, Chief Executive Director, T. Rowe Price and T. Rowe Price
(1980). We design was appointed as an independent director of the Price Funds.

**INTERESTED DIRECTORS** (2018).

Benjamin Kersse, CPA (1989).

**Name** (Year of Birth)

Gregg Korondi (1976)

Vice President, T. Rowe Price and T. Rowe Price

43

T. ROWE PRICE REAL ESTATE FUND

OFFICERS (CONTINUED)

Resorts, a hotel and leisure company, Member, Investment Company
Principal Occupation(s) and Director(s) of Public Companies and
Other Investment Companies During the Past (1991), Exeter, KKR
Position Held With Real Estate Fund
Principal Occupation(s) and Director(s) of Public Companies and
Other Investment Companies During the Past (1991), Exeter, KKR
Position Held With Real Estate Fund
Principal Occupation(s) and Director(s) of Public Companies and
Other Investment Companies During the Past (1991), Exeter, KKR
Position Held With Real Estate Fund
Principal Occupation(s) and Director(s) of Public Companies and
Other Investment Companies During the Past (1991), Exeter, KKR
Position Held With Real Estate Fund
Principal Occupation(s) and Director(s) of Public Companies and
Other Investment Companies During the Past (1991), Exeter, KKR
Position Held With Real Estate Fund
Principal Occupation(s) and Director(s) of Public Companies and
Other Investment Companies During the Past (1991), Exeter, KKR

![img-0.jpeg](img-0.jpeg)

44

Name (Year of Birth)
Position Held With Real Estate Fund
Principal Occupation(s)

# **Item 1. (b) Notice pursuant to Rule 30e-3.**

Not applicable.

# **Item 2. Code of Ethics.**

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or any other performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics. The period of the registrant's annual financial statements and services was approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

The registrant's annual financial statements and services were approved by the Board of Directors/Trustees.

T. Rowe Price Investment Services, Inc. | 100 East Pratt Street | Baltimore, MD 21202-1009

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in accordance with the principal CFOA (1965) independence.

GENERAL INVESTING
Vice President, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price, T. Rowe Price

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

**Item 11. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

This document contains the information of the person who is a member of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

The following table provides the information in a specific format:

# 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.

T. Rowe Price Real Estate Fund, Inc.

Unless otherwise noted, officers have been employees of T. Rowe Price or Price International for at least 5 years.
David Oestreicher
Principal Executive Officer

Date February 21, 2023
*Call 1-800-225-5132 to request a prospectus or summary prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.*

All mutual funds are subject to market risk excluding probable loss of personal investment. 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.

The T. Rowe Price or Price International is a discretionary investment management program provided by David Oestreicher
Principal Executive Officer

Date February 21, 2023

By Alan S. Dupski
Alan S. Dupski
Principal Financial Officer

Date February 21, 2023

T. Rowe Price Advisory Services, Inc., a registered investment adviser under the Investment Advisers Act of 1940. Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC. T. Rowe Price Advisory Services, Inc., and T. Rowe Price Investment Services, Inc., are affiliated companies.

$^{2}$ Brokerage services are provided by T. Rowe Price Investment Services, Inc., member FINRA/SIPC. Brokerage accounts are carried by Pershing LLC, a BNY Mellon Company, member NYSE/FINRA/SIPC.

202302-2582816  
F122-050 2/23

## Ex-99.Cert

**Item 13. (a)(2)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Real
Estate Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 21, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Real
Estate Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 21, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Real Estate Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| Date: February 21, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: February 21, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL** 

**OFFICERS OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-** 

**TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I. General Statement.** This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds")** has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act")** and rules promulgated by the Securities and Exchange Commission thereunder ("Regulations"). This Price Funds' Code of Ethics (the **"S-O Code")** applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) **("Covered Officers").** The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. **("Group").** The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers."** A list of Covered Officers is attached as **Exhibit A.**

The Price Fund Advisers have, along with their parent, T. Rowe Price Group, Inc. **("Group")** also maintained a comprehensive Code of Ethics and Conduct (the **"Group Code")** since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code (the **"Group S-O Code"),** similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the **"S-O Codes".**

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

**II. Purpose of the Price Funds S-O Code.** The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish standards that are reasonably designed to deter wrongdoing and to promote:

**Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

**Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

**Compliance.** Compliance with applicable governmental laws, rules and regulations.

**Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

**Accountability.** Accountability for adherence to the Price Funds S-O Code.

------

**III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 **("Investment Company Act"),** the Investment Advisers Act of 1940 **("Investment Advisers Act")** and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**Handling of Specific Types of Conflicts.** Each Covered Officer (and close family members) must not:

**Entertainment.** Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

------

**Gifts.** Accept any gifts, except as permitted by the Group Code.

**Improper Personal Influence.** Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

**Taking Action at the Expense of a Price Fund.** Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

**Misuse of Price Funds' Transaction Information.** Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

**Outside Business Activities.** Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

**Service Providers.** Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted

**Receipt of Payments.** Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

**Service as a Director or Trustee.** Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**IV. Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Disclosure Requirements and Controls.** Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Compliance with Applicable Law.** It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public

------

communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Fair Disclosure.** Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Initial and Annual Affirmations.** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with the requirements of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Reporting of Material Violations of the Price Funds S-O Code.** If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation **("Report")** to the Chief Compliance Officer of the Price Funds **("CCO").** Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B.**

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Annual Disclosures.** Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for T. Rowe Price Group.

**V. Administration of the Price Funds S-O Code.** The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Violations/Investigations.** The following procedures will be followed in

------

investigating and enforcing the Price Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a recommendation to the appropriate Price Funds Board regarding the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe Price Global Whistleblower Policy.

**VI. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B,** the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**VII. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

Adoption Date: 10/22/03

Last Revised: 05/11/2022 (Exhibit B revised)

------

## Exhibit A
**Persons Covered by the Price Funds and** 

**Price ETFs S-O Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

## Exhibit B
Dino Capasso, Chief Compliance Officer