# EDGAR Filing Document

**Accession Number:** 0001046404
**File Stem:** 0001099263-26-002563
**Filing Date:** 2026-2
**Character Count:** 18549
**Document Hash:** d795b665692d5697adbbb03472f15012
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-26-002563.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001099263-26-002563

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Real Estate Fund, Inc.
- **CENTRAL INDEX KEY:** 0001046404

**ORGANIZATION NAME:**
- **EIN:** 522070587
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08371
- **FILM NUMBER:** 26686605

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**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           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** T. ROWE PRICE REAL ESTATE FUND, INC.

- **b. Investment Company Act file number:** 811-08371

- **c. CIK number of Registrant:** 0001046404

- **d. LEI of Registrant:** 549300G7HUZEF270Q496

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1307 Point Street

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21231

  - **Telephone number:** 410-345-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** T. Rowe Price Real Estate Fund, Inc.

- **b. EDGAR series identifier (if any):** S000002107

- **c. LEI of Series:** 549300F7PG4NLAXPXR88

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $649916816.52

**Total Liabilities:** $14210652.66

**Net Assets:** $635706163.86

**Cash Not Reported:** $16868.75

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000 | **1-Year:** 0.000000 | **5-Year:** 0.000000 | **10-Year:** 0.000000 | **30-Year:** 0.000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000 | **1-Year:** 0.000000 | **5-Year:** 0.000000 | **10-Year:** 0.000000 | **30-Year:** 0.000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000005479 | -2.09%               | 2.66%                | -2.59%               |
| Class ID C000005480 | -2.16%               | 2.64%                | -2.55%               |
| Class ID C000166334 | -2.09%               | 2.66%                | -2.52%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1618997.24              | $-17211009.51                              |
| Month 2  | $2655942.55              | $14302221.00                               |
| Month 3  | $5768965.02              | $-26381149.31                              |

### Schedule of Portfolio Investments

| Name                                  | Title                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACADIA REALTY TRUST                   | ACADIA REALTY TRUST                    | CUSIP: 004239109<br>LEI: 254900C5XLB1YYJQSH07 | Long             | EC               | CORP              | US        |    612575 | NS      | $12582290.50  | 1.98%             |  |  |  | No            |                  1 | On Loan: —       |
| ALEXANDRIA REAL ESTATE EQUIT          | ALEXANDRIA REAL ESTATE EQUITIES INC    | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |    106935 | NS      | $5233398.90   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HOMES 4 RENT CL A            | AMERICAN HOMES 4 RENT                  | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    406293 | NS      | $13042005.30  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP                   | AMERICAN TOWER CORP                    | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    262939 | NS      | $46164200.23  | 7.26%             |  |  |  | No            |                  1 | On Loan: No      |
| APARTMENT INVT & MGMT CO -A           | APARTMENT INVESTMENT AND MANAGEMENT CO | CUSIP: 03748R747<br>LEI: 549300O8FT5GJ4RU1D57 | Long             | EC               | CORP              | US        |    469931 | NS      | $2791390.14   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE HOSPITALITY REIT INC            | APPLE HOSPITALITY REIT INC             | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |    530888 | NS      | $6291022.80   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| AVALONBAY COMMUNITIES INC             | AVALONBAY COMMUNITIES INC              | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |    112580 | NS      | $20411879.80  | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMDEN PROPERTY TRUST                 | CAMDEN PROPERTY TRUST                  | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     71140 | NS      | $7831091.20   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE GROUP INC - A                    | CBRE GROUP INC                         | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     23516 | NS      | $3781137.64   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC                      | CROWN CASTLE INC                       | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |    216064 | NS      | $19201607.68  | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CUBESMART                             | CUBESMART                              | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    309652 | NS      | $11162954.60  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITAL REALTY TRUST INC              | DIGITAL REALTY TRUST INC               | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     24700 | NS      | $3821337.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| DOUGLAS EMMETT INC                    | DOUGLAS EMMETT INC                     | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    537573 | NS      | $5907927.27   | 0.93%             |  |  |  | No            |                  1 | On Loan: —       |
| EASTGROUP PROPERTIES INC              | EASTGROUP PROPERTIES INC               | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |     99849 | NS      | $17787100.86  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX INC                           | EQUINIX INC                            | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     74621 | NS      | $57171625.36  | 8.99%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY LIFESTYLE PROPERTIES           | EQUITY LIFESTYLE PROPERTIES INC        | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |    288431 | NS      | $17481802.91  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY RESIDENTIAL                    | EQUITY RESIDENTIAL                     | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |    275599 | NS      | $17373760.96  | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSEX PROPERTY TRUST INC              | ESSEX PROPERTY TRUST INC               | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |    100878 | NS      | $26397755.04  | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL REALTY INVS TRUST             | FEDERAL REALTY INVESTMENT TRUST        | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |     78988 | NS      | $7961990.40   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHCARE REALTY TRUST INC           | HEALTHCARE REALTY TRUST INC            | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |    192383 | NS      | $3260891.85   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON WORLDWIDE HOLDINGS INC         | HILTON WORLDWIDE HOLDINGS INC          | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     13722 | NS      | $3941644.50   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| KILROY REALTY CORP                    | KILROY REALTY CORP                     | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |    140553 | NS      | $5252465.61   | 0.83%             |  |  |  | No            |                  1 | On Loan: —       |
| KIMCO REALTY CORP                     | KIMCO REALTY CORP                      | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |    144466 | NS      | $2928325.82   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| LINEAGE INC                           | LINEAGE INC                            | CUSIP: 53566V106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     88202 | NS      | $3087070.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: —       |
| PEBBLEBROOK HOTEL TRUST               | PEBBLEBROOK HOTEL TRUST                | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |    378562 | NS      | $4285321.84   | 0.67%             |  |  |  | No            |                  1 | On Loan: —       |
| PROLOGIS INC                          | PROLOGIS INC                           | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    387053 | NS      | $49411185.98  | 7.77%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                        | PUBLIC STORAGE                         | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |    121127 | NS      | $31432456.50  | 4.94%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYONIER INC                          | RAYONIER INC                           | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |    351086 | NS      | $7601011.90   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENCY CENTERS CORP                  | REGENCY CENTERS CORP                   | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |    337275 | NS      | $23282093.25  | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| REXFORD INDUSTRIAL REALTY IN          | REXFORD INDUSTRIAL REALTY INC          | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |    591077 | NS      | $22886501.44  | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA COMMUNICATIONS CORP               | SBA COMMUNICATIONS CORP                | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |     14473 | NS      | $2799512.39   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY GROUP INC              | SIMON PROPERTY GROUP INC               | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |    147063 | NS      | $27222831.93  | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| SL GREEN REALTY CORP                  | SL GREEN REALTY CORP                   | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |     29700 | NS      | $1362339.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SMARTSTOP SELF STORAGE REIT           | SMARTSTOP SELF STORAGE REIT INC        | CUSIP: 83192D402<br>LEI: 549300EC266625K12S42 | Long             | EC               | CORP              | US        |    228197 | NS      | $7060415.18   | 1.11%             |  |  |  | No            |                  1 | On Loan: —       |
| SUN COMMUNITIES INC                   | SUN COMMUNITIES INC                    | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |    127600 | NS      | $15810916.00  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| T. Rowe Price Government Reserve Fund | T. Rowe Price Government Reserve Fund  | CUSIP: 76105Y109<br>LEI: 5493002Y0IYARJVQ5N24 | Long             | STIV             | RF                | US        |   3720891 | NS      | $3720891.42   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| TERRENO REALTY CORP                   | TERRENO REALTY CORP                    | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    280147 | NS      | $16447430.37  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| GRS - SECURITY LENDING COLLATERAL     | TREASURY RESERVE FUND - Collateral     | CUSIP: 000000000<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | STIV             | RF                | US        |  13507262 | NS      | $13507262.00  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTAS INC                            | VENTAS INC                             | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |    332739 | NS      | $25747343.82  | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI PROPERTIES INC                   | VICI PROPERTIES INC                    | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |    117400 | NS      | $3301288.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| VORNADO REALTY TRUST                  | VORNADO REALTY TRUST                   | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    144000 | NS      | $4792320.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER INC                         | WELLTOWER INC                          | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |    340188 | NS      | $63142294.68  | 9.93%             |  |  |  | No            |                  1 | On Loan: No      |
| WEYERHAEUSER CO                       | WEYERHAEUSER CO                        | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    106820 | NS      | $2530565.80   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-04

**Name of Applicant:** T. ROWE PRICE REAL ESTATE FUND, INC.

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President