# EDGAR Filing Document

**Accession Number:** 0001046404
**File Stem:** 0001046404-25-000032
**Filing Date:** 2025-8
**Character Count:** 18447
**Document Hash:** 35e91cecc0b4119b3774cb8b33ee4db1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001046404-25-000032.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001046404-25-000032

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**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:** 251256859

**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:** 2025-06-30

**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:** $703027176.91

**Total Liabilities:** $6922647.44

**Net Assets:** $696104529.47

**Cash Not Reported:** $16814.07

**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 C000166334 | -2.89%               | 0.79%                | -0.85%               |
| Class ID C000005480 | -2.93%               | 0.76%                | -0.96%               |
| Class ID C000005479 | -2.89%               | 0.79%                | -0.92%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3109860.81              | $-25361977.28                              |
| Month 2  | $2572905.10              | $2032634.57                                |
| Month 3  | $896855.08               | $-11986610.81                              |

### 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      | $11375517.75  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities Inc    | ALEXANDRIA REAL ESTATE EQUITIES INC                | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     64935 | NS      | $4716229.05   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                  | AMERICAN HOMES 4 RENT                              | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    506793 | NS      | $18280023.51  | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                    | AMERICAN TOWER CORP                                | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    303739 | NS      | $67132393.78  | 9.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Investment and Management Co | APARTMENT INVESTMENT AND MANAGEMENT CO             | CUSIP: 03748R747<br>LEI: 549300O8FT5GJ4RU1D57 | Long             | EC               | CORP              | US        |    469931 | NS      | $4064903.15   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc             | APPLE HOSPITALITY REIT INC                         | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |    525388 | NS      | $6131277.96   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc              | AVALONBAY COMMUNITIES INC                          | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |    119080 | NS      | $24232780.00  | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                         | CBRE GROUP INC                                     | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     34516 | NS      | $4836381.92   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                  | CAMDEN PROPERTY TRUST                              | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     82240 | NS      | $9267625.60   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                       | CROWN CASTLE INC                                   | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |    174564 | NS      | $17932959.72  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                              | CUBESMART                                          | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    342752 | NS      | $14566960.00  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc               | DIGITAL REALTY TRUST INC                           | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      8600 | NS      | $1499238.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc                     | DOUGLAS EMMETT INC                                 | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    537573 | NS      | $8085097.92   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc               | EASTGROUP PROPERTIES INC                           | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |    116249 | NS      | $19427532.88  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                            | EQUINIX INC                                        | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     77741 | NS      | $61840633.27  | 8.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties Inc        | EQUITY LIFESTYLE PROPERTIES INC                    | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |    277931 | NS      | $17140004.77  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                     | EQUITY RESIDENTIAL                                 | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |    310899 | NS      | $20982573.51  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc               | ESSEX PROPERTY TRUST INC                           | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |    101598 | NS      | $28792873.20  | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust        | FEDERAL REALTY INVESTMENT TRUST                    | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |     46388 | NS      | $4406396.12   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc      | GAMING AND LEISURE PROPERTIES INC                  | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |    171000 | NS      | $7982280.00   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc          | HILTON WORLDWIDE HOLDINGS INC                      | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     19102 | NS      | $5087626.68   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp                     | KILROY REALTY CORP                                 | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |    182353 | NS      | $6256531.43   | 0.90%             |  |  |  | No            |                  1 | On Loan: —       |
| Kimco Realty Corp                      | KIMCO REALTY CORP                                  | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |    281766 | NS      | $5922721.32   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Lineage Inc                            | LINEAGE INC                                        | CUSIP: 53566V106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     85502 | NS      | $3721047.04   | 0.53%             |  |  |  | No            |                  1 | On Loan: —       |
| Pebblebrook Hotel Trust                | PEBBLEBROOK HOTEL TRUST                            | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |    395962 | NS      | $3955660.38   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                           | PROLOGIS INC                                       | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    428453 | NS      | $45038979.36  | 6.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                         | PUBLIC STORAGE                                     | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |    136387 | NS      | $40018673.54  | 5.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                           | RAYONIER INC                                       | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |    352109 | NS      | $7809777.62   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                   | REGENCY CENTERS CORP                               | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |    415875 | NS      | $29622776.25  | 4.26%             |  |  |  | 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        |   2003271 | NS      | $2003271.23   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| T. Rowe Price Government Reserve Fund  | T. Rowe Price Government Reserve Fund - Collateral | CUSIP: 76105YYY8<br>LEI: 5493002Y0IYARJVQ5N24 | Long             | STIV             | RF                | US        |   6218165 | NS      | $6218165.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc          | REXFORD INDUSTRIAL REALTY INC                      | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |    649777 | NS      | $23112567.89  | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                | SBA COMMUNICATIONS CORP                            | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |     40773 | NS      | $9575131.32   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc               | SIMON PROPERTY GROUP INC                           | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |    163663 | NS      | $26310463.88  | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Smartstop Self Storage REIT Inc        | SMARTSTOP SELF STORAGE REIT INC                    | CUSIP: 83192D402<br>LEI: 549300EC266625K12S42 | Long             | EC               | CORP              | US        |    188697 | NS      | $6836492.31   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc                    | SUN COMMUNITIES INC                                | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |    166700 | NS      | $21085883.00  | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp                    | TERRENO REALTY CORP                                | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    320747 | NS      | $17984284.29  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                             | VENTAS INC                                         | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |    386539 | NS      | $24409937.85  | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                   | VORNADO REALTY TRUST                               | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    142800 | NS      | $5460672.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                          | WELLTOWER INC                                      | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |    328288 | NS      | $50467714.24  | 7.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                        | WEYERHAEUSER CO                                    | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    237928 | NS      | $6112370.32   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-04

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President