# EDGAR Filing Document

**Accession Number:** 0001046404
**File Stem:** 0001099263-25-003656
**Filing Date:** 2025-11
**Character Count:** 19078
**Document Hash:** 6f61e1163c2b81a52832fe88b0f408ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-25-003656.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001099263-25-003656

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**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:** 251521990

**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:** 2025-09-30

**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:** $697748715.23

**Total Liabilities:** $12045314.99

**Net Assets:** $685703400.24

**Cash Not Reported:** $16842.27

**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 | -1.33%               | 3.59%                | 0.21%                |
| Class ID C000005480 | -1.36%               | 3.61%                | 0.21%                |
| Class ID C000166334 | -1.33%               | 3.58%                | 0.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3886850.13              | $-12737834.93                              |
| Month 2  | $3777031.20              | $20102482.46                               |
| Month 3  | $1064587.20              | $-3879194.75                               |

### 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      | $12343386.25  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| ALEXANDRIA REAL ESTATE EQUIT          | ALEXANDRIA REAL ESTATE EQUITIES INC                | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     69035 | NS      | $5753376.90   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HOMES 4 RENT CL A            | AMERICAN HOMES 4 RENT                              | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    459893 | NS      | $15291442.25  | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP                   | AMERICAN TOWER CORP                                | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    283039 | NS      | $54434060.48  | 7.94%             |  |  |  | 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      | $3726552.83   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE HOSPITALITY REIT INC            | APPLE HOSPITALITY REIT INC                         | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |    547188 | NS      | $6571727.88   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| AVALONBAY COMMUNITIES INC             | AVALONBAY COMMUNITIES INC                          | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |    118380 | NS      | $22867464.60  | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMDEN PROPERTY TRUST                 | CAMDEN PROPERTY TRUST                              | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     72940 | NS      | $7788533.20   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE GROUP INC - A                    | CBRE GROUP INC                                     | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     27116 | NS      | $4272396.96   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC                      | CROWN CASTLE INC                                   | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |    209664 | NS      | $20230479.36  | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| CUBESMART                             | CUBESMART                                          | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    330852 | NS      | $13452442.32  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITAL REALTY TRUST INC              | DIGITAL REALTY TRUST INC                           | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      7800 | NS      | $1348464.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| DOUGLAS EMMETT INC                    | DOUGLAS EMMETT INC                                 | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    537573 | NS      | $8370011.61   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTGROUP PROPERTIES INC              | EASTGROUP PROPERTIES INC                           | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |    109049 | NS      | $18457633.74  | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX INC                           | EQUINIX INC                                        | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     77341 | NS      | $60576564.84  | 8.83%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY LIFESTYLE PROPERTIES           | EQUITY LIFESTYLE PROPERTIES INC                    | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |    264431 | NS      | $16050961.70  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY RESIDENTIAL                    | EQUITY RESIDENTIAL                                 | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |    295199 | NS      | $19108231.27  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSEX PROPERTY TRUST INC              | ESSEX PROPERTY TRUST INC                           | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |    103998 | NS      | $27836104.68  | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL REALTY INVS TRUST             | FEDERAL REALTY INVESTMENT TRUST                    | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |     78988 | NS      | $8002274.28   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMING AND LEISURE PROPERTIES INC     | GAMING AND LEISURE PROPERTIES INC                  | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     44900 | NS      | $2092789.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHCARE REALTY TRUST INC           | HEALTHCARE REALTY TRUST INC                        | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |    196083 | NS      | $3535376.49   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON WORLDWIDE HOLDINGS INC         | HILTON WORLDWIDE HOLDINGS INC                      | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     14502 | NS      | $3762398.88   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| KILROY REALTY CORP                    | KILROY REALTY CORP                                 | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |    166053 | NS      | $7015739.25   | 1.02%             |  |  |  | No            |                  1 | On Loan: —       |
| KIMCO REALTY CORP                     | KIMCO REALTY CORP                                  | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |    227366 | NS      | $4967947.10   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| LINEAGE INC                           | LINEAGE INC                                        | CUSIP: 53566V106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90002 | NS      | $3477677.28   | 0.51%             |  |  |  | No            |                  1 | On Loan: —       |
| PEBBLEBROOK HOTEL TRUST               | PEBBLEBROOK HOTEL TRUST                            | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |    390362 | NS      | $4446223.18   | 0.65%             |  |  |  | No            |                  1 | On Loan: —       |
| PROLOGIS INC                          | PROLOGIS INC                                       | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    412653 | NS      | $47257021.56  | 6.89%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                        | PUBLIC STORAGE                                     | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |    127087 | NS      | $36709079.95  | 5.35%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYONIER INC                          | RAYONIER INC                                       | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |    339109 | NS      | $8999952.86   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENCY CENTERS CORP                  | REGENCY CENTERS CORP                               | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |    366175 | NS      | $26694157.50  | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| REXFORD INDUSTRIAL REALTY IN          | REXFORD INDUSTRIAL REALTY INC                      | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |    606977 | NS      | $24952824.47  | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA COMMUNICATIONS CORP               | SBA COMMUNICATIONS CORP                            | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |     24473 | NS      | $4731854.55   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY GROUP INC              | SIMON PROPERTY GROUP INC                           | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |    160063 | NS      | $30039023.21  | 4.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SMARTSTOP SELF STORAGE REIT           | SMARTSTOP SELF STORAGE REIT INC                    | CUSIP: 83192D402<br>LEI: 549300EC266625K12S42 | Long             | EC               | CORP              | US        |    208297 | NS      | $7840299.08   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN COMMUNITIES INC                   | SUN COMMUNITIES INC                                | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |    149700 | NS      | $19311300.00  | 2.82%             |  |  |  | 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        |   6305172 | NS      | $6305172.31   | 0.92%             |  |  |  | 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        |  11357067 | NS      | $11357067.00  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| TERRENO REALTY CORP                   | TERRENO REALTY CORP                                | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    297547 | NS      | $16885792.25  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTAS INC                            | VENTAS INC                                         | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |    369539 | NS      | $25864034.61  | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI PROPERTIES INC                   | VICI PROPERTIES INC                                | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |     48400 | NS      | $1578324.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| VORNADO REALTY TRUST                  | VORNADO REALTY TRUST                               | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    141200 | NS      | $5722836.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER INC                         | WELLTOWER INC                                      | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |    338688 | NS      | $60333880.32  | 8.80%             |  |  |  | No            |                  1 | On Loan: No      |
| WEYERHAEUSER CO                       | WEYERHAEUSER CO                                    | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    169520 | NS      | $4202400.80   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-05

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President