# EDGAR Filing Document

**Accession Number:** 0001046404
**File Stem:** 0001046404-23-000010
**Filing Date:** 2023-2
**Character Count:** 17975
**Document Hash:** 59a9d6a7be63ddb48d843674f82c180f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001046404-23-000010.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001046404-23-000010

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**PERIOD START**: 20221231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08371
- **FILM NUMBER:** 23667728

**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           |

## 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:** 100 East Pratt Street

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21202

  - **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:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $1130143114.86

**Total Liabilities:** $1170963.99

**Net Assets:** $1128972150.87

**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 | 2.57%                | 5.35%                | -5.04%               |
| Class ID C000005480 | 2.64%                | 5.27%                | -5.06%               |
| Class ID C000005479 | 2.64%                | 5.28%                | -5.00%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6309584.06              | $26964169.82                               |
| Month 2  | $6321158.10              | $54487490.49                               |
| Month 3  | $3055805.03              | $-71393735.31                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| InterContinental Hotels Group PLC               | INTERCONTINENTAL HOTELS GROUP PLC               | CUSIP: 000000000<br>LEI: 2138007ZFQYRUSLU3J98 | Long             | EC               | CORP              | GB        |    110154 | NS      | $6320504.76   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Weyerhaeuser Co                                 | WEYERHAEUSER CO                                 | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    324200 | NS      | $10050200.00  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                                   | WELLTOWER INC                                   | CUSIP: 95040Q104<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | EC               | CORP              | US        |    576014 | NS      | $37757717.70  | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                                      | VENTAS INC                                      | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |    349239 | NS      | $15733216.95  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp                             | TERRENO REALTY CORP                             | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    535905 | NS      | $30476917.35  | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                        | SIMON PROPERTY GROUP INC                        | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |    436422 | NS      | $51270856.56  | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp                            | SL GREEN REALTY CORP                            | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |    160750 | NS      | $5420490.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                         | SBA COMMUNICATIONS CORP                         | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |    187588 | NS      | $52582792.28  | 4.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc                   | REXFORD INDUSTRIAL REALTY INC                   | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |    686700 | NS      | $37521288.00  | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Government Reserve Investment Fund | T ROWE PRICE GOVERNMENT RESERVE INVESTMENT FUND | CUSIP: 76105Y109<br>LEI: 5493007QR86JJLYO6D96 | Long             | STIV             | RF                | US        |  19270740 | NS      | $19270739.74  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                            | REGENCY CENTERS CORP                            | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |    627084 | NS      | $39192750.00  | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                                    | RAYONIER INC                                    | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |    502676 | NS      | $16568200.96  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                  | PUBLIC STORAGE                                  | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |    226426 | NS      | $63442300.94  | 5.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                    | PROLOGIS INC                                    | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    693647 | NS      | $78194826.31  | 6.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                         | PEBBLEBROOK HOTEL TRUST                         | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |    848324 | NS      | $11359058.36  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KRC Interim Corp                                | KIMCO REALTY CORP                               | CUSIP: 49446R109<br>LEI: 549300EA7I6T15IBYS12 | Long             | EC               | CORP              | US        |    636796 | NS      | $13487339.28  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp                              | KILROY REALTY CORP                              | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |    342277 | NS      | $13235851.59  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Corp/The                          | HOWARD HUGHES CORP/THE                          | CUSIP: 44267D107<br>LEI: 549300BVHY25JZC1KI49 | Long             | EC               | CORP              | US        |     79727 | NS      | $6092737.34   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                       | HOST HOTELS & RESORTS INC                       | CUSIP: 44107P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    683395 | NS      | $10968489.75  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc                   | HILTON WORLDWIDE HOLDINGS INC                   | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |    136771 | NS      | $17282383.56  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust                 | FEDERAL REALTY INVESTMENT TRUST                 | CUSIP: 313745101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33418 | NS      | $3376554.72   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                         | EXTRA SPACE STORAGE INC                         | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     77681 | NS      | $11433089.58  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                        | ESSEX PROPERTY TRUST INC                        | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |    169421 | NS      | $35903698.32  | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                              | EQUITY RESIDENTIAL                              | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |    571697 | NS      | $33730123.00  | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties Inc                 | EQUITY LIFESTYLE PROPERTIES INC                 | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |    955687 | NS      | $61737380.20  | 5.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                     | EQUINIX INC                                     | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |    105938 | NS      | $69392568.14  | 6.15%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc                        | EASTGROUP PROPERTIES INC                        | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |    215958 | NS      | $31974741.48  | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc                              | DOUGLAS EMMETT INC                              | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    901680 | NS      | $14138342.40  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                                       | CUBESMART                                       | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    673885 | NS      | $27123871.25  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                                | CROWN CASTLE INC                                | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |    288277 | NS      | $39101892.28  | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                           | CAMDEN PROPERTY TRUST                           | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |    236356 | NS      | $26443509.28  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc                       | AVALONBAY COMMUNITIES INC                       | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |    209965 | NS      | $33913546.80  | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc                      | APPLE HOSPITALITY REIT INC                      | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |   1383841 | NS      | $21837010.98  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Income REIT Corp                      | APARTMENT INCOME REIT CORP                      | CUSIP: 03750L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    113901 | NS      | $3907943.31   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Investment and Management Co          | APARTMENT INVESTMENT AND MANAGEMENT CO          | CUSIP: 03748R747<br>LEI: 549300O8FT5GJ4RU1D57 | Long             | EC               | CORP              | US        |    473000 | NS      | $3367760.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                             | AMERICAN TOWER CORP                             | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    410420 | NS      | $86951581.20  | 7.70%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                           | AMERICAN HOMES 4 RENT                           | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    880533 | NS      | $26539264.62  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities Inc             | ALEXANDRIA REAL ESTATE EQUITIES INC             | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |    238842 | NS      | $34792114.14  | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                             | ACADIA REALTY TRUST                             | CUSIP: 004239109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1073908 | NS      | $15410579.80  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President