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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ESSEX PROPERTY TRUST INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FEDERAL REALTY INVS TRUST</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HEALTHCARE REALTY TRUST INC</name>
        <lei>549300L0I14L7I0VLX84</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>HILTON WORLDWIDE HOLDINGS INC</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KILROY REALTY CORP</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LINEAGE INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PEBBLEBROOK HOTEL TRUST</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PROLOGIS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PUBLIC STORAGE</name>
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        <fairValLevel>1</fairValLevel>
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        <name>RAYONIER INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>REGENCY CENTERS CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>REXFORD INDUSTRIAL REALTY IN</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SBA COMMUNICATIONS CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SIMON PROPERTY GROUP INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SL GREEN REALTY CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SMARTSTOP SELF STORAGE REIT</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>T. Rowe Price Government Reserve Fund</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TERRENO REALTY CORP</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>VENTAS INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>VICI PROPERTIES INC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>VORNADO REALTY TRUST</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WELLTOWER INC</name>
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        <balance>341488.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>77507531.360000</valUSD>
        <pctVal>11.7827733849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-04</ncom:dateSigned>
      <ncom:nameOfApplicant>T. ROWE PRICE REAL ESTATE FUND, INC.</ncom:nameOfApplicant>
      <ncom:signature>/s/ Alan Dupski</ncom:signature>
      <ncom:signerName>Alan Dupski</ncom:signerName>
      <ncom:title>Treasurer &amp; Vice President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
