UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-08371

T. Rowe Price Real Estate Fund, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2024

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Annual Shareholder Report

December 31, 2024

Real Estate Fund

Investor Class (TRREX)

This annual shareholder report contains important information about Real Estate Fund (the "fund") for the period of January 1, 2024 to December 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Real Estate Fund - Investor Class	$89	0.87%

What drove fund performance during the past 12 months?

In 2024, real estate companies trailed the broader indexes for the second straight year as higher borrowing rates offset slightly below-average earnings growth. The regional mall and data center sectors were the top-performing segments of the U.S. real estate market during the year, while the very small mortgage/finance and agriculture/land sectors displayed the deepest losses.
Versus the FTSE Nareit All Equity REITs Index, our meaningful underweight to triple net real estate, where leaseholders pay maintenance, insurance, and taxes, contributed to relative performance as the segment produced negative returns and underperformed the broader real estate sector during the period. We saw limited opportunities for rent growth to drive value appreciation in the sector during the period. An overweight allocation paired with favorable stock picking in the shopping center sector also aided relative returns, with Acadia Realty Trust performing best.
On the negative side, the leading detractor from relative performance was the industrial sector due to unfavorable stock picking and an overweight position. Our lack of exposure to Iron Mountain meaningfully detracted, while our position in Rexford Industrial Realty strongly underperformed the broader segment. Data centers also detracted from performance due to stock selection and an underweight allocation. Not owning Digital Realty Trust notably hurt relative performance.
We remain focused on investing in companies that own well-located real estate, meaning that demand exceeds supply over a sustainable time period. In addition, our portfolio remains invested in companies with below-average financial leverage and ample liquidity.

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2024

A line chart as described in the following paragraph.

	Investor Class	Regulatory Benchmark	Strategy Benchmark
2014	10,000	10,000	10,000
2015	10,555	10,180	10,398
2015	9,511	10,194	9,456
2015	9,764	9,455	9,549
2015	10,478	10,048	10,283
2016	10,924	10,145	10,883
2016	11,431	10,412	11,689
2016	11,318	10,870	11,548
2016	11,109	11,327	11,170
2017	10,969	11,978	11,454
2017	11,133	12,339	11,715
2017	11,232	12,903	11,845
2017	11,600	13,721	12,139
2018	10,765	13,633	11,330
2018	11,579	14,163	12,293
2018	11,577	15,172	12,400
2018	10,557	13,002	11,648
2019	12,262	14,828	13,648
2019	12,259	15,435	13,892
2019	12,941	15,614	14,966
2019	12,929	17,035	14,986
2020	9,417	13,475	11,473
2020	10,210	16,443	12,993
2020	10,138	17,957	13,148
2020	11,458	20,593	14,219
2021	12,579	21,900	15,402
2021	14,162	23,705	17,254
2021	14,496	23,681	17,294
2021	16,867	25,877	20,091
2022	16,363	24,512	19,034
2022	13,450	20,418	16,239
2022	12,184	19,506	14,480
2022	12,509	20,907	15,079
2023	12,861	22,408	15,342
2023	13,019	24,288	15,526
2023	12,054	23,497	14,232
2023	14,149	26,334	16,791
2024	13,886	28,973	16,572
2024	13,669	29,904	16,423
2024	15,862	31,767	19,181
2024	14,656	32,604	17,617

202501-4140694, 202502-4108756

F122-052 2/25

Average Annual Total Returns

	1 Year	5 Years	10 Years
Real Estate Fund (Investor Class)	3.58%	2.54%	3.90%
Russell 3000 Index (Regulatory Benchmark)	23.81	13.86	12.55
FTSE Nareit All Equity REITs Index (Strategy Benchmark)	4.92	3.29	5.83

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include expenses, which are deducted from fund returns. The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)$748,483
Number of Portfolio Holdings41

Investment Advisory Fees Paid (000s)$4,684
Portfolio Turnover Rate6.2%

What did the fund invest in?

Industry Allocation (as a % of Net Assets)

Apartment Residential	21.4%
Industrial	15.7
Infrastructure	11.2
Data Centers	10.0
Health Care	9.2
Self Storage	8.5
Shopping Center	8.3
Regional Mall	4.0
Office	3.2
Other	8.5

Top Ten Holdings (as a % of Net Assets)

Equinix	10.0%
American Tower	7.4
Prologis	6.5
Public Storage	5.9
Welltower	5.5
Regency Centers	4.6
Essex Property Trust	4.1
Simon Property Group	4.0
AvalonBay Communities	3.6
Rexford Industrial Realty	3.3

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Frank Russell Company "LSE" and FTSE, LSE Group and NAREIT do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Real Estate Fund

Investor Class (TRREX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

December 31, 2024

Real Estate Fund

Advisor Class (PAREX)

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Real Estate Fund - Advisor Class	$120	1.18%

What drove fund performance during the past 12 months?

In 2024, real estate companies trailed the broader indexes for the second straight year as higher borrowing rates offset slightly below-average earnings growth. The regional mall and data center sectors were the top-performing segments of the U.S. real estate market during the year, while the very small mortgage/finance and agriculture/land sectors displayed the deepest losses.
Versus the FTSE Nareit All Equity REITs Index, our meaningful underweight to triple net real estate, where leaseholders pay maintenance, insurance, and taxes, contributed to relative performance as the segment produced negative returns and underperformed the broader real estate sector during the period. We saw limited opportunities for rent growth to drive value appreciation in the sector during the period. An overweight allocation paired with favorable stock picking in the shopping center sector also aided relative returns, with Acadia Realty Trust performing best.
On the negative side, the leading detractor from relative performance was the industrial sector due to unfavorable stock picking and an overweight position. Our lack of exposure to Iron Mountain meaningfully detracted, while our position in Rexford Industrial Realty strongly underperformed the broader segment. Data centers also detracted from performance due to stock selection and an underweight allocation. Not owning Digital Realty Trust notably hurt relative performance.
We remain focused on investing in companies that own well-located real estate, meaning that demand exceeds supply over a sustainable time period. In addition, our portfolio remains invested in companies with below-average financial leverage and ample liquidity.

How has the fund performed?