UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-08371
T.
Rowe Price Real Estate Fund, Inc.
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(Exact
name of registrant as specified in charter)
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100
East Pratt Street, Baltimore, MD 21202
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(Address of principal executive offices)
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David
Oestreicher
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100
East Pratt Street, Baltimore, MD 21202
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(Name
and address of agent for service)
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Registrants telephone number, including area
code: (410) 345-2000
Date of fiscal year end: December
31
Date of reporting period: September 30,
2012
Item 1. Schedule of Investments
Real Estate
Fund
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September 30, 2012
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T.
Rowe Price Real Estate Fund
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Unaudited
The accompanying notes are an
integral part of this Portfolio of Investments.
T. Rowe Price Real Estate
Fund
Unaudited
Notes To
Portfolio of
Investments
T. Rowe Price Real Estate Fund, Inc.
(the fund), is registered under the Investment Company Act of 1940 (the 1940
Act) as a diversified, open-end management investment company. The fund seeks to
provide long-term growth through a combination of capital appreciation and
current income.
NOTE 1 - SIGNIFICANT ACCOUNTING
POLICIES
Basis of
Preparation
The accompanying
Portfolio of Investments was prepared in accordance with accounting principles
generally accepted in the United States of America (GAAP), which require the use
of estimates made by management. Management believes that estimates and
valuations are appropriate; however, actual results may differ from those
estimates, and the valuations reflected in the Portfolio of Investments may
differ from the values ultimately realized upon sale or maturity.
Investment
Transactions
Investment transactions
are accounted for on the trade date.
New Accounting
Pronouncements
In May 2011, the
Financial Accounting Standards Board (FASB) issued amended guidance to align
fair value measurement and disclosure requirements in U.S. GAAP with
International Financial Reporting Standards. The guidance is effective for
fiscal years and interim periods beginning on or after December 15, 2011.
Adoption had no effect on net assets or results of operations.
In December 2011, the FASB issued
amended guidance to enhance disclosure for offsetting assets and liabilities.
The guidance is effective for fiscal years and interim periods beginning on or
after January 1, 2013. Adoption will have no effect on the funds net assets or
results of operations.
NOTE 2 VALUATION
The funds financial instruments are
reported at fair value as defined by GAAP. The fund values its investments and
computes its net asset value per share at the close of the New York Stock
Exchange (NYSE), normally 4 p.m. ET, each day that the NYSE is open for
business.
Valuation
Methods
Equity securities listed or
regularly traded on a securities exchange or in the over-the-counter (OTC)
market are valued at the last quoted sale price or, for certain markets, the
official closing price at the time the valuations are made, except for OTC
Bulletin Board securities, which are valued at the mean of the latest bid and
asked prices. A security that is listed or traded on more than one exchange is
valued at the quotation on the exchange determined to be the primary market for
such security. Listed securities not traded on a particular day are valued at
the mean of the latest bid and asked prices for domestic securities and the last
quoted sale price for international securities.
Debt securities are generally traded
in the OTC market. Securities with remaining maturities of one year or more at
the time of acquisition are valued at prices furnished by dealers who make
markets in such securities or by an independent pricing service, which considers
the yield or price of bonds of comparable quality, coupon, maturity, and type,
as well as prices quoted by dealers who make markets in such securities.
Securities with remaining maturities of less than one year at the time of
acquisition
generally use amortized cost in local currency to approximate fair value.
However, if amortized cost is deemed not to reflect fair value or the fund holds
a significant amount of such securities with remaining maturities of more than
60 days, the securities are valued at prices furnished by dealers who make
markets in such securities or by an independent pricing service.
Investments in mutual funds are
valued at the mutual funds closing net asset value per share on the day of
valuation.
Other investments, including
restricted securities and private placements, and those for which the above
valuation procedures are inappropriate or are deemed not to reflect fair value,
are stated at fair value as determined in good faith by the T. Rowe Price
Valuation Committee, established by the funds Board of Directors (the Board).
Subject to oversight by the Board, the Valuation Committee develops
pricing-related policies and procedures and approves all fair-value
determinations. The Valuation Committee regularly makes good faith judgments,
using a wide variety of sources and information, to establish and adjust
valuations of certain securities as events occur and circumstances warrant. For
instance, in determining the fair value of private-equity instruments, the
Valuation Committee considers a variety of factors, including the companys
business prospects, its financial performance, strategic events impacting the
company, relevant valuations of similar companies, new rounds of financing, and
any negotiated transactions of significant size between other investors in the
company. Because any fair-value determination involves a significant amount of
judgment, there is a degree of subjectivity inherent in such pricing decisions.
Valuation
Inputs
Various inputs are used to
determine the value of the funds financial instruments. These inputs are
summarized in the three broad levels listed below:
Level 1 quoted prices in active
markets for identical financial instruments
Level 2 observable inputs other
than Level 1 quoted prices (including, but not limited to, quoted prices for
similar financial instruments, interest rates, prepayment speeds, and credit
risk)
Level 3 unobservable
inputs
Observable inputs are those based on
market data obtained from sources independent of the fund, and unobservable
inputs reflect the funds own assumptions based on the best information
available. The input levels are not necessarily an indication of the risk or
liquidity associated with financial instruments at that level. The following
table summarizes the funds financial instruments, based on the inputs used to
determine their values on September 30, 2012:
NOTE 3 - FEDERAL INCOME
TAXES
At September 30, 2012, the cost of
investments for federal income tax purposes was $2,597,702,000. Net unrealized
gain aggregated $1,168,998,000 at period-end, of which $1,171,395,000 related to
appreciated investments and $2,397,000 related to depreciated
investments.
NOTE 4 - RELATED PARTY
TRANSACTIONS
The fund may invest in the T. Rowe
Price Reserve Investment Fund and the T. Rowe Price Government Reserve
Investment Fund (collectively, the T. Rowe Price Reserve Investment Funds),
open-end management investment companies managed by T. Rowe Price Associates,
Inc. (Price Associates) and considered affiliates of the fund. The T. Rowe Price
Reserve Investment Funds are offered as cash management options to mutual funds,
trusts, and other accounts managed by Price Associates and/or its affiliates and
are not available for direct purchase by members of the public. The T. Rowe
Price Reserve Investment Funds pay no investment management fees.
Item 2. Controls and Procedures.
(a) The registrants principal
executive officer and principal financial officer have evaluated the
registrants disclosure controls and procedures within 90 days of this filing
and have concluded that the registrants disclosure controls and procedures were
effective, as of that date, in ensuring that information required to be
disclosed by the registrant in this Form N-Q was recorded, processed,
summarized, and reported timely.
(b) The registrants principal
executive officer and principal financial officer are aware of no change in the
registrants internal control over financial reporting that occurred during the
registrants most recent fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the registrants internal control over
financial reporting.
Item 3. Exhibits.
Separate certifications by the
registrant's principal executive officer and principal financial officer,
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule
30a-2(a) under the Investment Company Act of 1940, are attached.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
T. Rowe Price Real Estate Fund,
Inc.
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By
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/s/ Edward C.
Bernard
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Edward C.
Bernard
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Principal
Executive Officer
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Date November 21, 2012
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Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated.
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By
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/s/ Edward C.
Bernard
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Edward C.
Bernard
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Principal
Executive Officer
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Date November 21, 2012
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By
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/s/ Gregory K.
Hinkle
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Gregory K.
Hinkle
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Principal
Financial Officer
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Date November 21, 2012
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