Annual Report
Real Estate
Fund
December 31, 1999
T. Rowe Price
Report Highlights
Real Estate Fund
o Real estate stocks suffered their second straight year of losses despite
the industry's growth in earnings and dividends.
o The fund's returns were negative for the 6- and 12-month periods but were
ahead of both benchmarks due to stock and sector selection.
o In 1999 investors favored stocks with little or no earnings and shunned
solid investments offering good value, including the stocks in our sectors.
o The real estate industry remains in sound financial shape, and we took
advantage of price declines to position the fund for growth when an upturn
begins.
o We anticipate increasing revenues, earnings, and dividends for the industry
in 2000 and believe it is only a question of time before investors share
our enthusiasm for real estate stocks.
UPDATES AVAILABLE
For updates on T. Rowe Price funds following the end of each calendar quarter,
please see our Web site at www.troweprice.com.
Fellow Shareholders
Despite rising earnings and dividends, real estate stocks posted their second
year in a row of negative returns in a market dominated by technology and
Internet stocks. It was a quarter century ago that the National Association of
Real Estate Investment Trusts last reported back-to-back declines in total
returns for our sector. While the 1998-1999 decline was dramatically less
severe, it was still disappointing in the face of our optimism for real estate
stocks.
Performance Comparison
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Periods Ended 12/31/99 6 Months 12 Months
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Real Estate Fund -7.99% -1.23%
Wilshire Real Estate
Securities Index -9.34 -3.19
Lipper Real Estate
Funds Average -9.24 -3.14
The most frustrating thing for us about 1999 was investors' continued
enthusiasm for stocks with little or no earnings and cash dividends, and
their aversion to the stocks of companies with solid earnings growth and
high dividend yields. As investors drove technology and Internet stocks to
astronomical heights, they shunned stocks with the "bird in the hand"
characteristics of attractive dividends and cash flows, including the real
estate stocks that dominate our portfolio. In a very real sense,
traditional investment criteria were discarded in favor of a speculative
frenzy to own stocks with no history and few prospects for future earnings.
The only consolation for shareholders was that the fund managed to surpass
the returns of both the Wilshire Real Estate Securities Index and the
Lipper average for similar funds-a result of fortuitous stock and industry
selection.
We do not believe this environment can continue indefinitely. As we look
ahead to the rest of 2000 and beyond, we remain optimistic about prospects
for stocks in our sectors. As mentioned, cash rents have continued to grow,
and because of real estate companies' unique structure they channel much of
their income to investors in the form of dividends, which we in turn pass
along to you as distributions. Over time, the benefits of these investments
for shareholders should once again be recognized.
MARKET ENVIRONMENT
Perhaps apathy is the best word to describe investor sentiment toward our
sector. While many investors would agree with our assessment that real
estate investment trusts (REITs) are inexpensive, most investors seemed to
be looking for a catalyst that would once again attract attention to these
stocks. We believe the compelling valuations reflected in their share
prices will be the catalyst that ultimately moves these stocks in a
positive direction.
The fund's negative total return in 1999 was due to declining stock prices
that exceeded the dividends paid during the year. Share prices fell despite
the increase in earnings and dividends reported by the majority of our
investments. Thus, a contraction in earnings multiples for the second year
in a row led to the sector's overall decline. In 2000 we again expect
increases in earnings and dividends and believe that the price/earnings
multiples for these stocks will begin to expand.
The vast majority of our holdings announced dividend increases in 1999, and
earnings increased even more rapidly. This means that the increased
dividends actually occurred along with lower dividend payout ratios (the
percentage of earnings paid in cash dividends). According to J.P. Morgan,
REITs posted average dividend increases of 4.7% in 1999. It was perplexing
to see investors looking askance at rising cash dividends as though they
were meaningless, while simultaneously finding appeal in the frequent stock
splits of Internet shares, which actually do not add any value. Again, we
believe it is only a question of time before investors recognize the
opportunities available in our sectors.
While we question the validity of some Internet stocks, we do not question
the reality of the Internet and its long-term importance to our lives.
Accordingly, we began to underweight the retail sectors in our portfolio
because we believe they will be increasingly challenged by a new generation
of e-retailing firms. While the sectors we invest in may seem hidebound to
some, many of our companies are proactively responding with Internet
strategies of their own.
PORTFOLIO REVIEW
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Industry Diversification
---------------------------------------------------------------------------
Percent of Net Assets
6/30/99 12/31/99
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Apartment/Residential 18% 18%
Office 14 16
Office and Industrial 10 14
Diversified 17 13
Shopping Center 8 8
Industrial 6 8
Lodging and Leisure 7 6
Regional Mall 5 5
Reserves 4 5
Manufactured Housing 4 3
Self-Storage 2 2
Other Real Estate 2 2
Services 3 --
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Total 100% 100%
In our last report, we discussed the concept of net asset value (NAV) and
the notion that real estate stocks were trading at discounts to the
underlying value of their assets. We defined NAV as the estimated value
that might be received if the underlying properties were sold, either as a
portfolio or through individual sales. We believe that significant
discounts to NAV persist. However, we are encouraged to see the management
of real estate companies adapting to their dynamic environment, thriving,
and taking advantage of opportunity in the marketplace. Many portfolio
companies have been culling assets from portions of their portfolios, often
using the proceeds to repurchase shares. In effect, these companies are
selling properties at asset value and buying back their stock at discounts
to asset value. This has a double benefit of increasing earnings per share
while reducing the portfolio size and making it easier to grow from a
smaller base. We are proponents of this type of active management at the
property level, and it is a trait we look for in our investments.
Coincidentally, two portfolio companies seemed to share our concerns about
retail and divested their substantial retail holdings, then redeployed the
proceeds. AMB Property sold its considerable shopping center properties and
used the proceeds to purchase additional industrial properties in its core
business. Similarly, Trizec Hahn sold its large mall holdings and
reinvested the proceeds in its core office portfolio. Another portfolio
position benefited from the surge in technology. Spieker Properties is a
dominant landlord in Silicon Valley, and heavy demand from technology
companies has led to rapidly increasing rental rates for its properties.
One former holding that hurt us was LaSalle Partners. Unfortunately, the
merger between LaSalle Partners and Jones Lang Wooten that held so much
promise proved to be a distraction that caused top management to take its
eye off the ball and miss earnings projections considerably.
OUTLOOK
Higher earnings, higher distributions, higher dividend coverage, fewer
speculators, and greater scrutiny-this to us still seems like a strong
recipe for success. While our stocks have not performed as we hoped they
would during the past two years, the companies themselves have generally
done well. Recent indications from the Fed about further increases in
interest rates cause some worry. Nevertheless, we are pleased to see that
building activity has recently been declining. While we remain cautious in
our outlook for some sectors of real estate, we remain upbeat on the
industry as a whole and continue to anticipate increasing revenues,
earnings, and dividends in the year ahead.
Respectfully submitted,
David M. Lee
Chairman of the Investment Advisory Committee
January 21, 2000
T. Rowe Price Real Estate Fund
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Portfolio Highlights
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TWENTY-FIVE LARGEST HOLDINGS
Percent of
Net Assets
12/31/99
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Equity Office Properties 4.8%
Starwood Hotels & Resorts Worldwide 4.2
Reckson Associates Realty 4.1
Duke-Weeks Realty 3.4
Simon Property Group 3.3
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Kilroy Realty 3.3
Trizec Hahn 3.2
Vornado Realty Trust 3.2
ProLogis Trust 3.1
Archstone Communities Trust 3.0
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Spieker Properties 2.9
Crescent Real Estate Equities 2.7
Cousins Properties 2.6
Kimco Realty 2.6
Avalonbay Communities 2.5
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Arden Realty 2.4
Federal Realty Investment Trust 2.4
Mack-Cali Realty 2.3
Apartment Investment & Management 2.3
CarrAmerica Realty 2.2
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Gables Residential Trust 2.2
Cornerstone Properties 2.2
JP Realty 2.2
AMB Property 2.2
Equity Residential Properties Trust 2.2
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Total 71.5%
Note: Table excludes reserves.
T. Rowe Price Real Estate Fund
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Portfolio Highlights
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MAJOR PORTFOLIO CHANGES
Listed in descending order of size
6 Months Ended 12/31/99
Ten Largest Purchases
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Weingarten Realty Investors *
Reckson Associates Realty
Starwood Hotels & Resorts Worldwide
Equity Office Properties
Federal Realty Investment Trust
Cornerstone Properties
AMB Property
Kimco Realty
Mack-Cali Realty
Centerpoint Properties
Ten Largest Sales
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Developers Diversified Realty **
Security Capital U.S. Realty
Security Capital Group **
Colonial Properties Trust
Patriot American Hospitality **
Camden Property Trust
LaSalle Partners **
Vail Resorts
Manufactured Home Communities
Hilton **
* Position added
** Position eliminated
T. Rowe Price Real Estate Fund
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Performance Comparison
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This chart 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 result is compared with benchmarks, which may include
a broad-based market index and a peer group average or index. Market
indexes do not include expenses, which are deducted from fund returns as
well as mutual fund averages and indexes.
Wilshire Lipper
Real Estate Real Estate
Securities Funds Real Estate
Index Average Fund
10/31/97 10,000 10,000 10,000
12/97 10,428 10,377 10,782
12/98 8,611 8,734 9,180
12/99 8,337 8,427 9,067
Average Annual Compound Total Return
- --------------------------------------------------------------------------------
This table shows how the fund would have performed each year if its actual
(or cumulative) returns for the periods shown had been earned at a constant
rate.
Since Inception
Periods Ended 12/31/99 1 Year Inception Date
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Real Estate Fund -1.23% -4.42% 10/31/97
Investment return and principal value represent past performance and will
vary. Shares may be worth more or less at redemption than at original
purchase.
T. Rowe Price Real Estate Fund
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Financial Highlights For a share outstanding throughout each period
Year 10/31/97
Ended Through
12/31/99 12/31/98 12/31/97
NET ASSET VALUE
Beginning of period $ 8.68 $ 10.69 $ 10.00
Investment activities
Net investment
income (loss) 0.37* 0.38* 0.08*
Net realized and
unrealized gain (loss) (0.49) (1.97) 0.70
Total from
investment activities (0.12) (1.59) 0.78
Distributions
Net investment
income (0.37) (0.40) (0.09)
Return of capital (0.08) (0.04) --
Total distributions (0.45) (0.44) (0.09)
Redemption fees
added to paid-in-capital -- 0.02 --
NET ASSET VALUE
End of period $ 8.11 $ 8.68 $ 10.69
---------------------------------------
Ratios/Supplemental Data
Total return# (1.23)%* (14.86)%* 7.82%*
Ratio of total expenses
to average net assets 1.00%* 1.00%* 1.00%*!
Ratio of net investment
income (loss) to
average net assets 4.22%* 4.07%* 6.07%*!
Portfolio turnover rate 26.9% 56.8% 8.4%
Net assets,
end of period
(in thousands) $ 24,725 $ 27,599 $ 7,259
# Total return reflects the rate that an investor would have earned on an
investment in the fund during each period, assuming reinvestment of all
distributions and payment of no redemption or account fees.
* Excludes expenses in excess of a 1.00% voluntary expense limitation in
effect through 12/31/99
! Annualized
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Real Estate Fund
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December 31, 1999
Statement of Net Assets Shares Value
- --------------------------------------------------------------------------------
In thousands
Common Stocks 95.4%
REAL ESTATE 95.4%
Apartment/Residential 18.1%
Apartment Investment
& Management, REIT 14,000 $ 557
Archstone Communities Trust, REIT 36,000 738
Avalonbay Communities, REIT 18,000 618
Camden Property Trust, REIT 18,000 493
Equity Residential Properties
Trust, REIT 12,500 534
Gables Residential Trust, REIT 23,000 552
Post Properties, REIT 13,000 497
Smith Charles Residential Realty 14,000 495
4,484
Diversified 13.4%
Colonial Properties Trust, REIT 8,000 185
Cousins Properties, REIT 19,000 645
Crescent Real Estate Equities, REIT 37,000 680
Security Capital U.S. Realty, REIT * 16,800 236
Trizec Hahn 46,500 785
Vornado Realty Trust, REIT 24,000 780
3,311
Industrial 8.1%
AMB Property 27,000 538
Centerpoint Properties 9,000 323
EastGroup Properties, REIT 20,000 370
ProLogis Trust, REIT 40,000 770
2,001
Lodging & Leisure 5.7%
Starwood Hotels & Resorts
Worldwide, REIT 44,500 1,046
Vail Resorts * 20,000 359
1,405
Manufactured Housing 3.1%
Manufactured Home Communities, REIT 16,000 389
Sun Communities, REIT 12,000 386
775
Office 15.7%
Arden Realty, REIT 30,000 $ 602
Boston Properties, REIT 14,000 436
CarrAmerica Realty, REIT 26,200 554
Cornerstone Properties 37,500 548
Equity Office Properties, REIT 48,000 1,182
Mack-Cali Realty, REIT 22,000 573
3,895
Office and Industrial 13.7%
Duke-Weeks Realty, REIT 43,000 839
Kilroy Realty, REIT 37,000 814
Reckson Associates Realty (Class B), REIT 5,070 115
Reckson Associates Realty, REIT 44,000 902
Spieker Properties, REIT 19,600 714
3,384
Other Real Estate 1.9%
Catellus Development * 36,000 461
461
Regional Mall 4.9%
CBL & Associates Properties, REIT 18,500 381
Simon Property Group, REIT 36,000 826
1,207
Self Storage 2.1%
Public Storage, REIT 22,600 513
513
Shopping Center 8.7%
Federal Realty Investment Trust, REIT 31,000 583
JP Realty, REIT 35,000 547
Kimco Realty, REIT 19,000 644
Weingarten Realty Investors, REIT 9,500 370
2,144
Total Real Estate 23,580
Total Common Stocks (Cost $28,035) 23,580
Short-Term Investments 3.9%
Money Market Funds 3.9%
Reserve Investment Fund, 6.16% # 974,125 974
Total Short-Term Investments (Cost $974) 974
Total Investments in Securities
99.3% of Net Assets (Cost $29,009) $ 24,554
Other Assets Less Liabilities 171
NET ASSETS $ 24,725
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Net Assets Consist of:
Accumulated net realized gain/loss
- - net of distributions $ (3,437)
Net unrealized gain (loss) (4,455)
Paid-in-capital applicable to 3,049,254
shares of $0.0001 par value capital stock
outstanding; 1,000,000,000 shares authorized 32,617
NET ASSETS $ 24,725
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NET ASSET VALUE PER SHARE $ 8.11
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# Seven-day yield
* Non-income producing
REIT Real Estate Investment Trust
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Real Estate Fund
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Statement of Operations
- --------------------------------------------------------------------------------
In thousands
Year
Ended
12/31/99
Investment Income (Loss)
Income
Dividend $ 1,336
Interest 45
Total income 1,381
Expenses
Shareholder servicing 126
Custody and accounting 87
Prospectus and shareholder reports 40
Registration 27
Legal and audit 13
Directors 6
Miscellaneous 3
Reimbursed by manager (38)
Total expenses 264
Net investment income (loss) 1,117
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on securities (2,691)
Change in net unrealized gain
or loss on securities 1,076
Net realized and unrealized gain (loss) (1,615)
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ (498)
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The accompanying notes are an integral part of these financial statements.
T. Rowe Price Real Estate Fund
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Statement of Changes in Net Assets
In thousands
Year
Ended
12/31/99 12/31/98
Increase (Decrease) in Net Assets
Operations
Net investment income (loss) $ 1,117 $ 1,236
Net realized gain (loss) (2,691) (746)
Change in net unrealized
gain or loss 1,076 (5,829)
Increase (decrease) in net
assets from operations (498) (5,339)
Distributions to shareholders
Net investment income (1,117) (1,306)
Return of capital (247) (136)
Decrease in net assets
from distributions (1,364) (1,442)
Capital share transactions*
Shares sold 11,954 43,879
Distributions reinvested 1,259 1,345
Shares redeemed (14,236) (18,163)
Redemption fees received 11 60
Increase (decrease) in net
assets from capital
share transactions (1,012) 27,121
Net Assets
Increase (decrease)
during period (2,874) 20,340
Beginning of period 27,599 7,259
End of period $ 24,725 $ 27,599
-----------------------
*Share information
Shares sold 1,384 4,242
Distributions reinvested 156 146
Shares redeemed (1,672) (1,886)
Increase (decrease) in
shares outstanding (132) 2,502
The accompanying notes are an integral part of these financial statements.
T. Rowe Price Real Estate Fund
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December 31, 1999
Notes to Financial Statements
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
T. Rowe Price Real Estate Fund, Inc. (the fund) is registered under the
Investment Company Act of 1940 as a diversified open-end management
investment company and commenced operations on October 31, 1997.
The accompanying financial statements are prepared in accordance with
generally accepted accounting principles for the investment company
industry; these principles may require the use of estimates by fund
management.
Valuation Equity securities listed or regularly traded on a securities
exchange are valued at the last quoted sales price on the day the
valuations are made. A security which 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 and securities regularly traded in the over-the-counter
market are valued at the mean of the latest bid and asked prices. Other
equity securities are valued at a price within the limits of the latest bid
and asked prices deemed by the Board of Directors, or by persons delegated
by the Board, best to reflect fair value.
Investments in mutual funds are valued at the closing net asset value per
share of the mutual fund on the day of valuation.
Assets and liabilities 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 or under the supervision of the
officers of the fund, as authorized by the Board of Directors.
Other Income and expenses are recorded on the accrual basis. Investment
transactions are accounted for on the trade date. Realized gains and losses
are reported on the identified cost basis. Dividend income and
distributions to shareholders are recorded by the fund on the ex-dividend
date. Income and capital gain distributions are determined in accordance
with federal income tax regulations and may differ from those determined in
accordance with generally accepted accounting principles. Credits earned on
daily uninvested cash balances at the custodian are used to reduce the
fund's custody charges.
NOTE 2 - INVESTMENT TRANSACTIONS
Purchases and sales of portfolio securities, other than short-term
securities, aggregated $6,882,000 and $8,355,000, respectively, for the
year ended December 31, 1999.
NOTE 3 - FEDERAL INCOME TAXES
No provision for federal income taxes is required since the fund intends to
continue to qualify as a regulated investment company and distribute all of
its taxable income. As of December 31, 1999, the fund has capital loss
carryforwards for federal income tax purposes of $3,423,000, of which
$224,000 expires in 2006, and $3,199,000 in 2007. The fund intends to
retain gains realized in future periods that may be offset by available
capital loss carryforwards.
At December 31, 1999, the cost of investments for federal income tax
purposes was substantially the same as for financial reporting and totaled
$29,009,000. Net unrealized loss aggregated $4,455,000 at period-end, of
which $249,000 related to appreciated investments and $4,704,000 to
depreciated investments.
NOTE 4 - RELATED PARTY TRANSACTIONS
The investment management agreement between the fund and T. Rowe Price
Associates, Inc. (the manager) provides for an annual investment management
fee. The fee is computed daily and paid monthly, and consists of an
individual fund fee equal to 0.30% of average daily net assets and a group
fee. The group fee is based on the combined assets of certain mutual funds
sponsored by the manager or Rowe Price-Fleming International, Inc. (the
group). The group fee rate ranges from 0.48% for the first $1 billion of
assets to 0.295% for assets in excess of $120 billion. At December 31,
1999, and for the year then ended, the effective annual group fee rate was
0.32%. The fund pays a pro-rata share of the group fee based on the ratio
of its net assets to those of the group.
Under the terms of the investment management agreement, the manager is
required to bear any expenses through December 31, 1999, which would cause
the fund's ratio of total expenses to average net assets to exceed 1.00%.
Thereafter, through December 31, 2001, the fund is required to reimburse
the manager for these expenses, provided that average net assets have grown
or expenses have declined sufficiently to allow reimbursement without
causing the fund's ratio of total expenses to average net assets to exceed
1.00%. Pursuant to this agreement, $164,000 of management fees were not
accrued by the fund for the year ended December 31, 1999, and $38,000 of
other expenses were borne by the manager. Additionally, $286,000 of
unaccrued fees and expenses remain subject to reimbursement through
December 31, 2001.
In addition, the fund has entered into agreements with the manager and two
wholly owned subsidiaries of the manager, pursuant to which the fund
receives certain other services. The manager computes the daily share price
and maintains the financial records of the fund. T. Rowe Price Services,
Inc. is the fund's transfer and dividend disbursing agent and provides
shareholder and administrative services to the fund. T. Rowe Price
Retirement Plan Services, Inc. provides subaccounting and recordkeeping
services for certain retirement accounts invested in the fund. The fund
incurred expenses pursuant to these related party agreements totaling
approximately $170,000 for the year ended December 31, 1999, of which
$20,000 was payable at period-end.
The fund may invest in the Reserve Investment Fund and Government Reserve
Investment Fund (collectively, the Reserve Funds), open-end management
investment companies managed by T. Rowe Price Associates, Inc. The Reserve
Funds are offered as cash management options only to mutual funds and other
accounts managed by T. Rowe Price and its affiliates and are not available
to the public. The Reserve Funds pay no investment management fees.
Distributions from the Reserve Funds to the fund for the year ended
December 31, 1999, totaled $45,000 and are reflected as interest income in
the accompanying Statement of Operations.
T. Rowe Price Real Estate Fund
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Report of Independent Accountants
To the Board of Directors and Shareholders of
T. Rowe Price Real Estate Fund, Inc.
In our opinion, the accompanying statement of net assets and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position
of T. Rowe Price Real Estate Fund, Inc. (the "Fund") at December 31, 1999,
and the results of its operations, the changes in its net assets and the
financial highlights for each of the fiscal periods presented, in
conformity with accounting principles generally accepted in the United
States.These financial statements and financial highlights (hereafter
referred to as "financial statements") are the responsibility of the Fund's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with auditing standards generally accepted in the
United States, which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant
estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits, which included
confirmation of securities at December 31, 1999 by correspondence with the
custodian, provide a reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
Baltimore, Maryland
January 20, 2000
For fund and account information
or to conduct transactions,
24 hours, 7 days a week
By touch-tone telephone
Tele*Access 1-800-638-2587
By Account Access on the Internet
www.troweprice.com/access
For assistance
with your existing
fund account, call:
Shareholder Service Center
1-800-225-5132
To open a brokerage account
or obtain information, call:
1-800-638-5660
Internet address:
www.troweprice.com
Plan Account Lines for retirement
plan participants:
The appropriate 800 number appears
on your retirement account statement.
T. Rowe Price Associates
100 East Pratt Street
Baltimore, Maryland 21202
This report is authorized for
distribution only to shareholders
and to others who have received
a copy of the prospectus appropriate
to the fund or funds covered in this
report.
Walk-In Investor Centers:
For directions, call 1-800-225-5132
or visit our Web site
Baltimore Area
Downtown
101 East Lombard Street
Owings Mills
Three Financial Center
4515 Painters Mill Road
Boston Area
386 Washington Street
Wellesley
Colorado Springs
4410 ArrowsWest Drive
Los Angeles Area
Warner Center
21800 Oxnard Street, Suite 270
Woodland Hills
Tampa
4200 West Cypress Street
10th Floor
Washington, D.C.
900 17th Street N.W.
Farragut Square
Invest With Confidence(registered trademark)
T. Rowe Price Investment Services, Inc., Distributor. F12-050 12/31/99
