N-Q 1 versusn-q12312013edgarfile22.htm VERSUS N-Q 12-31-2013 versusn-q12312013edgarfile22.htm - Generated by SEC Publisher for SEC Filing

 

VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME FUND LLC

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number             811-22534                                                     

                      Versus Capital Multi-Manager Real Estate Income Fund LLC                      

(Exact name of registrant as specified in charter)

 

4500 Cherry Creek Drive South, 5th Floor

                                                     Denver, CO 80246                                                     

(Address of principal executive offices) (Zip code)

Mark D. Quam

c/o Versus Capital Advisors LLC

4500 Cherry Creek Drive South, 5th Floor

                                                     Denver, CO 80246                                                     

 (Name and address of agent for service)

COPY TO:

Alan Hoffman, Esq.

Winston & Strawn LLP

200 Park Avenue

New York, New York 10166-4193

Registrant’s telephone number, including area code: (303) 895-3773 

Date of fiscal year end: March 31

Date of reporting period: December 31, 2013

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities

 

 

 


 

Item 1. Schedule of Investments.

The Schedules of Investments are attached herewith.

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 
 

VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME FUND LLC

Portfolio of Investments – December 31, 2013 (Unaudited)

 

 

 

 

 

 

 

Shares

 

Value

Shares

 

Value

 

Private Investment Funds ** - 65.3%

 

 

 

 

 

Diversified – 65.3%

 

 

Hotels – 1.4%

 

 

7,524

AEW Core Property Trust (U.S.), Inc. . . . . . . . .

$   6,251,377

250

Hilton Worldwide Holdings, Inc. * . . . . . . . . . .

$ 5,562

 

7,504

Clarion Lion Properties Fund LLC . . . . . . . . . . .

8,036,834

9,400

Host Hotels & Resorts, Inc. . . . . . . . . . . . . . . . .

182,736

 

11,063

Cornerstone Patriot Fund LP. . . . . . . . . . . . . . . .

1,133,821

 

InnVest Real Estate Investment Trust,

 

 

11

Invesco Core Real Estate USA . . . . . . . . . . . . . .

1,499,912

21,588

REIT, (Canada) . . . . . . . . . . . . . . . . . . . . . . .

94,886

 

1,474,527

J.P. Morgan Real Estate Growth . . . . . . . . . . . . .

1,754,687

 

Langham Hospitality Investments, Ltd.

 

 

24,679

Rreef America Reit II, LP . . . . . . . . . . . . . . . . . .

2,271,718

93,000

(Hong Kong) *. . . . . . . . . . . . . . . . . . . . . . . .

44,618

 

276,458

Torchlight Value Fund. . . . . . . . . . . . . . . . . . . . .

1,685,867

3,900

RLJ Lodging Trust, REIT. . . . . . . . . . . . . . . . . .

94,848

 

152

Trumbull Income Property Fund, LP. . . . . . . . . .

     1,541,715

5,900

Sunstone Hotel Investors Inc., REIT . . . . . . . . .

      79,060

 

 

Total Private Investment Funds. . . . . . . . . . . .

   24,175,931

 

 

    501,710

 

 

(Cost $23,675,625)

 

 

Mortgages – 0.5%

 

 

 

 

 

1,452

Annaly Capital Management, Inc., REIT. . . . . .

14,476

 

Common Stocks – 18.9%

 

 

Apollo Commercial Real Estate

 

 

Shares

Apartments – 2.3%

 

4,757

Finance, Inc., REIT . . . . . . . . . . . . . . . . . . .

77,301

 

 

Apartment Investors & Management Co.,

 

3,352

Starwood Property Trust, Inc., REIT . . .. . . . . .

      92,850

 

6,300

REIT....................................................................

163,233

 

 

    184,627

 

1,650

AvalonBay Communities, Inc., REIT................

195,080

 

Office Properties – 2.3%

 

 

7,200

Campus Crest Communities, Inc., REIT............

67,752

1,100

Alexandria Real Estate Equities, Inc., REIT .

69,982

 

5,650

Equity Residential, REIT.......................................

293,066

6,100

BioMed Realty Trust, Inc., REIT. . . . . . . . . .

110,532

 

400

Essex Property Trust, Inc., REIT..........................

57,404

1,150

Boston Properties, Inc., REIT. . . .. . . . . . . . . .

115,426

 

3,900

UDR Inc., REIT.......................................................

      91,065

2,400

Brookfield Office Properties, Inc., (Canada). .

46,200

 

 

 

     867,600

52,904

Capital Property Fund (South Africa) . . .. . . .

53,794

 

 

Diversified – 3.6%

 

3,600

Douglas Emmett, Inc., REIT. . . . . . . . . . . . . .

83,844

 

212

Altarea, REIT (France)..........................................

37,392

32,000

Keppel, REIT (Singapore) . . . . . . . . . . . . . . .

30,033

 

7,845

British Land Co., PLC, REIT (United Kingdom)

81,728

700

Kilroy Realty Corp., REIT . . . . . . . . . . . . . . .

35,126

 

63,000

Cambridge Industrial Trust, REIT (Singapore).

34,429

 

Nomura Real Estate Office Fund, Inc.,

 

 

 

Crombie Real Estate Investment Trust, REIT

 

3

REIT (Japan) . . . . . . . . . . . . . . . . . . . . . . .

13,957

 

7,451

(Canada).............................................................

94,952

37

Orix Jreit, Inc. (Japan) . . . . . . . . . . . . . . . . . .

46,362

 

59,732

Cromwll Property Group, REIT (Australia).......

52,103

17

Premier Investment Corp., REIT (Japan) . . . .

65,829

 

1,200

Digital Realty Trust, Inc., REIT...........................

58,944

900

SL Green Realty Corp. . . . . . . . . . . . . . . . . . .

83,142

 

3,400

Duke Realty Corporation, REIT.........................

51,136

55,500

Ticon Industiral Connection PCL (Thailand)

26,686

 

1,773

EPR Properties, REIT............................................

87,161

 

Yuexiu Real Estate Investment Trust, REIT

 

 

540

Fonciere Des Regions, REIT (France).................

46,692

169,000

(Hong Kong) . . . . . . . . . . . . . . . . . . . . . . .

      82,389

 

17

Kenedix Realty Investment Corp, REIT (Japan)

80,791

 

 

    863,302

 

 

Kiwi, Income Property Trust, REIT

 

 

Regional Malls – 2.4%

 

 

36,553

(New Zealand)....................................................

32,492

27,560

CapitaRetail China Trust, REIT (Singapore)

29,031

 

800

Liberty Property Trust. REIT...............................

27,096

6,250

General Growth Properties, Inc., REIT . . . . .

125,438

 

20,000

Mapletree Commercial Trust, REIT (Singapore)

18,850

2,750

Macerich Company, The, REIT. . . . . . . . . . .

161,947

 

 

Mapletree Greater China Commercial Trust,

 

3,200

Simon Property Group, Inc., REIT . . . . . . . .

486,912

 

51,000

REIT (Singapore)...............................................

33,930

1,300

Taubman Centers, Inc., REIT . . . . . . . . . . . .

      83,096

 

53,000

Mapletree Logistics Trust, REIT (Singapore)

44,286

 

 

    886,424

 

2,469

Mercialys SA, REIT (France)...............................

51,883

 

Shopping Centers – 1.9%

 

 

 

Nieuwe Steen Investments NV, REIT

 

300

Brixmor Property Group, Inc., REIT . . . . . .

6,099

 

7,970

(Netherlands).....................................................

50,518

21,877

Charter Hall Retail, REIT (Australia) . . . . .

70,264

 

115,000

Religare Health Trust (Singapore).......................

70,588

6,000

DDR Corp., REIT. . . . . . . . . . . . . . . . . . . . .

92,220

 

11,850

Segro PLC, REIT (United Kingdom)...................

65,553

 

Eurocommercial Properties NV, REIT

 

 

4,560

Spirit Realty Capital Inc., REIT..........................

44,825

1,738

(Netherlands) . . . . . . . . . . . . . . . . . . . . . .

73,905

 

23,269

Stockland, REIT (Australia).................................

75,151

21,000

Frasers Centerpoint Trust, REIT (Singapore)

29,273

 

2,150

Vornado Realty Trust, REIT................................

     190,898

 

Japan Retail Fund Investment Corp.,

 

 

 

 

  1,331,398

23

REIT (Japan) . . . . . . . . . . . . . . . . . . . . . .

46,873

 

 

Health Care – 2.3%

 

6,650

Kimco Realty Corp., REIT . . . . . . . . . . . . . .

131,337

 

3,219

Aviv, Inc., REIT.....................................................

76,290

1,500

Regency Centers Corp., REIT. . . . . . . . . . . .

69,450

 

6,100

HCP, Inc., REIT.....................................................

221,552

1,019

Vastned Retail NV, REIT (Netherlands). . . .

46,315

 

3,000

Health Care REIT, Inc., REIT.............................

160,710

2,000

Weingarten Realty Investors, REIT. . . . . . . .

54,840

 

7,120

Leisureworld Senior Care Corp. (Singapore).....

76,527

30,604

Westfield Retail Trust, REIT (Australia) . . .

      81,318

 

2,454

Omega Healthcare Investors, Inc., REIT..........

73,129

 

 

    701,894

 

 

Primary Health Properties PLC, REIT

 

 

Storage – 0.8%

 

 

5,316

(United Kingdom)..............................................

31,081

3,450

CubeSmart, REIT. . . . . . . . . . . . . . . . . . . . . .

54,993

 

2,302

Sabra Health Care, Inc., REIT............................

60,174

1,000

Extra Space Storage, Inc., REIT . . . . . . . . . .

42,130

 

2,600

Ventas, Inc..............................................................

    148,928

1,300

Public Storage, REIT. . . . . . . . . . . . . . . . . . .

    195,676

 

 

 

    848,391

 

 

    292,799

 

 

 

 

 

 

 

 

See accompanying notes to portfolio of investments. 

 

1

 

VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME FUND LLC

 

Portfolio of Investments – December 31, 2013 (Unaudited) (Continued)

 

 

Shares

 

Value

Shares

 

Value

 

Common Stocks – 18.9% (continued)

 

Warehouse/Industrial – 0.5% (continued)

 

 

 

Warehouse / Industrial – 1.4%

 

1,194

Terreno Realty Corp., REIT, Series A, 7.75%

      29,253

 

11,200

Australian Industrial REIT (Australia). . . . . .

$ 20,341

 

     197,555

 

2

Japan Logistics Fund, Inc., REIT (Japan) . . .

21,217

 

Total Preferred Stock

  1,927,814

 

39,500

Macquarie Mexican REIT (Mexico) . . . . . . .

77,781

 

(Cost $2,082,567)

 

 

7,900

Prologis, Inc., REIT . . . . . . . . . . . . . . . . . . . .

291,905

Par

 

 

 

1,544

QTS Realty Trust, Inc., Class A . . . . . . . . . .

38,260

Corporate Debt – 3.2%

 

 

3,633

STAG Industrial Inc., REIT. . . . . . . . . . . . . .

      74,077

 

Health Care – 2.1%

 

 

 

 

     523,581

$ 502,000

HCP Inc., REIT, 6.30%, 9/15/2016. . . . . . . . .

$ 565,662

 

 

Total Common Stocks

  7,001,726

 

Healthcare Realty Trust Inc., REIT

 

 

 

(Cost – $7,290,977)

 

190,000

6.50%, 1/17/2017 . . . . . . . . . . . . . . . . . . . .

    213,224

 

Shares

 

Value

 

 

    778,886

 

Preferred Stock – 5.2%

 

 

Hotels – 0.5%

 

 

Apartments – 0.1%

 

 

Hospitality Properties Trust, REIT,

 

 

1,400

Campus Crest Communities, Inc., REIT

 

150,000

6.30%, 6/15/2016 . . . . . . . . . . . . . . . . . . . .

    162,005

 

 

Series A, 8.00%. . . . . . . . . . . . . . . . . . . . . .

      34,580

 

 

 

 

 

 

 

 

Office Properties – 0.4%

 

 

 

Diversified – 1.1%

 

150,000

CommonWealth, REIT, 6.25%, 8/15/2016. . .

    159,794

 

700

PS Business Parks, Inc., Series S, 6.45%. . . . .

15,295

 

 

 

 

250

PS Business Parks, Inc., Series T, 6.00%. . . . .

5,050

 

Shopping Centers – 0.2%

 

 

11,950

Vornado Realty Trust, REIT,

 

75,000

DDR Corp., REIT, 7.50%, 4/1/2017 . . . . . . .

       87,478

 

 

Series J, 6.88%. . . . . . . . . . . . . . . . . . . . . .

287,517

 

Total Corporate Debt . . . . . . . . . . . . . . . . .

  1,188,163

 

4,550

Series K, 5.70%. . . . . . . . . . . . . . . . . . . . .

      89,908

 

(Cost $1,170,826)

 

 

 

 

    397,770

 

 

 

 

 

Hotels – 0.4%

 

Short-Term Investment – 6.0%

 

 

 

Ashford Hospitality Trust Inc., REIT,

 

 

Goldman Sachs Financial Square Funds –

 

 

2,584

Series E, 8.38%. . . . . . . . . . . . . . . . . . . . .

68,502

2,233,081

Prime Obligations Fund. . . . . . . . . . . . . . .

  2,233,081

 

 

Sunstone Hotel Investors Inc., REIT,

 

 

(Cost $2,233,081)

 

 

3,089

Series D, 8.00%. . . . . . . . . . . . . . . . . . . . .

     77,225

 

 

 

 

 

   145,727

 

Total Investments – 98.6% . . . . . . . . . . . . .

  36,526,715 

 

 

Office Properties – 0.4%

 

 

(Cost $36,453,076)

 

 

 

Hudson Pacific Properties Inc., REIT,

 

 

 

 

 

5,750

Series B, 8.38%. . . . . . . . . . . . . . . . . . . . .

    152,116

 

Other Assets in excess of Liabilities – 1.4

      530,946

 

 

 

 

 

 

 

 

 

Regional Malls – 1.2%

 

 

Net Assets – 100.0%. . . . . . . . . . . . . . . . . . .

$ 37,057,661

 

 

CBL & Associates Properties Inc., REIT

 

 

 

 

 

9,900

Series D, 7.38%. . . . . . . . . . . . . . . . . . . . .

235,125

 

 

 

 

7,689

Glimcher Realty Trust, REIT, Series G, 8.13%

192,456

 

 

 

 

675

Taubman Centers Inc., REIT, Series J, 6.50%...................................................................

      14,054

 

* Non-income producing security.  

 

 

 

 

   441,635

 

** Non-tradable Securities.

 

 

 

Residential – 0.3%

 

 

 

 

 

 

Equity Lifestyle Properties, Inc., REIT

 

 

Portfolio Abbreviations:

 

 

5,250

Series C, 6.75%. . . . . . . . . . . . . . . . . . . . .

   120,619

 

LP – Limited Partnership

 

 

 

 

 

 

PLC – Public Limited Company

 

 

 

Shopping Centers – 0.5%

 

 

REIT – Real Estate Investment Trust

 

 

 

Kite Realty Group Trust, REIT,

 

 

 

 

 

1,750

Series A, 8.25% . . . . . . . . . . . . . . . . . . . . .

44,187

 

 

% of Net

 

3,900

Regency Centers Corp., REIT,

77,025

 

Industry

Assets

 

 

Series G, 6.00% . . . . . . . . . . . . . . . . . . . . .

 

 

Diversified . . . . . . . . . . . . . . . . . . . . . . . . .

70.0%

 

700

Saul Centers Inc., REIT, Series C, 6.88% . . .

15,526

 

Short-Term Investments. . . . . . . . . . . . . . .

6.0%

 

 

Weingarten Realty Investors, REIT,

 

 

Health Care. . . . . . . . . . . . . . . . . . . . . . . . .

4.4%

 

2,362

Series F, 6.50% . . . . . . . . . . . . . . . . . . . . .

      53,452

 

Regional Malls. . . . . . . . . . . . . . . . . . . . . .

3.6%

 

 

 

    190,190

 

Office Properties . . . . . . . . . . . . . . . . . . . . .

3.1%

 

 

Storage – 0.7%

 

 

Shopping Centers . . . . . . . . . . . . . . . . . .

2.6%

 

5,200

CubeSmart, REIT, Series A, 7.75% . . . . . . . .

130,780

 

Apartments. . . . . . . . . . . . . . . . . . . . . . . . .

2.4%

 

4,600

Public Storage, REIT, Series Q, 6.50%. . . . . .

107,502

 

Hotels . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.3%

 

400

Public Storage, REIT, Series R, 6.35%. . . . . .

       9,340

 

Warehouse/Industrial. . . . . . . . . . . . . . . . .

1.9%

 

 

    247,622

 

Storage . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.5%

 

 

Warehouse/Industrial – 0.5%

 

 

Mortgages . . . . . . . . . . . . . . . . . . . . . . . . . .

0.5%

 

6,351

STAG Industrial Inc., REIT, Series A, 9.00%

168,302

 

Residential . . . . . . . . . . . . . . . . . . . . . . . . .

0.3%

 

 

 

 

 

Other Assets Net of Liabilities. . . . . . . . . .

     1.4

 

 

 

 

 

Total

 100.0

 

 

 

 

 

 

 

 

See accompanying notes to portfolio of investments. 

 

2

 

                         

 
 

 

VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME FUND LLC

Notes to Portfolio of Investments

For the Period Ended December 31, 2013 (Unaudited)

 

Securities Valuation - Consistent with Section 2(a)(41) of the 1940 Act, the Funds price their securities as follows: Investments in securities that are listed on the New York Stock Exchange (the “NYSE”) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices for the day or, if no ask price is available, at the bid price. Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a similar manner.  Securities traded on more than one securities exchange are valued at the last sale price as reflected on the tape at the close of the exchange representing the principal market for such securities.  If, after the close of a foreign market, but prior to the NYSE close, market conditions change significantly, certain foreign securities may be valued pursuant to procedures established by the Board of Directors (the “Board”).

Debt securities are valued at their bid prices by an independent pricing service using valuation methods that are designed to represent fair value, such as matrix pricing and other analytical pricing models, market transactions and dealer quotations.  Debt securities purchased with a remaining maturity of 60 days or less are valued at acquisition cost, plus or minus any amortized discount or premium which approximates fair value.

Securities for which market prices are unavailable, or securities for which the Adviser determines that the bid and/or ask price does not reflect market value, will be valued at fair value pursuant to procedures approved by the Board. Circumstances in which market prices may be unavailable include, but are not limited to, trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate.  These may include recent transactions in comparable securities, information relating to the specific security and developments in the markets. Short-term debt securities, which have a maturity date of 60 days or less, are valued at amortized cost, which approximates fair value.  Investments in open-end mutual funds are valued at their closing net asset value (the “NAV”).

As a general matter, the Fund records the fair value of its interests in the Investment Funds based on the NAV provided by the Investment Managers and their agents.  These fair value calculations will involve significant professional judgment by the Investment Managers in the application of both observable and unobservable attributes, the calculated NAV of the Investment Funds' assets may differ from their actual realizable value or future fair value. Valuations will be provided to the Fund based on the interim unaudited financial records of Investment Funds, and, therefore, will be estimates subject to adjustment (upward or downward) upon the auditing of such financial records and may fluctuate as a result.  Furthermore, the Board and the Adviser may not have the ability to assess the accuracy of these valuations.

The Fund's use of fair value pricing may cause the NAV of the Shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of such security.

Due to the inherent uncertainty of determining the fair value of investments that do not have readily available market quotations, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

Fair Value Measurements: The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

        Level 1 – unadjusted quoted prices in active markets for identical securities

        Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

        Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

 

 

3

 


 
 

 

 

 

VERSUS CAPITAL MULTI-MANAGER REAL ESTATE INCOME FUND LLC

Notes to Portfolio of Investments

For the Period Ended December 31, 2013 (Unaudited)(Continued)

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. It is the Fund's policy to recognize transfers in and out of the levels at the value at the (end or beginning) of the period. For the period ended December 31, 2013, there were no transfers between levels.  A summary of inputs used to value the Fund’s investments as of December 31, 2013 is as follows:

 

 

 

Level 2

Level 3

 

Total Market

Level 1

Significant

Significant

 

Value at

Quoted

Observable

Unobservable

 

12/31/2013

Price

Inputs

Inputs

Private Investment Funds *

$ 24,175,931

$                .

$              –   .

$ 24,175,931

Common Stocks *

7,001,726

7,001,726

–   .

–   .

Preferred Stocks *

1,927,814

1,927,814

–   .

–   .

Corporate Debt *

1,188,163

.

1,188,163

–   .

Short-Term Investments

     2,233,081

     2,233,081

               –   .

                 –   .

Total

$ 36,526,715

$ 11,162,621

$  1,188,163

$ 24,175,931

* See Schedule of Investments for industry breakout.

As the fair value of the Private Investment Funds are based on the NAV provided by the Investment Managers and their agents, the disclosure of Level 3 inputs would not be meaningful.  At the end of each calendar quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.  There were no transfers between categories during the period ended December 31, 2013.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

Balance as of 03/31/2013.........................................................

$               –  .

Change in unrealized appreciation.........................................

500,306

Net purchases.............................................................................

   23,675,625

Balance as of 12/31/2013.........................................................

$ 24,175,931

For the period ended December 31, 2013, the total change in unrealized gain on Level 3 securities still held at the end of the period was $500,306. 

Foreign Currency - Foreign currencies, investments and other assets and liabilities, if any, are translated into U.S. dollars at the exchange rates at 4:00 p.m. U.S. ET (Eastern Time). Fluctuations in the value of the foreign currencies and other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses).

For more information with regards to significant accounting policies, see the most recent annual report filed with the Securities and Exchange Commission.

 

 

 

 

 

 

 

 

 

 

 

 


 

4

Item 2. Controls and Procedures.

 

 

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

 

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 


 

 


 

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.

(Registrant)      Versus Capital Multi-Manager Real Estate Income Fund LLC   

 

By (Signature and Title):              /s/ Mark D. Quam                                                     

                                                Mark D. Quam, Chief Executive Officer

(principal executive officer)

Date    2/25/2014                                                                                                         

 

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.

 

By (Signature and Title):              /s/ Mark D. Quam                                                     

                                                Mark D. Quam, Chief Executive Officer

(principal executive officer)

 

Date    2/25/2014                                                                                                                    

 

By (Signature and Title):              /s/ William R. Fuhs, Jr.                                             

                                                William R. Fuhs, Chief Financial Officer

(principal financial officer)

 

Date    2/25/2014