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      <invstOrSec>
        <name>NATIONAL STORAGE AFFILIA</name>
        <lei>529900FS06O8GOYNR108</lei>
        <title>National Storage Affiliates Trust</title>
        <cusip>637870205</cusip>
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          <isin value="US6378702053"/>
          <ticker value="NSA"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>American Homes 4 Rent</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>American Homes 4 Rent</title>
        <cusip>02665T306</cusip>
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          <isin value="US02665T3068"/>
          <ticker value="AMH"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Tritax Big Box REIT PLC</name>
        <lei>213800L6X88MIYPVR714</lei>
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        <cusip>000000000</cusip>
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          <isin value="GB00BG49KP99"/>
          <ticker value="BBOX"/>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Host Hotels &amp; Resorts Inc</name>
        <lei>N6EL63S0K3PB1YFTDI24</lei>
        <title>Host Hotels &amp; Resorts Inc</title>
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          <isin value="US44107P1049"/>
          <ticker value="HST"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Link REIT</name>
        <lei>529900XUE70U36QX5M62</lei>
        <title>Link REIT</title>
        <cusip>000000000</cusip>
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          <isin value="HK0823032773"/>
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        <balance>301018.00000000</balance>
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        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>InterRent Real Estate Investme</name>
        <lei>N/A</lei>
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        <cusip>46071W205</cusip>
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          <isin value="CA46071W2058"/>
          <ticker value="IIP-U"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gaming and Leisure Properties</name>
        <lei>5493006GWRDBCZYWTM57</lei>
        <title>Gaming and Leisure Properties Inc</title>
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          <isin value="US36467J1088"/>
          <ticker value="GLPI"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Daiwa House Residential Invest</name>
        <lei>3538001FWU534P8JMO05</lei>
        <title>Daiwa House REIT Investment Corp</title>
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          <isin value="JP3046390005"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PUBLIC STORAGE</name>
        <lei>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage</title>
        <cusip>74460W644</cusip>
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          <isin value="US74460W6443"/>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VORNADO REALTY TRUST</name>
        <lei>N/A</lei>
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          <isin value="US9290428443"/>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Harrison Street Core Property Fund</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ventas Inc</name>
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        <title>Ventas Inc</title>
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      <invstOrSec>
        <name>PEBBLEBROOK HOTEL TRUST</name>
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        <title>Pebblebrook Hotel Trust</title>
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        <balance>58390.00000000</balance>
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      <invstOrSec>
        <name>Realty Income Corp</name>
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        <title>Realty Income Corp</title>
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        <name>BXP Inc</name>
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        <name>PUBLIC STORAGE</name>
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        <title>Public Storage</title>
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      <invstOrSec>
        <name>Heitman America Real Estate LP</name>
        <lei>N/A</lei>
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        <name>Sabra Health Care REIT Inc</name>
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        <name>PEBBLEBROOK HOTEL TRUST</name>
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        <title>Pebblebrook Hotel Trust</title>
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        <name>DIGITAL REALTY TRUST INC</name>
        <lei>549300HKCZ31D08NEI41</lei>
        <title>Digital Realty Trust Inc</title>
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        <name>DIGITALBRIDGE GROUP INC</name>
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        <title>DigitalBridge Group Inc</title>
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        <name>Prologis Inc</name>
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        <title>Prologis Inc</title>
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        <name>REGENCY CENTERS CORP</name>
        <lei>529900053A7X7FJ97S58</lei>
        <title>Regency Centers Corp</title>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Digital Core REIT Management P</name>
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        <name>CRE Logistics REIT Inc</name>
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        <name>Qualitas Ltd</name>
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        <name>AvalonBay Communities Inc</name>
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        <name>Klepierre SA</name>
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        <name>VORNADO REALTY TRUST</name>
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        <name>Comforia Residential REIT Inc</name>
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        <name>DigitalBridge AI Infrastructure B, LP</name>
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        <name>CubeSmart</name>
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        <name>VORNADO REALTY TRUST</name>
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        <name>Sun Communities Inc</name>
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        <name>Macerich Co/The</name>
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        <name>National Health Investors Inc</name>
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        <name>EVERWEST FUNDS ADVISORS LLC</name>
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      <invstOrSec>
        <name>VICI Properties Inc</name>
        <lei>254900RKH6RY9KCJQH63</lei>
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          <isin value="US9256521090"/>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CLARION LION PROPERTIES FUND</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="DUMMYCLPF"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SUNSTONE HOTEL INVESTORS</name>
        <lei>529900ZQ2V52V96ATF67</lei>
        <title>Sunstone Hotel Investors Inc</title>
        <cusip>867892804</cusip>
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          <isin value="US8678928040"/>
          <ticker value="SHO"/>
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        <balance>15575.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Americold Realty Trust Inc</name>
        <lei>894500O3S3W62PQPO460</lei>
        <title>Americold Realty Trust Inc</title>
        <cusip>03064D108</cusip>
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          <isin value="US03064D1081"/>
          <ticker value="COLD"/>
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        <balance>98445.00000000</balance>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>RREEF AMERICA REIT II</name>
        <lei>N/A</lei>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Goodman Group</name>
        <lei>N/A</lei>
        <title>Goodman Group</title>
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          <isin value="AU000000GMG2"/>
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        <invCountry>AU</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mitsui Fudosan Co Ltd</name>
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        <title>Mitsui Fudosan Co Ltd</title>
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          <isin value="JP3893200000"/>
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        <invCountry>JP</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>COPT Defense Properties</name>
        <lei>YY1J47X6LF9TYY8JY420</lei>
        <title>COPT Defense Properties</title>
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          <isin value="US22002T1088"/>
          <ticker value="CDP"/>
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        <balance>24647.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TA Realty Core Property Fund, LP</name>
        <lei>N/A</lei>
        <title>TA Realty Core Property Fund, LP</title>
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          <other otherDesc="INTERNAL" value="DUMMYTARC"/>
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        <balance>16390.19985700</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GI Partners ETS Fund</name>
        <lei>N/A</lei>
        <title>GI Partners ETS Fund</title>
        <cusip>000000000</cusip>
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          <other otherDesc="INTERNAL" value="DUMMYGIPA"/>
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        <balance>75037.05884000</balance>
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        <curCd>USD</curCd>
        <valUSD>86304265.89000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>UDR Inc</name>
        <lei>P3CH2EG5X6Z1XWU1OO74</lei>
        <title>UDR Inc</title>
        <cusip>902653104</cusip>
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          <isin value="US9026531049"/>
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        <curCd>USD</curCd>
        <valUSD>6242719.85000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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        <name>DIAMONDROCK HOSPITALITY</name>
        <lei>529900KKD4BPVBUAQ734</lei>
        <title>DiamondRock Hospitality Co</title>
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          <isin value="US2527844003"/>
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        <curCd>USD</curCd>
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        <assetCat>EP</assetCat>
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        <invCountry>US</invCountry>
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        <name>AMERICAN HOMES 4 RENT</name>
        <lei>549300ZJUO7A58PNUW40</lei>
        <title>American Homes 4 Rent</title>
        <cusip>02665T868</cusip>
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          <isin value="US02665T8687"/>
          <ticker value="AMH"/>
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        <assetCat>EP</assetCat>
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      <invstOrSec>
        <name>Centuria Industrial REIT</name>
        <lei>N/A</lei>
        <title>Centuria Industrial REIT</title>
        <cusip>000000000</cusip>
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          <isin value="AU000000CIP0"/>
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        <invCountry>AU</invCountry>
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        <name>Nexus Industrial REIT</name>
        <lei>N/A</lei>
        <title>Nexus Industrial REIT</title>
        <cusip>65344U101</cusip>
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          <isin value="CA65344U1012"/>
          <ticker value="NXR-U"/>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>Kimco Realty Corp</name>
        <lei>254900ARY41P4V1JL861</lei>
        <title>Kimco Realty Corp</title>
        <cusip>49446R109</cusip>
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          <isin value="US49446R1095"/>
          <ticker value="KIM"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American Healthcare REIT Inc</name>
        <lei>2549004GGE2APGNT6O92</lei>
        <title>American Healthcare REIT Inc</title>
        <cusip>398182303</cusip>
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          <isin value="US3981823038"/>
          <ticker value="AHR"/>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Allied Properties Real Estate</name>
        <lei>549300AMZMPKVHA0MY77</lei>
        <title>Allied Properties Real Estate Investment Trust</title>
        <cusip>019456102</cusip>
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          <isin value="CA0194561027"/>
          <ticker value="AP-U"/>
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        <name>Broadstone Net Lease Inc</name>
        <lei>549300U8D7PT70B49V21</lei>
        <title>Broadstone Net Lease Inc</title>
        <cusip>11135E203</cusip>
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          <isin value="US11135E2037"/>
          <ticker value="BNL"/>
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        <name>Stoneweg European Real Estate</name>
        <lei>21380093RFHTC319NL93</lei>
        <title>Stoneweg European Real Estate Investment Trust</title>
        <cusip>000000000</cusip>
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          <isin value="SGXC37098255"/>
          <ticker value="SERT"/>
          <other otherDesc="SEDOL" value="BL9YQK1"/>
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        <invCountry>SG</invCountry>

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        <name>Chartwell Retirement Residence</name>
        <lei>549300M7UBEIZBWP4069</lei>
        <title>Chartwell Retirement Residences</title>
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          <ticker value="CSH-U"/>
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      <invstOrSec>
        <name>Invitation Homes Inc</name>
        <lei>N/A</lei>
        <title>Invitation Homes Inc</title>
        <cusip>46187W107</cusip>
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          <isin value="US46187W1071"/>
          <ticker value="INVH"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Merlin Properties Socimi SA</name>
        <lei>959800L8KD863DP30X04</lei>
        <title>Merlin Properties Socimi SA</title>
        <cusip>000000000</cusip>
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          <isin value="ES0105025003"/>
          <ticker value="MRL"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
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        <name>UNITE Group PLC/The</name>
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      <invstOrSec>
        <name>INVESCO CORE REAL ESTATE USA</name>
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      <invstOrSec>
        <name>TRUMBULL PROPERTY INCOME FUND</name>
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      <invstOrSec>
        <name>Camden Property Trust</name>
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        <name>Regency Centers Corp</name>
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        <name>Equinix Inc</name>
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        <name>PUBLIC STORAGE</name>
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        <name>CLARION GABLES MULTIFAMILY TRUST LP</name>
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        <name>DIGITAL REALTY TRUST INC</name>
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        <name>Safestore Holdings PLC</name>
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        <name>Welltower Inc</name>
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        <name>AEW CORE PROPERTY TRUST</name>
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        <name>Hines European Property Partners</name>
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        <name>Mercialys SA</name>
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        <name>Extra Space Storage Inc</name>
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        <name>REXFORD INDUSTRIAL REALT</name>
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        <name>Federal Realty Investment Trus</name>
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        <name>Mapletree Industrial Trust</name>
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        <name>DigitalBridge AI Infrastructure D, LP</name>
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        <name>SAUL CENTERS INC</name>
        <lei>N/A</lei>
        <title>Saul Centers Inc</title>
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          <isin value="US8043958045"/>
          <ticker value="BFS"/>
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        <balance>8400.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>175476.00000000</valUSD>
        <pctVal>0.009696682607</pctVal>
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        <assetCat>EP</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>
      <invstOrSec>
        <name>Plymouth Industrial REIT Inc</name>
        <lei>N/A</lei>
        <title>Plymouth Industrial REIT Inc</title>
        <cusip>729640102</cusip>
        <identifiers>
          <isin value="US7296401026"/>
          <ticker value="PLYM"/>
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        <balance>26867.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>437932.10000000</valUSD>
        <pctVal>0.024199825487</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARMADA HOFFLER PROPERTIE</name>
        <lei>549300WQRSIV6XZT9313</lei>
        <title>Armada Hoffler Properties Inc</title>
        <cusip>04208T207</cusip>
        <identifiers>
          <isin value="US04208T2078"/>
          <ticker value="AHH"/>
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        <balance>19035.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>419531.40000000</valUSD>
        <pctVal>0.023183015510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Public Storage</name>
        <lei>254900GLQZAD4N7N5Q19</lei>
        <title>Public Storage</title>
        <cusip>74460D109</cusip>
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          <isin value="US74460D1090"/>
          <ticker value="PSA"/>
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        <balance>21662.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6483219.98000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Brandywine Realty Trust</name>
        <lei>5UZ46ZCYUFYYAC0DS831</lei>
        <title>Brandywine Realty Trust</title>
        <cusip>105368203</cusip>
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          <isin value="US1053682035"/>
          <ticker value="BDN"/>
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        <balance>310345.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1384138.70000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>REGENCY CENTERS CORP</name>
        <lei>529900053A7X7FJ97S58</lei>
        <title>Regency Centers Corp</title>
        <cusip>758849889</cusip>
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          <isin value="US7588498896"/>
          <ticker value="REG"/>
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        <balance>80806.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1886012.04000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</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>
      <invstOrSec>
        <name>CBRE U.S CORE PARTNERS REIT OPERATING LP</name>
        <lei>N/A</lei>
        <title>CBRE U.S Core Partners REIT Operating, LP</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="INTERNAL" value="DUMMYCBRE"/>
        </identifiers>
        <balance>48948943.23562100</balance>
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        <curCd>USD</curCd>
        <valUSD>78090696.59000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Healthcare Realty Trust Inc</name>
        <lei>549300L0I14L7I0VLX84</lei>
        <title>Healthcare Realty Trust Inc</title>
        <cusip>42226K105</cusip>
        <identifiers>
          <isin value="US42226K1051"/>
          <ticker value="HR"/>
        </identifiers>
        <balance>201100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3398590.00000000</valUSD>
        <pctVal>0.187803736937</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>
    <signature>
      <ncom:dateSigned>2025-05-23</ncom:dateSigned>
      <ncom:nameOfApplicant>Versus Capital Real Estate Fund LLC</ncom:nameOfApplicant>
      <ncom:signature>Dustin Rose</ncom:signature>
      <ncom:signerName>Dustin Rose</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
