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<SEC-DOCUMENT>0001362310-09-007956.txt : 20091005
<SEC-HEADER>0001362310-09-007956.hdr.sgml : 20091005
<ACCEPTANCE-DATETIME>20090520133432
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001362310-09-007956
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20090520

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NETREIT
		CENTRAL INDEX KEY:			0001080657
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				330841255
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1282 PACIFIC OAKS PLACE
		CITY:			ESCONDIDO
		STATE:			CA
		ZIP:			92029-2900
		BUSINESS PHONE:		760-471-8536

	MAIL ADDRESS:	
		STREET 1:		1282 PACIFIC OAKS PLACE
		CITY:			ESCONDIDO
		STATE:			CA
		ZIP:			92029-2900
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>Correspondence</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c85813p8581301.gif" alt="(NETREIT LOGO)"><BR>
The Contrarian Real Estate Investment Trust

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">May&nbsp;18, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">United States Securities and Exchange Commission<BR>
450 Fifth Street NW<BR>
Mail Stop 4561<BR>
Washington, D.C. 20549

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">Attn:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Ms.&nbsp;Cicely Lomothe, Accounting Branch Chief</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Ms.&nbsp;Jaime John, Staff Accountant</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Ms.&nbsp;Kristina Aberg, Attorney-Advisor</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Re:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NetREIT</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form&nbsp;10&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed May&nbsp;6, 2008&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">File No.&nbsp;001-39049&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Registrant requests the Accounting Staff&#146;s comments and guidance regarding Registrant&#146;s responses
below to the comments in the Staff&#146;s letter of May&nbsp;5, 2009 regarding the above-referenced Form&nbsp;10
filing. Registrant&#146;s is providing Staff with the disclosures made relative to the land purchase
option within the financial statements for the years ended December&nbsp;31, 2008 and 2007 and the
quarter&#146;s ended March&nbsp;31, June&nbsp;30 and September&nbsp;30, 2008. In addition to the additional
disclosures, the Registrant has reported the $1,370,000 as a separate line item on the balance
sheet&#146;s as &#147;Land purchase option&#148; for all periods presented.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Registrant&#146;s responses below are presented in the same numbers as the Staff&#146;s comments in that
letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Financial Statements and Notes</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Note 2 &#151; Significant Accounting Policies</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Property Acquisitions, pages 62-63</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The following are excerpts from the Significant Accounting Policies that have been changed to
reflect the suggestions contained in the Staff letter:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">To the points of (a)&nbsp;that we did not acquire land but rather a purchase option to acquire
land at a future date; (b)&nbsp;that the $1.4&nbsp;million allocated represents the portion of the
purchase price allocated to the option; (c)&nbsp;our basis for assigning an indefinite useful
life; and (d)&nbsp;the probability of exercising the option we have disclosed the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 7%">The land lease acquired with the World Plaza acquisition in 2007 has a fixed purchase
price option cost of $181,710 at the termination of the lease in 2062. In accordance
with SFAS No.&nbsp;142, &#147;Goodwill and Other Intangible Assets&#148; (&#147;SFAS 142&#148;) management
valued the land option at its residual value of $1,370,000, based upon comparable
land sales adjusted to present value. The difference between the strike price of the
option and the recorded cost of the land purchase option is approximately $1.2
million. Accordingly, management has determined that exercise of the option is considered probable. The land purchase
option was determined to be a contract based intangible asset associated with the
land. As a result, this asset has an indefinite life and is treated as a
non-amortizable asset. The amount is included as land purchase option on the
accompanying condensed balance sheets.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">1282 Pacific Oaks Place, Escondido, CA 92029 <B>&#149;</B> Phone 866-781-7721 <B>&#149;</B> Fax 760-471-0399 <B>&#149;</B> info@netreit.com
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c85813p8581301.gif" alt="(NETREIT LOGO)"><BR>
The Contrarian Real Estate Investment Trust

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Further to the point of clearly stating that the land purchase option is an allocation of
the purchase price paid for the World Plaza an excerpt from Note 4 to the financial
statements &#151; &#147;<B>REAL ESTATE ASSETS AND LEASE INTANGIBLES&#148; reads as follows:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 7%">In accordance with SFAS 141, the Company allocated the purchase price of the
properties acquired during the years ended December&nbsp;31, 2008 and 2007 as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Land</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Tenant</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Tenant</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Total</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Purchase</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Buildings</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Improve-</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">In-place</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Leasing</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Relation-</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Purchase</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Land</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Option</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">and other</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">ments</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Leases</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Costs</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">ships</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Price</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">1,370,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">6,006,891</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">118,803</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">65,211</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">89,774</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">7,650,679</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">To the point of disclosing the Company&#146;s impairment policy under paragraph 17 of SFAS 142
our disclosure remained unchanged and for the financial statements as of and for the years
ended December&nbsp;31, 2008 and 2007, read&#146;s as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 7%"><B><I>Intangible Assets </I></B>&#151; Lease intangibles represents the allocation of a portion of the
purchase price of a property acquisition representing the estimated value of in-place
leases, unamortized lease origination costs, tenant relationships and a land purchase
option. Intangible assets are comprised of finite-lived and indefinite-lived assets.
In accordance with SFAS 142, indefinite-lived assets are not amortized. Finite-lived
intangibles are amortized over their expected useful lives. The Company assesses its
intangibles and goodwill for impairment at least annually.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 7%">In accordance with SFAS 142, the Company is required to perform a test for impairment
of goodwill and other definite and indefinite lived assets at least annually, and
more frequently as circumstances warrant. Based on the review, no impairment was
deemed necessary at December&nbsp;31, 2008 or 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 7%">Other intangible assets that are not deemed to have an indefinite useful life are
amortized over their estimated useful lives. The carrying amount of intangible assets
that are not deemed to have an indefinite useful life is regularly reviewed for
indicators of impairments in value in accordance with SFAS No.&nbsp;144, &#147;Accounting for
the Impairment or Disposal of Long-Lived Assets.&#148; Impairment is recognized only if
the carrying amount of the intangible asset is considered to be unrecoverable from
its undiscounted cash flows and is measured as the difference between the carrying
amount and the estimated fair value of the asset. Based on the review, no impairment
was deemed necessary at December&nbsp;31, 2008 or 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Conclusion: </B>The disclosures regarding the land purchase option are transparent to the reader and
conform with GAAP.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">1282 Pacific Oaks Place, Escondido, CA 92029 <B>&#149;</B> Phone 866-781-7721 <B>&#149;</B> Fax 760-471-0399 <B>&#149;</B> info@netreit.com
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c85813p8581301.gif" alt="(NETREIT LOGO)"><BR>
The Contrarian Real Estate Investment Trust

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company filed its amendment No.&nbsp;3 to its Form&nbsp;10 last Friday, May&nbsp;15, 2009. A copy of the
amendment marked to show changes since amendment No.&nbsp;3 is enclosed herewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Very truly yours,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">KENNETH W. ELSBERRY<BR>
CHIEF FINANCIAL OFFICER
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">cc:</TD>
    <TD>&nbsp;</TD>
    <TD>Ms.&nbsp;Jaime John, Staff Accountant
<br>
Ms.&nbsp;Cicely Lamothe, Accounting Branch Chief<br>
Ms.&nbsp;Kristina Aberg, Attorney-Advisor<br>
Mr.&nbsp;Tom Kluck, Legal Branch Chief</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&nbsp;
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">1282 Pacific Oaks Place, Escondido, CA 92029 <B>&#149;</B> Phone 866-781-7721 <B>&#149;</B> Fax 760-471-0399 <B>&#149;</B> info@netreit.com
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
