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<SEC-DOCUMENT>0000950123-09-040885.txt : 20090903
<SEC-HEADER>0000950123-09-040885.hdr.sgml : 20090903
<ACCEPTANCE-DATETIME>20090903163651
ACCESSION NUMBER:		0000950123-09-040885
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090828
ITEM INFORMATION:		Changes in Registrant's Certifying Accountant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090903
DATE AS OF CHANGE:		20090903

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-53673
		FILM NUMBER:		091054022

	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>8-K
<SEQUENCE>1
<FILENAME>c89943e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV style="font-size: 10pt">
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>


<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): August 28, 2009</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>NetREIT<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>CALIFORNIA</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>000-53673</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>33-0841255</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
</TR>
</TABLE>

<TABLE border="0" width="100%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>1282 Pacific Oaks Place<BR>Escondido, California<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>92029</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(760) 471-8536</B>


<TABLE border="0" width="30%" cellspacing="0" cellpadding="0" style="font-size: 10pt; text-align: center">
<TR>
    <TD width="100%">&nbsp;</TD>
</TR>
<TR>
    <TD nowrap style="border-bottom: 1px solid #000000"><B>&nbsp;</B></TD>
</TR>
<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


<P>
<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

</DIV>

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

<P align="center" style="font-size: 10pt; display: none">1
</DIV>

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<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">

<P align="justify" style="font-size: 10pt"><B>Item&nbsp;4.01 Changes in Registrant&#146;s Certifying Accountant.</B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Previous independent registered public accounting firm</DIV></TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">On August&nbsp;28, 2009, the Audit Committee of the Board of Directors of NetREIT
(the &#147;Company&#148;), on behalf of the Company and its subsidiaries, dismissed J.H. Cohn LLP as the
Company&#146;s independent registered public accounting firm.</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The reports of J.H. Cohn LLP on the Company&#146;s financial statements for the past
two fiscal years did not contain an adverse opinion or a disclaimer of opinion and were not
qualified or modified as to uncertainty, audit scope or accounting principles. However, the
report filed with the financial statements included in the Annual Report on Form 10-K/A as
amended July&nbsp;29, 2009 contained a reference to Note 7 and stated that the Company was not in
compliance with certain terms of certain loan agreements.</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The change of independent registered public accounting firm was approved by
the Audit Committee of the Company&#146;s Board of Directors.</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">In connection with its audits for the two most recent fiscal years and through
August&nbsp;28, 2009, there have been no disagreements (as defined in Item&nbsp;304(a)(1)(iv)&nbsp;of Regulation
S-K and the related instructions) with J.H. Cohn LLP on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure, which disagreements,
if not resolved to the satisfaction of J.H. Cohn LLP, would have caused them to make reference to
such disagreements in their reports on the Company&#146;s financial statements for such years.</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">During the two most recent fiscal years and through August&nbsp;28, 2009, there have
been no reportable events (as defined in Item&nbsp;304(a)(1)(v) of Regulation&nbsp;S-K) with J.H. Cohn LLP.</DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The Company requested that J.H. Cohn LLP furnish a letter addressed to the
Securities and Exchange Commission stating whether it agrees with the above statements, and if
not, stating the respects in which they do not agree.&nbsp;&nbsp;A copy of J.H. Cohn LLP&#146;s letter, dated
September&nbsp;3, 2009, is filed as Exhibit&nbsp;16 to this Form 8-K.</DIV></TD>
</TR>

</TABLE>


<P align="justify" style="font-size: 10pt"><B>ITEM 9.01.&nbsp;&nbsp;FINANCIAL STATEMENTS AND EXHIBITS.</B>


<P align="justify" style="font-size: 10pt">(d)&nbsp;Exhibits.


<P align="justify" style="font-size: 10pt; margin-left: 4%; font-size: 10pt">16. Letter re change in independent registered public accounting firm:&nbsp;&nbsp;Letter of J.H. Cohn LLP dated September
3, 2009.


<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="justify" style="font-size: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned hereunto duly authorized.


<P align="justify" style="font-size: 10pt; margin-left: 48%; font-size: 10pt">NetREIT


<P align="justify" style="font-size: 10pt">Date: September&nbsp;3, 2009


<P align="justify" style="font-size: 10pt; margin-left: 48%; font-size: 10pt; margin-top: -11pt">By: <U><I>/</I><I>s/ Kenneth Elsberry&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></U><BR>
Name: Kenneth Elsberry
<BR>
Title: Chief Financial Officer


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

<P align="center" style="font-size: 10pt; display: none">2




</DIV>
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<DOCUMENT>
<TYPE>EX-16
<SEQUENCE>2
<FILENAME>c89943exv16.htm
<DESCRIPTION>EXHIBIT 16
<TEXT>
<HTML>
<HEAD>
<TITLE>Exibit 16</TITLE>
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<DIV style="font-family: Arial,sans-serif; margin-left: .25in; width: 7.20in">


<P align="right" style="font-size: 10pt"><U>Exhibit&nbsp;16</U>



<P align="justify" style="font-size: 10pt">September&nbsp;3, 2009


<P align="justify" style="font-size: 10pt">Office of the Chief Accountant
<BR>
Securities and Exchange Commission
<BR>
100 F Street, N.E.
<BR>
Washington, D.C. 20549

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Re:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NetREIT<BR>
SEC File No.&nbsp;000-53673</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="justify" style="font-size: 10pt">Ladies and Gentlemen:


<P align="justify" style="font-size: 10pt">On August&nbsp;28, 2009, we were informed that we were dismissed as the independent registered public accountants for
NetREIT. We have read Item&nbsp;4.01 of the Form 8-K dated August&nbsp;28, 2009 being filed by NetREIT and are in agreement with
the statements contained in the first, second, fourth, fifth and sixth paragraphs of part (a)&nbsp;related to our firm. We
have no basis to agree or disagree with the other statements made therein.


<P align="justify" style="font-size: 10pt"><I>/s/ J.H. Cohn LLP</I>


<P align="justify" style="font-size: 10pt">San Diego, California


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

<P align="center" style="font-size: 10pt; display: none">




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