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

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

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

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): February 5, 2009</B>



<P style="font-size: 24pt" align="center"><B>NetREIT<BR>
</B><FONT
style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>
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  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
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 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>CALIFORNIA</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>001-34049</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><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>

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cellpadding="0" width="100%" border="0">

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  <TD width="49%">&nbsp;</TD>
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  <TD width="49%">&nbsp;</TD>
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 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>1282 Pacific Oaks
Place<BR>
Escondido, California <BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>92029</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

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<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(760) 471-8537</B>
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  <TD style="border-bottom: #000000 1px solid" nowrap><B>&nbsp;</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


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



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<P style="display: none; font-size: 10pt" align="center">1
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<P style="font-size: 10pt" align="justify"><B>Item&nbsp;1.01 Entry Into A
Material Definitive Agreement.</B>

<P style="font-size: 10pt" align="justify">On February&nbsp;5, 2009, Dubose
Model Homes USA, L.P., a Texas limited partnership and NetREIT, a California
corporation, entered into an agreement (&#8220;Agreement&#8221;) to form a
limited partnership (the &#8220;Partnership&#8221;) pursuant to the provisions
of the Texas Business Organizations Code. The name of the Partnership is Dubose
Acquisition Partners II, Ltd. Its principal office shall be 14405 Walters Road,
Suite&nbsp;310, Houston, Texas 77014.

<P style="font-size: 10pt" align="justify">The purpose of the Partnership is to
acquire up to twenty eight (28)&nbsp;model homes from homebuilder subsidiaries
of Weyerhaeuser Real Estate Company or its affiliates with a potential for
capital appreciation, to rent said model homes, to sell such model homes, and
to conduct such other businesses which are incidental or necessary to the
foregoing. The acquisition of the model homes by the Partnership pursuant to
this Agreement was completed on February&nbsp;11, 2009.

<P style="font-size: 10pt" align="justify">Dubose Model Homes USA, L.P. shall
be the original General Partner with the principal address of 24 Greenway
Plaza, Suite&nbsp;965, Houston, Texas 77046. NetREIT shall be a Limited
Partner. The Partnership will admit as Limited Partners the persons and
entities accepted by the General Partner who purchase &#8220;Units&#8221;,
defined as a limited partnership interest in the partnership resulting from a
capital contribution of $19,250. Initially there will be 100 Units sold to the
Limited Partners for aggregate initial capital contributions of $1,925,000.00.
NetREIT, as a Limited Partner, has elected to purchase 51 of the initial 100
Units at the price of $19,250 per Unit, for a total capital contribution of
$981,750, and has deposited such funds with the General Partner. The 51 Units
are currently a majority ownership, and it is the intention of NetREIT to
maintain a majority ownership of the Units at all times during the Agreement.

<P style="font-size: 10pt" align="justify">Larry G. Dubose, a Director at
NetREIT since June&nbsp;2005, currently serves as President of the General
Partner, Dubose Model Homes USA, L.P., a company he founded in 1985.
Mr.&nbsp;Dubose sold Dubose Model Homes USA, L.P., in 2004 and does not
currently maintain any ownership interest. The Agreement to form the
Partnership was approved by all non-affiliated Directors of NetREIT.

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

<P style="font-size: 10pt; text-indent: 4%" align="justify">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 style="font-size: 10pt; margin-left: 46%" align="justify">NetREIT

<P style="font-size: 10pt" align="justify">Date: February&nbsp;11, 2009

<P style="margin-top: -11pt; font-size: 10pt; margin-left: 46%"
align="justify">By: <U><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;</I></U><U><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></U>
<br>Name: Kenneth Elsberry<BR>
Title: Chief
Financial Officer

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

<P style="display: none; font-size: 10pt" align="center">2
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{"company-data": {"conformed-name": "NETREIT", "cik": "0001080657", "assigned-sic": "6798", "irs-number": "330841255", "state-of-incorporation": "CA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-34049", "film-number": "09590766"}, "business-address": {"street1": "1282 PACIFIC OAKS PLACE", "city": "ESCONDIDO", "state": "CA", "zip": "92029-2900", "phone": "760-471-8536"}, "mail-address": {"street1": "1282 PACIFIC OAKS PLACE", "city": "ESCONDIDO", "state": "CA", "zip": "92029-2900"}}
Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): February 5, 2009
NetREIT
(Exact name of registrant as specified in its charter)
CALIFORNIA
001-34049
33-0841255
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1282 Pacific Oaks
Place
Escondido, California
92029
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(760) 471-8537
(Former name or former address if changed since last report.)
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:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry Into A
Material Definitive Agreement.
On February 5, 2009, Dubose
Model Homes USA, L.P., a Texas limited partnership and NetREIT, a California
corporation, entered into an agreement ("Agreement") to form a
limited partnership (the "Partnership") pursuant to the provisions
of the Texas Business Organizations Code. The name of the Partnership is Dubose
Acquisition Partners II, Ltd. Its principal office shall be 14405 Walters Road,
Suite 310, Houston, Texas 77014.
The purpose of the Partnership is to
acquire up to twenty eight (28) model homes from homebuilder subsidiaries
of Weyerhaeuser Real Estate Company or its affiliates with a potential for
capital appreciation, to rent said model homes, to sell such model homes, and
to conduct such other businesses which are incidental or necessary to the
foregoing. The acquisition of the model homes by the Partnership pursuant to
this Agreement was completed on February 11, 2009.
Dubose Model Homes USA, L.P. shall
be the original General Partner with the principal address of 24 Greenway
Plaza, Suite 965, Houston, Texas 77046. NetREIT shall be a Limited
Partner. The Partnership will admit as Limited Partners the persons and
entities accepted by the General Partner who purchase "Units",
defined as a limited partnership interest in the partnership resulting from a
capital contribution of $19,250. Initially there will be 100 Units sold to the
Limited Partners for aggregate initial capital contributions of $1,925,000.00.
NetREIT, as a Limited Partner, has elected to purchase 51 of the initial 100
Units at the price of $19,250 per Unit, for a total capital contribution of
$981,750, and has deposited such funds with the General Partner. The 51 Units
are currently a majority ownership, and it is the intention of NetREIT to
maintain a majority ownership of the Units at all times during the Agreement.
Larry G. Dubose, a Director at
NetREIT since June 2005, currently serves as President of the General
Partner, Dubose Model Homes USA, L.P., a company he founded in 1985.
Mr. Dubose sold Dubose Model Homes USA, L.P., in 2004 and does not
currently maintain any ownership interest. The Agreement to form the
Partnership was approved by all non-affiliated Directors of NetREIT.
SIGNATURES
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.
NetREIT
Date: February 11, 2009
By:
/s/ Kenneth
Elsberry
Name: Kenneth Elsberry
Title: Chief
Financial Officer