XML 47 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
Commitments And Contingencies
 3 Months Ended
Mar. 31, 2014
Commitments And Contingencies [Abstract]  
Commitments And Contingencies

Note 9. Commitments and Contingencies

 

Contractual Commitments.    As of May 12, 2014, the Company had five outstanding contracts with third-party sellers to acquire five industrial properties consisting of 494,726 square feet.  There is no assurance that the Company will acquire the properties under contract because the proposed acquisitions are subject to the completion of satisfactory due diligence, various closing conditions and with respect to one of the properties, the consent of the mortgage lender. The following table summarizes certain information with respect to the properties the Company has under contract1: 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market

 

Number of Buildings

 

Square Feet

 

 

Purchase Price (in thousands)

 

 

Assumed Debt (in thousands)

Los Angeles

 
2 

 
113,497 

 

$
11,835 

 

$

 -

Northern New Jersey/New York City

 

 -

 

 -

 

 

 -

 

 

 -

San Francisco Bay Area

 
3 

 
129,279 

 

 
13,328 

 

 

 -

Seattle

 
1 

 
113,170 

 

 
10,025 

 

 
5,813 

Miami

 

 -

 

 -

 

 

 -

 

 

 -

Washington, D.C./Baltimore

 
1 

 
138,780 

 

 
18,050 

 

 

 -

Total

 
7 

 
494,726 

 

$
53,238 

 

$
5,813 

 

 

 

1 Excludes unfunded capital commitments of $7.5 million to expand an existing 413,000 square foot facility by approximately 190,000 square feet.

 

As of May 12, 2014, the Company has executed four non-binding letters of intent with third-party sellers to acquire four industrial properties consisting of 255,070 square feet. The total purchase price for these industrial properties is approximately $27.8 million. In the normal course of its business, the Company enters into non-binding letters of intent to purchase properties from third parties that may obligate the Company to make payments or perform other obligations upon the occurrence of certain events, including the execution of a purchase and sale agreement and satisfactory completion of various due diligence matters. There can be no assurance that the Company will enter into purchase and sale agreements with respect to these properties or otherwise complete any such prospective purchases on the terms described or at all.