Note 12. Commitments and Contingencies

Contractual Commitments. As of August 1, 2018, the Company has five outstanding contracts with third-party sellers to acquire five industrial properties consisting of approximately 672,000 square feet and one improved land parcel containing approximately 1.3 acres. 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 and various closing conditions.

The following table summarizes certain information with respect to the properties the Company has under contract:


Market	Number of Buildings	Square Feet		Purchase Price (in thousands)		Assumed Debt (in thousands)
Los Angeles	-	-	$	-	$	-
Northern New Jersey/New York City	-	-		-		-
San Francisco Bay Area 1	8	407,417		67,790		-
Seattle	3	264,910		39,817		-
Miami	-	-		-		-
Washington, D.C.	-	-		-		-
Total	11	672,327	$	107,607	$	-

1 Includes one improved land parcel containing approximately 1.3 acres.

As of August 1, 2018, the Company has executed three non-binding letters of intent with third-party sellers to acquire three industrial properties consisting of approximately 75,000 square feet and one improved land parcel containing approximately 2.3 acres. The total purchase price for these industrial properties is approximately $22.7 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.