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Commitments and Contingencies | 6 Months Ended
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Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Contractual Commitments. As of July 31, 2019, the Company has six outstanding contracts with third-party sellers to acquire six industrial properties consisting of approximately 361,000 square feet and one improved land parcel containing approximately 2.0 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 | 7 |  |  | 82,884 |  |  | $ | 23,525 |  |  | $ | — |
Northern New Jersey/New York City 1 | 2 |  |  | 195,598 |  |  | 84,525 |  |  | — |
San Francisco Bay Area | — |  |  | — |  |  | — |  |  | — |
Seattle | 2 |  |  | 82,245 |  |  | 12,850 |  |  | — |
Miami | — |  |  | — |  |  | — |  |  | — |
Washington, D.C. | — |  |  | — |  |  | — |  |  | — |
Total | 11 |  |  | 360,727 |  |  | $ | 120,900 |  |  | $ | — |
1 | Includes one improved land parcel containing approximately 2.0 acres.
As of July 31, 2019, the Company has executed two non-binding letters of intent with third-party sellers to acquire two industrial properties consisting of approximately 92,000 square feet for a total anticipated purchase price of approximately $19.0 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. As of July 31, 2019, the Company has one outstanding contract with a third-party purchaser to sell one property for a sales price of approximately $14.0 million (net book value of approximately $11.6 million). There is no assurance the Company will sell the property under contract because the proposed disposition is subject to various closing conditions.

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- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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