Commitments and Contingencies

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and ContingenciesContractual Commitments. As of August 4, 2020, the Company has one outstanding contract with a third-party seller to acquire one improved land parcel for a total of approximately 7.0 acres. There is no assurance that the Company will acquire the property under contract because the proposed acquisition is subject to due diligence and various closing conditions.

The following table summarizes certain information with respect to the property 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	—	—	—		—
Seattle 1	—	—	7,275		—
Miami	—	—	—		—
Washington, D.C.	—	—	—		—
Total	—	—	$	7,275	$	—

¹Includes one improved land parcel containing approximately 7.0 acres.

As of August 4, 2020, the Company has executed two non-binding letters of intent with third-party sellers to acquire one industrial building consisting of approximately 13,000 square feet and one improved land parcel consisting of approximately 4.7 acres for a total anticipated purchase price of 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.