NOTE 9  CONTINGENCIES AND COMMITMENTS From time to time, we may be subject to claims and litigation in the ordinary course of business. We do not believe that any such claim or litigation will have a material adverse effect on the Consolidated Balance Sheets or results of operations. We have entered into agreements to purchase five new build-to-suit, industrial buildings that are currently being developed in Indiana (2), North Carolina and Ohio (2), totaling 1.9 million square feet, with net-leased terms ranging from 10 to 15 years with a weighted average lease term of 13.7 years. The aggregate purchase price for these properties is $245.9 million. Two of these five properties, consisting of approximately 772,000 square feet, or 41%, are leased for 15 years to FedEx Ground Package System, Inc. and one of these five properties, consisting of 613,000 square feet, or 32% is leased for 15 years to Amazon.com Services, Inc. All five properties are leased to companies, or subsidiaries of companies, that are considered Investment Grade by S&amp;P Global Ratings ( www.standardandpoors.com ) and by Moodys (www.moodys.com). The references in this report to the S&amp;P Global Ratings website and the Moodys website are not intended to and do not include, or incorporate by reference into this report, the information of S&amp;P Global Ratings or Moodys on such websites. Subject to satisfactory due diligence and other customary closing conditions and requirements, we anticipate closing two of these transactions during the fourth quarter of fiscal 2019 and closing the remaining three transactions throughout fiscal 2020. In connection with two of these properties, we have entered into commitments to obtain two fully-amortizing mortgage loans ranging from 15 years to 18 years, with a weighted average term of 17.3 years totaling $69.5 million with fixed interest rates ranging from 4.25% to 4.27%, with a weighted average interest rate of 4.27%. We obtained a commitment to enter into a 10.8 year, fully-amortizing second mortgage loan of $7.0 million at a fixed interest rate of 3.85% for our property located in Monroe (Cincinnati), OH. We recently completed a 155,000 square foot building expansion for this property for a total project cost of $8.6 million. The maturity of the second mortgage loan will coincide with the maturity of the propertys first fully-amortizing mortgage loan which is at a fixed interest rate of 3.77% and has a principal balance of $6.9 million as of the quarter end. The expansion resulted in a new 15 year lease which extended the prior lease expiration date from February 2030 to February 2034. The expansion also resulted in an increase in initial annual rent effective March 1, 2019 of $821,000 from $980,000, or $4.22 per square foot, to $1.8 million, or $4.65 per square foot. In addition, the annual rent will increase by 2% per annum, resulting in an average annualized rent of $2.1 million over the 15 years. We have entered into a new ten year lease for our future corporate office space located in Holmdel, NJ. The new lease is for 13,000 square feet and is expected to commence during our fourth quarter of fiscal 2019, at which time we expect to assign the existing lease pertaining to our current corporate office space located in Freehold, NJ to UMH. Initial gross annual rent for our new corporate office is approximately $410,000 or $31.00 per square foot. Our existing lease is for 5,700 square feet with annual gross rent averaging $137,000 or $24.17 per square foot over the remaining 2.5 year lease term.