Annual report pursuant to Section 13 and 15(d)

Schedule III - Real Estate and Accumulated Depreciation

v3.20.4
Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION
GLADSTONE COMMERCIAL CORPORATION
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2020 (Dollars in Thousands)
 
    Initial Cost   Total Cost        
Location of Property Encumbrances Land Buildings &
Improvements		 Improvement
Costs Capitalized
Subsequent to
Acquisition		 Land Buildings &
Improvements		 Total 
(1)		 Accumulated
Depreciation (2)		 Net Real
Estate (3)		 Year
Construction/
Improvements		 Date
Acquired
Raleigh, North Carolina (4)
Office Building $ —  $ 960  $ 4,481  $ 1,039  $ 960  $ 5,520  $ 6,480  $ 2,409  $ 4,071  1997 12/23/2003
Canton, Ohio (4)
Office Building —  186  3,083  500  187  3,582  3,769  1,658  2,111  1994 1/30/2004
Akron, Ohio (4)
Office Building —  1,973  6,771  3,107  1,974  9,877  11,851  3,653  8,198 
1968/1999
 4/29/2004
Canton, North Carolina
Industrial Building 3,123  150  5,050  7,285  150  12,335  12,485  3,298  9,187 
1998/2014
 7/6/2004
Crenshaw, Pennsylvania (4)
Industrial Building —  100  6,574  269  100  6,843  6,943  2,903  4,040  1991 8/5/2004
Lexington, North Carolina (4)
Industrial Building —  820  2,107  69  820  2,176  2,996  954  2,042  1986 8/5/2004
Mt. Pocono, Pennsylvania (4)
Industrial Building —  350  5,819  18  350  5,837  6,187  2,463  3,724 
1995/1999
 10/15/2004
San Antonio, Texas (4)
Office Building —  843  7,514  2,240  843  9,754  10,597  3,964  6,633  1999 2/10/2005
Big Flats, New York
Industrial Building 2,049  275  6,459  515  275  6,974  7,249  2,632  4,617  2001 4/15/2005
Wichita, Kansas (4)
Office Building —  1,525  9,703  327  1,525  10,030  11,555  4,138  7,417  2000 5/18/2005
Eatontown, New Jersey
Office Building 2,574  1,351  3,520  534  1,351  4,054  5,405  1,700  3,705  1991 7/7/2005
Duncan, South Carolina (4)
Industrial Building —  783  10,790  1,889  783  12,679  13,462  4,919  8,543 
1984/2001/2007
 7/14/2005
Duncan, South Carolina (4)
Industrial Building —  195  2,682  470  195  3,152  3,347  1,223  2,124 
1984/2001/2007
 7/14/2005
Clintonville, Wisconsin (4)
Industrial Building —  55  4,717  3,250  55  7,967  8,022  2,665  5,357 
1992/2013
 10/31/2005
Richmond, Virginia (4)
Office Building —  736  5,336  486  736  5,822  6,558  2,207  4,351  1972 12/30/2005
Champaign, Illinois (5)
Office Building —  687  2,036  (1,057) 326  1,340  1,666  754  912  1996 2/21/2006
Burnsville, Minnesota
Office Building 7,764  3,511  8,746  7,329  3,511  16,075  19,586  6,654  12,932  1984 5/10/2006
Menomonee Falls, Wisconsin (4)
Industrial Building —  625  6,911  686  625  7,597  8,222  2,914  5,308 
1986/2000
 6/30/2006
Baytown, Texas (4)
Medical Office Building —  221  2,443  2,478  221  4,921  5,142  1,931  3,211  1997 7/11/2006
Mason, Ohio
Office Building 3,560  797  6,258  725  797  6,983  7,780  2,792  4,988  2002 1/5/2007
Raleigh, North Carolina (4)
Industrial Building —  1,606  5,513  4,148  1,606  9,661  11,267  3,576  7,691  1994 2/16/2007
Tulsa, Oklahoma
Industrial Building —  —  14,057  548  —  14,605  14,605  5,872  8,733  2004 3/1/2007
Hialeah, Florida
Industrial Building —  3,562  6,672  769  3,562  7,441  11,003  2,697  8,306 
1956/1992
 3/9/2007
Mason, Ohio (4)
Retail Building —  1,201  4,961  —  1,201  4,961  6,162  1,749  4,413  2007 7/1/2007
Cicero, New York (4)
Industrial Building —  299  5,019  —  299  5,019  5,318  1,714  3,604  2005 9/6/2007
Grand Rapids, Michigan
Office Building 4,886  1,629  10,500  308  1,629  10,808  12,437  3,819  8,618  2001 9/28/2007
Bolingbrook, Illinois (4)
Industrial Building —  1,272  5,003  991  1,272  5,994  7,266  2,287  4,979  2002 9/28/2007
Decatur, Georgia (4)
Medical Office Building —  783  3,241  —  783  3,241  4,024  1,140  2,884  1989 12/13/2007
Decatur, Georgia (4)
Medical Office Building —  205  847  —  205  847  1,052  298  754  1989 12/13/2007
Decatur, Georgia (4)
Medical Office Building —  257  1,062  —  257  1,062  1,319  374  945  1989 12/13/2007
Lawrenceville, Georgia (4)
    Initial Cost   Total Cost        
Location of Property Encumbrances Land Buildings &
Improvements		 Improvement
Costs Capitalized
Subsequent to
Acquisition		 Land Buildings &
Improvements		 Total 
(1)		 Accumulated
Depreciation (2)		 Net Real
Estate (3)		 Year
Construction/
Improvements		 Date
Acquired
Medical Office Building —  678  2,807  —  678  2,807  3,485  988  2,497  2005 12/13/2007
Snellville, Georgia (4)
Medical Office Building —  176  727  —  176  727  903  256  647  1986 12/13/2007
Covington, Georgia (4)
Medical Office Building —  232  959  —  232  959  1,191  338  853  2000 12/13/2007
Conyers, Georgia (4)
Medical Office Building —  296  1,228  —  296  1,228  1,524  432  1,092  1994 12/13/2007
Cumming, Georgia
Medical Office Building 2,634  738  3,055  2,524  741  5,576  6,317  1,621  4,696  2004 12/13/2007
Reading, Pennsylvania
Industrial Building 3,337  491  6,202  —  491  6,202  6,693  2,062  4,631  2007 1/29/2008
Fridley, Minnesota
Office Building 4,380  1,354  8,074  1,768  1,383  9,813  11,196  3,390  7,806 
1985/2006
 2/26/2008
Pineville, North Carolina
Industrial Building 1,940  669  3,028  293  669  3,321  3,990  1,097  2,893  1985 4/30/2008
Marietta, Ohio
Industrial Building 4,734  829  6,607  529  829  7,136  7,965  2,265  5,700 
1992/2007
 8/29/2008
Chalfont, Pennsylvania
Industrial Building 4,275  1,249  6,420  854  1,249  7,274  8,523  2,365  6,158  1987 8/29/2008
Orange City, Iowa
Industrial Building 5,353  258  5,861  6  258  5,867  6,125  1,843  4,282  1990 12/15/2010
Hickory, North Carolina
Office Building 5,728  1,163  6,605  357  1,163  6,962  8,125  2,911  5,214  2008 4/4/2011
Springfield, Missouri (4)
Office Building —  1,700  12,038  924  1,845  12,817  14,662  3,600  11,062  2006 6/20/2011
Boston Heights, Ohio
Office Building 2,263  449  3,010  10  449  3,020  3,469  1,145  2,324  2011 10/20/2011
Parsippany, New Jersey (4)
Office Building —  1,696  7,077  252  1,696  7,329  9,025  2,454  6,571  1984 10/28/2011
Dartmouth, Massachusetts
Retail Location 3,304  —  4,236  —  —  4,236  4,236  1,078  3,158  2011 11/18/2011
Springfield, Missouri
Retail Location 1,222  —  2,275  —  —  2,275  2,275  742  1,533  2005 12/13/2011
Pittsburgh, Pennsylvania
Office Building 2,326  281  3,205  743  281  3,948  4,229  1,271  2,958  1968 12/28/2011
Ashburn, Virginia
Office Building 6,052  706  7,858  —  705  7,859  8,564  2,314  6,250  2002 1/25/2012
Ottumwa, Iowa
Industrial Building 2,708  212  5,072  310  212  5,382  5,594  1,515  4,079  1970 5/30/2012
New Albany, Ohio
Office Building 6,908  1,658  8,746  —  1,658  8,746  10,404  2,760  7,644  2007 6/5/2012
Columbus, Georgia
Office Building 3,779  1,378  4,520  —  1,378  4,520  5,898  1,592  4,306  2012 6/21/2012
Columbus, Ohio (4)
Office Building —  542  2,453  134  542  2,587  3,129  993  2,136  1981 6/28/2012
Jupiter, Florida (4)
Office Building —  1,160  11,994  —  1,160  11,994  13,154  3,026  10,128  2011 9/26/2012
Fort Worth, Texas
Industrial Building 10,321  963  15,647  —  963  15,647  16,610  3,881  12,729  2005 11/8/2012
Columbia, South Carolina
Office Building 14,890  1,905  20,648  438  1,905  21,086  22,991  7,224  15,767  2010 11/21/2012
Egg Harbor, New Jersey
Office Building 2,949  1,627  3,017  315  1,627  3,332  4,959  964  3,995  1985 3/28/2013
Vance, Alabama (4)
Industrial Building —  457  10,529  6,692  457  17,221  17,678  3,440  14,238  2013 5/9/2013
Blaine, Minnesota (5)
Office Building 7,193  1,060  10,518  (1,702) 842  9,034  9,876  3,327  6,549  2009 5/10/2013
Austin, Texas
Office Building 30,827  2,330  44,021  134  2,330  44,155  46,485  16,922  29,563  1999 7/9/2013
Allen, Texas
Office Building 7,620  2,699  7,945  1,467  2,699  9,412  12,111  3,357  8,754  1998 7/10/2013
Englewood, Colorado (4)
Office Building —  1,503  11,739  208  1,503  11,947  13,450  3,652  9,798  2008 12/11/2013
Novi, Michigan
Industrial Building 3,701  352  5,626  —  352  5,626  5,978  1,365  4,613  1988 12/27/2013
Allen, Texas
Retail Building 2,728  874  3,634  —  874  3,634  4,508  849  3,659  2004 3/27/2014
Colleyville, Texas
    Initial Cost   Total Cost        
Location of Property Encumbrances Land Buildings &
Improvements		 Improvement
Costs Capitalized
Subsequent to
Acquisition		 Land Buildings &
Improvements		 Total 
(1)		 Accumulated
Depreciation (2)		 Net Real
Estate (3)		 Year
Construction/
Improvements		 Date
Acquired
Retail Building 2,518  1,277  2,424  —  1,277  2,424  3,701  591  3,110  2000 3/27/2014
Rancho Cordova, California (5)
Office Building 4,486  752  6,176  (541) 641  5,746  6,387  1,509  4,878  1986 4/22/2014
Coppell, Texas
Retail Building 2,900  1,448  3,349  —  1,448  3,349  4,797  765  4,032  2005 5/8/2014
Columbus, Ohio (4)
Office Building —  990  8,017  2,860  990  10,877  11,867  3,058  8,809  1986 5/13/2014
Taylor, Pennsylvania
Industrial Building 21,600  3,101  25,405  1,248  3,101  26,653  29,754  5,283  24,471 
2000/2006
 6/9/2014
Aurora, Colorado (4)
Industrial Building —  2,882  3,917  96  2,882  4,013  6,895  1,028  5,867  1983 7/1/2014
Indianapolis, Indiana
Office Building 5,455  502  6,422  1,859  498  8,285  8,783  2,152  6,631 
1981/2014
 9/3/2014
Denver, Colorado (4)
Industrial Building —  1,621  7,071  243  1,621  7,314  8,935  1,646  7,289  1985 10/31/2014
Monroe, Michigan
Industrial Building 9,632  658  14,607  —  657  14,608  15,265  2,761  12,504  2004 12/23/2014
Monroe, Michigan
Industrial Building 6,742  460  10,225  —  460  10,225  10,685  1,933  8,752  2004 12/23/2014
Richardson, Texas
Office Building 12,991  2,728  15,372  1,135  2,728  16,507  19,235  4,086  15,149 
1985/2008
 3/6/2015
Birmingham, Alabama (4)
Office Building —  650  2,034  60  650  2,094  2,744  567  2,177 
1982/2010
 3/20/2015
Dublin, Ohio
Office Building 3,800  1,338  5,058  1,086  1,338  6,144  7,482  1,374  6,108 
1980/Various
 5/28/2015
Draper, Utah
Office Building 11,930  3,248  13,129  74  3,248  13,203  16,451  2,998  13,453  2008 5/29/2015
Hapeville, Georgia
Office Building 6,845  2,272  8,778  263  2,272  9,041  11,313  1,801  9,512 
1999/2007
 7/15/2015
Villa Rica, Georgia
Industrial Building 3,477  293  5,277  18  293  5,295  5,588  1,030  4,558 
2000/2014
 10/20/2015
Taylorsville, Utah
Office Building 8,867  3,008  10,659  435  3,008  11,094  14,102  2,703  11,399  1997 5/26/2016
Fort Lauderdale, Florida
Office Building 12,625  4,117  15,516  3,378  4,117  18,894  23,011  3,664  19,347  1984 9/12/2016
King of Prussia, Pennsylvania
Office Building 14,401  3,681  15,739  473  3,681  16,212  19,893  2,918  16,975  2001 12/14/2016
Conshohocken, Pennsylvania
Office Building 10,095  1,996  10,880  —  1,996  10,880  12,876  1,532  11,344  1996 6/22/2017
Philadelphia, Pennsylvania
Industrial Building 14,924  5,896  16,282  27  5,906  16,299  22,205  2,669  19,536 
1994/2011
 7/7/2017
Maitland, Florida
Office Building 15,356  3,073  19,661  431  3,091  20,074  23,165  3,714  19,451  1998 7/31/2017
Maitland, Florida
Office Building 7,699  2,095  9,339  —  2,095  9,339  11,434  1,328  10,106  1999 7/31/2017
Columbus, Ohio
Office Building 8,939  1,926  11,410  (1) 1,925  11,410  13,335  1,723  11,612  2007 12/1/2017
Salt Lake City, Utah (4)
Office Building —  4,446  9,938  771  4,446  10,709  15,155  1,606  13,549  2007 12/1/2017
Vance, Alabama (4)
Industrial Building —  459  12,224  44  469  12,258  12,727  1,260  11,467  2018 3/9/2018
Columbus, Ohio
Industrial Building 4,524  681  6,401  —  681  6,401  7,082  756  6,326  1990 9/20/2018
Detroit, Michigan
Industrial Building 6,389  1,458  10,092  10  1,468  10,092  11,560  793  10,767  1997 10/30/2018
Detroit, Michigan (4)
Industrial Building —  662  6,681  10  672  6,681  7,353  534  6,819 
2002/2016
 10/30/2018
Lake Mary, Florida
Office Building 10,316  3,018  11,756  87  3,020  11,841  14,861  1,023  13,838 
1997/2018
 12/27/2018
Moorestown, New Jersey (4)
Industrial Building —  471  1,825  —  471  1,825  2,296  213  2,083  1991 2/8/2019
Indianapolis, Indiana (4)
Industrial Building —  255  2,809  —  255  2,809  3,064  203  2,861 
1989/2019
 2/28/2019
Ocala, Florida (4)
Industrial Building —  1,286  8,535  —  1,286  8,535  9,821  505  9,316  2001 4/5/2019
Ocala, Florida (4)
Industrial Building —  725  4,814  253  725  5,067  5,792  285  5,507 
1965/2007
 4/5/2019
Delaware, Ohio (4)
    Initial Cost   Total Cost        
Location of Property Encumbrances Land Buildings &
Improvements		 Improvement
Costs Capitalized
Subsequent to
Acquisition		 Land Buildings &
Improvements		 Total 
(1)		 Accumulated
Depreciation (2)		 Net Real
Estate (3)		 Year
Construction/
Improvements		 Date
Acquired
Industrial Building —  316  2,355  —  316  2,355  2,671  165  2,506  2005 4/30/2019
Tifton, Georgia
Industrial Building 8,467  —  15,190  1,725  1,725  15,190  16,915  785  16,130 
1995/2003
 6/18/2019
Denton, Texas (4)
Industrial Building —  1,497  4,151  —  1,496  4,152  5,648  262  5,386  2012 7/30/2019
Temple, Texas (4)
Industrial Building —  200  4,335  65  200  4,400  4,600  225  4,375 
1973/2006
 9/26/2019
Temple, Texas (4)
Industrial Building —  296  6,425  99  296  6,524  6,820  334  6,486 
1978/2006
 9/26/2019
Indianapolis, Indiana (4)
Industrial Building —  1,158  5,162  4  1,162  5,162  6,324  354  5,970 
1967/1998
 11/14/2019
Jackson, Tennessee
Industrial Building 4,656  311  7,199  —  311  7,199  7,510  250  7,260  2019 12/16/2019
Carrollton, Georgia
Industrial Building 4,138  291  6,720  —  292  6,719  7,011  225  6,786 
2015/2019
 12/17/2019
New Orleans, Louisiana
Industrial Building 3,706  2,168  4,667  (2) 2,166  4,667  6,833  256  6,577  1975 12/17/2019
San Antonio, Texas
Industrial Building 3,804  775  6,877  (2) 773  6,877  7,650  268  7,382  1985 12/17/2019
Port Allen, Louisiana
Industrial Building 2,819  292  3,411  (2) 291  3,410  3,701  168  3,533 
1983/2005
 12/17/2019
Albuquerque, New Mexico
Industrial Building 1,824  673  2,291  (3) 671  2,290  2,961  93  2,868 
1998/2017
 12/17/2019
Tucson, Arizona
Industrial Building 3,414  819  4,636  (2) 817  4,636  5,453  176  5,277 
1987/1995/2005
 12/17/2019
Albuquerque, New Mexico
Industrial Building 3,453  818  5,219  (4) 815  5,218  6,033  195  5,838 
2000/2018
 12/17/2019
Indianapolis, Indiana (4)
Industrial Building —  489  3,956  206  493  4,158  4,651  137  4,514  1987 1/8/2020
Houston, Texas
Industrial Building 9,772  1,714  14,170  3  1,717  14,170  15,887  385  15,502 
2000/2018
 1/27/2020
Charlotte, North Carolina
Industrial Building 5,279  1,458  6,778  4  1,461  6,779  8,240  234  8,006 
1995/1999/2006
 1/27/2020
St. Charles, Missouri
Industrial Building 2,920  924  3,749  4  928  3,749  4,677  105  4,572  2012 1/27/2020
Crandall, Georgia
Industrial Building 17,224  2,711  26,632  115  2,711  26,747  29,458  641  28,817  2020 3/9/2020
Terre Haute, Indiana (4)
Industrial Building —  502  8,076  —  502  8,076  8,578  81  8,497  2010 9/1/2020
Montgomery, Alabama (4)
Industrial Building —  599  11,290  3  602  11,290  11,892  96  11,796 
1990/1997
 10/14/2020
Huntsville, Alabama
Industrial Building 10,348  1,445  15,040  —  1,445  15,040  16,485  21  16,464  2001 12/18/2020
Pittsburgh, Pennsylvania
Industrial Building 6,375  1,422  10,094  —  1,422  10,094  11,516  13  11,503  1994 12/21/2020
$ 459,838  $ 142,993  $ 925,501  $ 71,711  $ 144,269  $ 995,936  $ 1,140,205  $ 231,876  $ 908,329 
(1)The aggregate cost for land and building improvements for federal income tax purposes is the same as the total gross cost of land, building improvements and acquisition costs capitalized for asset acquisitions under ASC 360, which is $1,140.2 million.
(2)Depreciable life of all buildings is the shorter of the useful life of the asset or 39 years. Depreciable life of all improvements is the shorter of the useful life of the assets or the life of the respective leases on each building, which range from 5-20 years.
(3)The net real estate figure includes real estate held for sale as of December 31, 2020 of $8.1 million.
(4)These properties are in our unencumbered pool of assets on our Credit Facility.
(5)These properties were impaired during the year ended December 31, 2020.
The following table reconciles the change in the balance of real estate during the years ended December 31, 2020, 2019 and 2018, respectively (in thousands):

2020 2019 2018
Balance at beginning of period $ 1,064,389  $ 949,822  $ 906,850 
Additions:
Acquisitions during period 111,049  108,972  53,432 
Improvements 11,696  10,580  4,824 
Deductions:
Dispositions during period (43,383) (3,172) (15,284)
Impairments during period (3,546) (1,813) — 
Balance at end of period $ 1,140,205  (1) $ 1,064,389  (2) $ 949,822  (3)
(1)The real estate figure includes $11.5 million of real estate held for sale as of December 31, 2020.
(2)The real estate figure includes $7.4 million of real estate held for sale as of December 31, 2019.
(3)The real estate figure includes $3.2 million of real estate held for sale as of December 31, 2018.

The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2020, 2019 and 2018, respectively (in thousands):

2020 2019 2018
Balance at beginning of period $ 210,944  $ 178,475  $ 153,387 
Additions during period 36,034  32,838  29,915 
Dispositions during period (15,102) (369) (4,827)
Balance at end of period $ 231,876  (1) $ 210,944  (2) $ 178,475  (3)
(1)The accumulated depreciation figure includes $3.4 million of real estate held for sale as of December 31, 2020.
(2)The accumulated depreciation figure includes $3.4 million of real estate held for sale as of December 31, 2019.
(3)The accumulated depreciation figure includes $0.2 million of real estate held for sale as of December 31, 2018.