Annual report pursuant to Section 13 and 15(d)

Schedule III - Real Estate and Accumulated Depreciation

v3.22.0.1
Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2021
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, 2021 (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		 Year
Construction/
Improvements		 Date
Acquired
Raleigh, North Carolina (3)
Office Building $ —  $ 960  $ 4,481  $ 1,345  $ 960  $ 5,826  $ 6,786  $ 2,720  $ 4,066  1997 12/23/2003
Canton, Ohio (3)
Office Building —  186  3,083  500  187  3,582  3,769  1,764  2,005  1994 1/30/2004
Akron, Ohio (3)
Office Building —  1,973  6,771  4,025  1,974  10,795  12,769  4,068  8,701 
1968/1999
 4/29/2004
Canton, North Carolina
Industrial Building 3,015  150  5,050  7,285  150  12,335  12,485  3,614  8,871 
1998/2014
 7/6/2004
Crenshaw, Pennsylvania (3)
Industrial Building —  100  6,574  269  100  6,843  6,943  3,078  3,865  1991 8/5/2004
Lexington, North Carolina (3)
Industrial Building —  820  2,107  69  820  2,176  2,996  1,008  1,988  1986 8/5/2004
Mt. Pocono, Pennsylvania (3)
Industrial Building —  350  5,819  18  350  5,837  6,187  2,614  3,573 
1995/1999
 10/15/2004
San Antonio, Texas (3)
Office Building —  843  7,514  2,240  843  9,754  10,597  4,315  6,282  1999 2/10/2005
Big Flats, New York
Industrial Building 1,988  275  6,459  515  275  6,974  7,249  2,823  4,426  2001 4/15/2005
Wichita, Kansas (3)
Office Building —  1,525  9,703  674  1,525  10,377  11,902  4,478  7,424  2000 5/18/2005
Eatontown, New Jersey
Office Building 2,498  1,351  3,520  534  1,351  4,054  5,405  1,812  3,593  1991 7/7/2005
Duncan, South Carolina (3)
Industrial Building —  783  10,790  1,889  783  12,679  13,462  5,250  8,212 
1984/2001/2007
 7/14/2005
Duncan, South Carolina (3)
Industrial Building —  195  2,682  470  195  3,152  3,347  1,305  2,042 
1984/2001/2007
 7/14/2005
Clintonville, Wisconsin (3)
Industrial Building —  55  4,717  3,250  55  7,967  8,022  2,890  5,132 
1992/2013
 10/31/2005
Burnsville, Minnesota (3)
Office Building —  3,511  8,746  7,352  3,511  16,098  19,609  7,451  12,158  1984 5/10/2006
Menomonee Falls, Wisconsin (3)
Industrial Building —  625  6,911  686  625  7,597  8,222  3,158  5,064 
1986/2000
 6/30/2006
Baytown, Texas
Medical Office Building —  221  2,443  2,478  221  4,921  5,142  3,314  1,828  1997 7/11/2006
Mason, Ohio
Office Building 3,424  797  6,258  721  797  6,979  7,776  3,010  4,766  2002 1/5/2007
Raleigh, North Carolina (3)
Industrial Building —  1,606  5,513  4,700  1,606  10,213  11,819  4,066  7,753  1994 2/16/2007
Tulsa, Oklahoma
Industrial Building —  —  14,057  579  —  14,636  14,636  6,318  8,318  2004 3/1/2007
Hialeah, Florida (3)
Industrial Building —  3,562  6,672  769  3,562  7,441  11,003  2,908  8,095 
1956/1992
 3/9/2007
Mason, Ohio (3)
Retail Building —  1,201  4,961  —  1,201  4,961  6,162  1,879  4,283  2007 7/1/2007
Cicero, New York (3)
Industrial Building —  299  5,019  33  299  5,052  5,351  1,843  3,508  2005 9/6/2007
Grand Rapids, Michigan
Office Building 4,699  1,629  10,500  308  1,629  10,808  12,437  4,121  8,316  2001 9/28/2007
Bolingbrook, Illinois (3)
Industrial Building —  1,272  5,003  991  1,272  5,994  7,266  2,537  4,729  2002 9/28/2007
Decatur, Georgia (3)
Medical Office Building —  783  3,241  —  783  3,241  4,024  1,227  2,797  1989 12/13/2007
Decatur, Georgia (3)
Medical Office Building —  205  847  —  205  847  1,052  321  731  1989 12/13/2007
Decatur, Georgia (3)
Medical Office Building —  257  1,062  —  257  1,062  1,319  403  916  1989 12/13/2007
Lawrenceville, Georgia (3)
Medical Office Building —  678  2,807  —  678  2,807  3,485  1,064  2,421  2005 12/13/2007
Snellville, Georgia (3)
Medical Office Building —  176  727  —  176  727  903  276  627  1986 12/13/2007
Covington, Georgia (3)
    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		 Year
Construction/
Improvements		 Date
Acquired
Medical Office Building —  232  959  —  232  959  1,191  363  828  2000 12/13/2007
Conyers, Georgia (3)
Medical Office Building —  296  1,228  —  296  1,228  1,524  465  1,059  1994 12/13/2007
Cumming, Georgia
Medical Office Building 2,534  738  3,055  2,524  741  5,576  6,317  1,768  4,549  2004 12/13/2007
Reading, Pennsylvania
Industrial Building 3,209  491  6,202  135  491  6,337  6,828  2,222  4,606  2007 1/29/2008
Fridley, Minnesota
Office Building 4,228  1,354  8,074  1,762  1,383  9,807  11,190  3,842  7,348 
1985/2006
 2/26/2008
Pineville, North Carolina
Industrial Building 1,866  669  3,028  293  669  3,321  3,990  1,206  2,784  1985 4/30/2008
Marietta, Ohio
Industrial Building 4,553  829  6,607  529  829  7,136  7,965  2,472  5,493 
1992/2007
 8/29/2008
Chalfont, Pennsylvania
Industrial Building 4,146  1,249  6,420  1,024  1,249  7,444  8,693  2,612  6,081  1987 8/29/2008
Orange City, Iowa
Industrial Building 4,588  258  5,861  6  258  5,867  6,125  2,027  4,098  1990 12/15/2010
Hickory, North Carolina
Office Building 5,529  1,163  6,605  357  1,163  6,962  8,125  3,179  4,946  2008 4/4/2011
Springfield, Missouri (3)
Office Building —  1,700  12,038  924  1,845  12,817  14,662  4,018  10,644  2006 6/20/2011
Boston Heights, Ohio
Office Building 2,184  449  3,010  10  449  3,020  3,469  1,350  2,119  2011 10/20/2011
Parsippany, New Jersey (3)
Office Building —  1,696  7,077  252  1,696  7,329  9,025  2,692  6,333  1984 10/28/2011
Dartmouth, Massachusetts (3)
Retail Location —  —  4,236  —  —  4,236  4,236  1,196  3,040  2011 11/18/2011
Springfield, Missouri
Retail Location 1,114  —  2,275  —  —  2,275  2,275  795  1,480  2005 12/13/2011
Pittsburgh, Pennsylvania
Office Building 2,238  281  3,205  743  281  3,948  4,229  1,441  2,788  1968 12/28/2011
Ashburn, Virginia
Office Building 5,816  706  7,858  —  705  7,859  8,564  2,569  5,995  2002 1/25/2012
Ottumwa, Iowa
Industrial Building 2,350  212  5,072  310  212  5,382  5,594  1,670  3,924  1970 5/30/2012
New Albany, Ohio
Office Building 6,468  1,658  8,746  —  1,658  8,746  10,404  3,082  7,322  2007 6/5/2012
Columbus, Georgia
Office Building 3,646  1,378  4,520  —  1,378  4,520  5,898  1,779  4,119  2012 6/21/2012
Columbus, Ohio (3)
Office Building —  542  2,453  166  542  2,619  3,161  1,103  2,058  1981 6/28/2012
Jupiter, Florida (3)
Office Building —  1,160  11,994  —  1,160  11,994  13,154  3,392  9,762  2011 9/26/2012
Fort Worth, Texas
Industrial Building 9,646  963  15,647  —  963  15,647  16,610  4,358  12,252  2005 11/8/2012
Columbia, South Carolina
Office Building 14,280  1,905  20,648  438  1,905  21,086  22,991  8,144  14,847  2010 11/21/2012
Egg Harbor, New Jersey
Office Building 2,833  1,627  3,017  315  1,627  3,332  4,959  1,092  3,867  1985 3/28/2013
Vance, Alabama (3)
Industrial Building —  457  10,529  6,692  457  17,221  17,678  3,979  13,699  2013 5/9/2013
Blaine, Minnesota
Office Building 7,025  1,060  10,518  755  842  11,491  12,333  3,610  8,723  2009 5/10/2013
Austin, Texas
Office Building 30,089  2,330  44,021  122  2,330  44,143  46,473  18,330  28,143  1999 7/9/2013
Allen, Texas
Office Building 7,358  2,699  7,945  1,487  2,699  9,432  12,131  3,851  8,280  1998 7/10/2013
Englewood, Colorado (3)
Office Building —  1,503  11,739  208  1,503  11,947  13,450  4,139  9,311  2008 12/11/2013
Novi, Michigan
Industrial Building 3,580  352  5,626  —  352  5,626  5,978  1,560  4,418  1988 12/27/2013
Allen, Texas
Retail Building 2,582  874  3,634  —  874  3,634  4,508  974  3,534  2004 3/27/2014
Colleyville, Texas
Retail Building 2,382  1,277  2,424  —  1,277  2,424  3,701  656  3,045  2000 3/27/2014
Coppell, Texas
Retail Building 2,742  1,448  3,349  —  1,448  3,349  4,797  880  3,917  2005 5/8/2014
Columbus, Ohio (3)
    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		 Year
Construction/
Improvements		 Date
Acquired
Office Building —  990  8,017  2,797  990  10,814  11,804  3,553  8,251  1986 5/13/2014
Taylor, Pennsylvania
Industrial Building 21,600  3,101  25,405  1,248  3,101  26,653  29,754  6,444  23,310 
2000/2006
 6/9/2014
Aurora, Colorado (3)
Industrial Building —  2,882  3,917  96  2,882  4,013  6,895  1,124  5,771  1983 7/1/2014
Indianapolis, Indiana
Office Building 5,314  502  6,422  1,892  498  8,318  8,816  2,574  6,242 
1981/2014
 9/3/2014
Denver, Colorado (3)
Industrial Building —  1,621  7,071  7,353  1,621  14,424  16,045  2,033  14,012  1985 10/31/2014
Monroe, Michigan
Industrial Building 9,409  658  14,607  195  658  14,802  15,460  3,229  12,231  2004 12/23/2014
Monroe, Michigan
Industrial Building 6,566  460  10,225  (20) 459  10,206  10,665  2,252  8,413  2004 12/23/2014
Richardson, Texas
Office Building 12,673  2,728  15,372  1,135  2,728  16,507  19,235  4,850  14,385 
1985/2008
 3/6/2015
Birmingham, Alabama (3)
Office Building —  650  2,034  91  650  2,125  2,775  656  2,119 
1982/2010
 3/20/2015
Dublin, Ohio
Office Building 3,654  1,338  5,058  1,086  1,338  6,144  7,482  1,650  5,832 
1980/Various
 5/28/2015
Draper, Utah
Office Building 11,664  3,248  13,129  74  3,248  13,203  16,451  3,524  12,927  2008 5/29/2015
Hapeville, Georgia
Office Building 6,696  2,272  8,778  263  2,272  9,041  11,313  2,123  9,190 
1999/2007
 7/15/2015
Villa Rica, Georgia
Industrial Building 3,403  293  5,277  18  293  5,295  5,588  1,226  4,362 
2000/2014
 10/20/2015
Taylorsville, Utah
Office Building 8,610  3,008  10,659  501  3,008  11,160  14,168  3,299  10,869  1997 5/26/2016
Fort Lauderdale, Florida
Office Building 12,270  4,117  15,516  3,689  4,117  19,205  23,322  4,637  18,685  1984 9/12/2016
King of Prussia, Pennsylvania
Office Building 14,176  3,681  15,739  473  3,681  16,212  19,893  3,675  16,218  2001 12/14/2016
Conshohocken, Pennsylvania
Office Building 9,795  1,996  10,880  —  1,996  10,880  12,876  1,966  10,910  1996 6/22/2017
Philadelphia, Pennsylvania
Industrial Building 14,924  5,896  16,282  27  5,906  16,299  22,205  3,436  18,769 
1994/2011
 7/7/2017
Maitland, Florida
Office Building 14,904  3,073  19,661  830  3,091  20,473  23,564  4,809  18,755  1998 7/31/2017
Maitland, Florida
Office Building 7,472  2,095  9,339  9  2,095  9,348  11,443  1,717  9,726  1999 7/31/2017
Columbus, Ohio
Office Building 8,784  1,926  11,410  (1) 1,925  11,410  13,335  2,211  11,124  2007 12/1/2017
Salt Lake City, Utah (3)
Office Building —  4,446  9,938  771  4,446  10,709  15,155  2,190  12,965  2007 12/1/2017
Vance, Alabama (3)
Industrial Building —  459  12,224  44  469  12,258  12,727  1,709  11,018  2018 3/9/2018
Columbus, Ohio
Industrial Building 4,427  681  6,401  —  681  6,401  7,082  1,087  5,995  1990 9/20/2018
Detroit, Michigan
Industrial Building 6,149  1,458  10,092  10  1,468  10,092  11,560  1,159  10,401  1997 10/30/2018
Detroit, Michigan (3)
Industrial Building —  662  6,681  10  672  6,681  7,353  780  6,573 
2002/2016
 10/30/2018
Lake Mary, Florida
Office Building 10,150  3,018  11,756  87  3,020  11,841  14,861  1,539  13,322 
1997/2018
 12/27/2018
Moorestown, New Jersey (3)
Industrial Building —  471  1,825  —  471  1,825  2,296  325  1,971  1991 2/8/2019
Indianapolis, Indiana (3)
Industrial Building —  255  2,809  —  255  2,809  3,064  313  2,751 
1989/2019
 2/28/2019
Ocala, Florida (3)
Industrial Building —  1,286  8,535  —  1,286  8,535  9,821  795  9,026  2001 4/5/2019
Ocala, Florida (3)
Industrial Building —  725  4,814  849  724  5,664  6,388  473  5,915 
1965/2007
 4/5/2019
Delaware, Ohio (3)
Industrial Building —  316  2,355  —  316  2,355  2,671  264  2,407  2005 4/30/2019
Tifton, Georgia
Industrial Building 8,168  —  15,190  1,725  1,725  15,190  16,915  1,296  15,619 
1995/2003
 6/18/2019
Denton, Texas (3)
Industrial Building —  1,497  4,151  —  1,496  4,152  5,648  446  5,202  2012 7/30/2019
Temple, Texas (3)
    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		 Year
Construction/
Improvements		 Date
Acquired
Industrial Building —  200  4,335  65  200  4,400  4,600  403  4,197 
1973/2006
 9/26/2019
Temple, Texas (3)
Industrial Building —  296  6,425  99  296  6,524  6,820  597  6,223 
1978/2006
 9/26/2019
Indianapolis, Indiana (3)
Industrial Building —  1,158  5,162  4  1,162  5,162  6,324  667  5,657 
1967/1998
 11/14/2019
Jackson, Tennessee
Industrial Building 4,540  311  7,199  —  311  7,199  7,510  490  7,020  2019 12/16/2019
Carrollton, Georgia
Industrial Building 4,035  291  6,720  —  292  6,719  7,011  442  6,569 
2015/2019
 12/17/2019
New Orleans, Louisiana
Industrial Building 3,618  2,168  4,667  (2) 2,166  4,667  6,833  502  6,331  1975 12/17/2019
San Antonio, Texas
Industrial Building 3,713  775  6,877  (2) 773  6,877  7,650  526  7,124  1985 12/17/2019
Port Allen, Louisiana
Industrial Building 2,751  292  3,411  (2) 291  3,410  3,701  329  3,372 
1983/2005
 12/17/2019
Albuquerque, New Mexico
Industrial Building 1,780  673  2,291  (3) 671  2,290  2,961  182  2,779 
1998/2017
 12/17/2019
Tucson, Arizona
Industrial Building 3,332  819  4,636  (2) 817  4,636  5,453  346  5,107 
1987/1995/2005
 12/17/2019
Albuquerque, New Mexico
Industrial Building 3,370  818  5,219  (4) 815  5,218  6,033  383  5,650 
2000/2018
 12/17/2019
Indianapolis, Indiana (3)
Industrial Building —  489  3,956  223  493  4,175  4,668  295  4,373  1987 1/8/2020
Houston, Texas
Industrial Building 9,574  1,714  14,170  3  1,717  14,170  15,887  799  15,088 
2000/2018
 1/27/2020
Charlotte, North Carolina
Industrial Building 5,172  1,458  6,778  4  1,461  6,779  8,240  486  7,754 
1995/1999/2006
 1/27/2020
St. Charles, Missouri
Industrial Building 2,861  924  3,749  4  928  3,749  4,677  219  4,458  2012 1/27/2020
Crandall, Georgia
Industrial Building 16,871  2,711  26,632  172  2,711  26,804  29,515  1,442  28,073  2020 3/9/2020
Terre Haute, Indiana (3)
Industrial Building —  502  8,076  —  502  8,076  8,578  322  8,256  2010 9/1/2020
Montgomery, Alabama (3)
Industrial Building —  599  11,290  3  602  11,290  11,892  545  11,347 
1990/1997
 10/14/2020
Huntsville, Alabama
Industrial Building 10,090  1,445  15,040  —  1,445  15,040  16,485  574  15,911  2001 12/18/2020
Pittsburgh, Pennsylvania
Industrial Building 6,375  1,422  10,094  150  1,422  10,244  11,666  474  11,192  1994 12/21/2020
Findlay, Ohio
Industrial Building 5,368  258  8,847  —  258  8,847  9,105  298  8,807 
1992/2008
 1/22/2021
Baytown, Texas (3)
Industrial Building —  1,604  5,533  3  1,607  5,533  7,140  145  6,995  2018 6/17/2021
Pacific, Missouri (3)
Industrial Building —  926  7,294  —  926  7,294  8,220  106  8,114 
2019/2021
 7/21/2021
Pacific, Missouri (3)
Industrial Building —  235  1,852  —  235  1,852  2,087  27  2,060 
2019/2021
 7/21/2021
Pacific, Missouri (3)
Industrial Building —  607  4,782  —  607  4,782  5,389  70  5,319 
2019/2021
 7/21/2021
Pacific, Missouri (3)
Industrial Building —  257  2,027  —  257  2,027  2,284  29  2,255 
2019/2021
 7/21/2021
Peru, Illinois (3)
Industrial Building —  89  1,413  —  89  1,413  1,502  23  1,479 
1987/1998
 8/20/2021
Peru, Illinois (3)
Industrial Building —  140  2,225  —  140  2,225  2,365  37  2,328 
1987/1998
 8/20/2021
Charlotte, North Carolina (3)
Industrial Building —  1,400  10,615  —  1,400  10,615  12,015  71  11,944 
1972/2018
 11/3/2021
Atlanta, Georgia (3)
Industrial Building —  1,255  8,787  599  1,255  9,386  10,641  9  10,632  1974 12/21/2021
Crossville, Tennessee
Industrial Building 16,000  434  24,589  —  434  24,589  25,023  19  25,004  2020 12/21/2021
$ 452,868  $ 148,023  $ 989,917  $ 87,318  $ 149,773  $ 1,075,485  $ 1,225,258  $ 266,672  $ 958,586 
(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 $1,225.3 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)These properties are in our unencumbered pool of assets on our Credit Facility.

The following table reconciles the change in the balance of real estate during the years ended December 31, 2021, 2020 and 2019, respectively (in thousands):

2021 2020 2019
Balance at beginning of period $ 1,140,205  $ 1,064,389  $ 949,822 
Additions:
Acquisitions during period 85,169  111,049  108,972 
Improvements 14,495  11,696  10,580 
Deductions:
Dispositions during period (14,611) (43,383) (3,172)
Impairments during period —  (3,546) (1,813)
Balance at end of period $ 1,225,258  $ 1,140,205  (1) $ 1,064,389  (2)
(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.

The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2021, 2020 and 2019, respectively (in thousands):

2021 2020 2019
Balance at beginning of period $ 231,876  $ 210,944  $ 178,475 
Additions during period 39,612  36,034  32,838 
Dispositions during period (4,816) (15,102) (369)
Balance at end of period $ 266,672  $ 231,876  (1) $ 210,944  (2)
(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.