Gladstone Commercial Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Schedule III - Real Estate and Accumulated Depreciation

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

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, 2023 (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	$	3,004	$	3,782	1997	12/23/2003
Canton, Ohio (3)
Office Building	—		186		3,083		500		187		3,582		3,769		1,974		1,795		1994	1/30/2004
Akron, Ohio (3)
Office Building	—		1,973		6,771		4,042		1,974		10,812		12,786		4,990		7,796		1968/1999	4/29/2004
Canton, North Carolina (3)
Industrial Building	—		150		5,050		7,285		150		12,335		12,485		4,631		7,854		1998/2014	7/6/2004
Crenshaw, Pennsylvania (3)
Industrial Building	—		100		6,574		269		100		6,843		6,943		3,429		3,514		1991	8/5/2004
Lexington, North Carolina (3)
Industrial Building	—		820		2,107		69		820		2,176		2,996		1,117		1,879		1986	8/5/2004
Mt. Pocono, Pennsylvania (3)
Industrial Building	—		350		5,819		18		350		5,837		6,187		2,910		3,277		1995/1999	10/15/2004
San Antonio, Texas (3)
Office Building	—		843		7,514		3,208		843		10,722		11,565		5,082		6,483		1999	2/10/2005
Big Flats, New York (3)
Industrial Building	—		275		6,459		515		275		6,974		7,249		3,204		4,045		2001	4/15/2005
Wichita, Kansas (3)
Office Building	—		1,525		9,703		674		1,525		10,377		11,902		5,133		6,769		2000	5/18/2005
Duncan, South Carolina (3)
Industrial Building	—		783		10,790		1,889		783		12,679		13,462		5,912		7,550		1984/2001/2007	7/14/2005
Duncan, South Carolina (3)
Industrial Building	—		195		2,682		470		195		3,152		3,347		1,470		1,877		1984/2001/2007	7/14/2005
Clintonville, Wisconsin (3)
Industrial Building	—		55		4,717		3,250		55		7,967		8,022		3,339		4,683		1992/2013	10/31/2005
Burnsville, Minnesota (3)
Office Building	—		3,511		8,746		7,759		3,511		16,505		20,016		8,971		11,045		1984	5/10/2006
Menomonee Falls, Wisconsin (3)
Industrial Building	—		625		6,911		686		625		7,597		8,222		3,645		4,577		1986/2000	6/30/2006
Mason, Ohio (3)
Office Building	—		797		6,258		1,902		797		8,160		8,957		3,446		5,511		2002	1/5/2007
Raleigh, North Carolina (3)
Industrial Building	—		1,606		5,513		4,700		1,606		10,213		11,819		5,083		6,736		1994	2/16/2007
Tulsa, Oklahoma (3)
Industrial Building	—		—		14,057		687		—		14,744		14,744		7,230		7,514		2004	3/1/2007
Hialeah, Florida (3)
Industrial Building	—		3,562		6,672		1,026		3,562		7,698		11,260		3,327		7,933		1956/1992	3/9/2007
Mason, Ohio (3)
Retail Building	—		1,201		4,961		—		1,201		4,961		6,162		2,139		4,023		2007	7/1/2007
Cicero, New York (3)
Industrial Building	—		299		5,019		150		299		5,169		5,468		2,113		3,355		2005	9/6/2007
Grand Rapids, Michigan (3)
Office Building	—		1,629		10,500		842		1,629		11,342		12,971		4,744		8,227		2001	9/28/2007
Bolingbrook, Illinois (3)
Industrial Building	—		1,272		5,003		999		1,272		6,002		7,274		2,937		4,337		2002	9/28/2007
Decatur, Georgia (3)
Medical Office Building	—		783		3,241		358		844		3,538		4,382		1,508		2,874		1989	12/13/2007
Decatur, Georgia (3)
Medical Office Building	—		205		847		94		221		925		1,146		394		752		1989	12/13/2007
Decatur, Georgia (3)
Medical Office Building	—		257		1,062		118		277		1,160		1,437		495		942		1989	12/13/2007
Lawrenceville, Georgia (3)
Medical Office Building	—		678		2,807		(892)		525		2,068		2,593		931		1,662		2005	12/13/2007
Snellville, Georgia (3)
Medical Office Building	—		176		727		81		190		794		984		339		645		1986	12/13/2007
Covington, Georgia (3)
Medical Office Building	—		232		959		106		250		1,047		1,297		446		851		2000	12/13/2007
Conyers, Georgia (3)
Medical Office Building	—		296		1,228		135		319		1,340		1,659		571		1,088		1994	12/13/2007
Cumming, 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	—	738	3,055	2,884	741	5,936	6,677	4,075	2,602	2004	12/13/2007
Reading, Pennsylvania (3)
Industrial Building	—	491	6,202	357	491	6,559	7,050	2,576	4,474	2007	1/29/2008
Fridley, Minnesota
Office Building	—	1,354	8,074	1,824	1,383	9,869	11,252	4,516	6,736	1985/2006	2/26/2008
Pineville, North Carolina (3)
Industrial Building	—	669	3,028	293	669	3,321	3,990	1,398	2,592	1985	4/30/2008
Marietta, Ohio (3)
Industrial Building	—	829	6,607	529	829	7,136	7,965	3,039	4,926	1992/2007	8/29/2008
Chalfont, Pennsylvania (3)
Industrial Building	—	1,249	6,420	1,024	1,249	7,444	8,693	3,142	5,551	1987	8/29/2008
Orange City, Iowa
Industrial Building	2,974	258	5,861	6	258	5,867	6,125	2,394	3,731	1990	12/15/2010
Hickory, North Carolina (3)
Office Building	—	1,163	6,605	357	1,163	6,962	8,125	3,639	4,486	2008	4/4/2011
Springfield, Missouri (3)
Office Building	—	1,700	12,038	924	1,845	12,817	14,662	4,799	9,863	2006	6/20/2011
Dartmouth, Massachusetts (3)
Retail Location	—	—	4,236	—	—	4,236	4,236	1,433	2,803	2011	11/18/2011
Springfield, Missouri
Retail Location	861	—	2,275	—	—	2,275	2,275	901	1,374	2005	12/13/2011
Ashburn, Virginia (3)
Office Building	—	706	7,858	—	705	7,859	8,564	3,079	5,485	2002	1/25/2012
Ottumwa, Iowa
Industrial Building	1,598	212	5,072	310	212	5,382	5,594	1,977	3,617	1970	5/30/2012
New Albany, Ohio
Office Building	—	1,658	8,746	2,829	1,658	11,575	13,233	3,608	9,625	2007	6/5/2012
Columbus, Georgia (3)
Office Building	—	1,378	4,520	—	1,378	4,520	5,898	2,149	3,749	2012	6/21/2012
Fort Worth, Texas
Industrial Building	8,043	963	15,647	—	963	15,647	16,610	5,203	11,407	2005	11/8/2012
Egg Harbor, New Jersey (3)
Office Building	—	1,627	3,017	(950)	1,065	2,629	3,694	1,296	2,398	1985	3/28/2013
Vance, Alabama (3)
Industrial Building	—	457	10,529	6,692	457	17,221	17,678	5,002	12,676	2013	5/9/2013
Austin, Texas
Office Building	—	2,330	44,021	6,507	2,330	50,528	52,858	21,753	31,105	1999	7/9/2013
Englewood, Colorado (3)
Office Building	—	1,503	11,739	1,498	1,503	13,237	14,740	5,026	9,714	2008	12/11/2013
Novi, Michigan (3)
Industrial Building	—	352	5,626	—	352	5,626	5,978	1,906	4,072	1988	12/27/2013
Allen, Texas (3)
Retail Building	—	874	3,634	—	874	3,634	4,508	1,198	3,310	2004	3/27/2014
Colleyville, Texas (3)
Retail Building	—	1,277	2,424	—	1,277	2,424	3,701	787	2,914	2000	3/27/2014
Coppell, Texas (3)
Retail Building	—	1,448	3,349	—	1,448	3,349	4,797	1,111	3,686	2005	5/8/2014
Columbus, Ohio (3)
Office Building	—	990	8,017	(514)	555	7,938	8,493	4,272	4,221	1986	5/13/2014
Taylor, Pennsylvania (3)
Industrial Building	—	3,101	25,405	1,248	3,101	26,653	29,754	8,060	21,694	2000/2006	6/9/2014
Aurora, Colorado (3)
Industrial Building	—	2,882	3,917	96	2,882	4,013	6,895	1,317	5,578	1983	7/1/2014
Indianapolis, Indiana (3)
Office Building	—	502	6,422	1,940	499	8,365	8,864	3,407	5,457	1981/2014	9/3/2014
Denver, Colorado (3)
Industrial Building	—	1,621	7,071	11,878	1,621	18,949	20,570	3,399	17,171	1985	10/31/2014
Monroe, Michigan
Industrial Building	8,930	658	14,607	195	658	14,802	15,460	4,168	11,292	2004	12/23/2014
Monroe, Michigan
Industrial Building	6,232	460	10,225	(20)	459	10,206	10,665	2,875	7,790	2004	12/23/2014
Richardson, Texas
Office Building	9,794	2,728	15,372	(3,157)	1,823	13,120	14,943	6,299	8,644	1985/2008	3/6/2015
Dublin, Ohio (3)
Office Building	—	1,338	5,058	1,086	1,338	6,144	7,482	2,202	5,280	1980/Various	5/28/2015
Draper, Utah
Office Building	8,027	3,248	13,129	(6,543)	1,504	8,330	9,834	4,181	5,653	2008	5/29/2015
Hapeville, 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
Office Building	—	2,272	8,778	263	2,272	9,041	11,313	2,773	8,540	1999/2007	7/15/2015
Villa Rica, Georgia
Industrial Building	3,246	293	5,277	198	293	5,475	5,768	1,621	4,147	2000/2014	10/20/2015
Fort Lauderdale, Florida
Office Building	11,447	4,117	15,516	3,823	4,117	19,339	23,456	7,010	16,446	1984	9/12/2016
King of Prussia, Pennsylvania
Office Building	13,689	3,681	15,739	473	3,681	16,212	19,893	5,189	14,704	2001	12/14/2016
Conshohocken, Pennsylvania
Office Building	9,106	1,996	10,880	185	1,996	11,065	13,061	2,835	10,226	1996	6/22/2017
Philadelphia, Pennsylvania
Industrial Building	14,431	5,896	16,282	62	5,906	16,334	22,240	4,973	17,267	1994/2011	7/7/2017
Maitland, Florida
Office Building	13,946	3,073	19,661	864	3,091	20,507	23,598	6,941	16,657	1998	7/31/2017
Maitland, Florida
Office Building	6,992	2,095	9,339	9	2,095	9,348	11,443	2,495	8,948	1999	7/31/2017
Columbus, Ohio (3)
Office Building	—	1,926	11,410	332	1,925	11,743	13,668	3,203	10,465	2007	12/1/2017
Salt Lake City, Utah (3)
Office Building	—	4,446	9,938	801	4,446	10,739	15,185	3,197	11,988	2007	12/1/2017
Vance, Alabama (3)
Industrial Building	—	459	12,224	44	469	12,258	12,727	2,608	10,119	2018	3/9/2018
Columbus, Ohio
Industrial Building	4,197	681	6,401	—	681	6,401	7,082	1,749	5,333	1990	9/20/2018
Detroit, Michigan
Industrial Building	5,589	1,458	10,092	10	1,468	10,092	11,560	1,889	9,671	1997	10/30/2018
Detroit, Michigan (3)
Industrial Building	—	662	6,681	10	672	6,681	7,353	1,272	6,081	2002/2016	10/30/2018
Lake Mary, Florida
Office Building	9,762	3,018	11,756	164	3,020	11,918	14,938	2,583	12,355	1997/2018	12/27/2018
Moorestown, New Jersey (3)
Industrial Building	—	471	1,825	—	471	1,825	2,296	550	1,746	1991	2/8/2019
Indianapolis, Indiana (3)
Industrial Building	—	255	2,809	—	255	2,809	3,064	534	2,530	1989/2019	2/28/2019
Ocala, Florida (3)
Industrial Building	—	1,286	8,535	—	1,286	8,535	9,821	1,375	8,446	2001	4/5/2019
Ocala, Florida (3)
Industrial Building	—	725	4,814	849	724	5,664	6,388	932	5,456	1965/2007	4/5/2019
Delaware, Ohio (3)
Industrial Building	—	316	2,355	—	316	2,355	2,671	462	2,209	2005	4/30/2019
Tifton, Georgia
Industrial Building	7,527	—	15,190	1,725	1,725	15,190	16,915	2,284	14,631	1995/2003	6/18/2019
Denton, Texas (3)
Industrial Building	—	1,497	4,151	—	1,496	4,152	5,648	814	4,834	2012	7/30/2019
Temple, Texas (3)
Industrial Building	—	200	4,335	65	200	4,400	4,600	759	3,841	1973/2006	9/26/2019
Temple, Texas (3)
Industrial Building	—	296	6,425	99	296	6,524	6,820	1,125	5,695	1978/2006	9/26/2019
Indianapolis, Indiana (3)
Industrial Building	—	1,158	5,162	4	1,162	5,162	6,324	1,292	5,032	1967/1998	11/14/2019
Jackson, Tennessee
Industrial Building	4,293	311	7,199	—	311	7,199	7,510	969	6,541	2019	12/16/2019
Carrollton, Georgia
Industrial Building	3,820	291	6,720	—	292	6,719	7,011	875	6,136	2015/2019	12/17/2019
New Orleans, Louisiana
Industrial Building	3,413	2,168	4,667	25	2,166	4,694	6,860	999	5,861	1975	12/17/2019
San Antonio, Texas
Industrial Building	3,503	775	6,877	864	773	7,743	8,516	1,093	7,423	1985	12/17/2019
Port Allen, Louisiana
Industrial Building	2,595	292	3,411	412	291	3,824	4,115	675	3,440	1983/2005	12/17/2019
Albuquerque, New Mexico
Industrial Building	1,679	673	2,291	4	671	2,297	2,968	360	2,608	1998/2017	12/17/2019
Tucson, Arizona
Industrial Building	3,143	819	4,636	210	817	4,848	5,665	712	4,953	1987/1995/2005	12/17/2019
Albuquerque, New Mexico
Industrial Building	3,179	818	5,219	240	815	5,462	6,277	771	5,506	2000/2018	12/17/2019
Indianapolis, Indiana (3)
Industrial Building	—	489	3,956	223	493	4,175	4,668	612	4,056	1987	1/8/2020
Houston, 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	Year Construction/ Improvements	Date Acquired
Industrial Building	9,118	1,714	14,170	3	1,717	14,170	15,887	1,628	14,259	2000/2018	1/27/2020
Charlotte, North Carolina
Industrial Building	4,926	1,458	6,778	4	1,461	6,779	8,240	989	7,251	1995/1999/2006	1/27/2020
St. Charles, Missouri
Industrial Building	2,725	924	3,749	4	928	3,749	4,677	445	4,232	2012	1/27/2020
Crandall, Georgia
Industrial Building	16,068	2,711	26,632	172	2,711	26,804	29,515	3,050	26,465	2020	3/9/2020
Terre Haute, Indiana (3)
Industrial Building	—	502	8,076	—	502	8,076	8,578	806	7,772	2010	9/1/2020
Montgomery, Alabama (3)
Industrial Building	—	599	11,290	3	602	11,290	11,892	1,443	10,449	1990/1997	10/14/2020
Huntsville, Alabama
Industrial Building	9,500	1,445	15,040	11,158	1,445	26,198	27,643	2,642	25,001	2001	12/18/2020
Pittsburgh, Pennsylvania
Industrial Building	6,248	1,422	10,094	150	1,422	10,244	11,666	1,408	10,258	1994	12/21/2020
Findlay, Ohio
Industrial Building	5,065	258	8,847	—	258	8,847	9,105	929	8,176	1992/2008	1/22/2021
Baytown, Texas (3)
Industrial Building	—	1,604	5,533	3	1,607	5,533	7,140	684	6,456	2018	6/17/2021
Pacific, Missouri (3)
Industrial Building	—	926	7,294	—	926	7,294	8,220	585	7,635	2019/2021	7/21/2021
Pacific, Missouri (3)
Industrial Building	—	235	1,852	—	235	1,852	2,087	148	1,939	2019/2021	7/21/2021
Pacific, Missouri (3)
Industrial Building	—	607	4,782	—	607	4,782	5,389	383	5,006	2019/2021	7/21/2021
Pacific, Missouri (3)
Industrial Building	—	257	2,027	—	257	2,027	2,284	162	2,122	2019/2021	7/21/2021
Peru, Illinois (3)
Industrial Building	—	89	1,413	—	89	1,413	1,502	151	1,351	1987/1998	8/20/2021
Peru, Illinois (3)
Industrial Building	—	140	2,225	—	140	2,225	2,365	239	2,126	1987/1998	8/20/2021
Charlotte, North Carolina (3)
Industrial Building	—	1,400	10,615	—	1,400	10,615	12,015	956	11,059	1972/2018	11/3/2021
Atlanta, Georgia (3)
Industrial Building	—	1,255	8,787	1,503	1,255	10,290	11,545	732	10,813	1974	12/21/2021
Crossville, Tennessee
Industrial Building	15,695	434	24,589	—	434	24,589	25,023	1,362	23,661	2020	12/21/2021
Wilkesboro, North Carolina (3)
Industrial Building	—	346	5,758	—	346	5,758	6,104	418	5,686	2014	2/24/2022
Oklahoma City, Oklahoma (3)
Industrial Building	—	470	4,688	1	470	4,689	5,159	287	4,872	1999/2004	3/11/2022
Cleveland, Ohio
Industrial Building	3,552	628	5,252	495	628	5,747	6,375	514	5,861	1966/1972/2000/2013	5/4/2022
Fort Payne, Alabama
Industrial Building	6,370	217	10,778	—	217	10,778	10,995	623	10,372	2013	5/4/2022
Wilmington, North Carolina
Industrial Building	6,401	1,104	9,730	22	1,104	9,752	10,856	706	10,150	2000/2020	5/12/2022
Wilmington, North Carolina
Industrial Building	3,309	571	5,031	12	571	5,043	5,614	365	5,249	2000/2020	5/12/2022
Wilmington, North Carolina
Industrial Building	254	44	386	1	44	387	431	28	403	2000/2020	5/12/2022
Bridgeton, New Jersey
Industrial Building	1,945	571	2,753	3	574	2,753	3,327	205	3,122	2017	8/5/2022
Vineland, New Jersey
Industrial Building	14,968	860	24,634	4	864	24,634	25,498	1,228	24,270	2003/2009	8/5/2022
Jacksonville, Florida
Industrial Building	4,400	1,099	5,587	222	1,099	5,809	6,908	288	6,620	1978	9/16/2022
Fort Payne, Alabama (3)
Industrial Building	—	39	4,774	—	39	4,774	4,813	196	4,617	2022	9/20/2022
Denver, Colorado
Industrial Building	6,600	5,227	4,649	157	5,228	4,805	10,033	244	9,789	1978	10/26/2022
Greenville, South Carolina (3)
Industrial Building	—	411	3,693	105	410	3,799	4,209	150	4,059	1964	12/21/2022
Riverdale, Illinois
Industrial Building	2,788	675	3,862	43	676	3,904	4,580	97	4,483	1949/1992	4/14/2023
Dallas Forth Worth, Texas
Retail Building	1,494	770	1,636	(1)	770	1,635	2,405	31	2,374	2010/2023	7/10/2023
Dallas Forth Worth, 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		Year Construction/ Improvements	Date Acquired
Industrial Building	4,680		1,269		6,617		—		1,268		6,618		7,886		105		7,781		1999	7/28/2023
Allentown, Pennsylvania (3)
Industrial Building	—		987		5,506		53		988		5,558		6,546		41		6,505		1974/2016	10/12/2023
Indianapolis, Indiana (3)
Industrial Building	—		928		3,102		(2)		926		3,102		4,028		17		4,011		1997	11/3/2023
	$	298,122	$	149,217	$	1,012,847	$	99,651	$	147,545	$	1,114,170	$	1,261,715	$	312,517	$	949,198

(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 $1,261.7 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 5-25 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, 2023, 2022 and 2021, respectively (in thousands):


	2023			2022		2021
Balance at beginning of period	$	1,299,570		$	1,225,258	$	1,140,205
Additions:
Acquisitions during period	25,352			99,300		85,169
Improvements	9,087			26,670		14,495
Deductions:
Dispositions during period	(53,281)			(39,823)		(14,611)
Impairments during period	(19,013)			(11,835)		—
Balance at end of period	$	1,261,715	(1)	$	1,299,570	$	1,225,258	(2)

(1)The real estate figure includes $40.4 million of real estate held for sale as of December 31, 2023.

(2)The real estate figure includes $12.3 million of real estate held for sale as of December 31, 2022.

The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2023, 2022 and 2021, respectively (in thousands):


	2023			2022			2021
Balance at beginning of period	$	295,130		$	267,057		$	233,424
Additions during period	41,174			41,075			38,449
Dispositions during period	(23,787)			(13,002)			(4,816)
Balance at end of period	$	312,517	(1)	$	295,130	(2)	$	267,057

(1)The accumulated depreciation figure includes $12.9 million of real estate held for sale as of December 31, 2023.

(2)The accumulated depreciation figure includes $9.0 million of real estate held for sale as of December 31, 2022.