Annual report pursuant to Section 13 and 15(d)

SCHEDULE III???REAL ESTATE AND ACCUMULATED DEPRECIATION

v3.25.0.1
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2024
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, 2024 (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  $ 3,208  $ 3,578  1997 12/23/2003
Canton, Ohio (3)
Office Building —  186  3,083  982  187  4,064  4,251  2,080  2,171  1994 1/30/2004
Akron, Ohio (3)
Office Building —  1,973  6,771  4,042  1,974  10,812  12,786  5,449  7,337 
1968/1999
 4/29/2004
Canton, North Carolina (3)
Industrial Building —  150  5,050  7,285  150  12,335  12,485  4,989  7,496 
1998/2014
 7/6/2004
Crenshaw, Pennsylvania (3)
Industrial Building —  100  6,574  269  100  6,843  6,943  3,603  3,340  1991 8/5/2004
Lexington, North Carolina (3)
Industrial Building —  820  2,107  69  820  2,176  2,996  1,171  1,825  1986 8/5/2004
Mt. Pocono, Pennsylvania (3)
Industrial Building —  350  5,819  18  350  5,837  6,187  3,058  3,129 
1995/1999
 10/15/2004
San Antonio, Texas (3)
Office Building —  843  7,514  3,208  843  10,722  11,565  5,518  6,047  1999 2/10/2005
Big Flats, New York (3)
Industrial Building —  275  6,459  515  275  6,974  7,249  3,394  3,855  2001 4/15/2005
Wichita, Kansas (3)
Office Building —  1,525  9,703  674  1,525  10,377  11,902  5,436  6,466  2000 5/18/2005
Duncan, South Carolina (3)
Industrial Building —  783  10,790  1,889  783  12,679  13,462  6,244  7,218 
1984/2001/2007
 7/14/2005
Duncan, South Carolina (3)
Industrial Building —  195  2,682  470  195  3,152  3,347  1,552  1,795 
1984/2001/2007
 7/14/2005
Clintonville, Wisconsin (3)
Industrial Building —  55  4,717  3,785  55  8,502  8,557  3,564  4,993 
1992/2013
 10/31/2005
Burnsville, Minnesota (3)
Office Building —  3,511  8,746  8,815  3,511  17,561  21,072  9,710  11,362  1984 5/10/2006
Menomonee Falls, Wisconsin (3)
Industrial Building —  625  6,911  686  625  7,597  8,222  3,835  4,387 
1986/2000
 6/30/2006
Mason, Ohio (3)
Office Building —  797  6,258  1,902  797  8,160  8,957  3,798  5,159  2002 1/5/2007
Raleigh, North Carolina (3)
Industrial Building —  1,606  5,513  4,700  1,606  10,213  11,819  5,592  6,227  1994 2/16/2007
Tulsa, Oklahoma (3)
Industrial Building —  —  14,057  687  —  14,744  14,744  7,687  7,057  2004 3/1/2007
Hialeah, Florida (3)
Industrial Building —  3,562  6,672  1,759  3,562  8,431  11,993  3,528  8,465 
1956/1992
 3/9/2007
Mason, Ohio (3)
Retail Building —  1,201  4,961  —  1,201  4,961  6,162  2,269  3,893  2007 7/1/2007
Cicero, New York (3)
Industrial Building —  299  5,019  150  299  5,169  5,468  2,254  3,214  2005 9/6/2007
Grand Rapids, Michigan (3)
Office Building —  1,629  10,500  1,573  1,629  12,073  13,702  5,164  8,538  2001 9/28/2007
Bolingbrook, Illinois (3)
Industrial Building —  1,272  5,003  1,070  1,272  6,073  7,345  3,108  4,237  2002 9/28/2007
Decatur, Georgia (3)
Medical Office Building —  783  3,241  358  844  3,538  4,382  1,606  2,776  1989 12/13/2007
Decatur, Georgia (3)
Medical Office Building —  205  847  94  221  925  1,146  420  726  1989 12/13/2007
Decatur, Georgia (3)
Medical Office Building —  257  1,062  118  277  1,160  1,437  527  910  1989 12/13/2007
Snellville, Georgia (3)
Medical Office Building —  176  727  81  190  794  984  361  623  1986 12/13/2007
Covington, Georgia (3)
Medical Office Building —  232  959  106  250  1,047  1,297  475  822  2000 12/13/2007
Conyers, Georgia (3)
Medical Office Building —  296  1,228  135  319  1,340  1,659  609  1,050  1994 12/13/2007
Reading, Pennsylvania (3)
Industrial Building —  491  6,202  357  491  6,559  7,050  2,756  4,294  2007 1/29/2008
Pineville, North Carolina (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 —  669  3,028  293  669  3,321  3,990  1,502  2,488  1985 4/30/2008
Marietta, Ohio (3)
Industrial Building —  829  6,607  529  829  7,136  7,965  3,243  4,722 
1992/2007
 8/29/2008
Chalfont, Pennsylvania (3)
Industrial Building —  1,249  6,420  1,024  1,249  7,444  8,693  3,406  5,287  1987 8/29/2008
Orange City, Iowa
Industrial Building 2,048  258  5,861  6  258  5,867  6,125  2,578  3,547  1990 12/15/2010
Hickory, North Carolina (3)
Office Building —  1,163  6,605  357  1,163  6,962  8,125  3,788  4,337  2008 4/4/2011
Springfield, Missouri (3)
Office Building —  1,700  12,038  1,237  1,845  13,130  14,975  5,189  9,786  2006 6/20/2011
Dartmouth, Massachusetts (3)
Retail Location —  —  4,236  —  —  4,236  4,236  1,551  2,685  2011 11/18/2011
Springfield, Missouri
Retail Location 724  —  2,275  —  —  2,275  2,275  954  1,321  2005 12/13/2011
Ashburn, Virginia (3)
Office Building —  706  7,858  1,828  705  9,687  10,392  3,334  7,058  2002 1/25/2012
Ottumwa, Iowa
Industrial Building 1,166  212  5,072  310  212  5,382  5,594  2,103  3,491  1970 5/30/2012
New Albany, Ohio
Office Building —  1,658  8,746  3,441  1,658  12,187  13,845  3,949  9,896  2007 6/5/2012
Columbus, Georgia (3)
Office Building —  1,378  4,520  —  1,378  4,520  5,898  2,281  3,617  2012 6/21/2012
Fort Worth, Texas
Industrial Building 7,171  963  15,647  —  963  15,647  16,610  5,588  11,022  2005 11/8/2012
Vance, Alabama (3)
Industrial Building —  457  10,529  6,692  457  17,221  17,678  5,460  12,218  2013 5/9/2013
Austin, Texas
Office Building —  2,330  44,021  6,507  2,330  50,528  52,858  23,567  29,291  1999 7/9/2013
Englewood, Colorado (3)
Office Building —  1,503  11,739  1,498  1,503  13,237  14,740  5,685  9,055  2008 12/11/2013
Novi, Michigan (3)
Industrial Building —  352  5,626  —  352  5,626  5,978  2,042  3,936  1988 12/27/2013
Allen, Texas (3)
Retail Building —  874  3,634  —  874  3,634  4,508  1,292  3,216  2004 3/27/2014
Colleyville, Texas (3)
Retail Building —  1,277  2,424  —  1,277  2,424  3,701  852  2,849  2000 3/27/2014
Coppell, Texas (3)
Retail Building —  1,448  3,349  —  1,448  3,349  4,797  1,206  3,591  2005 5/8/2014
Taylor, Pennsylvania (3)
Industrial Building —  3,101  25,405  1,551  3,101  26,956  30,057  8,872  21,185 
2000/2006
 6/9/2014
Aurora, Colorado (3)
Industrial Building —  2,882  3,917  96  2,882  4,013  6,895  1,413  5,482  1983 7/1/2014
Indianapolis, Indiana (3)
Office Building —  502  6,422  1,964  499  8,389  8,888  3,810  5,078 
1981/2014
 9/3/2014
Denver, Colorado (3)
Industrial Building —  1,621  7,071  11,878  1,621  18,949  20,570  4,341  16,229  1985 10/31/2014
Monroe, Michigan
Industrial Building 8,941  658  14,607  195  658  14,802  15,460  4,541  10,919  2004 12/23/2014
Monroe, Michigan
Industrial Building 6,239  460  10,225  (20) 459  10,206  10,665  3,120  7,545  2004 12/23/2014
Dublin, Ohio (3)
Office Building —  1,338  5,058  1,086  1,338  6,144  7,482  2,477  5,005 
1980/Various
 5/28/2015
Hapeville, Georgia (3)
Office Building —  2,272  8,778  263  2,272  9,041  11,313  3,096  8,217 
1999/2007
 7/15/2015
Villa Rica, Georgia
Industrial Building 3,162  293  5,277  309  293  5,586  5,879  1,825  4,054 
2000/2014
 10/20/2015
Fort Lauderdale, Florida
Office Building 11,008  4,117  15,516  7,400  4,117  22,916  27,033  7,918  19,115  1984 9/12/2016
King of Prussia, Pennsylvania
Office Building 13,429  3,681  15,739  473  3,681  16,212  19,893  5,946  13,947  2001 12/14/2016
Conshohocken, Pennsylvania
Office Building 8,743  1,996  10,880  1,028  1,996  11,908  13,904  3,319  10,585  1996 6/22/2017
Philadelphia, Pennsylvania
Industrial Building 14,045  5,896  16,282  97  5,906  16,369  22,275  5,743  16,532 
1994/2011
 7/7/2017
Maitland, Florida
Office Building 13,439  3,073  19,661  872  3,091  20,515  23,606  7,998  15,608  1998 7/31/2017
Maitland, Florida
    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 6,738  2,095  9,339  9  2,095  9,348  11,443  2,885  8,558  1999 7/31/2017
Columbus, Ohio (3)
Office Building —  1,926  11,410  332  1,925  11,743  13,668  3,707  9,961  2007 12/1/2017
Salt Lake City, Utah (3)
Office Building —  4,446  9,938  801  4,446  10,739  15,185  3,700  11,485  2007 12/1/2017
Vance, Alabama (3)
Industrial Building —  459  12,224  44  469  12,258  12,727  3,057  9,670  2018 3/9/2018
Columbus, Ohio
Industrial Building 4,073  681  6,401  559  681  6,960  7,641  2,084  5,557  1990 9/20/2018
Detroit, Michigan
Industrial Building 5,288  1,458  10,092  10  1,468  10,092  11,560  2,254  9,306  1997 10/30/2018
Detroit, Michigan (3)
Industrial Building —  662  6,681  10  672  6,681  7,353  1,518  5,835 
2002/2016
 10/30/2018
Lake Mary, Florida
Office Building 9,554  3,018  11,756  171  3,020  11,925  14,945  3,106  11,839 
1997/2018
 12/27/2018
Moorestown, New Jersey (3)
Industrial Building —  471  1,825  —  471  1,825  2,296  623  1,673  1991 2/8/2019
Indianapolis, Indiana (3)
Industrial Building —  255  2,809  —  255  2,809  3,064  644  2,420 
1989/2019
 2/28/2019
Ocala, Florida (3)
Industrial Building —  1,286  8,535  —  1,286  8,535  9,821  1,666  8,155  2001 4/5/2019
Ocala, Florida (3)
Industrial Building —  725  4,814  849  724  5,664  6,388  1,158  5,230 
1965/2007
 4/5/2019
Delaware, Ohio (3)
Industrial Building —  316  2,355  —  316  2,355  2,671  539  2,132  2005 4/30/2019
Tifton, Georgia
Industrial Building 7,260  —  15,190  (15,190) —  —  —  —  — 
1995/2003
 6/18/2019
Denton, Texas (3)
Industrial Building —  1,497  4,151  —  1,496  4,152  5,648  998  4,650  2012 7/30/2019
Temple, Texas (3)
Industrial Building —  200  4,335  65  200  4,400  4,600  937  3,663 
1973/2006
 9/26/2019
Temple, Texas (3)
Industrial Building —  296  6,425  99  296  6,524  6,820  1,389  5,431 
1978/2006
 9/26/2019
Indianapolis, Indiana (3)
Industrial Building —  1,158  5,162  4  1,162  5,162  6,324  1,605  4,719 
1967/1998
 11/14/2019
Jackson, Tennessee
Industrial Building 4,164  311  7,199  —  311  7,199  7,510  1,209  6,301  2019 12/16/2019
Carrollton, Georgia
Industrial Building 3,701  291  6,720  —  292  6,719  7,011  1,091  5,920 
2015/2019
 12/17/2019
New Orleans, Louisiana
Industrial Building 3,304  2,168  4,667  25  2,166  4,694  6,860  1,248  5,612  1975 12/17/2019
San Antonio, Texas
Industrial Building 3,391  775  6,877  864  773  7,743  8,516  1,397  7,119  1985 12/17/2019
Port Allen, Louisiana
Industrial Building 2,513  292  3,411  412  291  3,824  4,115  860  3,255 
1983/2005
 12/17/2019
Albuquerque, New Mexico
Industrial Building 1,626  673  2,291  4  671  2,297  2,968  450  2,518 
1998/2017
 12/17/2019
Tucson, Arizona
Industrial Building 3,044  819  4,636  210  817  4,848  5,665  903  4,762 
1987/1995/2005
 12/17/2019
Albuquerque, New Mexico
Industrial Building 3,078  818  5,219  240  815  5,462  6,277  971  5,306 
2000/2018
 12/17/2019
Indianapolis, Indiana (3)
Industrial Building —  489  3,956  283  493  4,235  4,728  776  3,952  1987 1/8/2020
Houston, Texas
Industrial Building 8,878  1,714  14,170  3  1,717  14,170  15,887  2,042  13,845 
2000/2018
 1/27/2020
Charlotte, North Carolina
Industrial Building 4,796  1,458  6,778  4  1,461  6,779  8,240  1,241  6,999 
1995/1999/2006
 1/27/2020
St. Charles, Missouri
Industrial Building 2,653  924  3,749  4  928  3,749  4,677  559  4,118  2012 1/27/2020
Crandall, Georgia
Industrial Building 15,651  2,711  26,632  172  2,711  26,804  29,515  3,854  25,661  2020 3/9/2020
Terre Haute, Indiana (3)
Industrial Building —  502  8,076  —  502  8,076  8,578  1,047  7,531  2010 9/1/2020
Montgomery, Alabama (3)
Industrial Building —  599  11,290  3  602  11,290  11,892  1,891  10,001 
1990/1997
 10/14/2020
Huntsville, Alabama
Industrial Building 9,192  1,445  15,040  11,158  1,445  26,198  27,643  3,916  23,727  2001 12/18/2020
Pittsburgh, Pennsylvania
    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 6,118  1,422  10,094  251  1,422  10,345  11,767  1,876  9,891  1994 12/21/2020
Findlay, Ohio
Industrial Building 4,907  258  8,847  —  258  8,847  9,105  1,245  7,860 
1992/2008
 1/22/2021
Baytown, Texas (3)
Industrial Building —  1,604  5,533  3  1,607  5,533  7,140  954  6,186  2018 6/17/2021
Pacific, Missouri (3)
Industrial Building —  926  7,294  —  926  7,294  8,220  824  7,396 
2019/2021
 7/21/2021
Pacific, Missouri (3)
Industrial Building —  235  1,852  —  235  1,852  2,087  209  1,878 
2019/2021
 7/21/2021
Pacific, Missouri (3)
Industrial Building —  607  4,782  —  607  4,782  5,389  540  4,849 
2019/2021
 7/21/2021
Pacific, Missouri (3)
Industrial Building —  257  2,027  —  257  2,027  2,284  229  2,055 
2019/2021
 7/21/2021
Peru, Illinois (3)
Industrial Building —  89  1,413  —  89  1,413  1,502  216  1,286 
1987/1998
 8/20/2021
Peru, Illinois (3)
Industrial Building —  140  2,225  —  140  2,225  2,365  339  2,026 
1987/1998
 8/20/2021
Charlotte, North Carolina (3)
Industrial Building —  1,400  10,615  —  1,400  10,615  12,015  1,399  10,616 
1972/2018
 11/3/2021
Atlanta, Georgia (3)
Industrial Building —  1,255  8,787  1,503  1,255  10,290  11,545  1,104  10,441  1974 12/21/2021
Crossville, Tennessee
Industrial Building 15,381  434  24,589  —  434  24,589  25,023  2,034  22,989  2020 12/21/2021
Wilkesboro, North Carolina (3)
Industrial Building —  346  5,758  —  346  5,758  6,104  643  5,461  2014 2/24/2022
Oklahoma City, Oklahoma (3)
Industrial Building —  470  4,688  (1,779) 289  3,090  3,379  534  2,845 
1999/2004
 3/11/2022
Cleveland, Ohio
Industrial Building 3,490  628  5,252  495  628  5,747  6,375  823  5,552 
1966/1972/2000/2013
 5/4/2022
Fort Payne, Alabama
Industrial Building 6,259  217  10,778  —  217  10,778  10,995  999  9,996  2013 5/4/2022
Wilmington, North Carolina
Industrial Building 6,236  1,104  9,730  22  1,104  9,752  10,856  1,139  9,717 
2000/2020
 5/12/2022
Wilmington, North Carolina
Industrial Building 3,224  571  5,031  12  571  5,043  5,614  589  5,025 
2000/2020
 5/12/2022
Wilmington, North Carolina
Industrial Building 248  44  386  1  44  387  431  45  386 
2000/2020
 5/12/2022
Bridgeton, New Jersey
Industrial Building 1,934  571  2,753  3  574  2,753  3,327  351  2,976  2017 8/5/2022
Vineland, New Jersey
Industrial Building 14,886  860  24,634  4  864  24,634  25,498  2,101  23,397 
2003/2009
 8/5/2022
Jacksonville, Florida
Industrial Building 4,400  1,099  5,587  222  1,099  5,809  6,908  511  6,397  1978 9/16/2022
Fort Payne, Alabama (3)
Industrial Building —  39  4,774  —  39  4,774  4,813  348  4,465  2022 9/20/2022
Denver, Colorado
Industrial Building 6,600  5,227  4,649  157  5,228  4,805  10,033  450  9,583  1978 10/26/2022
Greenville, South Carolina (3)
Industrial Building —  411  3,693  105  410  3,799  4,209  295  3,914  1964 12/21/2022
Riverdale, Illinois
Industrial Building 2,738  675  3,862  43  676  3,904  4,580  233  4,347 
1949/1992
4/14/2023
Dallas Forth Worth, Texas
Retail Building 1,467  770  1,636  (1) 770  1,635  2,405  98  2,307 
2010/2023
 7/10/2023
Dallas Forth Worth, Texas
Industrial Building 4,596  1,269  6,617  —  1,268  6,618  7,886  354  7,532  1999 7/28/2023
Allentown, Pennsylvania (3)
Industrial Building —  987  5,506  53  988  5,558  6,546  227  6,319 
1974/2016
 10/12/2023
Indianapolis, Indiana (3)
Industrial Building —  928  3,102  (2) 926  3,102  4,028  119  3,909  1997 11/3/2023
Warfordsburg, Pennsylvania (3)
Industrial Building —  414  2,925  —  414  2,925  3,339  82  3,257 
1991/1999
 5/7/2024
Warfordsburg, Pennsylvania (3)
Industrial Building —  77  542  —  77  542  619  15  604 
1991/1999
 5/7/2024
Warfordsburg, Pennsylvania (3)
Industrial Building —  576  4,079  —  576  4,079  4,655  114  4,541 
1991/1999
 5/7/2024
Warfordsburg, Pennsylvania (3)
Industrial Building —  101  716  —  101  716  817  20  797 
1991/1999
 5/7/2024
Warfordsburg, Pennsylvania (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 —  1  6  —  1  6  7  —  7 
1991/1999
5/7/2024
Midland, Texas (3)
Industrial Building —  525  7,772  —  525  7,772  8,297  81  8,216  2024 8/29/2024
St. Clair, Missouri (3)
Industrial Building —  1,168  3,493  —  1,169  3,492  4,661  15  4,646  2014 11/15/2024
$ 271,503  $ 140,716  $ 978,909  $ 100,293  $ 140,906  $ 1,079,012  $ 1,219,918  $ 323,434  $ 896,484 
(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 $1,219.9 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, 2024, 2023 and 2022, respectively (in thousands):

2024 2023 2022
Balance at beginning of period $ 1,261,715  $ 1,299,570  $ 1,225,258 
Additions:
Acquisitions during period 22,394  25,352  99,300 
Improvements 12,160  9,087  26,670 
Deductions:
Dispositions during period (69,723) (53,281) (39,823)
Impairments during period (6,628) (19,013) (11,835)
Balance at end of period $ 1,219,918  (1) $ 1,261,715  (2) $ 1,299,570  (3)
(1)The real estate figure includes $8.1 million of real estate held for sale as of December 31, 2024.
(2)The real estate figure includes $40.4 million of real estate held for sale as of December 31, 2023.
(3)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, 2024, 2023 and 2022, respectively (in thousands):

2024 2023 2022
Balance at beginning of period $ 312,517  $ 295,130  $ 267,057 
Additions during period 39,511  41,174  41,075 
Dispositions during period (28,594) (23,787) (13,002)
Balance at end of period $ 323,434  (1) $ 312,517  (2) $ 295,130  (3)
(1)The accumulated depreciation figure includes $3.8 million of real estate held for sale as of December 31, 2024.
(2)The accumulated depreciation figure includes $12.9 million of real estate held for sale as of December 31, 2023.
(3)The accumulated depreciation figure includes $9.0 million of real estate held for sale as of December 31, 2022.