Annual report pursuant to Section 13 and 15(d)

Schedule III - Real Estate and Accumulated Depreciation (Notes)

v3.10.0.1
Schedule III - Real Estate and Accumulated Depreciation (Notes)
12 Months Ended
Dec. 31, 2018
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, 2018 (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 (4)
Year
Construction/
Improvements
Date
Acquired
Raleigh, North Carolina (3)
 
 
 
 
 
 
 
 
 
 
 
Office Building
$

$
960

$
4,481

$
35

$
960

$
4,516

$
5,476

$
2,197

$
3,279

1997
12/23/2003
Canton, Ohio
 
 
 
 
 
 
 
 
 
 
 
Office Building
1,521

186

3,083

500

187

3,582

3,769

1,442

2,327

1994
1/30/2004
Akron, Ohio (3)
 
 
 
 
 
 
 
 
 
 
 
Office Building

1,973

6,771

2,248

1,974

9,018

10,992

2,934

8,058

1968/1999
4/29/2004
Charlotte, North Carolina (3)
 
 
 
 
 
 
 
 
 
 
 
Office Building

740

8,423

61

741

8,483

9,224

3,203

6,021

1984/1995
6/30/2004
Canton, North Carolina
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
3,322

150

5,050

7,285

150

12,335

12,485

2,665

9,820

1998/2014
7/6/2004
Crenshaw, Pennsylvania
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
3,881

100

6,574

269

100

6,843

6,943

2,549

4,394

1991
8/5/2004
Lexington, North Carolina
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
2,261

820

2,107

69

820

2,176

2,996

841

2,155

1986
8/5/2004
Austin, Texas (3)
 
 
 
 
 
 
 
 
 
 
 
Office Building

1,000

6,296

699

1,000

6,995

7,995

2,472

5,523

2001
9/16/2004
Mt. Pocono, Pennsylvania (3)
 
 
 
 
 
 
 
 
 
 
 
Industrial Building

350

5,819

18

350

5,837

6,187

2,159

4,028

1995/1999
10/15/2004
San Antonio, Texas (3)
 
 
 
 
 
 
 
 
 
 
 
Office Building

843

7,514

1,378

843

8,892

9,735

3,295

6,440

1999
2/10/2005
Big Flats, New York
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
2,181

275

6,459

34

275

6,493

6,768

2,289

4,479

2001
4/15/2005
Wichita, Kansas (3)
 
 
 
 
 
 
 
 
 
 
 
Office Building

1,525

9,703

327

1,525

10,030

11,555

3,514

8,041

2000
5/18/2005
Eatontown, New Jersey
 
 
 
 
 
 
 
 
 
 
 
Office Building
2,739

1,351

3,520

534

1,351

4,054

5,405

1,471

3,934

1991
7/7/2005
Duncan, South Carolina
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
8,945

783

10,790

1,722

783

12,512

13,295

4,259

9,036

1984/2001/2007
7/14/2005
Duncan, South Carolina
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
2,223

195

2,682

428

195

3,110

3,305

1,059

2,246

1984/2001/2007
7/14/2005
Clintonville, Wisconsin (3)
 
 
 
 
 
 
 
 
 
 
 
Industrial Building

55

4,717

3,250

55

7,967

8,022

2,215

5,807

1992/2013
10/31/2005
Maple Heights, Ohio
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
4,000

1,609

10,065

1,500

1,609

11,565

13,174

4,812

8,362

1974
12/21/2005
Richmond, Virginia (3)
 
 
 
 
 
 
 
 
 
 
 
Office Building

736

5,336

440

736

5,776

6,512

1,836

4,676

1972
12/30/2005
Champaign, Illinois
 
 
 
 
 
 
 
 
 
 
 
Office Building
1,478

687

2,036

2

687

2,038

2,725

700

2,025

1996
2/21/2006
Champaign, Illinois
 
 
 
 
 
 
 
 
 
 
 
Office Building
2,897

1,347

3,992

4

1,347

3,996

5,343

1,373

3,970

1996
2/21/2006
Champaign, Illinois
 
 
 
 
 
 
 
 
 
 
 
Office Building
1,811

842

2,495

2

842

2,497

3,339

858

2,481

1996
2/21/2006
Champaign, Illinois
 
 
 
 
 
 
 
 
 
 
 
Office Building
1,655

770

2,281

2

770

2,283

3,053

784

2,269

1996
2/21/2006
Burnsville, Minnesota
 
 
 
 
 
 
 
 
 
 
 
Office Building
8,340

3,511

8,746

6,693

3,511

15,439

18,950

5,062

13,888

1984
5/10/2006
Menomonee Falls, Wisconsin (3)
 
 
 
 
 
 
 
 
 
 
 
Industrial Building

625

6,911

686

625

7,597

8,222

2,416

5,806

1986/2000
6/30/2006
Baytown, Texas (3)
 
 
 
 
 
 
 
 
 
 
 
Medical Office Building

221

2,443

2,478

221

4,921

5,142

1,290

3,852

1997
7/11/2006
Mason, Ohio
 
 
 
 
 
 
 
 
 
 
 
Office Building
3,813

797

6,258

540

797

6,798

7,595

2,381

5,214

2002
1/5/2007
Raleigh, 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 (4)
Year
Construction/
Improvements
Date
Acquired
Industrial Building

1,606

5,513

3,749

1,606

9,262

10,868

2,621

8,247

1994
2/16/2007
Tulsa, Oklahoma
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
6,598


14,057



14,057

14,057

5,005

9,052

2004
3/1/2007
Hialeah, Florida (3)
 
 
 
 
 
 
 
 
 
 
 
Industrial Building

3,562

6,672

769

3,562

7,441

11,003

2,270

8,733

1956/1992
3/9/2007
Mason, Ohio (3)
 
 
 
 
 
 
 
 
 
 
 
Retail Building

1,201

4,961


1,201

4,961

6,162

1,489

4,673

2007
7/1/2007
Cicero, New York
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
3,363

299

5,019


299

5,019

5,318

1,457

3,861

2005
9/6/2007
Grand Rapids, Michigan
 
 
 
 
 
 
 
 
 
 
 
Office Building
5,232

1,629

10,500

308

1,629

10,808

12,437

3,215

9,222

2001
9/28/2007
Bolingbrook, Illinois (3)
 
 
 
 
 
 
 
 
 
 
 
Industrial Building

1,272

5,003

856

1,272

5,859

7,131

1,814

5,317

2002
9/28/2007
Decatur, Georgia (3)
 
 
 
 
 
 
 
 
 
 
 
Medical Office Building

783

3,241


783

3,241

4,024

966

3,058

1989
12/13/2007
Decatur, Georgia (3)
 
 
 
 
 
 
 
 
 
 
 
Medical Office Building

205

847


205

847

1,052

252

800

1989
12/13/2007
Decatur, Georgia (3)
 
 
 
 
 
 
 
 
 
 
 
Medical Office Building

257

1,062


257

1,062

1,319

317

1,002

1989
12/13/2007
Lawrenceville, Georgia (3)
 
 
 
 
 
 
 
 
 
 
 
Medical Office Building

678

2,807


678

2,807

3,485

836

2,649

2005
12/13/2007
Snellville, Georgia (3)
 
 
 
 
 
 
 
 
 
 
 
Medical Office Building

176

727


176

727

903

217

686

1986
12/13/2007
Covington, Georgia (3)
 
 
 
 
 
 
 
 
 
 
 
Medical Office Building

232

959


232

959

1,191

286

905

2000
12/13/2007
Conyers, Georgia (3)
 
 
 
 
 
 
 
 
 
 
 
Medical Office Building

296

1,228


296

1,228

1,524

366

1,158

1994
12/13/2007
Cumming, Georgia
 
 
 
 
 
 
 
 
 
 
 
Medical Office Building
2,821

738

3,055

2,524

741

5,576

6,317

1,327

4,990

2004
12/13/2007
Reading, Pennsylvania
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
3,574

491

6,202


491

6,202

6,693

1,742

4,951

2007
1/29/2008
Fridley, Minnesota
 
 
 
 
 
 
 
 
 
 
 
Office Building
4,658

1,354

8,074

399

1,383

8,444

9,827

2,841

6,986

1985/2006
2/26/2008
Pineville, North Carolina
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
2,077

669

3,028

293

669

3,321

3,990

879

3,111

1985
4/30/2008
Marietta, Ohio
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
5,070

829

6,607

529

829

7,136

7,965

1,853

6,112

1992/2007
8/29/2008
Chalfont, Pennsylvania
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
4,548

1,249

6,420

327

1,249

6,747

7,996

2,007

5,989

1987
8/29/2008
Orange City, Iowa
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
6,738

258

5,861

6

258

5,867

6,125

1,476

4,649

1990
12/15/2010
Hickory, North Carolina
 
 
 
 
 
 
 
 
 
 
 
Office Building
6,092

1,163

6,605

13

1,163

6,618

7,781

2,327

5,454

2008
4/4/2011
Springfield, Missouri (3)
 
 
 
 
 
 
 
 
 
 
 
Office Building

1,700

12,038

549

1,844

12,443

14,287

2,734

11,553

2006
6/20/2011
Boston Heights, Ohio
 
 
 
 
 
 
 
 
 
 
 
Office Building
2,407

449

3,010

11

449

3,021

3,470

965

2,505

2011
10/20/2011
Parsippany, New Jersey
 
 
 
 
 
 
 
 
 
 
 
Office Building
6,155

1,696

7,077

81

1,696

7,158

8,854

1,949

6,905

1984
10/28/2011
Dartmouth, Massachusetts
 
 
 
 
 
 
 
 
 
 
 
Retail Location
3,577


4,236



4,236

4,236

842

3,394

2011
11/18/2011
Springfield, Missouri
 
 
 
 
 
 
 
 
 
 
 
Retail Location
1,449


2,275



2,275

2,275

580

1,695

2005
12/13/2011
Pittsburgh, Pennsylvania
 
 
 
 
 
 
 
 
 
 
 
Office Building
2,483

281

3,205

743

281

3,948

4,229

929

3,300

1968
12/28/2011
Ashburn, Virginia
 
 
 
 
 
 
 
 
 
 
 
Office Building
6,480

706

7,858


705

7,859

8,564

1,804

6,760

2002
1/25/2012
Ottumwa, Iowa
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
3,356

212

5,072

287

212

5,359

5,571

1,208

4,363

1970
5/30/2012
New Albany, Ohio
 
 
 
 
 
 
 
 
 
 
 
 
 
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 (4)
Year
Construction/
Improvements
Date
Acquired
Office Building
7,709

1,658

8,746


1,658

8,746

10,404

2,117

8,287

2007
6/5/2012
Columbus, Georgia
 
 
 
 
 
 
 
 
 
 
 
Office Building
4,057

1,378

4,520


1,378

4,520

5,898

1,218

4,680

2012
6/21/2012
Columbus, Ohio
 
 
 
 
 
 
 
 
 
 
 
Office Building
2,543

542

2,453

92

542

2,545

3,087

758

2,329

1981
6/28/2012
Jupiter, Florida (3)
 
 
 
 
 
 
 
 
 
 
 
Office Building

1,160

11,994


1,160

11,994

13,154

2,292

10,862

2011
9/26/2012
Fort Worth, Texas
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
11,732

963

15,647


963

15,647

16,610

2,928

13,682

2005
11/8/2012
Columbia, South Carolina
 
 
 
 
 
 
 
 
 
 
 
Office Building
16,036

1,905

20,648

27

1,905

20,675

22,580

5,409

17,171

2010
11/21/2012
Egg Harbor, New Jersey
 
 
 
 
 
 
 
 
 
 
 
Office Building
3,167

1,627

3,017

315

1,627

3,332

4,959

707

4,252

1985
3/28/2013
Vance, Alabama (3)
 
 
 
 
 
 
 
 
 
 
 
Industrial Building

457

10,529

6,692

457

17,221

17,678

2,361

15,317

2013
5/9/2013
Blaine, Minnesota
 
 
 
 
 
 
 
 
 
 
 
Office Building
7,502

1,060

10,518


1,060

10,518

11,578

2,574

9,004

2009
5/10/2013
Austin, Texas
 
 
 
 
 
 
 
 
 
 
 
Office Building
32,196

2,330

44,021

122

2,330

44,143

46,473

12,527

33,946

1999
7/9/2013
Allen, Texas
 
 
 
 
 
 
 
 
 
 
 
Office Building
8,045

2,699

7,945

1,221

2,699

9,166

11,865

2,315

9,550

1998
7/10/2013
Englewood, Colorado
 
 
 
 
 
 
 
 
 
 
 
Office Building
10,306

1,503

11,739


1,503

11,739

13,242

2,616

10,626

2008
12/11/2013
Novi, Michigan
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
3,915

352

5,626


352

5,626

5,978

975

5,003

1988
12/27/2013
Allen, Texas
 
 
 
 
 
 
 
 
 
 
 
Retail Building
2,951

874

3,634


874

3,634

4,508

597

3,911

2004
3/27/2014
Colleyville, Texas
 
 
 
 
 
 
 
 
 
 
 
Retail Building
2,729

1,277

2,424


1,277

2,424

3,701

455

3,246

2000
3/27/2014
Rancho Cordova, California
 
 
 
 
 
 
 
 
 
 
 
Office Building
4,660

752

6,176

301

752

6,477

7,229

1,038

6,191

1986
4/22/2014
Coppell, Texas
 
 
 
 
 
 
 
 
 
 
 
Retail Building
3,135

1,448

3,349


1,448

3,349

4,797

535

4,262

2005
5/8/2014
Columbus, Ohio (3)
 
 
 
 
 
 
 
 
 
 
 
Office Building

990

8,017

1,827

990

9,844

10,834

2,102

8,732

1986
5/13/2014
Taylor, Pennsylvania
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
21,651

3,101

25,405


3,101

25,405

28,506

3,672

24,834

2000/2006
6/9/2014
Aurora, Colorado (3)
 
 
 
 
 
 
 
 
 
 
 
Industrial Building

2,882

3,917

96

2,882

4,013

6,895

735

6,160

1983
7/1/2014
Indianapolis, Indiana
 
 
 
 
 
 
 
 
 
 
 
Office Building
5,721

502

6,422

1,079

498

7,505

8,003

1,392

6,611

1981/2014
9/3/2014
Denver, Colorado (3)
 
 
 
 
 
 
 
 
 
 
 
Industrial Building

1,621

7,071

243

1,621

7,314

8,935

1,157

7,778

1985
10/31/2014
Monroe, Michigan
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
10,072

658

14,607


657

14,608

15,265

1,839

13,426

2004
12/23/2014
Monroe, Michigan
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
7,051

460

10,225


460

10,225

10,685

1,288

9,397

2004
12/23/2014
Richardson, Texas
 
 
 
 
 
 
 
 
 
 
 
Office Building
13,590

2,728

15,372

174

2,728

15,546

18,274

2,648

15,626

1985/2008
3/6/2015
Birmingham, Alabama (3)
 
 
 
 
 
 
 
 
 
 
 
Office Building

650

2,034

50

650

2,084

2,734

376

2,358

1982/2010
3/20/2015
Dublin, Ohio
 
 
 
 
 
 
 
 
 
 
 
Office Building
4,074

1,338

5,058

342

1,338

5,400

6,738

874

5,864

1980/Various
5/28/2015
Draper, Utah
 
 
 
 
 
 
 
 
 
 
 
Office Building
12,430

3,248

13,129

74

3,248

13,203

16,451

1,920

14,531

2008
5/29/2015
Hapeville, Georgia
 
 
 
 
 
 
 
 
 
 
 
Office Building
7,122

2,272

8,778

263

2,272

9,041

11,313

1,156

10,157

1999/2007
7/15/2015
Villa Rica, Georgia
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
3,613

293

5,277

18

293

5,295

5,588

633

4,955

2000/2014
10/20/2015
Taylorsville, Utah
 
 
 
 
 
 
 
 
 
 
 
 
 
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 (4)
Year
Construction/
Improvements
Date
Acquired
Office Building
9,346

3,008

10,659

435

3,008

11,094

14,102

1,513

12,589

1997
5/26/2016
Fort Lauderdale, Florida
 
 
 
 
 
 
 
 
 
 
 
Office Building
13,381

4,117

15,516

2,159

4,117

17,675

21,792

1,827

19,965

1984
9/12/2016
King of Prussia, Pennsylvania
 
 
 
 
 
 
 
 
 
 
 
Office Building
14,800

3,681

15,739


3,681

15,739

19,420

1,466

17,954

2001
12/14/2016
Conshohocken, Pennsylvania
 
 
 
 
 
 
 
 
 
 
 
Office Building
10,742

1,996

10,880


1,996

10,880

12,876

663

12,213

1996
6/22/2017
Philadelphia, Pennsylvania
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
14,924

5,896

16,282

10

5,906

16,282

22,188

1,137

21,051

1994/2011
7/7/2017
Maitland, Florida
 
 
 
 
 
 
 
 
 
 
 
Office Building
11,619

3,073

19,661

18

3,091

19,661

22,752

1,524

21,228

1998
7/31/2017
Maitland, Florida
 
 
 
 
 
 
 
 
 
 
 
Office Building
8,125

2,077

1,084

12

2,077

1,096

3,173

218

2,955

1998
7/31/2017
Maitland, Florida
 
 
 
 
 
 
 
 
 
 
 
Office Building
8,125

2,095

9,339


2,095

9,339

11,434

551

10,883

1999
7/31/2017
Columbus, Ohio
 
 
 
 
 
 
 
 
 
 
 
Office Building
9,269

1,926

11,410

(1
)
1,925

11,410

13,335

618

12,717

2007
12/1/2017
Salt Lake City, Utah (3)
 
 
 
 
 
 
 
 
 
 
 
Office Building

4,446

9,938

73

4,446

10,011

14,457

526

13,931

2007
12/1/2017
Vance, Alabama (3)
 
 
 
 
 
 
 
 
 
 
 
Industrial Building

459

12,224

29

469

12,243

12,712

363

12,349

2018
3/9/2018
Columbus, Ohio
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
4,729

681

6,401


681

6,401

7,082

93

6,989

1990
9/20/2018
Detroit, Michigan
 
 
 
 
 
 
 
 
 
 
 
Industrial Building
6,898

1,458

10,092

3

1,461

10,092

11,553

63

11,490

1997
10/30/2018
Detroit, Michigan (3)
 
 
 
 
 
 
 
 
 
 
 
Industrial Building

662

6,681

3

665

6,681

7,346

42

7,304

2002/2016
10/30/2018
Lake Mary, Florida
 
 
 
 
 
 
 
 
 
 
 
Office Building

3,018

11,756

3

3,021

11,756

14,777

7

14,770

1997/2018
12/27/2018
 
$
445,710

$
127,763

$
763,731

$
58,328

$
127,982

$
821,840

$
949,822

$
178,475

$
771,347

 
 
(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 $949.8 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.
(4)
The net real estate figure includes real estate held for sale as of December 31, 2018 of $3.0 million.

The following table reconciles the change in the balance of real estate during the years ended December 31, 2018, 2017 and 2016, respectively (in thousands):
 
 
 
2018
 
2017
 
2016
 
Balance at beginning of period
 
$
906,850

 
$
833,203

 
$
782,276

 
Additions:
 
 
 
 
 
 
 
Acquisitions during period
 
53,432

 
100,103

 
52,719

 
Improvements
 
4,824

 
10,473

 
10,362

 
Deductions:
 
 
 
 
 
 
 
Dispositions during period
 
(15,284
)
 
(30,094
)
 
(10,138
)
 
Impairments during period
 

 
(6,835
)
 
(2,016
)

Balance at end of period
 
$
949,822

(1)
$
906,850

(2)
$
833,203

(3)
 
(1)
The real estate figure includes $3.2 million of real estate held for sale as of December 31, 2018.
(2)
The real estate figure includes $13.0 million of real estate held for sale as of December 31, 2017.
(3)
The real estate figure includes $11.5 million of real estate held for sale as of December 31, 2016.

The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2018, 2017 and 2016, respectively (in thousands):
 
 
 
2018
 
2017
 
2016
Balance at beginning of period
 
$
153,387

 
$
134,329

 
$
113,089

Additions during period
 
29,915

 
26,927

 
24,148

Dispositions during period
 
(4,827
)
 
(7,869
)
 
(2,908
)
Balance at end of period
 
$
178,475

(1)
$
153,387

(2)
$
134,329

 
(1)
The accumulated depreciation figure includes $0.2 million of real estate held for sale as of December 31, 2018.
(2)
The accumulated depreciation figure includes $4.0 million of real estate held for sale as of December 31, 2017.
(3)
The accumulated depreciation figure includes $2.7 million real estate held for sale as of December 31, 2016.