SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION |
GLADSTONE COMMERCIAL CORPORATION
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2018 (Dollars in Thousands)
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Initial Cost |
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Total Cost |
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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) |
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Office Building |
$ |
— |
|
$ |
960 |
|
$ |
4,481 |
|
$ |
35 |
|
$ |
960 |
|
$ |
4,516 |
|
$ |
5,476 |
|
$ |
2,197 |
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$ |
3,279 |
|
1997 |
12/23/2003 |
Canton, Ohio |
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Office Building |
1,521 |
|
186 |
|
3,083 |
|
500 |
|
187 |
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3,582 |
|
3,769 |
|
1,442 |
|
2,327 |
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1994 |
1/30/2004 |
Akron, Ohio (3) |
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Office Building |
— |
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1,973 |
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6,771 |
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2,248 |
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1,974 |
|
9,018 |
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10,992 |
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2,934 |
|
8,058 |
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1968/1999 |
4/29/2004 |
Charlotte, North Carolina (3) |
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Office Building |
— |
|
740 |
|
8,423 |
|
61 |
|
741 |
|
8,483 |
|
9,224 |
|
3,203 |
|
6,021 |
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1984/1995 |
6/30/2004 |
Canton, North Carolina |
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Industrial Building |
3,322 |
|
150 |
|
5,050 |
|
7,285 |
|
150 |
|
12,335 |
|
12,485 |
|
2,665 |
|
9,820 |
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1998/2014 |
7/6/2004 |
Crenshaw, Pennsylvania |
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Industrial Building |
3,881 |
|
100 |
|
6,574 |
|
269 |
|
100 |
|
6,843 |
|
6,943 |
|
2,549 |
|
4,394 |
|
1991 |
8/5/2004 |
Lexington, North Carolina |
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Industrial Building |
2,261 |
|
820 |
|
2,107 |
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69 |
|
820 |
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2,176 |
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2,996 |
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841 |
|
2,155 |
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1986 |
8/5/2004 |
Austin, Texas (3) |
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Office Building |
— |
|
1,000 |
|
6,296 |
|
699 |
|
1,000 |
|
6,995 |
|
7,995 |
|
2,472 |
|
5,523 |
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2001 |
9/16/2004 |
Mt. Pocono, Pennsylvania (3) |
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Industrial Building |
— |
|
350 |
|
5,819 |
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18 |
|
350 |
|
5,837 |
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6,187 |
|
2,159 |
|
4,028 |
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1995/1999 |
10/15/2004 |
San Antonio, Texas (3) |
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Office Building |
— |
|
843 |
|
7,514 |
|
1,378 |
|
843 |
|
8,892 |
|
9,735 |
|
3,295 |
|
6,440 |
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1999 |
2/10/2005 |
Big Flats, New York |
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Industrial Building |
2,181 |
|
275 |
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6,459 |
|
34 |
|
275 |
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6,493 |
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6,768 |
|
2,289 |
|
4,479 |
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2001 |
4/15/2005 |
Wichita, Kansas (3) |
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Office Building |
— |
|
1,525 |
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9,703 |
|
327 |
|
1,525 |
|
10,030 |
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11,555 |
|
3,514 |
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8,041 |
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2000 |
5/18/2005 |
Eatontown, New Jersey |
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Office Building |
2,739 |
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1,351 |
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3,520 |
|
534 |
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1,351 |
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4,054 |
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5,405 |
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1,471 |
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3,934 |
|
1991 |
7/7/2005 |
Duncan, South Carolina |
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Industrial Building |
8,945 |
|
783 |
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10,790 |
|
1,722 |
|
783 |
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12,512 |
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13,295 |
|
4,259 |
|
9,036 |
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1984/2001/2007 |
7/14/2005 |
Duncan, South Carolina |
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Industrial Building |
2,223 |
|
195 |
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2,682 |
|
428 |
|
195 |
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3,110 |
|
3,305 |
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1,059 |
|
2,246 |
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1984/2001/2007 |
7/14/2005 |
Clintonville, Wisconsin (3) |
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Industrial Building |
— |
|
55 |
|
4,717 |
|
3,250 |
|
55 |
|
7,967 |
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8,022 |
|
2,215 |
|
5,807 |
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1992/2013 |
10/31/2005 |
Maple Heights, Ohio |
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Industrial Building |
4,000 |
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1,609 |
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10,065 |
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1,500 |
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1,609 |
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11,565 |
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13,174 |
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4,812 |
|
8,362 |
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1974 |
12/21/2005 |
Richmond, Virginia (3) |
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Office Building |
— |
|
736 |
|
5,336 |
|
440 |
|
736 |
|
5,776 |
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6,512 |
|
1,836 |
|
4,676 |
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1972 |
12/30/2005 |
Champaign, Illinois |
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Office Building |
1,478 |
|
687 |
|
2,036 |
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2 |
|
687 |
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2,038 |
|
2,725 |
|
700 |
|
2,025 |
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1996 |
2/21/2006 |
Champaign, Illinois |
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Office Building |
2,897 |
|
1,347 |
|
3,992 |
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4 |
|
1,347 |
|
3,996 |
|
5,343 |
|
1,373 |
|
3,970 |
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1996 |
2/21/2006 |
Champaign, Illinois |
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Office Building |
1,811 |
|
842 |
|
2,495 |
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2 |
|
842 |
|
2,497 |
|
3,339 |
|
858 |
|
2,481 |
|
1996 |
2/21/2006 |
Champaign, Illinois |
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Office Building |
1,655 |
|
770 |
|
2,281 |
|
2 |
|
770 |
|
2,283 |
|
3,053 |
|
784 |
|
2,269 |
|
1996 |
2/21/2006 |
Burnsville, Minnesota |
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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) |
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|
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Industrial Building |
— |
|
625 |
|
6,911 |
|
686 |
|
625 |
|
7,597 |
|
8,222 |
|
2,416 |
|
5,806 |
|
1986/2000 |
6/30/2006 |
Baytown, Texas (3) |
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Medical Office Building |
— |
|
221 |
|
2,443 |
|
2,478 |
|
221 |
|
4,921 |
|
5,142 |
|
1,290 |
|
3,852 |
|
1997 |
7/11/2006 |
Mason, Ohio |
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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) |
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|
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) |
|
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|
|
|
|
|
|
|
|
|
Medical Office Building |
— |
|
783 |
|
3,241 |
|
— |
|
783 |
|
3,241 |
|
4,024 |
|
966 |
|
3,058 |
|
1989 |
12/13/2007 |
Decatur, Georgia (3) |
|
|
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|
|
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|
|
|
Medical Office Building |
— |
|
205 |
|
847 |
|
— |
|
205 |
|
847 |
|
1,052 |
|
252 |
|
800 |
|
1989 |
12/13/2007 |
Decatur, Georgia (3) |
|
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|
|
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|
|
|
Medical Office Building |
— |
|
257 |
|
1,062 |
|
— |
|
257 |
|
1,062 |
|
1,319 |
|
317 |
|
1,002 |
|
1989 |
12/13/2007 |
Lawrenceville, Georgia (3) |
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|
|
|
|
|
|
|
|
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.
|
|