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, 2013

Real Estate And Accumulated Depreciation Disclosure [Abstract]

Schedule III Real Estate and Accumulated Depreciation

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2013 (Dollars in Thousands)


			Initial Cost							Total Cost
							Improvement
							Costs Capitalized													Year
					Buildings &		Subsequent to					Buildings &				Accumulated		Net Real		Construction/	Date
Location of Property	Encumbrances		Land		Improvements		Acquisition			Land		Improvements		Total (1)		Depreciation (2)		Estate		Improvements	Acquired
Raleigh, North Carolina Office Building	$	4,856	$	960	$	4,481	$	—		$	960	$	4,481	$	5,441	$	1,636	$	3,805	1997		12/23/2003
Canton, Ohio Office Building		2,717		186		3,083		500			186		3,583		3,769		874		2,895	1994		1/30/2004
Akron, Ohio Office Building		6,962		1,973		6,771		284			1,973		7,055		9,028		1,737		7,291	1968/1999		4/29/2004
Charlotte, North Carolina Office Building		6,440		740		8,423		61			740		8,484		9,224		2,098		7,126	1984/1995		6/30/2004
Canton, North Carolina Industrial Building		3,722		150		5,050		535			150		5,585		5,735		1,227		4,508	1998		7/6/2004
Crenshaw, Pennsylvania Industrial Building		5,274		100		6,574		272			100		6,846		6,946		1,612		5,334	1991		8/5/2004
Lexington, North Carolina Industrial Building		2,683		820		2,107		69			820		2,176		2,996		519		2,477	1986		8/5/2004
Austin, Texas Office Building		6,500		1,000		6,296		81			1,000		6,377		7,377		1,557		5,820	2001		9/16/2004
Mt. Pocono, Pennsylvania Industrial Building		4,969		350		5,819		18			350		5,837		6,187		1,399		4,788	1995-1999		10/15/2004
San Antonio, Texas Office Building		6,760		843		7,514		625			843		8,139		8,982		2,165		6,817	1999		2/10/2005
Columbus, Ohio Industrial Building		2,565		410		2,385		—			410		2,385		2,795		548		2,247	1995		2/10/2005
Big Flats, New York Industrial Building		5,442		275		6,459		34			275		6,493		6,768		1,457		5,311	2001		4/15/2005
Wichita, Kansas Office Building		7,696		1,525		9,703		67			1,525		9,770		11,295		2,262		9,033	2000		5/18/2005
Arlington, Texas Industrial Building		3,881		636		3,695		416			636		4,111		4,747		899		3,848	1966		5/26/2005
Dayton, Ohio Office Building		1,914		525		1,877		120			525		1,997		2,522		780		1,742	1956		6/30/2005
Eatontown, New Jersey Office Building		4,427		1,351		3,520		534			1,351		4,054		5,405		897		4,508	1991		7/7/2005
Franklin Township, New Jersey Industrial Building		6,564		1,632		6,200		—			1,632		6,200		7,832		1,354		6,478	1978		7/11/2005
Duncan, South Carolina Industrial Building		10,592		783		10,790		1,615			783		12,405		13,188		2,660		10,528	1984/2001/2007		7/14/2005
Duncan, South Carolina Industrial Building		2,633		195		2,682		419			195		3,101		3,296		661		2,635	1984/2001/2007		7/14/2005
Hazelwood, Missouri Industrial Building		2,320		763		2,309		372			763		2,681		3,444		540		2,904	1977		8/5/2005
Angola, Indiana Industrial Building	$	646	$	66	$	1,075	$	49		$	66	$	1,124	$	1,190	$	237	$	953	1982		9/2/2005
Angola, Indiana Industrial Building		620		132		1,130		51			132		1,181		1,313		369		944	1982		9/2/2005
Rock Falls, Illinois Industrial Building		644		35		1,113		50			35		1,163		1,198		126		1,072	1982		9/2/2005
Newburyport, Massachusetts Industrial Building		6,385		629		6,504		1,847			629		8,351		8,980		1,655		7,325	1994		10/17/2005
Clintonville, Wisconsin Industrial Building		3,090		55		4,717		3,250			55		7,967		8,022		1,091		6,931	1992/2013		10/31/2005
Maple Heights, Ohio Industrial Building		9,977		1,609		10,065		1,198			1,609		11,263		12,872		2,825		10,047	1974		12/21/2005
Richmond, Virginia Office Building		5,275		736		5,336		36			736		5,372		6,108		1,150		4,958	1972		12/30/2005
Toledo, Ohio Medical Office Building		2,798		263		2,812		390			263		3,202		3,465		656		2,809	1979		12/30/2005
South Hadley, Massachusetts Industrial Building		—		471		2,765		38			471		2,803		3,274		561		2,713	1978		2/15/2006
Champaign, Illinois Office Building		1,545		687		2,036		2			687		2,038		2,725		444		2,281	1996		2/21/2006
Champaign, Illinois Office Building		3,030		1,347		3,992		4			1,347		3,996		5,343		871		4,472	1996		2/21/2006
Champaign, Illinois Office Building		1,894		842		2,495		2			842		2,497		3,339		544		2,795	1996		2/21/2006
Champaign, Illinois Office Building		1,731		770		2,281		2			770		2,283		3,053		497		2,556	1996		2/21/2006
Roseville, Minnesota Office Building		17,455		2,588		25,290		584			2,588		25,874		28,462		6,030		22,432	1964		2/21/2006
Burnsville, Minnesota Office Building		11,193		3,511		8,746		—			3,511		8,746		12,257		2,273		9,984	1984		5/10/2006
Menomonee Falls, Wisconsin Industrial Building		6,823		625		6,911		57			625		6,968		7,593		1,367		6,226	1986/2000		6/30/2006
Baytown, Texas Medical Office Building		2,000		221		2,443		—			221		2,443		2,664		533		2,131	1997		7/11/2006
Sterling Heights, Michigan⁽³⁾ Industrial Building		—		2,735		8,606		13			2,735		8,619		11,354		1,608		9,746	1979/1989		9/22/2006
Birmingham, Alabama⁽³⁾ Industrial Building		—		612		2,326		—			612		2,326		2,938		443		2,495	1961/1980		9/29/2006
Montgomery, Alabama⁽³⁾ Industrial Building		—		222		844		—			222		844		1,066		161		905	1961/1980		9/29/2006
Columbia, Missouri⁽³⁾ Industrial Building	$	—	$	146	$	555	$	—		$	146	$	555	$	701	$	106	$	595	1961/1980		9/29/2006
Mason, Ohio Office Building		4,346		797		6,258		538			797		6,796		7,593		1,368		6,225	2002		1/5/2007
Raleigh, North Carolina Industrial Building		5,249		1,606		5,513		—			1,606		5,513		7,119		997		6,122	1994		2/16/2007
Tulsa, Oklahoma Industrial Building		8,031		—		14,057		—			—		14,057		14,057		2,889		11,168	2004		3/1/2007
Hialeah, Florida (3) Industrial Building		—		3,562		6,672		630			3,562		7,302		10,864		1,233		9,631	1956/1992		3/9/2007
Tewksbury, Massachusetts⁽³⁾ Industrial Building		—		1,395		8,893		—			1,395		8,893		10,288		1,636		8,652	1985/1989		5/17/2007
Mason, Ohio Retail Building		4,630		1,201		4,961		—			1,201		4,961		6,162		840		5,322	2007		7/1/2007
Cicero, New York Industrial Building		4,052		299		5,019		—			299		5,019		5,318		813		4,505	2005		9/6/2007
Grand Rapids, Michigan Office Building		5,964		1,629		10,500		15			1,629		10,515		12,144		1,778		10,366	2001		9/28/2007
Bollingbrook, Illinois (3) Industrial Building		—		1,272		5,003		—			1,272		5,003		6,275		856		5,419	2002		9/28/2007
Decatur, Georgia (3) Medical Office Building		—		784		3,245		—			784		3,245		4,029		550		3,479	1989		12/13/2007
Decatur, Georgia (3) Medical Office Building		—		205		848		—			205		848		1,053		144		909	1989		12/13/2007
Decatur, Georgia (3) Medical Office Building		—		257		1,064		—			257		1,064		1,321		180		1,141	1989		12/13/2007
Lawrenceville, Georgia (3) Medical Office Building		—		679		2,809		—			679		2,809		3,488		476		3,012	1989		12/13/2007
Snellville, Georgia (3) Medical Office Building		—		176		729		—			176		729		905		124		781	1989		12/13/2007
Covington, Georgia (3) Medical Office Building		—		232		959		—			232		959		1,191		163		1,028	1989		12/13/2007
Cumming, Georgia Medical Office Building		3,216		738		3,055		2,511			738		5,566		6,304		518		5,786	1989		12/13/2007
Conyers, Georgia (3) Medical Office Building		—		297		1,228		—			297		1,228		1,525		208		1,317	1989		12/13/2007
Reading, Pennsylvania Industrial Building		4,073		491		6,202		—			491		6,202		6,693		944		5,749	2007		1/29/2008
Fridley, Minnesota Office Building		5,220		1,354		8,074		399			1,383		8,444		9,827		1,560		8,267	1985/2006		2/26/2008
Concord Township, Ohio⁽³⁾ Office Building	$	—	$	1,796	$	11,154	$	(11	)	$	1,785	$	11,154	$	12,939	$	1,752	$	11,187	1957/2008		3/31/2008
Pineville, North Carolina Industrial Building		2,368		669		3,028		6			669		3,034		3,703		455		3,248	1985		4/30/2008
Marietta, Ohio Industrial Building		5,779		829		6,607		209			829		6,816		7,645		929		6,716	1992/2007		8/29/2008
Chalfont, Pennsylvania Industrial Building		5,687		1,249		6,420		165			1,249		6,585		7,834		1,063		6,771	1987		8/29/2008
Orange City, Iowa Industrial Building		9,496		258		5,861		—			258		5,861		6,119		560		5,559	1990		12/7/2010
Hickory, North Carolina Office Building		6,827		1,163		6,605		—			1,163		6,605		7,768		824		6,944	2008		4/4/2011
Springfield, Missouri Office Building		11,164		1,700		12,038		—			1,700		12,038		13,738		916		12,822	2006		6/20/2011
Boston Heights, Ohio Office Building		2,697		449		3,010		—			449		3,010		3,459		294		3,165	2011		10/20/2011
Parsippany, New Jersey Office Building		6,938		1,696		7,077		81			1,696		7,158		8,854		583		8,271	1984		10/27/2011
Dartmouth, Massachusetts Retail Location		4,155		—		4,236		—			—		4,236		4,236		250		3,986	2011		11/18/2011
Springfield, Missouri Retail Location		1,905		—		2,275		—			—		2,275		2,275		168		2,107	2005		12/13/2011
Pittsburgh, Pennsylvania Office Building		2,829		281		3,205		—			281		3,205		3,486		208		3,278	1968		12/28/2011
Ashburn, Virginia Office Building		7,388		706		7,858		—			706		7,858		8,564		504		8,060	2002		1/25/2012
Ottumwa, Iowa Industrial Building		4,653		212		5,072		287			212		5,359		5,571		306		5,265	1970		5/30/2012
New Albany, Ohio Office Building		9,361		1,658		8,746		—			1,658		8,746		10,404		509		9,895	2007		6/5/2012
Columbus, Georgia Office Building		4,608		1,378		4,520		—			1,378		4,520		5,898		285		5,613	2012		6/21/2012
Columbus, Ohio Office Building		2,911		542		2,453		11			542		2,464		3,006		172		2,834	1981		6/28/2012
Jupiter, Florida Office Building		10,478		1,160		11,994		—			1,160		11,994		13,154		462		12,692	2011		9/26/2012
Fort Worth, Texas Industrial Building		13,864		963		15,647		—			963		15,647		16,610		546		16,064	2005		11/8/2012
Columbia, South Carolina Office Building		18,525		1,905		20,648		—			1,905		20,648		22,553		981		21,572	2010		11/21/2012
Egg Harbor, New Jersey Office Building	$	3,638	$	1,627	$	3,017	$	—		$	1,627	$	3,017	$	4,644	$	85	$	4,559	1985		3/28/2013
Vance, Alabama (3) Industrial Building		—		457		10,529		—			457		10,529		10,986		237		10,749	2013		5/9/2013
Blaine, Minnesota Office Building		8,163		1,060		10,519		—			1,060		10,519		11,579		293		11,286	2009		5/10/2013
Austin, Texas Office Building		35,093		2,330		44,021		63			2,330		44,084		46,414		927		45,487	1999		7/9/2013
Allen, Texas Office Building		8,852		2,699		7,945		—			2,699		7,945		10,644		194		10,450	1998		7/10/2013
Englewood, Colorado Office Building		11,315		1,503		11,739		—			1,503		11,739		13,242		29		13,213	2008		12/11/2013
Novi, Michigan Industrial Building		4,380		352		5,626		—			352		5,626		5,978		3		5,975	1988		12/27/2013

	$	421,878	$	79,135	$	544,719	$	18,499		$	79,153	$	563,200	$	642,353	$	81,241	$	561,112

⁽¹⁾	The aggregate cost for land and building improvements for federal income tax purposes is the same as the total gross cost of land and building improvements.

⁽²⁾	Depreciable life of all buildings is 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 New Line of Credit.

The following table reconciles the change in the balance of real estate during the years ended December 31, 2013, 2012 and 2011, respectively (in thousands):


	2013		2012		2011

Balance at beginning of period	$	533,753	$	442,521	$	401,017

Additions:

Acquisitions during period		103,424		85,462		43,735

Improvements		5,176		5,770		1,164

Deductions:

Dispositions during period		—		—		—

Purchase price adjustments		—		—		(3,395	)⁽¹⁾


Balance at end of period	$	642,353	$	533,753	$	442,521

(1)	Adjustment to Orange City, Iowa property acquired in December 2010 property purchase price. Refer to Note 1 out of period adjustment.

The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2013, 2012 and 2011, respectively (in thousands):


	2013		2012		2011

Balance at beginning of period	$	65,730	$	53,784	$	43,659

Additions during period		15,511		11,946		10,125

Dispositions during period		—		—		—


Balance at end of period	$	81,241	$	65,730	$	53,784