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, 2014

SEC Schedule III, 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, 2014 (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 Office Building	$	4,796	$	960	$	4,481	$	—		$	960	$	4,481	$	5,441	$	1,773	$	3,668	1997		12/23/2003
Canton, Ohio Office Building		2,664		186		3,083		500			186		3,583		3,769		972		2,797	1994		1/30/2004
Akron, Ohio Office Building		6,828		1,973		6,771		1,279			1,973		8,050		10,023		1,916		8,107	1968/1999		4/29/2004
Charlotte, North Carolina Office Building		6,308		740		8,423		61			740		8,484		9,224		2,319		6,905	1984/1995		6/30/2004
Canton, North Carolina Industrial Building		3,652		150		5,050		7,285			150		12,335		12,485		1,401		11,084	1998/2014		7/6/2004
Crenshaw, Pennsylvania Industrial Building		5,176		100		6,574		269			100		6,843		6,943		1,800		5,143	1991		8/5/2004
Lexington, North Carolina Industrial Building		2,636		820		2,107		69			820		2,176		2,996		584		2,412	1986		8/5/2004
Austin, Texas Office Building		6,500		1,000		6,296		1,396			1,000		7,692		8,692		1,726		6,966	2001		9/16/2004
Mt. Pocono, Pennsylvania Industrial Building		4,889		350		5,819		18			350		5,837		6,187		1,551		4,636	1995/1999		10/15/2004
San Antonio, Texas Office Building		6,643		843		7,514		621			843		8,135		8,978		2,389		6,589	1999		2/10/2005
Columbus, Ohio Industrial Building		2,516		410		2,385		—			410		2,385		2,795		610		2,185	1995		2/10/2005
Big Flats, New York Industrial Building		5,365		275		6,459		34			275		6,493		6,768		1,623		5,145	2001		4/15/2005
Wichita, Kansas Office Building		7,466		1,525		9,703		77			1,525		9,780		11,305		2,510		8,795	2000		5/18/2005
Arlington, Texas Industrial Building		3,814		636		3,695		416			636		4,111		4,747		1,012		3,735	1966		5/26/2005
Dayton, Ohio Office Building		1,877		525		1,877		120			525		1,997		2,522		820		1,702	1956		6/30/2005
Eatontown, New Jersey Office Building		4,365		1,351		3,520		534			1,351		4,054		5,405		1,012		4,393	1991		7/7/2005
Franklin Township, New Jersey Industrial Building		6,471		1,632		6,200		—			1,632		6,200		7,832		1,514		6,318	1978		7/11/2005
Duncan, South Carolina Industrial Building		10,375		783		10,790		1,615			783		12,405		13,188		2,979		10,209	1984/2001/2007		7/14/2005
Duncan, South Carolina Industrial Building		2,579		195		2,682		419			195		3,101		3,296		740		2,556	1984/2001/2007		7/14/2005
Hazelwood, Missouri Industrial Building		2,291		763		2,309		683			763		2,992		3,755		642		3,113	1977		8/5/2005
Angola, Indiana Industrial Building	$	626	$	66	$	1,075	$	49		$	66	$	1,124	$	1,190	$	271	$	919	1982		9/2/2005
Angola, Indiana Industrial Building		601		132		1,130		51			132		1,181		1,313		421		892	1998		9/2/2005
Rock Falls, Illinois Industrial Building		626		35		1,113		50			35		1,163		1,198		144		1,054	1988		9/2/2005
Newburyport, Massachusetts Industrial Building		6,276		629		6,504		1,847			629		8,351		8,980		1,873		7,107	1994		10/17/2005
Clintonville, Wisconsin Industrial Building		2,997		55		4,717		3,250			55		7,967		8,022		1,316		6,706	1992/2013		10/31/2005
Maple Heights, Ohio Industrial Building		9,790		1,609		10,065		1,221			1,609		11,286		12,895		3,237		9,658	1974		12/21/2005
Richmond, Virginia Office Building		5,275		736		5,336		36			736		5,372		6,108		1,286		4,822	1972		12/30/2005
Toledo, Ohio Medical Office Building		2,750		263		2,812		390			263		3,202		3,465		736		2,729	1979		12/30/2005
South Hadley, Massachusetts Industrial Building		—		471		2,765		71			471		2,836		3,307		637		2,670	1978		2/15/2006
Champaign, Illinois Office Building		1,545		687		2,036		2			687		2,038		2,725		495		2,230	1996		2/21/2006
Champaign, Illinois Office Building		3,030		1,347		3,992		4			1,347		3,996		5,343		971		4,372	1996		2/21/2006
Champaign, Illinois Office Building		1,894		842		2,495		2			842		2,497		3,339		607		2,732	1996		2/21/2006
Champaign, Illinois Office Building		1,731		770		2,281		2			770		2,283		3,053		555		2,498	1996		2/21/2006
Burnsville, Minnesota Office Building		11,001		3,511		8,746		3,525			3,511		12,271		15,782		2,515		13,267	1984		5/10/2006
Menomonee Falls, Wisconsin Industrial Building		6,738		625		6,911		57			625		6,968		7,593		1,553		6,040	1986/2000		6/30/2006
Baytown, Texas Medical Office Building		2,000		221		2,443		—			221		2,443		2,664		593		2,071	1997		7/11/2006
Birmingham, Alabama ⁽³⁾ Industrial Building		—		612		2,326		—			612		2,326		2,938		504		2,434	1961/1980		9/29/2006
Montgomery, Alabama ⁽³⁾ Industrial Building		—		222		844		—			222		844		1,066		183		883	1962/1989		9/29/2006
Columbia, Missouri ⁽³⁾ Industrial Building	$	—	$	146	$	555	$	—		$	146	$	555	$	701	$	120	$	581	1978		9/29/2006
Mason, Ohio Office Building		4,250		797		6,258		540			797		6,798		7,595		1,563		6,032	2002		1/5/2007
Raleigh, North Carolina Industrial Building		5,164		1,606		5,513		—			1,606		5,513		7,119		1,142		5,977	1994		2/16/2007
Tulsa, Oklahoma Industrial Building		7,776		—		14,057		—			—		14,057		14,057		3,312		10,745	2004		3/1/2007
Hialeah, Florida ⁽³⁾ Industrial Building		—		3,562		6,672		685			3,562		7,357		10,919		1,435		9,484	1956/1992		3/9/2007
Tewksbury, Massachusetts ⁽³⁾ Industrial Building		—		1,395		8,893		—			1,395		8,893		10,288		1,882		8,406	1985/1989		5/17/2007
Mason, Ohio Retail Building		4,555		1,201		4,961		—			1,201		4,961		6,162		969		5,193	2007		7/1/2007
Cicero, New York Industrial Building		3,964		299		5,019		—			299		5,019		5,318		942		4,376	2005		9/6/2007
Grand Rapids, Michigan Office Building		5,831		1,629		10,500		37			1,629		10,537		12,166		2,055		10,111	2001		9/28/2007
Bollingbrook, Illinois Industrial Building		—		1,272		5,003		475			1,272		5,478		6,750		993		5,757	2002		9/28/2007
Decatur, Georgia ⁽³⁾ Medical Office Building		—		784		3,245		—			784		3,245		4,029		653		3,376	1989		12/13/2007
Decatur, Georgia ⁽³⁾ Medical Office Building		—		205		848		—			205		848		1,053		171		882	1989		12/13/2007
Decatur, Georgia ⁽³⁾ Medical Office Building		—		257		1,064		—			257		1,064		1,321		214		1,107	1989		12/13/2007
Lawrenceville, Georgia ⁽³⁾ Medical Office Building		—		679		2,809		—			679		2,809		3,488		565		2,923	2005		12/13/2007
Snellville, Georgia ⁽³⁾ Medical Office Building		—		176		729		—			176		729		905		147		758	1986		12/13/2007
Covington, Georgia ⁽³⁾ Medical Office Building		—		232		959		—			232		959		1,191		193		998	2000		12/13/2007
Cumming, Georgia Medical Office Building		3,145		738		3,055		2,511			738		5,566		6,304		615		5,689	2004		12/13/2007
Conyers, Georgia ⁽³⁾ Medical Office Building		—		297		1,228		—			297		1,228		1,525		247		1,278	1994		12/13/2007
Reading, Pennsylvania Industrial Building		3,983		491		6,202		—			491		6,202		6,693		1,104		5,589	2007		1/29/2008
Fridley, Minnesota Office Building		5,121		1,354		8,074		397			1,381		8,444		9,825		1,816		8,009	1985/2006		2/26/2008
Concord Township, Ohio ⁽³⁾ Office Building	$	—	$	1,796	$	11,154	$	(11	)	$	1,785	$	11,154	$	12,939	$	2,048	$	10,891	1957/2008		3/31/2008
Pineville, North Carolina Industrial Building		2,315		669		3,028		6			669		3,034		3,703		535		3,168	1985		4/30/2008
Marietta, Ohio Industrial Building		5,650		829		6,607		209			829		6,816		7,645		1,106		6,539	1992/2007		8/29/2008
Chalfont, Pennsylvania Industrial Building		5,510		1,249		6,420		171			1,249		6,591		7,840		1,270		6,570	1987		8/29/2008
Orange City, Iowa Industrial Building		9,015		258		5,861		—			258		5,861		6,119		743		5,376	1990		12/15/2010
Hickory, North Carolina Office Building		6,697		1,163		6,605		—			1,163		6,605		7,768		1,124		6,644	2008		4/4/2011
Springfield, Missouri Office Building		10,977		1,700		12,038		—			1,700		12,038		13,738		1,278		12,460	2006		6/20/2011
Boston Heights, Ohio Office Building		2,646		449		3,010		—			449		3,010		3,459		427		3,032	2011		10/20/2011
Parsippany, New Jersey Office Building		6,799		1,696		7,077		81			1,696		7,158		8,854		855		7,999	1984		10/28/2011
Dartmouth, Massachusetts Retail Location		4,049		—		4,236		—			—		4,236		4,236		368		3,868	2011		11/18/2011
Springfield, Missouri Retail Location		1,823		—		2,275		—			—		2,275		2,275		250		2,025	2005		12/13/2011
Pittsburgh, Pennsylvania Office Building		2,757		281		3,205		—			281		3,205		3,486		311		3,175	1968		12/28/2011
Ashburn, Virginia Office Building		7,223		706		7,858		—			706		7,858		8,564		767		7,797	2002		1/25/2012
Ottumwa, Iowa Industrial Building		4,426		212		5,072		287			212		5,359		5,571		499		5,072	1970		5/30/2012
New Albany, Ohio Office Building		9,066		1,658		8,746		—			1,658		8,746		10,404		831		9,573	2007		6/5/2012
Columbus, Georgia Office Building		4,507		1,378		4,520		—			1,378		4,520		5,898		471		5,427	2012		6/21/2012
Columbus, Ohio Office Building		2,845		542		2,453		11			542		2,464		3,006		287		2,719	1981		6/28/2012
Jupiter, Florida Office Building		10,252		1,160		11,994		—			1,160		11,994		13,154		827		12,327	2011		9/26/2012
Fort Worth, Texas Industrial Building		13,567		963		15,647		—			963		15,647		16,610		1,022		15,588	2005		11/8/2012
Columbia, South Carolina Office Building		18,067		1,905		20,648		—			1,905		20,648		22,553		1,864		20,689	2010		11/21/2012
Egg Harbor, New Jersey Office Building	$	3,551	$	1,627	$	3,017	$	236		$	1,627		3,253	$	4,880	$	201	$	4,679	1985		3/28/2013
Vance, Alabama ⁽³⁾ Industrial Building		—		457		10,529		—			457		10,529		10,986		604		10,382	2013		5/9/2013
Blaine, Minnesota Office Building		8,045		1,060		10,519		—			1,060		10,519		11,579		748		10,831	2009		5/10/2013
Austin, Texas Office Building		34,567		2,330		44,021		122			2,330		44,143		46,473		3,071		43,402	1999		7/9/2013
Allen, Texas Office Building		8,704		2,699		7,945		—			2,699		7,945		10,644		602		10,042	1998		7/10/2013
Englewood, Colorado Office Building		11,315		1,503		11,739		—			1,503		11,739		13,242		546		12,696	2008		12/11/2013
Novi, Michigan Industrial Building		4,297		352		5,626		—			352		5,626		5,978		197		5,781	1988		12/27/2013
Allen, Texas Retail Building		3,417		874		3,634		—			874		3,634		4,508		95		4,413	2004		3/27/2014
Colleyville, Texas Retail Building		2,797		1,277		2,424		—			1,277		2,424		3,701		72		3,629	2000		3/27/2014
Rancho Cordova, California Office Building		4,935		752		6,176		—			752		6,176		6,928		150		6,778	1986		4/22/2014
Coppell, Texas Retail Building		3,767		1,448		3,349		—			1,448		3,349		4,797		74		4,723	2005		5/8/2014
Columbus, Ohio ⁽³⁾ Office Building		—		990		8,017		—			990		8,017		9,007		266		8,741	1986		5/13/2014
Taylor, Pennsylvania Industrial Building		22,600		3,102		25,405		—			3,102		25,405		28,507		451		28,056	2000/2006		6/9/2014
Aurora, Colorado ⁽³⁾ Industrial Building		—		2,882		4,013		—			2,882		4,013		6,895		82		6,813	1983		7/1/2014
Indianapolis, Indiana Office Building		6,100		502		6,490		—			502		6,490		6,992		99		6,893	1981/2014		9/3/2014
Denver, Colorado ⁽³⁾ Industrial Building		—		1,621		7,314		—			1,621		7,314		8,935		46		8,889	1985		10/31/2014
Monroe, Michigan Industrial Building		10,839		658		14,607		—			658		14,607		15,265		11		15,254	2004		12/23/2014
Monroe, Michigan Industrial Building		7,587		460		10,225		—			460		10,225		10,685		7		10,678	2004		12/23/2014

	$	458,592	$	88,378	$	602,477	$	31,710		$	88,394	$	634,171	$	722,565	$	92,133	$	630,432

⁽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 Line of Credit.

The following table reconciles the change in the balance of real estate during the years ended December 31, 2014, 2013 and 2012, respectively (in thousands):


	2014			2013		2012
Balance at beginning of period	$	642,353		$	533,753	$	442,521
Additions:
Acquisitions during period		105,813			103,424		85,462
Improvements		13,889			5,176		5,770
Deductions:
Dispositions during period		(39,490	)		—		—

Balance at end of period	$	722,565		$	642,353	$	533,753

The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2014, 2013 and 2012, respectively (in thousands):


	2014			2013		2012
Balance at beginning of period	$	81,241		$	65,730	$	53,784
Additions during period		18,814			15,511		11,946
Dispositions during period		(7,922	)		—		—

Balance at end of period	$	92,133		$	81,241	$	65,730