Annual report pursuant to Section 13 and 15(d)

Schedule III - Real Estate and Accumulated Depreciation

v3.22.4
Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2022
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, 2022 (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  $ 3,128  $ 3,658  1997 12/23/2003
Canton, Ohio (3)
Office Building —  186  3,083  500  187  3,582  3,769  1,869  1,900  1994 1/30/2004
Akron, Ohio (3)
Office Building —  1,973  6,771  4,042  1,974  10,812  12,786  4,529  8,257 
1968/1999
 4/29/2004
Canton, North Carolina (3)
Industrial Building —  150  5,050  7,285  150  12,335  12,485  3,931  8,554 
1998/2014
 7/6/2004
Crenshaw, Pennsylvania (3)
Industrial Building —  100  6,574  269  100  6,843  6,943  3,254  3,689  1991 8/5/2004
Lexington, North Carolina (3)
Industrial Building —  820  2,107  69  820  2,176  2,996  1,062  1,934  1986 8/5/2004
Mt. Pocono, Pennsylvania (3)
Industrial Building —  350  5,819  18  350  5,837  6,187  2,762  3,425 
1995/1999
 10/15/2004
San Antonio, Texas (3)
Office Building —  843  7,514  3,007  843  10,521  11,364  4,651  6,713  1999 2/10/2005
Big Flats, New York (3)
Industrial Building —  275  6,459  515  275  6,974  7,249  3,013  4,236  2001 4/15/2005
Wichita, Kansas (3)
Office Building —  1,525  9,703  674  1,525  10,377  11,902  4,829  7,073  2000 5/18/2005
Eatontown, New Jersey (3)
Office Building —  1,351  3,520  534  1,351  4,054  5,405  1,920  3,485  1991 7/7/2005
Duncan, South Carolina (3)
Industrial Building —  783  10,790  1,889  783  12,679  13,462  5,582  7,880 
1984/2001/2007
 7/14/2005
Duncan, South Carolina (3)
Industrial Building —  195  2,682  470  195  3,152  3,347  1,387  1,960 
1984/2001/2007
 7/14/2005
Clintonville, Wisconsin (3)
Industrial Building —  55  4,717  3,250  55  7,967  8,022  3,114  4,908 
1992/2013
 10/31/2005
Burnsville, Minnesota (3)
Office Building —  3,511  8,746  7,736  3,511  16,482  19,993  8,207  11,786  1984 5/10/2006
Menomonee Falls, Wisconsin (3)
Industrial Building —  625  6,911  686  625  7,597  8,222  3,401  4,821 
1986/2000
 6/30/2006
Baytown, Texas
Medical Office Building —  221  2,443  2,563  221  5,006  5,227  3,523  1,704  1997 7/11/2006
Mason, Ohio
Office Building —  797  6,258  848  797  7,106  7,903  3,228  4,675  2002 1/5/2007
Raleigh, North Carolina (3)
Industrial Building —  1,606  5,513  4,700  1,606  10,213  11,819  4,574  7,245  1994 2/16/2007
Tulsa, Oklahoma (3)
Industrial Building —  —  14,057  687  —  14,744  14,744  6,774  7,970  2004 3/1/2007
Hialeah, Florida (3)
Industrial Building —  3,562  6,672  1,310  3,562  7,982  11,544  3,109  8,435 
1956/1992
 3/9/2007
Mason, Ohio (3)
Retail Building —  1,201  4,961  —  1,201  4,961  6,162  2,009  4,153  2007 7/1/2007
Cicero, New York (3)
Industrial Building —  299  5,019  150  299  5,169  5,468  1,973  3,495  2005 9/6/2007
Grand Rapids, Michigan (3)
Office Building —  1,629  10,500  308  1,629  10,808  12,437  4,423  8,014  2001 9/28/2007
Bolingbrook, Illinois (3)
Industrial Building —  1,272  5,003  996  1,272  5,999  7,271  2,746  4,525  2002 9/28/2007
Decatur, Georgia (3)
Medical Office Building —  783  3,241  —  783  3,241  4,024  1,315  2,709  1989 12/13/2007
Decatur, Georgia (3)
Medical Office Building —  205  847  —  205  847  1,052  344  708  1989 12/13/2007
Decatur, Georgia (3)
Medical Office Building —  257  1,062  —  257  1,062  1,319  431  888  1989 12/13/2007
Lawrenceville, Georgia (3)
Medical Office Building —  678  2,807  —  678  2,807  3,485  1,139  2,346  2005 12/13/2007
Snellville, Georgia (3)
Medical Office Building —  176  727  —  176  727  903  295  608  1986 12/13/2007
Covington, Georgia (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
Medical Office Building —  232  959  —  232  959  1,191  389  802  2000 12/13/2007
Conyers, Georgia (3)
Medical Office Building —  296  1,228  —  296  1,228  1,524  498  1,026  1994 12/13/2007
Cumming, Georgia (3)
Medical Office Building —  738  3,055  2,524  741  5,576  6,317  1,915  4,402  2004 12/13/2007
Reading, Pennsylvania (3)
Industrial Building —  491  6,202  357  491  6,559  7,050  2,396  4,654  2007 1/29/2008
Fridley, Minnesota
Office Building —  1,354  8,074  1,824  1,383  9,869  11,252  4,176  7,076 
1985/2006
 2/26/2008
Pineville, North Carolina (3)
Industrial Building —  669  3,028  293  669  3,321  3,990  1,315  2,675  1985 4/30/2008
Marietta, Ohio (3)
Industrial Building —  829  6,607  529  829  7,136  7,965  2,678  5,287 
1992/2007
 8/29/2008
Chalfont, Pennsylvania (3)
Industrial Building —  1,249  6,420  1,024  1,249  7,444  8,693  2,877  5,816  1987 8/29/2008
Orange City, Iowa
Industrial Building 3,772  258  5,861  6  258  5,867  6,125  2,210  3,915  1990 12/15/2010
Hickory, North Carolina (3)
Office Building —  1,163  6,605  357  1,163  6,962  8,125  3,414  4,711  2008 4/4/2011
Springfield, Missouri (3)
Office Building —  1,700  12,038  924  1,845  12,817  14,662  4,408  10,254  2006 6/20/2011
Dartmouth, Massachusetts (3)
Retail Location —  —  4,236  —  —  4,236  4,236  1,315  2,921  2011 11/18/2011
Springfield, Missouri
Retail Location 991  —  2,275  —  —  2,275  2,275  848  1,427  2005 12/13/2011
Pittsburgh, Pennsylvania (3)
Office Building —  281  3,205  743  281  3,948  4,229  1,599  2,630  1968 12/28/2011
Ashburn, Virginia (3)
Office Building —  706  7,858  —  705  7,859  8,564  2,824  5,740  2002 1/25/2012
Ottumwa, Iowa
Industrial Building 1,969  212  5,072  310  212  5,382  5,594  1,825  3,769  1970 5/30/2012
New Albany, Ohio
Office Building —  1,658  8,746  130  1,658  8,876  10,534  3,396  7,138  2007 6/5/2012
Columbus, Georgia (3)
Office Building —  1,378  4,520  —  1,378  4,520  5,898  1,966  3,932  2012 6/21/2012
Fort Worth, Texas
Industrial Building 8,867  963  15,647  —  963  15,647  16,610  4,819  11,791  2005 11/8/2012
Columbia, South Carolina
Office Building 9,015  1,905  20,648  (10,280) 428  11,845  12,273  9,260  3,013  2010 11/21/2012
Egg Harbor, New Jersey
Office Building 2,712  1,627  3,017  315  1,627  3,332  4,959  1,205  3,754  1985 3/28/2013
Vance, Alabama (3)
Industrial Building —  457  10,529  6,692  457  17,221  17,678  4,519  13,159  2013 5/9/2013
Blaine, Minnesota
Office Building 6,849  1,060  10,518  1,178  842  11,914  12,756  4,128  8,628  2009 5/10/2013
Austin, Texas
Office Building 29,314  2,330  44,021  3,120  2,330  47,141  49,471  19,800  29,671  1999 7/9/2013
Englewood, Colorado (3)
Office Building —  1,503  11,739  280  1,503  12,019  13,522  4,454  9,068  2008 12/11/2013
Novi, Michigan
Industrial Building 3,453  352  5,626  —  352  5,626  5,978  1,751  4,227  1988 12/27/2013
Allen, Texas (3)
Retail Building —  874  3,634  —  874  3,634  4,508  1,100  3,408  2004 3/27/2014
Colleyville, Texas (3)
Retail Building —  1,277  2,424  —  1,277  2,424  3,701  721  2,980  2000 3/27/2014
Coppell, Texas (3)
Retail Building —  1,448  3,349  —  1,448  3,349  4,797  996  3,801  2005 5/8/2014
Columbus, Ohio (3)
Office Building —  990  8,017  2,797  990  10,814  11,804  4,033  7,771  1986 5/13/2014
Taylor, Pennsylvania (3)
Industrial Building —  3,101  25,405  1,248  3,101  26,653  29,754  7,606  22,148 
2000/2006
 6/9/2014
Aurora, Colorado (3)
Industrial Building —  2,882  3,917  96  2,882  4,013  6,895  1,220  5,675  1983 7/1/2014
Indianapolis, Indiana (3)
Office Building —  502  6,422  1,894  498  8,320  8,818  2,993  5,825 
1981/2014
 9/3/2014
Denver, Colorado (3)
Industrial Building —  1,621  7,071  11,878  1,621  18,949  20,570  3,233  17,337  1985 10/31/2014
Monroe, Michigan
    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 9,164  658  14,607  195  658  14,802  15,460  3,713  11,747  2004 12/23/2014
Monroe, Michigan
Industrial Building 6,395  460  10,225  (20) 459  10,206  10,665  2,574  8,091  2004 12/23/2014
Richardson, Texas
Office Building 12,342  2,728  15,372  1,135  2,728  16,507  19,235  6,071  13,164 
1985/2008
 3/6/2015
Birmingham, Alabama (3)
Office Building —  650  2,034  103  650  2,137  2,787  746  2,041 
1982/2010
 3/20/2015
Dublin, Ohio (3)
Office Building —  1,338  5,058  1,086  1,338  6,144  7,482  1,926  5,556 
1980/Various
 5/28/2015
Draper, Utah
Office Building 10,410  3,248  13,129  74  3,248  13,203  16,451  3,868  12,583  2008 5/29/2015
Hapeville, Georgia (3)
Office Building —  2,272  8,778  263  2,272  9,041  11,313  2,445  8,868 
1999/2007
 7/15/2015
Villa Rica, Georgia
Industrial Building 3,327  293  5,277  18  293  5,295  5,588  1,421  4,167 
2000/2014
 10/20/2015
Taylorsville, Utah
Office Building 8,340  3,008  10,659  501  3,008  11,160  14,168  3,759  10,409  1997 5/26/2016
Fort Lauderdale, Florida
Office Building 11,867  4,117  15,516  4,247  4,117  19,763  23,880  5,618  18,262  1984 9/12/2016
King of Prussia, Pennsylvania
Office Building 13,939  3,681  15,739  473  3,681  16,212  19,893  4,432  15,461  2001 12/14/2016
Conshohocken, Pennsylvania
Office Building 9,456  1,996  10,880  —  1,996  10,880  12,876  2,400  10,476  1996 6/22/2017
Philadelphia, Pennsylvania
Industrial Building 14,803  5,896  16,282  62  5,906  16,334  22,240  4,204  18,036 
1994/2011
 7/7/2017
Maitland, Florida
Office Building 14,434  3,073  19,661  849  3,091  20,492  23,583  5,874  17,709  1998 7/31/2017
Maitland, Florida
Office Building 7,237  2,095  9,339  9  2,095  9,348  11,443  2,106  9,337  1999 7/31/2017
Columbus, Ohio (3)
Office Building —  1,926  11,410  332  1,925  11,743  13,668  2,700  10,968  2007 12/1/2017
Salt Lake City, Utah (3)
Office Building —  4,446  9,938  801  4,446  10,739  15,185  2,773  12,412  2007 12/1/2017
Vance, Alabama (3)
Industrial Building —  459  12,224  44  469  12,258  12,727  2,158  10,569  2018 3/9/2018
Columbus, Ohio
Industrial Building 4,315  681  6,401  —  681  6,401  7,082  1,418  5,664  1990 9/20/2018
Detroit, Michigan
Industrial Building 5,875  1,458  10,092  10  1,468  10,092  11,560  1,524  10,036  1997 10/30/2018
Detroit, Michigan (3)
Industrial Building —  662  6,681  10  672  6,681  7,353  1,026  6,327 
2002/2016
 10/30/2018
Lake Mary, Florida
Office Building 9,961  3,018  11,756  161  3,020  11,915  14,935  2,060  12,875 
1997/2018
 12/27/2018
Moorestown, New Jersey (3)
Industrial Building —  471  1,825  —  471  1,825  2,296  437  1,859  1991 2/8/2019
Indianapolis, Indiana (3)
Industrial Building —  255  2,809  —  255  2,809  3,064  423  2,641 
1989/2019
 2/28/2019
Ocala, Florida (3)
Industrial Building —  1,286  8,535  —  1,286  8,535  9,821  1,085  8,736  2001 4/5/2019
Ocala, Florida (3)
Industrial Building —  725  4,814  849  724  5,664  6,388  685  5,703 
1965/2007
 4/5/2019
Delaware, Ohio (3)
Industrial Building —  316  2,355  —  316  2,355  2,671  363  2,308  2005 4/30/2019
Tifton, Georgia
Industrial Building 7,856  —  15,190  1,725  1,725  15,190  16,915  1,807  15,108 
1995/2003
 6/18/2019
Denton, Texas (3)
Industrial Building —  1,497  4,151  —  1,496  4,152  5,648  630  5,018  2012 7/30/2019
Temple, Texas (3)
Industrial Building —  200  4,335  65  200  4,400  4,600  581  4,019 
1973/2006
 9/26/2019
Temple, Texas (3)
Industrial Building —  296  6,425  99  296  6,524  6,820  861  5,959 
1978/2006
 9/26/2019
Indianapolis, Indiana (3)
Industrial Building —  1,158  5,162  4  1,162  5,162  6,324  979  5,345 
1967/1998
 11/14/2019
Jackson, Tennessee
Industrial Building 4,421  311  7,199  —  311  7,199  7,510  729  6,781  2019 12/16/2019
Carrollton, Georgia
Industrial Building 3,929  291  6,720  —  292  6,719  7,011  658  6,353 
2015/2019
 12/17/2019
New Orleans, Louisiana
    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 3,517  2,168  4,667  25  2,166  4,694  6,860  751  6,109  1975 12/17/2019
San Antonio, Texas
Industrial Building 3,610  775  6,877  815  773  7,694  8,467  790  7,677  1985 12/17/2019
Port Allen, Louisiana
Industrial Building 2,675  292  3,411  349  291  3,761  4,052  491  3,561 
1983/2005
 12/17/2019
Albuquerque, New Mexico
Industrial Building 1,731  673  2,291  (3) 671  2,290  2,961  271  2,690 
1998/2017
 12/17/2019
Tucson, Arizona
Industrial Building 3,239  819  4,636  161  817  4,799  5,616  523  5,093 
1987/1995/2005
 12/17/2019
Albuquerque, New Mexico
Industrial Building 3,276  818  5,219  234  815  5,456  6,271  571  5,700 
2000/2018
 12/17/2019
Indianapolis, Indiana (3)
Industrial Building —  489  3,956  223  493  4,175  4,668  454  4,214  1987 1/8/2020
Houston, Texas
Industrial Building 9,350  1,714  14,170  3  1,717  14,170  15,887  1,214  14,673 
2000/2018
 1/27/2020
Charlotte, North Carolina
Industrial Building 5,051  1,458  6,778  4  1,461  6,779  8,240  738  7,502 
1995/1999/2006
 1/27/2020
St. Charles, Missouri
Industrial Building 2,794  924  3,749  4  928  3,749  4,677  332  4,345  2012 1/27/2020
Crandall, Georgia
Industrial Building 16,475  2,711  26,632  172  2,711  26,804  29,515  2,246  27,269  2020 3/9/2020
Terre Haute, Indiana (3)
Industrial Building —  502  8,076  —  502  8,076  8,578  564  8,014  2010 9/1/2020
Montgomery, Alabama (3)
Industrial Building —  599  11,290  3  602  11,290  11,892  994  10,898 
1990/1997
 10/14/2020
Huntsville, Alabama
Industrial Building 9,799  1,445  15,040  11,158  1,445  26,198  27,643  1,565  26,078  2001 12/18/2020
Pittsburgh, Pennsylvania
Industrial Building 6,375  1,422  10,094  150  1,422  10,244  11,666  941  10,725  1994 12/21/2020
Findlay, Ohio
Industrial Building 5,219  258  8,847  —  258  8,847  9,105  614  8,491 
1992/2008
 1/22/2021
Baytown, Texas (3)
Industrial Building —  1,604  5,533  3  1,607  5,533  7,140  415  6,725  2018 6/17/2021
Pacific, Missouri (3)
Industrial Building —  926  7,294  —  926  7,294  8,220  346  7,874 
2019/2021
 7/21/2021
Pacific, Missouri (3)
Industrial Building —  235  1,852  —  235  1,852  2,087  88  1,999 
2019/2021
 7/21/2021
Pacific, Missouri (3)
Industrial Building —  607  4,782  —  607  4,782  5,389  227  5,162 
2019/2021
 7/21/2021
Pacific, Missouri (3)
Industrial Building —  257  2,027  —  257  2,027  2,284  96  2,188 
2019/2021
 7/21/2021
Peru, Illinois (3)
Industrial Building —  89  1,413  147  89  1,560  1,649  87  1,562 
1987/1998
 8/20/2021
Peru, Illinois (3)
Industrial Building —  140  2,225  230  140  2,455  2,595  138  2,457 
1987/1998
 8/20/2021
Charlotte, North Carolina (3)
Industrial Building —  1,400  10,615  —  1,400  10,615  12,015  514  11,501 
1972/2018
 11/3/2021
Atlanta, Georgia (3)
Industrial Building —  1,255  8,787  1,503  1,255  10,290  11,545  371  11,174  1974 12/21/2021
Crossville, Tennessee
Industrial Building 16,000  434  24,589  —  434  24,589  25,023  690  24,333  2020 12/21/2021
Wilkesboro, North Carolina (3)
Industrial Building —  346  5,758  —  346  5,758  6,104  192  5,912  2014 2/24/2022
Oklahoma City, Oklahoma (3)
Industrial Building —  470  4,688  1  470  4,689  5,159  128  5,031 
1999/2004
 3/11/2022
Cleveland, Ohio
Industrial Building 3,593  628  5,252  495  628  5,747  6,375  204  6,171 
1966/1972/2000/2013
 5/4/2022
Fort Payne, Alabama
Industrial Building 6,443  217  10,778  —  217  10,778  10,995  247  10,748  2013 5/4/2022
Wilmington, North Carolina
Industrial Building 6,401  1,104  9,730  —  1,104  9,730  10,834  274  10,560 
2000/2020
 5/12/2022
Wilmington, North Carolina
Industrial Building 3,309  571  5,031  1  571  5,032  5,603  142  5,461 
2000/2020
 5/12/2022
Wilmington, North Carolina
Industrial Building 254  44  386  1  44  387  431  11  420 
2000/2020
 5/12/2022
Bridgeton, New Jersey
Industrial Building 1,945  571  2,753  3  574  2,753  3,327  59  3,268  2017 8/5/2022
Vineland, New Jersey
    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 14,968  860  24,634  4  864  24,634  25,498  354  25,144 
2003/2009
 8/5/2022
Jacksonville, Florida
Industrial Building 4,400  1,099  5,587  222  1,099  5,809  6,908  65  6,843  1978 9/16/2022
Fort Payne, Alabama (3)
Industrial Building —  39  4,774  —  39  4,774  4,813  43  4,770  2022 9/20/2022
Denver, Colorado
Industrial Building 6,600  5,227  4,649  157  5,228  4,805  10,033  37  9,996  1978 10/26/2022
Greenville, South Carolina (3)
Industrial Building —  411  3,693  105  410  3,799  4,209  4  4,205  1964 12/21/2022
$ 362,037  $ 153,064  $ 1,045,151  $ 101,355  $ 153,344  $ 1,146,226  $ 1,299,570  $ 296,254  $ 1,003,316 
(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 $1,299.6 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.

The following table reconciles the change in the balance of real estate during the years ended December 31, 2022, 2021 and 2020, respectively (in thousands):

2022 2021 2020
Balance at beginning of period $ 1,225,258  $ 1,140,205  $ 1,064,389 
Additions:
Acquisitions during period 99,300  85,169  111,049 
Improvements 26,670  14,495  11,696 
Deductions:
Dispositions during period (39,823) (14,611) (43,383)
Impairments during period (11,835) —  (3,546)
Balance at end of period $ 1,299,570  (1) $ 1,225,258  $ 1,140,205  (2)
(1)The real estate figure includes $12.3 million of real estate held for sale as of December 31, 2022.
(2)The real estate figure includes $11.5 million of real estate held for sale as of December 31, 2020.

The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2022, 2021 and 2020, respectively (in thousands):

2022 2021 2020
Balance at beginning of period $ 266,672  $ 231,876  $ 210,944 
Additions during period 42,584  39,612  36,034 
Dispositions during period (13,002) (4,816) (15,102)
Balance at end of period $ 296,254  (1) $ 266,672  $ 231,876  (2)
(1)The accumulated depreciation figure includes $9.3 million of real estate held for sale as of December 31, 2022.
(2)The accumulated depreciation figure includes $3.4 million of real estate held for sale as of December 31, 2020.