SCHEDULE III???REAL ESTATE AND ACCUMULATED DEPRECIATION

v3.25.4

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2025
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, 2025 (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  $ 2,431  $ 960  $ 6,912  $ 7,872  $ 3,408  $ 4,464  1997 12/23/2003 Canton, Ohio (3) Office Building —  186  3,083  1,256  187  4,338  4,525  2,230  2,295  1994 1/30/2004 Akron, Ohio (3) Office Building —  1,973  6,771  4,091  1,974  10,861  12,835  5,907  6,928  1968/1999 4/29/2004 Canton, North Carolina (3) Industrial Building —  150  5,050  7,285  150  12,335  12,485  5,348  7,137  1998/2014 7/6/2004 Crenshaw, Pennsylvania (3) Industrial Building —  100  6,574  269  100  6,843  6,943  3,777  3,166  1991 8/5/2004 Lexington, North Carolina (3) Industrial Building —  820  2,107  69  820  2,176  2,996  1,225  1,771  1986 8/5/2004 Mt. Pocono, Pennsylvania (3) Industrial Building —  350  5,819  18  350  5,837  6,187  3,206  2,981  1995/1999 10/15/2004 San Antonio, Texas (3) Office Building —  843  7,514  3,208  843  10,722  11,565  5,952  5,613  1999 2/10/2005 Big Flats, New York (3) Industrial Building —  275  6,459  515  275  6,974  7,249  3,585  3,664  2001 4/15/2005 Wichita, Kansas (3) Office Building —  1,525  9,703  1,368  1,525  11,071  12,596  5,750  6,846  2000 5/18/2005 Duncan, South Carolina (3) Industrial Building —  783  10,790  1,889  783  12,679  13,462  6,575  6,887  1984/2001/2007 7/14/2005 Duncan, South Carolina (3) Industrial Building —  195  2,682  470  195  3,152  3,347  1,634  1,713  1984/2001/2007 7/14/2005 Clintonville, Wisconsin (3) Industrial Building —  55  4,717  3,785  55  8,502  8,557  3,850  4,707  1992/2013 10/31/2005 Burnsville, Minnesota (3) Office Building —  3,511  8,746  9,238  3,511  17,984  21,495  10,694  10,801  1984 5/10/2006 Menomonee Falls, Wisconsin (3) Industrial Building —  625  6,911  686  625  7,597  8,222  4,021  4,201  1986/2000 6/30/2006 Mason, Ohio (3) Office Building —  797  6,258  2,026  797  8,284  9,081  4,144  4,937  2002 1/5/2007 Raleigh, North Carolina (3) Industrial Building —  1,606  5,513  4,700  1,606  10,213  11,819  6,101  5,718  1994 2/16/2007 Tulsa, Oklahoma (3) Industrial Building —  —  14,057  1,018  —  15,075  15,075  8,145  6,930  2004 3/1/2007 Hialeah, Florida (3) Industrial Building —  3,562  6,672  2,108  3,562  8,780  12,342  3,779  8,563  1956/1992 3/9/2007 Mason, Ohio (3) Retail Building —  1,201  4,961  —  1,201  4,961  6,162  2,399  3,763  2007 7/1/2007 Cicero, New York (3) Industrial Building —  299  5,019  150  299  5,169  5,468  2,395  3,073  2005 9/6/2007 Grand Rapids, Michigan (3) Office Building —  1,629  10,500  1,573  1,629  12,073  13,702  5,615  8,087  2001 9/28/2007 Bolingbrook, Illinois (3) Industrial Building —  1,272  5,003  1,070  1,272  6,073  7,345  3,268  4,077  2002 9/28/2007 Decatur, Georgia (3) Medical Office Building —  783  3,241  358  844  3,538  4,382  1,711  2,671  1989 12/13/2007 Decatur, Georgia (3) Medical Office Building —  205  847  94  221  925  1,146  448  698  1989 12/13/2007 Decatur, Georgia (3) Medical Office Building —  257  1,062  118  277  1,160  1,437  561  876  1989 12/13/2007 Snellville, Georgia (3) Medical Office Building —  176  727  81  190  794  984  384  600  1986 12/13/2007 Covington, Georgia (3) Medical Office Building —  232  959  106  250  1,047  1,297  507  790  2000 12/13/2007 Conyers, Georgia (3) Medical Office Building —  296  1,228  135  319  1,340  1,659  649  1,010  1994 12/13/2007 Reading, Pennsylvania (3) Industrial Building —  491  6,202  357  491  6,559  7,050  2,936  4,114  2007 1/29/2008 Pineville, 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 Year Construction/ Improvements Date Acquired Industrial Building —  669  3,028  293  669  3,321  3,990  1,607  2,383  1985 4/30/2008 Marietta, Ohio (3) Industrial Building —  829  6,607  529  829  7,136  7,965  3,446  4,519  1992/2007 8/29/2008 Chalfont, Pennsylvania (3) Industrial Building —  1,249  6,420  1,372  1,249  7,792  9,041  3,671  5,370  1987 8/29/2008 Orange City, Iowa Industrial Building 1,058  258  5,861  6  258  5,867  6,125  2,761  3,364  1990 12/15/2010 Springfield, Missouri (3) Office Building —  1,700  12,038  1,237  1,845  13,130  14,975  5,595  9,380  2006 6/20/2011 Dartmouth, Massachusetts (3) Retail Location —  —  4,236  —  —  4,236  4,236  1,670  2,566  2011 11/18/2011 Springfield, Missouri Retail Location 580  —  2,275  —  —  2,275  2,275  1,007  1,268  2005 12/13/2011 Ashburn, Virginia (3) Office Building —  706  7,858  2,754  705  10,613  11,318  3,699  7,619  2002 1/25/2012 Ottumwa, Iowa Industrial Building 706  212  5,072  310  212  5,382  5,594  2,229  3,365  1970 5/30/2012 New Albany, Ohio Office Building 4,260  1,658  8,746  3,441  1,658  12,187  13,845  4,335  9,510  2007 6/5/2012 Columbus, Georgia (3) Office Building —  1,378  4,520  —  1,378  4,520  5,898  2,414  3,484  2012 6/21/2012 Fort Worth, Texas Industrial Building 6,249  963  15,647  —  963  15,647  16,610  5,972  10,638  2005 11/8/2012 Vance, Alabama (3) Industrial Building —  457  10,529  6,692  457  17,221  17,678  5,919  11,759  2013 5/9/2013 Austin, Texas Office Building —  2,330  44,021  6,507  2,330  50,528  52,858  25,166  27,692  1999 7/9/2013 Englewood, Colorado (3) Office Building —  1,503  11,739  1,498  1,503  13,237  14,740  6,340  8,400  2008 12/11/2013 Novi, Michigan (3) Industrial Building —  352  5,626  144  352  5,770  6,122  2,176  3,946  1988 12/27/2013 Allen, Texas (3) Retail Building —  874  3,634  —  874  3,634  4,508  1,385  3,123  2004 3/27/2014 Colleyville, Texas (3) Retail Building —  1,277  2,424  —  1,277  2,424  3,701  918  2,783  2000 3/27/2014 Coppell, Texas (3) Retail Building —  1,448  3,349  —  1,448  3,349  4,797  1,292  3,505  2005 5/8/2014 Taylor, Pennsylvania (3) Industrial Building —  3,101  25,405  5,629  3,101  31,034  34,135  9,607  24,528  2000/2006 6/9/2014 Aurora, Colorado (3) Industrial Building —  2,882  3,917  96  2,882  4,013  6,895  1,509  5,386  1983 7/1/2014 Indianapolis, Indiana (3) Office Building —  502  6,422  1,964  499  8,389  8,888  4,182  4,706  1981/2014 9/3/2014 Denver, Colorado (3) Industrial Building —  1,621  7,071  11,878  1,621  18,949  20,570  5,283  15,287  1985 10/31/2014 Monroe, Michigan Industrial Building 8,775  658  14,607  195  658  14,802  15,460  4,914  10,546  2004 12/23/2014 Monroe, Michigan Industrial Building 6,121  460  10,225  (20) 459  10,206  10,665  3,365  7,300  2004 12/23/2014 Dublin, Ohio (3) Office Building —  1,338  5,058  1,086  1,338  6,144  7,482  2,753  4,729  1980/Various 5/28/2015 Hapeville, Georgia (3) Office Building —  2,272  8,778  263  2,272  9,041  11,313  3,400  7,913  1999/2007 7/15/2015 Villa Rica, Georgia (3) Industrial Building —  293  5,277  309  293  5,586  5,879  2,029  3,850  2000/2014 10/20/2015 Fort Lauderdale, Florida Office Building 10,550  4,117  15,516  8,046  4,117  23,562  27,679  9,049  18,630  1984 9/12/2016 King of Prussia, Pennsylvania Office Building 13,152  3,681  15,739  473  3,681  16,212  19,893  6,703  13,190  2001 12/14/2016 Conshohocken, Pennsylvania Office Building 4,105  1,996  10,880  1,028  1,996  11,908  13,904  3,799  10,105  1996 6/22/2017 Philadelphia, Pennsylvania Industrial Building 13,644  5,896  16,282  1,418  5,906  17,690  23,596  6,504  17,092  1994/2011 7/7/2017 Maitland, Florida Office Building 12,911  3,073  19,661  1,646  3,091  21,289  24,380  9,039  15,341  1998 7/31/2017 Maitland, Florida Office Building 6,473  2,095  9,339  9  2,095  9,348  11,443  3,274  8,169  1999 7/31/2017 Columbus, Ohio (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 Office Building —  1,926  11,410  875  1,925  12,286  14,211  4,251  9,960  2007 12/1/2017 Salt Lake City, Utah (3) Office Building —  4,446  9,938  801  4,446  10,739  15,185  4,196  10,989  2007 12/1/2017 Vance, Alabama (3) Industrial Building —  459  12,224  44  469  12,258  12,727  3,506  9,221  2018 3/9/2018 Columbus, Ohio Industrial Building 3,931  681  6,401  599  681  7,000  7,681  2,456  5,225  1990 9/20/2018 Detroit, Michigan Industrial Building 4,974  1,458  10,092  10  1,468  10,092  11,560  2,620  8,940  1997 10/30/2018 Detroit, Michigan (3) Industrial Building —  662  6,681  10  672  6,681  7,353  1,764  5,589  2002/2016 10/30/2018 Lake Mary, Florida Office Building 9,337  3,018  11,756  172  3,020  11,926  14,946  3,628  11,318  1997/2018 12/27/2018 Moorestown, New Jersey (3) Industrial Building —  471  1,825  —  471  1,825  2,296  692  1,604  1991 2/8/2019 Indianapolis, Indiana (3) Industrial Building —  255  2,809  —  255  2,809  3,064  755  2,309  1989/2019 2/28/2019 Ocala, Florida (3) Industrial Building —  1,286  8,535  —  1,286  8,535  9,821  1,956  7,865  2001 4/5/2019 Ocala, Florida (3) Industrial Building —  725  4,814  849  724  5,664  6,388  1,384  5,004  1965/2007 4/5/2019 Delaware, Ohio (3) Industrial Building —  316  2,355  —  316  2,355  2,671  604  2,067  2005 4/30/2019 Denton, Texas (3) Industrial Building —  1,497  4,151  —  1,496  4,152  5,648  1,182  4,466  2012 7/30/2019 Temple, Texas (3) Industrial Building —  200  4,335  65  200  4,400  4,600  1,115  3,485  1973/2006 9/26/2019 Temple, Texas (3) Industrial Building —  296  6,425  99  296  6,524  6,820  1,653  5,167  1978/2006 9/26/2019 Indianapolis, Indiana (3) Industrial Building —  1,158  5,162  4  1,162  5,162  6,324  1,910  4,414  1967/1998 11/14/2019 Jackson, Tennessee Industrial Building 4,028  311  7,199  —  311  7,199  7,510  1,448  6,062  2019 12/16/2019 Carrollton, Georgia Industrial Building 3,580  291  6,720  —  292  6,719  7,011  1,308  5,703  2015/2019 12/17/2019 New Orleans, Louisiana Industrial Building 3,192  2,168  4,667  25  2,166  4,694  6,860  1,497  5,363  1975 12/17/2019 San Antonio, Texas Industrial Building 3,276  775  6,877  864  773  7,743  8,516  1,700  6,816  1985 12/17/2019 Port Allen, Louisiana Industrial Building 2,428  292  3,411  412  291  3,824  4,115  1,045  3,070  1983/2005 12/17/2019 Albuquerque, New Mexico Industrial Building 1,571  673  2,291  4  671  2,297  2,968  540  2,428  1998/2017 12/17/2019 Tucson, Arizona Industrial Building 2,940  819  4,636  210  817  4,848  5,665  1,094  4,571  1987/1995/2005 12/17/2019 Albuquerque, New Mexico Industrial Building 2,974  818  5,219  240  815  5,462  6,277  1,171  5,106  2000/2018 12/17/2019 Indianapolis, Indiana (3) Industrial Building —  489  3,956  283  493  4,235  4,728  941  3,787  1987 1/8/2020 Houston, Texas Industrial Building 8,629  1,714  14,170  3  1,717  14,170  15,887  2,456  13,431  2000/2018 1/27/2020 Charlotte, North Carolina Industrial Building 4,661  1,458  6,778  4  1,461  6,779  8,240  1,493  6,747  1995/1999/2006 1/27/2020 St. Charles, Missouri Industrial Building 2,578  924  3,749  4  928  3,749  4,677  672  4,005  2012 1/27/2020 Crandall, Georgia Industrial Building 15,221  2,711  26,632  172  2,711  26,804  29,515  4,658  24,857  2020 3/9/2020 Terre Haute, Indiana (3) Industrial Building —  502  8,076  —  502  8,076  8,578  1,289  7,289  2010 9/1/2020 Montgomery, Alabama (3) Industrial Building —  599  11,290  3  602  11,290  11,892  2,340  9,552  1990/1997 10/14/2020 Huntsville, Alabama Industrial Building 8,875  1,445  15,040  11,158  1,445  26,198  27,643  5,191  22,452  2001 12/18/2020 Pittsburgh, Pennsylvania Industrial Building 5,982  1,422  10,094  567  1,422  10,661  12,083  2,355  9,728  1994 12/21/2020 Findlay, Ohio Industrial Building 4,742  258  8,847  —  258  8,847  9,105  1,561  7,544  1992/2008 1/22/2021 Baytown, Texas (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 Industrial Building —  1,604  5,533  3  1,607  5,533  7,140  1,224  5,916  2018 6/17/2021 Pacific, Missouri (3) Industrial Building —  926  7,294  —  926  7,294  8,220  1,063  7,157  2019/2021 7/21/2021 Pacific, Missouri (3) Industrial Building —  235  1,852  —  235  1,852  2,087  270  1,817  2019/2021 7/21/2021 Pacific, Missouri (3) Industrial Building —  607  4,782  —  607  4,782  5,389  697  4,692  2019/2021 7/21/2021 Pacific, Missouri (3) Industrial Building —  257  2,027  —  257  2,027  2,284  295  1,989  2019/2021 7/21/2021 Peru, Illinois (3) Industrial Building —  89  1,413  —  89  1,413  1,502  280  1,222  1987/1998 8/20/2021 Peru, Illinois (3) Industrial Building —  140  2,225  —  140  2,225  2,365  440  1,925  1987/1998 8/20/2021 Charlotte, North Carolina (3) Industrial Building —  1,400  10,615  —  1,400  10,615  12,015  1,767  10,248  1972/2018 11/3/2021 Atlanta, Georgia (3) Industrial Building —  1,255  8,787  1,503  1,255  10,290  11,545  1,475  10,070  1974 12/21/2021 Crossville, Tennessee Industrial Building 15,055  434  24,589  —  434  24,589  25,023  2,706  22,317  2020 12/21/2021 Wilkesboro, North Carolina (3) Industrial Building —  346  5,758  —  346  5,758  6,104  869  5,235  2014 2/24/2022 Cleveland, Ohio Industrial Building 3,425  628  5,252  495  628  5,747  6,375  1,133  5,242  1966/1972/2000/2013 5/4/2022 Fort Payne, Alabama Industrial Building 6,141  217  10,778  —  217  10,778  10,995  1,375  9,620  2013 5/4/2022 Wilmington, North Carolina Industrial Building 6,065  1,104  9,730  22  1,104  9,752  10,856  1,572  9,284  2000/2020 5/12/2022 Wilmington, North Carolina Industrial Building 3,135  571  5,031  12  571  5,043  5,614  813  4,801  2000/2020 5/12/2022 Wilmington, North Carolina Industrial Building 241  44  386  1  44  387  431  62  369  2000/2020 5/12/2022 Bridgeton, New Jersey Industrial Building 1,901  571  2,753  3  574  2,753  3,327  496  2,831  2017 8/5/2022 Vineland, New Jersey Industrial Building 14,631  860  24,634  4  864  24,634  25,498  2,975  22,523  2003/2009 8/5/2022 Jacksonville, Florida Industrial Building 4,338  1,099  5,587  222  1,099  5,809  6,908  733  6,175  1978 9/16/2022 Fort Payne, Alabama (3) Industrial Building —  39  4,774  —  39  4,774  4,813  501  4,312  2022 9/20/2022 Denver, Colorado Industrial Building 6,513  5,227  4,649  157  5,228  4,805  10,033  657  9,376  1978 10/26/2022 Greenville, South Carolina (3) Industrial Building —  411  3,693  105  410  3,799  4,209  441  3,768  1964 12/21/2022 Riverdale, Illinois Industrial Building 2,685  675  3,862  43  676  3,904  4,580  369  4,211  1949/1992 4/14/2023 Dallas Forth Worth, Texas Retail Building 1,438  770  1,636  (1) 770  1,635  2,405  164  2,241  2010/2023 7/10/2023 Dallas Forth Worth, Texas Industrial Building 4,507  1,269  6,617  —  1,268  6,618  7,886  602  7,284  1999 7/28/2023 Allentown, Pennsylvania (3) Industrial Building —  987  5,506  53  988  5,558  6,546  413  6,133  1974/2016 10/12/2023 Indianapolis, Indiana (3) Industrial Building —  928  3,102  (108) 820  3,102  3,922  248  3,674  1997 11/3/2023 Warfordsburg, Pennsylvania (3) Industrial Building —  414  2,925  —  414  2,925  3,339  208  3,131  1991/1999 5/7/2024 Warfordsburg, Pennsylvania (3) Industrial Building —  77  542  —  77  542  619  38  581  1991/1999 5/7/2024 Warfordsburg, Pennsylvania (3) Industrial Building —  576  4,079  —  576  4,079  4,655  290  4,365  1991/1999 5/7/2024 Warfordsburg, Pennsylvania (3) Industrial Building —  101  716  —  101  716  817  51  766  1991/1999 5/7/2024 Warfordsburg, Pennsylvania (3) Industrial Building —  1  6  —  1  6  7  —  7  1991/1999 5/7/2024 Midland, Texas (3) Industrial Building —  525  7,772  —  525  7,772  8,297  322  7,975  2024 8/29/2024 St. Clair, Missouri (3) Industrial Building —  1,168  3,493  5,488  1,169  8,980  10,149  130  10,019  2014 11/15/2024 Houston, Texas (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 Industrial Building —  256  926  —  256  926  1,182  28  1,154  2009/2023 2/19/2025 Houston, Texas (3) Industrial Building —  239  866  —  239  866  1,105  26  1,079  2009/2023 2/19/2025 Houston, Texas (3) Industrial Building —  2,133  7,721  (1) 2,132  7,721  9,853  235  9,618  2009/2023 2/19/2025 Houston, Texas (3) Industrial Building —  2,580  9,342  —  2,580  9,342  11,922  284  11,638  2009/2023 2/19/2025 Houston, Texas (3) Industrial Building —  362  1,310  —  362  1,310  1,672  40  1,632  2009/2023 2/19/2025 Dallas, Texas (3) Industrial Building —  —  39,195  —  —  39,195  39,195  813  38,382  2021 3/28/2025 Germantown, Wisconsin (3) Industrial Building —  3,103  48,268  1  3,104  48,268  51,372  848  50,524  2022/2024 5/9/2025 Harrison Township, Missouri (3) Industrial Building —  91  492  29  91  521  612  11  601  1970/1994 6/25/2025 Harrison Township, Missouri (3) Industrial Building —  1,303  7,012  400  1,302  7,413  8,715  162  8,553  1970/1994 6/25/2025 Harrison Township, Missouri (3) Industrial Building —  573  3,087  176  573  3,263  3,836  71  3,765  1970/1994 6/25/2025 Cartersville, Georgia (3) Industrial Building —  805  9,970  35  804  10,006  10,810  95  10,715  1983 9/30/2025 Ossian, Indiana (3) Industrial Building —  519  15,006  1  520  15,006  15,526  146  15,380  1995 9/30/2025 Ligonier, Indiana (3) Industrial Building —  511  8,667  (1) 510  8,667  9,177  88  9,089  1992 9/30/2025 Caro, Michigan (3) Industrial Building —  94  4,124  24  95  4,147  4,242  41  4,201  1955/1980 /1990 9/30/2025 Caro, Michigan (3) Industrial Building —  23  991  4  23  995  1,018  10  1,008  1955/1980 /1990 9/30/2025 Caro, Michigan (3) Industrial Building —  6  251  1  6  252  258  3  255  1955/1980 /1990 9/30/2025 Caro, Michigan (3) Industrial Building —  3  133  1  3  134  137  1  136  1955/1980 /1990 9/30/2025 Chesterfield, Michigan (3) Industrial Building —  416  3,681  —  415  3,682  4,097  34  4,063  1987/2013 9/30/2025 Cass City, Michigan (3) Industrial Building —  90  1,550  8  90  1,558  1,648  18  1,630  1960/1995 /2005/2022 9/30/2025 $ 251,578  $ 152,190  $ 1,115,018  $ 135,432  $ 152,453  $ 1,250,187  $ 1,402,640  $ 361,280  $ 1,041,360  (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 $1,402.6 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 5-25 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, 2025, 2024 and 2023, respectively (in thousands): 2025 2024 2023 Balance at beginning of period $ 1,219,918  $ 1,261,715  $ 1,299,570  Additions: Acquisitions during period 175,701  22,394  25,352  Improvements 18,632  12,160  9,087  Deductions: Dispositions during period (11,602) (69,723) (53,281) Impairments during period (9) (6,628) (19,013) Balance at end of period $ 1,402,640  (1) $ 1,219,918  (2) $ 1,261,715  (3) (1)The real estate figure includes $12.2 million of real estate held for sale as of December 31, 2025. (2)The real estate figure includes $8.1 million of real estate held for sale as of December 31, 2024. (3)The real estate figure includes $40.4 million of real estate held for sale as of December 31, 2023. The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2025, 2024 and 2023, respectively (in thousands): 2025 2024 2023 Balance at beginning of period $ 323,434  $ 312,517  $ 295,130  Additions during period 42,204  39,511  41,174  Dispositions during period (4,358) (28,594) (23,787) Balance at end of period $ 361,280  (1) $ 323,434  (2) $ 312,517  (3) (1)The accumulated depreciation figure includes $1.8 million of real estate held for sale as of December 31, 2025. (2)The accumulated depreciation figure includes $3.8 million of real estate held for sale as of December 31, 2024. (3)The accumulated depreciation figure includes $12.9 million of real estate held for sale as of December 31, 2023.