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Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2020

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, 2020 (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 (3)			Year Construction/ Improvements			Date Acquired
Raleigh, North Carolina (4)
Office Building			$	—		$	960		$	4,481		$	1,039		$	960		$	5,520		$	6,480		$	2,409		$	4,071		1997			12/23/2003
Canton, Ohio (4)
Office Building			—			186			3,083			500			187			3,582			3,769			1,658			2,111			1994			1/30/2004
Akron, Ohio (4)
Office Building			—			1,973			6,771			3,107			1,974			9,877			11,851			3,653			8,198			1968/1999			4/29/2004
Canton, North Carolina
Industrial Building			3,123			150			5,050			7,285			150			12,335			12,485			3,298			9,187			1998/2014			7/6/2004
Crenshaw, Pennsylvania (4)
Industrial Building			—			100			6,574			269			100			6,843			6,943			2,903			4,040			1991			8/5/2004
Lexington, North Carolina (4)
Industrial Building			—			820			2,107			69			820			2,176			2,996			954			2,042			1986			8/5/2004
Mt. Pocono, Pennsylvania (4)
Industrial Building			—			350			5,819			18			350			5,837			6,187			2,463			3,724			1995/1999			10/15/2004
San Antonio, Texas (4)
Office Building			—			843			7,514			2,240			843			9,754			10,597			3,964			6,633			1999			2/10/2005
Big Flats, New York
Industrial Building			2,049			275			6,459			515			275			6,974			7,249			2,632			4,617			2001			4/15/2005
Wichita, Kansas (4)
Office Building			—			1,525			9,703			327			1,525			10,030			11,555			4,138			7,417			2000			5/18/2005
Eatontown, New Jersey
Office Building			2,574			1,351			3,520			534			1,351			4,054			5,405			1,700			3,705			1991			7/7/2005
Duncan, South Carolina (4)
Industrial Building			—			783			10,790			1,889			783			12,679			13,462			4,919			8,543			1984/2001/2007			7/14/2005
Duncan, South Carolina (4)
Industrial Building			—			195			2,682			470			195			3,152			3,347			1,223			2,124			1984/2001/2007			7/14/2005
Clintonville, Wisconsin (4)
Industrial Building			—			55			4,717			3,250			55			7,967			8,022			2,665			5,357			1992/2013			10/31/2005
Richmond, Virginia (4)
Office Building			—			736			5,336			486			736			5,822			6,558			2,207			4,351			1972			12/30/2005
Champaign, Illinois (5)
Office Building			—			687			2,036			(1,057)			326			1,340			1,666			754			912			1996			2/21/2006
Burnsville, Minnesota
Office Building			7,764			3,511			8,746			7,329			3,511			16,075			19,586			6,654			12,932			1984			5/10/2006
Menomonee Falls, Wisconsin (4)
Industrial Building			—			625			6,911			686			625			7,597			8,222			2,914			5,308			1986/2000			6/30/2006
Baytown, Texas (4)
Medical Office Building			—			221			2,443			2,478			221			4,921			5,142			1,931			3,211			1997			7/11/2006
Mason, Ohio
Office Building			3,560			797			6,258			725			797			6,983			7,780			2,792			4,988			2002			1/5/2007
Raleigh, North Carolina (4)
Industrial Building			—			1,606			5,513			4,148			1,606			9,661			11,267			3,576			7,691			1994			2/16/2007
Tulsa, Oklahoma
Industrial Building			—			—			14,057			548			—			14,605			14,605			5,872			8,733			2004			3/1/2007
Hialeah, Florida
Industrial Building			—			3,562			6,672			769			3,562			7,441			11,003			2,697			8,306			1956/1992			3/9/2007
Mason, Ohio (4)
Retail Building			—			1,201			4,961			—			1,201			4,961			6,162			1,749			4,413			2007			7/1/2007
Cicero, New York (4)
Industrial Building			—			299			5,019			—			299			5,019			5,318			1,714			3,604			2005			9/6/2007
Grand Rapids, Michigan
Office Building			4,886			1,629			10,500			308			1,629			10,808			12,437			3,819			8,618			2001			9/28/2007
Bolingbrook, Illinois (4)
Industrial Building			—			1,272			5,003			991			1,272			5,994			7,266			2,287			4,979			2002			9/28/2007
Decatur, Georgia (4)
Medical Office Building			—			783			3,241			—			783			3,241			4,024			1,140			2,884			1989			12/13/2007
Decatur, Georgia (4)
Medical Office Building			—			205			847			—			205			847			1,052			298			754			1989			12/13/2007
Decatur, Georgia (4)
Medical Office Building			—			257			1,062			—			257			1,062			1,319			374			945			1989			12/13/2007
Lawrenceville, Georgia (4)

						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 (3)			Year Construction/ Improvements			Date Acquired
Medical Office Building			—			678			2,807			—			678			2,807			3,485			988			2,497			2005			12/13/2007
Snellville, Georgia (4)
Medical Office Building			—			176			727			—			176			727			903			256			647			1986			12/13/2007
Covington, Georgia (4)
Medical Office Building			—			232			959			—			232			959			1,191			338			853			2000			12/13/2007
Conyers, Georgia (4)
Medical Office Building			—			296			1,228			—			296			1,228			1,524			432			1,092			1994			12/13/2007
Cumming, Georgia
Medical Office Building			2,634			738			3,055			2,524			741			5,576			6,317			1,621			4,696			2004			12/13/2007
Reading, Pennsylvania
Industrial Building			3,337			491			6,202			—			491			6,202			6,693			2,062			4,631			2007			1/29/2008
Fridley, Minnesota
Office Building			4,380			1,354			8,074			1,768			1,383			9,813			11,196			3,390			7,806			1985/2006			2/26/2008
Pineville, North Carolina
Industrial Building			1,940			669			3,028			293			669			3,321			3,990			1,097			2,893			1985			4/30/2008
Marietta, Ohio
Industrial Building			4,734			829			6,607			529			829			7,136			7,965			2,265			5,700			1992/2007			8/29/2008
Chalfont, Pennsylvania
Industrial Building			4,275			1,249			6,420			854			1,249			7,274			8,523			2,365			6,158			1987			8/29/2008
Orange City, Iowa
Industrial Building			5,353			258			5,861			6			258			5,867			6,125			1,843			4,282			1990			12/15/2010
Hickory, North Carolina
Office Building			5,728			1,163			6,605			357			1,163			6,962			8,125			2,911			5,214			2008			4/4/2011
Springfield, Missouri (4)
Office Building			—			1,700			12,038			924			1,845			12,817			14,662			3,600			11,062			2006			6/20/2011
Boston Heights, Ohio
Office Building			2,263			449			3,010			10			449			3,020			3,469			1,145			2,324			2011			10/20/2011
Parsippany, New Jersey (4)
Office Building			—			1,696			7,077			252			1,696			7,329			9,025			2,454			6,571			1984			10/28/2011
Dartmouth, Massachusetts
Retail Location			3,304			—			4,236			—			—			4,236			4,236			1,078			3,158			2011			11/18/2011
Springfield, Missouri
Retail Location			1,222			—			2,275			—			—			2,275			2,275			742			1,533			2005			12/13/2011
Pittsburgh, Pennsylvania
Office Building			2,326			281			3,205			743			281			3,948			4,229			1,271			2,958			1968			12/28/2011
Ashburn, Virginia
Office Building			6,052			706			7,858			—			705			7,859			8,564			2,314			6,250			2002			1/25/2012
Ottumwa, Iowa
Industrial Building			2,708			212			5,072			310			212			5,382			5,594			1,515			4,079			1970			5/30/2012
New Albany, Ohio
Office Building			6,908			1,658			8,746			—			1,658			8,746			10,404			2,760			7,644			2007			6/5/2012
Columbus, Georgia
Office Building			3,779			1,378			4,520			—			1,378			4,520			5,898			1,592			4,306			2012			6/21/2012
Columbus, Ohio (4)
Office Building			—			542			2,453			134			542			2,587			3,129			993			2,136			1981			6/28/2012
Jupiter, Florida (4)
Office Building			—			1,160			11,994			—			1,160			11,994			13,154			3,026			10,128			2011			9/26/2012
Fort Worth, Texas
Industrial Building			10,321			963			15,647			—			963			15,647			16,610			3,881			12,729			2005			11/8/2012
Columbia, South Carolina
Office Building			14,890			1,905			20,648			438			1,905			21,086			22,991			7,224			15,767			2010			11/21/2012
Egg Harbor, New Jersey
Office Building			2,949			1,627			3,017			315			1,627			3,332			4,959			964			3,995			1985			3/28/2013
Vance, Alabama (4)
Industrial Building			—			457			10,529			6,692			457			17,221			17,678			3,440			14,238			2013			5/9/2013
Blaine, Minnesota (5)
Office Building			7,193			1,060			10,518			(1,702)			842			9,034			9,876			3,327			6,549			2009			5/10/2013
Austin, Texas
Office Building			30,827			2,330			44,021			134			2,330			44,155			46,485			16,922			29,563			1999			7/9/2013
Allen, Texas
Office Building			7,620			2,699			7,945			1,467			2,699			9,412			12,111			3,357			8,754			1998			7/10/2013
Englewood, Colorado (4)
Office Building			—			1,503			11,739			208			1,503			11,947			13,450			3,652			9,798			2008			12/11/2013
Novi, Michigan
Industrial Building			3,701			352			5,626			—			352			5,626			5,978			1,365			4,613			1988			12/27/2013
Allen, Texas
Retail Building			2,728			874			3,634			—			874			3,634			4,508			849			3,659			2004			3/27/2014
Colleyville, Texas

						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 (3)			Year Construction/ Improvements			Date Acquired
Retail Building			2,518			1,277			2,424			—			1,277			2,424			3,701			591			3,110			2000			3/27/2014
Rancho Cordova, California (5)
Office Building			4,486			752			6,176			(541)			641			5,746			6,387			1,509			4,878			1986			4/22/2014
Coppell, Texas
Retail Building			2,900			1,448			3,349			—			1,448			3,349			4,797			765			4,032			2005			5/8/2014
Columbus, Ohio (4)
Office Building			—			990			8,017			2,860			990			10,877			11,867			3,058			8,809			1986			5/13/2014
Taylor, Pennsylvania
Industrial Building			21,600			3,101			25,405			1,248			3,101			26,653			29,754			5,283			24,471			2000/2006			6/9/2014
Aurora, Colorado (4)
Industrial Building			—			2,882			3,917			96			2,882			4,013			6,895			1,028			5,867			1983			7/1/2014
Indianapolis, Indiana
Office Building			5,455			502			6,422			1,859			498			8,285			8,783			2,152			6,631			1981/2014			9/3/2014
Denver, Colorado (4)
Industrial Building			—			1,621			7,071			243			1,621			7,314			8,935			1,646			7,289			1985			10/31/2014
Monroe, Michigan
Industrial Building			9,632			658			14,607			—			657			14,608			15,265			2,761			12,504			2004			12/23/2014
Monroe, Michigan
Industrial Building			6,742			460			10,225			—			460			10,225			10,685			1,933			8,752			2004			12/23/2014
Richardson, Texas
Office Building			12,991			2,728			15,372			1,135			2,728			16,507			19,235			4,086			15,149			1985/2008			3/6/2015
Birmingham, Alabama (4)
Office Building			—			650			2,034			60			650			2,094			2,744			567			2,177			1982/2010			3/20/2015
Dublin, Ohio
Office Building			3,800			1,338			5,058			1,086			1,338			6,144			7,482			1,374			6,108			1980/Various			5/28/2015
Draper, Utah
Office Building			11,930			3,248			13,129			74			3,248			13,203			16,451			2,998			13,453			2008			5/29/2015
Hapeville, Georgia
Office Building			6,845			2,272			8,778			263			2,272			9,041			11,313			1,801			9,512			1999/2007			7/15/2015
Villa Rica, Georgia
Industrial Building			3,477			293			5,277			18			293			5,295			5,588			1,030			4,558			2000/2014			10/20/2015
Taylorsville, Utah
Office Building			8,867			3,008			10,659			435			3,008			11,094			14,102			2,703			11,399			1997			5/26/2016
Fort Lauderdale, Florida
Office Building			12,625			4,117			15,516			3,378			4,117			18,894			23,011			3,664			19,347			1984			9/12/2016
King of Prussia, Pennsylvania
Office Building			14,401			3,681			15,739			473			3,681			16,212			19,893			2,918			16,975			2001			12/14/2016
Conshohocken, Pennsylvania
Office Building			10,095			1,996			10,880			—			1,996			10,880			12,876			1,532			11,344			1996			6/22/2017
Philadelphia, Pennsylvania
Industrial Building			14,924			5,896			16,282			27			5,906			16,299			22,205			2,669			19,536			1994/2011			7/7/2017
Maitland, Florida
Office Building			15,356			3,073			19,661			431			3,091			20,074			23,165			3,714			19,451			1998			7/31/2017
Maitland, Florida
Office Building			7,699			2,095			9,339			—			2,095			9,339			11,434			1,328			10,106			1999			7/31/2017
Columbus, Ohio
Office Building			8,939			1,926			11,410			(1)			1,925			11,410			13,335			1,723			11,612			2007			12/1/2017
Salt Lake City, Utah (4)
Office Building			—			4,446			9,938			771			4,446			10,709			15,155			1,606			13,549			2007			12/1/2017
Vance, Alabama (4)
Industrial Building			—			459			12,224			44			469			12,258			12,727			1,260			11,467			2018			3/9/2018
Columbus, Ohio
Industrial Building			4,524			681			6,401			—			681			6,401			7,082			756			6,326			1990			9/20/2018
Detroit, Michigan
Industrial Building			6,389			1,458			10,092			10			1,468			10,092			11,560			793			10,767			1997			10/30/2018
Detroit, Michigan (4)
Industrial Building			—			662			6,681			10			672			6,681			7,353			534			6,819			2002/2016			10/30/2018
Lake Mary, Florida
Office Building			10,316			3,018			11,756			87			3,020			11,841			14,861			1,023			13,838			1997/2018			12/27/2018
Moorestown, New Jersey (4)
Industrial Building			—			471			1,825			—			471			1,825			2,296			213			2,083			1991			2/8/2019
Indianapolis, Indiana (4)
Industrial Building			—			255			2,809			—			255			2,809			3,064			203			2,861			1989/2019			2/28/2019
Ocala, Florida (4)
Industrial Building			—			1,286			8,535			—			1,286			8,535			9,821			505			9,316			2001			4/5/2019
Ocala, Florida (4)
Industrial Building			—			725			4,814			253			725			5,067			5,792			285			5,507			1965/2007			4/5/2019
Delaware, Ohio (4)

						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 (3)			Year Construction/ Improvements			Date Acquired
Industrial Building			—			316			2,355			—			316			2,355			2,671			165			2,506			2005			4/30/2019
Tifton, Georgia
Industrial Building			8,467			—			15,190			1,725			1,725			15,190			16,915			785			16,130			1995/2003			6/18/2019
Denton, Texas (4)
Industrial Building			—			1,497			4,151			—			1,496			4,152			5,648			262			5,386			2012			7/30/2019
Temple, Texas (4)
Industrial Building			—			200			4,335			65			200			4,400			4,600			225			4,375			1973/2006			9/26/2019
Temple, Texas (4)
Industrial Building			—			296			6,425			99			296			6,524			6,820			334			6,486			1978/2006			9/26/2019
Indianapolis, Indiana (4)
Industrial Building			—			1,158			5,162			4			1,162			5,162			6,324			354			5,970			1967/1998			11/14/2019
Jackson, Tennessee
Industrial Building			4,656			311			7,199			—			311			7,199			7,510			250			7,260			2019			12/16/2019
Carrollton, Georgia
Industrial Building			4,138			291			6,720			—			292			6,719			7,011			225			6,786			2015/2019			12/17/2019
New Orleans, Louisiana
Industrial Building			3,706			2,168			4,667			(2)			2,166			4,667			6,833			256			6,577			1975			12/17/2019
San Antonio, Texas
Industrial Building			3,804			775			6,877			(2)			773			6,877			7,650			268			7,382			1985			12/17/2019
Port Allen, Louisiana
Industrial Building			2,819			292			3,411			(2)			291			3,410			3,701			168			3,533			1983/2005			12/17/2019
Albuquerque, New Mexico
Industrial Building			1,824			673			2,291			(3)			671			2,290			2,961			93			2,868			1998/2017			12/17/2019
Tucson, Arizona
Industrial Building			3,414			819			4,636			(2)			817			4,636			5,453			176			5,277			1987/1995/2005			12/17/2019
Albuquerque, New Mexico
Industrial Building			3,453			818			5,219			(4)			815			5,218			6,033			195			5,838			2000/2018			12/17/2019
Indianapolis, Indiana (4)
Industrial Building			—			489			3,956			206			493			4,158			4,651			137			4,514			1987			1/8/2020
Houston, Texas
Industrial Building			9,772			1,714			14,170			3			1,717			14,170			15,887			385			15,502			2000/2018			1/27/2020
Charlotte, North Carolina
Industrial Building			5,279			1,458			6,778			4			1,461			6,779			8,240			234			8,006			1995/1999/2006			1/27/2020
St. Charles, Missouri
Industrial Building			2,920			924			3,749			4			928			3,749			4,677			105			4,572			2012			1/27/2020
Crandall, Georgia
Industrial Building			17,224			2,711			26,632			115			2,711			26,747			29,458			641			28,817			2020			3/9/2020
Terre Haute, Indiana (4)
Industrial Building			—			502			8,076			—			502			8,076			8,578			81			8,497			2010			9/1/2020
Montgomery, Alabama (4)
Industrial Building			—			599			11,290			3			602			11,290			11,892			96			11,796			1990/1997			10/14/2020
Huntsville, Alabama
Industrial Building			10,348			1,445			15,040			—			1,445			15,040			16,485			21			16,464			2001			12/18/2020
Pittsburgh, Pennsylvania
Industrial Building			6,375			1,422			10,094			—			1,422			10,094			11,516			13			11,503			1994			12/21/2020
			$	459,838		$	142,993		$	925,501		$	71,711		$	144,269		$	995,936		$	1,140,205		$	231,876		$	908,329

(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 $1,140.2 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)The net real estate figure includes real estate held for sale as of December 31, 2020 of $8.1 million.

(4)These properties are in our unencumbered pool of assets on our Credit Facility.

(5)These properties were impaired during the year ended December 31, 2020.

The following table reconciles the change in the balance of real estate during the years ended December 31, 2020, 2019 and 2018, respectively (in thousands):

						2020						2019						2018
Balance at beginning of period						$	1,064,389					$	949,822					$	906,850
Additions:
Acquisitions during period						111,049						108,972						53,432
Improvements						11,696						10,580						4,824
Deductions:
Dispositions during period						(43,383)						(3,172)						(15,284)
Impairments during period						(3,546)						(1,813)						—
Balance at end of period						$	1,140,205		(1)			$	1,064,389		(2)			$	949,822		(3)

(1)The real estate figure includes $11.5 million of real estate held for sale as of December 31, 2020.

(2)The real estate figure includes $7.4 million of real estate held for sale as of December 31, 2019.

(3)The real estate figure includes $3.2 million of real estate held for sale as of December 31, 2018.

The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2020, 2019 and 2018, respectively (in thousands):

						2020						2019						2018
Balance at beginning of period						$	210,944					$	178,475					$	153,387
Additions during period						36,034						32,838						29,915
Dispositions during period						(15,102)						(369)						(4,827)
Balance at end of period						$	231,876		(1)			$	210,944		(2)			$	178,475		(3)

(1)The accumulated depreciation figure includes $3.4 million of real estate held for sale as of December 31, 2020.

(2)The accumulated depreciation figure includes $3.4 million of real estate held for sale as of December 31, 2019.

(3)The accumulated depreciation figure includes $0.2 million of real estate held for sale as of December 31, 2018.

X

- References

No definition available.

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- Definition

The entire disclosure of real estate investments and associated accumulated depreciation for entities with a significant portion of their business acquiring and holding investment real estate.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 970
-SubTopic 360
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28)
-URI http://asc.fasb.org/extlink&oid=120402810&loc=d3e638233-123024

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