XML 54 R17.htm IDEA: XBRL DOCUMENT v3.25.0.1
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION
12 Months Ended
Dec. 31, 2024
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, 2024 (Dollars in Thousands)
 
  Initial Cost Total Cost    
Location of PropertyEncumbrancesLandBuildings &
Improvements
Improvement
Costs Capitalized
Subsequent to
Acquisition
LandBuildings &
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 $3,208 $3,578 199712/23/2003
Canton, Ohio (3)
Office Building— 186 3,083 982 187 4,064 4,251 2,080 2,171 19941/30/2004
Akron, Ohio (3)
Office Building— 1,973 6,771 4,042 1,974 10,812 12,786 5,449 7,337 
1968/1999
4/29/2004
Canton, North Carolina (3)
Industrial Building— 150 5,050 7,285 150 12,335 12,485 4,989 7,496 
1998/2014
7/6/2004
Crenshaw, Pennsylvania (3)
Industrial Building— 100 6,574 269 100 6,843 6,943 3,603 3,340 19918/5/2004
Lexington, North Carolina (3)
Industrial Building— 820 2,107 69 820 2,176 2,996 1,171 1,825 19868/5/2004
Mt. Pocono, Pennsylvania (3)
Industrial Building— 350 5,819 18 350 5,837 6,187 3,058 3,129 
1995/1999
10/15/2004
San Antonio, Texas (3)
Office Building— 843 7,514 3,208 843 10,722 11,565 5,518 6,047 19992/10/2005
Big Flats, New York (3)
Industrial Building— 275 6,459 515 275 6,974 7,249 3,394 3,855 20014/15/2005
Wichita, Kansas (3)
Office Building— 1,525 9,703 674 1,525 10,377 11,902 5,436 6,466 20005/18/2005
Duncan, South Carolina (3)
Industrial Building— 783 10,790 1,889 783 12,679 13,462 6,244 7,218 
1984/2001/2007
7/14/2005
Duncan, South Carolina (3)
Industrial Building— 195 2,682 470 195 3,152 3,347 1,552 1,795 
1984/2001/2007
7/14/2005
Clintonville, Wisconsin (3)
Industrial Building— 55 4,717 3,785 55 8,502 8,557 3,564 4,993 
1992/2013
10/31/2005
Burnsville, Minnesota (3)
Office Building— 3,511 8,746 8,815 3,511 17,561 21,072 9,710 11,362 19845/10/2006
Menomonee Falls, Wisconsin (3)
Industrial Building— 625 6,911 686 625 7,597 8,222 3,835 4,387 
1986/2000
6/30/2006
Mason, Ohio (3)
Office Building— 797 6,258 1,902 797 8,160 8,957 3,798 5,159 20021/5/2007
Raleigh, North Carolina (3)
Industrial Building— 1,606 5,513 4,700 1,606 10,213 11,819 5,592 6,227 19942/16/2007
Tulsa, Oklahoma (3)
Industrial Building— — 14,057 687 — 14,744 14,744 7,687 7,057 20043/1/2007
Hialeah, Florida (3)
Industrial Building— 3,562 6,672 1,759 3,562 8,431 11,993 3,528 8,465 
1956/1992
3/9/2007
Mason, Ohio (3)
Retail Building— 1,201 4,961 — 1,201 4,961 6,162 2,269 3,893 20077/1/2007
Cicero, New York (3)
Industrial Building— 299 5,019 150 299 5,169 5,468 2,254 3,214 20059/6/2007
Grand Rapids, Michigan (3)
Office Building— 1,629 10,500 1,573 1,629 12,073 13,702 5,164 8,538 20019/28/2007
Bolingbrook, Illinois (3)
Industrial Building— 1,272 5,003 1,070 1,272 6,073 7,345 3,108 4,237 20029/28/2007
Decatur, Georgia (3)
Medical Office Building— 783 3,241 358 844 3,538 4,382 1,606 2,776 198912/13/2007
Decatur, Georgia (3)
Medical Office Building— 205 847 94 221 925 1,146 420 726 198912/13/2007
Decatur, Georgia (3)
Medical Office Building— 257 1,062 118 277 1,160 1,437 527 910 198912/13/2007
Snellville, Georgia (3)
Medical Office Building— 176 727 81 190 794 984 361 623 198612/13/2007
Covington, Georgia (3)
Medical Office Building— 232 959 106 250 1,047 1,297 475 822 200012/13/2007
Conyers, Georgia (3)
Medical Office Building— 296 1,228 135 319 1,340 1,659 609 1,050 199412/13/2007
Reading, Pennsylvania (3)
Industrial Building— 491 6,202 357 491 6,559 7,050 2,756 4,294 20071/29/2008
Pineville, North Carolina (3)
  Initial Cost Total Cost    
Location of PropertyEncumbrancesLandBuildings &
Improvements
Improvement
Costs Capitalized
Subsequent to
Acquisition
LandBuildings &
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 1,502 2,488 19854/30/2008
Marietta, Ohio (3)
Industrial Building— 829 6,607 529 829 7,136 7,965 3,243 4,722 
1992/2007
8/29/2008
Chalfont, Pennsylvania (3)
Industrial Building— 1,249 6,420 1,024 1,249 7,444 8,693 3,406 5,287 19878/29/2008
Orange City, Iowa
Industrial Building2,048 258 5,861 258 5,867 6,125 2,578 3,547 199012/15/2010
Hickory, North Carolina (3)
Office Building— 1,163 6,605 357 1,163 6,962 8,125 3,788 4,337 20084/4/2011
Springfield, Missouri (3)
Office Building— 1,700 12,038 1,237 1,845 13,130 14,975 5,189 9,786 20066/20/2011
Dartmouth, Massachusetts (3)
Retail Location— — 4,236 — — 4,236 4,236 1,551 2,685 201111/18/2011
Springfield, Missouri
Retail Location724 — 2,275 — — 2,275 2,275 954 1,321 200512/13/2011
Ashburn, Virginia (3)
Office Building— 706 7,858 1,828 705 9,687 10,392 3,334 7,058 20021/25/2012
Ottumwa, Iowa
Industrial Building1,166 212 5,072 310 212 5,382 5,594 2,103 3,491 19705/30/2012
New Albany, Ohio
Office Building— 1,658 8,746 3,441 1,658 12,187 13,845 3,949 9,896 20076/5/2012
Columbus, Georgia (3)
Office Building— 1,378 4,520 — 1,378 4,520 5,898 2,281 3,617 20126/21/2012
Fort Worth, Texas
Industrial Building7,171 963 15,647 — 963 15,647 16,610 5,588 11,022 200511/8/2012
Vance, Alabama (3)
Industrial Building— 457 10,529 6,692 457 17,221 17,678 5,460 12,218 20135/9/2013
Austin, Texas
Office Building— 2,330 44,021 6,507 2,330 50,528 52,858 23,567 29,291 19997/9/2013
Englewood, Colorado (3)
Office Building— 1,503 11,739 1,498 1,503 13,237 14,740 5,685 9,055 200812/11/2013
Novi, Michigan (3)
Industrial Building— 352 5,626 — 352 5,626 5,978 2,042 3,936 198812/27/2013
Allen, Texas (3)
Retail Building— 874 3,634 — 874 3,634 4,508 1,292 3,216 20043/27/2014
Colleyville, Texas (3)
Retail Building— 1,277 2,424 — 1,277 2,424 3,701 852 2,849 20003/27/2014
Coppell, Texas (3)
Retail Building— 1,448 3,349 — 1,448 3,349 4,797 1,206 3,591 20055/8/2014
Taylor, Pennsylvania (3)
Industrial Building— 3,101 25,405 1,551 3,101 26,956 30,057 8,872 21,185 
2000/2006
6/9/2014
Aurora, Colorado (3)
Industrial Building— 2,882 3,917 96 2,882 4,013 6,895 1,413 5,482 19837/1/2014
Indianapolis, Indiana (3)
Office Building— 502 6,422 1,964 499 8,389 8,888 3,810 5,078 
1981/2014
9/3/2014
Denver, Colorado (3)
Industrial Building— 1,621 7,071 11,878 1,621 18,949 20,570 4,341 16,229 198510/31/2014
Monroe, Michigan
Industrial Building8,941 658 14,607 195 658 14,802 15,460 4,541 10,919 200412/23/2014
Monroe, Michigan
Industrial Building6,239 460 10,225 (20)459 10,206 10,665 3,120 7,545 200412/23/2014
Dublin, Ohio (3)
Office Building— 1,338 5,058 1,086 1,338 6,144 7,482 2,477 5,005 
1980/Various
5/28/2015
Hapeville, Georgia (3)
Office Building— 2,272 8,778 263 2,272 9,041 11,313 3,096 8,217 
1999/2007
7/15/2015
Villa Rica, Georgia
Industrial Building3,162 293 5,277 309 293 5,586 5,879 1,825 4,054 
2000/2014
10/20/2015
Fort Lauderdale, Florida
Office Building11,008 4,117 15,516 7,400 4,117 22,916 27,033 7,918 19,115 19849/12/2016
King of Prussia, Pennsylvania
Office Building13,429 3,681 15,739 473 3,681 16,212 19,893 5,946 13,947 200112/14/2016
Conshohocken, Pennsylvania
Office Building8,743 1,996 10,880 1,028 1,996 11,908 13,904 3,319 10,585 19966/22/2017
Philadelphia, Pennsylvania
Industrial Building14,045 5,896 16,282 97 5,906 16,369 22,275 5,743 16,532 
1994/2011
7/7/2017
Maitland, Florida
Office Building13,439 3,073 19,661 872 3,091 20,515 23,606 7,998 15,608 19987/31/2017
Maitland, Florida
  Initial Cost Total Cost    
Location of PropertyEncumbrancesLandBuildings &
Improvements
Improvement
Costs Capitalized
Subsequent to
Acquisition
LandBuildings &
Improvements
Total 
(1)
Accumulated
Depreciation (2)
Net Real
Estate
Year
Construction/
Improvements
Date
Acquired
Office Building6,738 2,095 9,339 2,095 9,348 11,443 2,885 8,558 19997/31/2017
Columbus, Ohio (3)
Office Building— 1,926 11,410 332 1,925 11,743 13,668 3,707 9,961 200712/1/2017
Salt Lake City, Utah (3)
Office Building— 4,446 9,938 801 4,446 10,739 15,185 3,700 11,485 200712/1/2017
Vance, Alabama (3)
Industrial Building— 459 12,224 44 469 12,258 12,727 3,057 9,670 20183/9/2018
Columbus, Ohio
Industrial Building4,073 681 6,401 559 681 6,960 7,641 2,084 5,557 19909/20/2018
Detroit, Michigan
Industrial Building5,288 1,458 10,092 10 1,468 10,092 11,560 2,254 9,306 199710/30/2018
Detroit, Michigan (3)
Industrial Building— 662 6,681 10 672 6,681 7,353 1,518 5,835 
2002/2016
10/30/2018
Lake Mary, Florida
Office Building9,554 3,018 11,756 171 3,020 11,925 14,945 3,106 11,839 
1997/2018
12/27/2018
Moorestown, New Jersey (3)
Industrial Building— 471 1,825 — 471 1,825 2,296 623 1,673 19912/8/2019
Indianapolis, Indiana (3)
Industrial Building— 255 2,809 — 255 2,809 3,064 644 2,420 
1989/2019
2/28/2019
Ocala, Florida (3)
Industrial Building— 1,286 8,535 — 1,286 8,535 9,821 1,666 8,155 20014/5/2019
Ocala, Florida (3)
Industrial Building— 725 4,814 849 724 5,664 6,388 1,158 5,230 
1965/2007
4/5/2019
Delaware, Ohio (3)
Industrial Building— 316 2,355 — 316 2,355 2,671 539 2,132 20054/30/2019
Tifton, Georgia
Industrial Building7,260 — 15,190 (15,190)— — — — — 
1995/2003
6/18/2019
Denton, Texas (3)
Industrial Building— 1,497 4,151 — 1,496 4,152 5,648 998 4,650 20127/30/2019
Temple, Texas (3)
Industrial Building— 200 4,335 65 200 4,400 4,600 937 3,663 
1973/2006
9/26/2019
Temple, Texas (3)
Industrial Building— 296 6,425 99 296 6,524 6,820 1,389 5,431 
1978/2006
9/26/2019
Indianapolis, Indiana (3)
Industrial Building— 1,158 5,162 1,162 5,162 6,324 1,605 4,719 
1967/1998
11/14/2019
Jackson, Tennessee
Industrial Building4,164 311 7,199 — 311 7,199 7,510 1,209 6,301 201912/16/2019
Carrollton, Georgia
Industrial Building3,701 291 6,720 — 292 6,719 7,011 1,091 5,920 
2015/2019
12/17/2019
New Orleans, Louisiana
Industrial Building3,304 2,168 4,667 25 2,166 4,694 6,860 1,248 5,612 197512/17/2019
San Antonio, Texas
Industrial Building3,391 775 6,877 864 773 7,743 8,516 1,397 7,119 198512/17/2019
Port Allen, Louisiana
Industrial Building2,513 292 3,411 412 291 3,824 4,115 860 3,255 
1983/2005
12/17/2019
Albuquerque, New Mexico
Industrial Building1,626 673 2,291 671 2,297 2,968 450 2,518 
1998/2017
12/17/2019
Tucson, Arizona
Industrial Building3,044 819 4,636 210 817 4,848 5,665 903 4,762 
1987/1995/2005
12/17/2019
Albuquerque, New Mexico
Industrial Building3,078 818 5,219 240 815 5,462 6,277 971 5,306 
2000/2018
12/17/2019
Indianapolis, Indiana (3)
Industrial Building— 489 3,956 283 493 4,235 4,728 776 3,952 19871/8/2020
Houston, Texas
Industrial Building8,878 1,714 14,170 1,717 14,170 15,887 2,042 13,845 
2000/2018
1/27/2020
Charlotte, North Carolina
Industrial Building4,796 1,458 6,778 1,461 6,779 8,240 1,241 6,999 
1995/1999/2006
1/27/2020
St. Charles, Missouri
Industrial Building2,653 924 3,749 928 3,749 4,677 559 4,118 20121/27/2020
Crandall, Georgia
Industrial Building15,651 2,711 26,632 172 2,711 26,804 29,515 3,854 25,661 20203/9/2020
Terre Haute, Indiana (3)
Industrial Building— 502 8,076 — 502 8,076 8,578 1,047 7,531 20109/1/2020
Montgomery, Alabama (3)
Industrial Building— 599 11,290 602 11,290 11,892 1,891 10,001 
1990/1997
10/14/2020
Huntsville, Alabama
Industrial Building9,192 1,445 15,040 11,158 1,445 26,198 27,643 3,916 23,727 200112/18/2020
Pittsburgh, Pennsylvania
  Initial Cost Total Cost    
Location of PropertyEncumbrancesLandBuildings &
Improvements
Improvement
Costs Capitalized
Subsequent to
Acquisition
LandBuildings &
Improvements
Total 
(1)
Accumulated
Depreciation (2)
Net Real
Estate
Year
Construction/
Improvements
Date
Acquired
Industrial Building6,118 1,422 10,094 251 1,422 10,345 11,767 1,876 9,891 199412/21/2020
Findlay, Ohio
Industrial Building4,907 258 8,847 — 258 8,847 9,105 1,245 7,860 
1992/2008
1/22/2021
Baytown, Texas (3)
Industrial Building— 1,604 5,533 1,607 5,533 7,140 954 6,186 20186/17/2021
Pacific, Missouri (3)
Industrial Building— 926 7,294 — 926 7,294 8,220 824 7,396 
2019/2021
7/21/2021
Pacific, Missouri (3)
Industrial Building— 235 1,852 — 235 1,852 2,087 209 1,878 
2019/2021
7/21/2021
Pacific, Missouri (3)
Industrial Building— 607 4,782 — 607 4,782 5,389 540 4,849 
2019/2021
7/21/2021
Pacific, Missouri (3)
Industrial Building— 257 2,027 — 257 2,027 2,284 229 2,055 
2019/2021
7/21/2021
Peru, Illinois (3)
Industrial Building— 89 1,413 — 89 1,413 1,502 216 1,286 
1987/1998
8/20/2021
Peru, Illinois (3)
Industrial Building— 140 2,225 — 140 2,225 2,365 339 2,026 
1987/1998
8/20/2021
Charlotte, North Carolina (3)
Industrial Building— 1,400 10,615 — 1,400 10,615 12,015 1,399 10,616 
1972/2018
11/3/2021
Atlanta, Georgia (3)
Industrial Building— 1,255 8,787 1,503 1,255 10,290 11,545 1,104 10,441 197412/21/2021
Crossville, Tennessee
Industrial Building15,381 434 24,589 — 434 24,589 25,023 2,034 22,989 202012/21/2021
Wilkesboro, North Carolina (3)
Industrial Building— 346 5,758 — 346 5,758 6,104 643 5,461 20142/24/2022
Oklahoma City, Oklahoma (3)
Industrial Building— 470 4,688 (1,779)289 3,090 3,379 534 2,845 
1999/2004
3/11/2022
Cleveland, Ohio
Industrial Building3,490 628 5,252 495 628 5,747 6,375 823 5,552 
1966/1972/2000/2013
5/4/2022
Fort Payne, Alabama
Industrial Building6,259 217 10,778 — 217 10,778 10,995 999 9,996 20135/4/2022
Wilmington, North Carolina
Industrial Building6,236 1,104 9,730 22 1,104 9,752 10,856 1,139 9,717 
2000/2020
5/12/2022
Wilmington, North Carolina
Industrial Building3,224 571 5,031 12 571 5,043 5,614 589 5,025 
2000/2020
5/12/2022
Wilmington, North Carolina
Industrial Building248 44 386 44 387 431 45 386 
2000/2020
5/12/2022
Bridgeton, New Jersey
Industrial Building1,934 571 2,753 574 2,753 3,327 351 2,976 20178/5/2022
Vineland, New Jersey
Industrial Building14,886 860 24,634 864 24,634 25,498 2,101 23,397 
2003/2009
8/5/2022
Jacksonville, Florida
Industrial Building4,400 1,099 5,587 222 1,099 5,809 6,908 511 6,397 19789/16/2022
Fort Payne, Alabama (3)
Industrial Building— 39 4,774 — 39 4,774 4,813 348 4,465 20229/20/2022
Denver, Colorado
Industrial Building6,600 5,227 4,649 157 5,228 4,805 10,033 450 9,583 197810/26/2022
Greenville, South Carolina (3)
Industrial Building— 411 3,693 105 410 3,799 4,209 295 3,914 196412/21/2022
Riverdale, Illinois
Industrial Building2,738 675 3,862 43 676 3,904 4,580 233 4,347 
1949/1992
4/14/2023
Dallas Forth Worth, Texas
Retail Building1,467 770 1,636 (1)770 1,635 2,405 98 2,307 
2010/2023
7/10/2023
Dallas Forth Worth, Texas
Industrial Building4,596 1,269 6,617 — 1,268 6,618 7,886 354 7,532 19997/28/2023
Allentown, Pennsylvania (3)
Industrial Building— 987 5,506 53 988 5,558 6,546 227 6,319 
1974/2016
10/12/2023
Indianapolis, Indiana (3)
Industrial Building— 928 3,102 (2)926 3,102 4,028 119 3,909 199711/3/2023
Warfordsburg, Pennsylvania (3)
Industrial Building— 414 2,925 — 414 2,925 3,339 82 3,257 
1991/1999
5/7/2024
Warfordsburg, Pennsylvania (3)
Industrial Building— 77 542 — 77 542 619 15 604 
1991/1999
5/7/2024
Warfordsburg, Pennsylvania (3)
Industrial Building— 576 4,079 — 576 4,079 4,655 114 4,541 
1991/1999
5/7/2024
Warfordsburg, Pennsylvania (3)
Industrial Building— 101 716 — 101 716 817 20 797 
1991/1999
5/7/2024
Warfordsburg, Pennsylvania (3)
  Initial Cost Total Cost    
Location of PropertyEncumbrancesLandBuildings &
Improvements
Improvement
Costs Capitalized
Subsequent to
Acquisition
LandBuildings &
Improvements
Total 
(1)
Accumulated
Depreciation (2)
Net Real
Estate
Year
Construction/
Improvements
Date
Acquired
Industrial Building— — — 
1991/1999
5/7/2024
Midland, Texas (3)
Industrial Building— 525 7,772 — 525 7,772 8,297 81 8,216 20248/29/2024
St. Clair, Missouri (3)
Industrial Building— 1,168 3,493 — 1,169 3,492 4,661 15 4,646 201411/15/2024
$271,503 $140,716 $978,909 $100,293 $140,906 $1,079,012 $1,219,918 $323,434 $896,484 
(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 $1,219.9 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, 2024, 2023 and 2022, respectively (in thousands):

202420232022
Balance at beginning of period$1,261,715 $1,299,570 $1,225,258 
Additions:
Acquisitions during period22,394 25,352 99,300 
Improvements12,160 9,087 26,670 
Deductions:
Dispositions during period(69,723)(53,281)(39,823)
Impairments during period(6,628)(19,013)(11,835)
Balance at end of period$1,219,918 (1)$1,261,715 (2)$1,299,570 (3)
(1)The real estate figure includes $8.1 million of real estate held for sale as of December 31, 2024.
(2)The real estate figure includes $40.4 million of real estate held for sale as of December 31, 2023.
(3)The real estate figure includes $12.3 million of real estate held for sale as of December 31, 2022.

The following table reconciles the change in the balance of accumulated depreciation during the years ended December 31, 2024, 2023 and 2022, respectively (in thousands):

202420232022
Balance at beginning of period$312,517 $295,130 $267,057 
Additions during period39,511 41,174 41,075 
Dispositions during period(28,594)(23,787)(13,002)
Balance at end of period$323,434 (1)$312,517 (2)$295,130 (3)
(1)The accumulated depreciation figure includes $3.8 million of real estate held for sale as of December 31, 2024.
(2)The accumulated depreciation figure includes $12.9 million of real estate held for sale as of December 31, 2023.
(3)The accumulated depreciation figure includes $9.0 million of real estate held for sale as of December 31, 2022.