INDUS Realty Trust (INDT) 10-K 12 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Nov. 30, 2015	Feb. 05, 2016	May. 29, 2015
Document and Entity Information
Entity Registrant Name	GRIFFIN INDUSTRIAL REALTY, INC.
Entity Central Index Key	1,037,390
Document Type	10-K
Document Period End Date	Nov. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--11-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 88,513,000
Entity Common Stock, Shares Outstanding		5,152,708
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2015	Nov. 30, 2014
ASSETS
Real estate assets at cost, net	$ 166,455	$ 134,522
Real estate held for sale	1,418	9,943
Cash and cash equivalents	18,271	17,059
Deferred income taxes	5,838	5,996
Available for sale securities - Investment in Centaur Media plc	1,970	1,924
Note receivable		1,451
Mortgage proceeds held in escrow	1,600	1,000
Other assets	13,749	14,482
Total assets	209,301	186,377
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage loans	90,436	70,168
Deferred revenue	10,790	8,349
Accounts payable and accrued liabilities	3,348	3,505
Dividend payable	1,546	1,030
Other Liabilities	8,372	7,446
Total liabilities	$ 114,492	$ 90,498
Commitments and Contingencies (Note 14)
Stockholders' Equity
Common stock, par value $0.01 per share, 10,000,000 shares authorized, 5,541,029 and 5,537,895 shares issued, respectively, and 5,152,708 and 5,149,574 shares outstanding, respectively	$ 55	$ 55
Additional paid-in capital	108,188	107,887
Retained earnings	1,117	2,238
Accumulated other comprehensive loss, net of tax	(1,085)	(835)
Treasury stock, at cost, 388,321 shares	(13,466)	(13,466)
Total stockholders' equity	94,809	95,879
Total liabilities and stockholders' equity	$ 209,301	$ 186,377

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Nov. 30, 2015	Nov. 30, 2014
Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	5,541,029	5,537,895
Common stock, shares outstanding	5,152,708	5,149,574
Treasury stock, shares	388,321	388,321

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013
Consolidated Statements of Operations
Rental revenue	$ 24,605	$ 20,552	$ 20,053
Revenue from property sales	3,483	3,667	5,473
Total revenue	28,088	24,219	25,526
Operating expenses of rental properties	8,415	7,801	7,456
Depreciation and amortization expense	7,668	6,729	6,673
Costs related to property sales	634	803	1,171
General and administrative expenses	7,057	7,077	7,790
Total expenses	23,774	22,410	23,090
Operating income	4,314	1,809	2,436
Interest expense	(3,670)	(3,529)	(3,848)
Investment income	161	301	115
Gain on sale of investment in Shemin Nurseries Holding Corp.			3,397
Gain on sale of common stock in Centaur Media plc		318	1,088
Loss on debt extinguishment		(51)	(286)
Income (loss) before income tax provision	805	(1,152)	2,902
Income tax provision	(380)	(96)	(992)
Income (loss) from continuing operations	425	(1,248)	1,910
Discontinued operations, net of tax:
Gain (loss) from landscape nursery business, including loss on sale of assets of $28, net of tax, in fiscal 2014		144	(7,731)
Net income (loss)	$ 425	$ (1,104)	$ (5,821)
Basic net income (loss) per common share:
Income (loss) from continuing operations (in dollars per share)	$ 0.08	$ (0.24)	$ 0.37
Income (loss) from discontinued operations (in dollars per share)		0.03	(1.50)
Basic net income (loss) per common share (in dollars per share)	0.08	(0.21)	(1.13)
Diluted net income (loss) per common share:
Income (loss) from continuing operations (in dollars per share)	0.08	(0.24)	0.37
Income (loss) from discontinued operations (in dollars per share)		0.03	(1.50)
Diluted net income (loss) per common share (in dollars per share)	$ 0.08	$ (0.21)	$ (1.13)

Consolidated Statements of Ope5

Consolidated Statements of Operations (Parenthetical) $ in Thousands	12 Months Ended
	Nov. 30, 2014USD ($)
Consolidated Statements of Operations
Loss from sale of assets net of tax	$ 28

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 425	$ (1,104)	$ (5,821)
Other comprehensive (loss) income, net of tax:
Increase in fair value of Centaur Media plc	30	185	310
Unrealized (loss) gain on cash flow hedges	(1,058)	(695)	100
Net actuarial gain and prior service cost for other postretirement benefits			68
Reclassifications included in net income (loss)	778	124	(206)
Total other comprehensive (loss) income, net of tax	(250)	(386)	272
Total comprehensive income (loss)	$ 175	$ (1,490)	$ (5,549)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Total
Balance at Nov. 30, 2012	$ 55	$ 107,056	$ 11,222	$ (721)	$ (13,466)	$ 104,146
Balance (in shares) at Nov. 30, 2012	5,527,911
Increase (Decrease) in Stockholders' Equity
Exercise of stock options		80				80
Exercise of stock options (shares)	6,776
Stock-based compensation		467				467
Dividends declared			(1,029)			(1,029)
Total other comprehensive income (loss), net of tax				272		272
Net income (loss)			(5,821)			(5,821)
Balance at Nov. 30, 2013	$ 55	107,603	4,372	(449)	(13,466)	98,115
Balance (in shares) at Nov. 30, 2013	5,534,687
Increase (Decrease) in Stockholders' Equity
Exercise of stock options		76				76
Exercise of stock options (shares)	3,208
Stock-based compensation		208				208
Dividends declared			(1,030)			(1,030)
Total other comprehensive income (loss), net of tax				(386)		(386)
Net income (loss)			(1,104)			(1,104)
Balance at Nov. 30, 2014	$ 55	107,887	2,238	(835)	(13,466)	95,879
Balance (in shares) at Nov. 30, 2014	5,537,895
Increase (Decrease) in Stockholders' Equity
Exercise of stock options		71				71
Exercise of stock options (shares)	3,134
Stock-based compensation		230				230
Dividends declared			(1,546)			(1,546)
Total other comprehensive income (loss), net of tax				(250)		(250)
Net income (loss)			425			425
Balance at Nov. 30, 2015	$ 55	$ 108,188	$ 1,117	$ (1,085)	$ (13,466)	$ 94,809
Balance (in shares) at Nov. 30, 2015	5,541,029

Consolidated Statements of Cha8

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Consolidated Statements of Changes in Stockholders' Equity
Dividends declared, per share (in dollars per share)	$ 0.30	$ 0.20
Exercise of employee stock options, reversal of tax benefit on exercised stock options	$ 9	$ 4

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013
Operating activities:
Net income (loss)	$ 425	$ (1,104)	$ (5,821)
(Income) from discontinued operations		(144)	7,731
Income (loss) from continuing operations	425	(1,248)	1,910
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities of continuing operations:
Depreciation and amortization	7,668	6,729	6,673
Gain on sales of properties	(2,849)	(2,864)	(4,302)
Deferred income taxes	297	123	997
Stock-based compensation expense	230	338	415
Amortization of debt issuance costs	226	259	270
Accretion of discount on note receivable	(49)	(165)
Loss on debt extinguishment		51	286
Gain on sales of common stock in Centaur Media plc		(318)	(1,088)
Gain on sale of investment in Shemin Nurseries Holding Corp.			(3,397)
Changes in assets and liabilities:
Other assets	1,124	(631)	181
Accounts payable and accrued liabilities	475	(276)	(41)
Deferred revenue	4,924	2,987	(234)
Other liabilities	490	329	816
Net cash provided by operating activities of continuing operations	12,961	5,314	2,486
Net cash provided by (used in) operating activities of discontinued operations		39	(1,786)
Net cash provided by operating activities	12,961	5,353	700
Investing activities:
Additions to real estate assets	(31,188)	(15,583)	(13,538)
Proceeds from collection of note receivable	1,500	2,750
Deferred leasing costs and other	(1,011)	(1,171)	(1,367)
Proceeds from sales of property, net of expenses	994	554	9,366
Proceeds from property sales returned from (deposited in) escrow, net		8,864	(2,797)
Proceeds from sales of common stock in Centaur Media plc		566	2,487
Proceeds from sale of business, net of expenses		169
Proceeds from the sale of investment in Shemin Nurseries Holding Corp.			3,418
Net cash used in investing activities	(29,705)	(3,851)	(2,431)
Financing activities:
Proceeds from mortgages	40,391	5,477	9,100
Payments of debt	(20,123)	(2,017)	(1,916)
Dividends paid to stockholders	(1,030)	(1,029)	(1,028)
Debt issuance and modification costs	(762)	(133)	(507)
Mortgage proceeds held in escrow	(600)	(1,000)
Exercise of stock options	80	80	80
Net cash provided by financing activities	17,956	1,378	5,729
Net increase in cash and cash equivalents	1,212	2,880	3,998
Cash and cash equivalents at beginning of year	17,059	14,179	10,181
Cash and cash equivalents at end of year	$ 18,271	$ 17,059	$ 14,179

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Nov. 30, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Basis of Presentation On May 13, 2015, Griffin Land & Nurseries, Inc. changed its name to Griffin Industrial Realty, Inc. ("Griffin") to reflect better Griffin's ongoing real estate business that is principally engaged in developing, managing and leasing industrial and, to a lesser extent, commercial properties. The accompanying consolidated financial statements of Griffin reflect its real estate business and Griffin's landscape nursery business, conducted through its wholly owned subsidiary, Imperial Nurseries, Inc. ("Imperial") which is reported as a discontinued operation (see below). Periodically, Griffin may also sell certain portions of its undeveloped land that it has owned for an extended time period and the use of which is not consistent with Griffin's core development and leasing strategy. Imperial was engaged in growing landscape nursery plants in containers for sale to independent retail garden centers and rewholesalers, whose main customers are landscape contractors. Imperial's operations are reflected in the accompanying consolidated financial statements as a discontinued operation due to the sale, effective January 8, 2014, of its inventory and certain of its assets (the "Imperial Sale") to Monrovia Connecticut LLC ("Monrovia"), a subsidiary of Monrovia Nursery Company (see Note 11). Concurrent with the Imperial Sale, a subsidiary of Griffin and Imperial entered into a long-term lease with Monrovia for Imperial's Connecticut production nursery. As the operations of Imperial are reflected as a discontinued operation in Griffin's consolidated financial statements, Griffin's continuing operations presented in the accompanying financial statements solely reflect its real estate business and, therefore, industry segment information is not presented. Accordingly, certain prior period amounts in Griffin's consolidated financial statements have been reclassified to conform to the current presentation which better reflects Griffin's real estate business, including presentation of an unclassified balance sheet consistent with real estate industry practice. Certain parts of Imperial's prior year results, such as rental revenue and expense related to the leasing of Imperial's Florida farm to another grower and certain expenses related to the property and equipment of Imperial's Connecticut farm, which continues to be owned by Griffin and leased to Monrovia, are included in Griffin's continuing operations. All intercompany transactions have been eliminated. Fiscal Year Through the fiscal year ended November 30, 2013 ("fiscal 2013"), Griffin reported on a 52-53 week fiscal year that ended on the Saturday nearest November 30 and included four quarters of 13 weeks each. Starting in the fiscal year ended November 30, 2014 ("fiscal 2014"), Griffin is reporting on a twelve month fiscal year that ends on November 30. Real Estate Assets Real estate assets are recorded at cost, except when real estate assets are acquired that meet the definition of a business combination in accordance with Financial Accounting Standards Board ("FASB") ASC 805, "Business Combinations," and are recorded at fair value. Interest, property taxes, insurance and other incremental costs (including salaries) directly related to a project are capitalized during the construction period of major facilities and land improvements. The capitalization period begins when activities to develop the parcel commence and ends when the asset constructed is completed and placed in service. The capitalized costs are recorded as part of the asset to which they relate and are amortized over the asset's useful life. Depreciation is determined on a straight-line basis over the estimated useful asset lives for financial reporting purposes and principally on accelerated methods for tax purposes. Repair and maintenance costs are expensed as incurred. Griffin classifies a property as "held for sale" when all of the following criteria for a plan of sale have been met: (1) management, having the authority to approve the action, commits to a plan to sell the property; (2) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (3) an active program to locate a buyer and other actions required to complete the plan to sell, have been initiated; (4) the sale of the property is probable and is expected to be completed within one year or the property is under a contract to be sold; (5) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (6) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When all of these criteria have been met, the property is classified as "held for sale." Depreciation of assets ceases upon designation of a property as "held for sale." Cash and Cash Equivalents Griffin considers all highly liquid investments with an initial maturity of three months or less at the date of purchase to be cash equivalents. At November 30, 2015 and 2014, $15,269 and $16,433, respectively, of the cash and cash equivalents included on Griffin's consolidated balance sheets were held in cash equivalents. Investments Griffin's investment in the common stock of Centaur Media plc ("Centaur Media") is accounted for as an available-for-sale security under FASB ASC 320, "Investments—Debt and Equity Securities" ("ASC 320"), whereby increases or decreases in the fair value of this investment, net of income taxes, along with the effect of changes in the foreign currency exchange rate, net of income taxes, are recorded as a component of other comprehensive income (loss). Griffin's investment in Shemin Nurseries Holding Corp. ("SNHC") was accounted for under the cost method of accounting for investments. Griffin sold its entire investment in SNHC in fiscal 2013 (see Note 4). Stock-Based Compensation Griffin accounts for stock options at fair value in accordance with FASB ASC 718, "Compensation—Stock Compensation" and FASB ASC 505-50, "Equity—Equity-Based Payments to Non-Employees." For stock options that have graded vesting features, Griffin recognizes compensation cost over the requisite service period separately for each tranche of the award as though they were, in substance, multiple awards. Griffin determines its accumulated windfall tax benefits using the short-cut method. Postretirement Benefits In fiscal 2014, Griffin terminated its postretirement benefit program (see Note 8). Griffin had accounted for postretirement benefits in accordance with FASB ASC 715, "Compensation—Retirement Benefits" ("ASC 715"). This guidance requires an employer to recognize the overfunded or underfunded status of a defined benefit postretirement plan (other than a multiemployer plan) as an asset or liability in its statement of financial position and to recognize changes in that funded status in the year in which the changes occur through other comprehensive income. This guidance also requires an employer to measure the funded status of a plan as of the date of its year-end statement of financial position, with limited exceptions. Impairment of Investments in Long-Lived Assets Griffin reviews annually, as well as when conditions may indicate, its long-lived assets to determine if there are indicators of impairment, such as a prolonged vacancy in one of its properties. If indicators of impairment are present, Griffin evaluates the carrying value of the assets in relation to the operating performance and expected future undiscounted cash flows or the estimated fair value based on expected future cash flows of the underlying assets. If the undiscounted cash flows are less than the carrying value of an asset, Griffin would reduce the carrying value of a long-lived asset to its fair value if that asset's fair value is determined to be less than its carrying value. Griffin also reviews annually, as well as when conditions may indicate, the recoverability of its development costs, including expected remediation costs on projects that are included in real estate assets. To the extent that the carrying value exceeds the fair value of a project, including development costs, an impairment loss would be recorded. There were no impairment losses recorded in the fiscal years ended November 30, 2015, 2014 and 2013. Revenue and Gain Recognition Revenue includes rental revenue from Griffin's industrial and commercial properties and proceeds from property sales. Rental revenue is accounted for on a straight line basis over the applicable lease term in accordance with FASB ASC 840, "Leases." Gains on property sales are recognized in accordance with FASB ASC 360-20, "Property, Plant, and Equipment—Real Estate Sales," based on the specific terms of each sale. When the percentage of completion method is used to account for a sale of real estate, costs included in determining the percentage of completion include the costs of the land sold, allocated master planning costs, selling and transaction costs and estimated future costs related to the land sold. The growing operations of the landscape nursery business are reflected as a discontinued operation in the consolidated statements of operations. Income Taxes Griffin provides for income taxes utilizing the asset and liability method, and records deferred tax assets and liabilities based on the difference between the financial statement and tax bases of assets and liabilities as measured by the tax rates that are anticipated to be in effect when these differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is established when it is necessary to reduce deferred tax assets to amounts for which realization is more likely than not. Griffin and its subsidiaries file a consolidated federal income tax return. Griffin evaluates each tax position taken in its tax returns and recognizes a liability for any tax position deemed less likely than not to be sustained under examination by the relevant taxing authorities. Griffin has analyzed its federal and significant state filing positions with respect to FASB ASC 740, "Income Taxes" ("ASC 740"). Griffin believes that its income tax filing positions will be sustained on examination and does not anticipate any adjustments that would result in a material change on its financial statements. As a result, no accrual for uncertain income tax positions has been recorded pursuant to ASC 740. Griffin's policy for recording interest and penalties, related to uncertain tax positions, is to record such items as part of its provision for federal and state income taxes. Intangible Assets Griffin accounts for intangible assets in accordance with FASB ASC 350 "Intangibles—Goodwill and Other." Griffin's intangible assets consist of: (i) the value of in-place leases; and (ii) the value of the associated relationships with tenants. These intangible assets were recorded in connection with Griffin's acquisitions of real estate assets. Amortization of the value of in-place leases, included in depreciation and amortization expense, is on a straight-line basis over the lease terms. Amortization of the value of customer relationships with tenants, included in depreciation and amortization expense, is on a straight-line basis over the lease terms and anticipated renewal periods. Environmental Matters Environmental expenditures related to land and buildings are expensed or capitalized as appropriate, depending upon their future economic benefit. Expenditures that relate to an existing condition caused by past operations, and that do not have future economic benefit, are expensed. Expenditures that create future benefit or contribute to future revenue generation are capitalized. Liabilities related to future remediation costs are recorded when environmental assessments and/or cleanups are probable, and the costs can be reasonably estimated. Interest Rate Swap Agreements As of November 30, 2015, Griffin is a party to several interest rate swap agreements to hedge its interest rate exposures. Griffin does not use derivatives for speculative purposes. Griffin applies FASB ASC 815, "Derivatives and Hedging," ("ASC 815") as amended, which establishes accounting and reporting standards for derivative instruments and hedging activities. ASC 815 requires Griffin to recognize all derivatives as either assets or liabilities on its consolidated balance sheet and measure those instruments at fair value. The changes in the fair values of the interest rate swap agreements are measured in accordance with ASC 815 and reflected in the carrying values of the interest rate swap agreements on Griffin's consolidated balance sheet. The estimated fair values are based primarily on projected future swap rates. Griffin applies cash flow hedge accounting to its interest rate swap agreements that are designated as hedges of the variability of future cash flows from floating rate liabilities based on benchmark interest rates. The changes in fair values of Griffin's interest rate swap agreements are recorded as components of accumulated other comprehensive income (loss) ("AOCI") in stockholders' equity, to the extent they are effective. Any ineffective portions of the changes in fair values of these instruments would be recorded as interest expense or interest income. Conditional Asset Retirement Obligations Griffin accounts for its conditional asset retirement obligations in accordance with FASB ASC 410, "Asset Retirement and Environmental Obligations," which requires an entity to recognize a liability for the fair value of a conditional asset retirement obligation if the fair value can be reasonably estimated even though uncertainty exists about the timing and/or method of settlement. The conditional asset retirement obligations relate principally to tobacco barns and other structures on Griffin's land holdings that contain asbestos, primarily in roofing materials. These structures remain from the tobacco growing operations of former affiliates of Griffin, are not material to Griffin's operations and do not have any book value. Treasury Stock Treasury stock is recorded at cost as a reduction of stockholders' equity on Griffin's consolidated balance sheets. Income (Loss) Per Share Basic income (loss) per common share is calculated by dividing income (loss) from continuing operations and discontinued operations by the weighted average number of common shares outstanding during the year. The calculation of diluted income (loss) per common share reflects adjusting Griffin's outstanding shares assuming the exercise of all potentially dilutive Griffin stock options. Risks and Uncertainties Griffin's future results of operations involve a number of risks and uncertainties. Factors that could affect Griffin's future operating results and cause actual results to vary materially from historical results include, but are not limited to, the geographical concentration of Griffin's real estate holdings, credit risk and market risk. Griffin's real estate holdings are concentrated in the Hartford, Connecticut area and in the Lehigh Valley of Pennsylvania. The market and economic challenges experienced by the U.S. economy as a whole or the local economic conditions in the markets in which Griffin holds properties may affect Griffin's real estate business. Griffin's results of operations, financial condition or ability to expand may be adversely affected as a result of: (i) unfavorable financial changes to Griffin's tenants which may result in tenant defaults under leases; (ii) poor economic conditions that could lead to a curtailment of expansion plans and significant job losses could adversely affect the demand for rental space causing market rental rates and property values to be negatively impacted; (iii) the ability of Griffin to borrow on terms and conditions that it finds acceptable; and (iv) possibly reduced values of Griffin's properties potentially limiting the proceeds from a sale of its properties or from debt financing collateralized by its properties. Griffin conducts business based on evaluations of its prospective tenants' financial condition and generally does not require collateral. These evaluations require significant judgment and are based on multiple sources of information. Griffin does not use derivatives for speculative purposes. Griffin applies ASC 815, which established accounting and reporting standards for derivative instruments and hedging activities. This accounting guidance requires Griffin to recognize all derivatives as either assets or liabilities on its consolidated balance sheets and to measure those instruments at fair value. The estimated fair value is based primarily on projected future swap rates. Griffin applies cash flow hedge accounting to its interest rate swap agreements designated as hedges of the variability of future cash flows from floating rate liabilities due to the benchmark interest rates. Changes in the fair value of these interest rate swaps are recorded as a component of AOCI in stockholders' equity, to the extent they are effective. Amounts recorded to AOCI are then reclassified to interest expense as interest on the hedged borrowing is recognized. Any ineffective portion of the change in fair value of these instruments would be recorded to interest expense. Griffin's cash equivalents consist of overnight investments that are not significantly exposed to interest rate risk. Reclassifications Certain prior year balances have been reclassified to conform to the current year's presentation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and revenue and expenses during the periods reported. Actual results could differ from those estimates. Griffin's significant estimates include the impairment evaluation of long-lived assets, deferred income taxes, derivative financial instruments, revenue and gain recognition including the estimated costs to complete required offsite improvements related to land sold and assumptions used in determining stock compensation. Recent Accounting Pronouncements In January 2016, the FASB issued Accounting Standards Update No. 2016-01, "Financial Instruments—Overall," which requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). This Update also requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The amendments in this Update also eliminate the requirement for an entity to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. In addition, entities must assess the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. This Update will be effective for Griffin in fiscal 2019. Early adoption is permitted for certain provisions. Griffin is evaluating the impact that the application of this Update will have on its consolidated financial statements. In August 2015, the FASB issued Accounting Standards Update No. 2015-15, "Interest-Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting," which addresses line-of-credit arrangements that were omitted from Accounting Standards Update No. 2015-03 (see below). This Update states that the SEC staff would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing those costs ratably over the term of the arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The adoption of this guidance is not expected to have a material impact on Griffin's consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, "Interest-Imputation of Interest," which requires that debt issuance costs related to a recognized liability be presented on the balance sheet as a direct reduction from the carrying amount of the associated debt liability, consistent with debt discounts. The guidance must be applied on a retrospective basis and will be effective for Griffin in fiscal 2017. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on Griffin's consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers," which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. This standard requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. Additionally, the Update requires improved disclosures to help users of financial statements better understand the nature, amount, timing and uncertainty of revenue that is recognized. The Update permits the use of either the retrospective or cumulative effect transition method. This Update will be effective for Griffin in fiscal 2019 and early adoption is not permitted. Certain aspects of this new standard may affect revenue recognition of Griffin. Griffin is evaluating the impact that the application of this Update will have on its consolidated financial statements.

Fair Value

Fair Value	12 Months Ended
	Nov. 30, 2015
Fair Value
Fair Value	2. Fair Value Griffin applies the provisions of FASB ASC 820, "Fair Value Measurement" ("ASC 820"), which establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset or liability's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 establishes three levels of inputs that may be used to measure fair value, as follows: Level 1 applies to assets or liabilities for which there are quoted market prices in active markets for identical assets or liabilities. Griffin's available-for-sale securities are considered Level 1 within the fair value hierarchy. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities in active markets; quoted prices for assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 2 assets and liabilities include Griffin's interest rate swap derivatives (see Note 6). Level 2 assets as of November 30, 2014 included Griffin's note receivable from Monrovia that was fully collected on June 1, 2015 (see Note 11). These inputs are readily available in public markets or can be derived from information available in publicly quoted markets, therefore, Griffin has categorized these derivative instruments as Level 2 within the fair value hierarchy. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. During fiscal 2015, Griffin did not transfer any assets or liabilities in or out of Levels 1 and 2. The following are Griffin's financial assets and liabilities carried at fair value and measured at fair value on a recurring basis: November 30, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Marketable equity securities $ $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap liabilities $ — $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ November 30, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Marketable equity securities $ $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap asset $ — $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap liabilities $ — $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The carrying and estimated fair values of Griffin's financial instruments are as follows: November 30, 2015 November 30, 2014 Fair Value Hierarchy Level Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets: Cash and cash equivalents $ $ $ $ Marketable equity securities Note receivable — — Interest rate swap — — Financial liabilities: Mortgage loans $ $ $ $ Interest rate swaps The amounts included in the financial statements for cash and cash equivalents, note receivable, leasing receivables and accounts payable and accrued liabilities approximate their fair values because of the short-term maturity of these instruments. The fair values of the available-for-sale securities are based on quoted market prices. The fair values of the mortgage loans are estimated based on current rates offered to Griffin for similar debt of the same remaining maturities and, additionally, Griffin considers its credit worthiness in determining the fair value of its mortgage loans. The fair values of the interest rate swaps (used for purposes other than trading) are determined based on discounted cash flow models that incorporate the cash flows of the derivatives as well as the current OIS rate and swap curve along with other market data, taking into account current interest rates and the credit worthiness of the counterparty for assets and the credit worthiness of Griffin for liabilities.

Real Estate Assets

Real Estate Assets	12 Months Ended
	Nov. 30, 2015
Real Estate Assets
Real Estate Assets	3. Real Estate Assets Real estate assets consist of: Estimated Useful Lives Nov. 30, 2015 Nov. 30, 2014 Land $ $ Land improvements 10 to 30 years Buildings and improvements 10 to 40 years Tenant improvements Shorter of useful life or terms of related lease Machinery and equipment 3 to 20 years Construction in progress Development costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated depreciation ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in real estate assets, net as of November 30, 2015 is $8,539 reflecting the net book value of Meadowood, Griffin's residential development in Simsbury, Connecticut, which was previously reported as part of real estate assets held for sale. As of November 30, 2015, Griffin has determined that the Meadowood development no longer meets the criteria to be reported as held for sale and has reclassified the net book value of Meadowood from real estate assets held for sale to real estate assets as of November 30, 2015. Total depreciation expense and capitalized interest related to real estate assets were as follows: For the Fiscal Years Ended, November 30, 2015 November 30, 2014 November 30, 2013 Depreciation expense $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized interest $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In the 2013 fourth quarter, Griffin completed the sale of approximately 90 acres of undeveloped land for approximately $9,000 in cash, before transaction costs (the "Windsor Land Sale"). The land sold is located in Windsor, Connecticut and is part of an approximately 253 acre parcel of undeveloped land that straddles the town line between Windsor and Bloomfield, Connecticut. Under the terms of the Windsor Land Sale, Griffin and the buyer were each required to construct roadways connecting the land parcel sold with existing town roads. The roads constructed by the buyer and the road being constructed by Griffin will become new town roads, thereby providing public access to the remaining acreage in Griffin's land parcel. As a result of Griffin's continuing involvement with the land sold, the Windsor Land Sale is being accounted for under the percentage of completion method. Accordingly, the revenue and pretax gain on the sale are being recognized on a pro rata basis in a ratio equal to the percentage of the total costs incurred to the total anticipated costs of sale, including the costs of the required roadwork. Costs included in determining the percentage of completion include the cost of the land sold, allocated master planning costs and the cost of road construction. At the closing of the Windsor Land Sale, cash proceeds of $8,860 were placed in escrow for the potential purchase of a replacement property in a like-kind exchange under Section 1031 of the Internal Revenue Code of 1986, as amended (the "IRC"). The proceeds placed in escrow were returned to Griffin in the second quarter of fiscal 2014, as a replacement property was not acquired. As of November 30, 2015, approximately 92% of the total costs related to the Windsor Land Sale have been incurred; therefore, from the date of the Windsor Land Sale through November 30, 2015, approximately 92% of the total revenue and pretax gain on the sale have been recognized in Griffin's consolidated statements of operations. Griffin's consolidated statement of operations for fiscal 2015 includes revenue of $2,483 and a pretax gain of $1,880 from the Windsor Land Sale. Griffin's consolidated statement of operations for fiscal 2014 includes revenue of $3,105 and a pretax gain of $2,358 from the Windsor Land Sale. Griffin's consolidated statement of operations for fiscal 2013 includes revenue of $2,668 and a pretax gain of $1,990 from the Windsor Land Sale. The balance of the revenue and pretax gain on sale will be recognized when the remaining costs are incurred, which is expected to take place in fiscal 2016. Included on Griffin's consolidated balance sheet as of November 30, 2015, is deferred revenue of $712 that will be recognized as the remaining costs are incurred (see Note 12). Including the pretax gain on sale recognized in fiscal 2015, fiscal 2014 and fiscal 2013, the total pretax gain on the Windsor Land Sale is expected to be approximately $6,765 after all revenue is recognized and all costs are incurred. While management has used its best estimates, based on industry knowledge and experience, in projecting the total costs of the required roadways, increases or decreases in future costs as compared with current estimated amounts would reduce or increase the pretax gain recognized in future periods. The Florida farm that had been used by Imperial prior to being shut down in fiscal 2009 has been leased to a private company grower of landscape nursery products since fiscal 2009. In the 2015 second quarter, the tenant that leases the Florida farm gave notice of its intent to exercise the purchase option for the Florida farm under the terms of its lease for approximately $4,100. On June 1, 2015, Griffin received a deposit of $400 as required under the terms of the lease agreement. In August 2015, that tenant informed Griffin that it would not close on the purchase of the Florida farm. Imperial and the tenant subsequently entered into a Holdover and Settlement Agreement (the "Agreement") which permits the tenant to continue to lease the Florida farm at an agreed upon rental rate through April 30, 2016. The Agreement also stipulates that Imperial is entitled to retain the deposit against the purchase price made by the tenant when it exercised its option to purchase the Florida farm; therefore, the $400 deposit is reflected as revenue from property sales in Griffin's fiscal 2015 consolidated statement of operations. Real estate assets held for sale consist of: Nov. 30, 2015 Nov. 30, 2014 Land $ $ Development costs ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of November 30, 2015, Griffin has reclassified the costs related to a residential development in Simsbury, Connecticut (see above) from real estate assets held for sale into real estate assets.

Investments

Investments	12 Months Ended
	Nov. 30, 2015
Investments
Investments	4. Investments Centaur Media plc Griffin's investment in the common stock of Centaur Media is accounted for as an available-for-sale security under ASC 320. Accordingly, changes in the fair value of Centaur Media, reflecting both changes in the stock price and changes in the foreign currency exchange rate, are included, net of income taxes, in accumulated other comprehensive income (see Note 9). Griffin's investment income includes dividend income from Centaur Media of $83, $82 and $110 in fiscal 2015, fiscal 2014 and fiscal 2013, respectively. At the beginning of fiscal 2013, Griffin held 5,277,150 shares of Centaur Media common stock. In fiscal 2014 and fiscal 2013, Griffin sold 500,000 and 2,824,688 shares, respectively, of its Centaur Media common stock for total cash proceeds of $566 and $2,487, respectively, after transaction costs. The sale of Centaur Media common stock resulted in a pretax gain of $318 and $1,088 in fiscal 2014 and fiscal 2013, respectively. Griffin has not sold any of its Centaur Media common stock since the sales in fiscal 2014. Griffin held 1,952,462 shares of Centaur Media common stock as of November 30, 2015. The fair value, cost and unrealized gain of Griffin's investment in Centaur Media are as follows: Nov. 30, 2015 Nov. 30, 2014 Fair value $ $ Cost ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shemin Nurseries Holding Corp. At the beginning of fiscal 2013, Griffin held an approximate 14% equity interest in SNHC, which operated a landscape nursery distribution business. Griffin accounted for its investment in SNHC under the cost method of accounting for investments. Prior to fiscal 2013, Griffin had received cash distributions from SNHC which were treated as a return of investment. Accordingly, Griffin did not have any remaining book value in its investment in SNHC as of December 1, 2012. In fiscal 2013, Griffin sold its investment in SNHC for total cash proceeds of $3,418, resulting in a pretax gain of $3,397.

Income Taxes

Income Taxes	12 Months Ended
	Nov. 30, 2015
Income Taxes
Income Taxes	5. Income Taxes The income tax provision in continuing operations for fiscal 2015, fiscal 2014 and fiscal 2013 is summarized as follows: For the Fiscal Years Ended, Nov. 30, 2015 Nov. 30, 2014 Nov. 30, 2013 Current federal $ ) $ — $ — Current state and local — — — Deferred federal ) ) Deferred state and local ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total income tax provision $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In fiscal 2015 and fiscal 2014, Griffin decreased its expected realization of the tax benefit related to its Connecticut state net operating loss carryforwards and Connecticut state other temporary differences. These decreases were based on management's projections of taxable income attributable to the state of Connecticut in future years that would generate income taxes in excess of capital based taxes. Charges of approximately $87 and $375 are reflected in the fiscal 2015 and fiscal 2014 tax provisions, respectively, for state taxes to reflect the expected lower realization of certain state tax benefits. Griffin did not recognize a current tax benefit in fiscal 2015, fiscal 2014 or fiscal 2013 from the exercise of employee stock options. In fiscal 2015, Griffin utilized net operating loss carryforwards to offset taxable income. A benefit was not recorded in fiscal 2014 and fiscal 2013 because Griffin did not have taxable income. As of November 30, 2015, Griffin has an unrecognized tax benefit of $1,176 for the effect of employee stock options exercised in fiscal years 2006 through 2015. In fiscal 2015 and fiscal 2014, the deferred tax asset related to non-qualified stock options was reduced by $9 and $4, respectively, as a result of exercises and forfeitures of those options. There were no adjustments to deferred tax assets for exercises and forfeitures of non-qualified stock options in fiscal 2013. Included in total income (loss) from Griffin's discontinued operations, net of tax, is an income tax provision of $115 for fiscal 2014 and an income tax benefit of $4,411 for fiscal 2013. The income tax provision in fiscal 2015 is net of the effect of recording a benefit related to valuation allowances on certain state deferred tax assets of $76, less a federal income tax expense of $26. The income tax (provision) benefit for discontinued operations in fiscal 2014 and fiscal 2013 is net of the effect of recording valuation allowances on certain state deferred tax assets for state net operating losses of Imperial. The effect on the income tax provision for the valuation allowances in fiscal 2014 and fiscal 2013 were charges of $24 and $93, respectively, less federal income tax benefits of $8 and $33, respectively. The establishment of the valuation allowances reflects management's determination that it is more likely than not that Griffin will not generate sufficient taxable income in the future to fully utilize certain state net operating loss carryforwards. Other comprehensive income (loss) includes deferred tax (expense) benefit as follows: For the Fiscal Years Ended, Nov. 30, 2015 Nov. 30, 2014 Nov. 30, 2013 Mark to market adjustment on Centaur Media plc $ ) $ $ Measurement of the funded status of the defined postretirement program — ) Fair value adjustment of Griffin's cash flow hedges ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total income tax benefit (expense) included in other comprehensive income (loss) $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The differences between the income tax provision at the United States statutory income tax rates and the actual income tax provision on continuing operations for fiscal 2015, fiscal 2014 and fiscal 2013 are as follows: For the Fiscal Years Ended, Nov. 30, 2015 Nov. 30, 2014 Nov. 30, 2013 Tax (provision) benefit at statutory rate $ ) $ $ ) State and local taxes, including valuation allowance, net of federal tax effect ) ) Permanent items ) ) ) Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total income tax provision $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The state and local income tax expense, net of federal tax effect, principally reflects a decrease in the expected realization of the tax benefit related to Connecticut state net operating loss carryforwards and Connecticut state other temporary differences for fiscal 2015 and fiscal 2014. The state and local income tax expense, net of federal tax effect, for fiscal 2013 principally relfects deferred tax expense due to the variations in income apportionment among Griffin's multiple state filings. The significant components of Griffin's deferred tax assets and deferred tax liabilities are as follows: Nov. 30, 2015 Nov. 30, 2014 Deferred tax assets: Deferred revenue $ $ Federal net operating loss carryforwards Retirement benefit plans Cash flow hedges Non-qualified stock options State net operating loss carryforwards Charitable contributions Conditional asset retirement obligations Other ​ ​ ​ ​ ​ ​ ​ ​ Total deferred tax assets Valuation allowances ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net deferred tax assets ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: Real estate assets ) ) Deferred rent ) ) Prepaid insurance ) ) Property and equipment ) ) Investment in Centaur Media plc ) ) Other ) ) ​ ​ ​ ​ ​ ​ ​ ​ Total deferred tax liabilities ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net total deferred tax assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At November 30, 2015, Griffin had federal net operating loss carryforwards of approximately $6,616 with expirations ranging from fifteen to nineteen years and state net operating loss carryforwards of approximately $22,630, principally in Connecticut, with expirations ranging from seven to twenty years. Management has determined that a valuation allowance is required for net operating loss carryforwards in certain states (other than Connecticut) related to Imperial. Realization of the tax benefits related to the Connecticut state net operating loss carryforwards, which are not subject to valuation allowances, and the state effective tax rates at which those benefits will be realized is dependent upon future results of operations. Differences between forecasted and actual future operating results could adversely impact Griffin's ability to realize tax benefits from Connecticut state net operating losses. Therefore, the deferred tax assets relating to Connecticut state net operating loss carryforwards could be reduced in the future if estimates of future taxable income are reduced. Griffin has evaluated the likelihood that it will realize the benefits of its deferred tax assets. Based on a significant amount of appreciated assets, primarily real estate, held by Griffin and the significant length of time expected before Griffin's deferred tax assets would expire, Griffin believes that it is more likely than not that it will utilize the benefit of its deferred tax assets. Griffin evaluates each tax position taken in its tax returns and recognizes a liability for any tax position deemed less likely than not to be sustained under examination by the relevant taxing authorities. Griffin believes that its income tax filing positions will be sustained on examination and does not anticipate any adjustments that would result in a material change on its financial statements. As a result, no accrual for uncertain income tax positions has been recorded pursuant to ASC 740. Federal income tax returns for fiscal 2014, fiscal 2013, and fiscal 2012 are subject to examination by the Internal Revenue Service. In fiscal 2014, the state of New York completed an examination of Griffin's fiscal 2007, fiscal 2008 and fiscal 2009 tax returns. There were no significant adjustments made as a result of this examination. The remaining periods subject to examination for Griffin's significant state return, which is Connecticut, are fiscal 2008 through fiscal 2014.

Mortgage Loans

Mortgage Loans	12 Months Ended
	Nov. 30, 2015
Mortgage Loans
Mortgage Loans	6. Mortgage Loans Griffin's mortgage loans, which are nonrecourse, consist of: Nov. 30, 2015 Nov. 30, 2014 5.73%, due August 1, 2015 $ — $ Variable rate mortgage, due October 2, 2017* Variable rate mortgage, due February 1, 2019* Variable rate mortgage, due August 1, 2019* Variable rate mortgage, due January 27, 2020* Variable rate mortgage, due September 1, 2023* — Variable rate mortgage, due January 2, 2025* — Variable rate mortgage, due September 1, 2025* — 5.09%, due July 1, 2029 5.09%, due July 1, 2029 4.33%, due August 1, 2030 — ​ ​ ​ ​ ​ ​ ​ ​ Total nonrecourse mortgage loans $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ * Griffin entered into interest rate swap agreements to effectively fix the interest rates on these loans (see below). The annual principal payment requirements under the terms of the nonrecourse mortgage loans for the fiscal years 2016 through 2020 are $2,544, $8,517, $2,611, $18,648 and $5,296, respectively. The aggregate book value of land and buildings that are collateral for the nonrecourse mortgage loans was approximately $109,208 at November 30, 2015. On September 1, 2015, a subsidiary of Griffin closed on a new nonrecourse mortgage with Webster Bank (the "2015 Webster Mortgage") for $14,100. The 2015 Webster Mortgage is collateralized by an approximately 280,000 square foot industrial building in the Lehigh Valley of Pennsylvania ("5220 Jaindl Boulevard") that was completed and placed in service at the end of the fiscal 2015 third quarter. Griffin received proceeds of $11,500 at closing (before transaction costs), with the remaining $2,600 of loan proceeds (the "Webster Earn-Out") to be advanced when the balance of the building is leased (see below). Griffin agreed to enter into a master lease with its subsidiary that owns 5220 Jaindl Boulevard should the lease at 5220 Jaindl Boulevard expire and not be renewed. The master lease will be co-terminous with the 2015 Webster Mortgage. The 2015 Webster Mortgage has a ten year term with monthly payments based on a twenty-five year amortization schedule. The interest rate for the 2015 Webster Mortgage is a floating rate of the one month LIBOR rate plus 1.65%. At the time the 2015 Webster Mortgage closed, Griffin also entered into an interest rate swap agreement with Webster Bank for a notional principal amount of $11,500 at inception to effectively fix the interest rate on the funds advanced under the 2015 Webster Mortgage at 3.77%. On November 24, 2015, the tenant that leases approximately 196,000 square feet in 5220 Jaindl Boulevard exercised its option to lease the balance of the building. Subsequent to November 30, 2015, Griffin received the Webster Earn-Out amount of $2,600 on the 2015 Webster Mortgage. At the time the Webster Earn-Out proceeds were received, Griffin entered into an interest rate swap agreement with Webster Bank for a notional principal amount of $2,600 to effectively fix the interest rate on the Webster Earn-Out at 3.67%. The combined interest rate swap agreements effectively fix the 2015 Webster Mortgage at 3.75% over the remainder of the mortgage loan's ten year term. On July 29, 2015, a subsidiary of Griffin closed on a new nonrecourse mortgage with 40--86 Mortgage Capital, Inc. ("the 40--86 Mortgage") for $18,000. The 40--86 Mortgage refinanced an existing 5.73% nonrecourse mortgage which was due on August 1, 2015 and was collateralized by three industrial buildings totaling approximately 392,000 square feet ("75 International Drive," "754 Rainbow Road" and "758 Rainbow Road") in New England Tradeport, Griffin's industrial park located in Windsor and East Granby, Connecticut. The 40--86 Mortgage is collateralized by the same three properties. Griffin received proceeds of $14,875 at closing (before transaction costs), which were applied to the payoff of the maturing 5.73% nonrecourse mortgage of $17,891. The remaining $3,125 of loan proceeds were placed in escrow at closing. As per the terms of the 40--86 Mortgage, $2,500 of the escrowed proceeds was released to Griffin in the fiscal 2015 fourth quarter as the tenant that was leasing approximately 88,000 square feet on a month-to-month basis in 754 Rainbow Road extended into a long-term lease for that space and $25 of the escrowed proceeds was released in the fiscal 2015 fourth quarter upon renewal of insurance coverage on the mortgaged properties. $600 of mortgage proceeds deposited into escrow will be released to Griffin when tenant improvement work for the full building tenant in 758 Rainbow Road is completed. The 40--86 Mortgage has a fifteen year term with monthly payments based on a thirty year amortization schedule. The interest rate for the 40--86 Mortgage is 4.33%. On December 31, 2014, two subsidiaries of Griffin closed on a nonrecourse mortgage ("the 2025 First Niagara Mortgage") for $21,600. The 2025 First Niagara Mortgage refinanced an existing mortgage with First Niagara Bank ("First Niagara") which was due on September 1, 2023 and was collateralized by an approximately 228,000 square foot industrial building ("4275 Fritch Drive") in Lower Nazareth, Pennsylvania (see below). The 2025 First Niagara Mortgage is collateralized by 4275 Fritch Drive along with an adjacent approximately 303,000 square foot industrial building ("4270 Fritch Drive"). Griffin received net proceeds of $10,891 at closing (before transaction costs), net of $8,859 used to refinance the existing mortgage with First Niagara. The remaining $1,850 of loan proceeds were to be advanced when a portion of the remaining vacant space of approximately 102,000 square feet in 4270 Fritch Drive was leased (the "Earn-Out Amount"), which occurred subsequent to November 30, 2015 (see below). Griffin agreed to enter into a master lease with its subsidiaries that own 4270 and 4275 Fritch Drive in order to maintain a minimum net rent equal to the debt service on the 2025 First Niagara Mortgage. The master lease would be co-terminous with the 2025 First Niagara Mortgage. The 2025 First Niagara Mortgage has a ten year term with monthly payments based on a twenty-five year amortization schedule. The interest rate for the 2025 First Niagara Mortgage is a floating rate of the one month LIBOR rate plus 1.95%. At the time the 2025 First Niagara Mortgage closed, Griffin entered into an interest rate swap agreement with First Niagara that, combined with an existing interest rate swap agreement with First Niagara, effectively fixed the rate of the 2025 First Niagara Mortgage at 4.43% over the balance of the mortgage loan's ten year term. Subsequent to November 30, 2015, Griffin leased the balance of 4270 Fritch Drive and First Niagara advanced the Earn-Out Amount of $1,850 on the 2025 First Niagara Mortgage to Griffin. At the time the Earn-Out Amount was received, Griffin entered into an interest rate swap agreement with First Niagara for a notional principal amount of $1,850 to effectively fix the interest rate on the Earn-Out Amount at 3.88%. The combination of the three interest rate swap agreements effectively fixes the interest rate on the 2025 First Niagara Mortgage at 4.39% over the remainder of the mortgage loan's ten year term. On June 6, 2014, a subsidiary of Griffin completed the refinancing of its nonrecourse mortgage loan (the "GCD Mortgage Loan") with Farm Bureau Life Insurance Company ("Farm Bureau") that was due April 1, 2016. The GCD Mortgage Loan is collateralized by a 165,000 square foot industrial building in Windsor, Connecticut. At the time of the refinancing, the GCD Mortgage Loan had a balance of $3,391 and an interest rate of 8.13%. The refinancing increased the loan amount to $7,868, reduced the interest rate to 5.09% and extended the loan term to fifteen years from the time of the refinancing, with payments based on a fifteen year amortization schedule. Also on June 6, 2014, a subsidiary of Griffin completed the refinancing of its nonrecourse mortgage loan (the "TD Mortgage Loan") with Farm Bureau that was due October 1, 2017. The TD Mortgage Loan is collateralized by an approximately 100,000 square foot industrial building and a 57,000 square foot industrial building, both located in Windsor, Connecticut. At the time of the refinancing, the TD Mortgage Loan had a balance of $5,632 and an interest rate of 7.0%. The refinancing increased the loan amount to $6,632, reduced the interest rate to 5.09% and extended the loan term to fifteen years from the time of the refinancing, with payments based on a fifteen year amortization schedule. The mortgage loan proceeds of $1,000 from the refinancing of the TD Mortgage Loan are being held in escrow. The escrowed funds will be released to Griffin if the approximately 57,000 square foot industrial building, which is expected to become vacant after the current short-term lease of that building expires, is re-leased under terms agreed upon with Farm Bureau. If a replacement lease reflecting the rental terms agreed upon with Farm Bureau is not obtained, the proceeds being held in escrow are required to be used to make a partial prepayment, without penalty, on the TD Mortgage Loan. The GCD Mortgage Loan and the TD Mortgage Loan are cross-collateralized and cross-defaulted with each other. The loans may not be voluntarily prepaid for seven years; thereafter, any prepayment would require a prepayment fee and the simultaneous prepayment of both loans. Griffin reported $51 for the write-off of all deferred costs related to the two mortgages refinanced with Farm Bureau as a loss on debt extinguishment on Griffin's fiscal 2014 consolidated statement of operations. On August 28, 2013, a subsidiary of Griffin closed on a $9,100 nonrecourse mortgage loan (the "2023 First Niagara Mortgage") with First Niagara, collateralized by 4275 Fritch Drive which was constructed in fiscal 2012 and fully leased in fiscal 2013. Although this mortgage was nonrecourse, Griffin and its subsidiary entered into a master lease that was co-terminous with the 2023 First Niagara Mortgage which would have become effective if the full building tenant in that building does not renew its five year lease when it is scheduled to expire in fiscal 2018. The 2023 First Niagara Mortgage had a ten year term with monthly payments based on a twenty-five year amortization schedule. The interest rate for the 2023 First Niagara Mortgage was a floating rate of the one month LIBOR rate plus 1.95%. At the time Griffin closed on the 2023 First Niagara Mortgage, Griffin also entered into an interest rate swap agreement with First Niagara for a notional principal amount of $9,100 at inception to effectively fix the interest rate of the 2023 First Niagara Mortgage at 4.79%. On April 1, 2013, a subsidiary of Griffin entered into a modification agreement for its 5.25% nonrecourse mortgage loan with First Niagara due January 27, 2020 (the "2020 First Niagara Mortgage"). The modification agreement changed the interest rate of the 2020 First Niagara Mortgage from a fixed rate of 5.25% to a variable rate of the one month LIBOR rate plus 2.5%. The loan modification did not change the loan's collateral or maturity date. Griffin paid $70 to First Niagara for the loan modification, plus transaction costs. Because the difference between the present values of the future payments under the existing loan and the modified loan was greater than 10%, the loan modification was accounted for as a debt extinguishment in fiscal 2013. As such, all deferred costs related to the 2020 First Niagara Mortgage ($216) and the fee paid to First Niagara for the modification agreement were reflected as a loss on debt extinguishment on Griffin's fiscal 2013 consolidated statement of operations. Concurrent with the completion of the loan modification agreement, Griffin entered into an interest rate swap agreement with First Niagara to effectively fix the interest rate on the 2020 First Niagara Mortgage at 3.91% for the duration of the loan. As of November 30, 2015, Griffin was a party to several interest rate swap agreements related to its variable rate nonrecourse mortgages on certain of its real estate assets. Griffin accounts for its interest rate swap agreements as effective cash flow hedges (see Note 2). No ineffectiveness on the cash flow hedges was recognized as of November 30, 2015 and none is anticipated over the term of the agreements. Amounts in accumulated other comprehensive income (loss) will be reclassified into interest expense over the term of the swap agreements to achieve fixed rates on each mortgage. None of the interest rate swap agreements contain any credit risk related contingent features. In fiscal 2015 and fiscal 2014, Griffin recognized net losses, included in other comprehensive income (loss), before taxes of $444 and $100, respectively, on its interest rate swap agreements. In fiscal 2013, Griffin recognized a net gain, included in other comprehensive income, before taxes of $969 on its interest rate swap agreements. As of November 30, 2015, $1,186 is expected to be reclassified over the next twelve months from accumulated other comprehensive loss to interest expense. As of November 30, 2015, the fair value of Griffin's interest rate swap agreements was $2,766 and is included in other liabilities on Griffin's consolidated balance sheet. As of November 30, 2014, the net fair value of Griffin's interest rate swap agreements was $2,322, with $8 included in other assets and $2,330 included in other liabilities on Griffin's consolidated balance sheet.

Revolving Credit Agreement

Revolving Credit Agreement	12 Months Ended
	Nov. 30, 2015
Revolving Credit Agreement
Revolving Credit Agreement	7. Revolving Credit Agreement Griffin has a $12,500 revolving credit line with Webster Bank (the "Webster Credit Line") that expires May 1, 2016. The Webster Credit Line was scheduled to expire on May 1, 2015, however, prior to that date Griffin exercised its option to extend the Webster Credit Line for one year. Interest on borrowings under the Webster Credit Line is at the one month LIBOR rate plus 2.75%. The Webster Credit Line is collateralized by Griffin's properties in Griffin Center South, aggregating approximately 235,000 square feet, and an approximately 48,000 square foot single-story office building in Griffin Center. The aggregate book value of land and buildings that are collateral for the Webster Credit Line was approximately $10,661 at November 30, 2015. There have been no borrowings under the Webster Credit Line since its inception. The Webster Credit Line secures certain unused standby letters of credit aggregating $4,117 that are related to Griffin's development activities.

Retirement Benefits

Retirement Benefits	12 Months Ended
	Nov. 30, 2015
Retirement Benefits
Retirement Benefits	8. Retirement Benefits Savings Plan Griffin maintains the Griffin Industrial Realty, Inc. 401(k) Savings Plan (the "Griffin Savings Plan") for its employees, a defined contribution plan whereby Griffin matches 60% of each employee's contribution, up to a maximum of 5% of base salary. Griffin's contributions to the Griffin Savings Plan in fiscal 2015, fiscal 2014 and fiscal 2013 were $60, $64 and $137, respectively. Deferred Compensation Plan Griffin maintains a non-qualified deferred compensation plan (the "Deferred Compensation Plan") for certain of its employees who, due to IRC regulations, cannot take full advantage of the Griffin Savings Plan. Griffin's liability under its Deferred Compensation Plan at November 30, 2015 and 2014 was $3,981 and $3,784, respectively. These amounts are included in other liabilities on Griffin's consolidated balance sheets. The expense for Griffin's matching benefit to the Deferred Compensation Plan in fiscal 2015, fiscal 2014 and fiscal 2013 was $22, $28 and $29, respectively. The Deferred Compensation Plan is unfunded, with benefits to be paid from Griffin's general assets. The liability for the Deferred Compensation Plan reflects the amounts withheld from employees, Griffin's matching benefit and any gains or losses on participant account balances based on the assumed investment of amounts credited to participants' accounts in certain mutual funds. Participant balances are tracked and any gain or loss is determined based on the performance of the mutual funds as selected by the participants. Postretirement Benefits Through March 10, 2014, Griffin maintained an unfunded postretirement benefits program that provided principally health and life insurance benefits to certain of its employees. Only those employees who were employed by Griffin's predecessor company as of December 31, 1993 were eligible to participate in the postretirement benefits program. On March 11, 2014, Griffin terminated its postretirement benefits program. Accordingly, the remaining liability under the postretirement benefits program was reversed and all actuarial gains under the postretirement program that had been reflected in accumulated other comprehensive income were reclassified into net income in the fiscal 2014 second quarter. As essentially all of the participants in the postretirement benefits program had been employees of Imperial, and charges related to the postretirement benefits program had been included in the results of the landscape nursery business that is now presented as a discontinued operation, the effect of the termination of the postretirement benefits program is mostly reflected in the results of discontinued operations in Griffin's consolidated statement of operations for fiscal 2014. As a result of the Imperial Sale (see Note 11) prior to the termination of the postretirement benefits program, the liability for postretirement benefits was reduced from $332 at November 30, 2013 to $23 in the 2014 first quarter. A curtailment gain of $309 was included in the determination of the loss on the Imperial Sale. Griffin accounted for postretirement benefits in accordance with ASC 715, which requires recognition of the funded status on Griffin's consolidated balance sheet of its postretirement benefits program. The effect of ASC 715 in fiscal 2013 was a decrease in other liabilities of $118 and a decrease of $68, after tax, in accumulated other comprehensive loss. Changes in the program's benefit obligation for the fiscal year ended November 30, 2014 is as follows: Change in benefit obligation: Benefit obligation at beginning of year $ Actuarial gain ) Interest cost Service cost Benefits paid — Amortization of actuarial gain ) Curtailment gain ) ​ ​ ​ ​ ​ Benefit obligation at end of year $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The components of Griffin's postretirement benefits income were as follows: For the Fiscal Years Ended, Nov. 30, 2014 Nov. 30, 2013 Service cost $ $ Interest Amortization of actuarial gain ) ) Curtailment gain ) — ​ ​ ​ ​ ​ ​ ​ ​ Total income ) ) Other changes in benefit obligations recognized in other comprehensive loss: Actuarial gain ) ) ​ ​ ​ ​ ​ ​ ​ ​ Total recognized in net periodic benefit income and other comprehensive income $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A discount rate of 4.60% was used to compute the accumulated postretirement benefit obligations prior to the program termination in fiscal 2014. The discount rate used was based on the spot rate of the Citigroup Pension Discount Curve, which was used to discount the projected cash flows of the program. Discount rates of 4.60% and 3.59% were used to compute the net periodic benefit expense for fiscal 2014 through the termination of the postretirement benefits program and fiscal 2013, respectively.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Nov. 30, 2015
Stockholders' Equity
Stockholders' Equity	9. Stockholders' Equity Per Share Results Basic and diluted results per share were based on the following: For the Fiscal Years Ended, Nov. 30, 2015 Nov. 30, 2014 Nov. 30, 2013 Income (loss) from continuing operations for computation of basic and diluted per share results, net of tax $ $ ) $ Income (loss) from discontinued operations for computation of basic and diluted per share results, net of tax — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding for computation of basic per share results Incremental shares from assumed exercise of Griffin stock options(a) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted weighted average shares for computation of diluted per share results ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Incremental shares from the assumed exercise of Griffin stock options are not included in periods where inclusion of such shares would be anti-dilutive. Such assessment is based on income (loss) from continuing operations when net income includes discontinued operations. For the fiscal year ended November 30, 2014, the incremental shares from the assumed exercise of stock options would have been 11,000 shares. Griffin Stock Option Plan The Griffin Industrial Realty, Inc. 2009 Stock Option Plan (the "2009 Stock Option Plan") makes available options to purchase 386,926 shares of Griffin common stock, including 161,926 options to purchase the 161,926 shares that were available for issuance under Griffin's prior stock option plan. The Compensation Committee of Griffin's Board of Directors administers the 2009 Stock Option Plan. Options granted under the 2009 Stock Option Plan may be either incentive stock options or non-qualified stock options granted at fair market value on the date approved by Griffin's Compensation Committee. Vesting of all of Griffin's stock options is solely based upon service requirements and does not contain market or performance conditions. Stock options granted expire ten years from the grant date. In accordance with the 2009 Stock Option Plan, stock options granted to non-employee directors upon their initial election to the board of directors are fully exercisable immediately upon the date of the option grant. Stock options granted to non-employee directors upon their reelection to the board of directors vest on the second anniversary from the date of grant. Stock options granted to employees vest in equal installments on the third, fourth and fifth anniversaries from the date of grant. None of the stock options outstanding at November 30, 2015 may be exercised as stock appreciation rights. The following options were granted by Griffin under the 2009 Stock Option Plan to non-employee directors either upon their initial election or their re-election to Griffin's Board of Directors: For the Fiscal Years Ended, November 30, 2015 November 30, 2014 November 30, 2013 Number of Shares Fair Value per Option at Grant Date Number of Shares Fair Value per Option at Grant Date Number of Shares Fair Value per Option at Grant Date $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The fair values were estimated as of the date of each grant using the Black-Scholes option-pricing model. The following assumptions were used in determining the fair values of each option: For the Fiscal Years Ended, Nov. 30, 2015 Nov. 30, 2014 Nov. 30, 2013 Expected volatility % % % Risk free interest rates % % % Expected option term (in years) Annual dividend yield % % % Number of option holders at November 30, 2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Compensation expense and related tax benefits for stock options were as follows: For the Fiscal Years Ended, Nov. 30, 2015 Nov. 30, 2014 Nov. 30, 2013 Compensation expense—continuing operations $ $ $ Compensation expense—discontinued operations — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net compensation expense $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Related tax benefit—continuing operations $ $ $ Related tax benefit—discontinued operations — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net related tax benefit $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For all years presented, forfeiture rates used for directors were 0%, forfeiture rates used for executives ranged from 22.6% to 25.8% and forfeiture rates used for employees ranged from 30.3% to 46.6%. These rates were utilized based on the historical activity of the grantees. As of November 30, 2015, the unrecognized compensation expense related to nonvested stock options that will be recognized during future periods is as follows: Fiscal 2016 $ Fiscal 2017 $ The total grant date fair value of options vested during fiscal 2015, fiscal 2014 and fiscal 2013 was $492, $664 and $466, respectively. The intrinsic value of options exercised in fiscal 2015, fiscal 2014 and fiscal 2013 was $18, $10 and $114, respectively. A summary of the activity under the 2009 Griffin Stock Option Plan is as follows: Options Weighted Avg. Exercise Price Outstanding at December 1, 2012 $ Granted $ Exercised ) $ Forfeited ) $ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at November 30, 2013 $ Granted $ Exercised ) $ Forfeited ) $ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at November 30, 2014 $ Granted $ Exercised ) $ Forfeited ) $ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at November 30, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Range of Exercise Prices for Vested and Nonvested Options Outstanding at Nov. 30, 2015 Weighted Avg. Exercise Price Weighted Avg. Remaining Contractual Life (in years) Total Intrinsic Value $23.00 - $28.00 $ $28.00 - $32.00 $ — $32.00 - $39.00 $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated Other Comprehensive Loss As of November 30, 2015, Griffin held 1,952,462 shares of common stock in Centaur Media and accounts for its investment in Centaur Media as an available-for-sale security under ASC 320. Accordingly, the investment in Centaur Media is carried at its fair value on Griffin's consolidated balance sheet, with increases or decreases recorded, net of tax, as a component of other comprehensive income (loss). Upon the sale of shares in Centaur Media, the change, net of tax, in the value of the shares of Centaur Media that were sold during the time Griffin held those shares is reclassified from accumulated other comprehensive income (loss) and included in Griffin's consolidated statement of operations. In fiscal 2014, $204 was reclassified from accumulated other comprehensive loss as a result of the sale of 500,000 shares of Centaur Media common stock. In fiscal 2013, $716 was reclassified from accumulated other comprehensive loss as a result of the sale of 2,824,688 shares of Centaur Media common stock. There were no sales of Centaur Media common stock in fiscal 2015. Accumulated other comprehensive loss, and activity for fiscal 2015, fiscal 2014 and fiscal 2013, is comprised of the following: Unrealized Loss on Cash Flow Hedges Unrealized Gain on Investment in Centaur Media Actuarial Gain on Postretirement Benefit Program Total Balance at December 1, 2012 $ ) $ $ $ ) Other comprehensive income before reclassfications Amounts reclassified ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net activity for other comprehensive loss ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at November 30, 2013 ) ) Other comprehensive (loss) income before reclassfications ) — ) Amounts reclassified ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net activity for other comprehensive loss ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at November 30, 2014 ) — ) Other comprehensive (loss) income before reclassfications ) — ) Amounts reclassified — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net activity for other comprehensive loss ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at November 30, 2015 $ ) $ $ — $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Changes in accumulated other comprehensive income (loss) are as follows: For the Fiscal Years Ended, November 30, 2015 November 30, 2014 November 30, 2013 Pre-Tax Tax (Expense) Benefit Net-of-Tax Pre-Tax Tax (Expense) Benefit Net-of-Tax Pre-Tax Tax (Expense) Benefit Net-of-Tax Reclassifications included in net income (loss): Realized gain on sale of Centaur Media (gain on sale) $ — $ — $ — $ ) $ $ ) $ ) $ $ ) Termination of postretirement benefits program ($283 net of tax to discontinued operations, $21 net of tax to general and administrative expenses) — — — ) ) — — — Loss on cash flow hedges (interest expense) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reclassifications included in net income (loss) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mark to market adjustment on Centaur Media for the increase in fair value ) ) ) Mark to market adjustment on Centaur Media for the decrease in exchange gain ) ) ) ) ) ) ) (Decrease) increase in fair value adjustment on Griffin's cash flow hedges ) ) ) ) ) Actuarial gain on postretirement benefits program — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total change in other comprehensive (loss) income ) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other comprehensive (loss) income $ ) $ $ ) $ ) $ $ ) $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Dividends In fiscal 2015, Griffin declared an annual cash dividend of $0.30 per common share, which was paid in the first quarter of fiscal 2016. In fiscal 2014 and fiscal 2013, Griffin declared annual cash dividends of $0.20 per common share in each year, which were paid in the first quarters of fiscal 2015 and fiscal 2014, respectively. Treasury Stock In fiscal 2015, fiscal 2014 and fiscal 2013, Griffin did not receive any shares of its common stock in connection with the exercise of stock options.

Operating Leases

Operating Leases	12 Months Ended
	Nov. 30, 2015
Operating Leases
Operating Leases	10. Operating Leases Griffin's rental revenue reflects the leasing of industrial, flex and office space and the lease of the nursery growing facilities in Connecticut and Florida previously used by Imperial. Future minimum rental payments, including expected tenant reimbursements, to be received under noncancelable leases as of November 30, 2015 were: 2016 $ 2017 2018 2019 2020 Later years ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ All future minimum rental payments, principally for Griffin's corporate headquarters, under noncancelable leases, as lessee, as of November 30, 2015 were: 2016 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total rental expense for all operating leases, as lessee, in fiscal 2015, fiscal 2014 and fiscal 2013 was $201, $210 and $242, respectively.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Nov. 30, 2015
Discontinued Operation
Discontinued Operation	11. Discontinued Operations Effective January 8, 2014, in accordance with the terms of the Imperial Sale, Imperial sold its inventory and certain assets for $732 in cash and a non-interest bearing note receivable of $4,250 (the "Promissory Note"). Net cash of $732 was received from Monrovia in fiscal 2014 and Griffin paid $563 in severance and other expenses. The Promissory Note was paid on schedule in two installments: $2,750 on June 1, 2014 and $1,500 on June 1, 2015. The Promissory Note was discounted at 7% to $4,036, its present value at inception. Under the terms of the Imperial Sale, Griffin and Imperial agreed to indemnify Monrovia for any potential environmental liabilities relating to periods prior to the effective date of the Imperial Sale and also agreed to certain non-competition restrictions for a four-year period. Concurrent with the Imperial Sale, Imperial and River Bend Holdings, LLC, a wholly owned subsidiary of Griffin, entered into a Lease and Option Agreement and an Addendum to such agreement (the "Imperial Lease", and together with the Imperial Sale, the "Imperial Transaction") with Monrovia, pursuant to which Monrovia is leasing Imperial's Connecticut production nursery for a ten-year period, with options to extend for up to an additional fifteen years exercisable by Monrovia. The Imperial Lease provides for net annual rent payable to Griffin of $500 for each of the first five years with rent for subsequent years determined in accordance with the Imperial Lease. The Imperial Lease also grants Monrovia an option to purchase most of the land, land improvements and other operating assets that were used by Imperial in its Connecticut growing operations during the first thirteen years of the lease period for $10,500, or $7,000 if only a certain portion of the land is purchased, subject in each case to certain adjustments as provided for in the Imperial Lease. Accordingly, the operating results of Imperial's growing operations are reflected as a discontinued operation in Griffin's consolidated statements of operations for fiscal 2014 and fiscal 2013. Imperial's revenue and the pretax income (loss), reflected as a discontinued operation in Griffin's consolidated statements of operations, were as follows: For the Fiscal Years Ended, Nov. 30, 2014 Nov. 30, 2013 Net sales and other revenue $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pretax income (loss) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Imperial's pretax income in fiscal 2014 includes $451 for the reclassification of actuarial gains related to Griffin's postretirement benefits program from other comprehensive income into pretax income as a result of the termination of Griffin's postretirement benefits program (see Note 8). In fiscal 2013, Imperial's pretax loss included a charge of $10,400 to reduce Imperial's inventories to fair value, which was the net realizable value based on the terms of the Imperial Sale. Also in fiscal 2013, Imperial's pretax loss included a charge of $500 to increase inventory reserves for plants that were expected to be sold below cost as seconds. The pretax loss from the Imperial Sale in fiscal 2014 was as follows: Consideration received from Monrovia, reflecting cash of $732 and note receivable of $4,036 $ Carrying value of assets sold, principally inventory ) Curtailment of employee benefit program (see Note 8) Severance and other expenses ) ​ ​ ​ ​ ​ Pretax loss on sale $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Supplemental Financial Statemen

Supplemental Financial Statement Information	12 Months Ended
	Nov. 30, 2015
Supplemental Financial Statement Information
Supplemental Financial Statement Information	12. Supplemental Financial Statement Information Other Assets Griffin's other assets are comprised of the following: Nov. 30, 2015 Nov. 30, 2014 Deferred leasing costs $ $ Deferred rent receivable Prepaid expenses Deferred financing costs Mortgage escrows Lease receivables Intangible assets, net Property and equipment, net Other ​ ​ ​ ​ ​ ​ ​ ​ Total other assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Griffin's intangible assets relate to the acquisition of real estate assets in previous years and consist of: (i) the value of in-place leases; and (ii) the value of the associated relationships with tenants. Intangible assets are shown net of amortization of $714 and $1,251 on November 30, 2015 and November 30, 2014, respectively. Amortization expense of intangible assets is as follows: For the Fiscal Years Ended, Nov. 30, 2015 Nov. 30, 2014 Nov. 30, 2013 Amortization expense $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated amortization expense of intangible assets over each of the next five fiscal years is: 2016 $ 2017 2018 2019 2020 Property and equipment, net reflects accumulated depreciation of $996 and $988 as of November 30, 2015 and November 30, 2014, respectively. Total depreciation expense related to property and equipment in fiscal 2015, fiscal 2014 and fiscal 2013 was $86, $111 and $335, respectively. Deferred Revenue on Land Sale Included in deferred revenue on Griffin's consolidated balance sheet as of November 30, 2015 is approximately $712 related to the Windsor Land Sale that will be recognized as road construction required by the terms of the Windsor Land Sale is completed (see Note 3). Accounts Payable and Accrued Liabilities Griffin's accounts payable and accrued liabilities are comprised of the following: Nov. 30, 2015 Nov. 30, 2014 Accrued construction costs and retainage $ $ Accrued salaries, wages and other compensation Trade payables Accrued interest payable Other ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Liabilities Griffin's other liabilities are comprised of the following: Nov. 30, 2015 Nov. 30, 2014 Deferred compensation plan $ $ Interest rate swap agreements Prepaid rent from tenants Conditional asset retirement obligation Security deposits Other ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplemental Cash Flow Information Increases of $46, $285 and $480 in fiscal 2015, fiscal 2014 and fiscal 2013, respectively, in the fair value of Griffin's Investment in Centaur Media reflect the mark to market adjustment of this investment and did not affect Griffin's cash. Accounts payable and accrued liabilities related to additions to real estate assets decreased by $632 in fiscal 2015 and increased by $1,097 in fiscal 2014. Griffin received income tax refunds of $61 and $56 in fiscal 2014 and fiscal 2013, respectively. Interest payments in fiscal 2015, fiscal 2014 and fiscal 2013 were $4,180, $3,860 and $3,664, respectively, including capitalized interest of $777, $580 and $71 in fiscal 2015, fiscal 2014 and fiscal 2013, respectively.

Quarterly Results of Operations

Quarterly Results of Operations (Unaudited)	12 Months Ended
	Nov. 30, 2015
Quarterly Results of Operations (Unaudited)
Quarterly Results of Operations (Unaudited)	13. Quarterly Results of Operations (Unaudited) Summarized quarterly financial data are presented below: 2015 Quarters 1st 2nd 3rd 4th Total Total revenue $ $ $ $ $ Operating income (loss) ) Income (loss) from continuing operations ) ) Income (loss) from discontinued operation, net of tax — — — — — Net income (loss) ) ) Per share results: Basic: Income (loss) from continuing operations ) ) Income (loss) from discontinued operation, net of tax — — — — — Net income (loss) per common share ) ) Diluted: Income (loss) from continuing operations ) ) Income (loss) from discontinued operation, net of tax — — — — — Net income (loss) per common share ) ) 2014 Quarters 1st 2nd 3rd 4th Total Total revenue $ $ $ $ $ Operating income (loss) ) (Loss) income from continuing operations ) ) ) ) Income (loss) from discontinued operation, net of tax ) — Net (loss) income ) ) ) Per share results: Basic: (Loss) income from continuing operations ) ) ) ) Income (loss) from discontinued operation, net of tax ) — Net (loss) income per common share ) ) ) Diluted: (Loss) income from continuing operations ) ) ) ) Income (loss) from discontinued operation, net of tax ) — Net (loss) income per common share ) ) ) Property sales revenue in the 2015 fourth quarter consolidated statement of operations includes $600 for the sale of a small land parcel in Simsbury, Connecticut and $236 for the amount of revenue recognized on the Windsor Land Sale. Property sales revenue in the 2014 fourth quarter consolidated statement of operations includes $1,831 for the amount of revenue recognized on the Windsor Land Sale. The sum of the four quarters earnings per share data may not equal the annual earnings per share data due to the requirement that each period be calculated separately.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Nov. 30, 2015
Commitments and Contingencies
Commitments and Contingencies	14. Commitments and Contingencies As of November 30, 2015, Griffin had committed purchase obligations of approximately $8,251, principally for the construction of 5210 Jaindl Boulevard and the development of other Griffin properties. In the fiscal 2014 third quarter, Griffin entered into an agreement to sell approximately 30 acres of an approximately 45 acre land parcel of the undeveloped land in Griffin Center for a minimum purchase price of $3,250, subject to adjustment based on the actual number of acres conveyed. If this sale were to be completed, the development potential of the remaining unsold acreage of the land parcel, much of which is wetlands, will be severely limited. Completion of this transaction is subject to significant contingencies, including a period for due diligence by the purchaser, which does not expire until September 15, 2016. There is no guarantee that this transaction will be completed under its current terms, or at all. Griffin is involved, as a defendant, in various litigation matters arising in the ordinary course of business. In the opinion of management, based on the advice of legal counsel, the ultimate liability, if any, with respect to these matters is not expected to be material, individually or in the aggregate, to Griffin's consolidated financial statements.

Subsequent Events

Subsequent Events	12 Months Ended
	Nov. 30, 2015
Subsequent Events.
Subsequent Events	15. Subsequent Events In accordance with FASB ASC 855, "Subsequent Events," Griffin has evaluated all events or transactions occurring after November 30, 2015, the balance sheet date, and noted that there have been no such events or transactions which would require recognition or disclosure in the consolidated financial statements as of and for the year ended November 30, 2015, other than the disclosures herein. See Note 6 for disclosure of the subsequent events related to Griffin receiving additional loan proceeds under two nonrecourse mortgage loans in December 2015.

Schedule II-Valuation and Quali

Schedule II-Valuation and Qualifying Accounts and Reserves	12 Months Ended
	Nov. 30, 2015
Schedule II-Valuation and Qualifying Accounts and Reserves
Schedule II-Valuation and Qualifying Accounts and Reserves	Schedule II—Valuation and Qualifying Accounts and Reserves (dollars in thousands) Description Balance at Beginning of Year Charged to Cost and Expenses Charged to Other Accounts Deductions From Reserves Balance at End of Year For the fiscal year ended November 30, 2015 Reserves: Uncollectible accounts—trade $ — — — — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation allowance on deferred tax asset $ ) — — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the fiscal year ended November 30, 2014 Reserves: Uncollectible accounts—trade $ ) — (1) $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inventories $ — — (2) $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation allowance on deferred tax asset $ — — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the fiscal year ended November 30, 2013 Reserves: Uncollectible accounts—trade $ (1) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inventories $ (2) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation allowance on deferred tax asset $ — — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes: (1) Accounts receivable written off or reclassified. (2) Inventories disposed.

Schedule III-Real Estate and Ac

Schedule III-Real Estate and Accumulated Depreciation	12 Months Ended
	Nov. 30, 2015
Schedule III-Real Estate and Accumulated Depreciation
Schedule III-Real Estate and Accumulated Depreciation	Schedule III—Real Estate and Accumulated Depreciation November 30, 2015 (dollars in thousands) Initial Cost Cost Capitalized Subsequent to Acquisition Improvements Gross Amount at November 30, 2015 Description Encumbrances Land Bldg. & Improve. Land Land Improvements Bldg. & Bldg. Improvements Tenant Improvements Construction in Progress Development Costs Total Accumulated Depreciation Date of Construction Date of Acquisition Depr. Life Undeveloped Land $ — $ $ — $ $ $ $ — $ — $ — $ $ $ ) New England Tradeport Windsor/E. Granby, CT Undeveloped portion — — — — — — — Industrial Buildings (c) — — ) 1978 40 yrs. Industrial Building — (a) — — ) 1982 1989 40 yrs. Industrial Building — (a) — — — ) 2008 40 yrs. Industrial Building — — — — ) 1998 40 yrs. Industrial Building — — — ) 1999 40 yrs. Industrial Building — (a) — — — ) 2001 40 yrs. Industrial Building — — ) 2003 40 yrs. Industrial Building — (a) — — ) 2006 40 yrs. Industrial Building — (a) — — ) 2005 40 yrs. Industrial Building — — — ) 2009 40 yrs. Industrial Building — — — — ) 2007 40 yrs. Industrial Building — — — — ) 2007 40 yrs. Griffin Center Windsor, CT Undeveloped portion — — — — — — — Industrial Building — — — — ) 2001 40 yrs. Restaurant Building — — — — ) 1983 40 yrs. Office Building — (b) — — — ) 2002 40 yrs. Office Buildings (c) — — ) 1982/1987 2003 40 yrs. Griffin Center South Bloomfield, CT Undeveloped portion — — — — — — — Office Building — (b) — — ) 1977 40 yrs. Office Building — (b) — — — ) 1985 40 yrs. Office Building — (b) — — ) 1988 40 yrs. Office Building — (b) — — — — ) 1989 40 yrs. Industrial Building — (b) — — — — ) 1988 40 yrs. Office Buildings — (b)(d) — — — ) 1991 40 yrs. Office Building — (b) — — — ) 2001 40 yrs. Schedule III—Real Estate and Accumulated Depreciation (Continued) November 30, 2015 (dollars in thousands) Initial Cost Cost Capitalized Subsequent to Acquisition Improvements Gross Amount at November 30, 2015 Description Encumbrances Land Bldg. & Improve. Land Land Improvements Bldg. & Bldg. Improvements Tenant Improvements Construction in Progress Development Costs Total Accumulated Depreciation Date of Construction Date of Acquisition Depr. Life Bloomfield, CT Industrial Building — — — — — ) 1997 2007 40 yrs. Breinigsville, PA Industrial Building — — — ) 2010 40 yrs. Lower Nazareth Township, PA Industrial Building — — ) 2014 40 yrs. Industrial Building — (a) — — — ) 2012 40 yrs. Hanover Township, PA Industrial Building — — — ) 2015 40 yrs. Industrial Building under Construction — — — — — — — Granby, CT Nursery Farm — — — — — ) 1959 20 yrs. Quincy, FL Nursery Farm — — — — — ) 1959 20 yrs. Simsbury, CT Residential Development — — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ $ $ $ $ $ $ $ $ $ (e) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Building included in mortgage listed on line above. (b) Buildings included as collateral for a $12.5 million revolving line of credit. (c) Includes two buildings. (d) Includes three buildings. (e) As of November 30, 2015, the aggregate cost for federal income tax purposes is $242,956. Schedule III—Real Estate and Accumulated Depreciation (Continued) (dollars in thousands) Fiscal year ended November 30, 2015 Cost Reserve Balance at beginning of year $ $ ) Changes during the year: Additions to real estate assets — Additions to reserve charged to costs and expense — ) Reclassification from real estate held for sale — Writeoff of fully depreciated assets ) ​ ​ ​ ​ ​ ​ ​ ​ Balance at end of year $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal year ended November 30, 2014 Cost Reserve Balance at beginning of year $ $ ) Changes during the year: Additions to real estate assets — Additions to reserve charged to costs and expense — ) Reclassification to real estate held for sale ) — Writeoff of fully depreciated assets ) Reclassification to real estate assets from property and equipment ) ​ ​ ​ ​ ​ ​ ​ ​ Balance at end of year $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fiscal year ended November 30, 2013 Cost Reserve Balance at beginning of year $ $ ) Changes during the year: Additions to real estate assets — Additions to reserve charged to costs and expense — ) Reclassification to real estate held for sale ) Writeoff of fully depreciated assets ) ​ ​ ​ ​ ​ ​ ​ ​ Balance at end of year $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Nov. 30, 2015
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation On May 13, 2015, Griffin Land & Nurseries, Inc. changed its name to Griffin Industrial Realty, Inc. ("Griffin") to reflect better Griffin's ongoing real estate business that is principally engaged in developing, managing and leasing industrial and, to a lesser extent, commercial properties. The accompanying consolidated financial statements of Griffin reflect its real estate business and Griffin's landscape nursery business, conducted through its wholly owned subsidiary, Imperial Nurseries, Inc. ("Imperial") which is reported as a discontinued operation (see below). Periodically, Griffin may also sell certain portions of its undeveloped land that it has owned for an extended time period and the use of which is not consistent with Griffin's core development and leasing strategy. Imperial was engaged in growing landscape nursery plants in containers for sale to independent retail garden centers and rewholesalers, whose main customers are landscape contractors. Imperial's operations are reflected in the accompanying consolidated financial statements as a discontinued operation due to the sale, effective January 8, 2014, of its inventory and certain of its assets (the "Imperial Sale") to Monrovia Connecticut LLC ("Monrovia"), a subsidiary of Monrovia Nursery Company (see Note 11). Concurrent with the Imperial Sale, a subsidiary of Griffin and Imperial entered into a long-term lease with Monrovia for Imperial's Connecticut production nursery. As the operations of Imperial are reflected as a discontinued operation in Griffin's consolidated financial statements, Griffin's continuing operations presented in the accompanying financial statements solely reflect its real estate business and, therefore, industry segment information is not presented. Accordingly, certain prior period amounts in Griffin's consolidated financial statements have been reclassified to conform to the current presentation which better reflects Griffin's real estate business, including presentation of an unclassified balance sheet consistent with real estate industry practice. Certain parts of Imperial's prior year results, such as rental revenue and expense related to the leasing of Imperial's Florida farm to another grower and certain expenses related to the property and equipment of Imperial's Connecticut farm, which continues to be owned by Griffin and leased to Monrovia, are included in Griffin's continuing operations. All intercompany transactions have been eliminated.
Fiscal Year	Fiscal Year Through the fiscal year ended November 30, 2013 ("fiscal 2013"), Griffin reported on a 52-53 week fiscal year that ended on the Saturday nearest November 30 and included four quarters of 13 weeks each. Starting in the fiscal year ended November 30, 2014 ("fiscal 2014"), Griffin is reporting on a twelve month fiscal year that ends on November 30.
Real Estate Assets	Real Estate Assets Real estate assets are recorded at cost, except when real estate assets are acquired that meet the definition of a business combination in accordance with Financial Accounting Standards Board ("FASB") ASC 805, "Business Combinations," and are recorded at fair value. Interest, property taxes, insurance and other incremental costs (including salaries) directly related to a project are capitalized during the construction period of major facilities and land improvements. The capitalization period begins when activities to develop the parcel commence and ends when the asset constructed is completed and placed in service. The capitalized costs are recorded as part of the asset to which they relate and are amortized over the asset's useful life. Depreciation is determined on a straight-line basis over the estimated useful asset lives for financial reporting purposes and principally on accelerated methods for tax purposes. Repair and maintenance costs are expensed as incurred. Griffin classifies a property as "held for sale" when all of the following criteria for a plan of sale have been met: (1) management, having the authority to approve the action, commits to a plan to sell the property; (2) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (3) an active program to locate a buyer and other actions required to complete the plan to sell, have been initiated; (4) the sale of the property is probable and is expected to be completed within one year or the property is under a contract to be sold; (5) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (6) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When all of these criteria have been met, the property is classified as "held for sale." Depreciation of assets ceases upon designation of a property as "held for sale."
Cash and Cash Equivalents	Cash and Cash Equivalents Griffin considers all highly liquid investments with an initial maturity of three months or less at the date of purchase to be cash equivalents. At November 30, 2015 and 2014, $15,269 and $16,433, respectively, of the cash and cash equivalents included on Griffin's consolidated balance sheets were held in cash equivalents.
Investments	Investments Griffin's investment in the common stock of Centaur Media plc ("Centaur Media") is accounted for as an available-for-sale security under FASB ASC 320, "Investments—Debt and Equity Securities" ("ASC 320"), whereby increases or decreases in the fair value of this investment, net of income taxes, along with the effect of changes in the foreign currency exchange rate, net of income taxes, are recorded as a component of other comprehensive income (loss). Griffin's investment in Shemin Nurseries Holding Corp. ("SNHC") was accounted for under the cost method of accounting for investments. Griffin sold its entire investment in SNHC in fiscal 2013 (see Note 4).
Stock-Based Compensation	Stock-Based Compensation Griffin accounts for stock options at fair value in accordance with FASB ASC 718, "Compensation—Stock Compensation" and FASB ASC 505-50, "Equity—Equity-Based Payments to Non-Employees." For stock options that have graded vesting features, Griffin recognizes compensation cost over the requisite service period separately for each tranche of the award as though they were, in substance, multiple awards. Griffin determines its accumulated windfall tax benefits using the short-cut method.
Postretirement Benefits	Postretirement Benefits In fiscal 2014, Griffin terminated its postretirement benefit program (see Note 8). Griffin had accounted for postretirement benefits in accordance with FASB ASC 715, "Compensation—Retirement Benefits" ("ASC 715"). This guidance requires an employer to recognize the overfunded or underfunded status of a defined benefit postretirement plan (other than a multiemployer plan) as an asset or liability in its statement of financial position and to recognize changes in that funded status in the year in which the changes occur through other comprehensive income. This guidance also requires an employer to measure the funded status of a plan as of the date of its year-end statement of financial position, with limited exceptions.
Impairment of Investments in Long-Lived Assets	Impairment of Investments in Long-Lived Assets Griffin reviews annually, as well as when conditions may indicate, its long-lived assets to determine if there are indicators of impairment, such as a prolonged vacancy in one of its properties. If indicators of impairment are present, Griffin evaluates the carrying value of the assets in relation to the operating performance and expected future undiscounted cash flows or the estimated fair value based on expected future cash flows of the underlying assets. If the undiscounted cash flows are less than the carrying value of an asset, Griffin would reduce the carrying value of a long-lived asset to its fair value if that asset's fair value is determined to be less than its carrying value. Griffin also reviews annually, as well as when conditions may indicate, the recoverability of its development costs, including expected remediation costs on projects that are included in real estate assets. To the extent that the carrying value exceeds the fair value of a project, including development costs, an impairment loss would be recorded. There were no impairment losses recorded in the fiscal years ended November 30, 2015, 2014 and 2013.
Revenue and Gain Recognition	Revenue and Gain Recognition Revenue includes rental revenue from Griffin's industrial and commercial properties and proceeds from property sales. Rental revenue is accounted for on a straight line basis over the applicable lease term in accordance with FASB ASC 840, "Leases." Gains on property sales are recognized in accordance with FASB ASC 360-20, "Property, Plant, and Equipment—Real Estate Sales," based on the specific terms of each sale. When the percentage of completion method is used to account for a sale of real estate, costs included in determining the percentage of completion include the costs of the land sold, allocated master planning costs, selling and transaction costs and estimated future costs related to the land sold. The growing operations of the landscape nursery business are reflected as a discontinued operation in the consolidated statements of operations.
Income Taxes	Income Taxes Griffin provides for income taxes utilizing the asset and liability method, and records deferred tax assets and liabilities based on the difference between the financial statement and tax bases of assets and liabilities as measured by the tax rates that are anticipated to be in effect when these differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is established when it is necessary to reduce deferred tax assets to amounts for which realization is more likely than not. Griffin and its subsidiaries file a consolidated federal income tax return. Griffin evaluates each tax position taken in its tax returns and recognizes a liability for any tax position deemed less likely than not to be sustained under examination by the relevant taxing authorities. Griffin has analyzed its federal and significant state filing positions with respect to FASB ASC 740, "Income Taxes" ("ASC 740"). Griffin believes that its income tax filing positions will be sustained on examination and does not anticipate any adjustments that would result in a material change on its financial statements. As a result, no accrual for uncertain income tax positions has been recorded pursuant to ASC 740. Griffin's policy for recording interest and penalties, related to uncertain tax positions, is to record such items as part of its provision for federal and state income taxes.
Intangible Assets	Intangible Assets Griffin accounts for intangible assets in accordance with FASB ASC 350 "Intangibles—Goodwill and Other." Griffin's intangible assets consist of: (i) the value of in-place leases; and (ii) the value of the associated relationships with tenants. These intangible assets were recorded in connection with Griffin's acquisitions of real estate assets. Amortization of the value of in-place leases, included in depreciation and amortization expense, is on a straight-line basis over the lease terms. Amortization of the value of customer relationships with tenants, included in depreciation and amortization expense, is on a straight-line basis over the lease terms and anticipated renewal periods.
Environmental Matters	Environmental Matters Environmental expenditures related to land and buildings are expensed or capitalized as appropriate, depending upon their future economic benefit. Expenditures that relate to an existing condition caused by past operations, and that do not have future economic benefit, are expensed. Expenditures that create future benefit or contribute to future revenue generation are capitalized. Liabilities related to future remediation costs are recorded when environmental assessments and/or cleanups are probable, and the costs can be reasonably estimated.
Interest Rate Swap Agreements	Interest Rate Swap Agreements As of November 30, 2015, Griffin is a party to several interest rate swap agreements to hedge its interest rate exposures. Griffin does not use derivatives for speculative purposes. Griffin applies FASB ASC 815, "Derivatives and Hedging," ("ASC 815") as amended, which establishes accounting and reporting standards for derivative instruments and hedging activities. ASC 815 requires Griffin to recognize all derivatives as either assets or liabilities on its consolidated balance sheet and measure those instruments at fair value. The changes in the fair values of the interest rate swap agreements are measured in accordance with ASC 815 and reflected in the carrying values of the interest rate swap agreements on Griffin's consolidated balance sheet. The estimated fair values are based primarily on projected future swap rates. Griffin applies cash flow hedge accounting to its interest rate swap agreements that are designated as hedges of the variability of future cash flows from floating rate liabilities based on benchmark interest rates. The changes in fair values of Griffin's interest rate swap agreements are recorded as components of accumulated other comprehensive income (loss) ("AOCI") in stockholders' equity, to the extent they are effective. Any ineffective portions of the changes in fair values of these instruments would be recorded as interest expense or interest income.
Conditional Asset Retirement Obligations	Conditional Asset Retirement Obligations Griffin accounts for its conditional asset retirement obligations in accordance with FASB ASC 410, "Asset Retirement and Environmental Obligations," which requires an entity to recognize a liability for the fair value of a conditional asset retirement obligation if the fair value can be reasonably estimated even though uncertainty exists about the timing and/or method of settlement. The conditional asset retirement obligations relate principally to tobacco barns and other structures on Griffin's land holdings that contain asbestos, primarily in roofing materials. These structures remain from the tobacco growing operations of former affiliates of Griffin, are not material to Griffin's operations and do not have any book value.
Treasury Stock	Treasury Stock Treasury stock is recorded at cost as a reduction of stockholders' equity on Griffin's consolidated balance sheets.
Income (Loss) Per Share	Income (Loss) Per Share Basic income (loss) per common share is calculated by dividing income (loss) from continuing operations and discontinued operations by the weighted average number of common shares outstanding during the year. The calculation of diluted income (loss) per common share reflects adjusting Griffin's outstanding shares assuming the exercise of all potentially dilutive Griffin stock options.
Risks and Uncertainties	Risks and Uncertainties Griffin's future results of operations involve a number of risks and uncertainties. Factors that could affect Griffin's future operating results and cause actual results to vary materially from historical results include, but are not limited to, the geographical concentration of Griffin's real estate holdings, credit risk and market risk. Griffin's real estate holdings are concentrated in the Hartford, Connecticut area and in the Lehigh Valley of Pennsylvania. The market and economic challenges experienced by the U.S. economy as a whole or the local economic conditions in the markets in which Griffin holds properties may affect Griffin's real estate business. Griffin's results of operations, financial condition or ability to expand may be adversely affected as a result of: (i) unfavorable financial changes to Griffin's tenants which may result in tenant defaults under leases; (ii) poor economic conditions that could lead to a curtailment of expansion plans and significant job losses could adversely affect the demand for rental space causing market rental rates and property values to be negatively impacted; (iii) the ability of Griffin to borrow on terms and conditions that it finds acceptable; and (iv) possibly reduced values of Griffin's properties potentially limiting the proceeds from a sale of its properties or from debt financing collateralized by its properties. Griffin conducts business based on evaluations of its prospective tenants' financial condition and generally does not require collateral. These evaluations require significant judgment and are based on multiple sources of information. Griffin does not use derivatives for speculative purposes. Griffin applies ASC 815, which established accounting and reporting standards for derivative instruments and hedging activities. This accounting guidance requires Griffin to recognize all derivatives as either assets or liabilities on its consolidated balance sheets and to measure those instruments at fair value. The estimated fair value is based primarily on projected future swap rates. Griffin applies cash flow hedge accounting to its interest rate swap agreements designated as hedges of the variability of future cash flows from floating rate liabilities due to the benchmark interest rates. Changes in the fair value of these interest rate swaps are recorded as a component of AOCI in stockholders' equity, to the extent they are effective. Amounts recorded to AOCI are then reclassified to interest expense as interest on the hedged borrowing is recognized. Any ineffective portion of the change in fair value of these instruments would be recorded to interest expense. Griffin's cash equivalents consist of overnight investments that are not significantly exposed to interest rate risk.
Reclassifications	Reclassifications Certain prior year balances have been reclassified to conform to the current year's presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and revenue and expenses during the periods reported. Actual results could differ from those estimates. Griffin's significant estimates include the impairment evaluation of long-lived assets, deferred income taxes, derivative financial instruments, revenue and gain recognition including the estimated costs to complete required offsite improvements related to land sold and assumptions used in determining stock compensation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In January 2016, the FASB issued Accounting Standards Update No. 2016-01, "Financial Instruments—Overall," which requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). This Update also requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The amendments in this Update also eliminate the requirement for an entity to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. In addition, entities must assess the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. This Update will be effective for Griffin in fiscal 2019. Early adoption is permitted for certain provisions. Griffin is evaluating the impact that the application of this Update will have on its consolidated financial statements. In August 2015, the FASB issued Accounting Standards Update No. 2015-15, "Interest-Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting," which addresses line-of-credit arrangements that were omitted from Accounting Standards Update No. 2015-03 (see below). This Update states that the SEC staff would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing those costs ratably over the term of the arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The adoption of this guidance is not expected to have a material impact on Griffin's consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, "Interest-Imputation of Interest," which requires that debt issuance costs related to a recognized liability be presented on the balance sheet as a direct reduction from the carrying amount of the associated debt liability, consistent with debt discounts. The guidance must be applied on a retrospective basis and will be effective for Griffin in fiscal 2017. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on Griffin's consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers," which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. This standard requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. Additionally, the Update requires improved disclosures to help users of financial statements better understand the nature, amount, timing and uncertainty of revenue that is recognized. The Update permits the use of either the retrospective or cumulative effect transition method. This Update will be effective for Griffin in fiscal 2019 and early adoption is not permitted. Certain aspects of this new standard may affect revenue recognition of Griffin. Griffin is evaluating the impact that the application of this Update will have on its consolidated financial statements.

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Nov. 30, 2015
Fair Value
Schedule of financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:	November 30, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Marketable equity securities $ $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap liabilities $ — $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ November 30, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Marketable equity securities $ $ — $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap asset $ — $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap liabilities $ — $ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of carrying and estimated fair values of financial instruments	November 30, 2015 November 30, 2014 Fair Value Hierarchy Level Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets: Cash and cash equivalents $ $ $ $ Marketable equity securities Note receivable — — Interest rate swap — — Financial liabilities: Mortgage loans $ $ $ $ Interest rate swaps

Real Estate Assets (Tables)

Real Estate Assets (Tables)	12 Months Ended
	Nov. 30, 2015
Real Estate Assets
Schedule of real estate assets	Estimated Useful Lives Nov. 30, 2015 Nov. 30, 2014 Land $ $ Land improvements 10 to 30 years Buildings and improvements 10 to 40 years Tenant improvements Shorter of useful life or terms of related lease Machinery and equipment 3 to 20 years Construction in progress Development costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated depreciation ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of total depreciation expense and capitalized interest related to real estate assets, net	For the Fiscal Years Ended, November 30, 2015 November 30, 2014 November 30, 2013 Depreciation expense $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized interest $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Assets held for sale
Real Estate Assets
Schedule of real estate assets	Nov. 30, 2015 Nov. 30, 2014 Land $ $ Development costs ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Investments (Tables)

Investments (Tables)	12 Months Ended
	Nov. 30, 2015
Investments
Schedule of fair value, cost and unrealized gain of Griffin's investment in Centaur Media	Nov. 30, 2015 Nov. 30, 2014 Fair value $ $ Cost ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Nov. 30, 2015
Income Taxes
Schedule of income tax (provision) benefit in continuing operations	For the Fiscal Years Ended, Nov. 30, 2015 Nov. 30, 2014 Nov. 30, 2013 Current federal $ ) $ — $ — Current state and local — — — Deferred federal ) ) Deferred state and local ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total income tax provision $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of other comprehensive (loss) income includes deferred tax (expense) benefit	For the Fiscal Years Ended, Nov. 30, 2015 Nov. 30, 2014 Nov. 30, 2013 Mark to market adjustment on Centaur Media plc $ ) $ $ Measurement of the funded status of the defined postretirement program — ) Fair value adjustment of Griffin's cash flow hedges ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total income tax benefit (expense) included in other comprehensive income (loss) $ $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of differences between the income tax benefit at the United States statutory income tax rates and the actual income tax benefit on continuing operations	For the Fiscal Years Ended, Nov. 30, 2015 Nov. 30, 2014 Nov. 30, 2013 Tax (provision) benefit at statutory rate $ ) $ $ ) State and local taxes, including valuation allowance, net of federal tax effect ) ) Permanent items ) ) ) Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total income tax provision $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of significant components of deferred tax assets and deferred tax liabilities	Nov. 30, 2015 Nov. 30, 2014 Deferred tax assets: Deferred revenue $ $ Federal net operating loss carryforwards Retirement benefit plans Cash flow hedges Non-qualified stock options State net operating loss carryforwards Charitable contributions Conditional asset retirement obligations Other ​ ​ ​ ​ ​ ​ ​ ​ Total deferred tax assets Valuation allowances ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net deferred tax assets ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: Real estate assets ) ) Deferred rent ) ) Prepaid insurance ) ) Property and equipment ) ) Investment in Centaur Media plc ) ) Other ) ) ​ ​ ​ ​ ​ ​ ​ ​ Total deferred tax liabilities ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net total deferred tax assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Mortgage Loans (Tables)

Mortgage Loans (Tables)	12 Months Ended
	Nov. 30, 2015
Mortgage Loans
Schedule of long- term debt	Nov. 30, 2015 Nov. 30, 2014 5.73%, due August 1, 2015 $ — $ Variable rate mortgage, due October 2, 2017* Variable rate mortgage, due February 1, 2019* Variable rate mortgage, due August 1, 2019* Variable rate mortgage, due January 27, 2020* Variable rate mortgage, due September 1, 2023* — Variable rate mortgage, due January 2, 2025* — Variable rate mortgage, due September 1, 2025* — 5.09%, due July 1, 2029 5.09%, due July 1, 2029 4.33%, due August 1, 2030 — ​ ​ ​ ​ ​ ​ ​ ​ Total nonrecourse mortgage loans $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ * Griffin entered into interest rate swap agreements to effectively fix the interest rates on these loans (see below).

Retirement Benefits (Tables)

Retirement Benefits (Tables)	12 Months Ended
	Nov. 30, 2015
Retirement Benefits
Schedule of change in benefit obligation	Change in benefit obligation: Benefit obligation at beginning of year $ Actuarial gain ) Interest cost Service cost Benefits paid — Amortization of actuarial gain ) Curtailment gain ) ​ ​ ​ ​ ​ Benefit obligation at end of year $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of components of postretirement benefits (income) expense	For the Fiscal Years Ended, Nov. 30, 2014 Nov. 30, 2013 Service cost $ $ Interest Amortization of actuarial gain ) ) Curtailment gain ) — ​ ​ ​ ​ ​ ​ ​ ​ Total income ) ) Other changes in benefit obligations recognized in other comprehensive loss: Actuarial gain ) ) ​ ​ ​ ​ ​ ​ ​ ​ Total recognized in net periodic benefit income and other comprehensive income $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Nov. 30, 2015
Stockholders' Equity
Schedule of basic and diluted per share results	For the Fiscal Years Ended, Nov. 30, 2015 Nov. 30, 2014 Nov. 30, 2013 Income (loss) from continuing operations for computation of basic and diluted per share results, net of tax $ $ ) $ Income (loss) from discontinued operations for computation of basic and diluted per share results, net of tax — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) $ $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding for computation of basic per share results Incremental shares from assumed exercise of Griffin stock options(a) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted weighted average shares for computation of diluted per share results ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) Incremental shares from the assumed exercise of Griffin stock options are not included in periods where inclusion of such shares would be anti-dilutive. Such assessment is based on income (loss) from continuing operations when net income includes discontinued operations. For the fiscal year ended November 30, 2014, the incremental shares from the assumed exercise of stock options would have been 11,000 shares.
Schedule of options granted by Griffin under the Stock Option Plan to non-employee directors	For the Fiscal Years Ended, November 30, 2015 November 30, 2014 November 30, 2013 Number of Shares Fair Value per Option at Grant Date Number of Shares Fair Value per Option at Grant Date Number of Shares Fair Value per Option at Grant Date $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of assumptions used in determining fair values of each option	For the Fiscal Years Ended, Nov. 30, 2015 Nov. 30, 2014 Nov. 30, 2013 Expected volatility % % % Risk free interest rates % % % Expected option term (in years) Annual dividend yield % % %
Schedule of option holders	Number of option holders at November 30, 2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of compensation expense and related tax benefits for stock options	For the Fiscal Years Ended, Nov. 30, 2015 Nov. 30, 2014 Nov. 30, 2013 Compensation expense—continuing operations $ $ $ Compensation expense—discontinued operations — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net compensation expense $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Related tax benefit—continuing operations $ $ $ Related tax benefit—discontinued operations — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net related tax benefit $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of unrecognized compensation expense related to nonvested stock options that will be recognized during future periods	As of November 30, 2015, the unrecognized compensation expense related to nonvested stock options that will be recognized during future periods is as follows: Fiscal 2016 $ Fiscal 2017 $
Summary of the activity under the Griffin Stock Option Plan	Options Weighted Avg. Exercise Price Outstanding at December 1, 2012 $ Granted $ Exercised ) $ Forfeited ) $ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at November 30, 2013 $ Granted $ Exercised ) $ Forfeited ) $ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at November 30, 2014 $ Granted $ Exercised ) $ Forfeited ) $ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at November 30, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of options by range of exercise prices	Range of Exercise Prices for Vested and Nonvested Options Outstanding at Nov. 30, 2015 Weighted Avg. Exercise Price Weighted Avg. Remaining Contractual Life (in years) Total Intrinsic Value $23.00 - $28.00 $ $28.00 - $32.00 $ — $32.00 - $39.00 $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of accumulated other comprehensive loss, and activity	Unrealized Loss on Cash Flow Hedges Unrealized Gain on Investment in Centaur Media Actuarial Gain on Postretirement Benefit Program Total Balance at December 1, 2012 $ ) $ $ $ ) Other comprehensive income before reclassfications Amounts reclassified ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net activity for other comprehensive loss ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at November 30, 2013 ) ) Other comprehensive (loss) income before reclassfications ) — ) Amounts reclassified ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net activity for other comprehensive loss ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at November 30, 2014 ) — ) Other comprehensive (loss) income before reclassfications ) — ) Amounts reclassified — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net activity for other comprehensive loss ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at November 30, 2015 $ ) $ $ — $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of changes in accumulated other comprehensive income (loss)	For the Fiscal Years Ended, November 30, 2015 November 30, 2014 November 30, 2013 Pre-Tax Tax (Expense) Benefit Net-of-Tax Pre-Tax Tax (Expense) Benefit Net-of-Tax Pre-Tax Tax (Expense) Benefit Net-of-Tax Reclassifications included in net income (loss): Realized gain on sale of Centaur Media (gain on sale) $ — $ — $ — $ ) $ $ ) $ ) $ $ ) Termination of postretirement benefits program ($283 net of tax to discontinued operations, $21 net of tax to general and administrative expenses) — — — ) ) — — — Loss on cash flow hedges (interest expense) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reclassifications included in net income (loss) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mark to market adjustment on Centaur Media for the increase in fair value ) ) ) Mark to market adjustment on Centaur Media for the decrease in exchange gain ) ) ) ) ) ) ) (Decrease) increase in fair value adjustment on Griffin's cash flow hedges ) ) ) ) ) Actuarial gain on postretirement benefits program — — — — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total change in other comprehensive (loss) income ) ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other comprehensive (loss) income $ ) $ $ ) $ ) $ $ ) $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Nov. 30, 2015
Griffin Land's leases
Operating Leases
Schedule of future minimum rentals, including tenant reimbursements, to be received under noncancelable leases	Future minimum rental payments, including expected tenant reimbursements, to be received under noncancelable leases as of November 30, 2015 were: 2016 $ 2017 2018 2019 2020 Later years ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Corporate headquarters
Operating Leases
Schedule of future minimum rental payments	All future minimum rental payments, principally for Griffin's corporate headquarters, under noncancelable leases, as lessee, as of November 30, 2015 were: 2016 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Nov. 30, 2015
Discontinued Operation
Schedule of revenue and pretax income from Imperial's growing operations, reflected as a discontinued operation in entity's consolidated statements of operations	For the Fiscal Years Ended, Nov. 30, 2014 Nov. 30, 2013 Net sales and other revenue $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pretax income (loss) $ $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of pretax loss from the Imperial Sale	The pretax loss from the Imperial Sale in fiscal 2014 was as follows: Consideration received from Monrovia, reflecting cash of $732 and note receivable of $4,036 $ Carrying value of assets sold, principally inventory ) Curtailment of employee benefit program (see Note 8) Severance and other expenses ) ​ ​ ​ ​ ​ Pretax loss on sale $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Supplemental Financial Statem37

Supplemental Financial Statement Information (Tables)	12 Months Ended
	Nov. 30, 2015
Supplemental Financial Statement Information
Schedule of other assets	Nov. 30, 2015 Nov. 30, 2014 Deferred leasing costs $ $ Deferred rent receivable Prepaid expenses Deferred financing costs Mortgage escrows Lease receivables Intangible assets, net Property and equipment, net Other ​ ​ ​ ​ ​ ​ ​ ​ Total other assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of amortization expense of intangible assets	For the Fiscal Years Ended, Nov. 30, 2015 Nov. 30, 2014 Nov. 30, 2013 Amortization expense $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of estimated amortization expense of intangible assets	2016 $ 2017 2018 2019 2020
Schedule of accounts payable and accrued liabilities	Nov. 30, 2015 Nov. 30, 2014 Accrued construction costs and retainage $ $ Accrued salaries, wages and other compensation Trade payables Accrued interest payable Other ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of other liabilities	Nov. 30, 2015 Nov. 30, 2014 Deferred compensation plan $ $ Interest rate swap agreements Prepaid rent from tenants Conditional asset retirement obligation Security deposits Other ​ ​ ​ ​ ​ ​ ​ ​ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Quarterly Results of Operatio38

Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Nov. 30, 2015
Quarterly Results of Operations (Unaudited)
Summary of quarterly financial data	2015 Quarters 1st 2nd 3rd 4th Total Total revenue $ $ $ $ $ Operating income (loss) ) Income (loss) from continuing operations ) ) Income (loss) from discontinued operation, net of tax — — — — — Net income (loss) ) ) Per share results: Basic: Income (loss) from continuing operations ) ) Income (loss) from discontinued operation, net of tax — — — — — Net income (loss) per common share ) ) Diluted: Income (loss) from continuing operations ) ) Income (loss) from discontinued operation, net of tax — — — — — Net income (loss) per common share ) ) 2014 Quarters 1st 2nd 3rd 4th Total Total revenue $ $ $ $ $ Operating income (loss) ) (Loss) income from continuing operations ) ) ) ) Income (loss) from discontinued operation, net of tax ) — Net (loss) income ) ) ) Per share results: Basic: (Loss) income from continuing operations ) ) ) ) Income (loss) from discontinued operation, net of tax ) — Net (loss) income per common share ) ) ) Diluted: (Loss) income from continuing operations ) ) ) ) Income (loss) from discontinued operation, net of tax ) — Net (loss) income per common share ) ) )

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
	Nov. 30, 2015USD ($)	Nov. 30, 2014USD ($)	Nov. 30, 2013USD ($)item
Fiscal Year
Length of fiscal year		12 months
Number of quarters in 13 weeks period | item			4
Length of period for 4 quarters			91 days
Cash and Cash Equivalents
Money market funds invested in U.S. Treasury obligations	$ 15,269	$ 16,433
Impairment of Investments in Long Lived Assets
Impairment losses	0	$ 0	$ 0
Income Taxes
Accrual for uncertain income tax positions	$ 0
Minimum
Fiscal Year
Length of fiscal year			364 days
Maximum
Fiscal Year
Length of fiscal year			371 days

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities At Fair Value (Details) - USD ($) $ in Thousands	Nov. 30, 2015	Nov. 30, 2014
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Marketable equity securities	$ 1,970	$ 1,924
Interest rate swap asset		8
Interest rate swap liabilities	2,766	2,330
Recurring basis | Level 1
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Marketable equity securities	1,970	1,924
Recurring basis | Level 2
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Interest rate swap asset		8
Interest rate swap liabilities	$ 2,766	$ 2,330

Fair Value - Fair Value Of Fina

Fair Value - Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands	Nov. 30, 2015	Nov. 30, 2014
Financial assets:
Marketable equity securities	$ 1,970	$ 1,924
Interest rate swap		8
Financial liabilities:
Interest rate swaps	2,766	2,330
Carrying Value
Financial assets:
Note receivable		8
Carrying Value | Level 1
Financial assets:
Cash and cash equivalents	18,271	17,059
Marketable equity securities	1,970	1,924
Carrying Value | Level 2
Financial assets:
Interest rate swap		1,451
Financial liabilities:
Mortgage loans	90,436	70,168
Interest rate swaps	2,766	2,330
Estimated Fair Value
Financial assets:
Note receivable		8
Estimated Fair Value | Level 1
Financial assets:
Cash and cash equivalents	18,271	17,059
Marketable equity securities	1,970	1,924
Estimated Fair Value | Level 2
Financial assets:
Interest rate swap		1,451
Financial liabilities:
Mortgage loans	91,406	71,014
Interest rate swaps	$ 2,766	$ 2,330

Real Estate Assets (Details)

Real Estate Assets (Details) $ in Thousands	Jun. 01, 2015USD ($)	Nov. 30, 2014USD ($)	Nov. 30, 2015USD ($)	Nov. 30, 2014USD ($)	Nov. 30, 2013USD ($)a	May. 31, 2015USD ($)
Real Estate Assets
Real estate assets, gross		$ 209,284	$ 247,239	$ 209,284
Accumulated depreciation		(74,762)	(80,784)	(74,762)
Real estate assets, net		134,522	166,455	134,522
Depreciation expense			6,539	5,747	$ 5,545
Capitalized interest			777	580	$ 71
Accumulated depreciation		(988)	(996)	(988)
Sales
Revenue from sale of land		1,831
Deferred revenue		8,349	10,790	8,349
Meadowood
Real Estate Assets
Real estate assets, net			8,539
Windsor undeveloped land sale
Sales
Deferred revenue			712
Imperial's landscape nursery business
Sales
Sale price						$ 4,100
Assets held for sale
Real Estate Assets
Real estate assets, gross		9,943	1,418	9,943
Imperial's Florida farm | Imperial's landscape nursery business
Sales
Revenue from sale of land			400
Deposit received in real estate sale	$ 400
Land
Real Estate Assets
Real estate assets, gross		17,955	$ 18,157	17,955
Land | Windsor undeveloped land sale
Sales
Number of acres sold | a					90
Sale price					$ 9,000
Area of land portion of which is to be sold (in acres) | a					253
Proceeds from land sale deposited in escrow					$ 8,860
Percentage of cost incurred on sale of land			92.00%
Percentage of total revenue and pretax gain on sale have been recognized			92.00%
Revenue from sale of land			$ 2,483	3,105	2,668
Pretax gain on land sale			1,880	2,358	$ 1,990
Deferred revenue			712
Estimated pretax gain on sale that would be recognized after incurring total costs and recognizing total revenue			6,765
Land | Assets held for sale
Real Estate Assets
Real estate assets, gross		286	78	286
Land improvements
Real Estate Assets
Real estate assets, gross		18,527	$ 22,440	18,527
Land improvements | Minimum
Real Estate Assets
Estimated Useful Lives			10 years
Land improvements | Maximum
Real Estate Assets
Estimated Useful Lives			30 years
Buildings and improvements
Real Estate Assets
Real estate assets, gross		135,857	$ 149,111	135,857
Buildings and improvements | Minimum
Real Estate Assets
Estimated Useful Lives			10 years
Buildings and improvements | Maximum
Real Estate Assets
Estimated Useful Lives			40 years
Tenant improvements
Real Estate Assets
Real estate assets, gross		14,820	$ 19,611	14,820
Machinery and equipment
Real Estate Assets
Real estate assets, gross		11,810	$ 11,810	11,810
Machinery and equipment | Minimum
Real Estate Assets
Estimated Useful Lives			3 years
Machinery and equipment | Maximum
Real Estate Assets
Estimated Useful Lives			20 years
Construction in progress
Real Estate Assets
Real estate assets, gross		3,927	$ 10,240	3,927
Development costs
Real Estate Assets
Real estate assets, gross		6,388	15,870	6,388
Development costs | Assets held for sale
Real Estate Assets
Real estate assets, gross		$ 9,657	$ 1,340	$ 9,657

Investment - Centaur Media plc

Investment - Centaur Media plc (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2012
Investments
Shares of common stock held in Centaur Media	1,952,462			5,277,150
Pre-Tax Gain on sale of common stock in Centaur Media plc		$ 318	$ 1,088
Shares of Centaur Media common stock sold		500,000	2,824,688
Proceeds from sale of shares		$ 566	$ 2,487
Investment in Centaur Media
Dividend income	$ 83	82	$ 110
Fair value	1,970	1,924
Cost	1,014	1,014
Unrealized gain	$ 956	$ 910

Investments - Shemin Nurseries

Investments - Shemin Nurseries Hodling Corp. (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2012
Investments
Pre Tax Gain on sale of investment		$ 3,397
SNHC
Investments
Equity interest in cost method investment (as a percent)			14.00%
Total cash proceeds from sale of investment	$ 3,418
Pre Tax Gain on sale of investment		$ 3,397

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013
Income tax benefit (expense) on continuing operations
Current federal	$ (83)
Deferred federal	(217)	$ 356	$ (1,076)
Deferred state and local	(80)	(452)	84
Total income tax provision	(380)	(96)	(992)
Income Taxes, additional disclosures
Charges for expected lower realization of state tax benefits	87	375
Unrecognized tax benefit	1,176
Reduction in deferred tax asset related to non-qualified stock options as a result of exercises and forfeitures on those options	9	4	0
Income tax expense (benefits) from discontinued operations		115	(4,411)
Effect on income tax benefit for valuation allowance	(76)	24	93
Federal income tax expense benefit of the change in valuation allowance	26	(8)	(33)
Deferred tax (expense) benefit included in other comprehensive (loss) income
Mark to market adjustments on Centaur Media plc	(16)	17	213
Measurement of the funded status of the defined postretirement program		181	(40)
Fair value adjustment of Griffin's cash flow hedges	164	37	(359)
Total other comprehensive (loss) income	148	235	(186)
Differences between income tax benefits at the United States statutory income tax rates and the actual income tax benefits on continuing operations
Tax (provision) benefit at statutory rate	(282)	403	(1,016)
State and local taxes, including valuation allowance, net of federal tax effect	(80)	(457)	55
Permanent items	(23)	(43)	(39)
Other	5	1	8
Total income tax provision	(380)	(96)	$ (992)
Deferred tax assets:
Deferred revenue	3,587	2,836
Federal net operating loss carryforwards	2,673	3,417
Retirement benefit plans	1,547	1,496
Cash flow hedges	1,022	859
Non-qualified stock options	847	794
State net operating loss carryforwards	554	670
Charitable contributions	179	239
Conditional asset retirement obligations	112	112
Other	51	40
Total deferred tax assets	10,572	10,463
Valuation allowance	(345)	(395)
Net deferred tax assets	10,227	10,068
Deferred tax liabilities:
Real estate assets	(2,666)	(2,547)
Deferred rent	(985)	(882)
Prepaid insurance	(113)	(142)
Property and equipment	(44)	(39)
Investment in Centaur Media plc	(38)	(22)
Other	(543)	(440)
Total deferred tax liabilities	(4,389)	(4,072)
Net total deferred tax assets	5,838	$ 5,996
Operating loss carryforwards
Accrual for uncertain income tax positions	0
State
Operating loss carryforwards
Net operating loss carryforwards	22,630
Federal
Operating loss carryforwards
Net operating loss carryforwards	$ 6,616
Minimum | State
Operating loss carryforwards
Expiration period of operating loss carryforwards	7 years
Minimum | Federal
Operating loss carryforwards
Expiration period of operating loss carryforwards	15 years
Maximum | State
Operating loss carryforwards
Expiration period of operating loss carryforwards	20 years
Maximum | Federal
Operating loss carryforwards
Expiration period of operating loss carryforwards	19 years

Mortgage Loan (Details)

Mortgage Loan (Details) $ in Thousands

Sep. 01, 2015USD ($)ft²

Jul. 29, 2015USD ($)ft²building

Dec. 31, 2014USD ($)ft²subsidiary

Jun. 06, 2014USD ($)ft²

Aug. 28, 2013USD ($)ft²

Apr. 01, 2013USD ($)

Dec. 31, 2015USD ($)agreement

Nov. 30, 2015USD ($)ft²item

Nov. 30, 2015USD ($)ft²loanitem

Nov. 30, 2014USD ($)

Nov. 30, 2013USD ($)

Nov. 04, 2015ft²

Jun. 05, 2014USD ($)

Long-Term Debt

Nonrecourse mortgage loans

$ 90,436

$ 90,436

$ 70,168

Debt disclosures

Ineffectiveness on cash flow hedges

0

Anticipated ineffectiveness on cash flow hedges

0

Net fair values of interest rate swap agreements included in other noncurrent assets and liabilities

2,322

Net fair values of interest rate swap agreements included in other assets

8

Net fair values of interest rate swap agreements included in other liabilities

2,766

2,766

2,330

Loss on debt extinguishment

(51)

$ (286)

Mortgage proceeds held in escrow

$ 1,600

$ 1,600

1,000

Interest rate swap agreement

Debt disclosures

Number of agreements containing credit risk related contingent features | item

0

0

Recognized net losses (included in other comprehensive loss), before taxes, on interest rate swap agreements

$ (444)

(100)

$ 969

Loss expected to be reclassified over next twelve months from accumulated other comprehensive loss to interest expense

$ (1,186)

(1,186)

Nonrecourse mortgages

Long-Term Debt

Nonrecourse mortgage loans

90,436

90,436

70,168

Annual principal payment requirements under the terms of the nonrecourse mortgage loans

2,016

2,544

2,544

2,017

8,517

8,517

2,018

2,611

2,611

2,019

18,648

18,648

2,020

5,296

5,296

Debt disclosures

Aggregate book value of land and buildings pledged as collateral

$ 109,208

$ 109,208

Nonrecourse mortgages: 5.73%, due August 1, 2015

Long-Term Debt

Interest rate (as a percent)

5.73%

5.73%

5.73%

Nonrecourse mortgage loans

18,189

Debt disclosures

Debt amount refinanced

$ 17,891

Number of collateralized industrial buildings | building

3

Nonrecourse mortgages: 5.73%, due August 1, 2015 | New England Tradeport Industrial Park

Debt disclosures

Area of collateralized properties (in square feet) | ft²

392,000

Nonrecourse variable rate loans, due October 2, 2017

Long-Term Debt

Nonrecourse mortgage loans

$ 6,217

$ 6,217

6,394

Nonrecourse variable rate loans, due February 1, 2019

Long-Term Debt

Nonrecourse mortgage loans

10,610

10,610

10,888

Nonrecourse variable rate loans, due August 1, 2019

Long-Term Debt

Nonrecourse mortgage loans

7,501

7,501

7,691

Nonrecourse variable rate loans, due January 27, 2020

Long-Term Debt

Nonrecourse mortgage loans

3,729

3,729

3,848

Debt disclosures

Fixed interest rate pursuant to interest rate swap agreement (as a percent)

3.91%

Amount paid for the loan modification

$ 70

Minimum percentage of difference required between the present values of the future payments under the existing loan and the modified loan

10.00%

Nonrecourse variable rate loans, due September 1, 2023

Long-Term Debt

Nonrecourse mortgage loans

8,875

Nonrecourse variable rate loans, due January 2, 2025

Long-Term Debt

Nonrecourse mortgage loans

19,385

19,385

Nonrecourse variable rate mortgage, due September 1, 2025

Long-Term Debt

Nonrecourse mortgage loans

$ 14,100

$ 11,457

$ 11,457

Debt disclosures

Proceeds from issuance of debt

11,500

Amount held back from net proceeds

$ 2,600

Term of debt

10 years

Amortization period of debt

25 years

Variable interest rate margin (as a percent)

1.65%

Effective rate after interest rate swap agreements

3.75%

Additional funding from the borrowing

$ 2,600

Nonrecourse variable rate mortgage, due September 1, 2025 | Lehigh Valley Of Pennsylvania Industrial Building

Debt disclosures

Area of collateralized properties (in square feet) | ft²

280,000

Nonrecourse variable rate mortgage, due September 1, 2025 | 5220 Jaindl Boulevard

Debt disclosures

Currently Leased space at the time of borrowing | ft²

196,000

Nonrecourse variable rate mortgage, due September 1, 2025 | Interest rate swap agreement

Debt disclosures

Fixed interest rate pursuant to interest rate swap agreement (as a percent)

3.77%

3.67%

Notional principal amount of interest rate swap agreement

$ 2,600

Nonrecourse variable rate mortgage, due September 1, 2025 | Interest rate swap agreement | Cash flow hedges

Debt disclosures

Notional principal amount of interest rate swap agreement

$ 11,500

5.09%, due July 1, 2029 GCD mortgage loan

Long-Term Debt

Interest rate (as a percent)

5.09%

5.09%

Nonrecourse mortgage loans

$ 7,385

$ 7,385

7,750

5.09%, due July 1, 2029 TD mortgage Loan

Long-Term Debt

Interest rate (as a percent)

5.09%

5.09%

Nonrecourse mortgage loans

$ 6,226

$ 6,226

$ 6,533

4.33%, due August 1, 2030 mortgage loan

Long-Term Debt

Interest rate (as a percent)

4.33%

Nonrecourse mortgage loans

$ 18,000

17,926

$ 17,926

Debt disclosures

Proceeds from issuance of debt

$ 14,875

Term of debt

15 years

Amortization period of debt

30 years

Number of collateralized industrial buildings | building

3

Mortgage proceeds deposited into an escrow account

$ 3,125

Additional funding from the borrowing

2,500

4.33%, due August 1, 2030 mortgage loan | New England Tradeport Industrial Park

Debt disclosures

Additional funding from the borrowing

$ 25

4.33%, due August 1, 2030 mortgage loan | New England Tradeport Industrial Park | Location 1

Debt disclosures

Threshold of leased space to release escrow deposits (in square feet) | ft²

88,000

88,000

4.33%, due August 1, 2030 mortgage loan | New England Tradeport Industrial Park | Location 2

Debt disclosures

Mortgage proceeds deposited into an escrow account

$ 600

Nonrecourse mortgages: 5.25%, due January 27, 2020

Debt disclosures

Variable interest rate margin (as a percent)

5.25%

Deferred costs related to the existing loan with First Niagara Bank

$ 216

5.09%, due July 1, 2029 GCD Mortgage Loan and 5.09%, due July 1, 2029 TD Mortgage Loan

Debt disclosures

Number of years before any prepayments can be made

7 years

8.13% mortgage due April 1, 2016 and 7.0% mortgage due October 2, 2017

Debt disclosures

Number of mortgages refinanced with Farm Bureau | loan

2

Loss on debt extinguishment

$ 51

2023 First Niagara Mortgage

Debt disclosures

Debt amount refinanced

$ 8,859

Term of debt

10 years

Amortization period of debt

25 years

Borrowings by subsidiary

$ 9,100

2023 First Niagara Mortgage | Lower Nazareth, Pennsylvania

Debt disclosures

Area of collateralized properties (in square feet) | ft²

4,275

Lease term

5 years

2023 First Niagara Mortgage | Lower Nazareth, Pennsylvania | Location 1

Debt disclosures

Area of collateralized properties (in square feet) | ft²

228,000

2023 First Niagara Mortgage | Interest rate swap agreement

Debt disclosures

Fixed interest rate pursuant to interest rate swap agreement (as a percent)

4.79%

Notional principal amount of interest rate swap agreement

$ 9,100

2025 First Niagara Mortgage

Debt disclosures

Number of subsidiaries which are refinancing nonrecourse mortgage loan | subsidiary

2

Amount held back from net proceeds

$ 1,850

Term of debt

10 years

Variable interest rate margin (as a percent)

1.95%

Effective rate after interest rate swap agreements

4.43%

4.39%

Maximum borrowing

$ 21,600

Net proceeds

$ 10,891

Additional funding from the borrowing

$ 1,850

Number of interest rate swap derivatives | agreement

3

2025 First Niagara Mortgage | Lower Nazareth, Pennsylvania | Location 2

Debt disclosures

Area of collateralized properties (in square feet) | ft²

303,000

Space to be leased to secure the additional borrowing (in square feet) | ft²

102,000

2025 First Niagara Mortgage | Interest rate swap agreement

Debt disclosures

Fixed interest rate pursuant to interest rate swap agreement (as a percent)

3.88%

Notional principal amount of interest rate swap agreement

$ 1,850

Griffin Center Development LLC | 5.09%, due July 1, 2029 GCD mortgage loan

Long-Term Debt

Interest rate (as a percent)

5.09%

Nonrecourse mortgage loans

$ 7,868

Debt disclosures

Term of debt

15 years

Amortization period of debt

15 years

Griffin Center Development LLC | Nonrecourse mortgages: 8.13%, due April 1, 2016

Long-Term Debt

Interest rate (as a percent)

8.13%

Nonrecourse mortgage loans

$ 3,391

Griffin Center Development LLC | Nonrecourse mortgages: 8.13%, due April 1, 2016 | Windsor Connecticut Flex Building

Debt disclosures

Area of collateralized properties (in square feet) | ft²

165,000

Tradeport Development LLC | Nonrecourse variable rate loans, due October 2, 2017

Long-Term Debt

Interest rate (as a percent)

5.09%

Nonrecourse mortgage loans

$ 6,632

Debt disclosures

Term of debt

15 years

Amortization period of debt

15 years

Mortgage proceeds held in escrow

$ 1,000

Tradeport Development LLC | Nonrecourse mortgages: 7.0%, due October 1, 2017

Long-Term Debt

Interest rate (as a percent)

7.00%

Nonrecourse mortgage loans

$ 5,632

Tradeport Development LLC | Nonrecourse mortgages: 7.0%, due October 1, 2017 | Windsor Connecticut Industrial Building | Location 1

Debt disclosures

Area of collateralized properties (in square feet) | ft²

100,000

Tradeport Development LLC | Nonrecourse mortgages: 7.0%, due October 1, 2017 | Windsor Connecticut Industrial Building | Location 2

Debt disclosures

Area of collateralized properties (in square feet) | ft²

57,000

LIBOR | Nonrecourse variable rate loans, due January 27, 2020

Debt disclosures

Variable interest rate margin (as a percent)

2.50%

LIBOR | 2023 First Niagara Mortgage

Debt disclosures

Variable interest rate margin (as a percent)

1.95%

Revolving Credit Agreement (Det

Revolving Credit Agreement (Details) $ in Thousands	Jun. 30, 2015	Nov. 30, 2015USD ($)	Nov. 30, 2014USD ($)	Nov. 30, 2013USD ($)	Apr. 24, 2013ft²
Revolving credit agreement
Standby letters of credit aggregate amount		$ 4,117
Webster Credit Line
Revolving credit agreement
Maximum borrowing capacity		12,500
Credit line extension term	1 year
Aggregate book value of land and buildings pledged as collateral		10,661
Borrowings under credit line		$ 0	$ 0	$ 0
Webster Credit Line | Griffin Center South, Bloomfield, CT
Revolving credit agreement
Area of collateralized properties (in square feet) | ft²					235,000
Webster Credit Line | Single-story office building in Griffin Center
Revolving credit agreement
Area of collateralized properties (in square feet) | ft²					48,000
Webster Credit Line | LIBOR
Revolving credit agreement
Variable interest rate margin (as a percent)		2.75%

Retirement Benefits (Details)

Retirement Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013	Feb. 28, 2014
Postretirement Benefits
Increase (decrease) in other comprehensive income to recognize changes in funded status of a defined benefit postretirement plan			$ 68
Change in benefit obligation:
Curtailment gain		$ (309)
Other changes in benefit obligations recognized in other comprehensive loss:
Actuarial gain			(108)
Savings Plan
401(k) Savings Plan
Employer matching contribution as a percentage of each employee's contribution	60.00%
Contributions to the Griffin Savings Plan	$ 60	64	137
Savings Plan | Maximum
401(k) Savings Plan
Employer matching contribution as a percentage of base salary	5.00%
Deferred Compensation Plan
Deferred Compensation Plan
Liability under Deferred Compensation Plan	$ 3,981	3,784
Expense for employer matching benefit to the Deferred Compensation Plan	$ 22	28	29
Postretirement benefits, life and health
Postretirement Benefits
Increase (decrease) in noncurrent liabilities to recognize changes in funded status of a defined benefit postretirement plan			118
Increase (decrease) in other comprehensive income to recognize changes in funded status of a defined benefit postretirement plan			68
Benefit obligation		332	332	$ 23
Change in benefit obligation:
Benefit obligation at beginning of year		332
Actuarial (gain) loss		(14)
Interest cost		4	16
Service cost		1	7
Amortization of actuarial gain		(14)	(33)
Curtailment gain		309
Benefit obligation at end of year			332
Components of postretirement benefits expense (income)
Service cost		1	7
Interest		4	16
Amortization of actuarial gain		(14)	(33)
Total income		(318)	(10)
Other changes in benefit obligations recognized in other comprehensive loss:
Actuarial gain		(14)	(108)
Total recognized in net periodic benefit income and other comprehensive income		$ (332)	$ (118)
Discount rate
Discount rate used to compute accumulated postretirement benefit obligations (as a percent)		4.60%
Discount rates used to compute net periodic benefit expense (as a percent)		4.60%	3.59%

Stockholders' Equity - Per Shar

Stockholders' Equity - Per Share Results (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Nov. 30, 2015	Aug. 31, 2015	May. 31, 2015	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2014	May. 31, 2014	Feb. 28, 2014	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013
Per Share Results
Income (loss) from continuing operations for computation of basic and diluted per share results, net of tax	$ 164	$ 1,203	$ (234)	$ (708)	$ 273	$ (198)	$ (225)	$ (1,098)	$ 425	$ (1,248)	$ 1,910
Income from discontinued operations for computation of basic and diluted per share results, net of tax						26	390	(272)		144	(7,731)
Net income (loss)	$ 164	$ 1,203	$ (234)	$ (708)	$ 273	$ (172)	$ 165	$ (1,370)	$ 425	$ (1,104)	$ (5,821)
Weighted average shares outstanding for computation of basic per share results									5,151,000	5,148,000	5,144,000
Incremental shares from assumed exercise of Griffin stock options									17,000		8,000
Adjusted weighted average shares for computation of diluted per share results									5,168,000	5,148,000	5,152,000
Incremental shares from assumed exercise of stock options excluded due to anti-dilutive effect										11,000

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Grants, Activity And Expense (Details) $ / shares in Units, $ in Thousands	12 Months Ended			36 Months Ended
	Nov. 30, 2015USD ($)Option$ / sharesshares	Nov. 30, 2014USD ($)$ / sharesshares	Nov. 30, 2013USD ($)$ / sharesshares	Nov. 30, 2015USD ($)Option$ / sharesshares
Other Disclosures
Number of option holders | Option	15			15
Other Disclosures
Total grant date fair value of options vested	$ 492	$ 664	$ 466
Weighted Avg. Exercise Price
Intrinsic value of options exercised (in dollars)	$ 18	$ 10	$ 114
2009 Stock Option Plan
Griffin Stock Option Plan
Granted (in shares) | shares	8,282	8,532	8,112
Activity under the Griffin Stock Option Plan
Outstanding at beginning of period (in shares) | shares	222,001	239,677	243,841	243,841
Granted (in shares) | shares	8,282	8,532	8,112
Exercised (in shares) | shares	(3,134)	(3,208)	(6,776)
Forfeited (in shares) | shares	(1,422)	(23,000)	(5,500)
Outstanding at end of period (in shares) | shares	225,727	222,001	239,677	225,727
Weighted Avg. Exercise Price
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 30.35	$ 30.35	$ 29.88	$ 29.88
Granted (in dollars per share) | $ / shares	31.38	28.12	29.58
Exercised (in dollars per share) | $ / shares	25.53	24.94	11.81
Forfeited (in dollars per share) | $ / shares	28.12	30.27	31.12
Outstanding at end of period (in dollars per share) | $ / shares	$ 30.47	$ 30.35	$ 30.35	$ 30.47
2009 Stock Option Plan | Minimum | Employees
Other Disclosures
Forfeiture rates (as a percent)				30.30%
2009 Stock Option Plan | Maximum | Employees
Other Disclosures
Forfeiture rates (as a percent)				46.60%
2009 Stock Option Plan | Employee and directors' stock options
Griffin Stock Option Plan
Number of shares authorized | shares	386,926			386,926
Number of shares available for issuance under prior plans included in total shares authorized | shares	161,926			161,926
Expiration term	10 years
Assumptions used in determining the fair value of the stock options granted
Expected volatility (as a percent)	40.80%	38.90%	40.30%
Range of risk free interest rate (as a percent)	2.00%	2.16%	1.33%
Expected option term	8 years 6 months	8 years 6 months	8 years 6 months
Annual dividend yield (as a percent)	0.70%	0.70%	0.70%
Compensation expense for stock options
Compensation expense	$ 230	$ 208	$ 467
Related tax benefit (expense)	$ 61	$ 63	$ 114
Other Disclosures
Forfeiture rates (as a percent)				0.00%
2009 Stock Option Plan | Employee and directors' stock options | Non-employee directors
Griffin Stock Option Plan
Fair values of stock options granted (in dollars per share) | $ / shares	$ 14.39		$ 12.94
Granted (in shares) | shares	8,282	8,532	8,112
Activity under the Griffin Stock Option Plan
Granted (in shares) | shares	8,282	8,532	8,112
2009 Stock Option Plan | Employee and directors' stock options | Minimum
Other Disclosures
Forfeiture rates (as a percent)				22.60%
2009 Stock Option Plan | Employee and directors' stock options | Minimum | Non-employee directors
Griffin Stock Option Plan
Fair values of stock options granted (in dollars per share) | $ / shares		$ 12.42
2009 Stock Option Plan | Employee and directors' stock options | Maximum
Other Disclosures
Forfeiture rates (as a percent)				25.80%
Continuing operations | 2009 Stock Option Plan | Employee and directors' stock options
Compensation expense for stock options
Compensation expense	$ 230	$ 338	$ 415
Related tax benefit (expense)	61	78	109
Discontinued operations. | 2009 Stock Option Plan | Employee and directors' stock options
Compensation expense for stock options
Compensation expense			52
Compensation expense		(130)
Related tax benefit (expense)		$ (15)	$ 5
Nonvested Options
Unrecognized compensation expense related to non-vested stock options that will be recognized during future periods
Fiscal 2,016	75			$ 75
Fiscal 2,017	$ 19			$ 19

Stockholders' Equity - Range Of

Stockholders' Equity - Range Of Exercise Prices (Details) - 2009 Stock Option Plan $ / shares in Units, $ in Thousands	12 Months Ended
	Nov. 30, 2015USD ($)$ / sharesshares
Griffin Stock Option Plan
Outstanding at ending of the year (in shares) | shares	225,727
Weighted Avg. Exercise Price (in dollars per share)	$ 30.47
Weighted Avg. Remaining Contractual Life	4 years 6 months
Total Intrinsic Value | $	$ 20
$23.00-$28.00
Griffin Stock Option Plan
Exercise prices, low end of range (in dollars per share)	$ 23
Exercise prices, high end of range (in dollars per share)	$ 28
Outstanding at ending of the year (in shares) | shares	14,934
Weighted Avg. Exercise Price (in dollars per share)	$ 25.43
Weighted Avg. Remaining Contractual Life	6 years 2 months 12 days
Total Intrinsic Value | $	$ 20
$28.00-$32.00
Griffin Stock Option Plan
Exercise prices, low end of range (in dollars per share)	$ 28
Exercise prices, high end of range (in dollars per share)	$ 32
Outstanding at ending of the year (in shares) | shares	127,718
Weighted Avg. Exercise Price (in dollars per share)	$ 29.07
Weighted Avg. Remaining Contractual Life	5 years 4 months 24 days
$32.00-$39.00
Griffin Stock Option Plan
Exercise prices, low end of range (in dollars per share)	$ 32
Exercise prices, high end of range (in dollars per share)	$ 39
Outstanding at ending of the year (in shares) | shares	83,075
Weighted Avg. Exercise Price (in dollars per share)	$ 33.52
Weighted Avg. Remaining Contractual Life	2 years 10 months 24 days

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013
Change in accumulated other comprehensive loss, net of tax
Balance at the beginning of the year	$ (835)	$ (449)	$ (721)
Other comprehensive (loss) income before reclassifications	(1,028)	(510)	478
Amount reclassified	778	124	(206)
Net activity for other comprehensive loss	(250)	(386)	272
Balance at the end of the year	(1,085)	(835)	(449)
Unrealized loss on cash flow hedges
Change in accumulated other comprehensive loss, net of tax
Balance at the beginning of the year	(1,464)	(1,401)	(2,011)
Other comprehensive (loss) income before reclassifications	(1,058)	(695)	100
Amount reclassified	778	632	510
Net activity for other comprehensive loss	(280)	(63)	610
Balance at the end of the year	(1,744)	(1,464)	(1,401)
Unrealized gain on investment in Centaur Media
Change in accumulated other comprehensive loss, net of tax
Balance at the beginning of the year	629	648	1,054
Other comprehensive (loss) income before reclassifications	30	185	310
Amount reclassified		(204)	(716)
Net activity for other comprehensive loss	30	(19)	(406)
Balance at the end of the year	$ 659	629	648
Actuarial gain on postretirement benefit program
Change in accumulated other comprehensive loss, net of tax
Balance at the beginning of the year		304	236
Other comprehensive (loss) income before reclassifications			68
Amount reclassified		(304)
Net activity for other comprehensive loss		$ (304)	68
Balance at the end of the year			$ 304

Stockholders' Equity - Changes

Stockholders' Equity - Changes In Accumulated Other Comprehensive Income (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013
Reclassifications included in net loss:
Realized gain on sale of Centaur Media (gain on sale)		$ (321)	$ (1,099)
Termination of postretirement benefits program		(485)
Loss on cash flow hedges (interest expense)	$ 1,234	1,003	810
Total reclassifications included in net income (loss)	1,234	197	(289)
Mark to market adjustment on Centaur Media for an increase (decrease) in fair value	123	358	481
Mark to market adjustment on Centaur Media for a (decrease) increase in the foreign currency exchange rate	(77)	(73)	(1)
Decrease in fair value adjustments on Griffin's cash flow hedges	(1,678)	(1,103)	159
Actuarial gain (loss) on postretirement benefits program			108
Total change in other comprehensive (loss) income	(1,632)	(818)	747
Total other comprehensive (loss) income	(398)	(621)	458
Reclassifications included in net loss:
Realized gain on sale of Centaur Media (gain on sale)		117	383
Termination of postretirement benefits program tax		181
Loss on cash flow hedges (interest expense)	(456)	(371)	(300)
Total reclassifications included in net loss	(456)	(73)	83
Mark to market adjustment on Centaur Media for an increase in fair value	(43)	(125)	(169)
Mark to market adjustment on Centaur Media for a (decrease) increase in the foreign currency exchange rate	27	25	(1)
Decrease in fair value adjustments on Griffin's cash flow hedges	620	408	(59)
Actuarial gain (loss) on postretirement benefits program			(40)
Total change in other comprehensive (loss) income	604	308	(269)
Total other comprehensive (loss) income	148	235	(186)
Reclassifications included in net loss:
Realized gain on sale of Centaur Media (gain on sale)		(204)	(716)
Termination of postretirement benefits program net of tax		(304)
Loss on cash flow hedges (interest expense)	778	632	510
Total reclassifications included in net loss	778	124	(206)
Mark to market adjustment on Centaur Media for an increase in fair value	80	233	312
Mark to market adjustment on Centaur Media for decrease in exchange gain	(50)	(48)	(2)
(Decrease) increase in fair value adjustment on Griffin's cash flow hedges	(1,058)	(695)	100
Actuarial gain (loss) on postretirement benefits program			68
Total change in other comprehensive (loss) income	(1,028)	(510)	478
Total other comprehensive (loss) income, net of tax	$ (250)	$ (386)	$ 272
Cash Dividend
Cash dividends declared (in dollars per share)	$ 0.30	$ 0.20	$ 0.20
General and Administrative Expense
Reclassifications included in net loss:
Termination of postretirement benefits program		$ 21
Discontinued operations.
Reclassifications included in net loss:
Termination of postretirement benefits program		$ (283)

Operating Leases (Details)

Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013
Leasing of industrial, flex and office space and the lease of the farm in Florida
Operating leases of lessor, future minimum rentals to be received
2,016	$ 22,804
2,017	21,337
2,018	18,038
2,019	15,493
2,020	13,150
Later years	24,360
Total	115,182
Corporate headquarters
Operating leases of lessee, future minimum rental payments
2,016	149
Rental expense	$ 201	$ 210	$ 242

Discontinued Operations (Detail

Discontinued Operations (Details) $ in Thousands	Jan. 18, 2014USD ($)	Jan. 08, 2014USD ($)	Nov. 30, 2015USD ($)	Nov. 30, 2014USD ($)item	Nov. 30, 2013USD ($)	Jun. 01, 2015USD ($)	Jun. 01, 2014USD ($)
Discontinued operation
Proceeds from sale of real estate assets				$ 169
Property and equipment accumulated depreciation			$ 996	988
Imperial's landscape nursery business | Inventory and certain assets
Pretax loss from the sale of assets
Present value				4,036
Held for sale | Imperial's landscape nursery business
Income statement disclosure
Net charge included in cost of sales					$ 10,400
Increase in inventory reserves					500
Held for sale | Imperial's landscape nursery business | Inventory and certain assets
Income statement disclosure
Sales revenue					13,220
Pre tax income (loss)					$ (12,142)
Discontinued operations
Discontinued operation
Proceeds from sale of real estate assets		$ 732
Discontinued operations | Imperial's landscape nursery business
Discontinued operation
Period of non-competition restrictions	4 years
Net annual rent receivable for each of the first five years			$ 500
Discount rate (as a percent)	7.00%
Income statement disclosure
Reclassification of actuarial gains related to entity's postretirement benefits program				451
Pretax loss from the sale of assets
Consideration received				4,768
Carrying value of assets sold, principally inventory				(4,561)
Curtailment of employee benefit program				309
Severance and other expenses				(563)
Pretax loss				$ (47)
Present value	$ 4,036
Discontinued operations | Imperial's landscape nursery business | Inventory and certain assets
Discontinued operation
Non-interest bearing note receivable		4,250
Number of installments in which promissory note will become due | item				2
Amount of promissory note receivable due on June 1, 2014							$ 2,750
Amount of promissory note receivable due on June 1, 2015						$ 1,500
Proceeds from sale of nursery inventory		$ 732
Income statement disclosure
Sales revenue				$ 159
Pre tax income (loss)				$ 259
Discontinued operations | Imperial's landscape nursery business | Connecticut production nursery
Discontinued operation
Lease period			10 years
Optional extension period of lease			15 years
Period during which purchase option is available			13 years
Price of land, land improvements and other operating assets under option to purchase			$ 10,500
Price of a portion of land under option to purchase			$ 7,000

Supplemental Financial Statem56

Supplemental Financial Statement Information - Other And Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013
Other Assets
Deferred leasing costs	$ 4,376	$ 4,059
Deferred rent receivable	4,087	3,454
Prepaid expenses	2,157	2,133
Deferred financing costs	1,264	727
Mortgage escrows	629	1,073
Lease receivables	401	1,343
Intangible assets, net	305	506
Property and equipment, net	221	230
Other	309	957
Total	13,749	14,482
Intangibles assets
Accumulated amortization	714	1,251
Amortization expense	201	178	$ 171
Estimated amortization expense
2,016	58
2,017	27
2,018	27
2,019	27
2,020	27
Property and equipment
Property and equipment accumulated depreciation	996	988
Depreciation expense	$ 86	$ 111	$ 335

Supplemental Financial Statem57

Supplemental Financial Statement Information - Liabilities (Details) - USD ($) $ in Thousands	Nov. 30, 2015	Nov. 30, 2014
Deferred revenue	$ 10,790	$ 8,349
Accounts Payable and Accrued Liabilities
Accrued construction costs and retainage	1,278	1,910
Accrued salaries, wages and other compensation	615	242
Trade payables	422	670
Accrued interest payable	355	312
Other	678	371
Total	3,348	3,505
Other Liabilities
Deferred compensation plan	3,981	3,784
Interest rate swap liabilities	2,766	2,330
Prepaid rent from tenants	944	690
Conditional asset retirement obligations	288	288
Security deposits	286	224
Other	107	130
Other liabilities	8,372	$ 7,446
Windsor undeveloped land sale
Deferred revenue	$ 712

Supplemental Financial Statem58

Supplemental Financial Statement Information - Cash Flow (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013
Supplemental Financial Statement Information
Increase in value of available-for-sale securities: Investment in Centaur Media Plc	$ 46	$ 285	$ 480
Increase (decrease) in accounts payable and accrued liabilities related to additions to real estate assets	(632)	1,097
Income tax refund received		61	56
Interest payments, inclusive of capitalized interest	4,180	3,860	3,664
Interest capitalized included in interest payments	$ 777	$ 580	$ 71

Quarterly Results of Operatio59

Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Nov. 30, 2015	Aug. 31, 2015	May. 31, 2015	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2014	May. 31, 2014	Feb. 28, 2014	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013
Total revenue	$ 7,475	$ 8,184	$ 6,196	$ 6,233	$ 7,720	$ 6,099	$ 5,341	$ 5,059	$ 28,088	$ 24,219	$ 25,526
Operating income (loss)	1,413	2,641	473	(213)	2,144	716	190	(1,241)	4,314	1,809	2,436
Income (loss) from continuing operations	164	1,203	(234)	(708)	273	(198)	(225)	(1,098)	425	(1,248)	1,910
Income (loss) from discontinued operation, net of tax						26	390	(272)		144	(7,731)
Net income (loss)	$ 164	$ 1,203	$ (234)	$ (708)	$ 273	$ (172)	$ 165	$ (1,370)	$ 425	$ (1,104)	$ (5,821)
Basic:
Income (loss) from continuing operations (in dollars per share)	$ 0.03	$ 0.23	$ (0.05)	$ (0.14)	$ 0.05	$ (0.04)	$ (0.04)	$ (0.21)	$ 0.08	$ (0.24)	$ 0.37
(Loss) income from discontinued operation, net of tax (in dollars per share)						0.01	0.07	(0.06)		0.03	(1.50)
Net (loss) income per common share (in dollars per share)	0.03	0.23	(0.05)	(0.14)	0.05	(0.03)	0.03	(0.27)	0.08	(0.21)	(1.13)
Diluted:
Income (loss) from continuing operations (in dollars per share)	0.03	0.23	(0.05)	(0.14)	0.05	(0.04)	(0.04)	(0.21)	0.08	(0.24)	0.37
(Loss) income from discontinued operation, net of tax (in dollars per share)						0.01	0.07	(0.06)		0.03	(1.50)
Net (loss) income per common share (in dollars per share)	$ 0.03	$ 0.23	$ (0.05)	$ (0.14)	$ 0.05	$ (0.03)	$ 0.03	$ (0.27)	$ 0.08	$ (0.21)	$ (1.13)
Property sales revenue					$ 1,831
Simsbury, CT
Diluted:
Property sales revenue	$ 600
Griffin Center, Windsor, CT
Diluted:
Property sales revenue	$ 236

Commitments and Contingencies (

Commitments and Contingencies (Details)	Nov. 30, 2015USD ($)	May. 31, 2015USD ($)	Aug. 31, 2014USD ($)a
Imperial's landscape nursery business
Commitments and Contingencies
Sale price of land		$ 4,100,000
Undeveloped land
Commitments and Contingencies
Number of acres | a			45
Undeveloped land | Agreement to sell
Commitments and Contingencies
Number of acres to be sold | a			30
Sale price of land			$ 3,250
Property and inventory purchase commitments
Commitments and Contingencies
Purchase obligations	$ 8,251,000

Schedule II-Valuation and Qua61

Schedule II-Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013
Uncollectible accounts - trade
Reserves:
Balance at Beginning of Year		$ 134	$ 128
Charged to Cost and Expenses		(101)	37
Charged to Other Accounts			13
Deductions From Reserves		33	44
Balance at End of Year			134
Inventories
Reserves:
Balance at Beginning of Year		10,854	432
Charged to Cost and Expenses			10,900
Charged to Other Accounts			11
Deductions From Reserves		10,854	489
Balance at End of Year			10,854
Valuation allowance on deferred tax asset
Reserves:
Balance at Beginning of Year	$ 395	379	319
Charged to Cost and Expenses	(50)	16	60
Balance at End of Year	$ 345	$ 395	$ 379

Schedule III-Real Estate and 62

Schedule III-Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2012
Real Estate and Accumulated Depreciation
Encumbrances	$ 90,436
Initial Cost
Land	18,157
Bldg. & Improve.	15,438
Cost Capitalized Subsequent to Acquisition Improvements	213,644
Gross Amount at the end of the period
Land	18,157
Land Improvements	22,440
Bldg. & Bldg. Improvements	160,921
Tenant Improvements	19,611
Construction in Progress	10,240
Development Costs	15,870
Total	247,239	$ 209,284
Accumulated Depreciation	(80,784)	$ (74,762)	$ (61,078)	$ (56,744)
Webster Credit Line
Gross Amount at the end of the period
Maximum borrowing capacity	12,500
Undeveloped Land
Initial Cost
Land	3,076
Cost Capitalized Subsequent to Acquisition Improvements	4,976
Gross Amount at the end of the period
Land	3,076
Land Improvements	1,849
Development Costs	3,127
Total	8,052
Accumulated Depreciation	(1,395)
New England Tradeport, Windsor/E. Granby, CT | Undeveloped portion
Initial Cost
Land	982
Cost Capitalized Subsequent to Acquisition Improvements	3,428
Gross Amount at the end of the period
Land	982
Development Costs	3,428
Total	4,410
New England Tradeport, Windsor/E. Granby, CT | Industrial Building(s) | Location 1
Real Estate and Accumulated Depreciation
Encumbrances	7,501
Initial Cost
Land	8
Cost Capitalized Subsequent to Acquisition Improvements	4,357
Gross Amount at the end of the period
Land	8
Land Improvements	509
Bldg. & Bldg. Improvements	3,495
Tenant Improvements	347
Construction in Progress	6
Total	4,365
Accumulated Depreciation	$ (3,266)
Depr. Life	40 years
New England Tradeport, Windsor/E. Granby, CT | Industrial Building(s) | Location 2
Initial Cost
Land	$ 4
Bldg. & Improve.	1,722
Cost Capitalized Subsequent to Acquisition Improvements	914
Gross Amount at the end of the period
Land	4
Land Improvements	774
Bldg. & Bldg. Improvements	1,835
Tenant Improvements	27
Total	2,640
Accumulated Depreciation	$ (1,765)
Depr. Life	40 years
New England Tradeport, Windsor/E. Granby, CT | Industrial Building(s) | Location 3
Initial Cost
Land	$ 13
Cost Capitalized Subsequent to Acquisition Improvements	7,565
Gross Amount at the end of the period
Land	13
Land Improvements	525
Bldg. & Bldg. Improvements	5,676
Tenant Improvements	1,364
Total	7,578
Accumulated Depreciation	$ (2,052)
Depr. Life	40 years
New England Tradeport, Windsor/E. Granby, CT | Industrial Building(s) | Location 4
Initial Cost
Land	$ 10
Cost Capitalized Subsequent to Acquisition Improvements	4,392
Gross Amount at the end of the period
Land	10
Land Improvements	348
Bldg. & Bldg. Improvements	3,650
Tenant Improvements	394
Total	4,402
Accumulated Depreciation	$ (2,064)
Depr. Life	40 years
New England Tradeport, Windsor/E. Granby, CT | Industrial Building(s) | Location 5
Real Estate and Accumulated Depreciation
Encumbrances	$ 6,226
Initial Cost
Land	12
Cost Capitalized Subsequent to Acquisition Improvements	8,213
Gross Amount at the end of the period
Land	12
Land Improvements	356
Bldg. & Bldg. Improvements	5,145
Tenant Improvements	2,712
Total	8,225
Accumulated Depreciation	$ (5,629)
Depr. Life	40 years
New England Tradeport, Windsor/E. Granby, CT | Industrial Building(s) | Location 6
Initial Cost
Land	$ 7
Cost Capitalized Subsequent to Acquisition Improvements	3,313
Gross Amount at the end of the period
Land	7
Land Improvements	11
Bldg. & Bldg. Improvements	3,051
Tenant Improvements	251
Total	3,320
Accumulated Depreciation	$ (1,523)
Depr. Life	40 years
New England Tradeport, Windsor/E. Granby, CT | Industrial Building(s) | Location 7
Real Estate and Accumulated Depreciation
Encumbrances	$ 17,926
Initial Cost
Land	13
Cost Capitalized Subsequent to Acquisition Improvements	5,610
Gross Amount at the end of the period
Land	13
Land Improvements	22
Bldg. & Bldg. Improvements	5,021
Tenant Improvements	563
Construction in Progress	4
Total	5,623
Accumulated Depreciation	$ (2,265)
Depr. Life	40 years
New England Tradeport, Windsor/E. Granby, CT | Industrial Building(s) | Location 8
Initial Cost
Land	$ 16
Cost Capitalized Subsequent to Acquisition Improvements	7,584
Gross Amount at the end of the period
Land	16
Land Improvements	1
Bldg. & Bldg. Improvements	6,903
Tenant Improvements	622
Construction in Progress	58
Total	7,600
Accumulated Depreciation	$ (2,804)
Depr. Life	40 years
New England Tradeport, Windsor/E. Granby, CT | Industrial Building(s) | Location 9
Initial Cost
Land	$ 15
Cost Capitalized Subsequent to Acquisition Improvements	16,866
Gross Amount at the end of the period
Land	15
Land Improvements	76
Bldg. & Bldg. Improvements	8,700
Tenant Improvements	1,622
Construction in Progress	6,468
Total	16,881
Accumulated Depreciation	$ (2,855)
Depr. Life	40 years
New England Tradeport, Windsor/E. Granby, CT | Industrial Building(s) | Location 10
Real Estate and Accumulated Depreciation
Encumbrances	$ 10,610
Initial Cost
Land	57
Cost Capitalized Subsequent to Acquisition Improvements	15,999
Gross Amount at the end of the period
Land	57
Land Improvements	1,028
Bldg. & Bldg. Improvements	13,874
Tenant Improvements	1,097
Total	16,056
Accumulated Depreciation	$ (3,293)
Depr. Life	40 years
New England Tradeport, Windsor/E. Granby, CT | Industrial Building(s) | Location 11
Initial Cost
Land	$ 20
Cost Capitalized Subsequent to Acquisition Improvements	8,374
Gross Amount at the end of the period
Land	20
Land Improvements	563
Bldg. & Bldg. Improvements	7,538
Tenant Improvements	273
Total	8,394
Accumulated Depreciation	$ (2,085)
Depr. Life	40 years
New England Tradeport, Windsor/E. Granby, CT | Industrial Building(s) | Location 12
Initial Cost
Land	$ 12
Cost Capitalized Subsequent to Acquisition Improvements	6,928
Gross Amount at the end of the period
Land	12
Land Improvements	448
Bldg. & Bldg. Improvements	6,263
Tenant Improvements	217
Total	6,940
Accumulated Depreciation	$ (1,945)
Depr. Life	40 years
Griffin Center, Windsor, CT | Undeveloped portion
Initial Cost
Land	$ 148
Cost Capitalized Subsequent to Acquisition Improvements	604
Gross Amount at the end of the period
Land	148
Development Costs	604
Total	752
Griffin Center, Windsor, CT | Industrial Building(s) | Location 13
Real Estate and Accumulated Depreciation
Encumbrances	7,385
Initial Cost
Land	19
Cost Capitalized Subsequent to Acquisition Improvements	8,214
Gross Amount at the end of the period
Land	19
Land Improvements	149
Bldg. & Bldg. Improvements	8,065
Total	8,233
Accumulated Depreciation	$ (3,053)
Depr. Life	40 years
Griffin Center, Windsor, CT | Restaurant Building | Location 14
Initial Cost
Land	$ 1
Cost Capitalized Subsequent to Acquisition Improvements	2,175
Gross Amount at the end of the period
Land	1
Land Improvements	264
Bldg. & Bldg. Improvements	1,402
Tenant Improvements	509
Total	2,176
Accumulated Depreciation	$ (1,497)
Depr. Life	40 years
Griffin Center, Windsor, CT | Office building(s) | Location 15
Initial Cost
Land	$ 17
Cost Capitalized Subsequent to Acquisition Improvements	5,881
Gross Amount at the end of the period
Land	17
Land Improvements	420
Bldg. & Bldg. Improvements	4,266
Tenant Improvements	1,195
Total	5,898
Accumulated Depreciation	$ (2,960)
Depr. Life	40 years
Griffin Center, Windsor, CT | Office building(s) | Location 16
Real Estate and Accumulated Depreciation
Encumbrances	$ 6,217
Initial Cost
Land	1,193
Bldg. & Improve.	7,958
Cost Capitalized Subsequent to Acquisition Improvements	3,812
Gross Amount at the end of the period
Land	1,193
Land Improvements	740
Bldg. & Bldg. Improvements	8,478
Tenant Improvements	2,552
Total	12,963
Accumulated Depreciation	$ (5,616)
Depr. Life	40 years
Griffin Center South, Bloomfield, CT | Undeveloped portion
Initial Cost
Land	$ 312
Cost Capitalized Subsequent to Acquisition Improvements	374
Gross Amount at the end of the period
Land	312
Development Costs	374
Total	686
Griffin Center South, Bloomfield, CT | Industrial Building(s) | Location 21
Initial Cost
Land	1
Cost Capitalized Subsequent to Acquisition Improvements	765
Gross Amount at the end of the period
Land	1
Land Improvements	86
Bldg. & Bldg. Improvements	679
Total	766
Accumulated Depreciation	$ (587)
Depr. Life	40 years
Griffin Center South, Bloomfield, CT | Office building(s) | Location 17
Initial Cost
Land	$ 5
Cost Capitalized Subsequent to Acquisition Improvements	4,135
Gross Amount at the end of the period
Land	5
Land Improvements	576
Bldg. & Bldg. Improvements	2,887
Tenant Improvements	587
Construction in Progress	85
Total	4,140
Accumulated Depreciation	$ (3,432)
Depr. Life	40 years
Griffin Center South, Bloomfield, CT | Office building(s) | Location 18
Initial Cost
Land	$ 4
Cost Capitalized Subsequent to Acquisition Improvements	2,777
Gross Amount at the end of the period
Land	4
Land Improvements	269
Bldg. & Bldg. Improvements	1,962
Tenant Improvements	546
Total	2,781
Accumulated Depreciation	$ (2,091)
Depr. Life	40 years
Griffin Center South, Bloomfield, CT | Office building(s) | Location 19
Initial Cost
Land	$ 2
Cost Capitalized Subsequent to Acquisition Improvements	2,226
Gross Amount at the end of the period
Land	2
Land Improvements	384
Bldg. & Bldg. Improvements	1,518
Tenant Improvements	225
Construction in Progress	99
Total	2,228
Accumulated Depreciation	$ (1,423)
Depr. Life	40 years
Griffin Center South, Bloomfield, CT | Office building(s) | Location 20
Initial Cost
Land	$ 2
Cost Capitalized Subsequent to Acquisition Improvements	1,534
Gross Amount at the end of the period
Land	2
Land Improvements	189
Bldg. & Bldg. Improvements	1,345
Total	1,536
Accumulated Depreciation	$ (1,067)
Depr. Life	40 years
Griffin Center South, Bloomfield, CT | Office building(s) | Location 22
Initial Cost
Land	$ 9
Cost Capitalized Subsequent to Acquisition Improvements	4,129
Gross Amount at the end of the period
Land	9
Land Improvements	266
Bldg. & Bldg. Improvements	3,367
Tenant Improvements	496
Total	4,138
Accumulated Depreciation	$ (2,452)
Depr. Life	40 years
Griffin Center South, Bloomfield, CT | Office building(s) | Location 23
Initial Cost
Land	$ 9
Cost Capitalized Subsequent to Acquisition Improvements	4,553
Gross Amount at the end of the period
Land	9
Land Improvements	30
Bldg. & Bldg. Improvements	3,677
Tenant Improvements	846
Total	4,562
Accumulated Depreciation	$ (1,376)
Depr. Life	40 years
Bloomfield, CT | Industrial Building(s) | Location 24
Initial Cost
Land	$ 746
Bldg. & Improve.	1,198
Gross Amount at the end of the period
Land	746
Land Improvements	72
Bldg. & Bldg. Improvements	1,126
Total	1,944
Accumulated Depreciation	$ (318)
Depr. Life	40 years
Breinigsville, PA | Industrial Building(s) | Location 25
Real Estate and Accumulated Depreciation
Encumbrances	$ 3,729
Initial Cost
Land	832
Bldg. & Improve.	4,560
Gross Amount at the end of the period
Land	832
Land Improvements	349
Bldg. & Bldg. Improvements	3,990
Tenant Improvements	221
Total	5,392
Accumulated Depreciation	$ (1,013)
Depr. Life	40 years
Lower Nazareth Township, PA. | Industrial Building(s) | Location 26
Real Estate and Accumulated Depreciation
Encumbrances	$ 19,385
Initial Cost
Land	1,351
Cost Capitalized Subsequent to Acquisition Improvements	14,965
Gross Amount at the end of the period
Land	1,351
Land Improvements	1,355
Bldg. & Bldg. Improvements	12,467
Tenant Improvements	981
Construction in Progress	162
Total	16,316
Accumulated Depreciation	$ (722)
Depr. Life	40 years
Lower Nazareth Township, PA. | Industrial Building(s) | Location 27
Initial Cost
Land	$ 721
Cost Capitalized Subsequent to Acquisition Improvements	11,176
Gross Amount at the end of the period
Land	721
Land Improvements	1,359
Bldg. & Bldg. Improvements	8,996
Tenant Improvements	821
Total	11,897
Accumulated Depreciation	$ (1,437)
Depr. Life	40 years
Hanover Township, PA. | Industrial Building under construction
Initial Cost
Land	$ 3,620
Cost Capitalized Subsequent to Acquisition Improvements	3,358
Gross Amount at the end of the period
Land	3,620
Construction in Progress	3,358
Total	6,978
Hanover Township, PA. | Industrial Building(s)
Real Estate and Accumulated Depreciation
Encumbrances	11,457
Initial Cost
Land	4,022
Cost Capitalized Subsequent to Acquisition Improvements	15,573
Gross Amount at the end of the period
Land	4,022
Land Improvements	3,768
Bldg. & Bldg. Improvements	10,662
Tenant Improvements	1,143
Total	19,595
Accumulated Depreciation	(183)
Granby, CT | Nursery Farm
Initial Cost
Land	417
Cost Capitalized Subsequent to Acquisition Improvements	11,052
Gross Amount at the end of the period
Land	417
Land Improvements	1,565
Bldg. & Bldg. Improvements	9,487
Total	11,469
Accumulated Depreciation	$ (10,214)
Depr. Life	20 years
Quincy, FL | Nursery Farm
Initial Cost
Land	$ 279
Cost Capitalized Subsequent to Acquisition Improvements	9,485
Gross Amount at the end of the period
Land	279
Land Improvements	4,089
Bldg. & Bldg. Improvements	5,396
Total	9,764
Accumulated Depreciation	$ (8,402)
Depr. Life	20 years
Simsbury, CT | Residential Development
Initial Cost
Land	$ 202
Cost Capitalized Subsequent to Acquisition Improvements	8,337
Gross Amount at the end of the period
Land	202
Development Costs	8,337
Total	$ 8,539

Schedule III-Real Estate and 63

Schedule III-Real Estate and Accumulated Depreciation - Footers (Details) $ in Thousands	Nov. 30, 2015USD ($)building
Real Estate and Accumulated Depreciation
SEC Schedule III, Real Estate, federal income tax basis | $	$ 242,956
Webster Credit Line
Real Estate and Accumulated Depreciation
Maximum borrowing capacity | $	12,500
Griffin Center Windsor And Griffin Center South Bloomfield C T [Member] | Location 15 and 17 to 23 | Webster Credit Line
Real Estate and Accumulated Depreciation
Maximum borrowing capacity | $	$ 12,500
New England Tradeport, Windsor/E. Granby, CT | Location 1
Real Estate and Accumulated Depreciation
Number of Buildings | building	2
Griffin Center, Windsor, CT | Location 16
Real Estate and Accumulated Depreciation
Number of Buildings | building	2
Griffin Center South, Bloomfield, CT | Location 22
Real Estate and Accumulated Depreciation
Number of Buildings | building	3

Schedule III-Real Estate and 64

Schedule III-Real Estate and Accumulated Depreciation - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013
Cost
Balance at beginning of year	$ 209,284	$ 192,268	$ 180,671
Changes during the year:
Additions to real estate assets	30,556	16,680	13,769
Reclassification from (to) real estate held for sale	7,916	(9,236)	(962)
Writeoff of fully depreciated assets	(517)	(1,913)	(1,210)
Reclassification of real estate assets from property and equipment		11,485
Balance at end of year	247,239	209,284	192,268
Reserve
Balance at beginning of year	(74,762)	(61,078)	(56,744)
Changes during the year:
Additions to reserve charged to costs and expense	(6,539)	(5,747)	(5,545)
Reclassification to real estate held for sale			1
Writeoff of fully depreciated assets	517	1,913	1,210
Reclassification of real estate assets from property and equipment		(9,850)
Balance at end of year	$ (80,784)	$ (74,762)	$ (61,078)