INDUS Realty Trust (INDT) 10-Q 9 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Aug. 31, 2015	Oct. 02, 2015
Document and Entity Information
Entity Registrant Name	GRIFFIN INDUSTRIAL REALTY, INC.
Entity Central Index Key	1,037,390
Document Type	10-Q
Document Period End Date	Aug. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--11-30
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		5,152,708
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 31, 2015	Nov. 30, 2014
ASSETS
Real estate assets at cost, net of accumulated depreciation	$ 156,970	$ 134,522
Real estate held for sale	9,963	9,943
Cash and cash equivalents	6,350	17,059
Deferred income taxes	5,640	5,996
Mortgage proceeds held in escrow	4,125	1,000
Available-for-sale securities	2,562	1,924
Note receivable		1,451
Other assets	15,416	14,482
Total assets	201,026	186,377
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage loans	79,528	70,168
Deferred revenue	11,580	8,349
Accounts payable and accrued liabilities	5,203	3,505
Dividend payable		1,030
Other liabilities	7,844	7,438
Liabilities of discontinued operation		8
Total liabilities	$ 104,155	$ 90,498
Commitments and Contingencies (Note 10)
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	108,159	107,887
Retained earnings	2,499	2,238
Accumulated other comprehensive loss, net of tax	(376)	(835)
Treasury stock, at cost, 388,321 shares	(13,466)	(13,466)
Total stockholders' equity	96,871	95,879
Total liabilities and stockholders' equity	$ 201,026	$ 186,377

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Aug. 31, 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	3 Months Ended		9 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Consolidated Statements of Operations
Rental revenue	$ 6,608	$ 5,195	$ 17,966	$ 15,225
Revenue from property sales	1,576	904	2,647	1,274
Total revenue	8,184	6,099	20,613	16,499
Operating expenses of rental properties	2,125	1,800	6,410	5,998
Depreciation and amortization expense	1,923	1,711	5,627	4,990
Costs related to property sales	162	230	484	324
General and administrative expenses	1,333	1,642	5,191	5,522
Total expenses	5,543	5,383	17,712	16,834
Operating income (loss)	2,641	716	2,901	(335)
Interest expense	(801)	(987)	(2,645)	(2,665)
Investment income	6	31	111	219
Gain on sale of common stock in Centaur Media plc				318
Loss on debt extinguishment		(51)		(51)
Income (loss) before income tax (provision) benefit	1,846	(291)	367	(2,514)
Income tax (provision) benefit	(643)	93	(106)	993
Income (loss) from continuing operations	1,203	(198)	261	(1,521)
Discontinued operations, net of tax:
Income from landscape nursery business, including the loss on sale of assets of $28, net of tax, in the 2014 nine month period		26		144
Net income (loss)	$ 1,203	$ (172)	$ 261	$ (1,377)
Basic net income (loss) per common share:
Income (loss) from continuing operations (in dollars per share)	$ 0.23	$ (0.04)	$ 0.05	$ (0.30)
Income from discontinued operations (in dollars per share)		0.01		0.03
Basic net income (loss) per common share (in dollars per share)	0.23	(0.03)	0.05	(0.27)
Diluted net income (loss) per common share:
Income (loss) from continuing operations (in dollars per share)	0.23	(0.04)	0.05	(0.30)
Income from discontinued operations (in dollars per share)		0.01		0.03
Diluted net income (loss) per common share (in dollars per share)	$ 0.23	$ (0.03)	$ 0.05	$ (0.27)

Consolidated Statements of Ope5

Consolidated Statements of Operations (Parenthetical) $ in Thousands	9 Months Ended
	Aug. 31, 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	3 Months Ended		9 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 1,203	$ (172)	$ 261	$ (1,377)
Other comprehensive income (loss), net of tax:
Reclassifications included in net income (loss)	189	158	557	(33)
Increase (decrease) in fair value of Centaur Media plc	123	(147)	414	180
Unrealized loss on cash flow hedges	(54)	(58)	(512)	(390)
Total other comprehensive income (loss), net of tax	258	(47)	459	(243)
Total comprehensive income (loss)	$ 1,461	$ (219)	$ 720	$ (1,620)

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, 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
Stock-based compensation		146				146
Exercise of stock options		80				80
Exercise of stock options (shares)	3,208
Net income (loss)			(1,377)			(1,377)
Total other comprehensive income, net of tax				(243)		(243)
Balance at Aug. 31, 2014	$ 55	107,829	2,995	(692)	(13,466)	96,721
Balance (in shares) at Aug. 31, 2014	5,537,895
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
Stock-based compensation		192				192
Exercise of stock options		80				80
Exercise of stock options (shares)	3,134
Net income (loss)			261			261
Total other comprehensive income, net of tax				459		459
Balance at Aug. 31, 2015	$ 55	$ 108,159	$ 2,499	$ (376)	$ (13,466)	$ 96,871
Balance (in shares) at Aug. 31, 2015	5,541,029

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Operating activities:
Net income (loss)	$ 261	$ (1,377)
(Income) from discontinued operations		(144)
Income (loss) from continuing operations	261	(1,521)
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used in) operating activities of continuing operations:
Depreciation and amortization	5,627	4,990
Gain on sales of property	(2,163)	(950)
Stock-based compensation expense	192	276
Amortization of debt issuance costs	174	196
Deferred income taxes	106	(993)
Accretion of discount on note receivable	(49)	(139)
Gain on sales of common stock in Centaur Media plc		(318)
Loss on debt extinguishment		51
Changes in assets and liabilities:
Other assets	(631)	(1,363)
Accounts payable and accrued liabilities	442	(207)
Deferred revenue	5,478	504
Other liabilities	477	248
Net cash provided by (used in) operating activities of continuing operations	9,914	774
Net cash used in operating activities of discontinued operations		(69)
Net cash provided by (used in) operating activities	9,914	705
Investing activities:
Additions to real estate assets	(26,461)	(12,473)
Proceeds from collection of note receivable	1,500	2,750
Deferred leasing costs and other	(836)	(178)
Proceeds from sales of property	400
Proceeds from property sales returned from (deposited in) escrow, net		8,864
Proceeds from sales of common stock in Centaur Media plc		566
Proceeds from sale of business		169
Net cash used in investing activities	(25,397)	(302)
Financing activities:
Proceeds from mortgages	28,891	5,477
Payments of debt	(19,531)	(1,512)
Mortgage proceeds held in escrow	(3,125)	(1,000)
Dividends paid to stockholders	(1,030)	(1,029)
Debt issuance costs	(511)	(108)
Exercise of stock options	80	80
Net cash provided by (used in) financing activities	4,774	1,908
Net increase (decrease) in cash and cash equivalents	(10,709)	2,311
Cash and cash equivalents at beginning of year	17,059	14,179
Cash and cash equivalents at end of year	$ 6,350	$ 16,490

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Aug. 31, 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. 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. The accompanying unaudited consolidated financial statements of Griffin reflect its real estate business after Griffin sold its landscape nursery business in January 2014 (see below). These financial statements have been prepared in conformity with the standards of accounting measurement set forth by Financial Accounting Standards Board (“FASB”) ASC 270, “Interim Reporting” and in accordance with the accounting policies stated in Griffin’s audited consolidated financial statements for the fiscal year ended November 30, 2014 (“fiscal 2014”) included in Griffin’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission on February 13, 2015. These financial statements should be read in conjunction with the Notes to Consolidated Financial Statements appearing in that report. All adjustments, comprising only normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of results for the interim periods, have been reflected and all intercompany transactions have been eliminated. The consolidated balance sheet data as of November 30, 2014 was derived from Griffin’s audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. Griffin regularly evaluates estimates and assumptions related to the useful life and recoverability of long-lived assets, stock-based compensation expense, deferred income tax asset valuations, valuation of derivative instruments and the estimated costs to complete required offsite improvements to land sold. Griffin bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by Griffin may differ materially and adversely from Griffin’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. As of August 31, 2015, Griffin was a party to several interest rate swap agreements to hedge its interest rate exposure. Griffin does not use derivatives for speculative purposes. Griffin applies FASB ASC 815-10, “Derivatives and Hedging,” (“ASC 815-10”) as amended, which establishes accounting and reporting standards for derivative instruments and hedging activities. ASC 815-10 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 815-10 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 the benchmark interest rates. Changes in the fair values of Griffin’s interest rate swap agreements are recorded as components of accumulated other comprehensive income (loss) 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. The growing operation of Griffin’s landscape nursery business, previously conducted through its wholly-owned subsidiary, Imperial Nurseries, Inc. (“Imperial”), is reported 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 8). 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. Imperial was engaged in growing landscape nursery plants in containers for sale to independent retail garden centers and rewholesalers, whose main customers were landscape contractors. As the growing operations of Imperial are reflected as a discontinued operation in Griffin’s unaudited 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. The results of operations for the three months ended August 31, 2015 (the “2015 third quarter”) and the nine months ended August 31, 2015 (the “2015 nine month period”) are not necessarily indicative of the results to be expected for the full year. The three months and nine months ended August 31, 2014 are referred to herein as the “2014 third quarter” and “2014 nine month period,” respectively. Certain amounts from the 2014 periods have been reclassified to conform to the current presentation. Recent Accounting Pronouncements 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 financial position or results of operations. In August 2015, the FASB issued Accounting Standards Update No. 2015-14, “Revenue from Contracts with Customers - Deferral of the Effective Date,” which defers the effective date of Accounting Standards Update No. 2014-09 (see below) for Griffin until fiscal 2019. 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 in 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 financial position or results of operations. 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.

Real Estate Assets

Real Estate Assets	9 Months Ended
	Aug. 31, 2015
Real Estate Assets
Real Estate Assets	2. Real Estate Assets Real estate assets, net consist of: Estimated Useful Lives Aug. 31, 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 ) ) $ $ Total depreciation expense and capitalized interest related to real estate assets, net were as follows: For the Three Months Ended, For the Nine Months Ended, Aug. 31, 2015 Aug. 31, 2014 Aug. 31, 2015 Aug. 31, 2014 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 are each constructing roadways connecting the land parcel sold with existing town roads. The roads being built will become new town roads, 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 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 proceeds held in escrow (including interest earned) were returned to Griffin in the 2014 second quarter, as a replacement property was not acquired. As of August 31, 2015, approximately 89% of the total costs related to the Windsor Land Sale have been incurred; therefore, from the date of the Windsor Land Sale through August 31, 2015, approximately 89% of the total revenue and pretax gain on the sale have been recognized in Griffin’s consolidated statements of operations. Griffin’s consolidated statements of operations for the 2015 third quarter and 2015 nine month period include revenue of $1,176 and $2,247, respectively, and a pretax gain of $1,014 and $1,763, respectively, from the Windsor Land Sale. Griffin’s consolidated statements of operations for the 2014 third quarter and 2014 nine month period include revenue of $904 and $1,274, respectively, and a pretax gain of $674 and $950, respectively, from the Windsor Land Sale. As of August 31, 2015, Griffin has recognized total revenue of $8,020 and a total pretax gain of $6,111 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 mostly in the fourth quarter of fiscal 2015. Deferred revenue on Griffin’s consolidated balance sheet as of August 31, 2015, includes $948 related to the Windsor Land Sale that will be recognized as the remaining costs are incurred. The total pretax gain on the Windsor Land Sale is expected to be approximately $6,833 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 being constructed, increases or decreases in future costs as compared with current estimated amounts would reduce or increase the gain recognized in future periods. The Florida farm that had been used by Imperial prior to being shut down in fiscal 200 9 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 property sales revenue in Griffin’s consolidated statements of operations for the 2015 third quarter and 2015 nine month period. Real estate assets held for sale, net consist of: Aug. 31, 2015 Nov. 30, 2014 Land $ $ Development costs $ $

Fair Value

Fair Value	9 Months Ended
	Aug. 31, 2015
Fair Value
Fair Value	3. 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’s 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 include Griffin’s note receivable from Monrovia that was fully collected on June 1, 2015 (see Note 8). Level 2 assets and liabilities include Griffin’s interest rate swap derivatives (see Note 5). 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 the 2015 nine month period, Griffin did not transfer any assets or liabilities in or out of Levels 1 or 2. The following are Griffin’s financial assets and liabilities carried at fair value and measured at fair value on a recurring basis: August 31, 2015 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Marketable equity securities $ $ — $ — Interest rate swap liabilities $ — $ $ — November 30, 2014 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (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: Fair Value August 31, 2015 November 30, 2014 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value Financial assets: Cash and cash equivalents 1 $ $ $ $ Available-for-sale securities 1 Note receivable 2 — — Interest rate swap 2 — — Financial liabilities: Mortgage loans 2 Interest rate swaps 2 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.

Investment in Centaur Media plc

Investment in Centaur Media plc	9 Months Ended
	Aug. 31, 2015
Investment in Centaur Media plc
Investment in Centaur Media plc	4. Investment in Centaur Media plc As of August 31, 2015, Griffin held 1,952,462 shares of common stock in Centaur Media plc (“Centaur Media”). Griffin’s investment in the common stock of Centaur Media is accounted for as an available-for-sale security under ASC 320-10, “Investments — Debt and Equity Securities.” 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 7). In the 2014 nine month period, Griffin had a pretax gain of $318 from the sale of 500,000 shares of its Centaur Media common stock, which generated total cash proceeds of $566, after transaction costs. Griffin has not sold any of its Centaur Media common stock since the sale in the 2014 nine month period. The fair value, cost and unrealized gain of Griffin’s investment in Centaur Media are as follows: Aug. 31, 2015 Nov. 30, 2014 Fair value $ $ Cost Unrealized gain $ $

Mortgage Loans

Mortgage Loans	9 Months Ended
	Aug. 31, 2015
Mortgage Loans
Mortgage Loans	5. Mortgage Loans Griffin’s mortgage loans, which are nonrecourse, consist of: Aug. 31, 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* — 5.09%, due July 1, 2029 5.09%, due July 1, 2029 4.33%, due August 1, 2030 — Total nonrecourse mortgages $ $ * Griffin entered into interest rate swap agreements effectively to fix the interest rates on these loans (see below). 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 existing 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 are expected to be released to Griffin in the 2015 fourth quarter as the tenant that was leasing approximately 88,000 square feet on a month-to-month basis in 754 Rainbow Road has extended into a long-term lease for that space. $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 and $25 placed in escrow was released subsequent to August 31, 2015 upon renewal of insurance coverage on the mortgaged properties. 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 new 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. 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), in addition to $8,859 used to refinance the existing mortgage with First Niagara. The remaining $1,850 of loan proceeds will not be advanced until a portion of the remaining vacant space of approximately 101,000 square feet in 4270 Fritch Drive is leased. 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 fixes the rate of the 2025 First Niagara Mortgage at 4.43% over the mortgage loan’s ten year term. As of August 31, 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 3). No ineffectiveness on the cash flow hedges was recognized as of August 31, 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 the 2015 and 2014 nine month periods, Griffin recognized losses (included in other comprehensive loss) before taxes of $812 and $619, respectively, on its interest rate swap agreements. As of August 31, 2015, $1,068 was expected to be reclassified over the next twelve months from accumulated other comprehensive loss to interest expense. As of August 31, 2015, the net fair value of Griffin’s interest rate swap agreements was $2,251 and is included in other liabilities on Griffin’s consolidated balance sheet. 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 2015 third quarter. Griffin received proceeds of $11,500 at closing (before transaction costs), with the remaining $2,600 of loan proceeds to be advanced when, and if, the tenant that is leasing approximately 196,000 square feet in 5220 Jaindl Boulevard exercises its option to lease the balance of the building or when, and if, another tenant leases the currently unleased space on terms acceptable to Webster Bank. The tenant’s option to lease the balance of the building expires December 15, 2015. 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 fix the interest rate on the funds advanced under the 2015 Webster Mortgage at 3.77%.

Revolving Credit Agreement

Revolving Credit Agreement	9 Months Ended
	Aug. 31, 2015
Revolving Credit Agreement
Revolving Credit Agreement	6. 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. There have been no borrowings under the Webster Credit Line since its inception.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Aug. 31, 2015
Stockholders' Equity
Stockholders' Equity	7. Stockholders’ Equity Per Share Results Basic and diluted per share results were based on the following: For the Three Months Ended, For the Nine Months Ended, Aug. 31, 2015 Aug. 31, 2014 Aug. 31, 2015 Aug. 31, 2014 Income (loss) from continuing operations for computation of basic and diluted per share results, net of tax $ $ ) $ $ ) Income 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 the inclusion of such shares would be anti-dilutive. Such assessment is based on income (loss) from continuing operations when net income includes discontinued operations. The incremental shares from the assumed exercise of stock options for the three months and nine months ended August 31, 2014 would have been 3,000 and 12,000, respectively. Griffin Stock Option Plan Stock options are granted by Griffin under the Griffin Industrial Realty, Inc. 2009 Stock Option Plan (the “2009 Stock Option Plan”). Options granted under the 2009 Stock Option Plan may be either incentive stock options or non-qualified stock options issued at fair market value on the date approved by Griffin’s Compensation Committee. Vesting of all of Griffin’s previously issued stock options is solely based upon service requirements and does not contain market or performance conditions. Stock options issued will expire ten years from the grant date. In accordance with the 2009 Stock Option Plan, stock options issued 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 issued to non-employee directors upon their re-election to the board of directors vest on the second anniversary from the date of grant. Stock options issued 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 August 31, 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 Nine Months Ended, August 31, 2015 August 31, 2014 Number of Shares Fair Value per Option at Grant Date Number of Shares Fair Value per Option at Grant Date Non-employee directors $ $ The fair values of all options granted were estimated as of the grant date using the Black-Scholes option-pricing model. Assumptions used in determining the fair value of the stock options granted in the 2015 and 2014 nine month periods were as follows: For the Nine Months Ended, August 31, 2015 August 31, 2014 Expected volatility % % Risk free interest rate % % Expected option term (in years) Annual dividend yield % % Activity under the 2009 Stock Option Plan is summarized as follows: For the Nine Months Ended, August 31, 2015 August 31, 2014 Number of Shares Weighted Avg. Exercise Price Number of Shares Weighted Avg. Exercise Price Outstanding at beginning of period $ $ Granted Exercised ) ) Forfeited ) ) Outstanding at end of period $ $ Range of Exercise Prices Outstanding at August 31, 2015 Weighted Avg. Exercise Price Weighted Avg. Remaining Contractual Life (in years) Total Intrinsic Value $23.00-$28.00 $ 6.4 $ $28.00-$32.00 5.6 $32.00-$39.00 3.1 — $ 4.8 $ Number of option holders at August 31, 2015 Compensation expense and related tax benefits for stock options were as follows: For the Three Months Ended, For the Nine Months Ended, Aug. 31, 2015 Aug. 31, 2014 Aug. 31, 2015 Aug. 31, 2014 Compensation expense - continuing operations $ $ $ $ Compensation benefit - discontinued operations — — — ) Net compensation expense $ $ $ $ Related tax benefit - continuing operations $ $ $ $ Related tax expense - discontinued operations — — — ) Net related tax benefit $ $ $ $ As of August 31, 2015, the unrecognized compensation expense related to nonvested stock options that will be recognized during future periods is as follows: Balance of Fiscal 2015 $ Fiscal 2016 $ Fiscal 2017 $ Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, net of tax, is comprised of the following: For the Nine Months Ended August 31, 2015 Unrealized gain Unrealized loss on on investment in cash flow hedges Centaur Media Total Balance November 30, 2014 $ ) $ $ ) Other comprehensive (loss) income before reclassfications ) ) Amounts reclassified — Net activity for other comprehensive loss Balance August 31, 2015 $ ) $ $ ) For the Nine Months Ended August 31, 2014 Unrealized gain Actuarial gain Unrealized loss on on investment in on postretirement cash flow hedges Centaur Media benefits program Total Balance November 30, 2013 $ ) $ $ $ ) Other comprehensive (loss) income before reclassifications ) — ) Amounts reclassified ) ) ) Net activity for other comprehensive loss ) ) ) Balance August 31, 2014 $ ) $ $ — $ ) The components of other comprehensive income (loss) are as follows: For the Three Months Ended, August 31, 2015 August 31, 2014 Pre-Tax Tax (Expense) Benefit Net-of-Tax Pre-Tax Tax (Expense) Benefit Net-of-Tax Reclassifications included in net income (loss): Loss on cash flow hedges (interest expense) $ $ ) $ $ $ ) $ Total reclassifications included in net income (loss) ) ) Mark to market adjustment on Centaur Media for an increase (decrease) in the foreign currency exchange rate ) ) ) Mark to market adjustment on Centaur Media for an increase (decrease) in fair value ) ) ) Decrease in fair value adjustments on Griffin’s cash flow hedges ) ) ) ) Total other changes in other comprehensive income (loss) ) ) ) Other comprehensive income (loss) $ $ ) $ $ ) $ $ ) For the Nine Months Ended, August 31, 2015 August 31, 2014 Pre-Tax Tax (Expense) Benefit Net-of-Tax Pre-Tax Tax (Expense) Benefit Net-of-Tax Reclassifications included in net income (loss): Loss on cash flow hedges (interest expense) $ $ ) $ $ $ ) $ Termination of postretirement benefits program ($283, net of tax, to discontinued operations, $21, net of tax, to general and administrative expense) — — — ) ) Realized gain on sale of Centaur Media (gain on sale) — — — ) ) Total reclassifications included in net income (loss) ) ) ) Mark to market adjustment on Centaur Media for a (decrease) increase in the foreign currency exchange rate ) ) ) Mark to market adjustment on Centaur Media for an increase in fair value ) ) Decrease in fair value adjustments on Griffin’s cash flow hedges ) ) ) ) Total change in other comprehensive income (loss) ) ) ) ) Other comprehensive income (loss) $ $ ) $ $ ) $ $ ) Cash Dividend Griffin did not declare a cash dividend in the 2015 or 2014 nine month periods. During the 2015 first quarter, Griffin paid $1,030 for the cash dividend declared in the 2014 fourth quarter. During the 2014 first quarter, Griffin paid $1,029 for the cash dividend declared in the 2013 fourth quarter.

Discontinued Operation

Discontinued Operation	9 Months Ended
	Aug. 31, 2015
Discontinued Operation
Discontinued Operation	8. Discontinued Operation 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”). The Promissory Note was due in two installments: $2,750 was due and paid on June 1, 2014 and $1,500 was due and paid on June 1, 2015. The Promissory Note was discounted at 7% to its present value of $4,036 at inception and was secured by an irrevocable letter of credit. 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. Net cash of $732 was received from Monrovia in the 2014 nine month period and Griffin paid $563 in severance and other expenses related to the Imperial Sale. 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 all periods presented and the assets and liabilities of the growing operations of Imperial (excluding those assets that are part of the Imperial Lease) are shown as assets and liabilities of the discontinued operation on Griffin’s consolidated balance sheets. Revenue and the pretax income from Imperial’s growing operations, reflected as a discontinued operation in Griffin’s consolidated statements of operations, were as follows: For the Three Months Ended August 31, 2014 For the Nine Months Ended August 31, 2014 Net sales and other revenue $ $ Pretax income $ $ The pretax loss from the Imperial Sale in the 2014 nine month period was as follows: Consideration received from Monrovia, reflecting initial cash of $732 and note receivable of $4,036 $ Carrying value of assets sold, principally inventory ) Curtailment of employee benefit plan Severance and other expenses ) $ )

Supplemental Financial Statemen

Supplemental Financial Statement Information	9 Months Ended
	Aug. 31, 2015
Supplemental Financial Statement Information
Supplemental Financial Statement Information	9. Supplemental Financial Statement Information Other Assets Griffin’s other assets are comprised of the following: Aug. 31, 2015 Nov. 30, 2014 Deferred leasing costs $ $ Deferred rent receivable Prepaid expenses Deferred financing costs Lease receivables Mortgage escrows Intangible assets, net Property and equipment, net Assets of discontinued operation Other $ $ Accounts Payable and Accrued Liabilities Griffin’s accounts payable and accrued liabilities are comprised of the following: Aug. 31, 2015 Nov. 30, 2014 Accrued construction costs and retainage $ $ Trade payables Accrued salaries, wages and other compensation Accrued interest payable Other $ $ Other Liabilities Griffin’s other liabilities are comprised of the following: Aug. 31, 2015 Nov. 30, 2014 Deferred compensation plan $ $ Interest rate swap agreements Prepaid rent from tenants Conditional asset retirement obligations Security deposits Other $ $ Supplemental Cash Flow Information Increases of $638 and $277 in the 2015 and 2014 nine month periods, respectively, in Griffin’s Investment in Centaur Media reflect the mark to market adjustments of this investment and did not affect Griffin’s cash. In the 2014 nine month period, Griffin sold 500,000 shares of its Centaur Media common stock (see Note 4). Accounts payable and accrued liabilities related to additions to real estate assets increased by $1,256 and $20 in the 2015 nine month period and 2014 nine month period, respectively. Interest payments were as follows: For the Three Months Ended, For the Nine Months Ended, Aug. 31, 2015 Aug. 31, 2014 Aug. 31, 2015 Aug. 31, 2014 $ $ $ $ Income Taxes Griffin’s effective income tax rate on continuing operations was 28.9% for the 2015 nine month period as compared to 39.5% for the 2014 nine month period. The effective tax rate in the 2015 nine month period is based on management’s projections for the balance of the year. To the extent that actual results differ from current projections, the effective income tax rate may change. As of August 31, 2015, Griffin’s consolidated balance sheet includes a net deferred tax asset of $5,640. Although Griffin has incurred a cumulative pretax loss from continuing operations (excluding nonrecurring items) for the three fiscal years ended November 30, 2014, management has concluded that a valuation allowance against its net deferred tax assets is not required.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Aug. 31, 2015
Commitments and Contingencies
Commitments and Contingencies	10. Commitments and Contingencies As of August 31, 2015, Griffin had committed purchase obligations of approximately $1,269, principally for building and tenant improvements in its properties. On June 27, 2014, Griffin entered into an agreement to sell approximately 29 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 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 fiscal 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 position, results of operations or cash flows.

Subsequent Events

Subsequent Events	9 Months Ended
	Aug. 31, 2015
Subsequent Events.
Subsequent Events	11. Subsequent Events See Note 5 for disclosure of the subsequent event related to the closing on a nonrecourse mortgage loan on September 1, 2015.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Aug. 31, 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. 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. The accompanying unaudited consolidated financial statements of Griffin reflect its real estate business after Griffin sold its landscape nursery business in January 2014 (see below). These financial statements have been prepared in conformity with the standards of accounting measurement set forth by Financial Accounting Standards Board (“FASB”) ASC 270, “Interim Reporting” and in accordance with the accounting policies stated in Griffin’s audited consolidated financial statements for the fiscal year ended November 30, 2014 (“fiscal 2014”) included in Griffin’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission on February 13, 2015. These financial statements should be read in conjunction with the Notes to Consolidated Financial Statements appearing in that report. All adjustments, comprising only normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of results for the interim periods, have been reflected and all intercompany transactions have been eliminated. The consolidated balance sheet data as of November 30, 2014 was derived from Griffin’s audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. Griffin regularly evaluates estimates and assumptions related to the useful life and recoverability of long-lived assets, stock-based compensation expense, deferred income tax asset valuations, valuation of derivative instruments and the estimated costs to complete required offsite improvements to land sold. Griffin bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by Griffin may differ materially and adversely from Griffin’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. As of August 31, 2015, Griffin was a party to several interest rate swap agreements to hedge its interest rate exposure. Griffin does not use derivatives for speculative purposes. Griffin applies FASB ASC 815-10, “Derivatives and Hedging,” (“ASC 815-10”) as amended, which establishes accounting and reporting standards for derivative instruments and hedging activities. ASC 815-10 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 815-10 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 the benchmark interest rates. Changes in the fair values of Griffin’s interest rate swap agreements are recorded as components of accumulated other comprehensive income (loss) 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. The growing operation of Griffin’s landscape nursery business, previously conducted through its wholly-owned subsidiary, Imperial Nurseries, Inc. (“Imperial”), is reported 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 8). 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. Imperial was engaged in growing landscape nursery plants in containers for sale to independent retail garden centers and rewholesalers, whose main customers were landscape contractors. As the growing operations of Imperial are reflected as a discontinued operation in Griffin’s unaudited 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. The results of operations for the three months ended August 31, 2015 (the “2015 third quarter”) and the nine months ended August 31, 2015 (the “2015 nine month period”) are not necessarily indicative of the results to be expected for the full year. The three months and nine months ended August 31, 2014 are referred to herein as the “2014 third quarter” and “2014 nine month period,” respectively. Certain amounts from the 2014 periods have been reclassified to conform to the current presentation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 financial position or results of operations. In August 2015, the FASB issued Accounting Standards Update No. 2015-14, “Revenue from Contracts with Customers - Deferral of the Effective Date,” which defers the effective date of Accounting Standards Update No. 2014-09 (see below) for Griffin until fiscal 2019. 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 in 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 financial position or results of operations. 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.

Real Estate Assets (Tables)

Real Estate Assets (Tables)	9 Months Ended
	Aug. 31, 2015
Real Estate Assets
Schedule of real estate assets	Estimated Useful Lives Aug. 31, 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 Three Months Ended, For the Nine Months Ended, Aug. 31, 2015 Aug. 31, 2014 Aug. 31, 2015 Aug. 31, 2014 Depreciation expense $ $ $ $ Capitalized interest $ $ $ $
Assets held for sale
Real Estate Assets
Schedule of real estate assets	Aug. 31, 2015 Nov. 30, 2014 Land $ $ Development costs $ $

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Aug. 31, 2015
Fair Value
Schedule of financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:	August 31, 2015 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Marketable equity securities $ $ — $ — Interest rate swap liabilities $ — $ $ — November 30, 2014 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Marketable equity securities $ $ — $ — Interest rate swap asset $ — $ $ — Interest rate swap liabilities $ — $ $ —
Schedule of carrying and estimated fair values of financial instruments	Fair Value August 31, 2015 November 30, 2014 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value Financial assets: Cash and cash equivalents 1 $ $ $ $ Available-for-sale securities 1 Note receivable 2 — — Interest rate swap 2 — — Financial liabilities: Mortgage loans 2 Interest rate swaps 2

Investment in Centaur Media p23

Investment in Centaur Media plc (Tables)	9 Months Ended
	Aug. 31, 2015
Investment in Centaur Media plc
Schedule of fair value, cost and unrealized gain of Griffin's investment in Centaur Media	Aug. 31, 2015 Nov. 30, 2014 Fair value $ $ Cost Unrealized gain $ $

Mortgage Loans (Tables)

Mortgage Loans (Tables)	9 Months Ended
	Aug. 31, 2015
Mortgage Loans
Schedule of long- term debt	Aug. 31, 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* — 5.09%, due July 1, 2029 5.09%, due July 1, 2029 4.33%, due August 1, 2030 — Total nonrecourse mortgages $ $ * Griffin entered into interest rate swap agreements effectively to fix the interest rates on these loans (see below).

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Aug. 31, 2015
Stockholders' Equity
Schedule of basic and diluted per share results	For the Three Months Ended, For the Nine Months Ended, Aug. 31, 2015 Aug. 31, 2014 Aug. 31, 2015 Aug. 31, 2014 Income (loss) from continuing operations for computation of basic and diluted per share results, net of tax $ $ ) $ $ ) Income 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 the inclusion of such shares would be anti-dilutive. Such assessment is based on income (loss) from continuing operations when net income includes discontinued operations. The incremental shares from the assumed exercise of stock options for the three months and nine months ended August 31, 2014 would have been 3,000 and 12,000, respectively.
Schedule of options granted by Griffin under the Stock Option Plan to non-employee directors	For the Nine Months Ended, August 31, 2015 August 31, 2014 Number of Shares Fair Value per Option at Grant Date Number of Shares Fair Value per Option at Grant Date Non-employee directors $ $
Schedule of assumptions used in determining fair values of each option	For the Nine Months Ended, August 31, 2015 August 31, 2014 Expected volatility % % Risk free interest rate % % Expected option term (in years) Annual dividend yield % %
Summary of the activity under the Griffin Stock Option Plan	For the Nine Months Ended, August 31, 2015 August 31, 2014 Number of Shares Weighted Avg. Exercise Price Number of Shares Weighted Avg. Exercise Price Outstanding at beginning of period $ $ Granted Exercised ) ) Forfeited ) ) Outstanding at end of period $ $
Schedule of options by range of exercise prices	Range of Exercise Prices Outstanding at August 31, 2015 Weighted Avg. Exercise Price Weighted Avg. Remaining Contractual Life (in years) Total Intrinsic Value $23.00-$28.00 $ 6.4 $ $28.00-$32.00 5.6 $32.00-$39.00 3.1 — $ 4.8 $ Number of option holders at August 31, 2015
Schedule of compensation expense and related tax benefits for stock options	For the Three Months Ended, For the Nine Months Ended, Aug. 31, 2015 Aug. 31, 2014 Aug. 31, 2015 Aug. 31, 2014 Compensation expense - continuing operations $ $ $ $ Compensation benefit - discontinued operations — — — ) Net compensation expense $ $ $ $ Related tax benefit - continuing operations $ $ $ $ Related tax expense - discontinued operations — — — ) Net related tax benefit $ $ $ $
Schedule of unrecognized compensation expense related to nonvested stock options that will be recognized during future periods	Balance of Fiscal 2015 $ Fiscal 2016 $ Fiscal 2017 $
Schedule of accumulated other comprehensive loss, and activity	For the Nine Months Ended August 31, 2015 Unrealized gain Unrealized loss on on investment in cash flow hedges Centaur Media Total Balance November 30, 2014 $ ) $ $ ) Other comprehensive (loss) income before reclassfications ) ) Amounts reclassified — Net activity for other comprehensive loss Balance August 31, 2015 $ ) $ $ ) For the Nine Months Ended August 31, 2014 Unrealized gain Actuarial gain Unrealized loss on on investment in on postretirement cash flow hedges Centaur Media benefits program Total Balance November 30, 2013 $ ) $ $ $ ) Other comprehensive (loss) income before reclassifications ) — ) Amounts reclassified ) ) ) Net activity for other comprehensive loss ) ) ) Balance August 31, 2014 $ ) $ $ — $ )
Schedule of components of other comprehensive (loss) income	For the Three Months Ended, August 31, 2015 August 31, 2014 Pre-Tax Tax (Expense) Benefit Net-of-Tax Pre-Tax Tax (Expense) Benefit Net-of-Tax Reclassifications included in net income (loss): Loss on cash flow hedges (interest expense) $ $ ) $ $ $ ) $ Total reclassifications included in net income (loss) ) ) Mark to market adjustment on Centaur Media for an increase (decrease) in the foreign currency exchange rate ) ) ) Mark to market adjustment on Centaur Media for an increase (decrease) in fair value ) ) ) Decrease in fair value adjustments on Griffin’s cash flow hedges ) ) ) ) Total other changes in other comprehensive income (loss) ) ) ) Other comprehensive income (loss) $ $ ) $ $ ) $ $ ) For the Nine Months Ended, August 31, 2015 August 31, 2014 Pre-Tax Tax (Expense) Benefit Net-of-Tax Pre-Tax Tax (Expense) Benefit Net-of-Tax Reclassifications included in net income (loss): Loss on cash flow hedges (interest expense) $ $ ) $ $ $ ) $ Termination of postretirement benefits program ($283, net of tax, to discontinued operations, $21, net of tax, to general and administrative expense) — — — ) ) Realized gain on sale of Centaur Media (gain on sale) — — — ) ) Total reclassifications included in net income (loss) ) ) ) Mark to market adjustment on Centaur Media for a (decrease) increase in the foreign currency exchange rate ) ) ) Mark to market adjustment on Centaur Media for an increase in fair value ) ) Decrease in fair value adjustments on Griffin’s cash flow hedges ) ) ) ) Total change in other comprehensive income (loss) ) ) ) ) Other comprehensive income (loss) $ $ ) $ $ ) $ $ )

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Aug. 31, 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 Three Months Ended August 31, 2014 For the Nine Months Ended August 31, 2014 Net sales and other revenue $ $ Pretax income $ $
Schedule of pretax loss from the Imperial Sale	Consideration received from Monrovia, reflecting initial cash of $732 and note receivable of $4,036 $ Carrying value of assets sold, principally inventory ) Curtailment of employee benefit plan Severance and other expenses ) $ )

Supplemental Financial Statem27

Supplemental Financial Statement Information (Tables)	9 Months Ended
	Aug. 31, 2015
Supplemental Financial Statement Information
Schedule of other assets	Aug. 31, 2015 Nov. 30, 2014 Deferred leasing costs $ $ Deferred rent receivable Prepaid expenses Deferred financing costs Lease receivables Mortgage escrows Intangible assets, net Property and equipment, net Assets of discontinued operation Other $ $
Schedule of accounts payable and accrued liabilities	Aug. 31, 2015 Nov. 30, 2014 Accrued construction costs and retainage $ $ Trade payables Accrued salaries, wages and other compensation Accrued interest payable Other $ $
Schedule of other liabilities	Aug. 31, 2015 Nov. 30, 2014 Deferred compensation plan $ $ Interest rate swap agreements Prepaid rent from tenants Conditional asset retirement obligations Security deposits Other $ $
Schedule of interest payments	For the Three Months Ended, For the Nine Months Ended, Aug. 31, 2015 Aug. 31, 2014 Aug. 31, 2015 Aug. 31, 2014 $ $ $ $

Real Estate Assets (Details)

Real Estate Assets (Details) $ in Thousands	Jun. 01, 2015USD ($)	Aug. 31, 2015USD ($)	Aug. 31, 2014USD ($)	Aug. 31, 2015USD ($)	Aug. 31, 2014USD ($)	Nov. 30, 2014USD ($)	May. 31, 2015USD ($)	Nov. 30, 2013USD ($)a
Real Estate Assets
Real estate assets, gross		$ 235,980		$ 235,980		$ 209,284
Accumulated depreciation		(79,010)		(79,010)		(74,762)
Real estate assets, net		156,970		156,970		134,522
Depreciation expense		1,619	$ 1,459	4,765	$ 4,527
Capitalized interest		290	49	657	424
Sales
Deferred revenue		11,580		11,580		8,349
Imperial's landscape nursery business
Sales
Sale price		4,100		4,100			$ 4,100
Windsor undeveloped land sale
Sales
Revenue from sale of land				8,020
Pretax gain on land sale				6,111
Assets held for sale
Real Estate Assets
Real estate assets, net		9,963		9,963		9,943
Imperial's Florida farm | Imperial's landscape nursery business
Sales
Deposit received in real estate sale	$ 400
Revenue from sale of land		400		400
Land
Real Estate Assets
Real estate assets, gross		$ 17,955		$ 17,955		17,955
Land | Windsor undeveloped land sale
Sales
Number of acres sold | a								90
Sale price								$ 9,000
Number of acres of undeveloped land | a								253
Proceeds from land sale deposited in escrow								$ 8,860
Percentage of cost incurred on sale of land		89.00%		89.00%
Percentage of total revenue and pretax gain on sale have been recognized				89.00%
Revenue from sale of land		$ 1,176	904	$ 2,247	1,274
Pretax gain on land sale		1,014	$ 674	1,763	$ 950
Deferred revenue		948		948
Estimated pretax gain on sale that would be recognized after incurring total costs and recognizing total revenue				6,833		6,833
Land | Assets held for sale
Real Estate Assets
Real estate assets, gross		286		286		286
Land improvements
Real Estate Assets
Real estate assets, gross		22,755		$ 22,755		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		147,480		$ 147,480		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		19,570		$ 19,570		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		9,104		$ 9,104		3,927
Development costs
Real Estate Assets
Real estate assets, gross		7,306		7,306		6,388
Development costs | Assets held for sale
Real Estate Assets
Real estate assets, gross		$ 9,677		$ 9,677		$ 9,657

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Aug. 31, 2015	Nov. 30, 2014
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Marketable equity securities	$ 2,562	$ 1,924
Interest rate swap liabilities	2,251	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	2,562	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	$ 2,251	$ 2,330

Fair Value (Details 2)

Fair Value (Details 2) - USD ($) $ in Thousands	Aug. 31, 2015	Nov. 30, 2014
Financial assets:
Available-for-sale securities	$ 2,562	$ 1,924
Financial liabilities:
Interest rate swaps	2,251	2,330
Carrying Value | Level 1
Financial assets:
Cash and cash equivalents	6,350	17,059
Available-for-sale securities	2,562	1,924
Carrying Value | Level 2
Financial assets:
Note receivable		1,451
Interest rate swap		8
Financial liabilities:
Mortgage loans	79,528	70,168
Interest rate swaps	2,251	2,330
Estimated Fair Value | Level 1
Financial assets:
Cash and cash equivalents	6,350	17,059
Available-for-sale securities	2,562	1,924
Estimated Fair Value | Level 2
Financial assets:
Note receivable		1,451
Interest rate swap		8
Financial liabilities:
Mortgage loans	80,522	71,014
Interest rate swaps	$ 2,251	$ 2,330

Investment (Details)

Investment (Details) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2014	Aug. 31, 2015	Nov. 30, 2014
Investment in Centaur Media plc
Shares of common stock held in Centaur Media		1,952,462
Pre-Tax Gain on sale of common stock in Centaur Media plc	$ 318
Shares of Centaur Media common stock sold	500,000
Proceeds from sale of shares	$ 566
Investment in Centaur Media
Fair value		$ 2,562	$ 1,924
Cost		1,014	1,014
Unrealized gain		$ 1,548	$ 910

Mortgage Loan (Details )

Mortgage Loan (Details ) $ in Thousands	Sep. 01, 2015USD ($)ft²	Aug. 01, 2015USD ($)ft²building	Jul. 29, 2015USD ($)ft²building	Dec. 31, 2014USD ($)ft²subsidiary	Aug. 31, 2015USD ($)item	Aug. 31, 2014USD ($)	Aug. 31, 2015USD ($)item	Aug. 31, 2014USD ($)	Nov. 30, 2014USD ($)
Long-Term Debt
Nonrecourse mortgages					$ 79,528		$ 79,528		$ 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 liabilities					$ 2,251		$ 2,251		2,330
Loss on debt extinguishment						$ (51)		$ (51)
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							$ 812	$ 619
Loss expected to be reclassified over next twelve months from accumulated other comprehensive loss to interest expense					$ 1,068		1,068
Nonrecourse mortgages
Long-Term Debt
Nonrecourse mortgages					$ 79,528		$ 79,528		70,168
Nonrecourse mortgages | 5220 Jaindl Boulevard
Long-Term Debt
Nonrecourse mortgages	$ 14,100
Debt disclosures
Area of properties (in square feet) | ft²	280,000
Proceeds from issuance of debt	$ 11,500
Currently Leased space at the time of borrowing | ft²	196,000
Term of debt	10 years
Amortization period of debt	25 years
Variable interest rate base	one month LIBOR
Variable interest rate margin (as a percent)	1.65%
Mortgage proceeds to be deposited into an escrow account	$ 2,600
Nonrecourse mortgages | Interest rate swap agreement | 5220 Jaindl Boulevard
Debt disclosures
Fixed interest rate pursuant to interest rate swap agreement (as a percent)	3.77%
Notional principal amount of interest rate swap agreement	$ 11,500
Nonrecourse mortgages: 5.73%, due August 1, 2015
Long-Term Debt
Interest rate (as a percent)					5.73%		5.73%
Nonrecourse mortgages		$ 17,891							18,189
Debt disclosures
Area of collateralized properties (in square feet) | ft²		392,000
Number of collateralized industrial buildings | building		3
Nonrecourse variable rate loans, due October 2, 2017
Long-Term Debt
Nonrecourse mortgages					$ 6,262		$ 6,262		6,394
Nonrecourse variable rate loans, due February 1, 2019
Long-Term Debt
Nonrecourse mortgages					10,681		10,681		10,888
Nonrecourse variable rate loans, due August 1, 2019
Long-Term Debt
Nonrecourse mortgages					7,550		7,550		7,691
Nonrecourse Variable rate loans, due January 27, 2020
Long-Term Debt
Nonrecourse mortgages					3,759		3,759		3,848
Nonrecourse Variable rate loans, due September 1, 2023
Long-Term Debt
Nonrecourse mortgages									8,875
Nonrecourse Variable rate loans, due January 2, 2025
Long-Term Debt
Nonrecourse mortgages					$ 19,494		$ 19,494
5.09%, due July 1, 2029 GCD Mortgage Loan member
Long-Term Debt
Interest rate (as a percent)					5.09%		5.09%
Nonrecourse mortgages					$ 7,478		$ 7,478		7,750
5.09%, due July 1, 2029 TD mortgage loan member
Long-Term Debt
Interest rate (as a percent)					5.09%		5.09%
Nonrecourse mortgages					$ 6,304		$ 6,304		$ 6,533
4.33%, due August 1, 2030 mortgage loan member
Long-Term Debt
Interest rate (as a percent)			4.33%		4.33%		4.33%
Nonrecourse mortgages			$ 18,000		$ 18,000		$ 18,000
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
4.33%, due August 1, 2030 mortgage loan member | New England Tradeport Industrial Park
Debt disclosures
Mortgage proceeds deposited into an escrow account			25
4.33%, due August 1, 2030 mortgage loan member | New England Tradeport Industrial Park | Location 1
Debt disclosures
Mortgage proceeds deposited into an escrow account			$ 2,500
Threshold of leased space to release escrow deposits (in square feet) | ft²			88,000
4.33%, due August 1, 2030 mortgage loan member | New England Tradeport Industrial Park | Location 2
Debt disclosures
Mortgage proceeds deposited into an escrow account			$ 600
2025 First Niagara Mortgage
Long-Term Debt
Nonrecourse mortgages				$ 21,600
Debt disclosures
Number of subsidiaries which are refinancing nonrecourse mortgage loan | subsidiary				2
Proceeds from issuance of debt				$ 10,891
Debt, Refinanced, Amount				8,859
Amount held back from net proceeds				$ 1,850
Space to be leased to secure the additional borrowing (in square feet) | ft²				101,000
Term of debt				10 years
Amortization period of debt				25 years
Variable interest rate base				one month LIBOR
Variable interest rate margin (as a percent)				1.95%
2025 First Niagara Mortgage | Lower Nazareth, Pennsylvania | Location 1
Debt disclosures
Area of collateralized properties (in square feet) | ft²				228,000
2025 First Niagara Mortgage | Lower Nazareth, Pennsylvania | Location 2
Debt disclosures
Area of collateralized properties (in square feet) | ft²				303,000
2025 First Niagara Mortgage | Interest rate swap agreement
Debt disclosures
Fixed interest rate pursuant to interest rate swap agreement (as a percent)				4.43%

Revolving Credit Agreement (Det

Revolving Credit Agreement (Details) - Webster Credit Line $ in Thousands	9 Months Ended
	Aug. 31, 2015USD ($)ft²
Revolving credit agreement
Maximum borrowing capacity | $	$ 12,500
Variable interest rate base	one month LIBOR
Variable interest rate margin (as a percent)	2.75%
Borrowings under credit line | $	$ 0
Option to extend credit line	1 year
Griffin Center South, Bloomfield, CT
Revolving credit agreement
Area of collateralized properties (in square feet)	235,000
Single-story office building in Griffin Center
Revolving credit agreement
Area of collateralized properties (in square feet)	48,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Per Share Results
Income (loss) from continuing operations for computation of basic and diluted per share results, net of tax	$ 1,203	$ (198)	$ 261	$ (1,521)
Income from discontinued operations for computation of basic and diluted per share results, net of tax		26		144
Net income (loss)	$ 1,203	$ (172)	$ 261	$ (1,377)
Weighted average shares outstanding for computation of basic per share results	5,153,000	5,150,000	5,151,000	5,148,000
Incremental shares from assumed exercise of Griffin stock options	23,000		21,000
Adjusted weighted average shares for computation of diluted per share results	5,176,000	5,150,000	5,172,000	5,148,000
Incremental shares from assumed exercise of stock options excluded due to anti-dilutive effect		3,000		12,000

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2) - 2009 Stock Option Plan - $ / shares	9 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Activity under the Griffin Stock Option Plan
Outstanding at beginning of period (in shares)	222,001	239,677
Granted (in shares)	8,282	8,532
Exercised (in shares)	(3,134)	(3,208)
Forfeited (in shares)	(1,422)	(23,000)
Outstanding at end of period (in shares)	225,727	222,001
Weighted Avg. Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 30.35	$ 30.35
Granted (in dollars per share)	31.38	28.12
Exercised (in dollars per share)	25.53	24.94
Forfeited (in dollars per share)	28.12	30.27
Outstanding at end of period (in dollars per share)	$ 30.47	$ 30.35

Stockholders' Equity (Details 3

Stockholders' Equity (Details 3) - 2009 Stock Option Plan $ / shares in Units, $ in Thousands	9 Months Ended
	Aug. 31, 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 9 months 18 days
Total Intrinsic Value | $	$ 401
$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 4 months 24 days
Total Intrinsic Value | $	$ 91
$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 7 months 6 days
Total Intrinsic Value | $	$ 310
$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	3 years 1 month 6 days

Stockholders' Equity (Details 4

Stockholders' Equity (Details 4) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2015USD ($)individual	Aug. 31, 2014USD ($)	Aug. 31, 2015USD ($)individual$ / sharesshares	Aug. 31, 2014USD ($)$ / sharesshares
Employee and directors' stock options
Other Disclosures
Number of option holders | individual	15		15
2009 Stock Option Plan
Griffin Stock Option Plan
Granted (in shares) | shares			8,282	8,532
2009 Stock Option Plan | Employee and directors' stock options
Griffin Stock Option Plan
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%
Range of risk free interest rate (as a percent)			2.00%	2.20%
Expected option term			8 years 6 months	8 years 6 months
Annual dividend yield (as a percent)			0.70%	0.70%
Compensation expense for stock options
Compensation expense (benefit)	$ 30	$ 63	$ 192	$ 146
Related tax benefit (expense)	8	19	$ 49	$ 44
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	$ 12.42
Granted (in shares) | shares			8,282	8,532
Continuing operations | 2009 Stock Option Plan | Employee and directors' stock options
Compensation expense for stock options
Compensation expense (benefit)	30	63	$ 192	$ 276
Related tax benefit (expense)	$ 8	$ 19	$ 49	59
Discontinued operations. | 2009 Stock Option Plan | Employee and directors' stock options
Compensation expense for stock options
Compensation expense (benefit)				130
Related tax benefit (expense)				$ 15

Stockholders' Equity (Details 5

Stockholders' Equity (Details 5) - Nonvested Options $ in Thousands	Aug. 31, 2015USD ($)
Unrecognized compensation expense related to non-vested stock options that will be recognized during future periods
Fiscal 2,015	$ 38
Fiscal 2,016	75
Fiscal 2,017	$ 19

Stockholders' Equity (Details 6

Stockholders' Equity (Details 6) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Aug. 31, 2015	Feb. 28, 2015	Aug. 31, 2014	Feb. 28, 2014	Aug. 31, 2015	Aug. 31, 2014
Change in accumulated other comprehensive loss, net of tax
Balance at the beginning of the period		$ (835)		$ (449)	$ (835)	$ (449)
Other comprehensive (loss) income before reclassifications	$ 69		$ (205)		(98)	(210)
Reclassifications included in net income (loss)	189		158		557	(33)
Total other comprehensive income, net of tax					459	(243)
Balance at the end of the period	(376)		(692)		(376)	(692)
Reclassifications included in net loss:
Termination of postretirement benefits program						(485)
Loss on cash flow hedges (interest expense)	300		252		884	755
Realized gain on sale of Centaur Media (gain on sale)						(321)
Total reclassifications included in net income (loss)	300		252		884	(51)
Mark to market adjustment on Centaur Media for a (decrease) increase in the foreign currency exchange rate	10		(17)		(39)	45
Mark to market adjustment on Centaur Media for an increase (decrease) in fair value	179		(209)		677	232
Decrease in fair value adjustments on Griffin's cash flow hedges	(85)		(93)		(812)	(619)
Total other changes in other comprehensive (loss) income	104		(319)		(174)	(342)
Total other comprehensive (loss) income	404		(67)		710	(393)
Reclassifications included in net loss:
Termination of postretirement benefits program tax						181
Loss on cash flow hedges (interest expense)	(111)		(94)		(327)	(280)
Realized gain on sale of Centaur Media (gain on sale)						117
Total reclassifications included in net loss	(111)		(94)		(327)	18
Mark to market adjustment on Centaur Media for a (decrease) increase in the foreign currency exchange rate	(4)		6		13	(16)
Mark to market adjustment on Centaur Media for an increase in fair value	(62)		73		(237)	(81)
Decrease in fair value adjustments on Griffin's cash flow hedges	31		35		300	229
Total change in other comprehensive (loss) income	(35)		114		76	132
Total other comprehensive (loss) income	(146)		20		(251)	150
Reclassifications included in net loss:
Termination of postretirement benefits program net of tax						(304)
Loss on cash flow hedges (interest expense)	189		158		557	475
Realized gain on sale of Centaur Media (gain on sale)						(204)
Total reclassifications included in net loss	189		158		557	(33)
Mark to market adjustment on Centaur Media for a (decrease) increase in the foreign currency exchange rate	6		(11)		(26)	29
Mark to market adjustment on Centaur Media for an increase in fair value	117		(136)		440	151
Decrease in fair value adjustments on Griffin's cash flow hedges	(54)		(58)		(512)	(390)
Total change in other comprehensive (loss) income	69		(205)		(98)	(210)
Total other comprehensive income (loss), net of tax	258		(47)		459	(243)
Cash Dividend
Cash dividend paid		1,030		1,029	1,030	1,029
General and Administrative Expense
Reclassifications included in net loss:
Termination of postretirement benefits program, net of tax			21			21
Discontinued operations.
Reclassifications included in net loss:
Termination of postretirement benefits program, net of tax			(283)		(283)
Unrealized loss on cash flow hedges
Change in accumulated other comprehensive loss, net of tax
Balance at the beginning of the period		(1,464)		(1,401)	(1,464)	(1,401)
Other comprehensive (loss) income before reclassifications					(512)	(390)
Reclassifications included in net income (loss)					557	475
Total other comprehensive income, net of tax					45	85
Balance at the end of the period	(1,419)		(1,316)		(1,419)	(1,316)
Reclassifications included in net loss:
Total reclassifications included in net loss					557	475
Total change in other comprehensive (loss) income					(512)	(390)
Unrealized gain on investment in Centaur Media
Change in accumulated other comprehensive loss, net of tax
Balance at the beginning of the period		$ 629		648	629	648
Other comprehensive (loss) income before reclassifications					414	180
Reclassifications included in net income (loss)						(204)
Total other comprehensive income, net of tax					414	(24)
Balance at the end of the period	$ 1,043		$ 624		1,043	624
Reclassifications included in net loss:
Total reclassifications included in net loss						(204)
Total change in other comprehensive (loss) income					$ 414	180
Actuarial gain on postretirement benefit program
Change in accumulated other comprehensive loss, net of tax
Balance at the beginning of the period				$ 304		304
Reclassifications included in net income (loss)						(304)
Total other comprehensive income, net of tax						(304)
Reclassifications included in net loss:
Total reclassifications included in net loss						$ (304)

Discontinued Operation (Details

Discontinued Operation (Details) $ in Thousands	Jan. 08, 2014USD ($)item	Aug. 31, 2014USD ($)	Aug. 31, 2015USD ($)	Aug. 31, 2014USD ($)
Discontinued operation
Proceeds from Collection of Notes Receivable			$ 1,500	$ 2,750
Pretax loss from the sale of assets
Proceeds from sale of real estate assets				169
Discontinued operations
Discontinued operation
Net annual rent receivable for each of the first five years	$ 500
Income statement disclosure
Sales revenue			159
Pre tax income (loss)			$ 306
Imperial's landscape nursery business
Discontinued operation
Present value		$ 4,036		4,036
Pretax loss from the sale of assets
Proceeds from sale of real estate assets				732
Note receivable		4,036		4,036
Imperial's landscape nursery business | Discontinued operations
Income statement disclosure
Sales revenue		79
Pre tax income (loss)		$ 62
Pretax loss from the sale of assets
Consideration received				4,768
Carrying value of assets sold, principally inventory				(4,561)
Curtailment of employee benefit plan				309
Severance and other expenses				(563)
Pretax loss				$ (47)
Imperial's landscape nursery business | Discontinued operations | 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
Period of non-competition restrictions	4 years
Proceeds from sale of nursery inventory	$ 732
Discount rate (as a percent)	7.00%
Present value	$ 4,036
Pretax loss from the sale of assets
Note receivable	$ 4,036
Imperial's landscape nursery business | Discontinued operations | 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 Statem41

Supplemental Financial Statement Information (Detailss) - USD ($) $ in Thousands	Aug. 31, 2015	Nov. 30, 2014
Other Assets
Deferred leasing costs	$ 4,175	$ 4,059
Deferred rent receivable	4,027	3,454
Prepaid expenses	3,075	2,133
Deferred financing costs	1,064	727
Lease receivables	959	1,343
Mortgage escrows	539	1,073
Intangible assets	335	506
Property and equipment, net	176	230
Assets of discontinued operation	36	36
Other	1,030	921
Total	15,416	14,482
Accounts Payable and Accrued Liabilities
Accrued construction costs and retainage	3,166	1,910
Trade payables	638	670
Other accrued liabilities	488	362
Accrued interest payable	330	321
Accrued salaries, wages and other compensation	581	242
Total	5,203	3,505
Other Liabilities
Deferred compensation plan	3,786	3,784
Interest rate swap liabilities	2,251	2,330
Prepaid rent from tenants	1,156	690
Conditional asset retirement obligations	288	288
Security deposits	268	224
Other	95	122
Other liabilities	$ 7,844	$ 7,438

Supplemental Financial Statem42

Supplemental Financial Statement Information (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2015	Aug. 31, 2014
Supplemental Cash Flow Information
Increase in value of available-for-sale securities: Investment in Centaur Media Plc			$ 638	$ 277
Shares of Centaur Media common stock sold		500,000		500,000
Increase in accounts payable and accrued liabilities related to additions to real estate assets			1,256	$ 20
Interest paid
Interest payments, inclusive of capitalized interest	$ 1,070	$ 963	$ 3,119	$ 2,893
Income Taxes
Effective income tax rate (as a percent)			28.90%	39.50%
Net deferred tax asset	$ 5,640		$ 5,640

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Aug. 31, 2015USD ($)	Jun. 27, 2014USD ($)ft²
Undeveloped land
Commitments and Contingencies
Area of Land		45
Undeveloped land | Agreement to sell
Commitments and Contingencies
Number Of Acres To Be Sold		29
Undeveloped land | Agreement to sell | Minimum
Commitments and Contingencies
Sale Price of Land | $		$ 3,250
Property and inventory purchase commitments
Commitments and Contingencies
Purchase obligations | $	$ 1,269