Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Feb. 29, 2016 | Apr. 01, 2016 | |
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 | Feb. 29, 2016 | |
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 | 2,016 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Feb. 29, 2016 | Nov. 30, 2015 |
ASSETS | ||
Real estate assets, net | $ 166,912 | $ 166,455 |
Real estate held for sale | 1,598 | 1,418 |
Cash and cash equivalents | 19,752 | 18,271 |
Deferred income taxes | 6,466 | 5,838 |
Mortgage proceeds subject to earn out | 1,600 | 1,600 |
Available for sale securities - Investment in Centaur Media plc | 1,577 | 1,970 |
Other assets | 13,651 | 13,749 |
Total assets | 211,556 | 209,301 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Mortgage loans | 94,248 | 90,436 |
Deferred revenue | 10,301 | 10,790 |
Accounts payable and accrued liabilities | 4,022 | 3,348 |
Dividend payable | 1,546 | |
Other liabilities | 9,624 | 8,372 |
Total liabilities | $ 118,195 | $ 114,492 |
Commitments and Contingencies (Note 9) | ||
Stockholders' Equity | ||
Common stock, par value $0.01 per share, 10,000,000 shares authorized, 5,541,029 shares issued and 5,152,708 shares outstanding | $ 55 | $ 55 |
Additional paid-in capital | 108,259 | 108,188 |
Retained earnings | 782 | 1,117 |
Accumulated other comprehensive loss, net of tax | (2,269) | (1,085) |
Treasury stock, at cost, 388,321 shares | (13,466) | (13,466) |
Total stockholders' equity | 93,361 | 94,809 |
Total liabilities and stockholders' equity | $ 211,556 | $ 209,301 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Feb. 29, 2016 | Nov. 30, 2015 |
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 | 5,541,029 |
Common stock, shares outstanding | 5,152,708 | 5,152,708 |
Treasury stock, shares | 388,321 | 388,321 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Consolidated Statements of Operations | ||
Rental revenue | $ 6,682 | $ 5,407 |
Revenue from property sales | 826 | |
Total Revenue | 6,682 | 6,233 |
Operating expenses of rental properties | 2,166 | 2,413 |
Depreciation and amortization expense | 2,145 | 1,818 |
Costs related to property sales | 204 | |
General and administrative expenses | 1,567 | 2,011 |
Total expenses | 5,878 | 6,446 |
Operating income (loss) | 804 | (213) |
Interest expense | (1,091) | (927) |
Investment income | 7 | 34 |
Loss before income tax (provision) benefit | (280) | (1,106) |
Income tax (provision) benefit | (55) | 398 |
Discontinued operations, net of tax: | ||
Net loss | $ (335) | $ (708) |
Basic net income (loss) per common share: | ||
Basic net loss from continuing operations (in dollars per share) | $ (0.07) | $ (0.14) |
Diluted net income (loss) per common share: | ||
Diluted net loss from continuing operations (in dollars per share) | $ (0.07) | $ (0.14) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Consolidated Statements of Comprehensive Income (Loss) | ||
Net loss | $ (335) | $ (708) |
Other comprehensive loss, net of tax: | ||
Reclassifications, net of tax | 213 | 177 |
(Decrease) increase in fair value of Centaur Media plc | (256) | 15 |
Unrealized loss on cash flow hedges | (1,141) | (326) |
Total other comprehensive loss, net of tax | (1,184) | (134) |
Total comprehensive loss | $ (1,519) | $ (842) |
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 beginning of period 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 | 93 | 93 | ||||
Total other comprehensive loss, net of tax | (134) | (134) | ||||
Net loss | (708) | (708) | ||||
Balance at end of period at Feb. 28, 2015 | $ 55 | 107,980 | 1,530 | (969) | (13,466) | 95,130 |
Balance (in shares) at Feb. 28, 2015 | 5,537,895 | |||||
Balance at beginning of period at Nov. 30, 2015 | $ 55 | 108,188 | 1,117 | (1,085) | (13,466) | 94,809 |
Balance (in shares) at Nov. 30, 2015 | 5,541,029 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Stock-based compensation | 71 | 71 | ||||
Total other comprehensive loss, net of tax | (1,184) | (1,184) | ||||
Net loss | (335) | (335) | ||||
Balance at end of period at Feb. 29, 2016 | $ 55 | $ 108,259 | $ 782 | $ (2,269) | $ (13,466) | $ 93,361 |
Balance (in shares) at Feb. 29, 2016 | 5,541,029 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Operating activities: | ||
Net loss | $ (335) | $ (708) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 2,145 | 1,818 |
Gain on sales of properties | (622) | |
Deferred income taxes | 55 | (398) |
Stock-based compensation expense | 71 | 93 |
Amortization of debt issuance costs | 53 | 64 |
Accretion of discount on note receivable | (25) | |
Changes in assets and liabilities: | ||
Other assets | 314 | 805 |
Accounts payable and accrued liabilities | 86 | 600 |
Deferred revenue | (489) | 434 |
Other liabilities | (221) | 200 |
Net cash provided by operating activities | 1,679 | 2,261 |
Investing activities: | ||
Additions to real estate assets | (1,933) | (4,545) |
Deferred leasing costs and other | (434) | (461) |
Net cash used in investing activities | (2,367) | (5,006) |
Financing activities: | ||
Proceeds from debt | 4,450 | 10,891 |
Dividends paid to stockholders | (1,546) | (1,030) |
Payments of debt | (638) | (515) |
Debt issuance costs | (97) | (143) |
Net cash provided by financing activities | 2,169 | 9,203 |
Net increase in cash and cash equivalents | 1,481 | 6,458 |
Cash and cash equivalents at beginning of period | 18,271 | 17,059 |
Cash and cash equivalents at end of period | $ 19,752 | $ 23,517 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Feb. 29, 2016 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of Presentation Griffin Industrial Realty, Inc. ("Griffin") is a real estate business 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. 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, 2015 (“fiscal 2015”) included in Griffin’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission ("SEC") on February 12, 2016. 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, 2015 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 related 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 February 29, 2016, 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, “Derivatives and Hedging,” (“ASC 815”) as amended, which establishes accounting and reporting standards for derivative instruments and hedging activities. ASC 815 requires Griffin to recognize all derivatives as either assets or liabilities on its consolidated balance sheet and measure those instruments at fair value. The changes in the fair values of the interest rate swap agreements are measured in accordance with ASC 815 and reflected in the carrying values of the interest rate swap agreements on Griffin’s consolidated balance sheet. The estimated fair values are based primarily on projected future swap rates. Griffin applies cash flow hedge accounting to its interest rate swap agreements that are designated as hedges of the variability of future cash flows from floating rate liabilities based on 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 results of operations for the three months ended February 29, 2016 (the “2016 first quarter”) are not necessarily indicative of the results to be expected for the full year. The three months ended February 28, 2015 are referred to herein as the “2015 first quarter.” Certain amounts from the 2015 first quarter have been reclassified to conform to the current presentation. Prior to May 13, 2015, Griffin was known as Griffin Land & Nurseries, Inc. On May 13, 2015, Griffin changed its name to better reflect its ongoing real estate business after Griffin sold the growing operations of its wholly-owned subsidiary in the landscape nursery business, Imperial Nurseries, Inc., to Monrovia Connecticut LLC in the fiscal 2014 first quarter and entered into a lease of Imperial’s Connecticut farm to Monrovia. Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016-02, "Leases," which establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. The accounting applied by lessors under this Update is largely unchanged from that applied under current U.S. GAAP. Leases will be either classified as finance or operating, with classification affecting the pattern of expense recognition in the income statement. This Update also requires significant additional disclosures about the amount, timing and uncertainty of cash flows from leases. This Update will become effective for Griffin in fiscal 2020 using a modified restatement approach for leases in effect as of and after the date of adoption. Early adoption and practical expedients to measure the effect of adoption will also be allowed. Griffin is evaluating the impact that the application of this Update will have on its consolidated financial statements. In January 2016, the FASB issued Accounting Standards Update No. 2016-01, "Financial Instruments - Overall," which requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). This Update also requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This Update also eliminates the requirement for an entity to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. In addition, entities must assess the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. This Update will be effective for Griffin in fiscal 2019. Early adoption is permitted for certain provisions. Upon adoption, changes in the fair value of Griffin's available-for-sale securities will be recognized through net income. 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 Update is not expected to have a material impact on Griffin's financial statements. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, "Interest-Imputation of Interest," which requires that debt issuance costs related to a recognized liability be presented in the balance sheet as a direct reduction from the carrying amount of the associated debt liability, consistent with debt discounts. This Update must be applied on a retrospective basis and will be effective for Griffin in fiscal 2017. Early adoption is permitted. The adoption of this Update 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. |
Fair Value
Fair Value | 3 Months Ended |
Feb. 29, 2016 | |
Fair Value | |
Fair Value | 2. Fair Value Griffin applies the provisions of FASB ASC 820, “Fair Value Measurement” (“ASC 820”), which establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset’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 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 2016 first quarter, 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: February 29, 2016 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, 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 $ — $ $ — The carrying and estimated fair values of Griffin’s financial instruments are as follows: Fair Value February 29, 2016 November 30, 2015 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value Financial assets: Cash and cash equivalents 1 $ $ $ $ Marketable equity securities 1 Financial liabilities: Mortgage loans 2 $ $ $ $ Interest rate swaps 2 The amounts included in the financial statements for cash and cash equivalents, leasing receivables and accounts payable and accrued liabilities approximate their fair values because of the short-term maturity of these instruments. The fair values of the available-for-sale securities are based on quoted market prices. The fair values of the mortgage loans are estimated based on current rates offered to Griffin for similar debt of the same remaining maturities and, additionally, Griffin considers its credit worthiness in determining the fair value of its mortgage loans. The fair values of the interest rate swaps (used for purposes other than trading) are determined based on discounted cash flow models that incorporate the cash flows of the derivatives as well as the current OIS rate and swap curve along with other market data, taking into account current interest rates and the credit worthiness of the counterparty for assets and the credit worthiness of Griffin for liabilities. |
Real Estate Assets
Real Estate Assets | 3 Months Ended |
Feb. 29, 2016 | |
Real Estate Assets | |
Real Estate Assets | 3. Real Estate Assets Real estate assets, net consist of: Estimated Useful Lives Feb. 29, 2016 Nov. 30, 2015 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 Feb. 29, 2016 Feb. 28, 2015 Depreciation expense $ $ Capitalized interest $ $ In the fiscal 2013 fourth quarter, Griffin completed the sale of approximately 90 acres of undeveloped land for approximately $9,000 in cash, before transaction costs (the “Windsor Land Sale”). The land sold is located in Windsor, Connecticut and is part of an approximately 253 acre parcel of undeveloped land that straddles the town line between Windsor and Bloomfield, Connecticut. Under the terms of the Windsor Land Sale, Griffin and the buyer were each required to construct roadways connecting the land parcel sold with existing town roads. The roads constructed by the buyer and the road being constructed by Griffin will become new town roads, thereby providing public access to the remaining acreage in Griffin’s land parcel. As a result of Griffin's continuing involvement with the land sold, the Windsor Land Sale is being accounted for under the percentage of completion method. Accordingly, the revenue and pretax gain on the sale are being recognized on a pro rata basis in a ratio equal to the percentage of the total costs incurred to the total anticipated costs of sale, including 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. As of February 29, 2016, approximately 92% of the total costs related to the Windsor Land Sale have been incurred; therefore, from the date of the Windsor Land Sale through February 29, 2016, approximately 92% of the total revenue and pretax gain on the sale have been recognized in Griffin's consolidated statements of operations. Griffin did not incur any costs in the 2016 first quarter from the Windsor Land Sale, therefore, Griffin did not recognize any associated revenue in the 2016 first quarter. Griffin's consolidated statements of operations for the 2015 first quarter included revenue of $826 and a pretax gain of $622 from the Windsor Land Sale. Through November 30, 2015, Griffin's consolidated statements of operations included total revenue of $8,256 and a total pretax gain of $6,228 from the Windsor Land Sale. The balance of the revenue and pretax gain on sale will be recognized when the remaining costs are incurred, which is expected to take place in fiscal 2016. Deferred revenue on Griffin's consolidated balance sheet as of February 29, 2016, includes $712 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 $6,765 after all revenue is recognized and all costs are incurred. While management has used its best estimates, based on industry knowledge and experience, in projecting the total costs of the required roadways being constructed, increases or decreases in future costs as compared with current estimated amounts would reduce or increase the gain recognized in future periods. Real estate assets held for sale, net consist of: Feb. 29, 2016 Nov. 30, 2015 Land $ $ Development costs $ $ |
Investment in Centaur Media plc
Investment in Centaur Media plc | 3 Months Ended |
Feb. 29, 2016 | |
Investment in Centaur Media plc | |
Investment in Centaur Media plc | 4. Investment in Centaur Media plc As of February 29, 2016, 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, “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 loss (see Note 7). Griffin did not sell any of its Centaur Media common stock in the 2016 first quarter or in the 2015 first quarter. The fair value, cost and unrealized gain of Griffin’s investment in Centaur Media are as follows: Feb. 29, 2016 Nov. 30, 2015 Fair value $ $ Cost Unrealized gain $ $ |
Mortgage Loans
Mortgage Loans | 3 Months Ended |
Feb. 29, 2016 | |
Mortgage Loans | |
Mortgage Loans | 5. Mortgage Loans Griffin’s mortgage loans, which are nonrecourse, consist of: Feb. 29, 2016 Nov. 30, 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 January 2, 2025 * Variable rate mortgage, due September 1, 2025 * 5.09% , due July 1, 2029 5.09% , due July 1, 2029 4.33% , due August 1, 2030 Total nonrecourse mortgage loans $ $ * Griffin entered into interest rate swap agreements effectively to fix the interest rates on these loans (see below). On December 10, 2015, Griffin received proceeds (the "Webster Earn-Out") of $2,600 related to the mortgage obtained by one of its subsidiaries with Webster Bank (the "2015 Webster Mortgage") on its property at 5220 Jaindl Boulevard ("5220 Jaindl Boulevard"), an approximately 280,000 square foot industrial/warehouse building in the Lehigh Valley of Pennsylvania. The 2015 Webster Mortgage closed on September 1, 2015, at which time initial proceeds of $11,500 (before transaction costs) were received. At the time of the mortgage closing, Griffin had leased approximately 196,000 square feet of 5220 Jaindl Boulevard. The Webster Earn-Out was subsequently received by Griffin when the tenant that leased that space exercised its option to lease the balance of the building. Griffin agreed that it would enter into a master lease with its subsidiary that owns 5220 Jaindl Boulevard should the lease at 5220 Jaindl Boulevard expire and not be renewed. The master lease would be co-terminus with the 2015 Webster Mortgage. The 2015 Webster Mortgage has a ten year term with monthly payments based on a twenty-five year amortization schedule. The interest rate for the 2015 Webster Mortgage is a floating rate of the one month LIBOR rate plus 1.65% . At the time the 2015 Webster Mortgage closed, Griffin also entered into an interest rate swap agreement with Webster Bank for a notional principal amount of $11,500 at inception to fix the interest rate at 3.77% on the initial funds advanced under the 2015 Webster Mortgage. At the time the Webster Earn-Out was received, Griffin entered into another interest rate swap agreement with Webster Bank for a notional principal amount of $2,600 to fix the interest rate on the Webster Earn-Out at 3.67% . The two interest rate swap agreements effectively fix the interest rate on the 2015 Webster Mortgage at 3.75% over the remainder of the mortgage loan’s ten year term. On December 11, 2015, Griffin received proceeds (the "First Niagara Earn-Out") of $1,850 related to the mortgage obtained by two of its subsidiaries with First Niagara Bank ("the 2025 First Niagara Mortgage") on its properties at 4270 Fritch Drive ("4270 Fritch Drive") and 4275 Fritch Drive ("4275 Fritch Drive"). The 2025 First Niagara Mortgage closed on December 31, 2014, at which time proceeds of $10,891 (before transaction costs) were received, in addition to $8,859 used to refinance the existing mortgage on 4275 Fritch Drive with First Niagara Bank. The 2025 First Niagara Mortgage is collateralized by 4270 Fritch Drive, an approximately 303,000 square foot industrial/warehouse building, and 4275 Fritch Drive, an adjacent approximately 228,000 square foot industrial/warehouse building in Lower Nazareth, Pennsylvania. At the time of the mortgage closing, approximately 201,000 square feet of 4270 Fritch Drive was leased. The First Niagara Earn-Out was subsequently received by Griffin when the remaining vacant space of approximately 102,000 square feet was leased. Griffin agreed to enter into a master lease with its subsidiaries that own 4270 and 4275 Fritch Drive in order to maintain a minimum net rent equal to the debt service on the 2025 First Niagara Mortgage. The master lease would be co-terminus with the 2025 First Niagara Mortgage. The 2025 First Niagara Mortgage has a ten year term with monthly payments based on a twenty-five year amortization schedule. The interest rate for the 2025 First Niagara Mortgage is a floating rate of the one month LIBOR rate plus 1.95% . At the time the 2025 First Niagara Mortgage closed, Griffin entered into an interest rate swap agreement with First Niagara Bank that, combined with an existing interest rate swap agreement with First Niagara Bank, effectively fixed the rate of the 2025 First Niagara Mortgage at 4.43% over the mortgage loan’s ten year term. At the time the First Niagara Earn-Out was received, Griffin entered into another interest rate swap agreement with First Niagara Bank for a notional principal amount of $1,850 to fix the interest rate on the First Niagara Earn-Out at 3.88% . The combination of the three interest rate swap agreements effectively fixes the interest rate on the 2025 First Niagara Mortgage at 4.39% over the remainder of the mortgage loan’s ten year term . On July 29, 2015 , a subsidiary of Griffin closed on a new nonrecourse mortgage with 40|86 Mortgage Capital, Inc. ("the 40|86 Mortgage") for $18,000 . The 40|86 Mortgage refinanced an existing 5.73% nonrecourse mortgage which was due on August 1, 2015 and was collateralized by three industrial buildings totaling approximately 392,000 square feet ("75 International Drive," "754 Rainbow Road" and "758 Rainbow Road") in New England Tradeport, Griffin’s industrial park located in Windsor and East Granby, Connecticut. The 40|86 Mortgage is collateralized by the same three properties. Griffin received proceeds of $14,875 at closing (before transaction costs), which were applied to the payoff of the maturing 5.73% nonrecourse mortgage of $17,891 . The remaining $3,125 of loan proceeds was placed in escrow at closing. In the fiscal 2015 fourth quarter, as per the terms of the 40|86 Mortgage, $2,500 of the escrowed proceeds was released to Griffin when the tenant that was leasing approximately 88,000 square feet on a month-to-month basis in 754 Rainbow Road extended into a long-term lease for that space and $25 of the escrowed proceeds was also released to Griffin upon renewal of insurance coverage on the mortgaged properties. The remaining $600 of mortgage proceeds deposited into escrow at closing was released to Griffin subsequent to the end of the 2016 first quarter when tenant improvement work for the full building tenant in 758 Rainbow Road was completed. The 40|86 Mortgage has a fifteen year term with monthly payments based on a thirty year amortization schedule. The interest rate for the 40|86 Mortgage is 4.33% . As of February 29, 2016, Griffin was a party to several interest rate swap agreements related to its variable rate nonrecourse mortgages on certain of its real estate assets. Griffin accounts for its interest rate swap agreements as effective cash flow hedges (see Note 2). No ineffectiveness on the cash flow hedges was recognized as of February 29, 2016 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 2016 and 2015 first quarters, Griffin recognized losses (included in other comprehensive loss) before taxes of $1,812 and $518 , respectively, on its interest rate swap agreements. As of February 29, 2016, $1,231 was expected to be reclassified over the next twelve months from accumulated other comprehensive loss to interest expense. As of February 29, 2016, the net fair value of Griffin’s interest rate swap agreements was $4,240 and is included in other liabilities on Griffin’s consolidated balance sheet. |
Revolving Credit Agreement
Revolving Credit Agreement | 3 Months Ended |
Feb. 29, 2016 | |
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. 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. Griffin expects to seek renewal of the Webster Credit Line when it expires. The Webster Credit Line secures certain unused standby letters of credit aggregating $4,117 that are related to Griffin's development activities. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Feb. 29, 2016 | |
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 Feb. 29, 2016 Feb. 28, 2015 Net 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. The incremental shares from the assumed exercise of stock options for the three month periods ended February 29, 2016 and February 28, 2015 would have been 1,000 and 18,000 , 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 February 29, 2016 may be exercised as stock appreciation rights. Number of option holders at February 29, 2016 Compensation expense and related tax benefits for stock options were as follows: For the Three Months Ended Feb. 29, 2016 Feb. 28, 2015 Net compensation expense $ $ Net related tax benefit $ $ As of February 29, 2016, the unrecognized compensation expense related to nonvested stock options that will be recognized during future periods is as follows: Balance of Fiscal 2016 $ Fiscal 2017 $ There were no options granted, exercised or forfeited in the 2016 and 2015 first quarters. As of February 29, 2016, there were 225,727 options outstanding with a weighted average exercise price of $30.47 . As of February 28, 2015, there were 222,001 options outstanding with a weighted average exercise price of $30.35 . A summary of options under the 2009 Griffin Stock Option Plan is as follows: Weighted Avg. Remaining Range of Exercise Prices for Outstanding at Weighted Avg. Contractual Life Total Intrinsic Vested and Nonvested Options February 29, 2016 Exercise Price (in years) Value $23.00 - $28.00 $ $ — $28.00 - $32.00 $ — $32.00 - $39.00 $ — $ $ — Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, net of tax, is comprised of the following: For the Three Months Ended Feb. 29, 2016 Unrealized gain Unrealized loss on on investment in cash flow hedges Centaur Media Total Balance November 30, 2015 $ $ $ Other comprehensive loss before reclassifications Amounts reclassified — Net activity for other comprehensive loss Balance February 29, 2016 $ $ $ For the Three Months Ended Feb. 28, 2015 Unrealized gain Unrealized loss on on investment in cash flow hedges Centaur Media Total Balance November 30, 2014 $ $ $ Other comprehensive (loss) income before reclassifications Amounts reclassified — Net activity for other comprehensive loss Balance February 28, 2015 $ $ $ The components of other comprehensive loss are as follows: For the Three Months Ended February 29, 2016 February 28, 2015 Tax Tax (Expense) Net-of (Expense) Net-of Pre-Tax Benefit Tax Pre-Tax Benefit Tax Reclassifications included in net loss: Loss on cash flow hedges (interest expense) $ $ $ $ $ $ Total reclassifications included in net loss Mark to market adjustment on Centaur Media for a decrease in the foreign currency exchange rate Mark to market adjustment on Centaur Media for a (decrease) increase in fair value Decrease in fair value adjustments on Griffin’s cash flow hedges Total other changes in other comprehensive loss Other comprehensive loss $ $ $ $ $ $ Cash Dividend Griffin did not declare a cash dividend in the 2016 or 2015 first quarters. During the 2016 first quarter, Griffin paid $1,546 for the cash dividend declared in the 2015 fourth quarter. During the 2015 first quarter, Griffin paid $1,030 for the cash dividend declared in the 2014 fourth quarter. |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 3 Months Ended |
Feb. 29, 2016 | |
Supplemental Financial Statement Information | |
Supplemental Financial Statement Information | 8. Supplemental Financial Statement Information Other Assets Griffin's other assets are comprised of the following: Feb. 29, 2016 Nov. 30, 2015 Deferred leasing costs $ $ Deferred rent receivable Prepaid expenses Deferred financing costs Mortgage escrows Lease receivables Property and equipment, net Intangible assets, net Other Total other assets $ $ Accounts Payable and Accrued Liabilities Griffin's accounts payable and accrued liabilities are comprised of the following: Feb. 29, 2016 Nov. 30, 2015 Accrued construction costs and retainage $ $ Trade payables Accrued interest payable Accrued salaries, wages and other compensation Other $ $ Other Liabilities Griffin's other liabilities are comprised of the following: Feb. 29, 2016 Nov. 30, 2015 Interest rate swap agreements $ $ Deferred compensation plan Prepaid rent from tenants Security deposits Conditional asset retirement obligations Other $ $ Supplemental Cash Flow Information A decrease of $393 in the 2016 first quarter and an increase of $24 in the 2015 first quarter in Griffin’s Investment in Centaur Media reflect the mark to market adjustments of this investment and did not affect Griffin’s cash. Accounts payable and accrued liabilities related to additions to real estate assets increased by $588 and $118 in the 2016 first quarter and 2015 first quarter, respectively. Interest payments were as follows: For the Three Months Ended Feb. 29, 2016 Feb. 28, 2015 $ $ Income Taxes Griffin’s effective income tax provision rate was 19.6% for the 2016 first quarter as compared to an income tax benefit rate of 36.0% for the 2015 first quarter. The effective income tax provision in the 2016 first quarter reflects the effect of a change in Connecticut tax law that affects Griffin for fiscal 2016, pursuant to which, prospectively, the usage of state net operating loss carryforwards will be limited to 50% of taxable income. Therefore, in the 2016 first quarter, Griffin decreased its expected realization of the tax benefit related to its Connecticut state net operating loss carryforwards. The decrease is based on management's current projections of taxable income in the state of Connecticut in future years that would generate income taxes in excess of capital based taxes. The effective tax rate in the 2016 first quarter 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 February 29, 2016, Griffin’s consolidated balance sheet includes a net deferred tax asset of $6,466 . Although Griffin has incurred a cumulative pretax loss (excluding nonrecurring items) for the three fiscal years ended November 30, 2015, management has concluded that a valuation allowance against its net deferred tax assets is not required. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Feb. 29, 2016 | |
Commitments and Contingencies | |
Commitments and Contingencies | 9. Commitments and Contingencies As of February 29, 2016, Griffin had committed purchase obligations of approximately $6,794 , principally for the construction of 5210 Jaindl Boulevard and the development of other Griffin properties. In the fiscal 2014 third quarter, Griffin entered into an agreement to sell approximately 30 acres of an approximately 45 acre land parcel of the undeveloped land in Griffin Center for a minimum purchase price of $3,250 , subject to adjustment based on the actual number of acres conveyed. If this sale were to be completed, the development potential of the remaining unsold acreage of the land parcel, much of which is wetlands, will be severely limited. Completion of this transaction is subject to significant contingencies, including a period for due diligence by the purchaser, which does not expire until September 15, 2016. There is no guarantee that this transaction will be completed under its current terms, or at all. On January 25, 2016, Griffin entered into an Option Purchase Agreement (the “Option Agreement”) whereby Griffin granted the buyer an exclusive three month option, in exchange for a nominal fee, to purchase approximately 280 acres of land for approximately $7,700 . The buyer may extend the option period for up to three years upon payment of additional option fees. The land subject to the Option Agreement is undeveloped and does not have any of the approvals that would be required for the buyer’s planned use of the land. A closing on the land sale contemplated by the Option Agreement is subject to several significant contingencies, including the buyer securing contracts under a competitive bidding process that would require the use of the land and obtaining local and state approvals for that planned use. There is no guarantee that the sale of land as contemplated under the Option Agreement will be completed under its current terms, or at all. On March 23, 2016, Griffin entered into an Agreement of Sale and Purchase (the “Purchase Agreement”) to acquire, for a purchase price of $6,200 , an approximately 31 acre site in Bath, Pennsylvania for development of an industrial/warehouse building. A closing on the land acquisition contemplated by the Purchase Agreement is subject to several significant contingencies, including satisfactory completion of due diligence on the land that would be acquired. There is no guarantee that the land acquisition as contemplated under the Purchase Agreement 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 | 3 Months Ended |
Feb. 29, 2016 | |
Subsequent Events. | |
Subsequent Events | 10. Subsequent Events In accordance with FASB ASC 855, "Subsequent Events," Griffin has evaluated all events or transactions occurring after February 29, 2016, the balance sheet date, and noted that there have been no such events or transactions which would require recognition or disclosure in the consolidated financial statements as of and for the quarter ended February 29, 2016, other than the disclosure herein. On March 31, 2016, Griffin’s Board of Directors authorized a program under which Griffin may repurchase up to $5,000 in outstanding shares of its common stock over a twelve month period in privately negotiated transactions. The repurchases are expected to commence after Griffin’s annual meeting of stockholders, which is scheduled to be held on May 10, 2016. The repurchase program does not obligate Griffin to repurchase any specific number of shares, and may be suspended at any time at management’s discretion. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Feb. 29, 2016 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation Griffin Industrial Realty, Inc. ("Griffin") is a real estate business 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. 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, 2015 (“fiscal 2015”) included in Griffin’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission ("SEC") on February 12, 2016. 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, 2015 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 related 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 February 29, 2016, 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, “Derivatives and Hedging,” (“ASC 815”) as amended, which establishes accounting and reporting standards for derivative instruments and hedging activities. ASC 815 requires Griffin to recognize all derivatives as either assets or liabilities on its consolidated balance sheet and measure those instruments at fair value. The changes in the fair values of the interest rate swap agreements are measured in accordance with ASC 815 and reflected in the carrying values of the interest rate swap agreements on Griffin’s consolidated balance sheet. The estimated fair values are based primarily on projected future swap rates. Griffin applies cash flow hedge accounting to its interest rate swap agreements that are designated as hedges of the variability of future cash flows from floating rate liabilities based on 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 results of operations for the three months ended February 29, 2016 (the “2016 first quarter”) are not necessarily indicative of the results to be expected for the full year. The three months ended February 28, 2015 are referred to herein as the “2015 first quarter.” Certain amounts from the 2015 first quarter have been reclassified to conform to the current presentation. Prior to May 13, 2015, Griffin was known as Griffin Land & Nurseries, Inc. On May 13, 2015, Griffin changed its name to better reflect its ongoing real estate business after Griffin sold the growing operations of its wholly-owned subsidiary in the landscape nursery business, Imperial Nurseries, Inc., to Monrovia Connecticut LLC in the fiscal 2014 first quarter and entered into a lease of Imperial’s Connecticut farm to Monrovia. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016-02, "Leases," which establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. The accounting applied by lessors under this Update is largely unchanged from that applied under current U.S. GAAP. Leases will be either classified as finance or operating, with classification affecting the pattern of expense recognition in the income statement. This Update also requires significant additional disclosures about the amount, timing and uncertainty of cash flows from leases. This Update will become effective for Griffin in fiscal 2020 using a modified restatement approach for leases in effect as of and after the date of adoption. Early adoption and practical expedients to measure the effect of adoption will also be allowed. Griffin is evaluating the impact that the application of this Update will have on its consolidated financial statements. In January 2016, the FASB issued Accounting Standards Update No. 2016-01, "Financial Instruments - Overall," which requires all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). This Update also requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. This Update also eliminates the requirement for an entity to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. In addition, entities must assess the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity's other deferred tax assets. This Update will be effective for Griffin in fiscal 2019. Early adoption is permitted for certain provisions. Upon adoption, changes in the fair value of Griffin's available-for-sale securities will be recognized through net income. 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 Update is not expected to have a material impact on Griffin's financial statements. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, "Interest-Imputation of Interest," which requires that debt issuance costs related to a recognized liability be presented in the balance sheet as a direct reduction from the carrying amount of the associated debt liability, consistent with debt discounts. This Update must be applied on a retrospective basis and will be effective for Griffin in fiscal 2017. Early adoption is permitted. The adoption of this Update 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. |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Feb. 29, 2016 | |
Fair Value | |
Schedule of financial assets and liabilities carried at fair value and measured at fair value on a recurring basis: | February 29, 2016 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, 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 $ — $ $ — |
Schedule of carrying and estimated fair values of financial instruments | Fair Value February 29, 2016 November 30, 2015 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value Financial assets: Cash and cash equivalents 1 $ $ $ $ Marketable equity securities 1 Financial liabilities: Mortgage loans 2 $ $ $ $ Interest rate swaps 2 |
Real Estate Assets (Tables)
Real Estate Assets (Tables) | 3 Months Ended |
Feb. 29, 2016 | |
Real Estate Assets | |
Schedule of real estate assets, excluding those held for sale | Estimated Useful Lives Feb. 29, 2016 Nov. 30, 2015 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 Feb. 29, 2016 Feb. 28, 2015 Depreciation expense $ $ Capitalized interest $ $ |
Schedule of real estate held for sale | Feb. 29, 2016 Nov. 30, 2015 Land $ $ Development costs $ $ |
Investment in Centaur Media p21
Investment in Centaur Media plc (Tables) | 3 Months Ended |
Feb. 29, 2016 | |
Investment in Centaur Media plc | |
Schedule of fair value, cost and unrealized gain of Griffin's investment in Centaur Media | Feb. 29, 2016 Nov. 30, 2015 Fair value $ $ Cost Unrealized gain $ $ |
Mortgage Loans (Tables)
Mortgage Loans (Tables) | 3 Months Ended |
Feb. 29, 2016 | |
Mortgage Loans | |
Schedule of mortgage loans | Feb. 29, 2016 Nov. 30, 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 January 2, 2025 * Variable rate mortgage, due September 1, 2025 * 5.09% , due July 1, 2029 5.09% , due July 1, 2029 4.33% , due August 1, 2030 Total nonrecourse mortgage loans $ $ * Griffin entered into interest rate swap agreements effectively to fix the interest rates on these loans (see below). |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Feb. 29, 2016 | |
Stockholders' Equity | |
Schedule of basic and diluted per share results | For the Three Months Ended Feb. 29, 2016 Feb. 28, 2015 Net 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. The incremental shares from the assumed exercise of stock options for the three month periods ended February 29, 2016 and February 28, 2015 would have been 1,000 and 18,000 , respectively. |
Schedule of option holders | Number of option holders at February 29, 2016 |
Schedule of compensation expense and related tax benefits for stock options | For the Three Months Ended Feb. 29, 2016 Feb. 28, 2015 Net compensation expense $ $ Net related tax benefit $ $ |
Schedule of unrecognized compensation expense related to nonvested stock options | Balance of Fiscal 2016 $ Fiscal 2017 $ |
Schedule of options by range of exercise prices | Weighted Avg. Remaining Range of Exercise Prices for Outstanding at Weighted Avg. Contractual Life Total Intrinsic Vested and Nonvested Options February 29, 2016 Exercise Price (in years) Value $23.00 - $28.00 $ $ — $28.00 - $32.00 $ — $32.00 - $39.00 $ — $ $ — |
Schedule of accumulated other comprehensive loss | For the Three Months Ended Feb. 29, 2016 Unrealized gain Unrealized loss on on investment in cash flow hedges Centaur Media Total Balance November 30, 2015 $ $ $ Other comprehensive loss before reclassifications Amounts reclassified — Net activity for other comprehensive loss Balance February 29, 2016 $ $ $ For the Three Months Ended Feb. 28, 2015 Unrealized gain Unrealized loss on on investment in cash flow hedges Centaur Media Total Balance November 30, 2014 $ $ $ Other comprehensive (loss) income before reclassifications Amounts reclassified — Net activity for other comprehensive loss Balance February 28, 2015 $ $ $ |
Schedule of components of accumulated other comprehensive income (loss) | For the Three Months Ended February 29, 2016 February 28, 2015 Tax Tax (Expense) Net-of (Expense) Net-of Pre-Tax Benefit Tax Pre-Tax Benefit Tax Reclassifications included in net loss: Loss on cash flow hedges (interest expense) $ $ $ $ $ $ Total reclassifications included in net loss Mark to market adjustment on Centaur Media for a decrease in the foreign currency exchange rate Mark to market adjustment on Centaur Media for a (decrease) increase in fair value Decrease in fair value adjustments on Griffin’s cash flow hedges Total other changes in other comprehensive loss Other comprehensive loss $ $ $ $ $ $ |
Supplemental Financial Statem24
Supplemental Financial Statement Information (Tables) | 3 Months Ended |
Feb. 29, 2016 | |
Supplemental Financial Statement Information | |
Schedule of other assets | Feb. 29, 2016 Nov. 30, 2015 Deferred leasing costs $ $ Deferred rent receivable Prepaid expenses Deferred financing costs Mortgage escrows Lease receivables Property and equipment, net Intangible assets, net Other Total other assets $ $ |
Schedule of accounts payable and accrued liabilities | Feb. 29, 2016 Nov. 30, 2015 Accrued construction costs and retainage $ $ Trade payables Accrued interest payable Accrued salaries, wages and other compensation Other $ $ |
Schedule of other liabilities | Feb. 29, 2016 Nov. 30, 2015 Interest rate swap agreements $ $ Deferred compensation plan Prepaid rent from tenants Security deposits Conditional asset retirement obligations Other $ $ |
Schedule of interest payments | For the Three Months Ended Feb. 29, 2016 Feb. 28, 2015 $ $ |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Feb. 29, 2016 | Nov. 30, 2015 | Feb. 28, 2015 |
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis: | |||
Marketable equity securities | $ 1,577 | $ 1,970 | |
Interest rate swap liabilities | 4,240 | $ 2,766 | |
Recurring basis | Level 1 | |||
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis: | |||
Marketable equity securities | 1,577 | 1,970 | |
Recurring basis | Level 2 | |||
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis: | |||
Interest rate swap liabilities | $ 4,240 | $ 2,766 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities (Details) - USD ($) $ in Thousands | Feb. 29, 2016 | Nov. 30, 2015 | Feb. 28, 2015 |
Financial assets: | |||
Available-for-sale securities | $ 1,577 | $ 1,970 | |
Financial liabilities: | |||
Interest rate swaps | 4,240 | $ 2,766 | |
Carrying Value | Level 1 | |||
Financial assets: | |||
Cash and cash equivalents | 19,752 | 18,271 | |
Available-for-sale securities | 1,577 | 1,970 | |
Carrying Value | Level 2 | |||
Financial liabilities: | |||
Mortgage loans | 94,248 | 90,436 | |
Interest rate swaps | 4,240 | 2,766 | |
Estimated Fair Value | Level 1 | |||
Financial assets: | |||
Cash and cash equivalents | 19,752 | 18,271 | |
Available-for-sale securities | 1,577 | 1,970 | |
Estimated Fair Value | Level 2 | |||
Financial liabilities: | |||
Mortgage loans | 95,834 | 91,406 | |
Interest rate swaps | $ 4,240 | $ 2,766 |
Real Estate Assets (Details)
Real Estate Assets (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | 15 Months Ended | 27 Months Ended | |||
May. 31, 2016USD ($) | Feb. 29, 2016USD ($) | Feb. 28, 2015USD ($) | Nov. 30, 2013USD ($)a | Nov. 30, 2015USD ($) | Feb. 29, 2016USD ($) | Nov. 30, 2015USD ($) | |
Real Estate Assets | |||||||
Land | $ 17,977 | $ 18,157 | $ 17,977 | $ 18,157 | |||
Land improvements | 22,518 | 22,440 | 22,518 | 22,440 | |||
Buildings and improvements | 154,423 | 149,111 | 154,423 | 149,111 | |||
Tenant improvements | 21,173 | 19,611 | 21,173 | 19,611 | |||
Machinery and equipment | 11,810 | 11,810 | 11,810 | 11,810 | |||
Construction in progress | 5,799 | 10,240 | 5,799 | 10,240 | |||
Development costs | 15,868 | 15,870 | 15,868 | 15,870 | |||
Real estate assets, gross | 249,568 | 247,239 | 249,568 | 247,239 | |||
Accumulated depreciation | (82,656) | (80,784) | (82,656) | (80,784) | |||
Real estate assets, net | 166,912 | 166,455 | 166,912 | 166,455 | |||
Depreciation expense | 1,884 | $ 1,550 | |||||
Capitalized interest | 84 | 163 | |||||
Sales | |||||||
Deferred revenue | 10,301 | 10,790 | 10,301 | 10,790 | |||
Real Estate Held-for-sale | $ 1,598 | 1,418 | $ 1,598 | 1,418 | |||
Windsor undeveloped land sale | |||||||
Sales | |||||||
Number of acres sold | a | 90 | ||||||
Proceeds from sale of undeveloped land | $ 9,000 | ||||||
Number of acres | a | 253 | ||||||
Percentage of cost incurred on sale of land | 92.00% | 92.00% | |||||
Percentage of total revenue and pretax gain on sale have been recognized | 92.00% | ||||||
Revenue from sale of land | 826 | 8,256 | |||||
Pretax gain on land sale | $ 622 | 6,228 | |||||
Deferred revenue | $ 712 | $ 712 | |||||
Forecast | Windsor undeveloped land sale | |||||||
Sales | |||||||
Pretax gain on land sale | $ 6,765 | ||||||
Land. | |||||||
Sales | |||||||
Real Estate Held-for-sale | $ 258 | $ 78 | $ 258 | 78 | |||
Land improvements | Minimum | |||||||
Real Estate Assets | |||||||
Estimated Useful Lives | 10 years | ||||||
Land improvements | Maximum | |||||||
Real Estate Assets | |||||||
Estimated Useful Lives | 30 years | 30 years | |||||
Buildings and improvements | Minimum | |||||||
Real Estate Assets | |||||||
Estimated Useful Lives | 10 years | 10 years | |||||
Buildings and improvements | Maximum | |||||||
Real Estate Assets | |||||||
Estimated Useful Lives | 40 years | 40 years | |||||
Machinery and equipment. | Minimum | |||||||
Real Estate Assets | |||||||
Estimated Useful Lives | 3 years | 3 years | |||||
Machinery and equipment. | Maximum | |||||||
Real Estate Assets | |||||||
Estimated Useful Lives | 20 years | 20 years | |||||
Development costs | |||||||
Sales | |||||||
Real Estate Held-for-sale | $ 1,340 | $ 1,340 | $ 1,340 | $ 1,340 |
Investment - Centaur Media plc
Investment - Centaur Media plc (Details) - USD ($) $ in Thousands | Feb. 29, 2016 | Nov. 30, 2015 |
Investment in Centaur Media plc | ||
Shares of common stock held in Centaur Media | 1,952,462 | |
Investment in Centaur Media | ||
Fair value | $ 1,577 | $ 1,970 |
Cost | 1,014 | 1,014 |
Unrealized gain | $ 563 | $ 956 |
Mortgage Loan (Details)
Mortgage Loan (Details) $ in Thousands | Sep. 01, 2015USD ($)ft²derivativesubsidiary | Jul. 29, 2015USD ($)ft²building | Dec. 31, 2014USD ($)ft²derivativesubsidiary | May. 31, 2016USD ($) | Feb. 29, 2016USD ($)item | Nov. 30, 2015USD ($)ft² | Feb. 28, 2015USD ($) |
Long-Term Debt | |||||||
Mortgage loans | $ 94,248 | $ 90,436 | |||||
Debt disclosures | |||||||
Proceeds held in escrow | 1,600 | 1,600 | |||||
Proceeds from issuance of debt | 4,450 | $ 10,891 | |||||
Term of debt | 10 years | ||||||
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 | 4,240 | 2,766 | |||||
Other liabilities caption | |||||||
Debt disclosures | |||||||
Net fair values of interest rate swap agreements included in other liabilities | 4,240 | ||||||
Nonrecourse variable rate loans, due October 2, 2017 | |||||||
Long-Term Debt | |||||||
Mortgage loans | 6,172 | 6,217 | |||||
Nonrecourse variable rate loans, due February 1, 2019 | |||||||
Long-Term Debt | |||||||
Mortgage loans | 10,537 | 10,610 | |||||
Nonrecourse variable rate loans, due August 1, 2019 | |||||||
Long-Term Debt | |||||||
Mortgage loans | 7,452 | 7,501 | |||||
Nonrecourse variable rate loans, due January 27, 2020 | |||||||
Long-Term Debt | |||||||
Mortgage loans | 3,699 | 3,729 | |||||
Nonrecourse variable rate loans, due January 2, 2025 | |||||||
Long-Term Debt | |||||||
Mortgage loans | 21,120 | 19,385 | |||||
Debt disclosures | |||||||
Number of subsidiaries which are party to the mortgage | subsidiary | 2 | ||||||
Proceeds from issuance of debt | $ 10,891 | ||||||
Term of debt | 10 years | ||||||
Amortization period of debt | 25 years | ||||||
Debt amount refinanced | $ 8,859 | ||||||
Nonrecourse variable rate loans, due January 2, 2025 | Location 1 | |||||||
Debt disclosures | |||||||
Area of collateralized properties (in square feet) | ft² | 303,000 | ||||||
Leased space | ft² | 201,000 | ||||||
Nonrecourse variable rate loans, due January 2, 2025 | Location 2 | |||||||
Debt disclosures | |||||||
Area of collateralized properties (in square feet) | ft² | 228,000 | ||||||
Nonrecourse variable rate mortgage, due September 1, 2025 | |||||||
Long-Term Debt | |||||||
Mortgage loans | $ 13,979 | $ 11,457 | |||||
Debt disclosures | |||||||
Number of subsidiaries which are party to the mortgage | subsidiary | 1 | ||||||
Area of collateralized properties (in square feet) | ft² | 280,000 | ||||||
Leased space | ft² | 196,000 | ||||||
Term of debt | 10 years | ||||||
Amortization period of debt | 25 years | ||||||
5.09%, due July 1, 2029 GCD mortgage loan | |||||||
Long-Term Debt | |||||||
Interest rate (as a percent) | 5.09% | 5.09% | |||||
Mortgage loans | $ 7,291 | $ 7,385 | |||||
5.09%, due July 1, 2029 TD mortgage Loan | |||||||
Long-Term Debt | |||||||
Interest rate (as a percent) | 5.09% | 5.09% | |||||
Mortgage loans | $ 6,146 | $ 6,226 | |||||
4.33%, due August 1, 2030 mortgage loan | |||||||
Long-Term Debt | |||||||
Interest rate (as a percent) | 4.33% | 4.33% | |||||
Mortgage loans | $ 17,852 | $ 17,926 | |||||
Debt disclosures | |||||||
Proceeds from issuance of debt | $ 14,875 | ||||||
Term of debt | 15 years | ||||||
Amortization period of debt | 30 years | ||||||
New mortgage | $ 18,000 | ||||||
Number of collateralized industrial buildings | building | 3 | ||||||
Nonrecourse mortgages: 5.73%, due August 1, 2015 | |||||||
Long-Term Debt | |||||||
Mortgage loans | $ 17,891 | ||||||
Debt disclosures | |||||||
Area of collateralized properties (in square feet) | ft² | 392,000 | ||||||
Number of collateralized industrial buildings | building | 3 | ||||||
Interest rate swap agreement | |||||||
Debt disclosures | |||||||
Number of agreements containing credit risk related contingent features | item | 0 | ||||||
Recognized net losses (included in other comprehensive loss), before taxes, on interest rate swap agreements | $ 1,812 | $ 518 | |||||
Loss expected to be reclassified over next twelve months from accumulated other comprehensive loss to interest expense | 1,231 | ||||||
Interest rate swap agreement | Nonrecourse variable rate loans, due January 2, 2025 | |||||||
Debt disclosures | |||||||
Fixed interest rate pursuant to interest rate swap agreement (as a percent) | 4.39% | ||||||
Number of interest rate swap derivatives | derivative | 3 | ||||||
Interest rate swap agreement | Nonrecourse variable rate mortgage, due September 1, 2025 | |||||||
Debt disclosures | |||||||
Fixed interest rate pursuant to interest rate swap agreement (as a percent) | 3.75% | ||||||
Number of interest rate swap derivatives | derivative | 2 | ||||||
Nonrecourse Mortgage, Proceeds Excluding Contingent Portion [Member] | Nonrecourse variable rate mortgage, due September 1, 2025 | |||||||
Debt disclosures | |||||||
Proceeds from issuance of debt | $ 11,500 | ||||||
Nonrecourse Mortgage, Proceeds Excluding Contingent Portion [Member] | Interest rate swap agreement | Nonrecourse variable rate loans, due January 2, 2025 | |||||||
Debt disclosures | |||||||
Fixed interest rate pursuant to interest rate swap agreement (as a percent) | 4.43% | ||||||
Nonrecourse Mortgage, Proceeds Excluding Contingent Portion [Member] | Interest rate swap agreement | Nonrecourse variable rate mortgage, due September 1, 2025 | |||||||
Debt disclosures | |||||||
Notional amount of interest rate swap agreement | $ 11,500 | ||||||
Fixed interest rate pursuant to interest rate swap agreement (as a percent) | 3.77% | ||||||
Nonrecourse Mortgage, Contingent Portion [Member] | Nonrecourse variable rate loans, due January 2, 2025 | |||||||
Debt disclosures | |||||||
Proceeds held in escrow | $ 1,850 | ||||||
Nonrecourse Mortgage, Contingent Portion [Member] | Nonrecourse variable rate loans, due January 2, 2025 | Location 1 | |||||||
Debt disclosures | |||||||
Leased space | ft² | 102,000 | ||||||
Nonrecourse Mortgage, Contingent Portion [Member] | Nonrecourse variable rate mortgage, due September 1, 2025 | |||||||
Debt disclosures | |||||||
Proceeds held in escrow | $ 2,600 | ||||||
Nonrecourse Mortgage, Contingent Portion [Member] | 4.33%, due August 1, 2030 mortgage loan | |||||||
Debt disclosures | |||||||
Proceeds held in escrow | $ 3,125 | ||||||
Proceeds from issuance of debt | $ 25 | $ 25 | $ 2,500 | ||||
Leased space | ft² | 88,000 | ||||||
Nonrecourse Mortgage, Contingent Portion [Member] | 4.33%, due August 1, 2030 mortgage loan | Subsequent events | |||||||
Debt disclosures | |||||||
Proceeds from issuance of debt | $ 600 | ||||||
Nonrecourse Mortgage, Contingent Portion [Member] | Interest rate swap agreement | Nonrecourse variable rate loans, due January 2, 2025 | |||||||
Debt disclosures | |||||||
Notional amount of interest rate swap agreement | $ 1,850 | ||||||
Fixed interest rate pursuant to interest rate swap agreement (as a percent) | 3.88% | ||||||
Nonrecourse Mortgage, Contingent Portion [Member] | Interest rate swap agreement | Nonrecourse variable rate mortgage, due September 1, 2025 | |||||||
Debt disclosures | |||||||
Notional amount of interest rate swap agreement | $ 2,600 | ||||||
Fixed interest rate pursuant to interest rate swap agreement (as a percent) | 3.67% | ||||||
LIBOR | Nonrecourse variable rate loans, due January 2, 2025 | |||||||
Debt disclosures | |||||||
Variable interest rate margin (as a percent) | 1.95% | ||||||
LIBOR | Nonrecourse variable rate mortgage, due September 1, 2025 | |||||||
Debt disclosures | |||||||
Variable interest rate margin (as a percent) | 1.65% |
Revolving Credit Agreement (Det
Revolving Credit Agreement (Details) - Webster Credit Line $ in Thousands | 3 Months Ended |
Feb. 29, 2016USD ($)ft² | |
Revolving credit agreement | |
Maximum borrowing capacity | $ 12,500 |
Proceeds from Lines of Credit | 0 |
Standby letters of credit aggregate amount | $ 4,117 |
Griffin Center South, Bloomfield, CT | |
Revolving credit agreement | |
Area of collateralized properties (in square feet) | ft² | 235,000 |
Single-story office building in Griffin Center | |
Revolving credit agreement | |
Area of collateralized properties (in square feet) | ft² | 48,000 |
LIBOR | |
Revolving credit agreement | |
Variable interest rate margin (as a percent) | 2.75% |
Stockholders' Equity - Per Shar
Stockholders' Equity - Per Share Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | Nov. 30, 2015 | |
Per Share Results | |||
Net loss | $ (335) | $ (708) | $ (708) |
Weighted average shares outstanding for computation of basic per share results | 5,153,000 | 5,150,000 | |
Adjusted weighted average shares for computation of diluted per share results | 5,153,000 | 5,150,000 | |
Incremental shares from assumed exercise of stock options excluded due to anti-dilutive effect | 1,000 | 18,000 |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Option Grants, Activity And Expense (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Feb. 29, 2016USD ($)individual$ / sharesshares | Feb. 28, 2015USD ($)$ / sharesshares | |
2009 Stock Option Plan | ||
Granted (in shares) | 0 | 0 |
Other Disclosures | ||
Number of option holders | individual | 15 | |
Compensation expense for stock options | ||
Compensation expense (benefit) | $ | $ 71 | $ 93 |
Related tax benefit (expense) | $ | $ 12 | $ 18 |
Activity under the 2009 Stock Option Plan | ||
Granted (in shares) | 0 | 0 |
Exercised (in shares) | 0 | 0 |
Forfeited (in shares) | 0 | 0 |
Outstanding at end of period (in shares) | 225,727 | 222,001 |
Weighted Avg. Exercise Price | ||
Outstanding at end of period (in dollars per share) | $ / shares | $ 30.47 | $ 30.35 |
2009 Stock Option Plan | ||
2009 Stock Option Plan | ||
Expiration term | 10 years | |
Nonvested Options | ||
Unrecognized compensation expense related to non-vested stock options that will be recognized during future periods | ||
Balance of fiscal 2016 | $ | $ 42 | |
Fiscal 2017 | $ | $ 19 |
Stockholders' Equity - Range Of
Stockholders' Equity - Range Of Exercise Prices (Details) - 2009 Stock Option Plan | 3 Months Ended |
Feb. 29, 2016$ / sharesshares | |
2009 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 3 months 18 days |
$23.00-$28.00 | |
2009 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 | 5 years 10 months 24 days |
$28.00-$32.00 | |
2009 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 2 months 12 days |
$32.00-$39.00 | |
2009 Stock Option Plan | |
Exercise prices, low end of range (in dollars per share) | $ 32 |
Exercise prices, high end of range (in dollars per share) | $ 39 |
Outstanding at ending of the year (in shares) | shares | 83,075 |
Weighted Avg. Exercise Price (in dollars per share) | $ 33.52 |
Weighted Avg. Remaining Contractual Life | 2 years 7 months 6 days |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Income Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Change in accumulated other comprehensive loss, net of tax | ||
Balance at beginning of period | $ 94,809 | $ 95,879 |
Other comprehensive (loss) income before reclassifications | (1,397) | (311) |
Amounts reclassified | 213 | 177 |
Total other comprehensive loss, net of tax | (1,184) | (134) |
Balance at end of period | 93,361 | 95,130 |
Accumulated Other Comprehensive Loss | ||
Change in accumulated other comprehensive loss, net of tax | ||
Balance at beginning of period | (1,085) | (835) |
Other comprehensive (loss) income before reclassifications | (1,397) | (311) |
Amounts reclassified | 213 | 177 |
Total other comprehensive loss, net of tax | (1,184) | (134) |
Balance at end of period | (2,269) | (969) |
Unrealized loss on cash flow hedges | ||
Change in accumulated other comprehensive loss, net of tax | ||
Balance at beginning of period | (1,744) | (1,464) |
Other comprehensive (loss) income before reclassifications | (1,141) | (326) |
Amounts reclassified | 213 | 177 |
Total other comprehensive loss, net of tax | (928) | (149) |
Balance at end of period | (2,672) | (1,613) |
Accumulated Net Unrealized Gain From Change In Fair Value And Foreign Currency [Member] | ||
Change in accumulated other comprehensive loss, net of tax | ||
Balance at beginning of period | 659 | 629 |
Other comprehensive (loss) income before reclassifications | (256) | 15 |
Total other comprehensive loss, net of tax | (256) | 15 |
Balance at end of period | $ 403 | $ 644 |
Stockholders' Equity - AOCI T2
Stockholders' Equity - AOCI T2 rows (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Accumulated other comprehensive loss | ||
Reclassifications, before tax | $ (338) | $ (281) |
Reclassifications, tax (expense) benefit | (125) | (104) |
Reclassifications, net of tax | (213) | (177) |
Other changes, before reclassifications, before tax | (2,205) | (494) |
Other changes, before reclassifications, tax (expense) benefit | 808 | 183 |
Total change in other comprehensive (loss) income, net of tax | (1,397) | (311) |
Total other comprehensive loss, net of tax | (1,184) | (134) |
Cash Dividend | ||
Cash dividend paid | $ 1,546 | $ 1,030 |
Cash dividends declared (in dollars per share) | $ 0 | $ 0 |
Accumulated Other Comprehensive Loss | ||
Accumulated other comprehensive loss | ||
Reclassifications, net of tax | $ (213) | $ (177) |
Total change in other comprehensive (loss) income, net of tax | (1,397) | (311) |
Total other comprehensive (loss) income, before tax | (1,867) | (213) |
Total other comprehensive (loss) income, tax | 683 | 79 |
Total other comprehensive loss, net of tax | (1,184) | (134) |
Mark-to-market foreign currency adjustment | ||
Accumulated other comprehensive loss | ||
Other changes, before reclassifications, before tax | (128) | (26) |
Other changes, before reclassifications, tax (expense) benefit | 45 | 9 |
Total change in other comprehensive (loss) income, net of tax | (83) | (17) |
Mark-to-market fair value adjustment | ||
Accumulated other comprehensive loss | ||
Other changes, before reclassifications, before tax | (265) | 50 |
Other changes, before reclassifications, tax (expense) benefit | 92 | (18) |
Total change in other comprehensive (loss) income, net of tax | (173) | 32 |
Unrealized loss on cash flow hedges | ||
Accumulated other comprehensive loss | ||
Reclassifications, net of tax | (213) | (177) |
Other changes, before reclassifications, before tax | (1,812) | (518) |
Other changes, before reclassifications, tax (expense) benefit | 671 | 192 |
Total change in other comprehensive (loss) income, net of tax | (1,141) | (326) |
Total other comprehensive loss, net of tax | (928) | (149) |
Unrealized loss on cash flow hedges | Interest Expense [Member] | ||
Accumulated other comprehensive loss | ||
Reclassifications, before tax | (338) | (281) |
Reclassifications, tax (expense) benefit | (125) | (104) |
Reclassifications, net of tax | $ (213) | $ (177) |
Supplemental Financial Statem36
Supplemental Financial Statement Information - Other And Intangible Assets (Details) - USD ($) $ in Thousands | Feb. 29, 2016 | Nov. 30, 2015 |
Other Assets | ||
Deferred leasing costs | $ 4,486 | $ 4,376 |
Deferred rent receivable | 4,230 | 4,087 |
Prepaid expenses | 1,681 | 2,157 |
Deferred financing costs | 1,308 | 1,264 |
Mortgage escrows | 648 | 629 |
Lease receivables | 512 | 401 |
Property and equipment, net | 289 | 221 |
Intangible assets, net | 275 | 305 |
Other | 222 | 309 |
Total other assets | $ 13,651 | $ 13,749 |
Supplemental Financial Statem37
Supplemental Financial Statement Information - Liabilities (Details) - USD ($) $ in Thousands | Feb. 29, 2016 | Nov. 30, 2015 | Feb. 28, 2015 |
Supplemental Financial Statement Information | |||
Deferred revenue | $ 10,301 | $ 10,790 | |
Accounts Payable and Accrued Liabilities | |||
Accrued construction costs and retainage | 1,866 | $ 1,278 | |
Trade payables | 955 | 422 | |
Accrued interest payable | 372 | 355 | |
Accrued salaries, wages and other compensation | 237 | 615 | |
Other | 592 | 678 | |
Total | 4,022 | 3,348 | 3,348 |
Other Liabilities | |||
Interest rate swap liabilities | 4,240 | 2,766 | |
Deferred compensation plan | 3,697 | 3,981 | |
Prepaid rent from tenants | 891 | 944 | |
Security deposits | 408 | 286 | |
Conditional asset retirement obligations | 288 | 288 | |
Other | 100 | 107 | |
Other liabilities | $ 9,624 | $ 8,372 | $ 8,372 |
Supplemental Financial Statem38
Supplemental Financial Statement Information - Cash flow, etc. (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Nov. 30, 2015 | |
Supplemental Cash Flow Information | |||
Increase in value of available-for-sale securities: Investment in Centaur Media Plc | $ 393 | $ 24 | |
Increase (decrease) in accounts payable and accrued liabilities related to additions to real estate assets | 588 | 118 | |
Interest paid | |||
Interest payments | $ 1,111 | $ 996 | |
Income Taxes | |||
Effective income tax rate (as a percent) | 19.60% | 36.00% | |
Deferred income taxes | $ 6,466 | $ 5,838 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Jan. 25, 2016USD ($)a | Mar. 23, 2016USD ($)a | Feb. 29, 2016USD ($) | Jun. 27, 2014USD ($)a |
Purchase agreement | ||||
Commitments and Contingencies | ||||
Purchase obligations | $ | $ 6,200 | |||
Area of Land | a | 31 | |||
Undeveloped land | ||||
Commitments and Contingencies | ||||
Area of Land | a | 45 | |||
Undeveloped land | Agreement to sell | ||||
Commitments and Contingencies | ||||
Number Of Acres To Be Sold | a | 30 | |||
Undeveloped land | Agreement to sell | Minimum | ||||
Commitments and Contingencies | ||||
Sale Price of Land | $ | $ 3,250 | |||
Undeveloped land | Purchase agreement | ||||
Commitments and Contingencies | ||||
Purchase obligations | $ | $ 7,700 | |||
Area of Land | a | 280 | |||
Purchase Option Term | 3 months | |||
Undeveloped land | Purchase agreement | Maximum | ||||
Commitments and Contingencies | ||||
Agreement Term of Extension | 3 years | |||
Property and inventory purchase commitments | ||||
Commitments and Contingencies | ||||
Purchase obligations | $ | $ 6,794 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent events $ in Thousands | Mar. 31, 2016USD ($) |
Subsequent events | |
Stock Repurchase Program, Period in Force | 12 months |
Stock Repurchase Program, Authorized Amount | $ 5,000 |