INDUS Realty Trust (INDT) 10-Q 8 Apr 16 2016 Q1 Quarterly report Financial data

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