INDUS Realty Trust (INDT) 10-Q 7 Oct 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Aug. 31, 2016	Sep. 30, 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	Aug. 31, 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		5,092,708
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 31, 2016	Nov. 30, 2015
ASSETS
Real estate assets, net	$ 173,995	$ 166,455
Real estate held for sale	1,587	1,418
Cash and cash equivalents	13,960	18,271
Deferred income taxes	7,005	5,838
Available for sale securities - Investment in Centaur Media plc	1,058	1,970
Other assets	17,928	15,349
Total assets	215,533	209,301
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage loans	99,838	90,436
Deferred revenue	10,618	10,790
Accounts payable and accrued liabilities	3,987	3,348
Dividend payable		1,546
Other liabilities	10,582	8,372
Total liabilities	125,025	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 5,092,708 and 5,152,708 shares outstanding, respectively	55	55
Additional paid-in capital	108,373	108,188
Retained earnings	354	1,117
Accumulated other comprehensive loss, net of tax	(2,857)	(1,085)
Treasury stock, at cost, 448,321 and 388,321 shares, respectively	(15,417)	(13,466)
Total stockholders' equity	90,508	94,809
Total liabilities and stockholders' equity	$ 215,533	$ 209,301

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Aug. 31, 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	5,092,708	5,152,708
Treasury stock, shares	448,321	388,321

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Consolidated Statements of Operations
Rental revenue	$ 6,514	$ 6,608	$ 19,998	$ 17,966
Revenue from property sales	751	1,576	473	2,647
Total revenue	7,265	8,184	20,471	20,613
Operating expenses of rental properties	1,982	2,125	6,140	6,410
Depreciation and amortization expense	2,226	1,923	6,540	5,627
Costs related to property sales	193	162	193	484
General and administrative expenses	1,775	1,333	5,435	5,191
Total expenses	6,176	5,543	18,308	17,712
Operating income	1,089	2,641	2,163	2,901
Interest expense	(1,162)	(801)	(3,315)	(2,645)
Gain on sale of assets			122
Investment income		6	62	111
(Loss) income before income tax benefit (provision)	(73)	1,846	(968)	367
Income tax benefit (provision)	24	(643)	205	(106)
Net loss	$ (49)	$ 1,203	$ (763)	$ 261
Basic net income (loss) per common share:
Basic net loss per common share (in dollars per share)	$ (0.01)	$ 0.23	$ (0.15)	$ 0.05
Diluted net income (loss) per common share:
Diluted net loss per common share (in dollars per share)	$ (0.01)	$ 0.23	$ (0.15)	$ 0.05

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Consolidated Statements of Comprehensive Income (Loss)
Net (loss) income	$ (49)	$ 1,203	$ (763)	$ 261
Other comprehensive (loss) income, net of tax:
Reclassifications included in net (loss) income	219	189	646	557
(Decrease) increase in fair value of Centaur Media plc	(254)	123	(593)	414
Unrealized loss on cash flow hedges	(710)	(54)	(1,825)	(512)
Total other comprehensive (loss) income, net of tax	(745)	258	(1,772)	459
Total comprehensive (loss) income	$ (794)	$ 1,461	$ (2,535)	$ 720

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 Income (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		192				192
Exercise of stock options		80				80
Exercise of stock options (shares)	3,134
Net income (loss)			261			261
Total other comprehensive loss, net of tax				459		459
Balance at end of period at Aug. 31, 2015	$ 55	108,159	2,499	(376)	(13,466)	96,871
Balance (in shares) at Aug. 31, 2015	5,541,029
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		185				185
Repurchase of common stock					(1,951)	(1,951)
Net income (loss)			(763)			(763)
Total other comprehensive loss, net of tax				(1,772)		(1,772)
Balance at end of period at Aug. 31, 2016	$ 55	$ 108,373	$ 354	$ (2,857)	$ (15,417)	$ 90,508
Balance (in shares) at Aug. 31, 2016	5,541,029

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015
Operating activities:
Net income (loss)	$ (763)	$ 261
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	6,540	5,627
Gain on sales of properties	(280)	(2,163)
Deferred income taxes	(154)	106
Stock-based compensation expense	185	192
Amortization of debt issuance costs	222	174
Gain on sale of assets	(122)
Accretion of discount on note receivable		(49)
Changes in assets and liabilities:
Other assets	(3,065)	(631)
Accounts payable and accrued liabilities	346	442
Deferred revenue	301	5,478
Other liabilities	337	477
Net cash provided by operating activities	3,547	9,914
Investing activities:
Additions to real estate assets	(13,365)	(26,461)
Deferred leasing costs and other	(564)	(836)
Proceeds from collection of note receivable		1,500
Proceeds from sales of property		400
Net cash used in investing activities	(13,929)	(25,397)
Financing activities:
Proceeds from debt	18,800	28,891
Payments of debt	(9,398)	(19,531)
Repurchase of common stock	(1,951)
Dividends paid to stockholders	(1,546)	(1,030)
Mortgage proceeds held in escrow	600	(3,125)
Debt issuance costs	(434)	(511)
Exercise of stock options		80
Net cash provided by financing activities	6,071	4,774
Net decrease in cash and cash equivalents	(4,311)	(10,709)
Cash and cash equivalents at beginning of period	18,271	17,059
Cash and cash equivalents at end of period	$ 13,960	$ 6,350

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Aug. 31, 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”) Accounting Standards Codification (“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 August 31, 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 August 31, 2016 (the “2016 third quarter”) and the nine months ended August 31, 2016 (the “2016 nine month period”) are not necessarily indicative of the results to be expected for the full year. The three and nine months ended August 31, 2015 are referred to herein as the “2015 third quarter” and “2015 nine month period,” respectively. 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. (“Imperial”), to Monrovia Connecticut LLC (“Monrovia”) in the fiscal 2014 first quarter and entered into a long-term 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 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	9 Months Ended
	Aug. 31, 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 nine month period, Griffin did not transfer any assets or liabilities into or out of Levels 1 or 2. The following are Griffin’s financial assets and liabilities carried at fair value and measured at fair value on a recurring basis: August 31, 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 August 31, 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 swap liabilities 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 value of the available-for-sale securities is 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	9 Months Ended
	Aug. 31, 2016
Real Estate Assets
Real Estate Assets	3. Real Estate Assets Real estate assets, net consist of: Estimated Useful Lives Aug. 31, 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 were as follows: For the Three Months Ended For the Nine Months Ended Aug. 31, 2016 Aug. 31, 2015 Aug. 31, 2016 Aug. 31, 2015 Depreciation expense $ $ $ $ Capitalized interest $ $ $ $ In the fiscal 2013 fourth quarter, Griffin completed the sale of approximately 90 acres of undeveloped land for $8,968 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 August 31, 2016, approximately 97% of the total costs related to the Windsor Land Sale have been incurred; therefore, from the date of the Windsor Land Sale through August 31, 2016, approximately 97% of the total revenue and pretax gain on the sale have been recognized in Griffin’s consolidated statements of operations. In the 2016 second quarter, Griffin increased its estimate of the total costs to complete the required road improvements attributed to the Windsor Land Sale by $79, based upon changes received from the state of Connecticut’s Department of Transportation in the 2016 second quarter that increased the scope of roadwork required to be completed by Griffin. The effect of the estimated additional roadwork cost is expected to reduce the estimated total pretax gain on the Windsor Land Sale from approximately $6,765 to approximately $6,686 after all costs are incurred. From the time the Windsor Land Sale closed in fiscal 2013 through August 31, 2016, Griffin’s consolidated statements of operations reflected total revenue of $8,729 and a total pretax gain of $6,508 from the Windsor Land Sale. Griffin's consolidated statements of operations for the 2015 third quarter and 2015 nine month period included revenue of $1,176 and $2,247, respectively, and a pretax gain of $1,014 and $1,763, respectively, 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 be in the fourth quarter of fiscal 2016. Deferred revenue on Griffin's consolidated balance sheet as of August 31, 2016 includes $239 related to the Windsor Land Sale that will be recognized as the remaining 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 consist of: Aug. 31, 2016 Nov. 30, 2015 Land $ $ Development costs $ $

Investment in Centaur Media plc

Investment in Centaur Media plc	9 Months Ended
	Aug. 31, 2016
Investment in Centaur Media plc
Investment in Centaur Media plc	4. Investment in Centaur Media plc As of August 31, 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 nine month period or in the 2015 nine month period. The fair value, cost and unrealized gain of Griffin’s investment in Centaur Media are as follows: Aug. 31, 2016 Nov. 30, 2015 Fair value $ $ Cost Unrealized gain $ $

Mortgage Loans

Mortgage Loans	9 Months Ended
	Aug. 31, 2016
Mortgage Loans
Mortgage Loans	5. Mortgage Loans Griffin’s mortgage loans, which are nonrecourse, consist of: Aug. 31, 2016 Nov. 30, 2015 Variable rate, due October 2, 2017 * $ $ Variable rate, due February 1, 2019 * Variable rate, due August 1, 2019 * — Variable rate, due January 27, 2020 * Variable rate, due January 2, 2025 * Variable rate, due September 1, 2025 * Variable rate, due May 1, 2026 * — 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 April 26, 2016, Griffin closed on a nonrecourse mortgage (“the 2016 PUB Mortgage”) with People’s United Bank, N.A. (“PUB”) for $14,350, before transaction costs. The 2016 PUB Mortgage refinanced an existing mortgage (the “2009 PUB Mortgage”) with PUB that was due on August 1, 2019 and was collateralized by four industrial/warehouse buildings totaling approximately 240,000 square feet (14, 15, 16 and 40 International Drive) in New England Tradeport (“NE Tradeport”), Griffin’s industrial park located in Windsor and East Granby, Connecticut. The 2009 PUB Mortgage had a balance of $7,418 at the time of the refinancing and a variable interest rate of the one month LIBOR rate plus 3.08%. At the time Griffin completed the 2009 PUB Mortgage, Griffin entered into an interest rate swap agreement with PUB to effectively fix the rate on the 2009 PUB Mortgage at 6.58% for the term of that loan. The 2016 PUB Mortgage is collateralized by the same four properties that collateralized the 2009 PUB Mortgage along with another approximately 98,000 square foot industrial/warehouse building (35 International Drive) in NE Tradeport. At the closing of the 2016 PUB Mortgage, Griffin received net mortgage proceeds of $6,932 (before transaction costs), which was net of the $7,418 used to repay the 2009 PUB Mortgage. The 2016 PUB Mortgage has a ten year term with monthly principal payments based on a twenty-five year amortization schedule. The interest rate for the 2016 PUB Mortgage is a floating rate of the one month LIBOR rate plus 2.0%. At the time the 2016 PUB Mortgage closed, Griffin entered into another interest rate swap agreement with PUB that, combined with the existing interest rate swap agreement with PUB, effectively fixes the interest rate of the 2016 PUB Mortgage at 4.17% over the term of the loan. The terms of the 2016 PUB Mortgage require that if either the tenant that leases approximately 58,000 square feet in 40 International Drive or the tenant that leases approximately 40,000 square feet in 14 International Drive does not extend its respective lease when it expires in fiscal 2021, a subsidiary of Griffin will enter into a master lease of the vacated space. The master lease would be guaranteed by Griffin and be in effect until either the vacated space is re-leased to a new tenant or the due date of the 2016 PUB Mortgage Loan, whichever occurs first. On December 10, 2015, Griffin received proceeds of $2,600 (the “Webster Earn-Out”) related to the mortgage (the “2015 Webster Mortgage”) obtained by one of its subsidiaries with Webster Bank, N.A (“Webster Bank”) on its property at 5220 Jaindl Boulevard (“5220 Jaindl”), 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. 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 should the lease at 5220 Jaindl 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 principal 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 September 13, 2016, Griffin and Webster Bank agreed to terms on a refinancing of the 2015 Webster Mortgage that would increase the loan amount up to an additional $13,000 and add 5210 Jaindl Boulevard (“5210 Jaindl”) to the mortgage collateral, subject to entry into definitive agreements. The refinanced loan would have a new ten year term with principal payments based on a twenty-five year amortization schedule, and interest at the one month LIBOR rate plus 1.70%. Griffin expects to enter into a new interest rate swap agreement with Webster Bank that, when combined with the existing interest rate swap agreements related to the 2015 Webster Mortgage, would fix the rate on the entire balance of the refinanced mortgage loan for its full term. There is no guarantee that the refinancing of the 2015 Webster Mortgage will be completed in accordance with the current terms, or at all. On December 11, 2015, Griffin received proceeds of $1,850 (the “First Niagara Earn-Out”) 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”) and 4275 Fritch Drive (“4275 Fritch”) in the Lehigh Valley. 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 with First Niagara Bank. The 2025 First Niagara Mortgage is collateralized by 4270 Fritch, an approximately 303,000 square foot industrial/warehouse building, and 4275 Fritch, 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 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 Fritch and 4275 Fritch 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 principal 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/warehouse buildings totaling approximately 392,000 square feet (“75 International,” “754 Rainbow” and “758 Rainbow”) in NE Tradeport. 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 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 in the fiscal 2016 second quarter when tenant improvement work for the full building tenant in 758 Rainbow was completed. The 40|86 Mortgage has a fifteen year term with monthly principal payments based on a thirty year amortization schedule. The interest rate for the 40|86 Mortgage is 4.33%. As of August 31, 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 August 31, 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 nine month periods, Griffin recognized losses (included in other comprehensive loss) before taxes of $2,898 and $812, respectively, on its interest rate swap agreements. As of August 31, 2016, $1,199 was expected to be reclassified over the next twelve months from accumulated other comprehensive loss to interest expense. As of August 31, 2016, the net fair value of Griffin’s interest rate swap agreements was $4,639 and is included in other liabilities on Griffin’s consolidated balance sheet.

Revolving Credit Agreement

Revolving Credit Agreement	9 Months Ended
	Aug. 31, 2016
Revolving Credit Agreement
Revolving Credit Agreement	6. Revolving Credit Agreement On July 22, 2016, Griffin entered into an amendment (the “Amendment”) to its revolving credit line (the “Webster Credit Line”) with Webster Bank, N.A. that extends the Webster Credit Line for two years through July 31, 2018. The Amendment increases the amount of the Webster Credit Line from $12,500 to $15,000 and enables Griffin to further extend the term of the Webster Credit Line for an additional year through July 31, 2019, provided there is no default at the time such extension is requested. Per the terms of the Amendment, the interest rate on the Webster Credit Line will remain at the one month LIBOR rate plus 2.75% and the collateral for the Webster Credit Line, 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, will remain the same. There have been no borrowings under the Webster Credit Line since its inception in fiscal 2013. However, the Webster Credit Line does secure certain unused standby letters of credit aggregating $4,117 that are related to Griffin's development activities.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Aug. 31, 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 For the Nine Months Ended Aug. 31, 2016 Aug. 31, 2015 Aug. 31, 2016 Aug. 31, 2015 Net (loss) income $ $ $ $ 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 2016 third quarter and 2016 nine month period would have been 23,000 and 2,000, 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 stock options is solely based upon service requirements and does not contain market or performance conditions. Stock options issued will expire ten years from the grant date. In accordance with the 2009 Stock Option Plan, stock options issued to non-employee directors upon their initial election to the board of directors are fully exercisable immediately upon the date of the option grant. Stock options issued to non-employee directors upon their re-election to the board of directors vest on the second anniversary from the date of grant. Stock options issued to employees vest in equal installments on the third, fourth and fifth anniversaries from the date of grant. None of the stock options outstanding at August 31, 2016 may be exercised as stock appreciation rights. The following options were granted by Griffin under the 2009 Stock Option Plan to Griffin employees and to non-employee directors either upon their initial election or their re-election to Griffin’s Board of Directors: For the Nine Months Ended Aug. 31, 2016 Aug. 31, 2015 Fair Value per Fair Value per Number of Option at Number of Option at Shares Grant Date Shares Grant Date Employees $ 7.51 - 11.65 - $ - Non-employee directors $ $ The fair values of all options granted were estimated as of the grant date using the Black-Scholes option-pricing model. Assumptions used in determining the fair value of the stock options granted in the 2016 and 2015 nine month periods were as follows: For the Nine Months Ended Aug. 31, 2016 Aug. 31, 2015 Expected volatility 32.9% to 41.1% 40.8% Risk free interest rates 1.2% to 1.5% 2.0% Expected option term (in years) 5 to 8.5 8.5 Annual dividend yield 0.9% 0.7% Number of option holders at August 31, 2016 Compensation expense and related tax benefits for stock options were as follows: For the Three Months Ended For the Nine Months Ended Aug. 31, 2016 Aug. 31, 2015 Aug. 31, 2016 Aug. 31, 2015 Net compensation expense $ $ $ $ Net related tax benefit $ $ $ $ For all periods presented, the forfeiture rate for directors was 0%, forfeiture rates for executives ranged from 17.9% to 22.6% and forfeiture rates for employees ranged from 38.3% to 41.1%. These rates were utilized based on the historical activity of the grantees. As of August 31, 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 $ Fiscal 2018 $ Fiscal 2019 $ Fiscal 2020 $ Fiscal 2021 $ A summary of the activity under the 2009 Griffin Stock Option Plan is as follows: For the Nine Months Ended August 31, 2016 August 31, 2015 Weighted Weighted Avg. Avg. Number of Exercise Number of Exercise Shares Price Shares Price Outstanding at beginning of period $ $ Granted $ $ Exercised — $ — $ Forfeited $ $ Outstanding at end of period $ $ Weighted Avg. Remaining Range of Exercise Prices for Outstanding at Weighted Avg. Contractual Life Total Intrinsic Vested and Nonvested Options August 31, 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 Nine Months Ended Aug. 31, 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 August 31, 2016 $ $ $ For the Nine Months Ended Aug. 31, 2015 Unrealized gain Unrealized loss on on investment in cash flow hedges Centaur Media Total Balance November 30, 2014 $ $ $ Other comprehensive (loss) income before reclassifications Amounts reclassified — Net activity for other comprehensive loss Balance August 31, 2015 $ $ $ The components of other comprehensive loss are as follows: For the Three Months Ended August 31, 2016 August 31, 2015 Tax Tax (Expense) Net-of (Expense) Net-of Pre-Tax Benefit Tax Pre-Tax Benefit Tax Reclassifications included in net (loss) income: Loss on cash flow hedges (interest expense) $ $ $ $ $ $ Total reclassifications included in net (loss) income Mark to market adjustment on Centaur Media for a (decrease) increase in the foreign currency exchange rate Mark to market adjustment on Centaur Media for a (decrease) increase in fair value Decrease in fair value adjustments on Griffin’s cash flow hedges Total change in other comprehensive (loss) income Other comprehensive (loss) income $ $ $ $ $ $ For the Nine Months Ended August 31, 2016 August 31, 2015 Tax Tax (Expense) Net-of (Expense) Net-of Pre-Tax Benefit Tax Pre-Tax Benefit Tax Reclassifications included in net (loss) income: Loss on cash flow hedges (interest expense) $ $ $ $ $ $ Total reclassifications included in net (loss) income 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 change in other comprehensive (loss) income Other comprehensive (loss) income $ $ $ $ $ $ Stock Repurchases On March 31, 2016, Griffin’s Board of Directors authorized a stock repurchase program whereby Griffin may repurchase up to $5,000 in outstanding shares of its common stock over a twelve month period in privately negotiated transactions. This repurchase program does not obligate Griffin to repurchase any specific number of shares, and may be suspended at any time at management’s discretion. On May 27, 2016, Griffin repurchased 60,000 shares of its outstanding common stock for approximately $1,951. Cash Dividend Griffin did not declare a cash dividend in the 2016 or 2015 nine month periods. 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	9 Months Ended
	Aug. 31, 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: Aug. 31, 2016 Nov. 30, 2015 Deferred rent receivable $ $ Deferred leasing costs Prepaid expenses Mortgage escrows Deferred financing costs Lease receivables from tenants Deposits on real estate acquisitions — 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: Aug. 31, 2016 Nov. 30, 2015 Accrued construction costs and retainage $ $ Trade payables Accrued salaries, wages and other compensation Accrued interest payable Other Total accounts payable and accrued liabilities $ $ Other Liabilities Griffin's other liabilities are comprised of the following: Aug. 31, 2016 Nov. 30, 2015 Interest rate swap agreements $ $ Deferred compensation plan Prepaid rent from tenants Security deposits Conditional asset retirement obligations Other Total other liabilities $ $ Supplemental Cash Flow Information A decrease of $912 in the 2016 nine month period and an increase of $638 in the 2015 nine month period 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 $293 and $1,256 in the 2016 nine month period and 2015 nine month period, respectively. Interest payments were as follows: For the Three Months Ended For the Nine Months Ended Aug. 31, 2016 Aug. 31, 2015 Aug. 31, 2016 Aug. 31, 2015 $ $ $ $ Income Taxes Griffin’s effective income tax benefit rate was 21.2% for the 2016 nine month period as compared to an income tax provision rate of 28.9% for the 2015 nine month period. The income tax benefit for the 2016 nine month period includes a charge of approximately $163 for the effect of a change in Connecticut tax law, effective for Griffin in fiscal 2016, whereby, 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 effect of the charge reduced Griffin’s effective tax benefit rate by approximately 16.8%. The decrease of the realization rate is based on management's current projections of taxable income in Connecticut in future years that would generate income taxes in excess of capital based taxes. The effective tax rate in the 2016 nine month period is based on management’s projections of pretax results for the balance of the year. To the extent that actual results differ from current projections, the effective income tax rate may change. As of August 31, 2016, Griffin’s consolidated balance sheet includes a net deferred tax asset of $7,005. 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	9 Months Ended
	Aug. 31, 2016
Commitments and Contingencies
Commitments and Contingencies	9. Commitments and Contingencies As of August 31, 2016, Griffin had committed purchase obligations of approximately $1,024, principally related to the development of Griffin’s real estate assets. On January 25, 2016, Griffin entered into an Option Purchase Agreement (the “Option Agreement”) whereby Griffin granted the buyer an exclusive option, which may be extended for up to three years upon payment of additional option fees, to purchase approximately 280 acres of land for approximately $7,700. 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 changes in 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 “East Allen Purchase Agreement”) to acquire, for a purchase price of $6,200, an approximately 31 acre site in East Allen Township, Northampton County, Pennsylvania for development of an industrial/warehouse building. A closing on the land acquisition contemplated by the East Allen 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 East Allen Purchase Agreement will be completed under its current terms, or at all. On May 4, 2016, Griffin entered into an Agreement of Sale and Purchase, as amended (the “Macungie Purchase Agreement”), to acquire, for a purchase price of $1,800, an approximately 14 acre site in Upper Macungie Township, Lehigh County, Pennsylvania for development of an industrial/warehouse building. A closing on the land acquisition contemplated by the Macungie Purchase Agreement is subject to significant contingencies, including Griffin obtaining all governmental approvals for its planned development of the land that would be acquired. There is no guarantee that the land acquisition as contemplated under the Macungie Purchase Agreement will be completed under its current terms, or at all. As of August 31, 2016, Griffin is authorized to repurchase, from time to time, up to $3,049 in outstanding shares of its common stock through private transactions. The program to repurchase common stock expires on May 10, 2017, does not obligate Griffin to repurchase any specific number of shares, and may be suspended at any time at management’s discretion. Griffin is involved, as a defendant, in various litigation matters arising in the ordinary course of business. In the opinion of management, based on the advice of legal counsel, the ultimate liability, if any, with respect to these matters is not expected to be material, individually or in the aggregate, to Griffin's consolidated financial position, results of operations or cash flows.

Subsequent Events

Subsequent Events	9 Months Ended
	Aug. 31, 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 August 31, 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 August 31, 2016, other than the disclosures herein. On September 13, 2016, Griffin and Webster Bank agreed to terms on a refinancing of the 2015 Webster Mortgage that would increase the loan amount up to an additional $13,000 and add 5210 Jaindl to the mortgage collateral, subject to the entry into definitive agreements. The refinanced mortgage loan would have a new ten year term with principal payments based on a twenty-five year amortization schedule, and interest at the one month LIBOR rate plus 1.70%. Griffin expects to enter into a new interest rate swap agreement with Webster Bank that, when combined with the existing interest rate swap agreements related to the 2015 Webster Mortgage, would fix the rate on the entire balance of the refinanced mortgage loan for its full term. There is no guarantee that the refinancing of the 2015 Webster Mortgage will be completed in accordance with the current terms, or at all. On September 22, 2016, Griffin closed on the previously contracted sale of approximately 29 acres of an approximately 45 acre land parcel in Griffin Center in Bloomfield, Connecticut for approximately $3,750 and an estimated pretax gain of approximately $3,100. An additional approximately 15 acres of that land parcel, much of which is wetlands with very limited development potential, was donated to an affiliate of the purchaser at the time of the closing. Griffin retained approximately one acre, which is adjacent to other undeveloped land owned by Griffin. The net cash proceeds from the sale of approximately $3,500 were placed in escrow for the potential acquisition of a replacement property as part of a Section 1031 like-kind exchange for income tax purposes. If a replacement property is not purchased with the proceeds from this land sale within the time frame required under IRS regulations regarding Section 1031 like-kind exchanges, the proceeds placed in escrow would be returned to Griffin.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Aug. 31, 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”) Accounting Standards Codification (“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 August 31, 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 August 31, 2016 (the “2016 third quarter”) and the nine months ended August 31, 2016 (the “2016 nine month period”) are not necessarily indicative of the results to be expected for the full year. The three and nine months ended August 31, 2015 are referred to herein as the “2015 third quarter” and “2015 nine month period,” respectively. 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. (“Imperial”), to Monrovia Connecticut LLC (“Monrovia”) in the fiscal 2014 first quarter and entered into a long-term 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 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)	9 Months Ended
	Aug. 31, 2016
Fair Value
Schedule of financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:	August 31, 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 August 31, 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 swap liabilities 2

Real Estate Assets (Tables)

Real Estate Assets (Tables)	9 Months Ended
	Aug. 31, 2016
Real Estate Assets
Schedule of real estate assets, excluding those held for sale	Estimated Useful Lives Aug. 31, 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	For the Three Months Ended For the Nine Months Ended Aug. 31, 2016 Aug. 31, 2015 Aug. 31, 2016 Aug. 31, 2015 Depreciation expense $ $ $ $ Capitalized interest $ $ $ $
Schedule of real estate held for sale	Aug. 31, 2016 Nov. 30, 2015 Land $ $ Development costs $ $

Investment in Centaur Media p21

Investment in Centaur Media plc (Tables)	9 Months Ended
	Aug. 31, 2016
Investment in Centaur Media plc
Schedule of fair value, cost and unrealized gain of Griffin's investment in Centaur Media	Aug. 31, 2016 Nov. 30, 2015 Fair value $ $ Cost Unrealized gain $ $

Mortgage Loans (Tables)

Mortgage Loans (Tables)	9 Months Ended
	Aug. 31, 2016
Mortgage Loans
Schedule of mortgage loans	Aug. 31, 2016 Nov. 30, 2015 Variable rate, due October 2, 2017 * $ $ Variable rate, due February 1, 2019 * Variable rate, due August 1, 2019 * — Variable rate, due January 27, 2020 * Variable rate, due January 2, 2025 * Variable rate, due September 1, 2025 * Variable rate, due May 1, 2026 * — 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)	9 Months Ended
	Aug. 31, 2016
Stockholders' Equity
Schedule of basic and diluted per share results	For the Three Months Ended For the Nine Months Ended Aug. 31, 2016 Aug. 31, 2015 Aug. 31, 2016 Aug. 31, 2015 Net (loss) income $ $ $ $ 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 2016 third quarter and 2016 nine month period would have been 23,000 and 2,000, respectively.
Schedule Of Share Based Compensation Arrangement by Share Based Payment Award Options Grants In Period Grant Date Fair Value [Table TextBlock]	For the Nine Months Ended Aug. 31, 2016 Aug. 31, 2015 Fair Value per Fair Value per Number of Option at Number of Option at Shares Grant Date Shares Grant Date Employees $ 7.51 - 11.65 - $ - Non-employee directors $ $
Schedule of assumptions used in determining fair values of options	For the Nine Months Ended Aug. 31, 2016 Aug. 31, 2015 Expected volatility 32.9% to 41.1% 40.8% Risk free interest rates 1.2% to 1.5% 2.0% Expected option term (in years) 5 to 8.5 8.5 Annual dividend yield 0.9% 0.7%
Schedule of option holders	Number of option holders at August 31, 2016
Schedule of compensation expense and related tax benefits for stock options	For the Three Months Ended For the Nine Months Ended Aug. 31, 2016 Aug. 31, 2015 Aug. 31, 2016 Aug. 31, 2015 Net compensation expense $ $ $ $ Net related tax benefit $ $ $ $
Schedule of unrecognized compensation expense related to nonvested stock options	Balance of Fiscal 2016 $ Fiscal 2017 $ Fiscal 2018 $ Fiscal 2019 $ Fiscal 2020 $ Fiscal 2021 $
Summary of the activity under the Griffin Stock Option Plan	For the Nine Months Ended August 31, 2016 August 31, 2015 Weighted Weighted Avg. Avg. Number of Exercise Number of Exercise Shares Price Shares Price Outstanding at beginning of period $ $ Granted $ $ Exercised — $ — $ Forfeited $ $ Outstanding at end of period $ $
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 August 31, 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 Nine Months Ended Aug. 31, 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 August 31, 2016 $ $ $ For the Nine Months Ended Aug. 31, 2015 Unrealized gain Unrealized loss on on investment in cash flow hedges Centaur Media Total Balance November 30, 2014 $ $ $ Other comprehensive (loss) income before reclassifications Amounts reclassified — Net activity for other comprehensive loss Balance August 31, 2015 $ $ $
Schedule of components of accumulated other comprehensive income (loss)	For the Three Months Ended August 31, 2016 August 31, 2015 Tax Tax (Expense) Net-of (Expense) Net-of Pre-Tax Benefit Tax Pre-Tax Benefit Tax Reclassifications included in net (loss) income: Loss on cash flow hedges (interest expense) $ $ $ $ $ $ Total reclassifications included in net (loss) income Mark to market adjustment on Centaur Media for a (decrease) increase in the foreign currency exchange rate Mark to market adjustment on Centaur Media for a (decrease) increase in fair value Decrease in fair value adjustments on Griffin’s cash flow hedges Total change in other comprehensive (loss) income Other comprehensive (loss) income $ $ $ $ $ $ For the Nine Months Ended August 31, 2016 August 31, 2015 Tax Tax (Expense) Net-of (Expense) Net-of Pre-Tax Benefit Tax Pre-Tax Benefit Tax Reclassifications included in net (loss) income: Loss on cash flow hedges (interest expense) $ $ $ $ $ $ Total reclassifications included in net (loss) income 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 change in other comprehensive (loss) income Other comprehensive (loss) income $ $ $ $ $ $

Supplemental Financial Statem24

Supplemental Financial Statement Information (Tables)	9 Months Ended
	Aug. 31, 2016
Supplemental Financial Statement Information
Schedule of other assets	Aug. 31, 2016 Nov. 30, 2015 Deferred rent receivable $ $ Deferred leasing costs Prepaid expenses Mortgage escrows Deferred financing costs Lease receivables from tenants Deposits on real estate acquisitions — Property and equipment, net Intangible assets, net Other Total other assets $ $
Schedule of accounts payable and accrued liabilities	Aug. 31, 2016 Nov. 30, 2015 Accrued construction costs and retainage $ $ Trade payables Accrued salaries, wages and other compensation Accrued interest payable Other Total accounts payable and accrued liabilities $ $
Schedule of other liabilities	Aug. 31, 2016 Nov. 30, 2015 Interest rate swap agreements $ $ Deferred compensation plan Prepaid rent from tenants Security deposits Conditional asset retirement obligations Other Total other liabilities $ $
Schedule of interest payments	For the Three Months Ended For the Nine Months Ended Aug. 31, 2016 Aug. 31, 2015 Aug. 31, 2016 Aug. 31, 2015 $ $ $ $

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Aug. 31, 2016	Nov. 30, 2015
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Marketable equity securities	$ 1,058	$ 1,970
Interest rate swap agreements	4,639	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	1,058
Interest rate swap agreements		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 agreements	$ 4,639	$ 2,766

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities (Details) - USD ($) $ in Thousands	Aug. 31, 2016	Nov. 30, 2015
Financial assets:
Available-for-sale securities	$ 1,058	$ 1,970
Financial liabilities:
Interest rate swap agreements	4,639	2,766
Carrying Value | Level 1
Financial assets:
Cash and cash equivalents	13,960	18,271
Available-for-sale securities	1,058	1,970
Carrying Value | Level 2
Financial liabilities:
Mortgage loans	99,838	90,436
Interest rate swap agreements	4,639	2,766
Estimated Fair Value | Level 1
Financial assets:
Cash and cash equivalents	13,960	18,271
Available-for-sale securities	1,058	1,970
Estimated Fair Value | Level 2
Financial liabilities:
Mortgage loans	101,349	91,406
Interest rate swap agreements	$ 4,639	$ 2,766

Real Estate Assets (Details)

Real Estate Assets (Details) $ in Thousands	3 Months Ended				6 Months Ended	9 Months Ended		12 Months Ended	21 Months Ended	36 Months Ended
	Aug. 31, 2016USD ($)a	May 31, 2016USD ($)	Aug. 31, 2015USD ($)	Nov. 30, 2013USD ($)a	May 31, 2016USD ($)	Aug. 31, 2016USD ($)a	Aug. 31, 2015USD ($)	Nov. 30, 2015USD ($)	Aug. 31, 2016USD ($)a	Aug. 31, 2016USD ($)a
Real Estate Assets
Land	$ 17,989					$ 17,989		$ 18,157	$ 17,989	$ 17,989
Land improvements	27,486					27,486		22,440	27,486	27,486
Buildings and improvements	163,438					163,438		149,111	163,438	163,438
Tenant improvements	21,498					21,498		19,611	21,498	21,498
Machinery and equipment	11,022					11,022		11,810	11,022	11,022
Construction in progress	1,446					1,446		10,240	1,446	1,446
Development costs	16,156					16,156		15,870	16,156	16,156
Real estate assets, gross	259,035					259,035		247,239	259,035	259,035
Accumulated depreciation	(85,040)					(85,040)		(80,784)	(85,040)	(85,040)
Real estate assets, net	173,995					173,995		166,455	173,995	173,995
Depreciation expense	1,974		$ 1,619			5,756	$ 4,765
Capitalized interest	57		290			274	657
Sales
Revenue from property sales	751		1,576			473	2,647
Proceeds from Sale of Real Estate Assets							400
Deferred revenue	10,618					10,618		10,790	10,618	10,618
Real estate held for sale	$ 1,587					$ 1,587		1,418	$ 1,587	$ 1,587
Windsor undeveloped land sale
Sales
Number of acres sold | a				90
Proceeds from sale of undeveloped land				$ 8,968
Number of acres | a	253					253			253	253
Increase in estimated project cost		$ 79
Percentage of cost incurred on sale of land	97.00%					97.00%			97.00%	97.00%
Percentage of total revenue and pretax gain on sale have been recognized	97.00%					97.00%			97.00%	97.00%
Revenue from property sales			1,176				2,247			$ 8,729
Estimated total pre-tax gain					$ 6,765	$ 6,686
Pretax gain on land sale			$ 1,014				$ 1,763			6,508
Deferred revenue	$ 239					239			$ 239	239
Land.
Sales
Real estate held for sale	246					$ 246		$ 78	$ 246	246
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	$ 1,341					$ 1,341		$ 1,340	$ 1,341	$ 1,341

Investment - Centaur Media plc

Investment - Centaur Media plc (Details) - USD ($) $ in Thousands	Aug. 31, 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	$ 1,058	$ 1,970
Cost	1,014	1,014
Unrealized gain	$ 44	$ 956

Mortgage Loan (Details)

Mortgage Loan (Details) $ in Thousands

Sep. 13, 2016USD ($)

Apr. 26, 2016USD ($)ft²building

Dec. 11, 2015USD ($)subsidiary

Sep. 01, 2015USD ($)ft²derivativesubsidiary

Jul. 29, 2015USD ($)ft²building

Dec. 31, 2014USD ($)ft²derivative

May 31, 2016USD ($)

Feb. 29, 2016USD ($)

Nov. 30, 2015USD ($)ft²

Aug. 31, 2016USD ($)item

Aug. 31, 2015USD ($)

Dec. 10, 2015USD ($)

Long-Term Debt

Mortgage loans

$ 90,436

$ 99,838

Debt disclosures

Proceeds from issuance of debt

18,800

$ 28,891

Ineffectiveness on cash flow hedges

0

Anticipated ineffectiveness on cash flow hedges

0

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

2,766

4,639

Other liabilities caption

Debt disclosures

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

4,639

Nonrecourse variable rate loans, due October 2, 2017

Long-Term Debt

Mortgage loans

6,217

6,081

Nonrecourse variable rate loans, due February 1, 2019

Long-Term Debt

Mortgage loans

10,610

10,389

Nonrecourse variable rate loans, due August 1, 2019

Long-Term Debt

Mortgage loans

$ 7,418

7,501

Debt disclosures

Number of buildings used as collateral | building

4

Area of collateralized properties (in square feet) | ft²

240,000

Nonrecourse variable rate loans, due January 27, 2020

Long-Term Debt

Mortgage loans

3,729

3,637

Nonrecourse variable rate loans, due January 2, 2025

Long-Term Debt

Mortgage loans

19,385

20,869

Debt disclosures

Proceeds from issuance of debt

$ 10,891

Term of debt

10 years

Amortization period of debt

25 years

Number of subsidiaries which are party to the mortgage | subsidiary

2

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

11,457

13,809

Debt disclosures

Area of collateralized properties (in square feet) | ft²

280,000

Term of debt

10 years

Amortization period of debt

25 years

Leased space | ft²

196,000

Number of subsidiaries which are party to the mortgage | subsidiary

1

Nonrecourse Variable Rate Mortgage, Refinanced, Due In September 2026 [Member] | Subsequent events

Debt disclosures

Term of debt

10 years

Amortization period of debt

25 years

Loan amount increase

$ 13,000

Nonrecourse Variable Rate Mortgage Due On 1 May 2026 [Member]

Long-Term Debt

Mortgage loans

14,269

Debt disclosures

New mortgage

$ 14,350

Number of buildings used as collateral | building

4

Proceeds from issuance of debt

$ 6,932

Term of debt

10 years

Amortization period of debt

25 years

Additional area serving as collateral | ft²

98,000

Nonrecourse Variable Rate Mortgage Due On 1 May 2026 [Member] | Location 1

Debt disclosures

Leased space | ft²

58,000

Nonrecourse Variable Rate Mortgage Due On 1 May 2026 [Member] | Location 2

Debt disclosures

Leased space | ft²

40,000

5.09%, due July 1, 2029 GCD mortgage loan

Long-Term Debt

Mortgage loans

$ 7,385

$ 7,099

Interest rate (as a percent)

5.09%

5.09%

5.09%, due July 1, 2029 TD mortgage Loan

Long-Term Debt

Mortgage loans

$ 6,226

$ 5,984

Interest rate (as a percent)

5.09%

5.09%

4.33%, due August 1, 2030 mortgage loan

Long-Term Debt

Mortgage loans

$ 17,926

$ 17,701

Interest rate (as a percent)

4.33%

4.33%

Debt disclosures

New mortgage

$ 18,000

Number of buildings used as collateral | building

3

Proceeds from issuance of debt

$ 14,875

Term of debt

15 years

Amortization period of debt

30 years

Nonrecourse mortgages: 5.73%, due August 1, 2015

Long-Term Debt

Mortgage loans

$ 17,891

Interest rate (as a percent)

5.73%

Debt disclosures

Number of buildings used as collateral | building

3

Area of collateralized properties (in square feet) | ft²

392,000

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

$ 2,898

$ 812

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

$ 1,199

Interest rate swap agreement | Nonrecourse variable rate loans, due August 1, 2019

Debt disclosures

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

6.58%

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

Interest rate swap agreement | Nonrecourse Variable Rate Mortgage Due On 1 May 2026 [Member]

Debt disclosures

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

4.17%

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

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

3.77%

Notional amount of interest rate swap agreement

$ 11,500

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 from issuance of debt

$ 25

$ 600

$ 25

$ 2,500

Leased space | ft²

88,000

Proceeds held in escrow

$ 3,125

Nonrecourse Mortgage, 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)

3.88%

Notional amount of interest rate swap agreement

$ 1,850

Nonrecourse Mortgage, Contingent Portion [Member] | 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)

3.67%

Notional amount of interest rate swap agreement

$ 2,600

LIBOR | Nonrecourse variable rate loans, due August 1, 2019

Debt disclosures

Variable interest rate margin (as a percent)

3.08%

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%

LIBOR | Nonrecourse Variable Rate Mortgage, Refinanced, Due In September 2026 [Member] | Subsequent events

Debt disclosures

Variable interest rate margin (as a percent)

1.70%

LIBOR | Nonrecourse Variable Rate Mortgage Due On 1 May 2026 [Member]

Debt disclosures

Variable interest rate margin (as a percent)

2.00%

Revolving Credit Agreement (Det

Revolving Credit Agreement (Details) - Webster Credit Line	Jul. 22, 2016USD ($)	Aug. 31, 2016USD ($)ft²	Jul. 21, 2016USD ($)
Revolving credit agreement
Maximum borrowing capacity	$ 15,000,000		$ 12,500,000
Extension period	2 years
Proceeds from Lines of Credit		$ 0
Standby letters of credit aggregate amount		$ 4,117,000
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		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Per Share Results
Net loss	$ (49)	$ 1,203	$ (763)	$ 261
Weighted average shares outstanding for computation of basic per share results	5,093,000	5,153,000	5,132,000	5,151,000
Incremental shares from assumed exercise of Griffin stock options		23,000		21,000
Adjusted weighted average shares for computation of diluted per share results	5,093,000	5,176,000	5,132,000	5,172,000
Incremental shares from assumed exercise of stock options excluded due to anti-dilutive effect	23,000		2,000

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Grants, Activity And Expense (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2016USD ($)individual$ / sharesshares	Aug. 31, 2015USD ($)$ / sharesshares	Aug. 31, 2016USD ($)individual$ / sharesshares	Aug. 31, 2015USD ($)$ / sharesshares
Other Disclosures
Number of option holders | individual	31		31
Compensation expense for stock options
Compensation expense (benefit) | $	$ 71	$ 30	$ 185	$ 192
Related tax benefit (expense) | $	17	$ 8	41	$ 49
Unrecognized compensation expense related to non-vested stock options that will be recognized during future periods
Balance of fiscal 2016 | $	82		82
Fiscal 2017 | $	311		311
Fiscal 2018 | $	279		279
Fiscal 2019 | $	198		198
Fiscal 2020 | $	102		102
Fiscal 2021 | $	$ 28		$ 28
Non-employee directors
2009 Stock Option Plan
Fair values of stock options granted (in dollars per share) | $ / shares			$ 11.30
2009 Stock Option Plan
2009 Stock Option Plan
Expiration term			10 years
Granted (in shares)			109,859	8,282
Assumptions used in determining the fair value of the stock options granted
Expected volatility (as a percent)				40.80%
Range of risk free interest rate (as a percent)				2.00%
Expected option term (in years)				8 years 6 months
Annual dividend yield (as a percent)			0.90%	0.70%
Activity under the 2009 Stock Option Plan
Outstanding at beginning of period (in shares)			225,727	222,001
Granted (in shares)			109,859	8,282
Exercised (in shares)				(3,134)
Forfeited (in shares)			(11,040)	(1,422)
Outstanding at end of period (in shares)	324,546	225,727	324,546	225,727
Weighted Avg. Exercise Price
Outstanding at beginning of period (in dollars per share) | $ / shares			$ 30.47	$ 30.35
Granted (in dollars per share) | $ / shares			26.83	31.38
Exercised (in dollars per share) | $ / shares				25.53
Forfeited (in dollars per share) | $ / shares			30.73	28.12
Outstanding at end of period (in dollars per share) | $ / shares	$ 29.23	$ 30.47	$ 29.23	$ 30.47
2009 Stock Option Plan | Non-employee directors
2009 Stock Option Plan
Granted (in shares)			8,409	8,282
Fair values of stock options granted (in dollars per share) | $ / shares				$ 14.39
Compensation expense for stock options
Forfeiture rates (as a percent)			0.00%	0.00%
Activity under the 2009 Stock Option Plan
Granted (in shares)			8,409	8,282
2009 Stock Option Plan | Employee [Member]
2009 Stock Option Plan
Granted (in shares)			101,450
Activity under the 2009 Stock Option Plan
Granted (in shares)			101,450
Minimum | 2009 Stock Option Plan
Assumptions used in determining the fair value of the stock options granted
Expected volatility (as a percent)			32.90%
Range of risk free interest rate (as a percent)			1.20%
Expected option term (in years)			5 years
Minimum | 2009 Stock Option Plan | Executives
Compensation expense for stock options
Forfeiture rates (as a percent)			17.90%	17.90%
Minimum | 2009 Stock Option Plan | Employee [Member]
2009 Stock Option Plan
Fair values of stock options granted (in dollars per share) | $ / shares			$ 7.51
Compensation expense for stock options
Forfeiture rates (as a percent)			38.30%	38.30%
Maximum | 2009 Stock Option Plan
Assumptions used in determining the fair value of the stock options granted
Expected volatility (as a percent)			41.10%
Range of risk free interest rate (as a percent)			1.50%
Expected option term (in years)			8 years 6 months
Maximum | 2009 Stock Option Plan | Executives
Compensation expense for stock options
Forfeiture rates (as a percent)			22.60%	22.60%
Maximum | 2009 Stock Option Plan | Employee [Member]
2009 Stock Option Plan
Fair values of stock options granted (in dollars per share) | $ / shares			$ 11.65
Compensation expense for stock options
Forfeiture rates (as a percent)			41.10%	41.10%

Stockholders' Equity - Range Of

Stockholders' Equity - Range Of Exercise Prices (Details) - 2009 Stock Option Plan $ / shares in Units, $ in Thousands	9 Months Ended
	Aug. 31, 2016USD ($)$ / sharesshares
2009 Stock Option Plan
Outstanding at ending of the year (in shares) | shares	324,546
Weighted Avg. Exercise Price (in dollars per share)	$ 29.23
Weighted Avg. Remaining Contractual Life	5 years 9 months 18 days
Total Intrinsic Value | $	$ 984
$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	124,793
Weighted Avg. Exercise Price (in dollars per share)	$ 26.67
Weighted Avg. Remaining Contractual Life	9 years 2 months 12 days
Total Intrinsic Value | $	$ 644
$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	116,678
Weighted Avg. Exercise Price (in dollars per share)	$ 28.92
Weighted Avg. Remaining Contractual Life	4 years 9 months 18 days
Total Intrinsic Value | $	$ 340
$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 1 month 6 days

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 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	$ (964)	$ 69	(2,418)	(98)
Reclassifications included in net (loss) income	219	189	646	557
Total other comprehensive (loss) income, net of tax	(745)	258	(1,772)	459
Balance at end of period	90,508	96,871	90,508	96,871
Accumulated Other Comprehensive Income (Loss)
Change in accumulated other comprehensive loss, net of tax
Balance at beginning of period			(1,085)	(835)
Other comprehensive (loss) income before reclassifications			(2,418)	(98)
Reclassifications included in net (loss) income			646	557
Total other comprehensive (loss) income, net of tax	(745)	258	(1,772)	459
Balance at end of period	(2,857)	(376)	(2,857)	(376)
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	(710)	(54)	(1,825)	(512)
Reclassifications included in net (loss) income			646	557
Total other comprehensive (loss) income, net of tax			(1,179)	45
Balance at end of period	(2,923)	(1,419)	(2,923)	(1,419)
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			(593)	414
Total other comprehensive (loss) income, net of tax			(593)	414
Balance at end of period	$ 66	$ 1,043	$ 66	$ 1,043

Stockholders' Equity - AOCI T2

Stockholders' Equity - AOCI T2 rows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Accumulated other comprehensive loss
Reclassifications, before tax	$ (348)	$ (300)	$ (1,025)	$ (884)
Reclassifications, tax (expense) benefit	(129)	(111)	(379)	(327)
Reclassifications, net of tax	(219)	(189)	(646)	(557)
Other changes, before reclassifications, before tax	(1,520)	104	(3,810)	(174)
Other changes, before reclassifications, tax (expense) benefit	556	(35)	1,392	76
Total other changes before reclassifications, net of tax	(964)	69	(2,418)	(98)
Total other comprehensive (loss) income, before tax			(2,785)	710
Total other comprehensive (loss) income, tax			1,013	(251)
Total other comprehensive (loss) income, net of tax	(745)	258	(1,772)	459
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive loss
Reclassifications, net of tax			(646)	(557)
Total other changes before reclassifications, net of tax			(2,418)	(98)
Total other comprehensive (loss) income, before tax	(1,172)	404
Total other comprehensive (loss) income, tax	427	(146)
Total other comprehensive (loss) income, net of tax	(745)	258	(1,772)	459
Mark-to-market foreign currency adjustment
Accumulated other comprehensive loss
Other changes, before reclassifications, before tax	(108)	10	(181)	(39)
Other changes, before reclassifications, tax (expense) benefit	37	(4)	63	13
Total other changes before reclassifications, net of tax	(71)	6	(118)	(26)
Mark-to-market fair value adjustment
Accumulated other comprehensive loss
Other changes, before reclassifications, before tax	(283)	179	(731)	677
Other changes, before reclassifications, tax (expense) benefit	100	(62)	256	(237)
Total other changes before reclassifications, net of tax	(183)	117	(475)	440
Unrealized loss on cash flow hedges
Accumulated other comprehensive loss
Reclassifications, net of tax			(646)	(557)
Other changes, before reclassifications, before tax	(1,129)	(85)	(2,898)	(812)
Other changes, before reclassifications, tax (expense) benefit	419	31	1,073	300
Total other changes before reclassifications, net of tax	(710)	(54)	(1,825)	(512)
Total other comprehensive (loss) income, net of tax			(1,179)	45
Unrealized loss on cash flow hedges | Interest Expense [Member]
Accumulated other comprehensive loss
Reclassifications, before tax	(348)	(300)	(1,025)	(884)
Reclassifications, tax (expense) benefit	(129)	(111)	(379)	(327)
Reclassifications, net of tax	$ (219)	$ (189)	$ (646)	$ (557)

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchases, Cash Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands	May 27, 2016	Feb. 29, 2016	Feb. 28, 2015	Aug. 31, 2016	Aug. 31, 2015	Mar. 31, 2016
Stock Repurchases
Stock repurchased				$ 1,951
Cash Dividend
Cash dividend paid		$ 1,546	$ 1,030	$ 1,546	$ 1,030
Cash dividends declared (in dollars per share)				$ 0	$ 0
Common Stock
Stock Repurchases
Stock repurchase program, authorized amount						$ 5,000
Stock repurchased (in shares)	60,000
Stock repurchased	$ 1,951

Supplemental Financial Statem37

Supplemental Financial Statement Information - Other And Intangible Assets (Details) - USD ($) $ in Thousands	Aug. 31, 2016	Nov. 30, 2015
Other Assets
Deferred rent receivable	$ 4,485	$ 4,087
Deferred leasing costs	4,213	4,376
Prepaid expenses	3,566	2,157
Mortgage escrows	1,603	2,229
Deferred financing costs	1,476	1,264
Lease receivables from tenants	978	401
Deposits on real estate acquisitions	450
Property and equipment, net	283	221
Intangible assets, net	253	305
Other	621	309
Total other assets	$ 17,928	$ 15,349

Supplemental Financial Statem38

Supplemental Financial Statement Information - Liabilities (Details) - USD ($) $ in Thousands	Aug. 31, 2016	Nov. 30, 2015
Supplemental Financial Statement Information
Deferred revenue	$ 10,618	$ 10,790
Accounts Payable and Accrued Liabilities
Accrued construction costs and retainage	1,571	1,278
Trade payables	528	422
Accrued salaries, wages and other compensation	513	615
Accrued interest payable	394	361
Other	981	672
Total accounts payable and accrued liabilities	3,987	3,348
Other Liabilities
Interest rate swap agreements	4,639	2,766
Deferred compensation plan	4,223	3,981
Prepaid rent from tenants	979	944
Security deposits	384	286
Conditional asset retirement obligations	288	288
Other	69	107
Total other liabilities	$ 10,582	$ 8,372

Supplemental Financial Statem39

Supplemental Financial Statement Information - Cash flow, etc. (Details) - USD ($) $ in Thousands	May 27, 2016	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015	Nov. 30, 2015
Supplemental Cash Flow Information
Increase in value of available-for-sale securities: Investment in Centaur Media Plc				$ (912)	$ 638
Increase (decrease) in accounts payable and accrued liabilities related to additions to real estate assets				293	1,256
Interest paid
Interest payments		$ 1,098	$ 1,070	$ 3,334	$ 3,119
Income Taxes
Effective income tax rate (as a percent)				21.20%	28.90%
Effect of change in state law				$ 163
Reduction in effective tax rate, as a percent				16.80%
Deferred income taxes		$ 7,005		$ 7,005		$ 5,838
Number of years of cumulative pretax losses				3 years
Common Stock
Supplemental Cash Flow Information
Stock repurchased (in shares)	60,000

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Jan. 25, 2016USD ($)a	Aug. 31, 2016USD ($)	May 04, 2016USD ($)a	Mar. 23, 2016USD ($)a
Commitments and Contingencies
Common stock repurchase program, remaining authorized amount		$ 3,049
Purchase agreement
Commitments and Contingencies
Purchase obligations			$ 1,800	$ 6,200
Number of acres | a			14	31
Undeveloped Land | Agreement to sell
Commitments and Contingencies
Purchase obligations	$ 7,700
Number of acres | a	280
Agreement Term of Extension	3 years
Committed purchase obligations
Commitments and Contingencies
Purchase obligations		$ 1,024

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Sep. 22, 2016USD ($)a	Sep. 13, 2016USD ($)	Aug. 31, 2016USD ($)	Aug. 31, 2015USD ($)
Subsequent events
Estimated pretax gain on sale			$ 280	$ 2,163
Subsequent events
Subsequent events
Number of acres sold | a	29
Area of Land | a	45
Sale price	$ 3,750
Estimated pretax gain on sale	$ 3,100
Acres donated | a	15
Acres retained | a	1
Proceeds placed in escrow	$ 3,500
Subsequent events | Nonrecourse Variable Rate Mortgage, Refinanced, Due In September 2026 [Member]
Subsequent events
Loan amount increase		$ 13,000
Term of debt		10 years
Amortization period of debt		25 years
Subsequent events | Nonrecourse Variable Rate Mortgage, Refinanced, Due In September 2026 [Member] | LIBOR
Subsequent events
Variable interest rate (as a percent)		1.70%