INDUS Realty Trust (INDT) 10-K 10 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Nov. 30, 2016	Feb. 06, 2017	May 31, 2016
Document and Entity Information
Entity Registrant Name	GRIFFIN INDUSTRIAL REALTY, INC.
Entity Central Index Key	1,037,390
Document Type	10-K
Document Period End Date	Nov. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--11-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 86,495,000
Entity Common Stock, Shares Outstanding		5,028,535
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2016	Nov. 30, 2015
ASSETS
Real estate assets, net	$ 172,260	$ 166,455
Real estate held for sale	2,992	1,418
Cash and cash equivalents	24,689	18,271
Deferred income taxes	4,984	5,838
Proceeds held in escrow	3,535
Available for sale securities	977	1,970
Other assets	14,186	14,098
Total assets	223,623	208,050
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage loans, net of debt issuance costs	109,697	89,185
Deferred revenue	9,526	10,790
Accounts payable and accrued liabilities	4,140	3,348
Dividend payable	1,514	1,546
Other liabilities	7,943	8,372
Total liabilities	132,820	113,241
Commitments and Contingencies
Stockholders' Equity
Common stock, par value $0.01 per share, 10,000,000 shares authorized, 5,541,029 shares issued and 5,047,708 and 5,152,708 shares outstanding, respectively	55	55
Additional paid-in capital	108,438	108,188
Retained earnings	179	1,117
Accumulated other comprehensive loss, net of tax	(1,049)	(1,085)
Treasury stock, at cost, 493,321 and 388,321 shares, respectively	(16,820)	(13,466)
Total stockholders' equity	90,803	94,809
Total liabilities and stockholders' equity	$ 223,623	$ 208,050

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Nov. 30, 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	5,047,708	5,152,708
Treasury stock, shares	493,321	388,321

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2014
Consolidated Statements of Operations
Rental revenue	$ 26,487	$ 24,605	$ 20,552
Revenue from property sales	4,364	3,483	3,667
Total revenue	30,851	28,088	24,219
Depreciation and amortization expense	8,797	7,668	6,729
Operating expenses of rental properties	8,250	8,415	7,801
Costs related to property sales	810	634	803
General and administrative expenses	7,367	7,057	7,077
Total expenses	25,224	23,774	22,410
Operating income	5,627	4,314	1,809
Interest expense	(4,545)	(3,670)	(3,529)
Gain on sale of assets	122
Investment income	107	161	301
Gain on sale of common stock in Centaur Media plc			318
Loss on debt extinguishment			(51)
(Loss) income before income tax benefit (provision)	1,311	805	(1,152)
Income tax benefit (provision)	(735)	(380)	(96)
Income (loss) from continuing operations	576	425	(1,248)
Discontinued operations, net of tax:
Income from landscape nursery business, net of tax, including loss on sale of assets of $28, net of tax			144
Net income (loss)	$ 576	$ 425	$ (1,104)
Basic net income (loss) per common share:
Basic net loss from continuing operations (in dollars per share)	$ 0.11	$ 0.08	$ (0.24)
Loss from discontinued operations (in dollars per share)			0.03
Basic net loss per common share (in dollars per share)	0.11	0.08	(0.21)
Diluted net income (loss) per common share:
Diluted net loss from continuing operations (in dollars per share)	0.11	0.08	(0.24)
Income (loss) from discontinued operations (in dollars per share)			0.03
Diluted net loss per common share (in dollars per share)	$ 0.11	$ 0.08	$ (0.21)

Consolidated Statements of Ope5

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

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2014
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 576	$ 425	$ (1,104)
Other comprehensive income (loss), net of tax:
Reclassifications included in net income (loss)	856	778	124
(Decrease) increase in fair value of Centaur Media plc	(646)	30	185
Unrealized loss on cash flow hedges	(174)	(1,058)	(695)
Total other comprehensive income (loss), net of tax	36	(250)	(386)
Total comprehensive income (loss)	$ 612	$ 175	$ (1,490)

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, 2013	$ 55	$ 107,603	$ 4,372	$ (449)	$ (13,466)	$ 98,115
Balance (in shares) at Nov. 30, 2013	5,534,687
Increase (Decrease) in Stockholders' Equity
Stock-based compensation		208				208
Exercise of stock options		76				76
Exercise of stock options (shares)	3,208
Dividends declared			(1,030)			(1,030)
Reversal of tax benefit on forfeited stock options						(4)
Net income (loss)			(1,104)			(1,104)
Total other comprehensive income (loss), net of tax				(386)		(386)
Balance at end 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		230				230
Exercise of stock options		71				71
Exercise of stock options (shares)	3,134
Dividends declared			(1,546)			(1,546)
Reversal of tax benefit on forfeited stock options						(9)
Net income (loss)			425			425
Total other comprehensive income (loss), net of tax				(250)		(250)
Balance at end 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		267				$ 267
Exercise of stock options (shares)						0
Dividends declared			(1,514)			$ (1,514)
Repurchase of common stock					(3,354)	(3,354)
Reversal of tax benefit on forfeited stock options		(17)				(17)
Net income (loss)			576			576
Total other comprehensive income (loss), net of tax				36		36
Balance at end of period at Nov. 30, 2016	$ 55	$ 108,438	$ 179	$ (1,049)	$ (16,820)	$ 90,803
Balance (in shares) at Nov. 30, 2016	5,541,029

Consolidated Statements of Cha8

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2014
Dividends declared, per share (in dollars per share)	$ 0.30	$ 0.30	$ 0.20
Exercise of employee stock options, reversal of tax benefit on exercised stock options	$ 17	$ 9	$ 4
Additional Paid-in Capital
Exercise of employee stock options, reversal of tax benefit on exercised stock options	$ 17

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2014
Operating activities:
Net income (loss)	$ 576	$ 425	$ (1,104)
Income from discontinued operations			(144)
Income (loss) from continuing operations	576	425	(1,248)
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities of continuing operations:
Depreciation and amortization	8,797	7,668	6,729
Gain on sales of properties	(3,554)	(2,849)	(2,864)
Deferred income taxes	785	297	123
Stock-based compensation expense	267	230	338
Amortization of debt issuance costs	283	226	259
Gain on sale of assets	(122)
Accretion of discount on note receivable		(49)	(165)
Loss on debt extinguishment			51
Gain on sale of common stock in Centaur Media plc			(318)
Changes in assets and liabilities:
Other assets	59	1,124	(631)
Accounts payable and accrued liabilities	337	475	(276)
Deferred revenue	(656)	4,924	2,987
Other liabilities	445	490	329
Net cash provided by operating activities of continuing operations	7,217	12,961	5,314
Net cash used in operating activities of discontinued operations			39
Net cash provided by operating activities	7,217	12,961	5,353
Investing activities:
Additions to real estate assets	(15,734)	(31,188)	(15,583)
Proceeds from sales of properties, net of expenses	3,536	994	554
Proceeds from property sales (deposited in) returned from escrow, net	(3,536)		8,864
Deferred leasing costs and other	(890)	(1,011)	(1,171)
Proceeds from collection of note receivable		1,500	2,750
Proceeds from sales of common stock in Centaur Media plc			566
Proceeds from sale of business, net of expenses			169
Net cash used in investing activities	(16,624)	(29,705)	(3,851)
Financing activities:
Proceeds from mortgage loans	45,525	40,391	5,477
Payments on mortgage loans	(24,822)	(20,123)	(2,017)
Repurchase of common stock	(3,354)
Dividends paid to stockholders	(1,546)	(1,030)	(1,029)
Payment of debt issuance costs	(578)	(762)	(133)
Mortgage proceeds returned from (deposited in) escrow	600	(600)	(1,000)
Proceeds from exercise of stock options		80	80
Net cash provided by financing activities	15,825	17,956	1,378
Net increase in cash and cash equivalents	6,418	1,212	2,880
Cash and cash equivalents at beginning of period	18,271	17,059	14,179
Cash and cash equivalents at end of period	$ 24,689	$ 18,271	$ 17,059

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Nov. 30, 2016
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	1. Summary Basis of Presentation Griffin Industrial Realty, Inc. (“Griffin”) is a real estate business principally engaged in developing, managing and leasing industrial and commercial properties. Griffin also seeks to add to its property portfolio through the acquisition and development of land or purchase of buildings. Periodically, Griffin may 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. Prior to May 13, 2015, Griffin was known as Griffin Land & Nurseries, Inc. Griffin changed its name to better reflect its ongoing real estate business after the sale in fiscal 2014 of the landscape nursery business that Griffin had operated through its wholly owned subsidiary, Imperial Nurseries, Inc. (“Imperial”). Imperial was engaged in growing landscape nursery plants in containers for sale to independent retail garden centers and rewholesalers, whose main customers are landscape contractors. Imperial's operations through January 8, 2014 are reflected in the accompanying consolidated financial statements as a discontinued operation due to the sale of its inventory and certain of its assets (the “Imperial Sale”) to Monrovia Connecticut LLC (“Monrovia”), a subsidiary of Monrovia Nursery Company (see Note 10). All intercompany transactions have been eliminated. Fiscal Year Griffin reports on a twelve month fiscal year that ends on November 30. Real Estate Assets Real estate assets are recorded at cost, except when real estate assets are acquired that meet the definition of a business combination in accordance with Financial Accounting Standards Board (“FASB”) ASC 805-10, “Business Combinations,” and are recorded at fair value. Interest, property taxes, insurance and other incremental costs (including salaries) directly related to a project are capitalized during the construction period of major facilities and land improvements. The capitalization period begins when activities to develop the parcel commence and ends when the asset constructed is completed. The capitalized costs are recorded as part of the asset to which they relate and are amortized over the asset's useful life. Depreciation is determined on a straight-line basis over the estimated useful asset lives for financial reporting purposes and principally on accelerated methods for tax purposes. Repair and maintenance costs are expensed as incurred. Griffin classifies a property as “held for sale” when all of the following criteria for a plan of sale have been met: (1) management, having the authority to approve the action, commits to a plan to sell the property; (2) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (3) an active program to locate a buyer and other actions required to complete the plan to sell, have been initiated; (4) the sale of the property is probable and is expected to be completed within one year or the property is under a contract to be sold; (5) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (6) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When all of these criteria have been met, the property is classified as “held for sale.” Depreciation of assets ceases upon designation of a property as “held for sale.” Cash and Cash Equivalents Griffin considers all highly liquid investments with an initial maturity of three months or less at the date of purchase to be cash equivalents. At November 30, 2016 and 2015, $22,409 and $15,269, respectively, of the cash and cash equivalents included on Griffin's consolidated balance sheets were held in cash equivalents. Investments Griffin's investment in the common stock of Centaur Media plc (“Centaur Media”) is accounted for as an available-for-sale security under FASB ASC 320-10, “Investments – Debt and Equity Securities” (“ASC 320-10”), whereby increases or decreases in the fair value of this investment, net of income taxes, along with the effect of changes in the foreign currency exchange rate, net of income taxes, are recorded as a component of other comprehensive income (loss). Realized gains and losses on sales of available-for-sale securities are determined based on the average cost method. Griffin is required to adopt FASB Accounting Standards Update No. 2016-01, “Financial Instruments – Overall” (“ASU 2016-01”) in fiscal 2019. Upon adoption, the increases or decreases in the fair value of available-for-sale securities will no longer be reflected as a component of other comprehensive income, but will be recognized through net income (see Recent Accounting Pronouncements below). Stock‑Based Compensation Griffin accounts for stock options at fair value in accordance with FASB ASC 718, “Compensation - Stock Compensation” and FASB ASC 505-50, “Equity – Equity-Based Payments to Non-Employees.” For stock options that have graded vesting features, Griffin recognizes compensation cost over the requisite service period separately for each tranche of the award as though they were, in substance, multiple awards. Griffin determines its accumulated windfall tax benefits using the short-cut method. Postretirement Benefits In fiscal 2014, Griffin terminated its postretirement benefit program (see Note 7). Griffin had accounted for postretirement benefits in accordance with FASB ASC 715-10, “Compensation – Retirement Benefits” (“ASC 715-10”). This guidance requires an employer to recognize the overfunded or underfunded status of a defined benefit postretirement plan (other than a multiemployer plan) as an asset or liability in its statement of financial position and to recognize changes in that funded status in the year in which the changes occur through other comprehensive income. This guidance also requires an employer to measure the funded status of a plan as of the date of its year-end statement of financial position, with limited exceptions. Impairment of Investments in Long‑Lived Assets Griffin reviews annually, as well as when conditions may indicate, its long-lived assets to determine if there are indicators of impairment, such as a prolonged vacancy in one of its properties. If indicators of impairment are present, Griffin evaluates the carrying value of the assets in relation to the operating performance and expected future undiscounted cash flows or the estimated fair value based on expected future cash flows of the underlying assets. If the undiscounted cash flows are less than the carrying value of an asset, Griffin would reduce the carrying value of a long-lived asset to its fair value if that asset’s fair value is determined to be less than its carrying value. Griffin also reviews annually, as well as when conditions may indicate, the recoverability of its development costs, including expected remediation costs on projects that are included in real estate assets. To the extent that the carrying value exceeds the fair value of a project, including development costs, an impairment loss would be recorded. There were no impairment losses recorded in the fiscal years ended November 30, 2016, 2015 and 2014. Revenue and Gain Recognition Revenue includes rental revenue from Griffin's industrial and commercial properties and proceeds from property sales. Rental revenue is accounted for on a straight line basis over the applicable lease term in accordance with FASB ASC 840-10, “Leases.” Gains on property sales are recognized in accordance with FASB ASC 360-20, “Property, Plant, and Equipment – Real Estate Sales,” based on the specific terms of each sale. When the percentage of completion method is used to account for a sale of real estate, costs included in determining the percentage of completion include the costs of the land sold, allocated master planning costs, selling and transaction costs and estimated future costs related to the land sold. The growing operations of the landscape nursery business are reflected as a discontinued operation in the consolidated statements of operations. Income Taxes Griffin provides for income taxes utilizing the asset and liability method, and records deferred tax assets and liabilities based on the difference between the financial statement and tax bases of assets and liabilities as measured by the tax rates that are anticipated to be in effect when these differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is established when it is necessary to reduce deferred tax assets to amounts for which realization is more likely than not. Griffin and its subsidiaries file a consolidated federal income tax return. Griffin evaluates each tax position taken in its tax returns and recognizes a liability for any tax position deemed less likely than not to be sustained under examination by the relevant taxing authorities. Griffin has analyzed its federal and significant state filing positions with respect to FASB ASC 740-10, “Income Taxes” (“ASC 740-10”). Griffin believes that its income tax filing positions will be sustained on examination and does not anticipate any adjustments that would result in a material change on its financial statements. As a result, no accrual for uncertain income tax positions has been recorded pursuant to ASC 740-10. Griffin’s policy for recording interest and penalties, related to uncertain tax positions, is to record such items as part of its provision for federal and state income taxes. Intangible Assets Griffin accounts for intangible assets in accordance with FASB ASC 350-10 “Intangibles - Goodwill and Other.” Griffin's intangible assets consist of: (i) the value of in-place leases; and (ii) the value of the associated relationships with tenants. These intangible assets were recorded in connection with Griffin’s acquisitions of real estate assets. Amortization of the value of in-place leases, included in depreciation and amortization expense, is on a straight-line basis over the lease terms. Amortization of the value of customer relationships with tenants, included in depreciation and amortization expense, is on a straight-line basis over the lease terms and anticipated renewal periods. Environmental Matters Environmental expenditures related to land and buildings are expensed or capitalized as appropriate, depending upon their future economic benefit. Expenditures that relate to an existing condition caused by past operations, and that do not have future economic benefit, are expensed. Expenditures that create future benefit or contribute to future revenue generation are capitalized. Liabilities related to future remediation costs are recorded when environmental assessments and/or cleanups are probable, and the costs can be reasonably estimated. Interest Rate Swap Agreements As of November 30, 2016, Griffin was a party to several interest rate swap agreements to hedge its interest rate exposures. Griffin does not use derivatives for speculative purposes. Griffin applies FASB ASC 815-10, “Derivatives and Hedging,” (“ASC 815-10”) as amended, which establishes accounting and reporting standards for derivative instruments and hedging activities. ASC 815-10 requires Griffin to recognize all derivatives as either assets or liabilities on its consolidated balance sheet and measure those instruments at fair value. The changes in the fair values of the interest rate swap agreements are measured in accordance with ASC 815-10 and reflected in the carrying values of the interest rate swap agreements on Griffin’s consolidated balance sheet. The estimated fair values are based primarily on projected future swap rates. Griffin applies cash flow hedge accounting to its interest rate swap agreements that are designated as hedges of the variability of future cash flows from floating rate liabilities based on benchmark interest rates. The changes in fair values of Griffin’s interest rate swap agreements are recorded as components of accumulated other comprehensive income (loss) (“AOCI”) in stockholders’ equity, to the extent they are effective. Any ineffective portions of the changes in fair values of these instruments would be recorded as interest expense or interest income. Conditional Asset Retirement Obligations Griffin accounts for its conditional asset retirement obligations in accordance with FASB ASC 410-10, “Asset Retirement and Environmental Obligations,” which requires an entity to recognize a liability for the fair value of a conditional asset retirement obligation if the fair value can be reasonably estimated even though uncertainty exists about the timing and/or method of settlement. The conditional asset retirement obligations relate principally to tobacco barns and other structures on Griffin’s land holdings that contain asbestos, primarily in roofing materials. These structures remain from the tobacco growing operations of former affiliates of Griffin, are not material to Griffin’s operations and do not have any book value. Treasury Stock Treasury stock is recorded at cost as a reduction of stockholders’ equity on Griffin’s consolidated balance sheets. Income (Loss) Per Share Basic income (loss) per common share is calculated by dividing income (loss) from continuing operations and discontinued operations by the weighted average number of common shares outstanding during the year. The calculation of diluted income (loss) per common share reflects adjusting Griffin’s outstanding shares assuming the exercise of all potentially dilutive Griffin stock options. Risks and Uncertainties Griffin’s future results of operations involve a number of risks and uncertainties. Factors that could affect Griffin’s future operating results and cause actual results to vary materially from historical results include, but are not limited to, the geographical concentration of Griffin’s real estate holdings, credit risk and market risk. Griffin's real estate holdings are concentrated in the Hartford, Connecticut area and in the Lehigh Valley of Pennsylvania. The market and economic challenges experienced by the U.S. economy as a whole or the local economic conditions in the markets in which Griffin holds properties may affect Griffin’s real estate business. Griffin’s results of operations, financial condition or ability to expand may be adversely affected as a result of: (i) poor economic conditions or unfavorable financial changes to Griffin’s tenants, which may lead to a curtailment of expansion plans or may result in tenant defaults under leases; (ii) significant job losses, which could adversely affect the demand for rental space causing market rental rates and property values to be negatively impacted; (iii) the ability of Griffin to borrow on terms and conditions that it finds acceptable; and (iv) possibly reduced values of Griffin’s properties potentially limiting the proceeds from a sale of its properties or from debt financing collateralized by its properties. Griffin conducts business based on evaluations of its prospective tenants’ financial condition and generally does not require collateral. These evaluations require significant judgment and are based on multiple sources of information. Griffin does not use derivatives for speculative purposes. Griffin applies ASC 815-10, which established accounting and reporting standards for derivative instruments and hedging activities. This accounting guidance requires Griffin to recognize all derivatives as either assets or liabilities on its consolidated balance sheet and to measure those instruments at fair value. The estimated fair value is based primarily on projected future swap rates. Griffin applies cash flow hedge accounting to its interest rate swap agreements designated as hedges of the variability of future cash flows from floating rate liabilities due to the benchmark interest rates. Changes in the fair value of these interest rate swaps are recorded as a component of AOCI in stockholders’ equity, to the extent they are effective. Amounts recorded to AOCI are then reclassified to interest expense as interest on the hedged borrowing is recognized. Any ineffective portion of the change in fair value of these instruments would be recorded to interest expense. Griffin’s cash equivalents consist of overnight investments that are not significantly exposed to interest rate risk. Reclassifications Certain prior year balances have been reclassified to conform to the current year’s presentation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and revenue and expenses during the periods reported. Actual results could differ from those estimates. Griffin’s significant estimates include the impairment evaluation of long-lived assets, deferred income taxes, derivative financial instruments, revenue and gain recognition including the estimated costs to complete required offsite improvements related to land sold and assumptions used in determining stock compensation. Recent Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update No. 2016-09, “Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting,” which relates to the accounting for employee share-based payments. This Update addresses several aspects of the accounting for share-based payment award transactions, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. This Update will become effective for Griffin in fiscal 2018. Early adoption is allowed, but all of the guidance must be adopted in the same period. Griffin is evaluating the impact that the application of this Update will have on its consolidated financial statements. 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 ASU 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). ASU 2016-01 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. ASU 2016-01 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. ASU 2016-01 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 April 2015, the FASB issued Accounting Standards Update No. 2015-03, “Interest-Imputation of Interest,” (“ASU 2015-03”) which requires that debt issuance costs related to a recognized liability be presented on the balance sheet as a direct reduction from the carrying amount of the associated debt liability, consistent with debt discounts. The guidance must be applied on a retrospective basis and was adopted by Griffin in the fiscal 2016 fourth quarter. The adoption of this guidance required Griffin to reclassify its debt issuance costs on nonrecourse mortgage loans from other assets to mortgage debt on its statement of financial position but did not have an impact on Griffin's results of operations. The effect of the reclassification on Griffin’s statement of financial position is quantified in Note 5. 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 ASU 2015-03 (see above). 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. Griffin adopted this Update in the 2016 fourth quarter. The adoption of this guidance did not have an impact on Griffin's consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers,” which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. This standard requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. Additionally, the Update requires improved disclosures to help users of financial statements better understand the nature, amount, timing and uncertainty of revenue that is recognized. The Update permits the use of either the retrospective or cumulative effect transition method. This Update will be effective for Griffin in fiscal 2019 and early adoption is not permitted. Certain aspects of this new standard may affect revenue recognition of Griffin. Griffin is evaluating the impact that the application of this Update will have on its consolidated financial statements.

Fair Value

Fair Value	12 Months Ended
	Nov. 30, 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 or liability’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 establishes three levels of inputs that may be used to measure fair value, as follows: Level 1 applies to assets or liabilities for which there are quoted market prices in active markets for identical assets or liabilities. Griffin’s available-for-sale securities are considered Level 1 within the fair value hierarchy. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities in active markets; quoted prices for assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 2 assets and liabilities include Griffin's interest rate swap derivatives (see Note 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 fiscal 2016, Griffin did not transfer any assets or liabilities in or out of Levels 1 and 2. The following are Griffin’s financial assets and liabilities carried at fair value and measured at fair value on a recurring basis: November 30, 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 asset $ — $ $ — 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 November 30, 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 Interest rate swap 2 — — Financial liabilities: Mortgage loans 2 $ $ $ $ Interest rate swaps 2 The amounts included in the financial statements for cash and cash equivalents, lease receivables from tenants and accounts payable and accrued liabilities approximate their fair values because of the short-term maturity of these instruments. The fair values of the available-for-sale securities are based on quoted market prices. The fair values of the mortgage loans are estimated based on current rates offered to Griffin for similar debt of the same remaining maturities and, additionally, Griffin considers its credit worthiness in determining the fair value of its mortgage loans. The fair values of the interest rate swaps (used for purposes other than trading) are determined based on discounted cash flow models that incorporate the cash flows of the derivatives as well as the current OIS rate and swap curve along with other market data, taking into account current interest rates and the credit worthiness of the counterparty for assets and the credit worthiness of Griffin for liabilities.

Real Estate Assets

Real Estate Assets	12 Months Ended
	Nov. 30, 2016
Real Estate Assets
Real Estate Assets	3. Real Estate Assets Real estate assets consist of: Estimated Useful Lives Nov. 30, 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: November 30, November 30, November 30, 2016 2015 2014 Depreciation expense $ $ $ Capitalized interest $ $ $ 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 cash proceeds of $3,756 and a pretax gain of $3,174. 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 $3,536 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. The farm in Quincy, Florida (the “Florida Farm”) that had been used by Imperial prior to being shut down in fiscal 2009 was leased to a private company grower of landscape nursery products from fiscal 2009 until April 30, 2016. In the 2015 second quarter, that tenant gave notice of its intent to exercise the purchase option for the Florida Farm under the terms of its lease for approximately $4,100. On June 1, 2015, Griffin received a deposit of $400 as required under the terms of the lease agreement. In August 2015, that tenant informed Griffin that it would not close on the purchase of the Florida Farm. Imperial and the tenant subsequently entered into a Holdover and Settlement Agreement (the “Agreement”) which permitted the tenant to continue to lease the Florida Farm at an agreed upon rental rate through April 30, 2016. The Agreement also stipulated that Imperial was entitled to retain the deposit against the purchase price made by the tenant when it exercised its option to purchase the Florida Farm; therefore, the $400 deposit is reflected as revenue from property sales in Griffin's fiscal 2015 consolidated statement of operations. Subsequent to that lease expiration, Griffin entered into a three year lease of the Florida Farm with a new tenant that includes an option for the new tenant to purchase the Florida Farm for a purchase price between $3.4 million and $3.9 million depending upon the date of sale. In the 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 268 acre parcel of undeveloped land that straddles the town line between Windsor and Bloomfield, Connecticut. Approximately 15 acres of that land parcel was donated to the town of Windsor, Connecticut subsequent to the closing. 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. Once completed, the roads constructed by the buyer and the road being constructed by Griffin will become new town roads, thereby providing public access to the remaining acreage in Griffin’s land parcel. As a result of Griffin's continuing involvement with the land sold, the Windsor Land Sale is being accounted for under the percentage of completion method. Accordingly, the revenue and pretax gain on the sale are being recognized on a pro rata basis in a ratio equal to the percentage of the total costs incurred to the total anticipated costs of sale, including the costs of the required roadwork. Costs included in determining the percentage of completion include the cost of the land sold, allocated master planning costs and the cost of road construction. At the closing of the Windsor Land Sale, cash proceeds of $8,860 were placed in escrow for the potential purchase of a replacement property in a like-kind exchange under Section 1031 of the Internal Revenue Code of 1986, as amended (the “IRC”). The proceeds placed in escrow were returned to Griffin in the second quarter of fiscal 2014, as a replacement property was not acquired. As of November 30, 2016, approximately 99% of the total costs related to the Windsor Land Sale have been incurred; therefore, from the date of the Windsor Land Sale through November 30, 2016, approximately 99% of the total revenue and pretax gain on the sale have been recognized in Griffin's consolidated statements of operations. Griffin’s consolidated statement of operations for fiscal 2016 includes revenue of $608 and a pretax gain of $380 from the Windsor Land Sale. Griffin's consolidated statement of operations for fiscal 2015 included revenue of $2,483 and a pretax gain of $1,880 from the Windsor Land Sale. Griffin's consolidated statement of operations for fiscal 2014 included revenue of $3,105 and a pretax gain of $2,358 from the Windsor Land Sale. Griffin's consolidated statement of operations for fiscal 2013 included revenue of $2,668 and a pretax gain of $1,990 from the Windsor Land Sale. The balance of the revenue and pretax gain on sale will be recognized when the remaining costs are incurred, which is expected to take place in fiscal 2017. Included on Griffin’s consolidated balance sheet as of November 30, 2016, is deferred revenue of $104 that will be recognized as the remaining costs are incurred. The total pretax gain on the Windsor Land Sale is expected to be approximately $6,686 after all revenue is recognized and all costs are incurred. In the fiscal 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 that increased the scope of roadwork required to be completed by Griffin. The effect of the estimated additional roadwork cost reduced the estimated total pretax gain on the Windsor Land Sale from the prior estimate of approximately $6,765. While management has used its best estimates, based on industry knowledge and experience, in projecting the total costs of the required roadways, increases or decreases in future costs as compared with current estimated amounts would reduce or increase the pretax gain recognized in future periods. Real estate assets held for sale consist of: Nov. 30, 2016 Nov. 30, 2015 Land $ $ Development costs $ $

Income Taxes

Income Taxes	12 Months Ended
	Nov. 30, 2016
Income Taxes
Income Taxes	4. Income Taxes The income tax provision in continuing operations for fiscal 2016, fiscal 2015 and fiscal 2014 is summarized as follows: For the Fiscal Years Ended Nov. 30, Nov. 30, Nov. 30, 2016 2015 2014 Current federal $ $ $ — Current state and local — — — Deferred federal Deferred state and local Total income tax provision $ $ $ The income tax provision for fiscal 2016 includes a charge of approximately $180 for the effect of a change in Connecticut tax law, effective for Griffin in fiscal 2016, whereby, the usage of state net operating loss carryforwards in future years will be limited to 50% of taxable income. Therefore, in fiscal 2016, Griffin decreased its expected realization of the tax benefit related to its Connecticut state net operating loss carryforwards. 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. In fiscal 2015 and fiscal 2014, Griffin decreased its expected realization of the tax benefit related to its Connecticut state net operating loss carryforwards and other Connecticut state temporary differences. These decreases were based on management's projections in those years of taxable income attributable to the state of Connecticut in future years that would generate income taxes in excess of capital based taxes. Charges of approximately $87 and $375 are reflected in the fiscal 2015 and fiscal 2014 tax provisions, respectively, for state taxes to reflect the expected lower realization of certain state tax benefits. Griffin did not recognize a current tax benefit in fiscal 2016, fiscal 2015 or fiscal 2014 from the exercise of employee stock options. A benefit was not recorded in fiscal 2016 and fiscal 2014 because Griffin did not have taxable income. In fiscal 2015, Griffin utilized net operating loss carryforwards to offset taxable income. As of November 30, 2016, Griffin has an unrecognized tax benefit of $1,176 for the effect of employee stock options exercised in fiscal years 2006 through 2015. In fiscal 2016, fiscal 2015 and fiscal 2014, the deferred tax asset related to non‑qualified stock options was reduced by $17, $9 and $4, respectively, as a result of exercises and forfeitures of those options. Included in total income from discontinued operations, net of tax, is an income tax provision of $115 for fiscal 2014. The income tax provision in fiscal 2016 is net of the effect of recording a charge related to valuation allowances on certain state deferred tax assets (principally Connecticut) of $1,798, less a federal income tax benefit of $629. The income tax provision in fiscal 2015 was net of the effect of recording a benefit related to valuation allowances on certain state deferred tax assets of $76, less a federal income tax expense of $26. The income tax provision for discontinued operations in fiscal 2014 was net of the effect of recording valuation allowances on certain state deferred tax assets for state net operating losses of Imperial. The effect on the income tax provision for the valuation allowances in fiscal 2014 was a charge of $24, less a federal income tax benefit of $8. The establishment of the valuation allowances reflects management’s determination that it is more likely than not that Griffin will not generate sufficient taxable income in the future to fully utilize certain state net operating loss carryforwards. Other comprehensive income (loss) includes deferred tax (expense) benefit as follows: For the Fiscal Years Ended Nov. 30, Nov. 30, Nov. 30, 2016 2015 2014 Mark to market adjustment on Centaur Media plc $ $ $ Measurement of the funded status of the defined postretirement program — — Fair value adjustment of Griffin's cash flow hedges Total income tax (expense) benefit included in other comprehensive income (loss) $ $ $ The differences between the income tax provision at the United States statutory income tax rates and the actual income tax provision on continuing operations for fiscal 2016, fiscal 2015 and fiscal 2014 are as follows: For the Fiscal Years Ended Nov. 30, Nov. 30, Nov. 30, 2016 2015 2014 Tax (provision) benefit at statutory rate $ $ $ State and local taxes, including valuation allowance, net of federal tax effect Permanent items Other Total income tax provision $ $ $ The state and local income tax expense, net of federal tax effect, principally reflects a decrease in the realization of the tax benefit related to Connecticut state net operating loss carryforwards and expected Connecticut state other temporary differences for fiscal 2016, fiscal 2015 and fiscal 2014. The significant components of Griffin’s deferred tax assets and deferred tax liabilities are as follows: Nov. 30, Nov. 30, 2016 2015 Deferred tax assets: Federal net operating loss carryforwards $ $ Deferred revenue Retirement benefit plans State net operating loss carryforwards Non-qualified stock options Cash flow hedges Investment in Centaur Media plc Charitable contribution carryforwards Conditional asset retirement obligations Other Total deferred tax assets Valuation allowances Net deferred tax assets Deferred tax liabilities: Real estate assets Deferred rent Prepaid insurance Property and equipment Other Total deferred tax liabilities Net total deferred tax assets $ $ At November 30, 2016, Griffin had federal net operating loss carryforwards of approximately $11,535 with expirations ranging from fourteen to twenty years and state net operating loss carryforwards of approximately $358 with expirations ranging from ten to twenty years. Management has determined that a valuation allowance is required for net operating loss carryforwards in Connecticut related to Griffin and Imperial and for certain other states related to Imperial. Griffin has evaluated the likelihood that it will realize the benefits of its deferred tax assets. Based on a significant number of appreciated assets, primarily real estate, held by Griffin and the significant length of time expected before Griffin’s deferred tax assets would expire, Griffin believes that it is more likely than not that it will utilize the benefit of its remaining deferred tax assets. Griffin evaluates each tax position taken in its tax returns and recognizes a liability for any tax position deemed less likely than not to be sustained under examination by the relevant taxing authorities. Griffin believes that its income tax filing positions will be sustained on examination and does not anticipate any adjustments that would result in a material change on its financial statements. As a result, no accrual for uncertain income tax positions has been recorded pursuant to ASC 740‑10. Federal income tax returns for fiscal 2012 through fiscal 2015 are open to examination by the Internal Revenue Service. In fiscal 2014, the state of New York completed an examination of Griffin’s fiscal 2007, fiscal 2008 and fiscal 2009 tax returns. There were no significant adjustments made as a result of this examination. The remaining periods subject to examination for Griffin’s significant state return, which is Connecticut, are fiscal 2008 through fiscal 2015.

Mortgage Loans

Mortgage Loans	12 Months Ended
	Nov. 30, 2016
Mortgage Loans
Mortgage Loans	5. Mortgage Loans Griffin's mortgage loans, which are nonrecourse, consist of: Nov. 30, 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 * — Variable rate, due November 17, 2026 * — 5.09%, due July 1, 2029 5.09%, due July 1, 2029 4.33%, due August 1, 2030 Nonrecourse mortgage loans prior to debt issuance costs Debt issuance costs, net Nonrecourse mortgage loans, net $ $ * Griffin entered into interest rate swap agreements to effectively fix the interest rates on these loans (see below). The annual principal payment requirements under the terms of the nonrecourse mortgage loans for the fiscal years 2017 through 2021 are $8,994, $3,100, $12,552, $6,077 and $3,004, respectively. The aggregate book value of land and buildings that are collateral for the nonrecourse mortgage loans was approximately $125,600 at November 30, 2016. As of November 30, 2016, Griffin retrospectively applied the provisions of ASU 2015-03, regarding the reclassification of debt issuance costs (see Note 1). As a result of the adoption of ASU 2015-03, Griffin reclassified $1,442 and $1,251, as of November 30, 2016 and 2015, respectively, from other assets to mortgage loans, as reflected in the table above. On November 17, 2016, Griffin closed on a nonrecourse mortgage (the “2016 Webster Mortgage”) for $26,725. The 2016 Webster Mortgage refinanced an existing mortgage with Webster Bank, N.A. (“Webster”) which was due on September 1, 2025 and was collateralized by an approximately 280,000 square foot industrial building (“5220 Jaindl”) in the Lehigh Valley of Pennsylvania (see below). The 2016 Webster Mortgage is collateralized by 5220 Jaindl along with an adjacent approximately 252,000 square foot industrial building (“5210 Jaindl”). Griffin received net proceeds of $13,000 (before transaction costs), net of $13,725 used to refinance the existing mortgage with Webster. The 2016 Webster Mortgage has a ten year term with monthly principal payments based on a twenty-five year amortization schedule. The interest rate for the 2016 Webster Mortgage is a floating rate of the one month LIBOR rate plus 1.70%. At the time the 2016 Webster Mortgage closed, Griffin entered into an interest rate swap agreement with Webster that, combined with two existing swap agreements with Webster, effectively fixes the rate of the 2016 Webster Mortgage at 3.79% over the balance of the mortgage loan’s ten year term. 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 NE Tradeport industrial/warehouse building. 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 additional mortgage proceeds of $2,600 (the “Webster Earn-Out”) related to the mortgage (the “2015 Webster Mortgage”) obtained by one of its subsidiaries with Webster on its property at 5220 Jaindl. 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. The 2015 Webster Mortgage had a ten year term with monthly principal payments based on a twenty-five year amortization schedule. The interest rate for the 2015 Webster Mortgage was 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 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 for a notional principal amount of $2,600 to fix the interest rate on the Webster Earn-Out at 3.67%. On December 11, 2015, Griffin received additional mortgage proceeds of $1,850 (the “KeyBank Earn-Out”) related to the mortgage obtained by two of its subsidiaries with KeyBank (formerly First Niagara Bank) (the “2025 KeyBank Mortgage”) on its properties at 4270 Fritch Drive (“4270 Fritch”) and 4275 Fritch Drive (“4275 Fritch”) in the Lehigh Valley of Pennsylvania. The 2025 KeyBank 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 KeyBank. The 2025 KeyBank 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. At the time of the mortgage closing, approximately 201,000 square feet of 4270 Fritch was leased. The KeyBank 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 KeyBank Mortgage. The master lease would be co-terminus with the 2025 KeyBank Mortgage. The 2025 KeyBank Mortgage has a ten year term with monthly principal payments based on a twenty-five year amortization schedule. The interest rate for the 2025 KeyBank Mortgage is a floating rate of the one month LIBOR rate plus 1.95%. At the time the 2025 KeyBank Mortgage closed, Griffin entered into an interest rate swap agreement with KeyBank that, combined with an existing interest rate swap agreement with KeyBank, effectively fixed the rate of the 2025 KeyBank Mortgage at 4.43% over the mortgage loan’s ten year term. At the time the KeyBank Earn-Out was received, Griffin entered into another interest rate swap agreement with KeyBank for a notional principal amount of $1,850 to fix the interest rate on the KeyBank Earn-Out at 3.88%. The combination of the three interest rate swap agreements effectively fixes the interest rate on the 2025 KeyBank 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 used for the payoff of the maturing 5.73% nonrecourse mortgage of $17,891. The remaining $3,125 of loan proceeds were placed in escrow at closing. In the 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 in escrow 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 payments based on a thirty year amortization schedule. The interest rate for the 40|86 Mortgage is 4.33%. On June 6, 2014, a subsidiary of Griffin completed the refinancing of its nonrecourse mortgage loan (the “GCD Mortgage Loan”) with Farm Bureau Life Insurance Company (“Farm Bureau”) that was due April 1, 2016. The GCD Mortgage Loan is collateralized by a 165,000 square foot industrial building in Windsor, Connecticut. At the time of the refinancing, the GCD Mortgage Loan had a balance of $3,391 and an interest rate of 8.13%. The refinancing increased the loan amount to $7,868, reduced the interest rate to 5.09% and extended the loan term to fifteen years from the time of the refinancing, with payments based on a fifteen year amortization schedule. Also on June 6, 2014, a subsidiary of Griffin completed the refinancing of its nonrecourse mortgage loan (the “TD Mortgage Loan”) with Farm Bureau that was due October 1, 2017. The TD Mortgage Loan is collateralized by an approximately 100,000 square foot industrial building and a 57,000 square foot industrial building, both located in Windsor, Connecticut. At the time of the refinancing, the TD Mortgage Loan had a balance of $5,632 and an interest rate of 7.0%. The refinancing increased the loan amount to $6,632, reduced the interest rate to 5.09% and extended the loan term to fifteen years from the time of the refinancing, with payments based on a fifteen year amortization schedule. The mortgage loan proceeds of $1,000 from the refinancing of the TD Mortgage Loan were placed in escrow. The $1,000 of proceeds held in escrow were used in fiscal 2016 to make a partial prepayment, without penalty, on the TD Mortgage Loan in the fiscal 2016 fourth quarter. The GCD Mortgage Loan and the TD Mortgage Loan are cross-collateralized and cross-defaulted with each other. The loans may not be voluntarily prepaid during the first seven years of the loan; thereafter, any prepayment would require a prepayment fee and the simultaneous prepayment of both loans. As of November 30, 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 November 30, 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 fiscal 2016, Griffin recognized a net gain, included in other comprehensive income, before taxes of $1,081 on its interest rate swap agreements. In fiscal 2015 and fiscal 2014, Griffin recognized net losses, included in other comprehensive income (loss), before taxes of $444 and $100, respectively, on its interest rate swap agreements. As of November 30, 2016, $1,223 is expected to be reclassified over the next twelve months from accumulated other comprehensive loss to interest expense. As of November 30, 2016, the net fair value of Griffin’s interest rate swap agreements was $1,685, with $207 included in other assets and $1,892 included in other liabilities on Griffin’s consolidated balance sheet. As of November 30, 2015, the fair value of Griffin’s interest rate swap agreements was $2,766 and is included in other liabilities on Griffin’s consolidated balance sheet.

Revolving Credit Agreement

Revolving Credit Agreement	12 Months Ended
	Nov. 30, 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 increased 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%. The Webster Credit Line is collateralized by Griffin’s properties in Griffin Center South, aggregating approximately 235,000 square feet, and an approximately 48,000 square foot single-story office building in Griffin Center. The aggregate book value of land and buildings that are collateral for the Webster Credit Line was approximately $10,210 at November 30, 2016. There have been no borrowings under the Webster Credit Line since its inception in fiscal 2013. The Webster Credit Line secures certain standby letters of credit aggregating $1,827 that are related to Griffin's development activities.

Retirement Benefits

Retirement Benefits	12 Months Ended
	Nov. 30, 2016
Retirement Benefits
Retirement Benefits	7. Retirement Benefits Savings Plan Griffin maintains the Griffin Industrial Realty, Inc. 401(k) Savings Plan (the “Griffin Savings Plan”) for its employees, a defined contribution plan whereby Griffin matches 60% of each employee’s contribution, up to a maximum of 5% of base salary. Griffin’s contributions to the Griffin Savings Plan in fiscal 2016, fiscal 2015 and fiscal 2014 were $64, $60 and $64, respectively. Deferred Compensation Plan Griffin maintains a non-qualified deferred compensation plan (the “Deferred Compensation Plan”) for certain of its employees who, due to IRC regulations, cannot take full advantage of the Griffin Savings Plan. Griffin’s liability under its Deferred Compensation Plan at November 30, 2016 and 2015 was $4,334 and $3,981, respectively. These amounts are included in other liabilities on Griffin’s consolidated balance sheets. The expense for Griffin’s matching benefit to the Deferred Compensation Plan in fiscal 2016, fiscal 2015 and fiscal 2014 was $7, $22 and $28, respectively. The Deferred Compensation Plan is unfunded, with benefits to be paid from Griffin’s assets. The liability for the Deferred Compensation Plan reflects the amounts withheld from employees, Griffin’s matching benefit and any gains or losses on participant account balances based on the assumed investment of amounts credited to participants’ accounts in certain mutual funds. Participant balances are tracked and any gain or loss is determined based on the performance of the mutual funds as selected by the participants. Postretirement Benefits Through March 10, 2014, Griffin maintained an unfunded postretirement benefits program that provided principally health and life insurance benefits to certain of its employees. Only those employees who were employed by Griffin’s predecessor company as of December 31, 1993 were eligible to participate in the postretirement benefits program. On March 11, 2014, Griffin terminated its postretirement benefits program. Accordingly, the remaining liability under the postretirement benefits program was reversed and all actuarial gains under the postretirement program that had been reflected in accumulated other comprehensive income were reclassified into net income in fiscal 2014. As essentially all of the participants in the postretirement benefits program had been employees of Imperial, and charges related to the postretirement benefits program had been included in the results of the landscape nursery business that is now presented as a discontinued operation, the effect of the termination of the postretirement benefits program is mostly reflected in the results of discontinued operations in Griffin’s consolidated statement of operations for fiscal 2014. As a result of the Imperial Sale (see Note 10) prior to the termination of the postretirement benefit program, the liability for postretirement benefits was reduced from $332 at November 30, 2013 to $23 in the 2014 first quarter. A curtailment gain of $309 is included in the determination of the loss on the Imperial Sale. Changes in the program's benefit obligation for the fiscal year ended November 30, 2014 are as follows: Change in benefit obligation: Benefit obligation at beginning of year $ Actuarial gain Interest cost Service cost Benefits paid — Amortization of actuarial gain Curtailment gain Benefit obligation at end of year $ — The components of Griffin’s postretirement benefits income for the fiscal year ended November 30, 2014 were as follows: Service cost $ Interest Amortization of actuarial gain Curtailment gain Total income Other changes in benefit obligations recognized in other comprehensive loss: Actuarial gain Total recognized in net periodic benefit income and other comprehensive loss $ A discount rate of 4.60% was used to compute the accumulated postretirement benefit obligations prior to the program termination in fiscal 2014. The discount rate used was based on the spot rate of the Citigroup Pension Discount Curve, which was used to discount the projected cash flows of the program. A discount rate of 4.60% was used to compute the net periodic benefit expense for fiscal 2014 through the termination of the postretirement benefits program.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Nov. 30, 2016
Stockholders' Equity
Stockholders' Equity	8. Stockholders’ Equity Per Share Results Basic and diluted results per share were based on the following: For the Fiscal Years Ended Nov. 30, Nov. 30, Nov. 30, 2016 2015 2014 Income (loss) from continuing operations for computation of basic and diluted per share results, net of tax $ $ $ Income from discontinued operations for computation of basic and diluted per share results, net of tax — — Net income (loss) $ $ $ Weighted average shares outstanding for computation of basic per share results Incremental shares from assumed exercise of Griffin stock options (a) — Adjusted weighted average shares for computation of diluted per share results (a) Incremental shares from the assumed exercise of Griffin stock options are not included in periods where inclusion of such shares would be anti‑dilutive. Such assessment is based on income (loss) from continuing operations when net income includes discontinued operations. For the fiscal year ended November 30, 2014, the incremental shares from the assumed exercise of stock options would have been 11,000 shares. Griffin Stock Option Plan The Griffin Industrial Realty, Inc. 2009 Stock Option Plan (the “2009 Stock Option Plan”) makes available options to purchase 386,926 shares of Griffin common stock. The Compensation Committee of Griffin’s Board of Directors administers the 2009 Stock Option Plan. Options granted under the 2009 Stock Option Plan may be either incentive stock options or non‑qualified stock options granted at fair market value on the date approved by Griffin’s Compensation Committee. Vesting of all of Griffin’s stock options is solely based upon service requirements and does not contain market or performance conditions. Stock options granted expire ten years from the grant date. In accordance with the 2009 Stock Option Plan, stock options granted to non‑employee directors upon their initial election to the board of directors are fully exercisable immediately upon the date of the option grant. Stock options granted to non‑employee directors upon their reelection to the board of directors vest on the second anniversary from the date of grant. Stock options granted to employees vest in equal installments on the third, fourth and fifth anniversaries from the date of grant. None of the stock options outstanding at November 30, 2016 may be exercised as stock appreciation rights. The following options were granted by Griffin under the 2009 Stock Option Plan to employees and non-employee directors either upon their initial election or their reelection to Griffin’s Board of Directors: For the Fiscal Years Ended Nov. 30, 2016 Nov. 30, 2015 Nov. 30, 2014 Fair Value per Fair Value per Fair Value per Number of Option at Number of Option at Number of Option at Shares Grant Date Shares Grant Date Shares Grant Date Employees $ 7.51 - 11.65 - $ - - $ - Non-employee directors $ $ $ The fair values were estimated as of the date of each grant using the Black-Scholes option-pricing model. The following assumptions were used in determining the fair value of each option: For the Fiscal Years Ended Nov. 30, 2016 Nov. 30, 2015 Nov. 30, 2014 Expected volatility 32.9% to 41.1% % % Risk free interest rates 1.2% to 1.5% % % Expected option term (in years) 5 to 8.5 Annual dividend yield 0.9% % % Number of option holders at November 30, 2016 Compensation expense and related tax benefits for stock options were as follows: For the Fiscal Years Ended Nov. 30, 2016 Nov. 30, 2015 Nov. 30, 2014 Compensation expense - continuing operations $ $ $ Compensation expense - discontinued operations — — Net compensation expense $ $ $ Related tax benefit - continuing operations $ $ $ Related tax benefit - discontinued operations — — Net related tax benefit $ $ $ For all years presented, forfeiture rates used for directors were 0%, forfeiture rates used for executives ranged from 17.9% to 22.6% and forfeiture rates used for employees ranged from 38.3% to 41.1%. These rates were utilized based on the historical activity of the grantees. As of November 30, 2016, the unrecognized compensation expense related to nonvested stock options that will be recognized during future periods is as follows: Fiscal 2017 $ Fiscal 2018 $ Fiscal 2019 $ Fiscal 2020 $ Fiscal 2021 $ The total grant date fair value of options vested during fiscal 2016, fiscal 2015 and fiscal 2014 was $457, $492 and $664, respectively. There were no options exercised in fiscal 2016. The intrinsic value of options exercised in fiscal 2015 and fiscal 2014 was $18 and $10, respectively. A summary of the activity under the 2009 Griffin Stock Option Plan is as follows: Weighted Avg. Options Exercise Price Outstanding at November 30, 2013 $ Granted $ Exercised $ Forfeited $ Outstanding at November 30, 2014 $ Granted $ Exercised $ Forfeited $ Outstanding at November 30, 2015 $ Granted $ Forfeited $ Outstanding at November 30, 2016 $ Weighted Avg. Remaining Range of Exercise Prices for Outstanding at Weighted Avg. Contractual Life Total Intrinsic Vested and Nonvested Options November 30, 2016 Exercise Price (in years) Value $23.00 - $28.00 $ 8.9 $ $28.00 - $32.00 $ 4.6 $32.00 - $39.00 $ 1.9 — $ 5.6 $ Accumulated Other Comprehensive Loss As of November 30, 2016, Griffin held 1,952,462 shares of common stock in Centaur Media and accounts for its investment in Centaur Media as an available-for-sale security under ASC 320-10. Accordingly, the investment in Centaur Media is carried at its fair value on Griffin’s consolidated balance sheet, with increases or decreases recorded, net of tax, as a component of other comprehensive income (loss). Upon the sale of shares in Centaur Media, the change, net of tax, in the value of the shares of Centaur Media that were sold during the time Griffin held those shares is reclassified from accumulated other comprehensive income (loss) and included in Griffin’s consolidated statement of operations. In fiscal 2014, $204 was reclassified from accumulated other comprehensive loss as a result of the sale of 500,000 shares of Centaur Media common stock. There were no sales of Centaur Media common stock in fiscal 2016 and fiscal 2015. Accumulated other comprehensive loss, and activity for fiscal 2016, fiscal 2015 and fiscal 2014, is comprised of the following: Unrealized Gain Unrealized Gain Actuarial Gain (Loss) on Cash (Loss) on Investment on Postretirement Flow Hedges in Centaur Media Benefit Program Total Balance at November 30, 2013 $ $ $ $ Other comprehensive (loss) income before reclassifications — Amounts reclassified Net activity for other comprehensive loss Balance at November 30, 2014 — Other comprehensive (loss) income before reclassifications — Amounts reclassified — — Net activity for other comprehensive loss — Balance at November 30, 2015 — Other comprehensive loss before reclassifications — Amounts reclassified — — Net activity for other comprehensive income — Balance at November 30, 2016 $ $ $ — $ Changes in accumulated other comprehensive income (loss) are as follows: For the Fiscal Years Ended November 30, 2016 November 30, 2015 November 30, 2014 Tax Tax Tax (Expense) (Expense) (Expense) Pre-Tax Benefit Net-of-Tax Pre-Tax Benefit Net-of-Tax Pre-Tax Benefit Net-of-Tax Reclassifications included in net income (loss): Realized gain on sale of Centaur Media (gain on sale) $ — $ — $ — $ — $ — $ — $ $ $ Termination of postretirement benefits program ($283 net of tax to discontinued operations, $21 net of tax to general and administrative expenses) — — — — — — Loss on cash flow hedges (interest expense) Total reclassifications included in net income (loss) Mark to market adjustment on Centaur Media for the (decrease) increase in fair value Mark to market adjustment on Centaur Media for the decrease in exchange gain Decrease in fair value adjustment on Griffin's cash flow hedges Total change in other comprehensive loss Total other comprehensive income (loss) $ $ $ $ $ $ $ $ $ Cash Dividends In fiscal 2016 and fiscal 2015, Griffin declared annual cash dividends of $0.30 per common share in each year, which were paid in the first quarter of fiscal 2017 and fiscal 2016, respectively. In fiscal 2014, Griffin declared an annual cash dividend of $0.20 per common share, which was paid in the first quarter of fiscal 2015. 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. The repurchase program expires on May 10, 2017. 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 October 20, 2016, Griffin repurchased 45,000 shares of its outstanding common stock for approximately $1,403 and on May 27, 2016, Griffin repurchased 60,000 shares of its outstanding common stock for approximately $1,951.

Operating Leases

Operating Leases	12 Months Ended
	Nov. 30, 2016
Operating Leases
Operating Leases	9. Operating Leases Griffin's rental revenue reflects the leasing of industrial, flex and office space and the lease of the nursery growing facilities in Connecticut and Florida previously used by Imperial. Future minimum rental payments, including expected tenant reimbursements, to be received under noncancelable leases as of November 30, 2016 were: 2017 $ 2018 2019 2020 2021 Later years $ All future minimum rental payments, principally for Griffin’s corporate headquarters, under noncancelable leases, as lessee, as of November 30, 2016 were: 2017 $ 2018 2019 2020 2021 Later years $ Total rental expense for all operating leases, as lessee, in fiscal 2016, fiscal 2015 and fiscal 2014 was $194, $201 and $210, respectively. Effective October 1, 2016, Griffin entered into a ten year sublease for approximately 1,920 square feet in New York City for its executive offices from Bloomingdale Properties, Inc. (“Bloomingdale Properties”), an entity that is controlled by certain members of the Cullman and Ernst Group, which is considered a related party to Griffin. The sublease with Bloomingdale Properties was approved by Griffin’s Audit Committee and the lease rates under the sublease were at market rate at the time the sublease was signed. Rental expense for this lease in fiscal 2016 was $10, which is included in general and administrative expenses.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Nov. 30, 2016
Discontinued Operations
Discontinued Operations	10. Discontinued Operations Effective January 8, 2014, in accordance with the terms of the Imperial Sale, Imperial sold its inventory and certain assets for $732 in cash and a non‑interest bearing note receivable of $4,250 (the “Promissory Note”). Net cash of $732 was received from Monrovia in fiscal 2014 and Griffin paid $563 in severance and other expenses. The Promissory Note was paid on schedule in two installments: $2,750 on June 1, 2014 and $1,500 on June 1, 2015. The Promissory Note was discounted at 7% to $4,036, its present value at inception. Under the terms of the Imperial Sale, Griffin and Imperial agreed to indemnify Monrovia for any potential environmental liabilities relating to periods prior to the effective date of the Imperial Sale and also agreed to certain non-competition restrictions for a four-year period. Concurrent with the Imperial Sale, Imperial and River Bend Holdings, LLC, a wholly owned subsidiary of Griffin, entered into a Lease and Option Agreement and an Addendum to such agreement, which was amended in fiscal 2016 (as amended, the “Imperial Lease”) with Monrovia, pursuant to which Monrovia is leasing Imperial’s Connecticut production nursery for a ten‑year period, with options to extend for up to an additional fifteen years exercisable by Monrovia. The Imperial Lease provides for net annual rent payable to Griffin of $500 for each of the first five years with rent for subsequent years determined in accordance with the Imperial Lease. The Imperial Lease also grants Monrovia an option to purchase most of the land, land improvements and other operating assets that were used by Imperial in its Connecticut growing operations during the first thirteen years of the lease period for $9,500, or $7,000 if only a certain portion of the land is purchased, subject in each case to certain adjustments as provided for in the Imperial Lease. Accordingly, the operating results of Imperial's growing operations are reflected as a discontinued operation in Griffin's consolidated statements of operations for fiscal 2014. In fiscal 2014, Imperial’s revenue and the pretax income, reflected as a discontinued operation in Griffin's consolidated statements of operations, were as follows: Net sales and other revenue $ Pretax income $ Imperial's pretax income in fiscal 2014 includes $451 for the reclassification of actuarial gains related to Griffin's postretirement benefits program from other comprehensive income into pretax income as a result of the termination of Griffin's postretirement benefits program (see Note 7) . The pretax loss from the Imperial Sale in fiscal 2014 was as follows: Consideration received from Monrovia, reflecting cash of $732 and note receivable of $4,036 $ Carrying value of assets sold, principally inventory Curtailment of employee benefit program (see Note 7) Severance and other expenses Pretax loss on sale $

Supplemental Financial Statemen

Supplemental Financial Statement Information	12 Months Ended
	Nov. 30, 2016
Supplemental Financial Statement Information
Supplemental Financial Statement Information	11. Supplemental Financial Statement Information Available-for-Sale Securities Griffin’s investment in the common stock of Centaur Media is accounted for as an available-for-sale security under ASC 320-10. Accordingly, changes in the fair value of Centaur Media, reflecting both changes in the stock price and changes in the foreign currency exchange rate, are included, net of income taxes, in accumulated other comprehensive income (see Note 8). Griffin's investment income includes dividend income from Centaur Media of $79, $83 and $82 in fiscal 2016, fiscal 2015 and fiscal 2014, respectively. At the beginning of fiscal 2014, Griffin held 2,452,462 shares of Centaur Media common stock. In fiscal 2014, Griffin sold 500,000 shares of its Centaur Media common stock for total cash proceeds of $566 net of transaction costs. The sale of Centaur Media common stock resulted in a pretax gain of $318 in fiscal 2014. Griffin has not sold any of its Centaur Media common stock since the sales in fiscal 2014. Griffin held 1,952,462 shares of Centaur Media common stock as of November 30, 2016. The fair value, cost and unrealized gain of Griffin’s investment in Centaur Media are as follows: Nov. 30, 2016 Nov. 30, 2015 Fair value $ $ Cost Unrealized (loss) gain $ $ Other Assets Griffin's other assets are comprised of the following: Nov. 30, 2016 Nov. 30, 2015 Deferred leasing costs $ $ Deferred rent receivable Prepaid expenses Mortgage escrows Deposits and costs related to potential real estate acquisitions Lease receivables from tenants Property and equipment, net Intangible assets, net Deferred financing costs related to Webster Credit Line Other Total other assets $ $ Griffin’s intangible assets relate to the acquisition of real estate assets in previous years and consist of: (i) the value of in-place leases; and (ii) the value of the associated relationships with tenants. Intangible assets are shown net of amortization of $772 and $714 on November 30, 2016 and November 30, 2015, respectively. Amortization expense of intangible assets is as follows: For the Fiscal Years Ended Nov. 30, 2016 Nov. 30, 2015 Nov. 30, 2014 Amortization expense $ $ $ Estimated amortization expense of intangible assets is $27 per year for each of the next five fiscal years. Property and equipment, net reflects accumulated depreciation of $844 and $996 as of November 30, 2016 and November 30, 2015, respectively. Total depreciation expense related to property and equipment in fiscal 2016, fiscal 2015 and fiscal 2014 was $90, $86 and $111, respectively. Accounts Payable and Accrued Liabilities Griffin's accounts payable and accrued liabilities are comprised of the following: Nov. 30, 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: Nov. 30, 2016 Nov. 30, 2015 Deferred compensation plan $ $ Interest rate swap agreements Prepaid rent from tenants Security deposits of tenants Conditional asset retirement obligations Other Total other liabilities $ $ Supplemental Cash Flow Information A decrease of $993 in fiscal 2016 in the fair value of Griffin’s Investment in Centaur Media reflects the mark to market adjustment of this investment and did not affect Griffin’s cash. Increases of $46 and $285 in fiscal 2015 and fiscal 2014, respectively, in the fair value of Griffin’s Investment in Centaur Media reflect the mark to market adjustment of this investment and did not affect Griffin’s cash. Accounts payable and accrued liabilities related to additions to real estate assets decreased by $32 and $632 in fiscal 2016 and fiscal 2015, respectively. Griffin received an income tax refund of $61 in fiscal 2014. Interest payments in fiscal 2016, fiscal 2015 and fiscal 2014 were $4,507, $4,180 and $3,860, respectively, including capitalized interest of $274, $777 and $580 in fiscal 2016, fiscal 2015 and fiscal 2014, respectively.

Quarterly Results of Operations

Quarterly Results of Operations (Unaudited)	12 Months Ended
	Nov. 30, 2016
Quarterly Results of Operations (Unaudited)
Quarterly Results of Operations (Unaudited)	12. Quarterly Results of Operations (Unaudited) Summarized quarterly financial data are presented below: Fiscal 2016 Quarters 1st 2nd 3rd 4th Total Total revenue $ $ $ $ $ Operating income Net income (loss) Basic net income (loss) per common share Diluted net income (loss) per common share Fiscal 2015 Quarters 1st 2nd 3rd 4th Total Total revenue $ $ $ $ $ Operating income (loss) Net income (loss) Basic net income (loss) per common share Diluted net income (loss) per common share Property sales revenue in Griffin’s fiscal 2016 fourth quarter consolidated statement of operations includes $3,756 for the sale of a land parcel in Bloomfield, Connecticut and $135 for the amount of revenue recognized on the Windsor Land Sale. Property sales revenue in Griffin's fiscal 2015 fourth quarter consolidated statement of operations includes $600 for the sale of a small land parcel in Simsbury, Connecticut and $236 for the amount of revenue recognized on the Windsor Land Sale. The sum of the four quarters earnings per share data may not equal the annual earnings per share data due to the requirement that each period be calculated separately.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Nov. 30, 2016
Commitments and Contingencies
Commitments and Contingencies	13. Commitments and Contingencies As of November 30, 2016, Griffin had committed purchase obligations of approximately $1,677, 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 an approximately 31 acre site in East Allen Township, Northampton County, Pennsylvania for development of an industrial/warehouse building. Subsequently, Griffin exercised its right to terminate the East Allen Purchase Agreement based on its due diligence findings. After the East Allen Purchase Agreement was terminated, Griffin has continued negotiations with the seller to reach a new agreement. Completion of a new purchase agreement in uncertain at this time. 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 approximately 134,000 square foot 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. Under its $5,000 stock repurchase program, as of November 30, 2016, Griffin was authorized to purchase, from time to time, up to $1,646 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 (see Note 8). Griffin is involved, as a defendant, in various litigation matters arising in the ordinary course of business. In the opinion of management, based on the advice of legal counsel, the ultimate liability, if any, with respect to these matters is not expected to be material, individually or in the aggregate, to Griffin's consolidated financial statements.

Subsequent Events

Subsequent Events	12 Months Ended
	Nov. 30, 2016
Subsequent Events.
Subsequent Events	14. Subsequent Events In accordance with FASB ASC 855, “Subsequent Events,” Griffin has evaluated all events or transactions occurring after November 30, 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 year ended November 30, 2016, other than the disclosures herein. On January 24, 2017, as part of its common stock repurchase program (see Notes 8 and 13), Griffin repurchased 19,173 shares of its outstanding common stock for approximately $595, resulting in approximately $1,051 remaining available for additional stock repurchases under the current repurchase program. On January 20, 2017, Griffin and People’s United Bank (“PUB”) agreed to terms for a new nonrecourse mortgage on two of Griffin’s buildings in NE Tradeport. The parties agreed to a loan amount up to $12,000 with a ten year term, principal payments based on a twenty-five year amortization schedule, and interest at the one month LIBOR rate plus 1.95%. Griffin expects to enter into a new interest rate swap agreement with PUB that would fix the rate of this new mortgage loan for its full term. There is no guarantee that this mortgage loan will be completed in accordance with its current terms, or at all. On December 23, 2016, Griffin entered into an agreement to sell approximately 67 acres of an approximately 268 acre business park master planned by Griffin that straddles the town line between Windsor and Bloomfield, Connecticut. The purchase price is approximately $10,250 before transaction costs. Completion of this transaction is contingent on a number of factors, including the buyer obtaining all necessary final permits from governmental authorities for its development plans for the site it would acquire and the buyer receiving municipal and state economic development incentives it deems adequate. Under the current terms, Griffin expects to record a material pretax gain on this transaction. There is no guarantee that this transaction will be completed under the current terms, or at all.

Schedule II-Valuation and Quali

Schedule II-Valuation and Qualifying Accounts and Reserves	12 Months Ended
	Nov. 30, 2016
Schedule II-Valuation and Qualifying Accounts and Reserves
Schedule II-Valuation and Qualifying Accounts and Reserves	Schedule II (dollars in thousands) Description Balance at Charged to Charged Deductions Balance Beginning Cost and to Other From at End of Year Expenses Accounts Reserves of Year For the fiscal year ended November 30, 2016 Reserves: Uncollectible accounts—trade $ — — — — $ — Valuation allowance on deferred tax asset $ — $ For the fiscal year ended November 30, 2015 Reserves: Uncollectible accounts—trade $ — — — — $ — Valuation allowance on deferred tax asset $ — — $ For the fiscal year ended November 30, 2014 Reserves: Uncollectible accounts—trade $ — $ — Inventories $ — — $ — Valuation allowance on deferred tax asset $ — — $ Notes: (1) Accounts receivable written off or reclassified. (2) Inventories disposed.

Schedule III-Real Estate and Ac

Schedule III-Real Estate and Accumulated Depreciation	12 Months Ended
	Nov. 30, 2016
Schedule III-Real Estate and Accumulated Depreciation
Schedule III-Real Estate and Accumulated Depreciation	Schedule III November 30, 2016 (dollars in thousands) Cost Capitalized Gross Amount Initial Cost Subsequent at November 30, 2016 Bldg. & to Acquisition Land Bldg. & Bldg. Tenant Construction Development Accumulated Date of Date of Depr. Description Encumbrances Land Improve. Improvements Land Improvements Improvements Improvements in Progress Costs Total Depreciation Construction Acquisition Life CT Industrial/Warehouse Properties Industrial/Warehouse Building - Bloomfield $ - (b) $ $ - $ $ $ $ $ - $ - $ - $ $ 1988 40 yrs. Industrial/Warehouse Building - Bloomfield - - 1997 2007 40 yrs. Industrial/Warehouse Building - Windsor - - 1982 1989 40 yrs. Industrial/Warehouse Building - Windsor - (a) - - - 1978 40 yrs. Industrial/Warehouse Building - Windsor - (a) - - - 1980 40 yrs. Industrial/Warehouse Building - Windsor - (a) - - 1998 40 yrs. Industrial/Warehouse Building - Windsor - (a) - - - 2008 40 yrs. Industrial/Warehouse Building - Windsor - - - 1999 40 yrs. Industrial/Warehouse Building - Windsor - (a) - - - 2001 40 yrs. Industrial/Warehouse Building - Windsor - - - 2003 40 yrs. Industrial/Warehouse Building - Windsor - (a) - - - 2006 40 yrs. Industrial/Warehouse Building - Windsor - (a) - - - 2005 40 yrs. Industrial/Warehouse Building - Windsor - - - 2009 40 yrs. Industrial/Warehouse Building - Windsor - - - - 2007 40 yrs. Industrial/Warehouse Building - Windsor - - - - 2007 40 yrs. Industrial/Warehouse Building - Windsor - - - - 2001 40 yrs. PA Industrial/Warehouse Properties Industrial/Warehouse Building - Breinigsville - - - 2010 40 yrs. Industrial/Warehouse Building - Lower Nazareth Township - - - 2014 40 yrs. Industrial/Warehouse Building - Lower Nazareth Township - (a) - - - 2012 40 yrs. Industrial/Warehouse Building - Hanover Township - - - 2015 40 yrs. Industrial/Warehouse Building - Hanover Township - (a) - - - 2016 40 yrs. Office/Flex Properties Office/Flex Building - Bloomfield - (b) - - - 1977 40 yrs. Office/Flex Building - Bloomfield - (b) - - - 1985 40 yrs. Office/Flex Building - Bloomfield - (b) - - - 1988 40 yrs. Office/Flex Building - Bloomfield - (b) - - - - 1989 40 yrs. Office/Flex Building - Bloomfield - (b) - - - 1990 40 yrs. Office/Flex Building - Bloomfield - (b) - - - 1991 40 yrs. Office/Flex Building - Bloomfield - (b) - - - 1991 40 yrs. Office/Flex Building - Bloomfield - (b) - - - 2001 40 yrs. Office/Flex Building - Windsor - (b) - - - 2002 40 yrs. Office/Flex Building - Windsor - 1982 2003 40 yrs. Office/Flex Building - Windsor - (a) - - 1987 2003 40 yrs. Restaurant Building - Windsor - - - - 1983 40 yrs. Other Nursery Farm - Granby, CT - - - - - 1959 20 yrs. Nursery Farm - Quincy, FL - - - - - 1959 20 yrs. Undeveloped land - New England Tradeport - - - - - Undeveloped land - Griffin Center/Griffin Center South - - - - - Undeveloped land - Phoenix Crossing - - - - - - - Undeveloped land - Other - - - - - Residential Development - Simsbury, CT - - - - - - - $ $ $ $ $ $ $ $ $ $ $ (c) $ (a) Building included in mortgage listed on line above. (b) Buildings included as collateral for a $15.0 million revolving line of credit. (c) As of November 30, 2016, the aggregate cost for Federal income tax purposes is $254,841. Schedule III – Real (dollars in thousands) Fiscal year ended November 30, 2016 Cost Reserve Balance at beginning of year $ $ Changes during the year: Additions to real estate assets — Additions to reserve charged to costs and expense — Reclassification to real estate held for sale — Writeoff of fully depreciated assets Balance at end of year $ $ Fiscal year ended November 30, 2015 Cost Reserve Balance at beginning of year $ $ Changes during the year: Additions to real estate assets — Additions to reserve charged to costs and expense — Reclassification to real estate held for sale — Writeoff of fully depreciated assets Balance at end of year $ $ Fiscal year ended November 30, 2014 Cost Reserve Balance at beginning of year $ $ Changes during the year: Additions to real estate assets — Additions to reserve charged to costs and expense — Reclassification to real estate held for sale — Writeoff of fully depreciated assets Reclassification to real estate assets from property and equipment Balance at end of year $ $

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Nov. 30, 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 commercial properties. Griffin also seeks to add to its property portfolio through the acquisition and development of land or purchase of buildings. Periodically, Griffin may 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. Prior to May 13, 2015, Griffin was known as Griffin Land & Nurseries, Inc. Griffin changed its name to better reflect its ongoing real estate business after the sale in fiscal 2014 of the landscape nursery business that Griffin had operated through its wholly owned subsidiary, Imperial Nurseries, Inc. (“Imperial”). Imperial was engaged in growing landscape nursery plants in containers for sale to independent retail garden centers and rewholesalers, whose main customers are landscape contractors. Imperial's operations through January 8, 2014 are reflected in the accompanying consolidated financial statements as a discontinued operation due to the sale of its inventory and certain of its assets (the “Imperial Sale”) to Monrovia Connecticut LLC (“Monrovia”), a subsidiary of Monrovia Nursery Company (see Note 10). All intercompany transactions have been eliminated.
Fiscal Year	Fiscal Year Griffin reports on a twelve month fiscal year that ends on November 30.
Real Estate Assets	Real Estate Assets Real estate assets are recorded at cost, except when real estate assets are acquired that meet the definition of a business combination in accordance with Financial Accounting Standards Board (“FASB”) ASC 805-10, “Business Combinations,” and are recorded at fair value. Interest, property taxes, insurance and other incremental costs (including salaries) directly related to a project are capitalized during the construction period of major facilities and land improvements. The capitalization period begins when activities to develop the parcel commence and ends when the asset constructed is completed. The capitalized costs are recorded as part of the asset to which they relate and are amortized over the asset's useful life. Depreciation is determined on a straight-line basis over the estimated useful asset lives for financial reporting purposes and principally on accelerated methods for tax purposes. Repair and maintenance costs are expensed as incurred. Griffin classifies a property as “held for sale” when all of the following criteria for a plan of sale have been met: (1) management, having the authority to approve the action, commits to a plan to sell the property; (2) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (3) an active program to locate a buyer and other actions required to complete the plan to sell, have been initiated; (4) the sale of the property is probable and is expected to be completed within one year or the property is under a contract to be sold; (5) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (6) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When all of these criteria have been met, the property is classified as “held for sale.” Depreciation of assets ceases upon designation of a property as “held for sale.”
Cash and Cash Equivalents	Cash and Cash Equivalents Griffin considers all highly liquid investments with an initial maturity of three months or less at the date of purchase to be cash equivalents. At November 30, 2016 and 2015, $22,409 and $15,269, respectively, of the cash and cash equivalents included on Griffin's consolidated balance sheets were held in cash equivalents.
Investments	Investments Griffin's investment in the common stock of Centaur Media plc (“Centaur Media”) is accounted for as an available-for-sale security under FASB ASC 320-10, “Investments – Debt and Equity Securities” (“ASC 320-10”), whereby increases or decreases in the fair value of this investment, net of income taxes, along with the effect of changes in the foreign currency exchange rate, net of income taxes, are recorded as a component of other comprehensive income (loss). Realized gains and losses on sales of available-for-sale securities are determined based on the average cost method. Griffin is required to adopt FASB Accounting Standards Update No. 2016-01, “Financial Instruments – Overall” (“ASU 2016-01”) in fiscal 2019. Upon adoption, the increases or decreases in the fair value of available-for-sale securities will no longer be reflected as a component of other comprehensive income, but will be recognized through net income (see Recent Accounting Pronouncements below).
Stock-Based Compensation	Stock‑Based Compensation Griffin accounts for stock options at fair value in accordance with FASB ASC 718, “Compensation - Stock Compensation” and FASB ASC 505-50, “Equity – Equity-Based Payments to Non-Employees.” For stock options that have graded vesting features, Griffin recognizes compensation cost over the requisite service period separately for each tranche of the award as though they were, in substance, multiple awards. Griffin determines its accumulated windfall tax benefits using the short-cut method.
Postretirement Benefits	Postretirement Benefits In fiscal 2014, Griffin terminated its postretirement benefit program (see Note 7). Griffin had accounted for postretirement benefits in accordance with FASB ASC 715-10, “Compensation – Retirement Benefits” (“ASC 715-10”). This guidance requires an employer to recognize the overfunded or underfunded status of a defined benefit postretirement plan (other than a multiemployer plan) as an asset or liability in its statement of financial position and to recognize changes in that funded status in the year in which the changes occur through other comprehensive income. This guidance also requires an employer to measure the funded status of a plan as of the date of its year-end statement of financial position, with limited exceptions.
Impairment of Investments in Long-Lived Assets	Impairment of Investments in Long‑Lived Assets Griffin reviews annually, as well as when conditions may indicate, its long-lived assets to determine if there are indicators of impairment, such as a prolonged vacancy in one of its properties. If indicators of impairment are present, Griffin evaluates the carrying value of the assets in relation to the operating performance and expected future undiscounted cash flows or the estimated fair value based on expected future cash flows of the underlying assets. If the undiscounted cash flows are less than the carrying value of an asset, Griffin would reduce the carrying value of a long-lived asset to its fair value if that asset’s fair value is determined to be less than its carrying value. Griffin also reviews annually, as well as when conditions may indicate, the recoverability of its development costs, including expected remediation costs on projects that are included in real estate assets. To the extent that the carrying value exceeds the fair value of a project, including development costs, an impairment loss would be recorded. There were no impairment losses recorded in the fiscal years ended November 30, 2016, 2015 and 2014.
Revenue and Gain Recognition	Revenue and Gain Recognition Revenue includes rental revenue from Griffin's industrial and commercial properties and proceeds from property sales. Rental revenue is accounted for on a straight line basis over the applicable lease term in accordance with FASB ASC 840-10, “Leases.” Gains on property sales are recognized in accordance with FASB ASC 360-20, “Property, Plant, and Equipment – Real Estate Sales,” based on the specific terms of each sale. When the percentage of completion method is used to account for a sale of real estate, costs included in determining the percentage of completion include the costs of the land sold, allocated master planning costs, selling and transaction costs and estimated future costs related to the land sold. The growing operations of the landscape nursery business are reflected as a discontinued operation in the consolidated statements of operations.
Income Taxes	Income Taxes Griffin provides for income taxes utilizing the asset and liability method, and records deferred tax assets and liabilities based on the difference between the financial statement and tax bases of assets and liabilities as measured by the tax rates that are anticipated to be in effect when these differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is established when it is necessary to reduce deferred tax assets to amounts for which realization is more likely than not. Griffin and its subsidiaries file a consolidated federal income tax return. Griffin evaluates each tax position taken in its tax returns and recognizes a liability for any tax position deemed less likely than not to be sustained under examination by the relevant taxing authorities. Griffin has analyzed its federal and significant state filing positions with respect to FASB ASC 740-10, “Income Taxes” (“ASC 740-10”). Griffin believes that its income tax filing positions will be sustained on examination and does not anticipate any adjustments that would result in a material change on its financial statements. As a result, no accrual for uncertain income tax positions has been recorded pursuant to ASC 740-10. Griffin’s policy for recording interest and penalties, related to uncertain tax positions, is to record such items as part of its provision for federal and state income taxes.
Intangible Assets	Intangible Assets Griffin accounts for intangible assets in accordance with FASB ASC 350-10 “Intangibles - Goodwill and Other.” Griffin's intangible assets consist of: (i) the value of in-place leases; and (ii) the value of the associated relationships with tenants. These intangible assets were recorded in connection with Griffin’s acquisitions of real estate assets. Amortization of the value of in-place leases, included in depreciation and amortization expense, is on a straight-line basis over the lease terms. Amortization of the value of customer relationships with tenants, included in depreciation and amortization expense, is on a straight-line basis over the lease terms and anticipated renewal periods.
Environmental Matters	Environmental Matters Environmental expenditures related to land and buildings are expensed or capitalized as appropriate, depending upon their future economic benefit. Expenditures that relate to an existing condition caused by past operations, and that do not have future economic benefit, are expensed. Expenditures that create future benefit or contribute to future revenue generation are capitalized. Liabilities related to future remediation costs are recorded when environmental assessments and/or cleanups are probable, and the costs can be reasonably estimated.
Interest Rate Swap Agreements	Interest Rate Swap Agreements As of November 30, 2016, Griffin was a party to several interest rate swap agreements to hedge its interest rate exposures. Griffin does not use derivatives for speculative purposes. Griffin applies FASB ASC 815-10, “Derivatives and Hedging,” (“ASC 815-10”) as amended, which establishes accounting and reporting standards for derivative instruments and hedging activities. ASC 815-10 requires Griffin to recognize all derivatives as either assets or liabilities on its consolidated balance sheet and measure those instruments at fair value. The changes in the fair values of the interest rate swap agreements are measured in accordance with ASC 815-10 and reflected in the carrying values of the interest rate swap agreements on Griffin’s consolidated balance sheet. The estimated fair values are based primarily on projected future swap rates. Griffin applies cash flow hedge accounting to its interest rate swap agreements that are designated as hedges of the variability of future cash flows from floating rate liabilities based on benchmark interest rates. The changes in fair values of Griffin’s interest rate swap agreements are recorded as components of accumulated other comprehensive income (loss) (“AOCI”) in stockholders’ equity, to the extent they are effective. Any ineffective portions of the changes in fair values of these instruments would be recorded as interest expense or interest income.
Conditional Asset Retirement Obligations	Conditional Asset Retirement Obligations Griffin accounts for its conditional asset retirement obligations in accordance with FASB ASC 410-10, “Asset Retirement and Environmental Obligations,” which requires an entity to recognize a liability for the fair value of a conditional asset retirement obligation if the fair value can be reasonably estimated even though uncertainty exists about the timing and/or method of settlement. The conditional asset retirement obligations relate principally to tobacco barns and other structures on Griffin’s land holdings that contain asbestos, primarily in roofing materials. These structures remain from the tobacco growing operations of former affiliates of Griffin, are not material to Griffin’s operations and do not have any book value.
Treasury Stock	Treasury Stock Treasury stock is recorded at cost as a reduction of stockholders’ equity on Griffin’s consolidated balance sheets.
Income (Loss) Per Share	Income (Loss) Per Share Basic income (loss) per common share is calculated by dividing income (loss) from continuing operations and discontinued operations by the weighted average number of common shares outstanding during the year. The calculation of diluted income (loss) per common share reflects adjusting Griffin’s outstanding shares assuming the exercise of all potentially dilutive Griffin stock options.
Risks and Uncertainties	Risks and Uncertainties Griffin’s future results of operations involve a number of risks and uncertainties. Factors that could affect Griffin’s future operating results and cause actual results to vary materially from historical results include, but are not limited to, the geographical concentration of Griffin’s real estate holdings, credit risk and market risk. Griffin's real estate holdings are concentrated in the Hartford, Connecticut area and in the Lehigh Valley of Pennsylvania. The market and economic challenges experienced by the U.S. economy as a whole or the local economic conditions in the markets in which Griffin holds properties may affect Griffin’s real estate business. Griffin’s results of operations, financial condition or ability to expand may be adversely affected as a result of: (i) poor economic conditions or unfavorable financial changes to Griffin’s tenants, which may lead to a curtailment of expansion plans or may result in tenant defaults under leases; (ii) significant job losses, which could adversely affect the demand for rental space causing market rental rates and property values to be negatively impacted; (iii) the ability of Griffin to borrow on terms and conditions that it finds acceptable; and (iv) possibly reduced values of Griffin’s properties potentially limiting the proceeds from a sale of its properties or from debt financing collateralized by its properties. Griffin conducts business based on evaluations of its prospective tenants’ financial condition and generally does not require collateral. These evaluations require significant judgment and are based on multiple sources of information. Griffin does not use derivatives for speculative purposes. Griffin applies ASC 815-10, which established accounting and reporting standards for derivative instruments and hedging activities. This accounting guidance requires Griffin to recognize all derivatives as either assets or liabilities on its consolidated balance sheet and to measure those instruments at fair value. The estimated fair value is based primarily on projected future swap rates. Griffin applies cash flow hedge accounting to its interest rate swap agreements designated as hedges of the variability of future cash flows from floating rate liabilities due to the benchmark interest rates. Changes in the fair value of these interest rate swaps are recorded as a component of AOCI in stockholders’ equity, to the extent they are effective. Amounts recorded to AOCI are then reclassified to interest expense as interest on the hedged borrowing is recognized. Any ineffective portion of the change in fair value of these instruments would be recorded to interest expense. Griffin’s cash equivalents consist of overnight investments that are not significantly exposed to interest rate risk.
Reclassifications	Reclassifications Certain prior year balances have been reclassified to conform to the current year’s presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and revenue and expenses during the periods reported. Actual results could differ from those estimates. Griffin’s significant estimates include the impairment evaluation of long-lived assets, deferred income taxes, derivative financial instruments, revenue and gain recognition including the estimated costs to complete required offsite improvements related to land sold and assumptions used in determining stock compensation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update No. 2016-09, “Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting,” which relates to the accounting for employee share-based payments. This Update addresses several aspects of the accounting for share-based payment award transactions, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. This Update will become effective for Griffin in fiscal 2018. Early adoption is allowed, but all of the guidance must be adopted in the same period. Griffin is evaluating the impact that the application of this Update will have on its consolidated financial statements. 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 ASU 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). ASU 2016-01 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. ASU 2016-01 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. ASU 2016-01 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 April 2015, the FASB issued Accounting Standards Update No. 2015-03, “Interest-Imputation of Interest,” (“ASU 2015-03”) which requires that debt issuance costs related to a recognized liability be presented on the balance sheet as a direct reduction from the carrying amount of the associated debt liability, consistent with debt discounts. The guidance must be applied on a retrospective basis and was adopted by Griffin in the fiscal 2016 fourth quarter. The adoption of this guidance required Griffin to reclassify its debt issuance costs on nonrecourse mortgage loans from other assets to mortgage debt on its statement of financial position but did not have an impact on Griffin's results of operations. The effect of the reclassification on Griffin’s statement of financial position is quantified in Note 5. 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 ASU 2015-03 (see above). 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. Griffin adopted this Update in the 2016 fourth quarter. The adoption of this guidance did not have an impact on Griffin's consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers,” which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. This standard requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. Additionally, the Update requires improved disclosures to help users of financial statements better understand the nature, amount, timing and uncertainty of revenue that is recognized. The Update permits the use of either the retrospective or cumulative effect transition method. This Update will be effective for Griffin in fiscal 2019 and early adoption is not permitted. Certain aspects of this new standard may affect revenue recognition of Griffin. Griffin is evaluating the impact that the application of this Update will have on its consolidated financial statements.

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Nov. 30, 2016
Fair Value
Schedule of financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:	November 30, 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 asset $ — $ $ — 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 November 30, 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 Interest rate swap 2 — — Financial liabilities: Mortgage loans 2 $ $ $ $ Interest rate swaps 2

Real Estate Assets (Tables)

Real Estate Assets (Tables)	12 Months Ended
	Nov. 30, 2016
Real Estate Assets
Schedule of real estate assets, excluding those held for sale	Estimated Useful Lives Nov. 30, 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	November 30, November 30, November 30, 2016 2015 2014 Depreciation expense $ $ $ Capitalized interest $ $ $
Schedule of real estate held for sale	Nov. 30, 2016 Nov. 30, 2015 Land $ $ Development costs $ $

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Nov. 30, 2016
Income Taxes
Schedule of income tax (provision) benefit in continuing operations	For the Fiscal Years Ended Nov. 30, Nov. 30, Nov. 30, 2016 2015 2014 Current federal $ $ $ — Current state and local — — — Deferred federal Deferred state and local Total income tax provision $ $ $
Schedule of other comprehensive (loss) income including deferred tax (expense) benefit	For the Fiscal Years Ended Nov. 30, Nov. 30, Nov. 30, 2016 2015 2014 Mark to market adjustment on Centaur Media plc $ $ $ Measurement of the funded status of the defined postretirement program — — Fair value adjustment of Griffin's cash flow hedges Total income tax (expense) benefit included in other comprehensive income (loss) $ $ $
Schedule of differences between the income tax benefit at the United States statutory income tax rates and the actual income tax benefit on continuing operations	For the Fiscal Years Ended Nov. 30, Nov. 30, Nov. 30, 2016 2015 2014 Tax (provision) benefit at statutory rate $ $ $ State and local taxes, including valuation allowance, net of federal tax effect Permanent items Other Total income tax provision $ $ $
Schedule of significant components of deferred tax assets and deferred tax liabilities	Nov. 30, Nov. 30, 2016 2015 Deferred tax assets: Federal net operating loss carryforwards $ $ Deferred revenue Retirement benefit plans State net operating loss carryforwards Non-qualified stock options Cash flow hedges Investment in Centaur Media plc Charitable contribution carryforwards Conditional asset retirement obligations Other Total deferred tax assets Valuation allowances Net deferred tax assets Deferred tax liabilities: Real estate assets Deferred rent Prepaid insurance Property and equipment Other Total deferred tax liabilities Net total deferred tax assets $ $

Mortgage Loans (Tables)

Mortgage Loans (Tables)	12 Months Ended
	Nov. 30, 2016
Mortgage Loans
Schedule of mortgage loans	Nov. 30, 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 * — Variable rate, due November 17, 2026 * — 5.09%, due July 1, 2029 5.09%, due July 1, 2029 4.33%, due August 1, 2030 Nonrecourse mortgage loans prior to debt issuance costs Debt issuance costs, net Nonrecourse mortgage loans, net $ $ * Griffin entered into interest rate swap agreements to effectively fix the interest rates on these loans (see below).

Retirement Benefits (Tables)

Retirement Benefits (Tables)	12 Months Ended
	Nov. 30, 2016
Retirement Benefits
Schedule of change in benefit obligation	Change in benefit obligation: Benefit obligation at beginning of year $ Actuarial gain Interest cost Service cost Benefits paid — Amortization of actuarial gain Curtailment gain Benefit obligation at end of year $ —
Schedule of components of postretirement benefits (income) expense	Service cost $ Interest Amortization of actuarial gain Curtailment gain Total income Other changes in benefit obligations recognized in other comprehensive loss: Actuarial gain Total recognized in net periodic benefit income and other comprehensive loss $

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Nov. 30, 2016
Stockholders' Equity
Schedule of basic and diluted per share results	For the Fiscal Years Ended Nov. 30, Nov. 30, Nov. 30, 2016 2015 2014 Income (loss) from continuing operations for computation of basic and diluted per share results, net of tax $ $ $ Income from discontinued operations for computation of basic and diluted per share results, net of tax — — Net income (loss) $ $ $ Weighted average shares outstanding for computation of basic per share results Incremental shares from assumed exercise of Griffin stock options (a) — Adjusted weighted average shares for computation of diluted per share results (a) Incremental shares from the assumed exercise of Griffin stock options are not included in periods where inclusion of such shares would be anti‑dilutive. Such assessment is based on income (loss) from continuing operations when net income includes discontinued operations. For the fiscal year ended November 30, 2014, the incremental shares from the assumed exercise of stock options would have been 11,000 shares.
Schedule of options granted by Griffin under the Stock Option Plan to non-employee directors	For the Fiscal Years Ended Nov. 30, 2016 Nov. 30, 2015 Nov. 30, 2014 Fair Value per Fair Value per Fair Value per Number of Option at Number of Option at Number of Option at Shares Grant Date 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 Fiscal Years Ended Nov. 30, 2016 Nov. 30, 2015 Nov. 30, 2014 Expected volatility 32.9% to 41.1% % % Risk free interest rates 1.2% to 1.5% % % Expected option term (in years) 5 to 8.5 Annual dividend yield 0.9% % %
Schedule of option holders	Number of option holders at November 30, 2016
Schedule of compensation expense and related tax benefits for stock options	For the Fiscal Years Ended Nov. 30, 2016 Nov. 30, 2015 Nov. 30, 2014 Compensation expense - continuing operations $ $ $ Compensation expense - discontinued operations — — Net compensation expense $ $ $ Related tax benefit - continuing operations $ $ $ Related tax benefit - discontinued operations — — Net related tax benefit $ $ $
Schedule of unrecognized compensation expense related to nonvested stock options	Fiscal 2017 $ Fiscal 2018 $ Fiscal 2019 $ Fiscal 2020 $ Fiscal 2021 $
Summary of the activity under the Griffin Stock Option Plan	Weighted Avg. Options Exercise Price Outstanding at November 30, 2013 $ Granted $ Exercised $ Forfeited $ Outstanding at November 30, 2014 $ Granted $ Exercised $ Forfeited $ Outstanding at November 30, 2015 $ Granted $ Forfeited $ Outstanding at November 30, 2016 $
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 November 30, 2016 Exercise Price (in years) Value $23.00 - $28.00 $ 8.9 $ $28.00 - $32.00 $ 4.6 $32.00 - $39.00 $ 1.9 — $ 5.6 $
Schedule of accumulated other comprehensive loss	Unrealized Gain Unrealized Gain Actuarial Gain (Loss) on Cash (Loss) on Investment on Postretirement Flow Hedges in Centaur Media Benefit Program Total Balance at November 30, 2013 $ $ $ $ Other comprehensive (loss) income before reclassifications — Amounts reclassified Net activity for other comprehensive loss Balance at November 30, 2014 — Other comprehensive (loss) income before reclassifications — Amounts reclassified — — Net activity for other comprehensive loss — Balance at November 30, 2015 — Other comprehensive loss before reclassifications — Amounts reclassified — — Net activity for other comprehensive income — Balance at November 30, 2016 $ $ $ — $
Schedule of components of accumulated other comprehensive income (loss)	For the Fiscal Years Ended November 30, 2016 November 30, 2015 November 30, 2014 Tax Tax Tax (Expense) (Expense) (Expense) Pre-Tax Benefit Net-of-Tax Pre-Tax Benefit Net-of-Tax Pre-Tax Benefit Net-of-Tax Reclassifications included in net income (loss): Realized gain on sale of Centaur Media (gain on sale) $ — $ — $ — $ — $ — $ — $ $ $ Termination of postretirement benefits program ($283 net of tax to discontinued operations, $21 net of tax to general and administrative expenses) — — — — — — Loss on cash flow hedges (interest expense) Total reclassifications included in net income (loss) Mark to market adjustment on Centaur Media for the (decrease) increase in fair value Mark to market adjustment on Centaur Media for the decrease in exchange gain Decrease in fair value adjustment on Griffin's cash flow hedges Total change in other comprehensive loss Total other comprehensive income (loss) $ $ $ $ $ $ $ $ $

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Nov. 30, 2016
Leasing of industrial, flex and office space and the lease of the farm in Florida
Schedule of future minimum rentals, including tenant reimbursements, to be received under noncancelable leases	2017 $ 2018 2019 2020 2021 Later years $
Corporate headquarters
Schedule of future minimum rental payments	2017 $ 2018 2019 2020 2021 Later years $

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Nov. 30, 2016
Discontinued Operations
Schedule of Revenue and Pretax Income (Loss) from Discontinued Operation	Net sales and other revenue $ Pretax income $
Schedule of Pretax Loss on Disposal	Consideration received from Monrovia, reflecting cash of $732 and note receivable of $4,036 $ Carrying value of assets sold, principally inventory Curtailment of employee benefit program (see Note 7) Severance and other expenses Pretax loss on sale $

Supplemental Financial Statem35

Supplemental Financial Statement Information (Tables)	12 Months Ended
	Nov. 30, 2016
Supplemental Financial Statement Information
Schedule of fair value, cost and unrealized gain of Griffin's investment in Centaur Media	Nov. 30, 2016 Nov. 30, 2015 Fair value $ $ Cost Unrealized (loss) gain $ $
Schedule of other assets	Nov. 30, 2016 Nov. 30, 2015 Deferred leasing costs $ $ Deferred rent receivable Prepaid expenses Mortgage escrows Deposits and costs related to potential real estate acquisitions Lease receivables from tenants Property and equipment, net Intangible assets, net Deferred financing costs related to Webster Credit Line Other Total other assets $ $
Schedule of amortization expense of intangible assets	For the Fiscal Years Ended Nov. 30, 2016 Nov. 30, 2015 Nov. 30, 2014 Amortization expense $ $ $
Schedule of accounts payable and accrued liabilities	Nov. 30, 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	Nov. 30, 2016 Nov. 30, 2015 Deferred compensation plan $ $ Interest rate swap agreements Prepaid rent from tenants Security deposits of tenants Conditional asset retirement obligations Other Total other liabilities $ $

Quarterly Results of Operatio36

Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Nov. 30, 2016
Quarterly Results of Operations (Unaudited)
Summary of quarterly financial data	Fiscal 2016 Quarters 1st 2nd 3rd 4th Total Total revenue $ $ $ $ $ Operating income Net income (loss) Basic net income (loss) per common share Diluted net income (loss) per common share Fiscal 2015 Quarters 1st 2nd 3rd 4th Total Total revenue $ $ $ $ $ Operating income (loss) Net income (loss) Basic net income (loss) per common share Diluted net income (loss) per common share

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2014
Fiscal Year
Length of fiscal year	12 months
Cash and Cash Equivalents
Money market funds invested in U.S. Treasury obligations	$ 22,409	$ 15,269
Impairment of Investments in Long Lived Assets
Impairment losses	0	$ 0	$ 0
Income Taxes
Accrual for uncertain income tax positions	$ 0

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Nov. 30, 2016	Nov. 30, 2015
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Marketable equity securities	$ 977	$ 1,970
Interest rate swap agreements	1,685
Recurring basis | Level 1
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Marketable equity securities	977	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 asset	207
Interest rate swap agreements	$ 1,892	$ 2,766

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities (Details) - USD ($) $ in Thousands	Nov. 30, 2016	Nov. 30, 2015
Financial assets:
Available-for-sale securities	$ 977	$ 1,970
Financial liabilities:
Interest rate swap agreements	1,685
Carrying Value | Level 1
Financial assets:
Cash and cash equivalents	24,689	18,271
Available-for-sale securities	977	1,970
Carrying Value | Level 2
Financial assets:
Interest rate swap	207
Financial liabilities:
Mortgage loans	109,697	89,185
Interest rate swap agreements	1,892	2,766
Estimated Fair Value | Level 1
Financial assets:
Cash and cash equivalents	24,689	18,271
Available-for-sale securities	977	1,970
Estimated Fair Value | Level 2
Financial assets:
Interest rate swap	207
Financial liabilities:
Mortgage loans	111,103	90,155
Interest rate swap agreements	$ 1,892	$ 2,766

Real Estate Assets (Details)

Real Estate Assets (Details) $ in Thousands	Sep. 22, 2016USD ($)a	Jun. 01, 2015USD ($)	Aug. 31, 2015USD ($)	May 31, 2016USD ($)	Feb. 29, 2016USD ($)	Nov. 30, 2013USD ($)a	Nov. 30, 2016USD ($)	Nov. 30, 2015USD ($)	Nov. 30, 2014USD ($)	Nov. 30, 2013USD ($)a	May 31, 2015USD ($)
Real Estate Assets
Land							$ 17,895	$ 18,157
Land improvements							27,592	22,440
Buildings and improvements							164,353	149,111
Tenant improvements							21,925	19,611
Machinery and equipment							11,022	11,810
Construction in progress							1,659	10,240
Development costs							14,615	15,870
Real estate assets, gross							259,061	247,239
Accumulated depreciation							(86,801)	(80,784)
Real estate assets, net							172,260	166,455
Depreciation expense							7,768	6,539	$ 5,747
Capitalized interest							274	777	580
Sales
Revenue from property sales							4,364	3,483	3,667
Deferred revenue							9,526	10,790
Real estate held for sale							$ 2,992	1,418
Maximum
Sales
Purchase price under option			$ 3,900
Windsor undeveloped land sale
Sales
Number of acres sold | a						90				90
Proceeds from sale of undeveloped land						$ 8,968
Number of acres | a						268				268
Proceeds from land sale deposited in escrow						$ 8,860
Increase in estimated project cost				$ 79
Percentage of cost incurred on sale of land							99.00%
Revenue from property sales							$ 608	2,483	3,105	$ 2,668
Estimated total pre-tax gain					$ 6,765		6,686
Pretax gain on land sale							380	1,880	$ 2,358	$ 1,990
Number of acres donated | a						15				15
Griffin Center South, Bloomfield, CT
Sales
Number of acres sold | a	29
Number of acres | a	45
Proceeds from land sale deposited in escrow	$ 3,536
Revenue from property sales	3,756
Pretax gain on land sale	$ 3,174
Number of acres donated | a	15
Number of acres retained | a	1
Florida Farm Used By Imperial [Member]
Sales
Revenue from property sales								400
Sale price											$ 4,100
Deposit received in real estate sale		$ 400
Lease term			3 years
Florida Farm Used By Imperial [Member] | Minimum
Sales
Purchase price under option			$ 3,400
Land.
Sales
Real estate held for sale							$ 264	78
Land. | Windsor undeveloped land sale
Sales
Percentage of total revenue and pretax gain on sale have been recognized							99.00%
Land improvements | Minimum
Real Estate Assets
Estimated Useful Lives							10 years
Land improvements | Maximum
Real Estate Assets
Estimated Useful Lives							30 years
Buildings and improvements | Minimum
Real Estate Assets
Estimated Useful Lives							10 years
Buildings and improvements | Maximum
Real Estate Assets
Estimated Useful Lives							40 years
Machinery and equipment. | Minimum
Real Estate Assets
Estimated Useful Lives							3 years
Machinery and equipment. | Maximum
Real Estate Assets
Estimated Useful Lives							20 years
Development costs
Sales
Real estate held for sale							$ 2,728	$ 1,340

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2014
Income tax benefit (expense) on continuing operations
Current federal	$ 50	$ (83)
Deferred federal	(580)	(217)	$ 356
Deferred state and local	(205)	(80)	(452)
Total income tax provision	(735)	(380)	(96)
Income Taxes, additional disclosures
Charges for expected lower realization of state tax benefits	180	87	375
Unrecognized tax benefit	1,176
Tax effect of exercises and forfeitures of stock options	17	9	4
Income tax expense from discontinued operations			115
Deferred tax (expense) benefit included in other comprehensive (loss) income
Mark to market adjustments on Centaur Media plc	347	(16)	17
Measurement of the funded status of the defined postretirement program			181
Fair value adjustment of Griffin's cash flow hedges	(399)	164	37
Total other comprehensive income (loss), tax	(52)	148	235
Differences between income tax benefits at the United States statutory income tax rates and the actual income tax benefits on continuing operations
Tax (provision) benefit at statutory rate	(459)	(282)	403
State and local taxes, including valuation allowance, net of federal tax effect	(205)	(80)	(457)
Permanent items	(35)	(23)	(43)
Other	(36)	5	1
Total income tax provision	(735)	(380)	(96)
Deferred tax assets:
Federal net operating loss carryforwards	4,037	2,673
Deferred revenue	3,068	3,587
Retirement benefit plans	1,675	1,547
State net operating loss carryforwards	1,537	554
Non-qualified stock options	892	847
Cash flow hedges	623	1,022
Investment in Centaur Media plc	309	(38)
Charitable contribution carryforwards	127	179
Conditional asset retirement obligations	112	112
Other	46	51
Total deferred tax assets	12,426	10,534
Valuation allowance	(1,514)	(345)
Net deferred tax assets	10,912	10,189
Deferred tax liabilities:
Real estate assets	(4,244)	(2,666)
Deferred rent	(1,095)	(985)
Prepaid insurance	(107)	(113)
Property and equipment	(49)	(44)
Other	(433)	(543)
Total deferred tax liabilities	(5,928)	(4,351)
Net total deferred tax assets	4,984	5,838
Operating loss carryforwards
Accrual for uncertain income tax positions	0
State
Income Taxes, additional disclosures
Effect on income tax benefit for valuation allowance	1,798	(76)	24
Operating loss carryforwards
Net operating loss carryforwards	358
Federal
Income Taxes, additional disclosures
Effect on income tax benefit for valuation allowance	(629)	$ 26	$ (8)
Operating loss carryforwards
Net operating loss carryforwards	$ 11,535
Minimum | State
Operating loss carryforwards
Expiration period of operating loss carryforwards	10 years
Minimum | Federal
Operating loss carryforwards
Expiration period of operating loss carryforwards	14 years
Maximum | State
Operating loss carryforwards
Expiration period of operating loss carryforwards	20 years
Maximum | Federal
Operating loss carryforwards
Expiration period of operating loss carryforwards	20 years

Mortgage Loan (Details)

Mortgage Loan (Details) $ in Thousands	Jan. 20, 2017building	Nov. 17, 2016USD ($)ft²derivative	Apr. 26, 2016USD ($)ft²building	Dec. 11, 2015USD ($)subsidiary	Dec. 10, 2015USD ($)	Sep. 01, 2015USD ($)ft²subsidiary	Jul. 29, 2015USD ($)ft²building	Dec. 31, 2014USD ($)ft²derivative	Jun. 06, 2014USD ($)ft²	Nov. 30, 2016USD ($)item	May 31, 2016USD ($)	Nov. 30, 2015USD ($)ft²	Nov. 30, 2016USD ($)item	Nov. 30, 2015USD ($)ft²	Nov. 30, 2014USD ($)
Long-Term Debt
Mortgage loans, prior to debt issuance costs										$ 111,139		$ 90,436	$ 111,139	$ 90,436
Debt issuance costs, net										(1,442)		(1,251)	(1,442)	(1,251)
Mortgage loans, net										109,697		89,185	109,697	89,185
Debt disclosures
Other Assets										14,186		14,098	14,186	14,098
Proceeds from issuance of debt													45,525	40,391	$ 5,477
Funds placed in (returned from) escrow													$ (600)	600	1,000
Prepayment prohibition period													7 years
Ineffectiveness on cash flow hedges													$ 0
Anticipated ineffectiveness on cash flow hedges													0
Net fair values of interest rate swap agreements										1,685			1,685
Loss on debt extinguishment															(51)
Subsequent events
Debt disclosures
Number of buildings used as collateral | building	2
Term of debt	10 years
Amortization period of debt	25 years
Other assets
Debt disclosures
Net fair values of interest rate swap agreements										207			207
Other liabilities caption
Debt disclosures
Net fair values of interest rate swap agreements										1,892		2,766	1,892	2,766
Accounting Standards Update 2015-03 [Member] | Restatement Adjustment [Member]
Long-Term Debt
Mortgage loans, net										(1,442)		(1,251)	(1,442)	(1,251)
Debt disclosures
Other Assets										(1,442)		(1,251)	(1,442)	(1,251)
Nonrecourse variable rate loans, due October 2, 2017
Long-Term Debt
Mortgage loans, prior to debt issuance costs										6,034		6,217	6,034	6,217
Nonrecourse variable rate loans, due February 1, 2019
Long-Term Debt
Mortgage loans, prior to debt issuance costs										10,313		10,610	10,313	10,610
Nonrecourse variable rate loans, due August 1, 2019
Long-Term Debt
Mortgage loans, prior to debt issuance costs			$ 7,418									7,501		7,501
Debt disclosures
Number of buildings used as collateral | building			4
Area of collateralized properties (in square feet) | ft²			240,000
Debt amount refinanced			$ 7,418
Nonrecourse variable rate loans, due January 27, 2020
Long-Term Debt
Mortgage loans, prior to debt issuance costs										3,606		3,729	3,606	3,729
Nonrecourse variable rate loans, due January 2, 2025
Long-Term Debt
Mortgage loans, prior to debt issuance costs										20,744		19,385	20,744	19,385
Debt disclosures
Proceeds from issuance of debt				$ 1,850				$ 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 mortgage, due September 1, 2025
Long-Term Debt
Mortgage loans, prior to debt issuance costs												11,457		11,457
Debt disclosures
Proceeds from issuance of debt					$ 2,600	$ 11,500
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]
Long-Term Debt
Mortgage loans, prior to debt issuance costs		$ 26,725
Debt disclosures
Proceeds from issuance of debt		$ 13,000
Term of debt		10 years
Amortization period of debt		25 years
Debt amount refinanced		$ 13,725
Nonrecourse Variable Rate Mortgage Due On 1 May 2026 [Member]
Long-Term Debt
Mortgage loans, prior to debt issuance costs										14,187			14,187
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 November 17, 2026 [Member]
Long-Term Debt
Mortgage loans, prior to debt issuance costs										26,725			26,725
5.09%, due July 1, 2029 GCD mortgage loan
Long-Term Debt
Mortgage loans, prior to debt issuance costs									$ 7,868	$ 7,001		7,385	$ 7,001	7,385
Interest rate (as a percent)									5.09%	5.09%			5.09%
Debt disclosures
Area of collateralized properties (in square feet) | ft²									165,000
Term of debt									15 years
Amortization period of debt									15 years
5.09%, due July 1, 2029 TD mortgage Loan
Long-Term Debt
Mortgage loans, prior to debt issuance costs									$ 6,632	$ 4,905		6,226	$ 4,905	6,226
Interest rate (as a percent)									5.09%	5.09%			5.09%
Debt disclosures
Funds placed in (returned from) escrow									$ 1,000
Term of debt									15 years
Amortization period of debt									15 years
Prepayment using funds released from escrow										$ 1,000
4.33%, due August 1, 2030 mortgage loan
Long-Term Debt
Mortgage loans, prior to debt issuance costs							$ 18,000			$ 17,624		17,926	$ 17,624	$ 17,926
Interest rate (as a percent)										4.33%			4.33%
Debt disclosures
Number of buildings used as collateral | building							3
Proceeds from issuance of debt							$ 14,875
Funds placed in (returned from) escrow							$ 3,125					$ (2,500)
Term of debt							15 years
Amortization period of debt							30 years
Nonrecourse mortgages: 5.73%, due August 1, 2015
Long-Term Debt
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
Debt amount refinanced							$ 17,891
Nonrecourse Mortgage 8.13 Percent Due 1 April 2016 [Member]
Long-Term Debt
Interest rate (as a percent)									8.13%
Debt disclosures
Debt amount refinanced									$ 3,391
Nonrecourse Mortgage 7.0 Percent Due 1 October 2017 [Member]
Long-Term Debt
Interest rate (as a percent)									7.00%
Debt disclosures
Debt amount refinanced									$ 5,632
First Collateralized Property | Nonrecourse variable rate loans, due January 2, 2025
Debt disclosures
Area of collateralized properties (in square feet) | ft²								303,000
Leased space | ft²								201,000
First Collateralized Property | Nonrecourse Variable Rate Mortgage, Refinanced, Due In September 2026 [Member]
Debt disclosures
Area of collateralized properties (in square feet) | ft²		280,000
First Collateralized Property | Nonrecourse Variable Rate Mortgage Due On 1 May 2026 [Member]
Debt disclosures
Leased space | ft²			58,000
First Collateralized Property | 5.09%, due July 1, 2029 TD mortgage Loan
Debt disclosures
Area of collateralized properties (in square feet) | ft²									100,000
First Collateralized Property | 4.33%, due August 1, 2030 mortgage loan
Debt disclosures
Leased space | ft²												88,000		88,000
Second Collateralized Property | Nonrecourse variable rate loans, due January 2, 2025
Debt disclosures
Area of collateralized properties (in square feet) | ft²								228,000
Second Collateralized Property | Nonrecourse Variable Rate Mortgage, Refinanced, Due In September 2026 [Member]
Debt disclosures
Area of collateralized properties (in square feet) | ft²		252,000
Second Collateralized Property | Nonrecourse Variable Rate Mortgage Due On 1 May 2026 [Member]
Debt disclosures
Leased space | ft²			40,000
Second Collateralized Property | 5.09%, due July 1, 2029 TD mortgage Loan
Debt disclosures
Area of collateralized properties (in square feet) | ft²									57,000
Second Collateralized Property | 4.33%, due August 1, 2030 mortgage loan
Debt disclosures
Funds placed in (returned from) escrow											$ (600)
Interest rate swap agreement
Debt disclosures
Number of agreements containing credit risk related contingent features | item										0			0
Recognized net losses (included in other comprehensive loss), before taxes, on interest rate swap agreements													$ 1,081	$ (444)	$ (100)
Loss expected to be reclassified over next twelve months from accumulated other comprehensive loss to interest expense										$ (1,223)			(1,223)
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, Refinanced, Due In September 2026 [Member]
Debt disclosures
Fixed interest rate pursuant to interest rate swap agreement (as a percent)		3.79%
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] | First Collateralized Property | Nonrecourse variable rate loans, due January 2, 2025
Debt disclosures
Leased space | ft²								102,000
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] | 4.33%, due August 1, 2030 mortgage loan
Debt disclosures
Funds placed in (returned from) escrow							$ (25)
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
Mortgages [Member]
Annual principal payment requirements under the terms of the nonrecourse mortgage loans
2,017										8,994			8,994
2,018										3,100			3,100
2,019										12,552			12,552
2,020										6,077			6,077
2,021										3,004			3,004
Debt disclosures
Aggregate book value of land and buildings pledged as collateral										$ 125,600			$ 125,600
LIBOR
Debt disclosures
Variable interest rate margin (as a percent)													2.75%
LIBOR | Subsequent events
Debt disclosures
Variable interest rate margin (as a percent)	1.95%
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]
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) ft² in Thousands, $ in Thousands	Jul. 22, 2016USD ($)	Nov. 30, 2016USD ($)ft²	Nov. 30, 2016USD ($)ft²
Revolving credit agreement
Standby letters of credit aggregate amount		$ 1,827	$ 1,827
LIBOR
Revolving credit agreement
Variable interest rate margin (as a percent)		2.75%
Webster Credit Line
Revolving credit agreement
Maximum borrowing capacity	$ 12,500	$ 15,000	15,000
Extension period	2 years
Proceeds from Lines of Credit			0
Aggregate book value of land and buildings pledged as collateral		$ 10,210	$ 10,210
Webster Credit Line | Griffin Center South, Bloomfield, CT
Revolving credit agreement
Area of collateralized properties (in square feet) | ft²		235	235
Webster Credit Line | Single-story office building in Griffin Center
Revolving credit agreement
Area of collateralized properties (in square feet) | ft²		48	48

Retirement Benefits (Details)

Retirement Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2014	Feb. 28, 2014
Change in benefit obligation:
Curtailment gain			$ (309)
Savings Plan
401(k) Savings Plan
Employer matching contribution, as a percentage of employee contribution	60.00%
Contributions to the Griffin Savings Plan	$ 64	$ 60	64
Savings Plan | Maximum
401(k) Savings Plan
Employer matching contribution as a percentage of base salary	5.00%
Deferred Compensation Plan
Deferred Compensation Plan
Liability under Deferred Compensation Plan	$ 4,334	3,981
Expense for employer matching benefit to the Deferred Compensation Plan	$ 7	$ 22	28
Postretirement benefits, life and health
Deferred Compensation Plan
Benefit obligation			332	$ 23
Change in benefit obligation:
Benefit obligation at beginning of year			332
Actuarial (gain) loss			(14)
Interest cost			4
Service cost			1
Amortization of actuarial gain			(14)
Curtailment gain			309
Components of postretirement benefits expense (income)
Service cost			1
Interest			4
Amortization of actuarial gain			(14)
Total income			(318)
Other changes in benefit obligations recognized in other comprehensive loss:
Actuarial gain			(14)
Total recognized in net periodic benefit income and other comprehensive loss			$ (332)
Discount rate
Discount rate used to compute accumulated postretirement benefit obligations (as a percent)			4.60%
Discount rates used to compute net periodic benefit expense (as a percent)			4.60%

Stockholders' Equity - Per Shar

Stockholders' Equity - Per Share Results (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Nov. 30, 2016	Aug. 31, 2016	May 31, 2016	Feb. 29, 2016	Nov. 30, 2015	Aug. 31, 2015	May 31, 2015	Feb. 28, 2015	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2014
Per Share Results
Income (loss) from continuing operations for computation of basic and diluted per share results, net of tax									$ 576	$ 425	$ (1,248)
Income from discontinued operations for computation of basic and diluted per share results, net of tax											144
Net income (loss)	$ 1,339	$ (49)	$ (379)	$ (335)	$ 164	$ 1,203	$ (234)	$ (708)	$ 576	$ 425	$ (1,104)
Weighted average shares outstanding for computation of basic per share results									5,117,000	5,151,000	5,148,000
Incremental shares from assumed exercise of Griffin stock options									6,000	17,000
Adjusted weighted average shares for computation of diluted per share results									5,123,000	5,168,000	5,148,000
Incremental shares from assumed exercise of stock options excluded due to anti-dilutive effect											11,000

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Grants, Activity And Expense (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Nov. 30, 2016USD ($)individual$ / sharesshares	Nov. 30, 2015USD ($)$ / sharesshares	Nov. 30, 2014USD ($)$ / sharesshares
Unrecognized compensation expense related to non-vested stock options that will be recognized during future periods
Fiscal 2017 | $	$ 311
Fiscal 2018 | $	279
Fiscal 2019 | $	198
Fiscal 2020 | $	102
Fiscal 2021 | $	$ 28
Activity under the 2009 Stock Option Plan
Exercised (in shares)	0
Weighted Avg. Exercise Price
Intrinsic value of options exercised (in dollars) | $		$ 18	$ 10
Other Disclosures
Total grant date fair value of options vested | $	$ 457	$ 492	$ 664
Non-employee directors
2009 Stock Option Plan
Granted (in shares)	8,409	8,282	8,532
Fair values of stock options granted (in dollars per share) | $ / shares	$ 11.30	$ 14.39	$ 12.42
Activity under the 2009 Stock Option Plan
Granted (in shares)	8,409	8,282	8,532
Employee [Member]
2009 Stock Option Plan
Granted (in shares)	101,450
Activity under the 2009 Stock Option Plan
Granted (in shares)	101,450
2009 Stock Option Plan
2009 Stock Option Plan
Granted (in shares)	109,859	8,282	8,532
Activity under the 2009 Stock Option Plan
Outstanding at beginning of period (in shares)	225,727	222,001	239,677
Granted (in shares)	109,859	8,282	8,532
Exercised (in shares)		(3,134)	(3,208)
Forfeited (in shares)	(11,040)	(1,422)	(23,000)
Outstanding at end of period (in shares)	324,546	225,727	222,001
Weighted Avg. Exercise Price
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 30.47	$ 30.35	$ 30.35
Granted (in dollars per share) | $ / shares	26.83	31.38	28.12
Exercised (in dollars per share) | $ / shares		25.53	24.94
Forfeited (in dollars per share) | $ / shares	30.73	28.12	30.27
Outstanding at end of period (in dollars per share) | $ / shares	$ 29.23	$ 30.47	$ 30.35
Other Disclosures
Number of options that may be exercised as stock appreciation rights	0
2009 Stock Option Plan | Employee and directors' stock options
2009 Stock Option Plan
Number of shares authorized	386,926
Expiration term	10 years
Granted (in shares)	109,859	8,282	8,532
Assumptions used in determining the fair value of the stock options granted
Expected volatility (as a percent)		40.80%	38.90%
Range of risk free interest rate (as a percent)		2.00%	2.20%
Expected option term (in years)		8 years 6 months	8 years 6 months
Annual dividend yield (as a percent)	0.90%	0.70%	0.70%
Other Disclosures
Number of option holders | individual	31
Compensation expense for stock options
Compensation expense (benefit) | $	$ 267	$ 230	$ 208
Related tax benefit (expense) | $	$ 62	$ 61	$ 63
Forfeiture rates (as a percent)	0.00%	0.00%	0.00%
Activity under the 2009 Stock Option Plan
Granted (in shares)	109,859	8,282	8,532
Minimum | Employee [Member]
2009 Stock Option Plan
Fair values of stock options granted (in dollars per share) | $ / shares	$ 7.51
Minimum | 2009 Stock Option Plan | Employee [Member]
Compensation expense for stock options
Forfeiture rates (as a percent)	38.30%	38.30%	38.30%
Minimum | 2009 Stock Option Plan | Employee and directors' stock options
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
Compensation expense for stock options
Forfeiture rates (as a percent)	17.90%	17.90%	17.90%
Maximum | Employee [Member]
2009 Stock Option Plan
Fair values of stock options granted (in dollars per share) | $ / shares	$ 11.65
Maximum | 2009 Stock Option Plan | Employee [Member]
Compensation expense for stock options
Forfeiture rates (as a percent)	41.10%	41.10%	41.10%
Maximum | 2009 Stock Option Plan | Employee and directors' stock options
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
Compensation expense for stock options
Forfeiture rates (as a percent)	22.60%	22.60%	22.60%
Continuing operations | 2009 Stock Option Plan | Employee and directors' stock options
Compensation expense for stock options
Compensation expense (benefit) | $	$ 267	$ 230	$ 338
Related tax benefit (expense) | $	$ 62	$ 61	78
Discontinued operations. | 2009 Stock Option Plan | Employee and directors' stock options
Compensation expense for stock options
Compensation expense (benefit) | $			(130)
Related tax benefit (expense) | $			$ (15)

Stockholders' Equity - Range Of

Stockholders' Equity - Range Of Exercise Prices (Details) - 2009 Stock Option Plan $ / shares in Units, $ in Thousands	12 Months Ended
	Nov. 30, 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 7 months 6 days
Total Intrinsic Value | $	$ 893
$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	8 years 10 months 24 days
Total Intrinsic Value | $	$ 597
$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 7 months 6 days
Total Intrinsic Value | $	$ 296
$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	1 year 10 months 24 days

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2014
Change in accumulated other comprehensive loss, net of tax
Balance at beginning of period	$ 94,809	$ 95,879	$ 98,115
Other comprehensive (loss) income before reclassifications	(820)	(1,028)	(510)
Reclassifications included in net income (loss)	856	778	124
Total other comprehensive income (loss), net of tax	36	(250)	(386)
Balance at end of period	90,803	94,809	95,879
Accumulated Other Comprehensive Income (Loss)
Change in accumulated other comprehensive loss, net of tax
Balance at beginning of period	(1,085)	(835)	(449)
Other comprehensive (loss) income before reclassifications	(820)	(1,028)	(510)
Reclassifications included in net income (loss)	856	778	124
Total other comprehensive income (loss), net of tax	36	(250)	(386)
Balance at end of period	(1,049)	(1,085)	(835)
Unrealized Gain (Loss) on Cash Flow Hedges
Change in accumulated other comprehensive loss, net of tax
Balance at beginning of period	(1,744)	(1,464)	(1,401)
Other comprehensive (loss) income before reclassifications	(174)	(1,058)	(695)
Reclassifications included in net income (loss)	856	778	632
Total other comprehensive income (loss), net of tax	682	(280)	(63)
Balance at end of period	(1,062)	(1,744)	(1,464)
Unrealized Gain (Loss) on Investment in Centaur Media
Change in accumulated other comprehensive loss, net of tax
Balance at beginning of period	659	629	648
Other comprehensive (loss) income before reclassifications	(646)	30	185
Reclassifications included in net income (loss)			(204)
Total other comprehensive income (loss), net of tax	(646)	30	(19)
Balance at end of period	$ 13	$ 659	629
Actuarial Gain on Postretirement Benefit Program
Change in accumulated other comprehensive loss, net of tax
Balance at beginning of period			304
Reclassifications included in net income (loss)			(304)
Total other comprehensive income (loss), net of tax			$ (304)

Stockholders' Equity - AOCI T2

Stockholders' Equity - AOCI T2 rows (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2014
Accumulated other comprehensive loss
Reclassifications, before tax	$ (1,358)	$ (1,234)	$ (197)
Reclassifications, tax (expense) benefit	(502)	(456)	(73)
Reclassifications, net of tax	(856)	(778)	(124)
Other changes, before reclassifications, before tax	(1,270)	(1,632)	(818)
Other changes, before reclassifications, tax (expense) benefit	450	604	308
Total other changes before reclassifications, net of tax	(820)	(1,028)	(510)
Total other comprehensive (loss) income, before tax	88	(398)	(621)
Total other comprehensive income (loss), tax	(52)	148	235
Total other comprehensive income (loss), net of tax	36	(250)	(386)
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive loss
Reclassifications, net of tax	(856)	(778)	(124)
Total other changes before reclassifications, net of tax	(820)	(1,028)	(510)
Total other comprehensive income (loss), net of tax	36	(250)	(386)
Mark-to-market foreign currency adjustment
Accumulated other comprehensive loss
Other changes, before reclassifications, before tax	(230)	(77)	(73)
Other changes, before reclassifications, tax (expense) benefit	80	27	25
Total other changes before reclassifications, net of tax	(150)	(50)	(48)
Mark-to-market fair value adjustment
Accumulated other comprehensive loss
Reclassifications, before tax			321
Reclassifications, tax (expense) benefit			117
Reclassifications, net of tax			204
Other changes, before reclassifications, before tax	(763)	123	358
Other changes, before reclassifications, tax (expense) benefit	267	(43)	(125)
Total other changes before reclassifications, net of tax	(496)	80	233
Actuarial Gain on Postretirement Benefit Program
Accumulated other comprehensive loss
Reclassifications, before tax			485
Reclassifications, tax (expense) benefit			181
Reclassifications, net of tax			304
Total other comprehensive income (loss), net of tax			(304)
Actuarial Gain on Postretirement Benefit Program | General and Administrative Expense
Accumulated other comprehensive loss
Reclassifications, net of tax			21
Actuarial Gain on Postretirement Benefit Program | Discontinued operations.
Accumulated other comprehensive loss
Reclassifications, net of tax			283
Unrealized Gain (Loss) on Cash Flow Hedges
Accumulated other comprehensive loss
Reclassifications, before tax	(1,358)	(1,234)	(1,003)
Reclassifications, tax (expense) benefit	(502)	(456)	(371)
Reclassifications, net of tax	(856)	(778)	(632)
Other changes, before reclassifications, before tax	(277)	(1,678)	(1,103)
Other changes, before reclassifications, tax (expense) benefit	103	620	408
Total other changes before reclassifications, net of tax	(174)	(1,058)	(695)
Total other comprehensive income (loss), net of tax	$ 682	$ (280)	$ (63)

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchases, Cash Dividend (Details) - USD ($)	Oct. 20, 2016	May 27, 2016	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2014	Mar. 31, 2016
Stock Repurchases
Stock repurchase program, authorized amount			$ 5,000,000
Stock repurchased			3,354,000
Cash Dividend
Cash dividend paid			$ 1,546,000	$ 1,030,000	$ 1,029,000
Cash dividends declared (in dollars per share)			$ 0.30	$ 0.30	$ 0.20
Common Stock
Stock Repurchases
Stock repurchase program, authorized amount						$ 5,000
Stock repurchased (in shares)	45,000	60,000
Stock repurchased	$ 1,403,000	$ 1,951,000

Operating Leases (Details)

Operating Leases (Details) $ in Thousands	Oct. 01, 2016ft²	Nov. 30, 2016USD ($)	Nov. 30, 2015USD ($)	Nov. 30, 2014USD ($)
Operating leases of lessee, future minimum rental payments
Rental expense		$ 194	$ 201	$ 210
Cullman And Ernst Group [Member]
Operating leases of lessee, future minimum rental payments
Term of sublease	10 years
Area of subleased property | ft²	1,920
Cullman And Ernst Group [Member] | General and Administrative Expense
Operating leases of lessee, future minimum rental payments
Rental expense		10
Leasing of industrial, flex and office space and the lease of the farm in Florida
Operating leases of lessor, future minimum rentals to be received
2,017		25,676
2,018		23,637
2,019		20,350
2,020		17,694
2,021		11,896
Later years		24,824
Total		124,077
Corporate headquarters
Operating leases of lessee, future minimum rental payments
2,017		126
2,018		126
2,019		125
2,020		121
2,021		122
Later years		642
Total minimum lease payments		$ 1,262

Discontinued Operations (Detail

Discontinued Operations (Details) $ in Thousands	Jan. 08, 2014USD ($)	Nov. 30, 2016USD ($)	Nov. 30, 2014USD ($)item	Nov. 30, 2015USD ($)	Jun. 01, 2015USD ($)	Jun. 01, 2014USD ($)
Discontinued operation
Property and equipment accumulated depreciation		$ 844		$ 996
Pretax loss from the sale of assets
Proceeds from sale of real estate assets			$ 169
Discontinued operations
Discontinued operation
Proceeds from sale of nursery inventory			732
Pretax loss from the sale of assets
Proceeds from sale of real estate assets			732
Imperial's landscape nursery business | Inventory and certain assets
Discontinued operation
Present value			4,036
Imperial's landscape nursery business | Discontinued operations
Discontinued operation
Discount rate (as a percent)	7.00%
Present value	$ 4,036
Period of non-competition restrictions	4 years
Net annual rent receivable for each of the first five years		$ 500
Income statement disclosure
Reclassification of actuarial gains related to entity's postretirement benefits program			451
Pretax loss from the sale of assets
Consideration received			4,768
Carrying value of assets sold, principally inventory			(4,561)
Curtailment of employee benefit program			309
Severance and other expenses			(563)
Pretax loss			$ (47)
Imperial's landscape nursery business | Discontinued operations | Inventory and certain assets
Discontinued operation
Proceeds from sale of nursery inventory	$ 732
Non-interest bearing note receivable	$ 4,250
Number of installments in which promissory note will become due | item			2
Amount of promissory note receivable due on June 1, 2014						$ 2,750
Amount of promissory note receivable due on June 1, 2015					$ 1,500
Income statement disclosure
Sales revenue			$ 159
Pre tax income			$ 259
Imperial's landscape nursery business | Discontinued operations | Connecticut production nursery
Discontinued operation
Lease period		10 years
Optional extension period of lease		15 years
Period during which purchase option is available		13 years
Price of land, land improvements and other operating assets under option to purchase		$ 9,500
Price of a portion of land under option to purchase		$ 7,000

Supplemental Financial Statem53

Supplemental Financial Statement Information - Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013
Investments
Dividend income	$ 79	$ 83	$ 82
Shares of common stock held in Centaur Media	1,952,462			2,452,462
Shares of Centaur Media common stock sold			500,000
Proceeds from sale of shares			$ 566
Gain on sale of common stock in Centaur Media plc			$ 318
Investment in Centaur Media
Fair value	$ 977	1,970
Cost	1,014	1,014
Unrealized (loss)	$ (37)
Unrealized gain		$ 956

Supplemental Financial Statem54

Supplemental Financial Statement Information - Other And Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2014
Other Assets
Deferred leasing costs	$ 4,746	$ 4,376
Deferred rent receivable	4,474	4,087
Prepaid expenses	2,333	2,157
Mortgage escrows	717	2,229
Deposits and costs related to potential real estate acquisitions	369	401
Lease receivables from tenants	280	221
Property and equipment, net	247	305
Intangible assets, net	497	27
Deferred financing costs related to Webster Credit Line	117	13
Other	406	282
Total other assets	14,186	14,098
Intangibles assets
Accumulated amortization	772	714
Amortization expense	58	201	$ 178
Estimated amortization expense
2,017	27
2,018	27
2,019	27
2,020	27
2,021	27
Property and equipment
Property and equipment accumulated depreciation	844	996
Depreciation expense	$ 90	$ 86	$ 111

Supplemental Financial Statem55

Supplemental Financial Statement Information - Liabilities (Details) - USD ($) $ in Thousands	Nov. 30, 2016	Nov. 30, 2015
Deferred revenue	$ 9,526	$ 10,790
Accounts Payable and Accrued Liabilities
Accrued construction costs and retainage	1,252	1,278
Trade payables	1,060	422
Accrued salaries, wages and other compensation	725	615
Accrued interest payable	390	361
Other	713	672
Total accounts payable and accrued liabilities	4,140	3,348
Other Liabilities
Deferred compensation plan	4,334	3,981
Interest rate swap agreements	1,685
Prepaid rent from tenants	938	944
Security deposits of tenants	413	286
Conditional asset retirement obligations	288	288
Other	78	107
Total other liabilities	7,943	8,372
Other liabilities caption
Other Liabilities
Interest rate swap agreements	1,892	$ 2,766
Windsor undeveloped land sale
Deferred revenue	$ 104

Supplemental Financial Statem56

Supplemental Financial Statement Information - Cash flow, etc. (Details) - USD ($) $ in Thousands	Oct. 20, 2016	May 27, 2016	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2014
Supplemental Cash Flow Information
Increase (decrease) in value of available-for-sale securities: Investment in Centaur Media Plc			$ (993)	$ 46	$ 285
Increase (decrease) in accounts payable and accrued liabilities related to additions to real estate assets			(32)	(632)
Income Taxes
Proceeds from Income Tax Refunds					61
Interest paid
Interest payments			4,507	4,180	3,860
Interest capitalized included in interest payments			$ 274	$ 777	$ 580
Common Stock
Supplemental Cash Flow Information
Stock repurchased (in shares)	45,000	60,000

Quarterly Results of Operatio57

Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Nov. 30, 2016	Aug. 31, 2016	May 31, 2016	Feb. 29, 2016	Nov. 30, 2015	Aug. 31, 2015	May 31, 2015	Feb. 28, 2015	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2014
Total revenue	$ 10,380	$ 7,265	$ 6,524	$ 6,682	$ 7,475	$ 8,184	$ 6,196	$ 6,233	$ 30,851	$ 28,088
Operating income (loss)	3,464	1,089	270	804	1,413	2,641	473	(213)	5,627	4,314	$ 1,809
Net income (loss)	$ 1,339	$ (49)	$ (379)	$ (335)	$ 164	$ 1,203	$ (234)	$ (708)	$ 576	$ 425	$ (1,104)
Basic:
Basic net loss per common share (in dollars per share)	$ 0.26	$ (0.01)	$ (0.07)	$ (0.07)	$ 0.03	$ 0.23	$ (0.05)	$ (0.14)	$ 0.11	$ 0.08	$ (0.21)
Diluted:
Diluted net loss per common share (in dollars per share)	$ 0.26	$ (0.01)	$ (0.07)	$ (0.07)	$ 0.03	$ 0.23	$ (0.05)	$ (0.14)	$ 0.11	$ 0.08	$ (0.21)
Revenue from property sales									$ 4,364	$ 3,483	$ 3,667
Bloomfield, CT
Diluted:
Revenue from property sales	$ 3,756
Simsbury, CT
Diluted:
Revenue from property sales					$ 600
Windsor, CT
Diluted:
Revenue from property sales	$ 135				$ 236

Commitments and Contingencies (

Commitments and Contingencies (Details) ft² in Thousands	May 04, 2016USD ($)aft²	Jan. 25, 2016USD ($)a	Nov. 30, 2016USD ($)	Mar. 23, 2016a
Commitments and Contingencies
Stock repurchase program, authorized amount			$ 5,000,000
Common stock repurchase program, remaining authorized amount			1,646,000
Agreement to sell
Commitments and Contingencies
Agreement Term of Extension		3 years
Number of acres to be sold | a		280
Sale price		$ 7,700,000
Obligations For Investments In Real Estate Assets [Member]
Commitments and Contingencies
Purchase obligations			$ 1,677,000
East Allen Township Northampton County PA Site [Member] | Obligations For Investments In Real Estate Assets [Member] | Purchase agreement
Commitments and Contingencies
Number of acres | a				31
Upper Macungie Township Lehigh County PA Site [Member] | Obligations For Investments In Real Estate Assets [Member]
Commitments and Contingencies
Area Of Building | ft²	134
Upper Macungie Township Lehigh County PA Site [Member] | Obligations For Investments In Real Estate Assets [Member] | Purchase agreement
Commitments and Contingencies
Purchase obligations	$ 1,800,000
Number of acres | a	14

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Jan. 24, 2017USD ($)shares	Jan. 20, 2017USD ($)building	Nov. 30, 2016USD ($)	Dec. 23, 2016USD ($)a
Subsequent events
Stock repurchased			$ 3,354
Common stock repurchase program, remaining authorized amount			$ 1,646
LIBOR
Subsequent events
Variable interest rate (as a percent)			2.75%
Subsequent events
Subsequent events
Stock repurchased (in shares) | shares	19,173
Stock repurchased	$ 595
Common stock repurchase program, remaining authorized amount	$ 1,051
Number of buildings used as collateral | building		2
Term of debt		10 years
Number of acres to be sold | a				67
Area of Land | a				268
Sale price				$ 10,250
Subsequent events | Maximum
Subsequent events
New mortgage		$ 12,000
Subsequent events | LIBOR
Subsequent events
Variable interest rate (as a percent)		1.95%

Schedule II-Valuation and Qua60

Schedule II-Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2014
Uncollectible accounts - trade
Reserves:
Balance at Beginning of Year			$ 134
Charged to Cost and Expenses			(101)
Deductions From Reserves			33
Inventories
Reserves:
Balance at Beginning of Year			10,854
Deductions From Reserves			10,854
Valuation allowance on deferred tax asset
Reserves:
Balance at Beginning of Year	$ 345	$ 395	379
Charged to Cost and Expenses	180	(50)	16
Charged to Other Accounts	989
Balance at End of Year	$ 1,514	$ 345	$ 395

Schedule III-Real Estate and 61

Schedule III-Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2013
Real Estate and Accumulated Depreciation
Encumbrances	$ 111,139
Initial Cost
Land	17,895
Bldg. & Improve.	15,438
Cost Capitalized Subsequent to Acquisition Improvements	225,728
Gross Amount at the end of the period
Land	17,895
Land improvements	27,592	$ 22,440
Bldg. & Bldg. Improvements	175,375
Tenant improvements	21,925	19,611
Construction in Progress	1,659
Development Costs	14,615
Total	259,061
Accumulated Depreciation	(86,801)	$ (80,784)	$ (74,762)	$ (61,078)
Industrial/Warehouse Building | Breinigsville, PA
Real Estate and Accumulated Depreciation
Encumbrances	3,606
Initial Cost
Land	832
Bldg. & Improve.	4,560
Gross Amount at the end of the period
Land	832
Land improvements	349
Bldg. & Bldg. Improvements	3,990
Tenant improvements	221
Total	5,392
Accumulated Depreciation	$ (1,184)
Depr. Life	40 years
Restaurant Building | Windsor, CT
Initial Cost
Land	$ 1
Cost Capitalized Subsequent to Acquisition Improvements	2,177
Gross Amount at the end of the period
Land	1
Land improvements	266
Bldg. & Bldg. Improvements	1,402
Tenant improvements	509
Total	2,178
Accumulated Depreciation	$ (1,597)
Depr. Life	40 years
Nursery Farm | Granby, CT
Initial Cost
Land	$ 417
Cost Capitalized Subsequent to Acquisition Improvements	11,052
Gross Amount at the end of the period
Land	417
Land improvements	1,565
Bldg. & Bldg. Improvements	9,487
Total	11,469
Accumulated Depreciation	$ (10,390)
Depr. Life	20 years
Nursery Farm | Quincy, FL
Initial Cost
Land	$ 279
Cost Capitalized Subsequent to Acquisition Improvements	8,697
Gross Amount at the end of the period
Land	279
Land improvements	4,089
Bldg. & Bldg. Improvements	4,608
Total	8,976
Accumulated Depreciation	$ (7,794)
Depr. Life	20 years
Residential Development | Simsbury, CT
Initial Cost
Land	$ 202
Cost Capitalized Subsequent to Acquisition Improvements	8,337
Gross Amount at the end of the period
Land	202
Development Costs	8,337
Total	8,539
Location 1 | Industrial/Warehouse Building | Bloomfield, CT
Initial Cost
Land	1
Cost Capitalized Subsequent to Acquisition Improvements	771
Gross Amount at the end of the period
Land	1
Land improvements	92
Bldg. & Bldg. Improvements	679
Total	772
Accumulated Depreciation	$ (602)
Depr. Life	40 years
Location 2 | Industrial/Warehouse Building | Bloomfield, CT
Initial Cost
Land	$ 251
Bldg. & Improve.	1,198
Cost Capitalized Subsequent to Acquisition Improvements	1,545
Gross Amount at the end of the period
Land	251
Land improvements	321
Bldg. & Bldg. Improvements	1,740
Tenant improvements	670
Construction in Progress	12
Total	2,994
Accumulated Depreciation	$ (382)
Depr. Life	40 years
Location 3 | Industrial/Warehouse Building | Windsor, CT
Real Estate and Accumulated Depreciation
Encumbrances	$ 14,187
Initial Cost
Land	4
Bldg. & Improve.	1,722
Cost Capitalized Subsequent to Acquisition Improvements	914
Gross Amount at the end of the period
Land	4
Land improvements	774
Bldg. & Bldg. Improvements	1,835
Tenant improvements	27
Total	2,640
Accumulated Depreciation	$ (1,823)
Depr. Life	40 years
Location 4 | Industrial/Warehouse Building | Windsor, CT
Initial Cost
Land	$ 4
Cost Capitalized Subsequent to Acquisition Improvements	1,732
Gross Amount at the end of the period
Land	4
Land improvements	212
Bldg. & Bldg. Improvements	1,411
Tenant improvements	109
Total	1,736
Accumulated Depreciation	$ (1,435)
Depr. Life	40 years
Location 5 | Industrial/Warehouse Building | Windsor, CT
Initial Cost
Land	$ 4
Cost Capitalized Subsequent to Acquisition Improvements	2,945
Gross Amount at the end of the period
Land	4
Land improvements	310
Bldg. & Bldg. Improvements	2,224
Tenant improvements	411
Total	2,949
Accumulated Depreciation	$ (1,994)
Depr. Life	40 years
Location 6 | Industrial/Warehouse Building | Windsor, CT
Initial Cost
Land	$ 10
Cost Capitalized Subsequent to Acquisition Improvements	4,433
Gross Amount at the end of the period
Land	10
Land improvements	356
Bldg. & Bldg. Improvements	3,650
Tenant improvements	394
Construction in Progress	33
Total	4,443
Accumulated Depreciation	$ (2,218)
Depr. Life	40 years
Location 7 | Industrial/Warehouse Building | Windsor, CT
Initial Cost
Land	$ 13
Cost Capitalized Subsequent to Acquisition Improvements	7,565
Gross Amount at the end of the period
Land	13
Land improvements	525
Bldg. & Bldg. Improvements	5,676
Tenant improvements	1,364
Total	7,578
Accumulated Depreciation	$ (2,297)
Depr. Life	40 years
Location 8 | Industrial/Warehouse Building | Windsor, CT
Real Estate and Accumulated Depreciation
Encumbrances	$ 4,905
Initial Cost
Land	12
Cost Capitalized Subsequent to Acquisition Improvements	8,220
Gross Amount at the end of the period
Land	12
Land improvements	363
Bldg. & Bldg. Improvements	5,145
Tenant improvements	2,712
Total	8,232
Accumulated Depreciation	$ (5,832)
Depr. Life	40 years
Location 9 | Industrial/Warehouse Building | Windsor, CT
Initial Cost
Land	$ 7
Cost Capitalized Subsequent to Acquisition Improvements	3,174
Gross Amount at the end of the period
Land	7
Land improvements	20
Bldg. & Bldg. Improvements	3,051
Construction in Progress	103
Total	3,181
Accumulated Depreciation	$ (1,367)
Depr. Life	40 years
Location 10 | Industrial/Warehouse Building | Windsor, CT
Real Estate and Accumulated Depreciation
Encumbrances	$ 17,624
Initial Cost
Land	13
Cost Capitalized Subsequent to Acquisition Improvements	5,650
Gross Amount at the end of the period
Land	13
Land improvements	35
Bldg. & Bldg. Improvements	5,044
Tenant improvements	571
Total	5,663
Accumulated Depreciation	$ (2,423)
Depr. Life	40 years
Location 11 | Industrial/Warehouse Building | Windsor, CT
Initial Cost
Land	$ 16
Cost Capitalized Subsequent to Acquisition Improvements	7,605
Gross Amount at the end of the period
Land	16
Land improvements	80
Bldg. & Bldg. Improvements	6,903
Tenant improvements	622
Total	7,621
Accumulated Depreciation	$ (3,021)
Depr. Life	40 years
Location 12 | Industrial/Warehouse Building | Windsor, CT
Initial Cost
Land	$ 15
Cost Capitalized Subsequent to Acquisition Improvements	17,203
Gross Amount at the end of the period
Land	15
Land improvements	154
Bldg. & Bldg. Improvements	13,876
Tenant improvements	3,173
Total	17,218
Accumulated Depreciation	$ (3,732)
Depr. Life	40 years
Location 13 | Industrial/Warehouse Building | Windsor, CT
Real Estate and Accumulated Depreciation
Encumbrances	$ 10,313
Initial Cost
Land	57
Cost Capitalized Subsequent to Acquisition Improvements	16,014
Gross Amount at the end of the period
Land	57
Land improvements	1,031
Bldg. & Bldg. Improvements	13,886
Tenant improvements	1,097
Total	16,071
Accumulated Depreciation	$ (3,815)
Depr. Life	40 years
Location 14 | Industrial/Warehouse Building | Windsor, CT
Initial Cost
Land	$ 20
Cost Capitalized Subsequent to Acquisition Improvements	8,543
Gross Amount at the end of the period
Land	20
Land improvements	564
Bldg. & Bldg. Improvements	7,559
Tenant improvements	420
Total	8,563
Accumulated Depreciation	$ (2,341)
Depr. Life	40 years
Location 15 | Industrial/Warehouse Building | Windsor, CT
Initial Cost
Land	$ 12
Cost Capitalized Subsequent to Acquisition Improvements	6,928
Gross Amount at the end of the period
Land	12
Land improvements	448
Bldg. & Bldg. Improvements	6,263
Tenant improvements	217
Total	6,940
Accumulated Depreciation	$ (2,151)
Depr. Life	40 years
Location 16 | Industrial/Warehouse Building | Windsor, CT
Real Estate and Accumulated Depreciation
Encumbrances	$ 7,001
Initial Cost
Land	19
Cost Capitalized Subsequent to Acquisition Improvements	8,229
Gross Amount at the end of the period
Land	19
Land improvements	164
Bldg. & Bldg. Improvements	8,065
Total	8,248
Accumulated Depreciation	$ (3,264)
Depr. Life	40 years
Location 17 | Industrial/Warehouse Building | Lower Nazareth Township, PA.
Real Estate and Accumulated Depreciation
Encumbrances	$ 20,744
Initial Cost
Land	1,351
Cost Capitalized Subsequent to Acquisition Improvements	15,490
Gross Amount at the end of the period
Land	1,351
Land improvements	1,366
Bldg. & Bldg. Improvements	12,874
Tenant improvements	1,250
Total	16,841
Accumulated Depreciation	$ (1,375)
Depr. Life	40 years
Location 18 | Industrial/Warehouse Building | Lower Nazareth Township, PA.
Initial Cost
Land	$ 721
Cost Capitalized Subsequent to Acquisition Improvements	11,138
Gross Amount at the end of the period
Land	721
Land improvements	1,359
Bldg. & Bldg. Improvements	8,958
Tenant improvements	821
Total	11,859
Accumulated Depreciation	$ (1,942)
Depr. Life	40 years
Location 19 | Industrial/Warehouse Building | Hanover Township, PA.
Real Estate and Accumulated Depreciation
Encumbrances	$ 26,725
Initial Cost
Land	4,022
Cost Capitalized Subsequent to Acquisition Improvements	16,246
Gross Amount at the end of the period
Land	4,022
Land improvements	3,956
Bldg. & Bldg. Improvements	11,076
Tenant improvements	1,214
Total	20,268
Accumulated Depreciation	$ (907)
Depr. Life	40 years
Location 20 | Industrial/Warehouse Building | Hanover Township, PA.
Initial Cost
Land	$ 3,620
Cost Capitalized Subsequent to Acquisition Improvements	13,073
Gross Amount at the end of the period
Land	3,620
Land improvements	4,433
Bldg. & Bldg. Improvements	7,865
Construction in Progress	775
Total	16,693
Accumulated Depreciation	$ (187)
Depr. Life	40 years
Location 21 | Office Flex Building | Bloomfield, CT
Initial Cost
Land	$ 5
Cost Capitalized Subsequent to Acquisition Improvements	4,188
Gross Amount at the end of the period
Land	5
Land improvements	578
Bldg. & Bldg. Improvements	2,940
Tenant improvements	670
Total	4,193
Accumulated Depreciation	$ (3,561)
Depr. Life	40 years
Location 22 | Office Flex Building | Bloomfield, CT
Initial Cost
Land	$ 4
Cost Capitalized Subsequent to Acquisition Improvements	2,777
Gross Amount at the end of the period
Land	4
Land improvements	269
Bldg. & Bldg. Improvements	1,962
Tenant improvements	546
Total	2,781
Accumulated Depreciation	$ (2,263)
Depr. Life	40 years
Location 23 | Office Flex Building | Bloomfield, CT
Initial Cost
Land	$ 2
Cost Capitalized Subsequent to Acquisition Improvements	2,309
Gross Amount at the end of the period
Land	2
Land improvements	384
Bldg. & Bldg. Improvements	1,700
Tenant improvements	225
Total	2,311
Accumulated Depreciation	$ (1,510)
Depr. Life	40 years
Location 24 | Office Flex Building | Bloomfield, CT
Initial Cost
Land	$ 2
Cost Capitalized Subsequent to Acquisition Improvements	1,553
Gross Amount at the end of the period
Land	2
Land improvements	195
Bldg. & Bldg. Improvements	1,358
Total	1,555
Accumulated Depreciation	$ (1,103)
Depr. Life	40 years
Location 25 | Office Flex Building | Bloomfield, CT
Initial Cost
Land	$ 3
Cost Capitalized Subsequent to Acquisition Improvements	1,743
Gross Amount at the end of the period
Land	3
Land improvements	140
Bldg. & Bldg. Improvements	1,354
Tenant improvements	249
Total	1,746
Accumulated Depreciation	$ (1,021)
Depr. Life	40 years
Location 26 | Office Flex Building | Bloomfield, CT
Initial Cost
Land	$ 3
Cost Capitalized Subsequent to Acquisition Improvements	1,540
Gross Amount at the end of the period
Land	3
Land improvements	62
Bldg. & Bldg. Improvements	1,347
Tenant improvements	131
Total	1,543
Accumulated Depreciation	$ (1,005)
Depr. Life	40 years
Location 27 | Office Flex Building | Bloomfield, CT
Initial Cost
Land	$ 3
Cost Capitalized Subsequent to Acquisition Improvements	847
Gross Amount at the end of the period
Land	3
Land improvements	65
Bldg. & Bldg. Improvements	667
Tenant improvements	115
Total	850
Accumulated Depreciation	$ (579)
Depr. Life	40 years
Location 28 | Office Flex Building | Bloomfield, CT
Initial Cost
Land	$ 9
Cost Capitalized Subsequent to Acquisition Improvements	4,551
Gross Amount at the end of the period
Land	9
Land improvements	28
Bldg. & Bldg. Improvements	3,677
Tenant improvements	846
Total	4,560
Accumulated Depreciation	$ (1,600)
Depr. Life	40 years
Location 29 | Office Flex Building | Windsor, CT
Initial Cost
Land	$ 17
Cost Capitalized Subsequent to Acquisition Improvements	6,022
Gross Amount at the end of the period
Land	17
Land improvements	434
Bldg. & Bldg. Improvements	4,440
Tenant improvements	1,148
Total	6,039
Accumulated Depreciation	$ (2,892)
Depr. Life	40 years
Location 30 | Office Flex Building | Windsor, CT
Real Estate and Accumulated Depreciation
Encumbrances	$ 6,034
Initial Cost
Land	616
Bldg. & Improve.	3,954
Cost Capitalized Subsequent to Acquisition Improvements	2,682
Gross Amount at the end of the period
Land	616
Land improvements	375
Bldg. & Bldg. Improvements	4,558
Tenant improvements	967
Construction in Progress	736
Total	7,252
Accumulated Depreciation	$ (2,643)
Depr. Life	40 years
Location 31 | Office Flex Building | Windsor, CT
Initial Cost
Land	$ 577
Bldg. & Improve.	4,004
Cost Capitalized Subsequent to Acquisition Improvements	1,708
Gross Amount at the end of the period
Land	577
Land improvements	381
Bldg. & Bldg. Improvements	4,105
Tenant improvements	1,226
Total	6,289
Accumulated Depreciation	$ (3,116)
Depr. Life	40 years
New England Tradeport [Member] | Undeveloped Land
Initial Cost
Land	$ 981
Cost Capitalized Subsequent to Acquisition Improvements	3,499
Gross Amount at the end of the period
Land	981
Land improvements	71
Development Costs	3,428
Total	4,480
Accumulated Depreciation	(40)
Griffin Center/Griffin Center South | Undeveloped Land
Initial Cost
Land	435
Cost Capitalized Subsequent to Acquisition Improvements	1,459
Gross Amount at the end of the period
Land	435
Land improvements	470
Development Costs	989
Total	1,894
Accumulated Depreciation	(458)
Phoenix Crossing [Member] | Undeveloped Land
Initial Cost
Land	1,117
Cost Capitalized Subsequent to Acquisition Improvements	1,344
Gross Amount at the end of the period
Land	1,117
Development Costs	1,344
Total	2,461
Other | Undeveloped Land
Initial Cost
Land	2,218
Cost Capitalized Subsequent to Acquisition Improvements	1,825
Gross Amount at the end of the period
Land	2,218
Land improvements	1,308
Development Costs	517
Total	4,043
Accumulated Depreciation	$ (937)

Schedule III-Real Estate and 62

Schedule III-Real Estate and Accumulated Depreciation - Footers (Details) - USD ($) $ in Thousands	Nov. 30, 2016	Jul. 22, 2016
Real Estate and Accumulated Depreciation
SEC Schedule III, Real Estate, federal income tax basis	$ 254,841
Webster Credit Line
Real Estate and Accumulated Depreciation
Maximum borrowing capacity	15,000	$ 12,500
Locations 1 and 21-29 | Webster Credit Line
Real Estate and Accumulated Depreciation
Maximum borrowing capacity	$ 15,000

Schedule III-Real Estate and 63

Schedule III-Real Estate and Accumulated Depreciation - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Nov. 30, 2014
Cost
Balance at beginning of year	$ 247,239	$ 209,284	$ 192,268
Changes during the year:
Additions to real estate assets	15,702	30,556	16,680
Reclassification to real estate held for sale	(2,129)	(7,916)	(9,236)
Writeoff of fully depreciated assets	(1,751)	(517)	(1,913)
Reclassification to real estate assets from property and equipment			11,485
Balance at end of year	259,061	247,239	209,284
Reserve
Balance at beginning of year	(80,784)	(74,762)	(61,078)
Changes during the year:
Additions to reserve charged to costs and expenses	(7,768)	(6,539)	(5,747)
Writeoff of fully depreciated assets	1,751	517	1,913
Reclassification of real estate assets from property and equipment			(9,850)
Balance at end of year	$ (86,801)	$ (80,784)	$ (74,762)