INDUS Realty Trust (INDT) 10-Q 10 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Aug. 31, 2017	Sep. 29, 2017
Document and Entity Information
Entity Registrant Name	GRIFFIN INDUSTRIAL REALTY, INC.
Entity Central Index Key	1,037,390
Document Type	10-Q
Document Period End Date	Aug. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--11-30
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		5,000,535
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 31, 2017	Nov. 30, 2016
ASSETS
Real estate assets at cost, net	$ 193,523	$ 172,260
Real estate held for sale	2,684	2,992
Cash and cash equivalents	34,988	24,689
Deferred income taxes	2,560	4,984
Proceeds held in escrow	91	3,535
Other assets	18,596	15,163
Total assets	252,442	223,623
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage loans, net of debt issuance costs	131,564	109,697
Deferred revenue	12,302	9,526
Accounts payable and accrued liabilities	5,097	4,140
Dividend payable		1,514
Other liabilities	9,472	7,943
Total liabilities	158,435	132,820
Commitments and Contingencies (Note 8)
Stockholders' Equity
Common stock, par value $0.01 per share, 10,000,000 shares authorized, 5,541,029 shares issued and 5,000,535 and 5,047,708 shares outstanding, respectively	55	55
Additional paid-in capital	108,698	108,438
Retained earnings	5,296	179
Accumulated other comprehensive loss, net of tax	(1,748)	(1,049)
Treasury stock, at cost, 540,494 and 493,321 shares, respectively	(18,294)	(16,820)
Total stockholders' equity	94,007	90,803
Total liabilities and stockholders' equity	$ 252,442	$ 223,623

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Aug. 31, 2017	Nov. 30, 2016
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	5,000,535	5,047,708
Treasury stock, shares	540,494	493,321

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Consolidated Statements of Operations
Rental revenue	$ 7,759	$ 6,514	$ 22,070	$ 19,998
Revenue from property sales	2,195	751	12,950	473
Total revenue	9,954	7,265	35,020	20,471
Operating expenses of rental properties	2,133	1,982	6,822	6,140
Depreciation and amortization expense	2,637	2,226	7,373	6,540
Costs related to property sales	255	193	2,915	193
General and administrative expenses	1,735	1,775	6,131	5,435
Total expenses	6,760	6,176	23,241	18,308
Operating income	3,194	1,089	11,779	2,163
Interest expense	(1,443)	(1,162)	(4,200)	(3,315)
Gain on sale of common stock of Centaur Media plc	275		275
Gain on sale of assets				122
Investment income	7		69	62
Income (loss) before income tax (provision) benefit	2,033	(73)	7,923	(968)
Income tax (provision) benefit	(704)	24	(2,806)	205
Net Income (Loss)	$ 1,329	$ (49)	$ 5,117	$ (763)
Basic net income (loss) per common share:
Basic net income (loss) per common share (in dollars per share)	$ 0.27	$ (0.01)	$ 1.02	$ (0.15)
Diluted net income (loss) per common share:
Diluted net income (loss) per common share (in dollars per share)	$ 0.26	$ (0.01)	$ 1.02	$ (0.15)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 1,329	$ (49)	$ 5,117	$ (763)
Other comprehensive loss, net of tax:
Reclassifications included in net income (loss)	37	219	464	646
(Decrease) Increase in fair value of Centaur Media plc	(33)	(254)	159	(593)
Unrealized loss on cash flow hedges	(697)	(710)	(1,322)	(1,825)
Total other comprehensive loss, net of tax	(693)	(745)	(699)	(1,772)
Total comprehensive income (loss)	$ 636	$ (794)	$ 4,418	$ (2,535)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Total
Balance at beginning of period at Nov. 30, 2015	$ 55	$ 108,188	$ 1,117	$ (1,085)	$ (13,466)	$ 94,809
Balance (in shares) at Nov. 30, 2015	5,541,029
Increase (Decrease) in Stockholders' Equity
Stock-based compensation		185				185
Repurchase of common stock					(1,951)	(1,951)
Net income (loss)			(763)			(763)
Total other comprehensive loss, net of tax				(1,772)		(1,772)
Balance at end of period at Aug. 31, 2016	$ 55	108,373	354	(2,857)	(15,417)	90,508
Balance (in shares) at Aug. 31, 2016	5,541,029
Balance at beginning 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
Increase (Decrease) in Stockholders' Equity
Stock-based compensation		260				260
Repurchase of common stock					(1,474)	(1,474)
Net income (loss)			5,117			5,117
Total other comprehensive loss, net of tax				(699)		(699)
Balance at end of period at Aug. 31, 2017	$ 55	$ 108,698	$ 5,296	$ (1,748)	$ (18,294)	$ 94,007
Balance (in shares) at Aug. 31, 2017	5,541,029

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
Operating activities:
Net income (loss)	$ 5,117	$ (763)
Adjustments to reconcile net loss to net cash provided by operating activities:
Gain on sales of properties	(10,035)	(280)
Depreciation and amortization	7,373	6,540
Deferred income taxes	2,806	(154)
Gain on sale of common stock of Centaur Media plc	(275)
Amortization of debt issuance costs	262	222
Stock-based compensation expense	260	185
Amortization of terminated swap agreement	40
Gain on sale of assets		(122)
Changes in assets and liabilities:
Other assets	(3,235)	(3,065)
Accounts payable and accrued liabilities	(462)	346
Deferred revenue	2,880	301
Other liabilities	974	337
Net cash provided by operating activities	5,705	3,547
Investing activities:
Acquisition of building	(18,440)
Proceeds from sales of properties, net of expenses	12,119
Additions to real estate assets	(10,964)	(13,365)
Proceeds from property sales returned from escrow, net	3,444
Proceeds from sales of common stock of Centaur Media plc	1,216
Deferred leasing costs and other	(1,110)	(564)
Net cash used in investing activities	(13,735)	(13,929)
Financing activities:
Proceeds from mortgage loans	34,750	18,800
Payments on mortgage loans	(12,559)	(9,398)
Dividends paid to stockholders	(1,514)	(1,546)
Repurchase of common stock	(1,474)	(1,951)
Payment of debt issuance costs	(533)	(434)
Payment for termination of interest rate swap agreement	(341)
Mortgage proceeds returned from escrow		600
Net cash provided by financing activities	18,329	6,071
Net increase (decrease) in cash and cash equivalents	10,299	(4,311)
Cash and cash equivalents at beginning of period	24,689	18,271
Cash and cash equivalents at end of period	$ 34,988	$ 13,960

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Aug. 31, 2017
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Basis of Presentation Griffin Industrial Realty, Inc. ("Griffin") is a real estate business principally engaged in developing, managing and leasing industrial/warehouse properties and, to a lesser extent, office/flex 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. These financial statements have been prepared in conformity with the standards of accounting measurement set forth by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 270, “Interim Reporting” and in accordance with the accounting policies stated in Griffin’s audited consolidated financial statements for the fiscal year ended November 30, 2016 (“fiscal 2016”) included in Griffin’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 10, 2017. These financial statements should be read in conjunction with the Notes to Consolidated Financial Statements appearing in that report. All adjustments, comprising only normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of results for the interim periods, have been reflected and all intercompany transactions have been eliminated. The consolidated balance sheet data as of November 30, 2016 was derived from Griffin’s audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. Griffin regularly evaluates estimates and assumptions related to the useful life and recoverability of long-lived assets, stock-based compensation expense, deferred income tax asset valuations, valuation of derivative instruments and the estimated costs to complete required offsite improvements related to land sold. Griffin bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by Griffin may differ materially and adversely from Griffin’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. As of August 31, 2017, Griffin was a party to several interest rate swap agreements to hedge its interest rate exposure. Griffin does not use derivatives for speculative purposes. Griffin applies FASB ASC 815-10, “Derivatives and Hedging,” (“ASC 815-10”) as amended, which establishes accounting and reporting standards for derivative instruments and hedging activities. ASC 815-10 requires Griffin to recognize all derivatives as either assets or liabilities on its consolidated balance sheet and measure those instruments at fair value. The changes in the fair values of the interest rate swap agreements are measured in accordance with ASC 815-10 and reflected in the carrying values of the interest rate swap agreements on Griffin’s consolidated balance sheet. The estimated fair values are based primarily on projected future swap rates. Griffin applies cash flow hedge accounting to its interest rate swap agreements that are designated as hedges of the variability of future cash flows from floating rate liabilities based on the benchmark interest rates. Changes in the fair values of Griffin’s interest rate swap agreements are recorded as components of accumulated other comprehensive income (loss) in stockholders’ equity to the extent they are effective. Any ineffective portions of the changes in fair values of these instruments would be recorded as interest expense or interest income. The results of operations for the three months ended August 31, 2017 (the “2017 third quarter”) and the nine months ended August 31, 2017 (the “2017 nine month period”) are not necessarily indicative of the results to be expected for the full year. The three months and nine months ended August 31, 2016 are referred to herein as the “2016 third quarter” and “2016 nine month period,” respectively. Recent Accounting Pronouncements In May 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-09, “Compensation – Stock Compensation: Scope of Modification Accounting,” which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. This Update requires modification only if the fair value, vesting conditions or the classification of the award changes as a result of the change in terms or conditions. This Update will become effective for Griffin in fiscal 2018 and the Update is required to be applied on a prospective basis. The adoption of ASU No. 2017-09 is not expected to have a material impact on Griffin’s consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805) – Clarifying the Definition of a Business,” which provides a more robust framework to use in determining when a set of assets and activities is a business. This Update also provides greater consistency in applying the guidance by making the definition of a business more operable. This Update will become effective for Griffin in fiscal 2019. Early adoption is allowed for acquisition or deconsolidation transactions occurring before the issuance date or effective date and only when the transactions have not been reported in financial statements that have been issued or made available for issuance. Griffin is evaluating the impact that the application of this Update will have on its consolidated financial statements. In March 2016, the FASB issued ASU 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 ASU 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 April 2015, the FASB issued ASU 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. This Update 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 4. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” This Update outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This Update is not applicable to revenue from leases. This Update supersedes most current revenue recognition guidance, including industry specific guidance, and 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, however, Griffin does not anticipate a significant impact on its consolidated financial statements from the application of this Update because the majority of Griffin’s revenues are from leases, which are not subject to this Update.

Fair Value

Fair Value	9 Months Ended
	Aug. 31, 2017
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. Categorization of an asset or a liability 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 were considered Level 1 within the fair value hierarchy. Griffin sold its available-for-sale securities in the 2017 third quarter (see Note 7). 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 agreements (see Note 4). 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. On June 9, 2017, Griffin closed on the acquisition of 215 International Drive (“215 International”) (see Note 3). The acquisition was accounted for in accordance with FASB ASC 805-10, “Business Combinations,” whereby the assets acquired were recorded at their fair values. The fair value of the real estate assets acquired was based upon publicly available data for similar properties. Therefore, Griffin has categorized the real estate assets acquired 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. As of August 31, 2017, Griffin’s consolidated balance sheet includes acquired intangible assets related to the acquisition of 215 International. These intangible assets are comprised of the value of the in-place leases and the associated tenant relationships. Griffin derived these values based on a discounted cash flow analysis using assumptions that included the rental rate of the in-place leases, the commission percentage expected to be paid on the subsequent leasing of the vacant space and the likelihood that tenants will renew their leases. Therefore, Griffin recognized the acquired intangible assets related to this transaction as Level 3 within the fair value hierarchy. As of November 30, 2016, Griffin’s consolidated financial statements did not include any Level 3 assets or liabilities that were measured on either a recurring or nonrecurring basis. During the 2017 nine month period, Griffin did not transfer any assets or liabilities into or out of Levels 1 or 2. The following are Griffin’s financial assets and liabilities carried at fair value and measured at fair value on a recurring basis: August 31, 2017 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Interest rate swap assets $ — $ 18 $ — Interest rate swap liabilities $ — $ 2,447 $ — 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 $ 977 $ — $ — Interest rate swap asset $ — $ 207 $ — Interest rate swap liabilities $ — $ 1,892 $ — The carrying and estimated fair values of Griffin’s financial instruments are as follows: Fair Value August 31, 2017 November 30, 2016 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value Financial assets: Cash and cash equivalents 1 $ 34,988 $ 34,988 $ 24,689 $ 24,689 Proceeds held in escrow 1 $ 91 $ 91 $ 3,535 $ 3,535 Marketable equity securities 1 $ — $ — $ 977 $ 977 Interest rate swaps 2 $ 18 $ 18 $ 207 $ 207 Financial liabilities: Mortgage loans, net of debt issuance costs 2 $ 131,564 $ 132,897 $ 109,697 $ 111,103 Interest rate swaps 2 $ 2,447 $ 2,447 $ 1,892 $ 1,892 The amounts included in the consolidated financial statements for cash and cash equivalents, proceeds held in escrow, leasing 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 were 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 Overnight Index Swap 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. The fair values of Griffin’s nonfinancial assets related to the acquisition of 215 International are listed below. There were no liabilities assumed in connection with this acquisition. These assets were initially recorded at fair value but will not be re-measured at fair value on a recurring basis. Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Real estate assets $ — $ 16,789 $ — Intangible assets $ — $ — $ 1,651

Real Estate Assets

Real Estate Assets	9 Months Ended
	Aug. 31, 2017
Real Estate Assets
Real Estate Assets	3. Real Estate Assets On June 9, 2017, Griffin closed on the purchase of 215 International, an approximately 277,000 square foot industrial/warehouse building in Concord, North Carolina, for a purchase price of $18,440. The purchase price was paid in cash at closing using the proceeds held in escrow from the 2017 Phoenix Crossing Land Sale (see below) of $9,711 with the balance paid from Griffin’s cash on hand. Griffin incurred approximately $71 of acquisition costs on the purchase of 215 International which are included in general and administrative expenses on Griffin’s consolidated statements of operations for the 2017 nine month period. 215 International was constructed in 2015 and was 74% leased at the time it was acquired. Subsequent to the closing, one of the tenants in 215 International leased an additional approximately 73,000 square feet, which resulted in 215 International being fully leased. 215 International is Griffin’s first property in the Charlotte area. Griffin determined that the fair value of the assets acquired approximated the purchase price. Of the $18,440 purchase price, $16,789 represented the fair value of the real estate assets and $1,651 represented the fair value of the acquired intangible assets, comprised of the value of the in-place leases at the time of purchase and tenant relationship intangible assets (see Note 2). The intangible assets are included in other assets on Griffin’s consolidated balance sheet. Real estate assets consist of: Estimated Useful Lives Aug. 31, 2017 Nov. 30, 2016 Land $ 20,403 $ 17,895 Land improvements 10 to 30 years 28,539 27,592 Buildings and improvements 10 to 40 years 179,788 164,353 Tenant improvements Shorter of useful life or terms of related lease 26,590 21,925 Machinery and equipment 3 to 20 years 11,022 11,022 Construction in progress 5,266 1,659 Development costs 14,779 14,615 Accumulated depreciation $ 193,523 $ 172,260 Total depreciation expense and capitalized interest related to real estate assets were as follows: For the Three Months Ended For the Nine Months Ended Aug. 31, 2017 Aug. 31, 2016 Aug. 31, 2017 Aug. 31, 2016 Depreciation expense $ 2,283 $ 1,974 $ 6,490 $ 5,756 Capitalized interest $ 26 $ 57 $ 26 $ 274 On August 24, 2017, Griffin closed on the previously contracted purchase of approximately 14 acres of undeveloped land in Upper Macungie Township, Lehigh County, Pennsylvania (the “Macungie Purchase”). The purchase price of $1,800 (excluding costs related to the purchase) was paid in cash at closing using the proceeds from the Southwick Land Sale that had been held in escrow (see below). The land acquired has all governmental approvals in place for Griffin’s planned development, on speculation, of an approximately 134,000 square foot industrial/warehouse building. On August 4, 2017, Griffin completed the sale of approximately 76 acres (the “Southwick Land Sale”) of undeveloped land in Southwick, Massachusetts. Griffin received cash proceeds of $2,100 before transaction costs and recorded a pretax gain of $1,890 on the Southwick Land Sale. The net cash proceeds of $1,943 from the Southwick Land Sale were placed in escrow for the acquisition of a replacement property as part of a like-kind exchange under Section 1031 of the Internal Revenue Code of 1986, as amended (a “1031 Like-Kind Exchange”) (see above). On April 28, 2017, Griffin closed on the previously contracted sale of approximately 67 acres (the “2017 Phoenix Crossing Land Sale”) of undeveloped land in Phoenix Crossing, the approximately 268 acre business park master planned by Griffin that straddles the town line between Windsor and Bloomfield, Connecticut. Griffin received cash proceeds of $10,250 before transaction costs and recorded a pretax gain of $7,975 on the 2017 Phoenix Crossing Land Sale. The net cash proceeds of $9,711 from the 2017 Phoenix Crossing Land Sale were placed in escrow and subsequently used for the acquisition of 215 International as part of a 1031 Like-Kind Exchange (see above). In fiscal 2013, Griffin completed the sale of approximately 90 acres of undeveloped land in Phoenix Crossing for $8,968 in cash, before transaction costs (the “2013 Phoenix Crossing Land Sale”). Under the terms of the 2013 Phoenix Crossing Land Sale, Griffin was required to complete certain offsite improvements, primarily roadwork. As a result of Griffin's continued involvement with the land sold, the 2013 Phoenix Crossing Land Sale was accounted for under the percentage of completion method. Accordingly, the revenue and pretax gain on the sale were recognized on a pro rata basis in a ratio equal to the percentage of the total costs incurred to the total anticipated costs of sale, including costs of the required roadwork. Costs included in determining the percentage of completion included the cost of the land sold, allocated master planning costs and the cost of road construction. As of August 31, 2017, Griffin had substantially completed the required improvements related to the 2013 Phoenix Crossing Land Sale; accordingly, all of the remaining revenue and pretax gain on the sale have been recognized in Griffin’s consolidated statements of operations. Griffin’s consolidated statements of operations for the 2017 nine month period include revenue of $104 and a pretax gain of $66 from the 2013 Phoenix Crossing Land Sale. The consolidated statements of operations for the 2016 second quarter reflected a reduction of $278 of previously recognized revenue on the 2013 Phoenix Crossing Land Sale that resulted from an increase in the estimated costs to complete the required road improvements made at that time. Therefore, the 2016 third quarter and 2016 nine month period reflected revenue of $751 and $473, respectively, and pretax gains of $558 and $280, respectively. From the closing of the 2013 Phoenix Crossing Land Sale in fiscal 2013 through August 31, 2017, Griffin’s consolidated statements of operations have reflected total revenue of $8,968 and a total pretax gain of $6,674 from the 2013 Phoenix Crossing Land Sale. On March 29, 2017, the full building tenant in an approximately 100,000 square foot industrial/warehouse building in New England Tradeport (“NE Tradeport”), Griffin’s industrial park located in Windsor and East Granby, Connecticut, filed for protection under Chapter 11 of the U.S. Bankruptcy Code. In the 2017 third quarter, Griffin entered into an Amendment to Lease (the “Amendment”) with this tenant. Under the terms of the Amendment, the tenant’s premises will be reduced to approximately 52,000 square feet prior to June 1, 2018, however, the per square foot rental rates and lease expiration date of March 31, 2024 under the existing lease remain the same. The tenant has also agreed to pay a termination fee of $200 in monthly installments over the balance of the lease term. The Amendment was approved by the U.S. Bankruptcy Court subsequent to the end of the 2017 third quarter (see Note 9). Rental revenue from this tenant was $279 in the 2017 third quarter. Real estate assets held for sale consist of: Aug. 31, 2017 Nov. 30, 2016 Land $ 1,256 $ 264 Land improvements 354 — Development costs 1,074 2,728 $ 2,684 $ 2,992 In the 2017 nine month period, $1,757 was reclassified from real estate assets to real estate assets held for sale related to sales agreements currently under contract (see Note 8). Real estate assets held for sale were reduced in the 2017 nine month period by $2,065 related to property sales that closed.

Mortgage Loans

Mortgage Loans	9 Months Ended
	Aug. 31, 2017
Mortgage Loans
Mortgage Loans	4. Mortgage Loans Griffin’s mortgage loans, which are nonrecourse, consist of: Aug. 31, 2017 Nov. 30, 2016 Variable rate, due October 2, 2017 * $ 5,892 $ 6,034 Variable rate, due February 1, 2019 * — 10,313 Variable rate, due January 27, 2020 * 3,510 3,606 Variable rate, due January 2, 2025 * 20,353 20,744 Variable rate, due May 1, 2026 * 13,930 14,187 Variable rate, due November 17, 2026 * 26,241 26,725 Variable rate, due March 1, 2027 * 11,891 — Variable rate, due August 1, 2027 * 10,581 — 3.97%, due September 1, 2027 12,150 — 5.09%, due July 1, 2029 6,700 7,001 5.09%, due July 1, 2029 4,694 4,905 4.33%, due August 1, 2030 17,388 17,624 Nonrecourse mortgage loans prior to debt issuance costs 133,330 111,139 Debt issuance costs, net (1,766) (1,442) Nonrecourse mortgage loans, net $ 131,564 $ 109,697 *Griffin entered into interest rate swap agreements to effectively fix the interest rates on these loans (see below). 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 as of November 30, 2016 from other assets to mortgage loans, as reflected in the table above. On August 30, 2017, a subsidiary of Griffin closed on a $12,150 nonrecourse mortgage loan (the “2017 40|86 Mortgage”) with 40|86 Mortgage Capital, Inc. The 2017 40|86 Mortgage is collateralized by 215 International which Griffin acquired on June 9, 2017 (see Note 3) and has a ten year term with monthly principal payments based on a thirty year amortization schedule. The interest rate for the 2017 40|86 Mortgage is 3.97%. On July 14, 2017, a subsidiary of Griffin closed on a $10,600 nonrecourse mortgage loan (the “2017 Berkshire Mortgage”) with Berkshire Bank (“Berkshire”). The 2017 Berkshire Mortgage refinanced an existing mortgage loan (the “2009 Berkshire Mortgage”) with Berkshire that was due on February 1, 2019 and was collateralized by 100 International Drive (“100 International”), an approximately 304,000 square foot industrial/warehouse building in NE Tradeport. The 2009 Berkshire Mortgage had a balance of $10,120 at the time of the refinancing and a variable interest rate of the one month LIBOR rate plus 2.75%. At the time Griffin completed the 2009 Berkshire Mortgage, Griffin entered into an interest rate swap agreement with Berkshire (the “2009 Berkshire Swap”) to effectively fix the interest rate on the 2009 Berkshire Mortgage at 6.35% for the term of that loan. The 2017 Berkshire Mortgage is collateralized by the same property that collateralized the 2009 Berkshire Mortgage. The 2017 Berkshire Mortgage has a ten year term with monthly principal payments based on a twenty-five year amortization schedule. The interest rate for the 2017 Berkshire Mortgage is a variable rate consisting of the one month LIBOR rate plus 2.05%. At the time the 2017 Berkshire Mortgage closed, Griffin terminated the 2009 Berkshire Swap and entered into a new interest rate swap agreement with Berkshire that effectively fixes the interest rate of the 2017 Berkshire Mortgage at 4.39% over the loan term. Griffin paid $341 in connection with the termination of the 2009 Berkshire Swap. The terms of the 2017 Berkshire Mortgage require that if the full building tenant at 100 International does not extend its lease when it expires in fiscal 2025, Griffin will enter into a master lease of the vacated space that would then be in effect until the due date of the 2017 Berkshire Mortgage. On March 15, 2017, a subsidiary of Griffin closed on a $12,000 nonrecourse mortgage loan (the “2017 PUB Mortgage”) with People’s United Bank, N.A. (“PUB”). The 2017 PUB Mortgage is collateralized by two industrial/warehouse buildings in NE Tradeport aggregating approximately 275,000 square feet. The 2017 PUB Mortgage has a ten year term with monthly principal payments based on a twenty-five year amortization schedule. The interest rate for the 2017 PUB Mortgage is a variable rate consisting of the one month LIBOR rate plus 1.95%. At the time the 2017 PUB Mortgage closed, Griffin also entered into an interest rate swap agreement with PUB for a notional principal amount of $12,000 at inception to effectively fix the interest rate at 4.45% for its full term. Under the terms of the 2017 PUB Mortgage, Griffin entered into a master lease for 759 Rainbow Road (“759 Rainbow”), one of two buildings that collateralize the 2017 PUB Mortgage. The master lease would only become effective if the full building tenant in 759 Rainbow does not renew its lease when it is scheduled to expire in fiscal 2019. The master lease would be in effect until either the space is re-leased to a new tenant or the due date of the 2017 PUB Mortgage. On April 26, 2016, Griffin closed on a $14,350 nonrecourse mortgage loan (the “2016 PUB Mortgage") with PUB. The 2016 PUB Mortgage refinanced an existing mortgage loan (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 NE Tradeport. The 2009 PUB Mortgage had a balance of $7,418 at the time of the refinancing and a variable interest rate consisting of the one month LIBOR rate plus 3.08%. At the time Griffin completed the 2009 PUB Mortgage, Griffin entered into an interest rate swap agreement with PUB to effectively fix the rate on the 2009 PUB Mortgage at 6.58% for the term of that loan. The 2016 PUB Mortgage is collateralized by the same four properties that collateralized the 2009 PUB Mortgage along with another approximately 98,000 square foot industrial/warehouse building (35 International Drive) in NE Tradeport. At the closing of the 2016 PUB Mortgage, Griffin received net mortgage proceeds of $6,932 (before transaction costs), which was net of the $7,418 used to repay the 2009 PUB Mortgage. The 2016 PUB Mortgage has a ten year term with monthly principal payments based on a twenty-five year amortization schedule. The interest rate for the 2016 PUB Mortgage is a variable rate consisting of the one month LIBOR rate plus 2.00%. 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 loan term. 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 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”) on the mortgage loan (the “2015 Webster Mortgage”) obtained by one of its subsidiaries with Webster Bank, N.A. (“Webster”) on an approximately 280,000 square foot industrial/warehouse building at 5220 Jaindl Boulevard (“5220 Jaindl”) in the Lehigh Valley of Pennsylvania. The 2015 Webster Mortgage closed on September 1, 2015, at which time initial proceeds of $11,500 (before transaction costs) were received. At the time the 2015 Webster Mortgage closed, Griffin had leased approximately 196,000 square feet of 5220 Jaindl. Griffin received the Webster Earn-Out when the tenant that leased that space exercised its option to lease the balance of the building. Subsequently, on November 17, 2016, Griffin closed on a new nonrecourse mortgage loan (the “2016 Webster Mortgage”) for $26,725. The 2016 Webster Mortgage refinanced the amount then outstanding under the 2015 Webster Mortgage and is now collateralized by 5220 Jaindl along with an adjacent approximately 252,000 square foot industrial/warehouse building. Griffin received mortgage proceeds of $13,000 (before transaction costs), net of $13,725 used to refinance the 2015 Webster Mortgage. The 2016 Webster Mortgage has a variable interest rate consisting of the one month LIBOR rate plus 1.70% and is due on November 17, 2026. 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 interest rate of the 2016 Webster Mortgage at 3.79% over the mortgage loan’s ten year term. On December 11, 2015, Griffin received additional mortgage proceeds of $1,850 (the “KeyBank Earn-Out”) on the mortgage loan (the “KeyBank Mortgage”) obtained by two of its subsidiaries with KeyBank, N.A. (“KeyBank”), formerly First Niagara Bank, on its properties at 4270 Fritch Drive (“4270 Fritch”) and 4275 Fritch Drive (“4275 Fritch”) in the Lehigh Valley of Pennsylvania. The KeyBank Mortgage closed on December 31, 2014, at which time initial 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 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. When the KeyBank Mortgage closed, 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. The KeyBank Mortgage has a variable interest rate consisting of the one month LIBOR rate plus 1.95% and is due on January 2, 2025. At the time the KeyBank Earn-Out was received, Griffin entered into an interest rate swap agreement with KeyBank that, when combined with two existing swap agreements with KeyBank, effectively fixes the interest rate on the KeyBank Mortgage at 4.39% over the remainder of the mortgage loan’s ten year term. As of August 31, 2017, Griffin was a party to several interest rate swap agreements related to its variable rate nonrecourse mortgage loans on certain of its real estate assets. Griffin accounts for its interest rate swap agreements as effective cash flow hedges (see Note 2). No ineffectiveness on the cash flow hedges was recognized as of August 31, 2017 and none is anticipated over the term of the agreements. Amounts in accumulated other comprehensive loss will be reclassified into interest expense over the term of the swap agreements to achieve fixed interest rates on each mortgage. None of the interest rate swap agreements contain any credit risk related contingent features. In the 2017 and 2016 nine month periods, Griffin recognized losses, included in accumulated other comprehensive loss, before taxes of $1,045 and $2,898 on its interest rate swap agreements. As of August 31, 2017, $1,101 was expected to be reclassified over the next twelve months from accumulated other comprehensive loss to interest expense. As of August 31, 2017, the net fair value of Griffin’s interest rate swap agreements was $2,429, with $18 included in other assets and $2,447 included in other liabilities on Griffin’s consolidated balance sheet. On September 22, 2017, two subsidiaries of Griffin closed on the refinancing of a nonrecourse mortgage loan (the “2012 Webster Loan”) with Webster that was collateralized by 5 and 7 Waterside Crossing, two multi-story office buildings aggregating approximately 161,000 square feet in Griffin Center in Windsor, Connecticut. Immediately prior to the refinancing, the 2012 Webster Loan had a balance of $5,876 with a maturity date of October 2, 2017. The refinanced nonrecourse mortgage loan (the “2017 Webster Loan”) is for $4,375, has a five year term with monthly principal payments based on a twenty-five year amortization schedule and is collateralized by the same properties that collateralized the 2012 Webster Loan. The 2017 Webster Loan has a variable interest rate consisting of the one-month LIBOR rate plus 2.75%, but Griffin entered into an interest rate swap agreement with Webster that effectively fixes the interest rate on the 2017 Webster Loan at 4.72% over the term of the 2017 Webster Loan. The 2012 Webster Loan had a variable interest rate that was effectively fixed at 3.86% through an interest rate swap agreement with Webster. Griffin used cash on hand of $1,000 and $501 that had been held in escrow by Webster to repay a portion of the 2012 Webster Loan in connection with the refinancing.

Revolving Credit Agreement

Revolving Credit Agreement	9 Months Ended
	Aug. 31, 2017
Revolving Credit Agreement
Revolving Credit Agreement	5. Revolving Credit Agreement Griffin has a $15,000 revolving credit line with Webster (the “Webster Credit Line”) that expires July 31, 2018. Griffin has the option to further extend the term of the Webster Credit Line for an additional year, provided there is no default at the time such extension is requested. Interest on borrowings under the Webster Credit Line is at the one month LIBOR rate plus 2.75%. The Webster Credit Line is collateralized by Griffin’s properties in Griffin Center South, aggregating approximately 235,000 square feet, and an approximately 48,000 square foot single-story office building in Griffin Center. There have been no borrowings under the Webster Credit Line since its inception in fiscal 2013. As of August 31, 2017, the Webster Credit Line secured certain unused standby letters of credit aggregating $1,723 that are related to Griffin's development activities.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Aug. 31, 2017
Stockholders' Equity
Stockholders' Equity	6. Stockholders’ Equity Per Share Results Basic and diluted per share results were based on the following: For the Three Months Ended For the Nine Months Ended Aug. 31, 2017 Aug. 31, 2016 Aug. 31, 2017 Aug. 31, 2016 Net income (loss) $ 1,329 $ (49) $ 5,117 $ (763) Weighted average shares outstanding for computation of basic per share results 5,001,000 5,013,000 Incremental shares from assumed exercise of Griffin stock options (a) 27,000 — 24,000 — Adjusted weighted average shares for computation of diluted per share results 5,028,000 5,093,000 5,037,000 5,132,000 (a) Incremental shares from the assumed exercise of Griffin stock options are not included in periods where the inclusion of such shares would be anti-dilutive. The incremental shares from the assumed exercise of stock options for the 2016 third quarter and 2016 nine month period would have been 23,000 and 2,000, respectively. Griffin Stock Option Plan Stock options are granted by Griffin under the Griffin Industrial Realty, Inc. 2009 Stock Option Plan (the “2009 Stock Option Plan”). Options granted under the 2009 Stock Option Plan may be either incentive stock options or non-qualified stock options issued at an exercise price not less than fair market value on the date approved by Griffin’s Compensation Committee. Vesting of all of Griffin's stock options is solely based upon service requirements and does not contain market or performance conditions. Stock options issued will expire ten years from the grant date. In accordance with the 2009 Stock Option Plan, stock options issued to non-employee directors upon their initial election to the board of directors are fully exercisable immediately upon the date of the option grant. Stock options issued to non-employee directors upon their re-election to the board of directors vest on the second anniversary from the date of grant. Stock options issued to employees vest in equal installments on the third, fourth and fifth anniversaries from the date of grant. None of the stock options outstanding at August 31, 2017 may be exercised as stock appreciation rights. The following options were granted by Griffin under the 2009 Stock Option Plan to Griffin employees: For the Nine Months Ended Aug. 31, 2017 Aug. 31, 2016 Fair Value per Fair Value per Number of Option at Number of Option at Shares Grant Date Shares Grant Date Employees 5,000 $ 11.13 101,450 $ 7.51 - 11.65 Non-employee directors 6,570 $ 13.49 8,409 $ 11.30 11,570 109,859 The fair values of all options granted were estimated as of the grant date using the Black-Scholes option-pricing model. Assumptions used in determining the fair value of the stock options granted in the 2017 and 2016 nine month periods were as follows: For the Nine Months Ended Aug. 31, 2017 Aug. 31, 2016 Expected volatility 32.7 to 39.6 % 32.9 to 41.1 % Risk free interest rates 2.1 to 2.2 % 1.2 to 1.5 % Expected option term (in years) 7.5 to 8.5 5 to 8.5 Annual dividend yield 0.8 to 0.9 % 0.9 % Number of option holders at August 31, 2017 31 Compensation expense and related tax benefits for stock options were as follows: For the Three Months Ended For the Nine Months Ended Aug. 31, 2017 Aug. 31, 2016 Aug. 31, 2017 Aug. 31, 2016 Compensation expense $ 90 $ 71 $ 260 $ 185 Related tax benefit $ 19 $ 17 $ 59 $ 41 For all periods presented, the forfeiture rate for directors was 0%, forfeiture rates for executives ranged from 17.9% to 22.6% and forfeiture rates for employees ranged from 38.3% to 41.1%. These rates were utilized based on the historical activity of the grantees. As of August 31, 2017, the unrecognized compensation expense related to nonvested stock options that will be recognized during future periods is as follows: Balance of Fiscal 2017 $ 90 Fiscal 2018 $ 340 Fiscal 2019 $ 234 Fiscal 2020 $ 112 Fiscal 2021 $ 34 A summary of the activity under the 2009 Griffin Stock Option Plan is as follows: For the Nine Months Ended August 31, 2017 August 31, 2016 Weighted Weighted Avg. Avg. Number of Exercise Number of Exercise Shares Price Shares Price Outstanding at beginning of period 324,546 $ 29.23 225,727 $ 30.47 Granted 11,570 $ 30.59 109,859 $ 26.83 Forfeited (2,354) $ 36.82 (11,040) $ 30.73 Outstanding at end of period 333,762 $ 29.22 324,546 $ 29.23 Weighted Avg. Remaining Range of Exercise Prices for Outstanding at Weighted Avg. Contractual Life Total Intrinsic Vested and Nonvested Options August 31, 2017 Exercise Price (in years) Value $23.00 - $28.00 124,543 $ 26.67 8.2 $ 957 $28.00 - $32.00 128,248 $ 29.07 4.3 677 $32.00 - $39.00 80,971 $ 33.40 1.1 77 333,762 $ 29.22 5.0 $ 1,711 Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, net of tax, is comprised of the following: For the Nine Months Ended Aug. 31, 2017 Unrealized gain Unrealized loss on on investment in cash flow hedges Centaur Media Total Balance November 30, 2016 $ (1,062) $ 13 $ (1,049) Other comprehensive (loss) income before reclassifications (1,322) 159 (1,163) Amounts reclassified 636 (172) 464 Net activity for other comprehensive loss (686) (13) (699) Balance August 31, 2017 $ (1,748) $ — $ (1,748) For the Nine Months Ended Aug. 31, 2016 Unrealized gain Unrealized loss on on investment in cash flow hedges Centaur Media Total Balance November 30, 2015 $ (1,744) $ 659 $ (1,085) Other comprehensive loss before reclassifications (1,825) (593) (2,418) Amounts reclassified 646 — 646 Net activity for other comprehensive loss (1,179) (593) (1,772) Balance August 31, 2016 $ (2,923) $ 66 $ (2,857) The components of other comprehensive loss are as follows: For the Three Months Ended August 31, 2017 August 31, 2016 Tax Tax (Expense) Net-of (Expense) Net-of Pre-Tax Benefit Tax Pre-Tax Benefit Tax Reclassifications included in net income (loss): Loss on cash flow hedges (interest expense) $ 326 $ (117) $ 209 $ 348 $ (129) $ 219 Realized gain on sale of Centaur Media (gain on sale) (281) 109 (172) — — — Total reclassifications included in net income (loss) 45 (8) 37 348 (129) 219 Mark to market adjustment on Centaur Media for a decrease in the foreign currency exchange rate (11) 3 (8) (108) 37 (71) Mark to market adjustment on Centaur Media for a decrease in fair value (39) 14 (25) (283) 100 (183) Decrease in fair value adjustments on Griffin’s cash flow hedges (1,087) 390 (697) (1,129) 419 (710) Total change in other comprehensive loss (1,137) 407 (730) (1,520) 556 (964) Other comprehensive loss $ (1,092) $ 399 $ (693) $ (1,172) $ 427 $ (745) For the Nine Months Ended August 31, 2017 August 31, 2016 Tax Tax (Expense) Net-of (Expense) Net-of Pre-Tax Benefit Tax Pre-Tax Benefit Tax Reclassifications included in net income (loss): Loss on cash flow hedges (interest expense) $ 1,007 $ (371) $ 636 $ 1,025 $ (379) $ 646 Realized gain on sale of Centaur Media (gain on sale) (281) 109 (172) — — — Total reclassifications included in net income (loss) 726 (262) 464 1,025 (379) 646 Mark to market adjustment on Centaur Media for an increase (decrease) in the foreign currency exchange rate 25 (9) 16 (181) 63 (118) Mark to market adjustment on Centaur Media for an increase (decrease) in fair value 220 (77) 143 (731) 256 (475) Decrease in fair value adjustments on Griffin’s cash flow hedges (2,052) 730 (1,322) (2,898) 1,073 (1,825) Total change in other comprehensive loss (1,807) 644 (1,163) (3,810) 1,392 (2,418) Other comprehensive loss $ (1,081) $ 382 $ (699) $ (2,785) $ 1,013 $ (1,772) Stock Repurchases In fiscal 2016, Griffin’s Board of Directors authorized a stock repurchase program whereby, starting on May 11, 2016, Griffin could repurchase up to $5,000 of its outstanding common stock over a twelve month period in privately negotiated transactions. The stock repurchase program expired on May 10, 2017. In fiscal 2017, prior to the expiration of the stock repurchase program, Griffin repurchased 47,173 shares of its outstanding common stock for $1,474. Including the stock repurchased in fiscal 2016, Griffin repurchased a total of 152,173 shares for $4,828 under the stock repurchase program. Cash Dividend Griffin did not declare a cash dividend in the 2017 or 2016 nine month periods. During the 2017 first quarter, Griffin paid $1,514 for the cash dividend declared in the 2016 fourth quarter. During the 2016 first quarter, Griffin paid $1,546 for the cash dividend declared in the 2015 fourth quarter.

Supplemental Financial Statemen

Supplemental Financial Statement Information	9 Months Ended
	Aug. 31, 2017
Supplemental Financial Statement Information
Supplemental Financial Statement Information	7. Supplemental Financial Statement Information Available-for-Sale Securities In the 2017 third quarter, Griffin sold its 1,952,462 shares in Centaur Media plc (“Centaur Media”) for cash proceeds of $1,216, after transaction costs, which resulted in a pretax gain of $275. Accordingly, Griffin no longer owned any shares of common stock in Centaur Media as of August 31, 2017. Griffin's investment in the common stock of Centaur Media was accounted for as an available-for-sale security under ASC 320, “Investments – Debt and Equity Securities.” Accordingly, changes in the fair value of Centaur Media, reflecting both changes in the stock price and changes in the foreign currency exchange rate, were included, net of income taxes, in accumulated other comprehensive loss (see Note 6). Griffin did not sell any Centaur Media common stock in the 2016 nine month period. Griffin’s investment in Centaur Media was included in other assets on Griffin’s consolidated balance sheet. The fair value, cost and unrealized loss of Griffin’s investment in Centaur Media were as follows: Nov. 30, 2016 Fair value $ 977 Cost 1,014 Unrealized loss $ Other Assets Griffin's other assets are comprised of the following: Aug. 31, 2017 Nov. 30, 2016 Deferred rent receivable $ 5,190 $ 4,474 Deferred leasing costs 4,682 4,746 Prepaid expenses 4,369 2,333 Intangible assets, net 1,790 247 Lease receivables from tenants 1,242 369 Mortgage escrows 751 717 Property and equipment, net 290 280 Deposits and other expenditures related to potential real estate acquisitions 68 497 Deferred financing costs related to the Webster Credit Line 64 117 Interest rate swap assets 18 207 Available-for-sale securities — 977 Other 132 199 Total other assets $ 18,596 $ 15,163 Accounts Payable and Accrued Liabilities Griffin's accounts payable and accrued liabilities are comprised of the following: Aug. 31, 2017 Nov. 30, 2016 Accrued construction costs and retainage $ 3,009 $ 1,252 Accrued interest payable 454 390 Accrued salaries, wages and other compensation 430 725 Trade payables 353 573 Accrued lease commissions 149 487 Other 702 713 Total accounts payable and accrued liabilities $ 5,097 $ 4,140 Other Liabilities Griffin's other liabilities are comprised of the following: Aug. 31, 2017 Nov. 30, 2016 Deferred compensation plan $ 4,846 $ 4,334 Interest rate swap liabilities 2,447 1,892 Prepaid rent from tenants 1,078 938 Security deposits of tenants 583 413 Conditional asset retirement obligations 288 288 Land sale deposit 155 — Other 75 78 Total other liabilities $ 9,472 $ 7,943 Supplemental Cash Flow Information In the 2017 nine month period, Griffin received $3,535 of cash, after transaction costs, from the fiscal 2016 sale of approximately 29 acres of undeveloped land in Griffin Center (the “Griffin Center Land Sale”). The proceeds from the Griffin Center Land Sale were deposited into escrow at the time the sale closed for the potential purchase of a replacement property in a 1031 Like-Kind Exchange. As a replacement property was not acquired in the time period required under the applicable tax code, the sale proceeds were returned to Griffin. An increase of $245 in fiscal 2017 prior to the sale of the remaining shares and a decrease of $912 in the 2016 nine month period in Griffin’s investment in Centaur Media reflect the mark to market adjustments of this investment and did not affect Griffin’s cash. Accounts payable and accrued liabilities related to additions to real estate assets increased by $1,757 and $293 in the 2017 nine month period and 2016 nine month period, respectively. Interest payments were as follows: For the Three Months Ended For the Nine Months Ended Aug. 31, 2017 Aug. 31, 2016 Aug. 31, 2017 Aug. 31, 2016 $ 1,309 $ 1,098 $ 3,861 $ 3,334 Income Taxes Griffin’s effective income tax provision rate was 35.4% for the 2017 nine month period as compared to an income tax benefit rate of 21.2% for the 2016 nine month period. The effective tax provision rate for the 2017 nine month period reflects the federal statutory income tax rate adjusted for the effects of permanent differences and state income taxes. The effective tax rate in the 2017 nine month period is based on management’s projections of pretax results for the balance of the year. To the extent that actual results differ from current projections, the effective income tax rate may change. The income tax benefit for the 2016 nine month period reflected the effect of a change in Connecticut tax law, effective for Griffin in fiscal 2016, whereby the future usage of state net operating loss carryforwards is limited to 50% of taxable income. Therefore, in the 2016 nine month period, Griffin decreased its expected realization of the tax benefit related to its Connecticut state net operating loss carryforwards.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Aug. 31, 2017
Commitments and Contingencies
Commitments and Contingencies	8. Commitments and Contingencies As of August 31, 2017, Griffin had committed purchase obligations of approximately $3,712, principally related to the construction of an approximately 137,000 square foot industrial/warehouse building in NE Tradeport and the development of other Griffin properties. On January 25, 2016, Griffin entered into an Option Purchase Agreement (the “Simsbury Option Agreement”) whereby Griffin granted the buyer an exclusive three month option, in exchange for a nominal fee, to purchase approximately 280 acres of land in Simsbury, Connecticut for approximately $7,700. The buyer may extend the option period for up to three years upon payment of additional option fees. In the 2017 first quarter, the buyer paid $80 of additional option fees to extend its option period through January 2018. The land subject to the Simsbury 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, which is to generate solar electricity. A closing on the land sale contemplated by the Simsbury Option Agreement is subject to obtaining governmental approvals for the planned use of the land. There is no guarantee that the sale of land as contemplated under the Simsbury Option Agreement will be completed under its current terms, or at all. On May 5, 2017, Griffin entered into an Option Purchase Agreement (the “EGW Option Agreement”) whereby Griffin granted the buyer an exclusive three month option, in exchange for a nominal fee, to purchase approximately 288 acres of land in East Granby and Windsor, Connecticut for approximately $7,800. The buyer may extend the option period for up to three years upon payment of additional option fees. The land subject to the EGW 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, which is to generate solar electricity. A closing on the land sale contemplated by the EGW Option Agreement is subject to several significant contingencies, including the buyer procuring electrical utility supply contracts, approval by the state public utility regulatory authorities and governmental approvals for the planned use of the land. There is no guarantee that the sale of land as contemplated under the EGW Option Agreement will be completed under its current terms, or at all. Griffin is involved, as a defendant, in various litigation matters arising in the ordinary course of business. In the opinion of management, based on the advice of legal counsel, the ultimate liability, if any, with respect to these matters is not expected to be material, individually or in the aggregate, to Griffin's consolidated financial position, results of operations or cash flows.

Subsequent Events

Subsequent Events	9 Months Ended
	Aug. 31, 2017
Subsequent Events.
Subsequent Events	9. Subsequent Events In accordance with FASB ASC 855, “Subsequent Events,” Griffin has evaluated all events or transactions occurring after August 31, 2017, the balance sheet date, and noted that there have been no such events or transactions that would require recognition or disclosure in the consolidated financial statements as of and for the quarter ended August 31, 2017, other than the disclosures herein. On March 29, 2017, the full building tenant in an approximately 100,000 square foot industrial/warehouse building in NE Tradeport filed for protection under Chapter 11 of the U.S. Bankruptcy Code. In the 2017 third quarter, Griffin entered into an Amendment to Lease (the “Amendment”) with this tenant. Under the terms of the Amendment, the tenant’s premises will be reduced to approximately 52,000 square feet prior to June 1, 2018, however, the per square foot rental rates and lease expiration date of March 31, 2024 under the existing lease remain the same. The Amendment was approved by the U.S. Bankruptcy Court on September 5, 2017 (see Note 3). Subsequent to August 31, 2017, Griffin entered into an agreement to purchase an approximately 22 acre parcel of undeveloped land in Concord, North Carolina (the “Concord Land”) for $2,600 in cash. If the transaction closes, Griffin plans to construct an industrial/warehouse development on the Concord Land, which is located near 215 International. The amount of industrial/warehouse space to be developed there will be based upon findings during due diligence. Closing of this purchase, anticipated to take place in fiscal 2018, is subject to several conditions, including the satisfactory outcome of due diligence and obtaining all governmental approvals for Griffin’s development plans for the Concord Land. There is no guarantee that this transaction will be completed under its current terms, or at all. See Note 4 for disclosure of the subsequent event related to the closing of a nonrecourse mortgage loan on September 22, 2017.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Aug. 31, 2017
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/warehouse properties and, to a lesser extent, office/flex 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. These financial statements have been prepared in conformity with the standards of accounting measurement set forth by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 270, “Interim Reporting” and in accordance with the accounting policies stated in Griffin’s audited consolidated financial statements for the fiscal year ended November 30, 2016 (“fiscal 2016”) included in Griffin’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 10, 2017. These financial statements should be read in conjunction with the Notes to Consolidated Financial Statements appearing in that report. All adjustments, comprising only normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of results for the interim periods, have been reflected and all intercompany transactions have been eliminated. The consolidated balance sheet data as of November 30, 2016 was derived from Griffin’s audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. Griffin regularly evaluates estimates and assumptions related to the useful life and recoverability of long-lived assets, stock-based compensation expense, deferred income tax asset valuations, valuation of derivative instruments and the estimated costs to complete required offsite improvements related to land sold. Griffin bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by Griffin may differ materially and adversely from Griffin’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.
Interest Rate Swap Agreements	As of August 31, 2017, Griffin was a party to several interest rate swap agreements to hedge its interest rate exposure. Griffin does not use derivatives for speculative purposes. Griffin applies FASB ASC 815-10, “Derivatives and Hedging,” (“ASC 815-10”) as amended, which establishes accounting and reporting standards for derivative instruments and hedging activities. ASC 815-10 requires Griffin to recognize all derivatives as either assets or liabilities on its consolidated balance sheet and measure those instruments at fair value. The changes in the fair values of the interest rate swap agreements are measured in accordance with ASC 815-10 and reflected in the carrying values of the interest rate swap agreements on Griffin’s consolidated balance sheet. The estimated fair values are based primarily on projected future swap rates. Griffin applies cash flow hedge accounting to its interest rate swap agreements that are designated as hedges of the variability of future cash flows from floating rate liabilities based on the benchmark interest rates. Changes in the fair values of Griffin’s interest rate swap agreements are recorded as components of accumulated other comprehensive income (loss) in stockholders’ equity to the extent they are effective. Any ineffective portions of the changes in fair values of these instruments would be recorded as interest expense or interest income.
Fiscal Year	The results of operations for the three months ended August 31, 2017 (the “2017 third quarter”) and the nine months ended August 31, 2017 (the “2017 nine month period”) are not necessarily indicative of the results to be expected for the full year. The three months and nine months ended August 31, 2016 are referred to herein as the “2016 third quarter” and “2016 nine month period,” respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-09, “Compensation – Stock Compensation: Scope of Modification Accounting,” which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. This Update requires modification only if the fair value, vesting conditions or the classification of the award changes as a result of the change in terms or conditions. This Update will become effective for Griffin in fiscal 2018 and the Update is required to be applied on a prospective basis. The adoption of ASU No. 2017-09 is not expected to have a material impact on Griffin’s consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805) – Clarifying the Definition of a Business,” which provides a more robust framework to use in determining when a set of assets and activities is a business. This Update also provides greater consistency in applying the guidance by making the definition of a business more operable. This Update will become effective for Griffin in fiscal 2019. Early adoption is allowed for acquisition or deconsolidation transactions occurring before the issuance date or effective date and only when the transactions have not been reported in financial statements that have been issued or made available for issuance. Griffin is evaluating the impact that the application of this Update will have on its consolidated financial statements. In March 2016, the FASB issued ASU 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 ASU 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 April 2015, the FASB issued ASU 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. This Update 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 4. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” This Update outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This Update is not applicable to revenue from leases. This Update supersedes most current revenue recognition guidance, including industry specific guidance, and 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, however, Griffin does not anticipate a significant impact on its consolidated financial statements from the application of this Update because the majority of Griffin’s revenues are from leases, which are not subject to this Update.

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Aug. 31, 2017
Fair Value
Schedule of financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:	August 31, 2017 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Interest rate swap assets $ — $ 18 $ — Interest rate swap liabilities $ — $ 2,447 $ — 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 $ 977 $ — $ — Interest rate swap asset $ — $ 207 $ — Interest rate swap liabilities $ — $ 1,892 $ —
Schedule of carrying and estimated fair values of financial instruments	Fair Value August 31, 2017 November 30, 2016 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value Financial assets: Cash and cash equivalents 1 $ 34,988 $ 34,988 $ 24,689 $ 24,689 Proceeds held in escrow 1 $ 91 $ 91 $ 3,535 $ 3,535 Marketable equity securities 1 $ — $ — $ 977 $ 977 Interest rate swaps 2 $ 18 $ 18 $ 207 $ 207 Financial liabilities: Mortgage loans, net of debt issuance costs 2 $ 131,564 $ 132,897 $ 109,697 $ 111,103 Interest rate swaps 2 $ 2,447 $ 2,447 $ 1,892 $ 1,892
Schedule of nonfinancial assets and liabilities carried at fair value and measured at fair value	Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Real estate assets $ — $ 16,789 $ — Intangible assets $ — $ — $ 1,651

Real Estate Assets (Tables)

Real Estate Assets (Tables)	9 Months Ended
	Aug. 31, 2017
Real Estate Assets
Schedule of real estate assets, excluding those held for sale	Estimated Useful Lives Aug. 31, 2017 Nov. 30, 2016 Land $ 20,403 $ 17,895 Land improvements 10 to 30 years 28,539 27,592 Buildings and improvements 10 to 40 years 179,788 164,353 Tenant improvements Shorter of useful life or terms of related lease 26,590 21,925 Machinery and equipment 3 to 20 years 11,022 11,022 Construction in progress 5,266 1,659 Development costs 14,779 14,615 Accumulated depreciation $ 193,523 $ 172,260
Schedule of total depreciation expense and capitalized interest related to real estate assets	For the Three Months Ended For the Nine Months Ended Aug. 31, 2017 Aug. 31, 2016 Aug. 31, 2017 Aug. 31, 2016 Depreciation expense $ 2,283 $ 1,974 $ 6,490 $ 5,756 Capitalized interest $ 26 $ 57 $ 26 $ 274
Schedule of real estate held for sale	Aug. 31, 2017 Nov. 30, 2016 Land $ 1,256 $ 264 Land improvements 354 — Development costs 1,074 2,728 $ 2,684 $ 2,992

Mortgage Loans (Tables)

Mortgage Loans (Tables)	9 Months Ended
	Aug. 31, 2017
Mortgage Loans
Schedule of mortgage loans	Aug. 31, 2017 Nov. 30, 2016 Variable rate, due October 2, 2017 * $ 5,892 $ 6,034 Variable rate, due February 1, 2019 * — 10,313 Variable rate, due January 27, 2020 * 3,510 3,606 Variable rate, due January 2, 2025 * 20,353 20,744 Variable rate, due May 1, 2026 * 13,930 14,187 Variable rate, due November 17, 2026 * 26,241 26,725 Variable rate, due March 1, 2027 * 11,891 — Variable rate, due August 1, 2027 * 10,581 — 3.97%, due September 1, 2027 12,150 — 5.09%, due July 1, 2029 6,700 7,001 5.09%, due July 1, 2029 4,694 4,905 4.33%, due August 1, 2030 17,388 17,624 Nonrecourse mortgage loans prior to debt issuance costs 133,330 111,139 Debt issuance costs, net (1,766) (1,442) Nonrecourse mortgage loans, net $ 131,564 $ 109,697 *Griffin entered into interest rate swap agreements to effectively fix the interest rates on these loans (see below).

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Aug. 31, 2017
Stockholders' Equity
Schedule of basic and diluted per share results	For the Three Months Ended For the Nine Months Ended Aug. 31, 2017 Aug. 31, 2016 Aug. 31, 2017 Aug. 31, 2016 Net income (loss) $ 1,329 $ (49) $ 5,117 $ (763) Weighted average shares outstanding for computation of basic per share results 5,001,000 5,013,000 Incremental shares from assumed exercise of Griffin stock options (a) 27,000 — 24,000 — Adjusted weighted average shares for computation of diluted per share results 5,028,000 5,093,000 5,037,000 5,132,000 (a) Incremental shares from the assumed exercise of Griffin stock options are not included in periods where the inclusion of such shares would be anti-dilutive. The incremental shares from the assumed exercise of stock options for the 2016 third quarter and 2016 nine month period would have been 23,000 and 2,000, respectively.
Schedule of options granted to employees	For the Nine Months Ended Aug. 31, 2017 Aug. 31, 2016 Fair Value per Fair Value per Number of Option at Number of Option at Shares Grant Date Shares Grant Date Employees 5,000 $ 11.13 101,450 $ 7.51 - 11.65 Non-employee directors 6,570 $ 13.49 8,409 $ 11.30 11,570 109,859
Schedule of assumptions used in determining fair values of options	For the Nine Months Ended Aug. 31, 2017 Aug. 31, 2016 Expected volatility 32.7 to 39.6 % 32.9 to 41.1 % Risk free interest rates 2.1 to 2.2 % 1.2 to 1.5 % Expected option term (in years) 7.5 to 8.5 5 to 8.5 Annual dividend yield 0.8 to 0.9 % 0.9 %
Schedule of option holders	Number of option holders at August 31, 2017 31
Schedule of compensation expense and related tax benefits for stock options	For the Three Months Ended For the Nine Months Ended Aug. 31, 2017 Aug. 31, 2016 Aug. 31, 2017 Aug. 31, 2016 Compensation expense $ 90 $ 71 $ 260 $ 185 Related tax benefit $ 19 $ 17 $ 59 $ 41
Schedule of unrecognized compensation expense related to nonvested stock options	Balance of Fiscal 2017 $ 90 Fiscal 2018 $ 340 Fiscal 2019 $ 234 Fiscal 2020 $ 112 Fiscal 2021 $ 34
Summary of the activity under the Griffin Stock Option Plan	For the Nine Months Ended August 31, 2017 August 31, 2016 Weighted Weighted Avg. Avg. Number of Exercise Number of Exercise Shares Price Shares Price Outstanding at beginning of period 324,546 $ 29.23 225,727 $ 30.47 Granted 11,570 $ 30.59 109,859 $ 26.83 Forfeited (2,354) $ 36.82 (11,040) $ 30.73 Outstanding at end of period 333,762 $ 29.22 324,546 $ 29.23
Schedule of options by range of exercise prices	Weighted Avg. Remaining Range of Exercise Prices for Outstanding at Weighted Avg. Contractual Life Total Intrinsic Vested and Nonvested Options August 31, 2017 Exercise Price (in years) Value $23.00 - $28.00 124,543 $ 26.67 8.2 $ 957 $28.00 - $32.00 128,248 $ 29.07 4.3 677 $32.00 - $39.00 80,971 $ 33.40 1.1 77 333,762 $ 29.22 5.0 $ 1,711
Schedule of accumulated other comprehensive loss	For the Nine Months Ended Aug. 31, 2017 Unrealized gain Unrealized loss on on investment in cash flow hedges Centaur Media Total Balance November 30, 2016 $ (1,062) $ 13 $ (1,049) Other comprehensive (loss) income before reclassifications (1,322) 159 (1,163) Amounts reclassified 636 (172) 464 Net activity for other comprehensive loss (686) (13) (699) Balance August 31, 2017 $ (1,748) $ — $ (1,748) For the Nine Months Ended Aug. 31, 2016 Unrealized gain Unrealized loss on on investment in cash flow hedges Centaur Media Total Balance November 30, 2015 $ (1,744) $ 659 $ (1,085) Other comprehensive loss before reclassifications (1,825) (593) (2,418) Amounts reclassified 646 — 646 Net activity for other comprehensive loss (1,179) (593) (1,772) Balance August 31, 2016 $ (2,923) $ 66 $ (2,857)
Schedule of components of accumulated other comprehensive income (loss)	For the Three Months Ended August 31, 2017 August 31, 2016 Tax Tax (Expense) Net-of (Expense) Net-of Pre-Tax Benefit Tax Pre-Tax Benefit Tax Reclassifications included in net income (loss): Loss on cash flow hedges (interest expense) $ 326 $ (117) $ 209 $ 348 $ (129) $ 219 Realized gain on sale of Centaur Media (gain on sale) (281) 109 (172) — — — Total reclassifications included in net income (loss) 45 (8) 37 348 (129) 219 Mark to market adjustment on Centaur Media for a decrease in the foreign currency exchange rate (11) 3 (8) (108) 37 (71) Mark to market adjustment on Centaur Media for a decrease in fair value (39) 14 (25) (283) 100 (183) Decrease in fair value adjustments on Griffin’s cash flow hedges (1,087) 390 (697) (1,129) 419 (710) Total change in other comprehensive loss (1,137) 407 (730) (1,520) 556 (964) Other comprehensive loss $ (1,092) $ 399 $ (693) $ (1,172) $ 427 $ (745) For the Nine Months Ended August 31, 2017 August 31, 2016 Tax Tax (Expense) Net-of (Expense) Net-of Pre-Tax Benefit Tax Pre-Tax Benefit Tax Reclassifications included in net income (loss): Loss on cash flow hedges (interest expense) $ 1,007 $ (371) $ 636 $ 1,025 $ (379) $ 646 Realized gain on sale of Centaur Media (gain on sale) (281) 109 (172) — — — Total reclassifications included in net income (loss) 726 (262) 464 1,025 (379) 646 Mark to market adjustment on Centaur Media for an increase (decrease) in the foreign currency exchange rate 25 (9) 16 (181) 63 (118) Mark to market adjustment on Centaur Media for an increase (decrease) in fair value 220 (77) 143 (731) 256 (475) Decrease in fair value adjustments on Griffin’s cash flow hedges (2,052) 730 (1,322) (2,898) 1,073 (1,825) Total change in other comprehensive loss (1,807) 644 (1,163) (3,810) 1,392 (2,418) Other comprehensive loss $ (1,081) $ 382 $ (699) $ (2,785) $ 1,013 $ (1,772)

Supplemental Financial Statem22

Supplemental Financial Statement Information (Tables)	9 Months Ended
	Aug. 31, 2017
Supplemental Financial Statement Information
Schedule of fair value, cost and unrealized gain of Griffin's investment in Centaur Media	Nov. 30, 2016 Fair value $ 977 Cost 1,014 Unrealized loss $
Schedule of other assets	Aug. 31, 2017 Nov. 30, 2016 Deferred rent receivable $ 5,190 $ 4,474 Deferred leasing costs 4,682 4,746 Prepaid expenses 4,369 2,333 Intangible assets, net 1,790 247 Lease receivables from tenants 1,242 369 Mortgage escrows 751 717 Property and equipment, net 290 280 Deposits and other expenditures related to potential real estate acquisitions 68 497 Deferred financing costs related to the Webster Credit Line 64 117 Interest rate swap assets 18 207 Available-for-sale securities — 977 Other 132 199 Total other assets $ 18,596 $ 15,163
Schedule of accounts payable and accrued liabilities	Aug. 31, 2017 Nov. 30, 2016 Accrued construction costs and retainage $ 3,009 $ 1,252 Accrued interest payable 454 390 Accrued salaries, wages and other compensation 430 725 Trade payables 353 573 Accrued lease commissions 149 487 Other 702 713 Total accounts payable and accrued liabilities $ 5,097 $ 4,140
Schedule of other liabilities	Aug. 31, 2017 Nov. 30, 2016 Deferred compensation plan $ 4,846 $ 4,334 Interest rate swap liabilities 2,447 1,892 Prepaid rent from tenants 1,078 938 Security deposits of tenants 583 413 Conditional asset retirement obligations 288 288 Land sale deposit 155 — Other 75 78 Total other liabilities $ 9,472 $ 7,943
Schedule of interest payments	For the Three Months Ended For the Nine Months Ended Aug. 31, 2017 Aug. 31, 2016 Aug. 31, 2017 Aug. 31, 2016 $ 1,309 $ 1,098 $ 3,861 $ 3,334

Fair Value (Details)

Fair Value (Details) $ in Thousands	Jun. 09, 2017ft²	Aug. 31, 2017USD ($)	Nov. 30, 2016USD ($)
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Assets, transfers from Level 1 to Level 2		$ 0
Liabilities, transfers from Level 1 to Level 2		0
Assets, transfers from Level 2 to Level 1		0
Liabilities, transfers from Level 2 to Level 1		0
Marketable equity securities			$ 977
Interest rate swaps		2,447	1,892
215 International
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Area Of Building | ft²	277,000
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
Recurring basis | Level 2
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Interest rate swaps		18	207
Interest rate swaps		$ 2,447	$ 1,892

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities (Details) - USD ($) $ in Thousands	Aug. 31, 2017	Jun. 09, 2017	Nov. 30, 2016
Financial assets:
Proceeds held in escrow	$ 91		$ 3,535
Marketable equity securities			977
Financial liabilities:
Interest rate swaps	2,447		1,892
215 International
Nonfinancial assets:
Real estate assets fair value		$ 16,789
Intangible assets fair value		1,651
Level 2
Nonfinancial assets:
Real estate assets fair value		16,789
Level 3
Nonfinancial assets:
Intangible assets fair value		$ 1,651
Carrying Value | Level 1
Financial assets:
Cash and cash equivalents	34,988		24,689
Proceeds held in escrow	91		3,535
Marketable equity securities			977
Carrying Value | Level 2
Financial assets:
Interest rate swaps	18		207
Financial liabilities:
Mortgage loans, net of debt issuance costs	131,564		109,697
Interest rate swaps	2,447		1,892
Estimated Fair Value | Level 1
Financial assets:
Cash and cash equivalents	34,988		24,689
Proceeds held in escrow	91		3,535
Marketable equity securities			977
Estimated Fair Value | Level 2
Financial assets:
Interest rate swaps	18		207
Financial liabilities:
Mortgage loans, net of debt issuance costs	132,897		111,103
Interest rate swaps	$ 2,447		$ 1,892

Real Estate Assets (Details)

Real Estate Assets (Details) $ in Thousands	Sep. 05, 2017USD ($)ft²	Aug. 24, 2017USD ($)aft²	Aug. 04, 2017USD ($)a	Jun. 09, 2017USD ($)ft²	Apr. 28, 2017USD ($)a	Sep. 30, 2017USD ($)a	Aug. 31, 2017USD ($)a	Aug. 31, 2016USD ($)	May 31, 2016USD ($)	Aug. 31, 2017USD ($)a	Aug. 31, 2016USD ($)	Nov. 30, 2016USD ($)	Nov. 30, 2013USD ($)a	Aug. 31, 2017USD ($)a	Aug. 31, 2017USD ($)a
Real Estate Assets
Land							$ 20,403			$ 20,403		$ 17,895		$ 20,403	$ 20,403
Land improvements							28,539			28,539		27,592		28,539	28,539
Buildings and improvements							179,788			179,788		164,353		179,788	179,788
Tenant improvements							26,590			26,590		21,925		26,590	26,590
Machinery and equipment							11,022			11,022		11,022		11,022	11,022
Construction in progress							5,266			5,266		1,659		5,266	5,266
Development costs							14,779			14,779		14,615		14,779	14,779
Real estate assets, gross							286,387			286,387		259,061		286,387	286,387
Accumulated depreciation							(92,864)			(92,864)		(86,801)		(92,864)	(92,864)
Real estate assets, net							193,523			193,523		172,260		$ 193,523	$ 193,523
Depreciation expense							2,283	$ 1,974		6,490	$ 5,756
Capitalized interest							$ 26	57		$ 26	274
Sales
Number of acres sold | a							29			29				29	29
Cash received on sale of land										$ 3,535
Deferred revenue							$ 12,302			12,302		9,526		$ 12,302	$ 12,302
Cash paid for building										10,964	13,365
Rental revenue							7,759	6,514		22,070	19,998
Value of real estate assets reclassified as held for sale										1,757
Value of real estate assets reclassified out of held for sale due to sale										2,065
Tenant bankruptcy
Sales
Rental revenue							279
Real estate assets held for sale
Real Estate Assets
Land							1,256			1,256		264		1,256	1,256
Land improvements							354			354				354	354
Development costs							1,074			1,074		2,728		1,074	1,074
Real estate assets, net							$ 2,684			2,684		$ 2,992		$ 2,684	2,684
Subsequent events
Sales
Number of acres | a						22
Cash paid for building						$ 2,600
Subsequent events | Tenant bankruptcy
Sales
Area Of Building | ft²	100,000
Area Of Leased Space | ft²	52,000
Termination fee	$ 200
215 International
Sales
Cash received on sale of land				$ 9,711
Area Of Building | ft²				277,000
Cash paid for building				$ 18,440
Acquisition costs				$ 71
Leased area (as a percent)				74.00%
Additional leased space | ft²				73,000
Real estate assets fair value				$ 16,789
Intangible assets fair value				$ 1,651
Upper Macungie Township Lehigh County PA Site [Member]
Sales
Number of acres | a		14
Area Of Building | ft²		134,000
Cash paid for building		$ 1,800
Southwick Ma Site [Member]
Sales
Number of acres sold | a			76
Cash received on sale of land			$ 2,100
Proceeds from land sale deposited in escrow			1,943
Pretax gain on land sale			$ 1,890
Windsor undeveloped land sale
Sales
Number of acres sold | a					67								90
Cash received on sale of land					$ 10,250								$ 8,968
Number of acres | a					268
Proceeds from land sale deposited in escrow					$ 9,711
Revenue from property sales								751		104	473				8,968
Reduction of revenue									$ (278)
Pretax gain on land sale					$ 7,975			$ 558		$ 66	$ 280				$ 6,674
Land improvements | Minimum
Real Estate Assets
Estimated Useful Lives														10 years
Land improvements | Maximum
Real Estate Assets
Estimated Useful Lives										30 years		30 years
Buildings and improvements | Minimum
Real Estate Assets
Estimated Useful Lives										10 years		10 years
Buildings and improvements | Maximum
Real Estate Assets
Estimated Useful Lives										40 years		40 years
Machinery and equipment. | Minimum
Real Estate Assets
Estimated Useful Lives										3 years		3 years
Machinery and equipment. | Maximum
Real Estate Assets
Estimated Useful Lives										20 years		20 years

Mortgage Loan (Details)

Mortgage Loan (Details) $ in Thousands

Sep. 22, 2017USD ($)ft²building

Aug. 30, 2017USD ($)

Jul. 14, 2017USD ($)ft²

Mar. 15, 2017USD ($)ft²building

Nov. 17, 2016USD ($)ft²derivative

Apr. 26, 2016USD ($)ft²building

Dec. 11, 2015USD ($)ft²derivativesubsidiary

Dec. 10, 2015USD ($)subsidiary

Sep. 01, 2015USD ($)ft²

Dec. 31, 2014USD ($)ft²

Aug. 31, 2017USD ($)ft²item

Aug. 31, 2016USD ($)

Sep. 21, 2017USD ($)

Nov. 30, 2016USD ($)

Nov. 30, 2009

Long-Term Debt

Mortgage loans, prior to debt issuance costs

$ 133,330

$ 111,139

Debt issuance costs, net

(1,766)

(1,442)

Mortgage loans, net

131,564

109,697

Debt disclosures

Other assets

18,596

15,163

Payment for termination of interest rate swap agreement

341

Proceeds from issuance of debt

34,750

$ 18,800

Funds placed in (returned from) escrow

(600)

Ineffectiveness on cash flow hedges

0

Anticipated ineffectiveness on cash flow hedges

0

Net fair value of interest rate swap agreements

2,429

Other assets

Debt disclosures

Net fair value of interest rate swap agreements

18

Other liabilities caption

Debt disclosures

Net fair value of interest rate swap agreements

2,447

Accounting Standards Update 2015-03 [Member] | Restatement Adjustment [Member]

Long-Term Debt

Mortgage loans, net

(1,442)

Debt disclosures

Other assets

(1,442)

Nonrecourse variable rate loans, due October 2, 2017

Long-Term Debt

Mortgage loans, prior to debt issuance costs

5,892

6,034

Mortgage loans, net

$ 5,876

Debt disclosures

Number of buildings used as collateral | building

2

Area of collateralized properties (in square feet) | ft²

161,000

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

3.86%

Cash on hand

$ 1,000

Prepayment using funds released from escrow

501

Nonrecourse variable rate loans, due February 1, 2019

Long-Term Debt

Mortgage loans, prior to debt issuance costs

10,313

Mortgage loans, net

$ 10,120

Debt disclosures

Area of collateralized properties (in square feet) | ft²

304,000

Variable interest rate margin (as a percent)

2.75%

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

6.35%

Nonrecourse variable rate loans, due August 1, 2019

Long-Term Debt

Mortgage loans, prior to debt issuance costs

$ 7,418

Debt disclosures

Number of buildings used as collateral | building

4

Area of collateralized properties (in square feet) | ft²

240,000

Nonrecourse variable rate loans, due January 27, 2020

Long-Term Debt

Mortgage loans, prior to debt issuance costs

3,510

3,606

Nonrecourse variable rate loans, due January 2, 2025

Long-Term Debt

Mortgage loans, prior to debt issuance costs

20,353

20,744

Debt disclosures

Proceeds from issuance of debt

$ 10,891

Term of debt

10 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

Debt disclosures

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

Debt amount refinanced

$ 13,725

Nonrecourse variable rate mortgage, due May 1, 2026

Long-Term Debt

Mortgage loans, prior to debt issuance costs

13,930

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 November 17, 2026

Long-Term Debt

Mortgage loans, prior to debt issuance costs

26,241

26,725

Nonrecourse variable rate mortgage, due March 1, 2027

Long-Term Debt

Mortgage loans, prior to debt issuance costs

11,891

Nonrecourse variable rate mortgage, due August 1, 2027

Long-Term Debt

Mortgage loans, prior to debt issuance costs

10,581

Debt disclosures

New mortgage

$ 10,600

Variable interest rate margin (as a percent)

2.05%

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

4.39%

Payment for termination of interest rate swap agreement

$ 341

Term of debt

10 months

Amortization period of debt

25 years

3.97%, due September 1, 2027

Long-Term Debt

Mortgage loans, prior to debt issuance costs

$ 12,150

$ 12,150

Interest rate (as a percent)

3.97%

3.97%

Debt disclosures

Term of debt

10 years

5.09%, due July 1, 2029 GCD mortgage loan

Long-Term Debt

Mortgage loans, prior to debt issuance costs

$ 6,700

7,001

Interest rate (as a percent)

5.09%

5.09%, due July 1, 2029 TD mortgage Loan

Long-Term Debt

Mortgage loans, prior to debt issuance costs

$ 4,694

4,905

Interest rate (as a percent)

5.09%

4.33%, due August 1, 2030 mortgage loan

Long-Term Debt

Mortgage loans, prior to debt issuance costs

$ 17,388

$ 17,624

Interest rate (as a percent)

4.33%

2017 PUB Mortgage

Debt disclosures

New mortgage

$ 12,000

Number of buildings used as collateral | building

2

Area of collateralized properties (in square feet) | ft²

275,000

Term of debt

10 years

Amortization period of debt

25 years

Number of buildings subject to master lease | building

1

2017 Webster Loan

Long-Term Debt

Mortgage loans, prior to debt issuance costs

$ 4,375

Debt disclosures

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

4.72%

Term of debt

5 years

Amortization period of debt

25 years

First Collateralized Property | Nonrecourse variable rate loans, due January 2, 2025

Debt disclosures

Area of collateralized properties (in square feet) | ft²

303,000

First Collateralized Property | Nonrecourse variable rate mortgage, due September 1, 2025

Debt disclosures

Area of collateralized properties (in square feet) | ft²

280,000

First Collateralized Property | Nonrecourse variable rate mortgage, due May 1, 2026

Debt disclosures

Leased space | ft²

58,000

Second Collateralized Property | Nonrecourse variable rate loans, due January 2, 2025

Debt disclosures

Area of collateralized properties (in square feet) | ft²

228,000

Leased space | ft²

201,000

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 May 1, 2026

Debt disclosures

Leased space | ft²

40,000

Interest rate swap agreement

Debt disclosures

Number of agreements containing credit risk related contingent features | item

0

Recognized net losses (included in other comprehensive loss), before taxes, on interest rate swap agreements

$ 1,045

$ 2,898

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

$ 1,101

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

2

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 May 1, 2026

Debt disclosures

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

4.17%

Interest rate swap agreement | 2017 PUB Mortgage

Debt disclosures

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

4.45%

Notional amount of interest rate swap agreement

$ 12,000

Nonrecourse Mortgage, Proceeds Excluding Contingent Portion [Member] | Nonrecourse variable rate mortgage, due September 1, 2025

Debt disclosures

Proceeds from issuance of debt

$ 11,500

Nonrecourse Mortgage, Proceeds Excluding Contingent Portion [Member] | Second Collateralized Property | Nonrecourse variable rate loans, due January 2, 2025

Debt disclosures

Leased space | ft²

102,000

Nonrecourse Mortgage, Contingent Portion [Member] | Nonrecourse variable rate loans, due January 2, 2025

Debt disclosures

Proceeds from issuance of debt

$ 1,850

Nonrecourse Mortgage, Contingent Portion [Member] | Nonrecourse variable rate mortgage, due September 1, 2025

Debt disclosures

Proceeds from issuance of debt

$ 2,600

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

Debt disclosures

Variable interest rate margin (as a percent)

3.08%

LIBOR | Nonrecourse variable rate loans, due January 2, 2025

Debt disclosures

Variable interest rate margin (as a percent)

1.95%

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

Debt disclosures

Variable interest rate margin (as a percent)

1.70%

LIBOR | Nonrecourse variable rate mortgage, due May 1, 2026

Debt disclosures

Variable interest rate margin (as a percent)

2.00%

LIBOR | 2017 PUB Mortgage

Debt disclosures

Variable interest rate margin (as a percent)

1.95%

LIBOR | 2017 Webster Loan

Debt disclosures

Variable interest rate margin (as a percent)

2.75%

Revolving Credit Agreement (Det

Revolving Credit Agreement (Details) - Webster Credit Line	9 Months Ended	57 Months Ended
	Aug. 31, 2017USD ($)ft²	Aug. 31, 2017USD ($)ft²
Revolving credit agreement
Maximum borrowing capacity	$ 15,000,000	$ 15,000,000
Proceeds from Lines of Credit		0
Standby letters of credit aggregate amount	$ 1,723,000	$ 1,723,000
Griffin Center South, Bloomfield, CT
Revolving credit agreement
Area of collateralized properties (in square feet) | ft²	235,000	235,000
Single-story office building in Griffin Center
Revolving credit agreement
Area of collateralized properties (in square feet) | ft²	48,000	48,000
LIBOR
Revolving credit agreement
Variable interest rate margin (as a percent)	2.75%

Stockholders' Equity - Per Shar

Stockholders' Equity - Per Share Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Per Share Results
Net Income (Loss)	$ 1,329	$ (49)	$ 5,117	$ (763)
Weighted average shares outstanding for computation of basic per share results	5,001,000	5,093,000	5,013,000	5,132,000
Incremental shares from assumed exercise of Griffin stock options	27,000		24,000
Adjusted weighted average shares for computation of diluted per share results	5,028,000	5,093,000	5,037,000	5,132,000
Incremental shares from assumed exercise of stock options excluded due to anti-dilutive effect		23,000		2,000

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Grants, Activity And Expense (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2017USD ($)individual$ / sharesshares	Aug. 31, 2016USD ($)$ / sharesshares	Aug. 31, 2017USD ($)individual$ / sharesshares	Aug. 31, 2016USD ($)$ / sharesshares
Other Disclosures
Number of option holders | individual	31		31
Compensation expense for stock options
Compensation expense (benefit) | $	$ 90	$ 71	$ 260	$ 185
Related tax benefit (expense) | $	19	$ 17	59	$ 41
Unrecognized compensation expense related to non-vested stock options that will be recognized during future periods
Balance of fiscal 2017 | $	90		90
Fiscal 2018 | $	340		340
Fiscal 2019 | $	234		234
Fiscal 2020 | $	112		112
Fiscal 2021 | $	$ 34		$ 34
2009 Stock Option Plan
2009 Stock Option Plan
Expiration term			10 years
Granted (in shares)			11,570	109,859
Assumptions used in determining the fair value of the stock options granted
Annual dividend yield (as a percent)				0.90%
Activity under the 2009 Stock Option Plan
Outstanding at beginning of period (in shares)			324,546	225,727
Granted (in shares)			11,570	109,859
Forfeited (in shares)			(2,354)	(11,040)
Outstanding at end of period (in shares)	333,762	324,546	333,762	324,546
Weighted Avg. Exercise Price
Outstanding at beginning of period (in dollars per share) | $ / shares			$ 29.23	$ 30.47
Granted (in dollars per share) | $ / shares			30.59	26.83
Forfeited (in dollars per share) | $ / shares			36.82	30.73
Outstanding at end of period (in dollars per share) | $ / shares	$ 29.22	$ 29.23	$ 29.22	$ 29.23
Other Disclosures
Number of options that may be exercised as stock appreciation rights	0		0
2009 Stock Option Plan | Non-employee directors
2009 Stock Option Plan
Granted (in shares)			6,570	8,409
Fair values of stock options granted (in dollars per share) | $ / shares			$ 13.49	$ 11.30
Compensation expense for stock options
Forfeiture rates (as a percent)			0.00%	0.00%
Activity under the 2009 Stock Option Plan
Granted (in shares)			6,570	8,409
2009 Stock Option Plan | Employee [Member]
2009 Stock Option Plan
Granted (in shares)			5,000	101,450
Fair values of stock options granted (in dollars per share) | $ / shares			$ 11.13
Activity under the 2009 Stock Option Plan
Granted (in shares)			5,000	101,450
Minimum | 2009 Stock Option Plan
Assumptions used in determining the fair value of the stock options granted
Expected volatility (as a percent)			32.70%	32.90%
Range of risk free interest rate (as a percent)			2.10%	1.20%
Expected option term (in years)			7 years 6 months	5 years
Annual dividend yield (as a percent)			0.80%
Minimum | 2009 Stock Option Plan | Executives
Compensation expense for stock options
Forfeiture rates (as a percent)			17.90%	17.90%
Minimum | 2009 Stock Option Plan | Employee [Member]
2009 Stock Option Plan
Fair values of stock options granted (in dollars per share) | $ / shares				$ 7.51
Compensation expense for stock options
Forfeiture rates (as a percent)			38.30%	38.30%
Maximum | 2009 Stock Option Plan
Assumptions used in determining the fair value of the stock options granted
Expected volatility (as a percent)			39.60%	41.10%
Range of risk free interest rate (as a percent)			2.20%	1.50%
Expected option term (in years)			8 years 6 months	8 years 6 months
Annual dividend yield (as a percent)			0.90%
Maximum | 2009 Stock Option Plan | Executives
Compensation expense for stock options
Forfeiture rates (as a percent)			22.60%	22.60%
Maximum | 2009 Stock Option Plan | Employee [Member]
2009 Stock Option Plan
Fair values of stock options granted (in dollars per share) | $ / shares				$ 11.65
Compensation expense for stock options
Forfeiture rates (as a percent)			41.10%	41.10%

Stockholders' Equity - Range Of

Stockholders' Equity - Range Of Exercise Prices (Details) - 2009 Stock Option Plan $ / shares in Units, $ in Thousands	9 Months Ended
	Aug. 31, 2017USD ($)$ / sharesshares
2009 Stock Option Plan
Outstanding at ending of the year (in shares) | shares	333,762
Weighted Avg. Exercise Price (in dollars per share)	$ 29.22
Weighted Avg. Remaining Contractual Life	5 years
Total Intrinsic Value | $	$ 1,711
$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	124,543
Weighted Avg. Exercise Price (in dollars per share)	$ 26.67
Weighted Avg. Remaining Contractual Life	8 years 2 months 12 days
Total Intrinsic Value | $	$ 957
$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	128,248
Weighted Avg. Exercise Price (in dollars per share)	$ 29.07
Weighted Avg. Remaining Contractual Life	4 years 3 months 18 days
Total Intrinsic Value | $	$ 677
$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	80,971
Weighted Avg. Exercise Price (in dollars per share)	$ 33.40
Weighted Avg. Remaining Contractual Life	1 year 1 month 6 days
Total Intrinsic Value | $	$ 77

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Change in accumulated other comprehensive loss, net of tax
Balance at beginning of period			$ 90,803	$ 94,809
Other comprehensive (loss) income before reclassifications	$ (730)	$ (964)	(1,163)	(2,418)
Reclassifications included in net income (loss)	37	219	464	646
Total other comprehensive loss, net of tax	(693)	(745)	(699)	(1,772)
Balance at end of period	94,007	90,508	94,007	90,508
Accumulated Other Comprehensive Loss
Change in accumulated other comprehensive loss, net of tax
Balance at beginning of period			(1,049)	(1,085)
Other comprehensive (loss) income before reclassifications			(1,163)	(2,418)
Reclassifications included in net income (loss)			464	646
Total other comprehensive loss, net of tax	(693)	(745)	(699)	(1,772)
Balance at end of period	(1,748)	(2,857)	(1,748)	(2,857)
Unrealized Gain (Loss) on Cash Flow Hedges
Change in accumulated other comprehensive loss, net of tax
Balance at beginning of period			(1,062)	(1,744)
Other comprehensive (loss) income before reclassifications	(697)	(710)	(1,322)	(1,825)
Reclassifications included in net income (loss)			636	646
Total other comprehensive loss, net of tax			(686)	(1,179)
Balance at end of period	$ (1,748)	(2,923)	(1,748)	(2,923)
Unrealized Gain (Loss) on Investment in Centaur Media
Change in accumulated other comprehensive loss, net of tax
Balance at beginning of period			13	659
Other comprehensive (loss) income before reclassifications			159	(593)
Reclassifications included in net income (loss)			(172)
Total other comprehensive loss, net of tax			$ (13)	(593)
Balance at end of period		$ 66		$ 66

Stockholders' Equity - AOCI T2

Stockholders' Equity - AOCI T2 rows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Accumulated other comprehensive loss
Reclassifications, before tax	$ 45	$ 348	$ 726	$ 1,025
Reclassifications, tax (expense) benefit	(8)	(129)	(262)	(379)
Reclassifications, net of tax	37	219	464	646
Other changes, before reclassifications, before tax	(1,137)	(1,520)	(1,807)	(3,810)
Other changes, before reclassifications, tax (expense) benefit	407	556	644	1,392
Total other changes before reclassifications, net of tax	(730)	(964)	(1,163)	(2,418)
Total other comprehensive loss, net of tax	(693)	(745)	(699)	(1,772)
Gain (Loss) on Investments [Member]
Accumulated other comprehensive loss
Reclassifications, before tax	(281)		(281)
Reclassifications, tax (expense) benefit	109		109
Reclassifications, net of tax	(172)		(172)
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss
Reclassifications, net of tax			464	646
Total other changes before reclassifications, net of tax			(1,163)	(2,418)
Total other comprehensive (loss) income, before tax	(1,092)	(1,172)	(1,081)	(2,785)
Total other comprehensive income (loss), tax	399	427	382	1,013
Total other comprehensive loss, net of tax	(693)	(745)	(699)	(1,772)
Mark-to-market foreign currency adjustment
Accumulated other comprehensive loss
Other changes, before reclassifications, before tax	(11)	(108)	25	(181)
Other changes, before reclassifications, tax (expense) benefit	3	37	(9)	63
Total other changes before reclassifications, net of tax	(8)	(71)	16	(118)
Mark-to-market fair value adjustment
Accumulated other comprehensive loss
Other changes, before reclassifications, before tax	(39)	(283)	220	(731)
Other changes, before reclassifications, tax (expense) benefit	14	100	(77)	256
Total other changes before reclassifications, net of tax	(25)	(183)	143	(475)
Unrealized Gain (Loss) on Cash Flow Hedges
Accumulated other comprehensive loss
Reclassifications, net of tax			636	646
Other changes, before reclassifications, before tax	(1,087)	(1,129)	(2,052)	(2,898)
Other changes, before reclassifications, tax (expense) benefit	390	419	730	1,073
Total other changes before reclassifications, net of tax	(697)	(710)	(1,322)	(1,825)
Total other comprehensive loss, net of tax			(686)	(1,179)
Unrealized Gain (Loss) on Cash Flow Hedges | Interest Expense [Member]
Accumulated other comprehensive loss
Reclassifications, before tax	326	348	(1,007)	(1,025)
Reclassifications, tax (expense) benefit	117	129	371	379
Reclassifications, net of tax	$ 209	$ 219	$ (636)	$ (646)

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchases, Cash Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		5 Months Ended	9 Months Ended		12 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	May 10, 2017	Aug. 31, 2017	Aug. 31, 2016	May 10, 2017	May 11, 2016
Stock Repurchases
Stock repurchased				$ 1,474	$ 1,951
Cash Dividend
Cash dividend paid	$ 1,514	$ 1,546		$ 1,514	$ 1,546
Cash dividends declared (in dollars per share)				$ 0	$ 0
Stock Repurchases
Stock Repurchases
Stock repurchase program, authorized amount							$ 5,000
Stock repurchased (in shares)			47,173			152,173
Stock repurchased			$ 1,474			$ 4,828

Supplemental Financial Statem34

Supplemental Financial Statement Information - AFS Securities (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Aug. 31, 2017	Aug. 31, 2017	Nov. 30, 2016
Investments
Shares of common stock held in Centaur Media	1,952,462	1,952,462
Proceeds from sale of shares	$ 1,216	$ 1,216
Gain on sale of common stock of Centaur Media plc	$ 275	$ 275
Investment in Centaur Media
Fair Value			$ 977
Cost			1,014
Unrealized (loss)			$ (37)

Supplemental Financial Statem35

Supplemental Financial Statement Information - Other And Intangible Assets (Details) - USD ($) $ in Thousands	Aug. 31, 2017	Nov. 30, 2016
Other Assets
Deferred rent receivable	$ 5,190	$ 4,474
Deferred leasing costs	4,682	4,746
Prepaid expenses	4,369	2,333
Intangible assets, net	1,790	247
Lease receivables from tenants	1,242	369
Mortgage escrows	751	717
Property and equipment, net	290	280
Deposits and other expenditures related to potential real estate acquisitions	68	497
Deferred financing costs related to the Webster Credit Line	64	117
Interest rate swap asset	18	207
Available for sale securities		977
Other	132	199
Total other assets	$ 18,596	$ 15,163

Supplemental Financial Statem36

Supplemental Financial Statement Information - Liabilities (Details) - USD ($) $ in Thousands	Aug. 31, 2017	Nov. 30, 2016
Accounts Payable and Accrued Liabilities
Accrued construction costs and retainage	$ 3,009	$ 1,252
Accrued interest payable	454	390
Accrued salaries, wages and other compensation	430	725
Trade payables	353	573
Accrued lease commissions	149	487
Other	702	713
Total accounts payable and accrued liabilities	5,097	4,140
Other Liabilities
Deferred compensation plan	4,846	4,334
Interest rate swap liabilities	2,447	1,892
Prepaid rent from tenants	1,078	938
Security deposits of tenants	583	413
Conditional asset retirement obligations	288	288
Land sale deposit	155
Other	75	78
Total other liabilities	$ 9,472	$ 7,943

Supplemental Financial Statem37

Supplemental Financial Statement Information - Cash flow, etc. (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2017USD ($)a	Aug. 31, 2016USD ($)	Aug. 31, 2017USD ($)a	Aug. 31, 2016USD ($)
Supplemental Cash Flow Information
Cash received on sale of land			$ 3,535
Number of acres sold | a	29		29
Increase (decrease) in value of available-for-sale securities: Investment in Centaur Media Plc			$ 245	$ (912)
Increase (decrease) in accounts payable and accrued liabilities related to additions to real estate assets			1,757	293
Interest paid
Interest payments	$ 1,309	$ 1,098	$ 3,861	$ 3,334
Income Taxes
Effective income tax (benefit) rate (as a percent)			35.40%	(21.20%)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	May 05, 2017USD ($)a	Jan. 25, 2016USD ($)a	Feb. 28, 2017USD ($)	Aug. 31, 2017USD ($)ft²
Agreement to sell
Commitments and Contingencies
Purchase obligations		$ 7,700
Purchase Option Term		3 months
Agreement Term of Extension		3 years
Agreement Extension Fee			$ 80
Number of acres | a		280
Obligations For Investments In Real Estate Assets [Member]
Commitments and Contingencies
Purchase obligations				$ 3,712
Area Of Building | ft²				137,000
East Granby And Windsor Ct Site [Member] | Agreement to sell
Commitments and Contingencies
Purchase Option Term	3 months
Number of acres to be sold | a	288
Sale price	$ 7,800

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Sep. 05, 2017ft²	Sep. 30, 2017USD ($)a	Aug. 31, 2017USD ($)	Aug. 31, 2016USD ($)
Subsequent events
Cash paid for building | $			$ 10,964	$ 13,365
Subsequent events
Subsequent events
Number of acres | a		22
Cash paid for building | $		$ 2,600
Subsequent events | Tenant bankruptcy
Subsequent events
Area Of Building | ft²	100,000
Area of leased space | ft²	52,000