INDUS Realty Trust (INDT) 10-Q 9 Apr 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Feb. 28, 2018	Mar. 30, 2018
Document and Entity Information
Entity Registrant Name	GRIFFIN INDUSTRIAL REALTY, INC.
Entity Central Index Key	1,037,390
Document Type	10-Q
Document Period End Date	Feb. 28, 2018
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		5,001,006
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 28, 2018	Nov. 30, 2017
ASSETS
Real estate assets at cost, net	$ 196,561	$ 196,740
Cash and cash equivalents	33,260	30,068
Real estate held for sale	1,864	1,932
Deferred income taxes	1,388	1,904
Other assets	19,792	18,393
Total assets	252,865	249,037
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage loans, net of debt issuance costs	135,230	129,203
Deferred revenue	11,009	11,818
Accounts payable and accrued liabilities	4,758	4,991
Dividend payable		2,000
Other liabilities	7,428	7,972
Total liabilities	158,425	155,984
Commitments and Contingencies (Note 8)
Stockholders' Equity
Common stock, par value $0.01 per share, 10,000,000 shares authorized, 5,546,500 and 5,541,029 shares issued, respectively, and 5,001,006 and 5,000,535 shares outstanding, respectively	55	55
Additional paid-in capital	109,046	108,770
Retained earnings	1,998	2,806
Accumulated other comprehensive income (loss), net of tax	1,821	(284)
Treasury stock, at cost, 545,494 and 540,494 shares, respectively	(18,480)	(18,294)
Total stockholders' equity	94,440	93,053
Total liabilities and stockholders' equity	$ 252,865	$ 249,037

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Feb. 28, 2018	Nov. 30, 2017
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	5,546,500	5,541,029
Common stock, shares outstanding	5,001,006	5,000,535
Treasury stock, shares	545,494	540,494

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Consolidated Statements of Operations
Rental revenue	$ 8,180	$ 6,979
Revenue from property sales	125
Total revenue	8,305	6,979
Operating expenses of rental properties	2,677	2,485
Depreciation and amortization expense	2,818	2,350
General and administrative expenses	2,137	2,230
Costs related to property sales	89
Total expenses	7,721	7,065
Operating income (loss)	584	(86)
Interest expense	(1,532)	(1,313)
Investment income	15	9
Loss before income tax (provision) benefit	(933)	(1,390)
Income tax (provision) benefit	(790)	451
Net loss	$ (1,723)	$ (939)
Basic net loss per common share:
Basic net loss per common share (in dollars per share)	$ (0.34)	$ (0.19)
Diluted net loss per common share:
Diluted net income per common share (in dollars per share)	$ (0.34)	$ (0.19)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Consolidated Statements of Comprehensive Income (Loss)
Net loss	$ (1,723)	$ (939)
Other comprehensive income, net of tax:
Reclassifications included in net loss	192	209
Unrealized gain on cash flow hedges	1,949	204
Increase in fair value of Centaur Media plc		127
Total other comprehensive income, net of tax	2,141	540
Total comprehensive income (loss)	$ 418	$ (399)

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, 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		82				82
Repurchase of common stock					(1,474)	(1,474)
Net loss			(939)			(939)
Total other comprehensive income (loss), net of tax				540		540
Balance at end of period at Feb. 28, 2017	$ 55	108,520	(760)	(509)	(18,294)	89,012
Balance (in shares) at Feb. 28, 2017	5,541,029
Balance at beginning of period at Nov. 30, 2017	$ 55	108,770	2,806	(284)	(18,294)	93,053
Balance (in shares) at Nov. 30, 2017	5,541,029
Increase (Decrease) in Stockholders' Equity
Stock-based compensation		90				90
Exercise of stock options, including shares tendered related to stock options exercised		186			(186)
Exercise of stock options, including shares tendered related to stock options exercised (in shares)	5,471
Net loss			(1,723)			(1,723)
Total other comprehensive income (loss), net of tax				2,141		2,141
Balance at end of period at Feb. 28, 2018	$ 55	$ 109,046	1,998	1,821	$ (18,480)	94,440
Balance (in shares) at Feb. 28, 2018	5,546,500
Increase (Decrease) in Stockholders' Equity
Adoption of ASU | ASU 2016-09			879			$ 879
Adoption of ASU | ASU 2018-02			$ 36	$ (36)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Operating activities:
Net loss	$ (1,723)	$ (939)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	2,818	2,350
Deferred income taxes	790	(451)
Stock-based compensation expense	90	82
Amortization of debt issuance costs	70	64
Gain on sales of property	(36)
Amortization of terminated swap agreement	58
Changes in assets and liabilities:
Other assets	318	(1,043)
Accounts payable and accrued liabilities	(249)	(295)
Deferred revenue	(809)	654
Other liabilities	67	571
Net cash provided by operating activities	1,394	993
Investing activities:
Additions to real estate assets	(2,270)	(2,233)
Proceeds from sales of property, net of expenses	103
Deferred leasing costs and other	(101)	(336)
Proceeds from property sale returned from escrow	91
Net cash used in investing activities	(2,177)	(2,569)
Financing activities:
Proceeds from mortgage loans	18,781
Principal payments on mortgage loans	(12,639)	(771)
Dividends paid to stockholders	(2,000)	(1,514)
Payment of debt issuance costs	(167)	(14)
Repurchase of common stock		(594)
Net cash provided by (used in) financing activities	3,975	(2,893)
Net increase (decrease) in cash and cash equivalents	3,192	(4,469)
Cash and cash equivalents at beginning of period	30,068	24,689
Cash and cash equivalents at end of period	$ 33,260	$ 20,220

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Feb. 28, 2018
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 seeks to add to its property portfolio through the acquisition and development of land or purchase of buildings in select markets targeted by Griffin. 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, 2017 (“fiscal 2017”) included in Griffin’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 8, 2018. 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, 2017 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 and valuation of derivative instruments. Griffin bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by Griffin may differ materially and adversely from Griffin’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. As of February 28, 2018, 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 February 28, 2018 (the “2018 first quarter”) are not necessarily indicative of the results to be expected for the full year. The three months ended February 28, 2017 are referred to herein as the “2017 first quarter.” Recent Adopted Accounting Pronouncements In February 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-02, “Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which is intended to eliminate the stranded tax effects within Accumulated Other Comprehensive Income (“AOCI”) resulting from the Tax Cuts and Jobs Act (“TCJA”) that was enacted on December 22, 2017. The effective date of ASU 2018-02 is for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years with early adoption permitted for public entities for which financial statements have not yet been released. Griffin elected to early adopt and apply the provisions of ASU 2018-02 in the 2018 first quarter. This adoption resulted in a one-time reclassification of the effect of re-measuring Griffin’s net deferred tax assets related to interest rate swap agreements within AOCI and retained earnings resulting from the reduction in the U.S. federal statutory tax rate from 35% to 21%. The reclassification resulted in a decrease to AOCI and an increase to retained earnings of $36 in the 2018 first quarter, with no net impact to total stockholders’ equity. In May 2017, the FASB issued 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 became effective for Griffin in the 2018 first quarter and was applied on a prospective basis. The adoption of ASU No. 2017-09 did not have an 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 became effective for Griffin in the 2018 first quarter. The adoption of ASU 2017-01 did not have an impact on Griffin’s 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 became effective for Griffin in the 2018 first quarter. Griffin recorded a deferred tax asset of $879 with a corresponding increase in retained earnings upon adoption. The adoption of ASU 2016-09 did not affect the classification of any current awards and did not have a retrospective impact on Griffin’s cash flows as no tax benefits from stock options were recognized in the periods presented. Griffin will continue its policy of estimating the forfeiture rate of options. Recent Accounting Pronouncements Not Yet Adopted In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” which is intended to improve the financial reporting for hedging relationships to better represent the economic results of a company’s risk management activities in its financial statements and make certain targeted improvements to simplify the application of the hedge accounting guidance. This Update will make more financial and nonfinancial hedging strategies eligible for hedge accounting, amend the presentation and disclosure requirements and change how entities assess effectiveness. This Update will become effective for Griffin in fiscal 2020. 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 is allowed. Griffin is evaluating the impact that the application of this Update will have on its consolidated financial statements. 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. 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 for lease revenue because revenue from leases are not subject to this Update. Griffin is evaluating the impact that the application of this Update will have on its consolidated financial statements.

Fair Value

Fair Value	3 Months Ended
	Feb. 28, 2018
Fair Value
Fair Value	2. Fair Value Griffin applies the provisions of FASB ASC 820, “Fair Value Measurement” (“ASC 820”), which establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset’s or liability’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 establishes three levels of inputs that may be used to measure fair value, as follows: Level 1 applies to assets or liabilities for which there are quoted market prices in active markets for identical assets or liabilities. Griffin’s available-for-sale securities were considered Level 1 within the fair value hierarchy prior to their sale in fiscal 2017 (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. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. During the 2018 first quarter, 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: February 28, 2018 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Interest rate swap assets $ — $ 2,726 $ — Interest rate swap liabilities $ — $ 239 $ — November 30, 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 $ — $ 644 $ — Interest rate swap liabilities $ — $ 845 $ — The carrying and estimated fair values of Griffin’s financial instruments are as follows: Fair Value February 28, 2018 November 30, 2017 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value Financial assets: Cash and cash equivalents 1 $ 33,260 $ 33,260 $ 30,068 $ 30,068 Proceeds held in escrow 1 $ — $ — $ 91 $ 91 Interest rate swap assets 2 $ 2,726 $ 2,726 $ 644 $ 644 Financial liabilities: Mortgage loans, net of debt issuance costs 2 $ 135,230 $ 134,745 $ 129,203 $ 128,999 Interest rate swap liabilities 2 $ 239 $ 239 $ 845 $ 845 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 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.

Real Estate Assets

Real Estate Assets	3 Months Ended
	Feb. 28, 2018
Real Estate Assets
Real Estate Assets	3. Real Estate Assets Real estate assets consist of: Estimated Useful Lives Feb. 28, 2018 Nov. 30, 2017 Land $ 20,403 $ 20,403 Land improvements 10 to 30 years 30,851 30,833 Buildings and improvements 10 to 40 years 187,269 187,116 Tenant improvements Shorter of useful life or terms of related lease 27,820 27,924 Machinery and equipment 3 to 20 years 10,958 10,958 Construction in progress 2,570 486 Development costs 14,204 14,132 Accumulated depreciation $ 196,561 $ 196,740 Total depreciation expense and capitalized interest related to real estate assets were as follows: For the Three Months Ended Feb. 28, 2018 Feb. 28, 2017 Depreciation expense $ 2,402 $ 2,095 Capitalized interest $ 38 $ — Real estate assets held for sale consist of: Feb. 28, 2018 Nov. 30, 2017 Land $ 503 $ 504 Land improvements 354 354 Development costs 1,007 1,074 $ 1,864 $ 1,932 Real estate assets held for sale were reduced in the 2018 first quarter by $68 related to a property sale that closed.

Mortgage Loans

Mortgage Loans	3 Months Ended
	Feb. 28, 2018
Mortgage Loans
Mortgage Loans	4. Mortgage Loans Griffin’s mortgage loans, which are nonrecourse, consist of: Feb. 28, 2018 Nov. 30, 2017 Variable rate, due January 27, 2020 * $ 3,445 $ 3,478 Variable rate, due October 3, 2022 * 4,344 4,367 Variable rate, due January 2, 2025 * 20,087 20,221 Variable rate, due May 1, 2026 * 13,757 13,844 Variable rate, due November 17, 2026 * 25,910 26,076 Variable rate, due August 1, 2027 * 10,464 10,523 3.97%, due September 1, 2027 12,062 12,115 Variable rate, due February 1, 2028 * 18,781 — 5.09%, due July 1, 2029 6,493 6,597 5.09%, due July 1, 2029 4,549 4,622 4.33%, due August 1, 2030 17,227 17,308 Variable rate, due March 1, 2027 * — 11,826 Nonrecourse mortgage loans prior to debt issuance costs 137,119 130,977 Debt issuance costs, net (1,889) (1,774) Nonrecourse mortgage loans, net $ 135,230 $ 129,203 *Griffin entered into interest rate swap agreements to effectively fix the interest rates on these loans (see below). As of February 28, 2018, 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 February 28, 2018 and none is anticipated over the term of the agreements. Amounts in accumulated other comprehensive income (loss) will be reclassified into interest expense over the term of the swap agreements to achieve fixed interest rates on each mortgage. None of the interest rate swap agreements contain any credit risk related contingent features. In the 2018 first quarter and the 2017 first quarter, Griffin recognized gains, included in other comprehensive income, before taxes of $2,746 and $671 on its interest rate swap agreements. As of February 28, 2018, $411 was expected to be reclassified over the next twelve months from accumulated other comprehensive income (loss) to interest expense. As of February 28, 2018, the net fair value of Griffin’s interest rate swap agreements was $2,487, with $2,726 included in other assets and $239 included in other liabilities on Griffin’s consolidated balance sheet. On January 30, 2018, a subsidiary of Griffin closed on a nonrecourse mortgage loan (the “2018 People’s Mortgage”) with People’s United Bank, N.A. (“People’s Bank”) for $18,781. The 2018 People’s Mortgage refinanced an existing mortgage loan with People’s Bank that was due on March 1, 2027 and was collateralized by two industrial/warehouse buildings in New England Tradeport (“NE Tradeport”), Griffin’s industrial park located in Windsor and East Granby, Connecticut. The 2018 People’s Mortgage is collateralized by the same two buildings aggregating approximately 275,000 square feet along with 330 Stone Road, an approximately 137,000 square foot industrial/warehouse building in NE Tradeport that was completed and placed in service near the end of fiscal 2017. Griffin received proceeds of $7,000 (before transaction costs), net of $11,781 used to refinance the existing mortgage loan with People’s Bank. The 2018 People’s Mortgage has a ten year term with monthly principal payments based on a twenty-five year amortization schedule. The interest rate for the 2018 People’s Mortgage is a floating rate of the one month LIBOR rate plus 1.95%. At the time the 2018 People’s Mortgage closed, Griffin entered into an interest rate swap agreement with People’s Bank that, combined with an existing swap agreement with People’s Bank, effectively fixes the interest rate of the 2018 People’s Mortgage at 4.57% over the balance of the mortgage loan’s ten year term. On March 29, 2018, a subsidiary of Griffin closed on a $13,800 construction to permanent mortgage loan (the “State Farm Loan”) with State Farm Life Insurance Company (“State Farm”), which is expected to provide a significant portion of the financing for the construction of an approximately 234,000 square foot build-to-suit industrial/warehouse building (“220 Tradeport Drive”) in NE Tradeport (see Note 8). In the fourth quarter of fiscal 2017, Griffin entered into a long-term lease with one tenant for the entire building. The State Farm Loan will initially function as a construction loan, with Griffin drawing funds as construction of 220 Tradeport Drive progresses. Upon completion of 220 Tradeport Drive and the commencement of rent payments by the tenant, the State Farm Loan will convert to a fifteen year nonrecourse permanent mortgage loan, which is expected to take place in fiscal 2019. The interest rate on the loan is 4.51%. During the construction period, only interest payments will be made. Monthly principal payments, which will begin after conversion to a nonrecourse permanent mortgage loan, will be based on a twenty-five year amortization schedule. The State Farm Loan may be increased up to $14,288 if the tenant in 220 Tradeport Drive opts to have Griffin make certain additional improvements to 220 Tradeport Drive.

Revolving Credit Agreement

Revolving Credit Agreement	3 Months Ended
	Feb. 28, 2018
Revolving Credit Agreement
Revolving Credit Agreement	5. Revolving Credit Agreement Griffin has a $15,000 revolving credit line (the “Webster Credit Line”) with Webster Bank, N.A. 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 February 28, 2018, the Webster Credit Line secured certain unused standby letters of credit aggregating $2,214 that are related to Griffin's development activities.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Feb. 28, 2018
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 Feb. 28, 2018 Feb. 28, 2017 Net loss $ (1,723) $ (939) Weighted average shares outstanding for computation of basic per share results 5,001,000 Incremental shares from assumed exercise of Griffin stock options (a) — — Adjusted weighted average shares for computation of diluted per share results 5,001,000 5,040,000 (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 2018 first quarter and 2017 first quarter would have been 39,000 and 23,000, 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 expire ten years from the grant date. In accordance with the 2009 Stock Option Plan, stock options issued to non-employee directors upon their initial election to the board of directors are fully exercisable immediately upon the date of the option grant. Stock options issued to non-employee directors upon their re-election to the board of directors vest on the second anniversary from the date of grant. Stock options issued to employees vest in equal installments on the third, fourth and fifth anniversaries from the date of grant. None of the stock options outstanding at February 28, 2018 may be exercised as stock appreciation rights. There were no options granted by Griffin in the 2018 first quarter. The following options were granted by Griffin under the 2009 Stock Option Plan to Griffin employees: For the Three Months Ended Feb. 28, 2018 Feb. 28, 2017 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 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 were as follows: For the Three Months Ended Feb. 28, 2018 Feb. 28, 2017 Expected volatility — 32.7 % Risk free interest rates — 2.1 % Expected option term (in years) — 7.5 Annual dividend yield — 0.9 % Number of option holders at February 28, 2018 30 Compensation expense and related tax benefits for stock options were as follows: For the Three Months Ended Feb. 28, 2018 Feb. 28, 2017 Compensation expense $ 90 $ 82 Related tax benefit $ 13 $ 20 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 February 28, 2018, the unrecognized compensation expense related to nonvested stock options that will be recognized during future periods is as follows: Balance of Fiscal 2018 $ 250 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 Three Months Ended February 28, 2018 February 28, 2017 Weighted Weighted Avg. Avg. Number of Exercise Number of Exercise Shares Price Shares Price Outstanding at beginning of period 333,762 $ 29.22 324,546 $ 29.23 Granted — $ — 5,000 $ 30.81 Exercised (5,471) $ 34.04 — $ — Forfeited (19,779) $ 33.95 — $ — Outstanding at end of period 308,512 $ 28.83 329,546 $ 29.25 Weighted Avg. Remaining Range of Exercise Prices for Outstanding at Weighted Avg. Contractual Life Total Intrinsic Vested and Nonvested Options February 28, 2018 Exercise Price (in years) Value $23.00 - $28.00 124,293 $ 26.67 7.7 $ 1,205 $28.00 - $32.00 128,248 $ 29.07 3.8 935 $32.00 - $39.00 55,971 $ 33.11 1.0 182 308,512 $ 28.83 4.9 $ 2,322 Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss), net of tax, is comprised of the following: For the Three Months Ended Feb. 28, 2018 Unrealized gain Unrealized gain on on investment in cash flow hedges Centaur Media Total Balance November 30, 2017 $ (284) $ — $ (284) Other comprehensive income before reclassifications 1,949 — 1,949 Amounts reclassified 192 — 192 Adoption of ASU 2018-02 - reclassification to retained earnings (36) — (36) Net activity for other comprehensive income 2,105 — 2,105 Balance February 28, 2018 $ 1,821 $ — $ 1,821 For the Three Months Ended Feb. 28, 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 income before reclassifications 204 127 331 Amounts reclassified 209 — 209 Net activity for other comprehensive loss 413 127 540 Balance February 28, 2017 $ (649) $ 140 $ (509) The components of other comprehensive income are as follows: For the Three Months Ended February 28, 2018 February 28, 2017 Tax Tax (Expense) Net-of (Expense) Net-of Pre-Tax Benefit Tax Pre-Tax Benefit Tax Reclassifications included in net loss: Loss on cash flow hedges (interest expense) $ 244 $ (52) $ 192 $ 339 $ (130) $ 209 Total reclassifications included in net loss 244 (52) 192 339 (130) 209 Increase in fair value adjustments on Griffin’s cash flow hedges 2,502 (553) 1,949 332 (128) 204 Mark to market adjustment on Centaur Media for a decrease in the foreign currency exchange rate — — — (12) 4 (8) Mark to market adjustment on Centaur Media for an increase in fair value — — — 207 (72) 135 Total change in other comprehensive income 2,502 (553) 1,949 527 (196) 331 Other comprehensive income $ 2,746 $ (605) $ 2,141 $ 866 $ (326) $ 540 Stock Repurchases In the 2018 first quarter, Griffin received 5,000 shares of its common stock from an employee as consideration for the exercise price in connection with his exercise of an option to acquire 5,471 shares of Griffin’s common stock under Griffin’s 2009 Stock Option Plan. The shares received were recorded as treasury stock, which resulted in an increase in treasury stock of $186. In fiscal 2016, Griffin’s Board of Directors authorized a stock repurchase program whereby 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 the 2017 first quarter, Griffin repurchased 47,173 shares of its outstanding common stock for $1,474, including the repurchase of 28,000 shares for $880 on February 27, 2017 which was paid for subsequent to February 28, 2017. Cash Dividend Griffin did not declare a cash dividend in the 2018 or 2017 first quarters. During the 2018 first quarter, Griffin paid $2,000 for the cash dividend declared in the 2017 fourth quarter. During the 2017 first quarter, Griffin paid $1,514 for the cash dividend declared in the 2016 fourth quarter.

Supplemental Financial Statemen

Supplemental Financial Statement Information	3 Months Ended
	Feb. 28, 2018
Supplemental Financial Statement Information
Supplemental Financial Statement Information	7. Supplemental Financial Statement Information Available-for-Sale Securities In fiscal 2017, subsequent to the end of the 2017 first quarter, Griffin sold its remaining 1,952,462 shares in Centaur Media plc (“Centaur Media”). 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). Other Assets Griffin's other assets are comprised of the following: Feb. 28, 2018 Nov. 30, 2017 Deferred rent receivable $ 5,485 $ 5,351 Deferred leasing costs 4,859 5,113 Interest rate swap assets 2,726 644 Prepaid expenses 2,178 2,774 Intangible assets, net 1,627 1,695 Deposits 1,019 713 Lease receivables from tenants 800 1,097 Mortgage escrows 609 448 Furniture, fixtures and equipment, net 301 251 Deferred financing costs related to the Webster Credit Line 29 47 Sale proceeds held in escrow — 91 Other 159 169 Total other assets $ 19,792 $ 18,393 Accounts Payable and Accrued Liabilities Griffin's accounts payable and accrued liabilities are comprised of the following: Feb. 28, 2018 Nov. 30, 2017 Accrued construction costs and retainage $ 1,847 $ 1,894 Trade payables 963 432 Accrued interest payable 491 482 Accrued lease commissions 456 393 Accrued salaries, wages and other compensation 278 1,154 Other 723 636 Total accounts payable and accrued liabilities $ 4,758 $ 4,991 Other Liabilities Griffin's other liabilities are comprised of the following: Feb. 28, 2018 Nov. 30, 2017 Deferred compensation plan $ 5,086 $ 5,005 Prepaid rent from tenants 953 1,041 Security deposits of tenants 572 583 Land sale deposits 310 195 Interest rate swap liabilities 239 845 Conditional asset retirement obligations 171 204 Other 97 99 Total other liabilities $ 7,428 $ 7,972 Supplemental Cash Flow Information In the 2018 first quarter, Griffin received 5,000 shares of its common stock from an employee as consideration for the exercise price in connection with his exercise of an option to acquire 5,471 shares of Griffin’s common stock under Griffin’s 2009 Stock Option Plan. The shares received were recorded as treasury stock, which resulted in an increase in treasury stock of $186 and did not affect Griffin’s cash. Prior to Griffin’s sale of its remaining shares of Centaur Media common stock in the fiscal 2017 third quarter, an increase of $195 in the 2017 first quarter reflected 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 decreased by $47 and $82 in the 2018 first quarter and 2017 first quarter, respectively. Interest payments were as follows: For the Three Months Ended Feb. 28, 2018 Feb. 28, 2017 $ 1,433 $ 1,232 Income Taxes On December 22, 2017, TCJA was enacted and became effective for Griffin on January 1, 2018. The TCJA reduces the U.S. federal corporate statutory income tax rate from 35% to 21%, which results in a blended fiscal 2018 federal statutory rate for Griffin of approximately 22%. The impact of the lower statutory rate resulted in a net charge of $1,001 for the re-measurement of Griffin’s deferred tax assets and liabilities that is included in Griffin’s 2018 first quarter income tax provision. Partially offsetting the net charge for the re-measurement of Griffin’s deferred tax assets and liabilities in the 2018 first quarter is an income tax benefit of $211 based on the 2018 first quarter pretax loss. The 2017 first quarter income tax benefit of $451 is entirely related to the 2017 first quarter pretax loss. Griffin’s federal income tax returns for fiscal 2012 to fiscal 2016 are open to examination by the Internal Revenue Service (“IRS”). An IRS examination of the fiscal 2015 federal tax return was started in the 2018 first quarter. The remaining periods subject to examination for Griffin’s significant state return, which is Connecticut, are fiscal 2008 through fiscal 2016.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Feb. 28, 2018
Commitments and Contingencies
Commitments and Contingencies	8. Commitments and Contingencies As of February 28, 2018, Griffin had committed purchase obligations of approximately $19,301, principally related to the construction of 220 Tradeport Drive, the construction of an approximately 134,000 square foot industrial/warehouse building (“6975 Ambassador Drive”) in the Lehigh Valley of Pennsylvania and improvements at other Griffin properties. On January 11, 2018, Griffin entered into an agreement to purchase an approximately 14 acre parcel of undeveloped land in the Lehigh Valley of Pennsylvania (the “Lehigh Valley Land”) for $3,600 in cash. If the transaction closes, Griffin plans to construct an industrial/warehouse building on the Lehigh Valley Land, the size of which will be based on findings during due diligence. The closing of this purchase, anticipated to take place in late fiscal 2018 or early fiscal 2019, is subject to several conditions, including the satisfactory outcome of due diligence and obtaining all governmental approvals for Griffin’s development plans for the Lehigh Valley Land. There is no guarantee that this transaction will be completed under its current terms, or at all. On October 18, 2017, Griffin entered into a full building lease (the “220 Tradeport Lease”) for 220 Tradeport Drive with an investment grade tenant that intends to use 220 Tradeport Drive for the distribution of automotive parts. The 220 Tradeport Lease, which commences upon completion of construction of 220 Tradeport Drive, has a term of twelve years and six months with the tenant having several five year renewal options. Provided the tenant meets certain conditions, the tenant has an option (the “Expansion Option”) to cause Griffin to construct an approximately 54,000 square foot addition to 220 Tradeport Drive. If the tenant exercises the Expansion Option, the term of the 220 Tradeport Lease would be extended for at least ten years upon the tenant occupying the additional space. Griffin commenced site work at 220 Tradeport Drive in the 2018 first quarter and building construction is expected to begin in the 2018 second quarter, with completion expected in the second half of fiscal 2018. Griffin expects to spend approximately $15,000 for site work, building construction and tenant improvements at 220 Tradeport Drive. On March 29, 2018, Griffin closed on a construction to permanent mortgage loan with State Farm collateralized by 220 Tradeport Drive. The State Farm Loan is expected to provide a significant portion of the financing for the construction of 220 Tradeport Drive (see Note 4). On October 4, 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 two industrial/warehouse buildings aggregating approximately 283,000 square feet on the Concord Land, which is located near Griffin’s existing industrial/warehouse building in Concord, North Carolina. Closing of this purchase, anticipated to take place in fiscal 2018, is subject to 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. 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. Through February 28, 2018, the buyer paid $260 of option fees to extend its option period through January 2019. In the 2018 first quarter, the buyer received approval from Connecticut’s regulatory authority for the buyer’s planned use of the land, which is to generate solar electricity. Subsequently, two appeals of the Connecticut regulatory authority’s approval for the land to be used to generate solar electricity were filed and the Attorney General of Massachusetts, the state where substantially all of the electricity generated will be used, has contested the purchase agreements for the electricity to be generated. A closing on the land sale contemplated by the Simsbury Option Agreement is subject to several significant contingencies, including satisfactory outcomes of the appeals of the Connecticut regulatory authority’s approval and a satisfactory resolution of the Massachusetts Attorney General’s challenge to the purchase agreements for the electricity to be generated from the land subject to purchase. 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 undeveloped 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. In fiscal 2017, the buyer paid $35 of additional option fees to extend its option period through May 5, 2018. The buyer has not yet obtained any of the approvals that would be required for the buyer’s planned use of the land, which is to generate solar electricity. The buyer has indicated to Griffin that it is likely that they will not pay additional option fees to extend the option period beyond the current expiration date of May 5, 2018. 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. Subsequent to the Chapter 11 filing, Griffin entered into an Amendment to Lease (the “Lease Amendment”) with this tenant whereby the tenant’s premises will be reduced to approximately 52,000 square feet no later than 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 for the space being retained. Under the Lease Amendment, the tenant agreed to pay a termination fee of $243 in monthly installments over the balance of the lease term of the space being retained. Rental revenue from this tenant was $249 in the 2018 first quarter. On March 23, 2018, Griffin entered into a Purchase and Sale Agreement (the “Southwick Agreement”) whereby Griffin has agreed to sell approximately 49 acres of undeveloped land in Southwick, Massachusetts for $850. Closing on the sale is subject to satisfactory completion of due diligence by the buyer. There is no guarantee that the sale of land as contemplated under the Southwick Agreement will be completed under its current terms, or at all. From time to time, Griffin is involved, as a defendant, in various litigation matters arising in the ordinary course of business. In the opinion of management, based on the advice of legal counsel, the ultimate liability, if any, with respect to these matters is not expected to be material, individually or in the aggregate, to Griffin's consolidated financial position, results of operations or cash flows.

Subsequent Events

Subsequent Events	3 Months Ended
	Feb. 28, 2018
Subsequent Events.
Subsequent Events	9. Subsequent Events In accordance with FASB ASC 855, “Subsequent Events,” Griffin has evaluated all events or transactions occurring after February 28, 2018, 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 February 28, 2018, other than the disclosures herein. See Note 4 for disclosure of the subsequent event related to the closing on the State Farm Loan on March 29, 2018 and Note 8 for disclosure of the Southwick Agreement entered into on March 23, 2018 for a potential sale of undeveloped land.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Feb. 28, 2018
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 seeks to add to its property portfolio through the acquisition and development of land or purchase of buildings in select markets targeted by Griffin. 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, 2017 (“fiscal 2017”) included in Griffin’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 8, 2018. 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, 2017 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 and valuation of derivative instruments. 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 February 28, 2018, 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 February 28, 2018 (the “2018 first quarter”) are not necessarily indicative of the results to be expected for the full year. The three months ended February 28, 2017 are referred to herein as the “2017 first quarter.”
Recent Accounting Pronouncements	Recent Adopted Accounting Pronouncements In February 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-02, “Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which is intended to eliminate the stranded tax effects within Accumulated Other Comprehensive Income (“AOCI”) resulting from the Tax Cuts and Jobs Act (“TCJA”) that was enacted on December 22, 2017. The effective date of ASU 2018-02 is for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years with early adoption permitted for public entities for which financial statements have not yet been released. Griffin elected to early adopt and apply the provisions of ASU 2018-02 in the 2018 first quarter. This adoption resulted in a one-time reclassification of the effect of re-measuring Griffin’s net deferred tax assets related to interest rate swap agreements within AOCI and retained earnings resulting from the reduction in the U.S. federal statutory tax rate from 35% to 21%. The reclassification resulted in a decrease to AOCI and an increase to retained earnings of $36 in the 2018 first quarter, with no net impact to total stockholders’ equity. In May 2017, the FASB issued 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 became effective for Griffin in the 2018 first quarter and was applied on a prospective basis. The adoption of ASU No. 2017-09 did not have an 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 became effective for Griffin in the 2018 first quarter. The adoption of ASU 2017-01 did not have an impact on Griffin’s 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 became effective for Griffin in the 2018 first quarter. Griffin recorded a deferred tax asset of $879 with a corresponding increase in retained earnings upon adoption. The adoption of ASU 2016-09 did not affect the classification of any current awards and did not have a retrospective impact on Griffin’s cash flows as no tax benefits from stock options were recognized in the periods presented. Griffin will continue its policy of estimating the forfeiture rate of options. Recent Accounting Pronouncements Not Yet Adopted In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” which is intended to improve the financial reporting for hedging relationships to better represent the economic results of a company’s risk management activities in its financial statements and make certain targeted improvements to simplify the application of the hedge accounting guidance. This Update will make more financial and nonfinancial hedging strategies eligible for hedge accounting, amend the presentation and disclosure requirements and change how entities assess effectiveness. This Update will become effective for Griffin in fiscal 2020. 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 is allowed. Griffin is evaluating the impact that the application of this Update will have on its consolidated financial statements. 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. 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 for lease revenue because revenue from leases are not subject to this Update. Griffin is evaluating the impact that the application of this Update will have on its consolidated financial statements.

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Feb. 28, 2018
Fair Value
Schedule of financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:	February 28, 2018 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Interest rate swap assets $ — $ 2,726 $ — Interest rate swap liabilities $ — $ 239 $ — November 30, 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 $ — $ 644 $ — Interest rate swap liabilities $ — $ 845 $ —
Schedule of carrying and estimated fair values of financial instruments	Fair Value February 28, 2018 November 30, 2017 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value Financial assets: Cash and cash equivalents 1 $ 33,260 $ 33,260 $ 30,068 $ 30,068 Proceeds held in escrow 1 $ — $ — $ 91 $ 91 Interest rate swap assets 2 $ 2,726 $ 2,726 $ 644 $ 644 Financial liabilities: Mortgage loans, net of debt issuance costs 2 $ 135,230 $ 134,745 $ 129,203 $ 128,999 Interest rate swap liabilities 2 $ 239 $ 239 $ 845 $ 845

Real Estate Assets (Tables)

Real Estate Assets (Tables)	3 Months Ended
	Feb. 28, 2018
Real Estate Assets
Schedule of real estate assets, excluding those held for sale	Estimated Useful Lives Feb. 28, 2018 Nov. 30, 2017 Land $ 20,403 $ 20,403 Land improvements 10 to 30 years 30,851 30,833 Buildings and improvements 10 to 40 years 187,269 187,116 Tenant improvements Shorter of useful life or terms of related lease 27,820 27,924 Machinery and equipment 3 to 20 years 10,958 10,958 Construction in progress 2,570 486 Development costs 14,204 14,132 Accumulated depreciation $ 196,561 $ 196,740
Schedule of total depreciation expense and capitalized interest related to real estate assets	For the Three Months Ended Feb. 28, 2018 Feb. 28, 2017 Depreciation expense $ 2,402 $ 2,095 Capitalized interest $ 38 $ —
Schedule of real estate held for sale	Feb. 28, 2018 Nov. 30, 2017 Land $ 503 $ 504 Land improvements 354 354 Development costs 1,007 1,074 $ 1,864 $ 1,932

Mortgage Loans (Tables)

Mortgage Loans (Tables)	3 Months Ended
	Feb. 28, 2018
Mortgage Loans
Schedule of mortgage loans	Feb. 28, 2018 Nov. 30, 2017 Variable rate, due January 27, 2020 * $ 3,445 $ 3,478 Variable rate, due October 3, 2022 * 4,344 4,367 Variable rate, due January 2, 2025 * 20,087 20,221 Variable rate, due May 1, 2026 * 13,757 13,844 Variable rate, due November 17, 2026 * 25,910 26,076 Variable rate, due August 1, 2027 * 10,464 10,523 3.97%, due September 1, 2027 12,062 12,115 Variable rate, due February 1, 2028 * 18,781 — 5.09%, due July 1, 2029 6,493 6,597 5.09%, due July 1, 2029 4,549 4,622 4.33%, due August 1, 2030 17,227 17,308 Variable rate, due March 1, 2027 * — 11,826 Nonrecourse mortgage loans prior to debt issuance costs 137,119 130,977 Debt issuance costs, net (1,889) (1,774) Nonrecourse mortgage loans, net $ 135,230 $ 129,203 *Griffin entered into interest rate swap agreements to effectively fix the interest rates on these loans (see below).

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Feb. 28, 2018
Stockholders' Equity
Schedule of basic and diluted per share results	For the Three Months Ended Feb. 28, 2018 Feb. 28, 2017 Net loss $ (1,723) $ (939) Weighted average shares outstanding for computation of basic per share results 5,001,000 Incremental shares from assumed exercise of Griffin stock options (a) — — Adjusted weighted average shares for computation of diluted per share results 5,001,000 5,040,000 (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 2018 first quarter and 2017 first quarter would have been 39,000 and 23,000, respectively.
Schedule of options granted to employees	For the Three Months Ended Feb. 28, 2018 Feb. 28, 2017 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
Schedule of option holders	Number of option holders at February 28, 2018 30
Schedule of compensation expense and related tax benefits for stock options	For the Three Months Ended Feb. 28, 2018 Feb. 28, 2017 Compensation expense $ 90 $ 82 Related tax benefit $ 13 $ 20
Schedule of unrecognized compensation expense related to nonvested stock options	Balance of Fiscal 2018 $ 250 Fiscal 2019 $ 234 Fiscal 2020 $ 112 Fiscal 2021 $ 34
Summary of the activity under the Griffin Stock Option Plan	For the Three Months Ended February 28, 2018 February 28, 2017 Weighted Weighted Avg. Avg. Number of Exercise Number of Exercise Shares Price Shares Price Outstanding at beginning of period 333,762 $ 29.22 324,546 $ 29.23 Granted — $ — 5,000 $ 30.81 Exercised (5,471) $ 34.04 — $ — Forfeited (19,779) $ 33.95 — $ — Outstanding at end of period 308,512 $ 28.83 329,546 $ 29.25
Schedule of options by range of exercise prices	Weighted Avg. Remaining Range of Exercise Prices for Outstanding at Weighted Avg. Contractual Life Total Intrinsic Vested and Nonvested Options February 28, 2018 Exercise Price (in years) Value $23.00 - $28.00 124,293 $ 26.67 7.7 $ 1,205 $28.00 - $32.00 128,248 $ 29.07 3.8 935 $32.00 - $39.00 55,971 $ 33.11 1.0 182 308,512 $ 28.83 4.9 $ 2,322
Schedule of accumulated other comprehensive loss	For the Three Months Ended Feb. 28, 2018 Unrealized gain Unrealized gain on on investment in cash flow hedges Centaur Media Total Balance November 30, 2017 $ (284) $ — $ (284) Other comprehensive income before reclassifications 1,949 — 1,949 Amounts reclassified 192 — 192 Adoption of ASU 2018-02 - reclassification to retained earnings (36) — (36) Net activity for other comprehensive income 2,105 — 2,105 Balance February 28, 2018 $ 1,821 $ — $ 1,821 For the Three Months Ended Feb. 28, 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 income before reclassifications 204 127 331 Amounts reclassified 209 — 209 Net activity for other comprehensive loss 413 127 540 Balance February 28, 2017 $ (649) $ 140 $ (509)
Schedule of components of accumulated other comprehensive income (loss)	For the Three Months Ended February 28, 2018 February 28, 2017 Tax Tax (Expense) Net-of (Expense) Net-of Pre-Tax Benefit Tax Pre-Tax Benefit Tax Reclassifications included in net loss: Loss on cash flow hedges (interest expense) $ 244 $ (52) $ 192 $ 339 $ (130) $ 209 Total reclassifications included in net loss 244 (52) 192 339 (130) 209 Increase in fair value adjustments on Griffin’s cash flow hedges 2,502 (553) 1,949 332 (128) 204 Mark to market adjustment on Centaur Media for a decrease in the foreign currency exchange rate — — — (12) 4 (8) Mark to market adjustment on Centaur Media for an increase in fair value — — — 207 (72) 135 Total change in other comprehensive income 2,502 (553) 1,949 527 (196) 331 Other comprehensive income $ 2,746 $ (605) $ 2,141 $ 866 $ (326) $ 540

Supplemental Financial Statem22

Supplemental Financial Statement Information (Tables)	3 Months Ended
	Feb. 28, 2018
Supplemental Financial Statement Information
Schedule of other assets	Feb. 28, 2018 Nov. 30, 2017 Deferred rent receivable $ 5,485 $ 5,351 Deferred leasing costs 4,859 5,113 Interest rate swap assets 2,726 644 Prepaid expenses 2,178 2,774 Intangible assets, net 1,627 1,695 Deposits 1,019 713 Lease receivables from tenants 800 1,097 Mortgage escrows 609 448 Furniture, fixtures and equipment, net 301 251 Deferred financing costs related to the Webster Credit Line 29 47 Sale proceeds held in escrow — 91 Other 159 169 Total other assets $ 19,792 $ 18,393
Schedule of accounts payable and accrued liabilities	Feb. 28, 2018 Nov. 30, 2017 Accrued construction costs and retainage $ 1,847 $ 1,894 Trade payables 963 432 Accrued interest payable 491 482 Accrued lease commissions 456 393 Accrued salaries, wages and other compensation 278 1,154 Other 723 636 Total accounts payable and accrued liabilities $ 4,758 $ 4,991
Schedule of other liabilities	Feb. 28, 2018 Nov. 30, 2017 Deferred compensation plan $ 5,086 $ 5,005 Prepaid rent from tenants 953 1,041 Security deposits of tenants 572 583 Land sale deposits 310 195 Interest rate swap liabilities 239 845 Conditional asset retirement obligations 171 204 Other 97 99 Total other liabilities $ 7,428 $ 7,972
Schedule of interest payments	For the Three Months Ended Feb. 28, 2018 Feb. 28, 2017 $ 1,433 $ 1,232

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Feb. 28, 2018	Jan. 01, 2018	Dec. 31, 2017
Recent Adopted Accounting Pronouncements
Corporate statutory income tax rate	22.00%	21.00%	35.00%
ASU 2016-09
Deferred Tax Assets
Deferred tax asset	$ 879
ASU 2018-02
Recent Adopted Accounting Pronouncements
Corporate statutory income tax rate		21.00%	35.00%
Reclassification resulted in a decrease to AOCI and an increase to retained earnings	$ 36

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Feb. 28, 2018	Nov. 30, 2017
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
Interest rate swaps	239	$ 845
Recurring basis | Level 2
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Interest rate swaps	2,726	644
Interest rate swaps	$ 239	$ 845

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities (Details) - USD ($) $ in Thousands	Feb. 28, 2018	Nov. 30, 2017
Financial liabilities:
Interest rate swaps	$ 239	$ 845
Carrying Value | Level 1
Financial assets:
Cash and cash equivalents	33,260	30,068
Proceeds held in escrow		91
Carrying Value | Level 2
Financial assets:
Interest rate swaps	2,726	644
Financial liabilities:
Mortgage loans, net of debt issuance costs	135,230	129,203
Interest rate swaps	239	845
Estimated Fair Value | Level 1
Financial assets:
Cash and cash equivalents	33,260	30,068
Proceeds held in escrow		91
Estimated Fair Value | Level 2
Financial assets:
Interest rate swaps	2,726	644
Financial liabilities:
Mortgage loans, net of debt issuance costs	134,745	128,999
Interest rate swaps	$ 239	$ 845

Real Estate Assets (Details)

Real Estate Assets (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Nov. 30, 2017
Real Estate Assets
Land	$ 20,403		$ 20,403
Land improvements	30,851		30,833
Buildings and improvements	187,269		187,116
Tenant improvements	27,820		27,924
Machinery and equipment	10,958		10,958
Construction in progress	2,570		486
Development costs	14,204		14,132
Real estate assets, gross	294,075		291,852
Accumulated depreciation	(97,514)		(95,112)
Real estate assets, net	196,561		196,740
Depreciation expense	2,402	$ 2,095
Capitalized interest	38
Value of real estate assets reclassified out of held for sale due to sale	68
Real estate assets held for sale
Real Estate Assets
Land	503		504
Land improvements	354		354
Development costs	1,007		1,074
Real estate assets, net	$ 1,864		$ 1,932
Land improvements | Minimum
Real Estate Assets
Estimated Useful Lives	10 years		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	Mar. 29, 2018USD ($)ft²	Jan. 30, 2018USD ($)ft²building	Feb. 28, 2018USD ($)item	Feb. 28, 2017USD ($)	Nov. 30, 2017USD ($)
Long-Term Debt
Mortgage loans, prior to debt issuance costs			$ 137,119		$ 130,977
Debt issuance costs, net			(1,889)		(1,774)
Mortgage loans, net			135,230		129,203
Debt disclosures
Ineffectiveness on cash flow hedges			0
Anticipated ineffectiveness on cash flow hedges			0
Net fair value of interest rate swap agreements			2,487
Number of buildings used as collateral | building		2
Proceeds from issuance of debt			18,781
Subsequent events
Debt disclosures
Term of debt	15 years
Amortization period of debt	25 years
Construction closed of a permanent mortgage loan (the “State Farm Loan”) with State Farm Life Insurance Company	$ 13,800
Build-to-suit industrial / warehouse building (in acres) | ft²	234,000
Term of loan	15 years
Interest rate	4.51%
Other assets
Debt disclosures
Net fair value of interest rate swap agreements			2,726
Other liabilities
Debt disclosures
Net fair value of interest rate swap agreements			239
Nonrecourse variable rate loans, due January 27, 2020
Long-Term Debt
Mortgage loans, prior to debt issuance costs			3,445		3,478
Nonrecourse variable rate loans, due October 3, 2022
Long-Term Debt
Mortgage loans, prior to debt issuance costs			4,344		4,367
Nonrecourse variable rate loans, due January 2, 2025
Long-Term Debt
Mortgage loans, prior to debt issuance costs			20,087		20,221
Nonrecourse variable rate mortgage, due May 1, 2026
Long-Term Debt
Mortgage loans, prior to debt issuance costs			13,757		13,844
Nonrecourse variable rate mortgage, due November 17, 2026
Long-Term Debt
Mortgage loans, prior to debt issuance costs			25,910		26,076
Nonrecourse variable rate mortgage, due August 1, 2027
Long-Term Debt
Mortgage loans, prior to debt issuance costs			10,464		10,523
3.97%, due September 1, 2027
Long-Term Debt
Mortgage loans, prior to debt issuance costs			$ 12,062		12,115
Interest rate (as a percent)			3.97%
Nonrecourse variable rate mortgage, due February 1, 2028
Long-Term Debt
Mortgage loans, prior to debt issuance costs			$ 18,781
5.09%, due July 1, 2029 GCD mortgage loan
Long-Term Debt
Mortgage loans, prior to debt issuance costs			$ 6,493		6,597
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			$ 4,549		4,622
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			$ 17,227		17,308
Interest rate (as a percent)			4.33%
Nonrecourse variable rate mortgage, due March 1, 2027
Long-Term Debt
Mortgage loans, prior to debt issuance costs					$ 11,826
2018 PUB Mortgage
Long-Term Debt
Mortgage loans, prior to debt issuance costs		$ 11,781
Debt disclosures
Area of collateralized properties (in square feet) | ft²		275,000
New mortgage		$ 18,781
Proceeds from issuance of debt		$ 7,000
Term of debt		10 years
Amortization period of debt		25 years
Term of loan		10 years
Interest rate swap agreement
Debt disclosures
Number of agreements containing credit risk related contingent features | item			0
Recognized net losses (included in other comprehensive loss), before taxes, on interest rate swap agreements			$ 2,746	$ 671
Loss expected to be reclassified over next twelve months from accumulated other comprehensive loss to interest expense			$ 411
Interest rate swap agreement | 2018 PUB Mortgage
Debt disclosures
Fixed interest rate pursuant to interest rate swap agreement (as a percent)		4.57%
NE Tradeport | 2018 PUB Mortgage
Debt disclosures
Area of collateralized properties completed (in square feet) | ft²		137,000
Maximum | Subsequent events
Debt disclosures
Construction closed of a permanent mortgage loan (the “State Farm Loan”) with State Farm Life Insurance Company	$ 14,288
LIBOR | 2018 PUB Mortgage
Debt disclosures
Variable interest rate margin (as a percent)		1.95%

Revolving Credit Agreement (Det

Revolving Credit Agreement (Details) - Webster Credit Line $ in Thousands	3 Months Ended	63 Months Ended
	Feb. 28, 2018USD ($)ft²	Feb. 28, 2018USD ($)ft²
Revolving credit agreement
Maximum borrowing capacity	$ 15,000	$ 15,000
Proceeds from Lines of Credit		0
Standby letters of credit aggregate amount	$ 2,214	$ 2,214
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
	Feb. 28, 2018	Feb. 28, 2017
Earnings per share:
Net loss	$ (1,723)	$ (939)
Weighted average shares outstanding for computation of basic per share results	5,001,000	5,040,000
Adjusted weighted average shares for computation of diluted per share results	5,001,000	5,040,000
Incremental shares from assumed exercise of stock options excluded due to anti-dilutive effect	39,000	23,000

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Grants, Activity And Expense (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Feb. 28, 2018USD ($)individual$ / sharesshares	Feb. 28, 2017USD ($)$ / sharesshares
Assumptions used in determining the fair value of the stock options granted
Expected volatility (as a percent)		32.70%
Range of risk free interest rate (as a percent)		2.10%
Expected option term (in years)		7 years 6 months
Other Disclosures
Number of option holders | individual	30
Compensation expense for stock options
Compensation expense (benefit) | $	$ 90	$ 82
Related tax benefit (expense) | $	13	$ 20
Unrecognized compensation expense related to non-vested stock options that will be recognized during future periods
Balance of Fiscal 2018 | $	250
Fiscal 2019 | $	234
Fiscal 2020 | $	112
Fiscal 2021 | $	$ 34
2009 Stock Option Plan
2009 Stock Option Plan
Expiration term	10 years
Granted (in shares)		5,000
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)	333,762	324,546
Granted (in shares)		5,000
Exercised (in shares)	(5,471)
Forfeited (in shares)	(19,779)
Outstanding at end of period (in shares)	308,512	329,546
Weighted Avg. Exercise Price
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 29.22	$ 29.23
Granted (in dollars per share) | $ / shares		30.81
Exercised (in dollars per share) | $ / shares	34.04
Forfeited (in dollars per share) | $ / shares	33.95
Outstanding at end of period (in dollars per share) | $ / shares	$ 28.83	$ 29.25
Other Disclosures
Number of options that may be exercised as stock appreciation rights	0
2009 Stock Option Plan | Employee
2009 Stock Option Plan
Granted (in shares)		5,000
Activity under the 2009 Stock Option Plan
Granted (in shares)		5,000
2009 Stock Option Plan | Non-employee directors
Compensation expense for stock options
Forfeiture rates (as a percent)	0.00%	0.00%
Minimum | 2009 Stock Option Plan
Assumptions used in determining the fair value of the stock options granted
Expected volatility (as a percent)		32.70%
Range of risk free interest rate (as a percent)		2.10%
Expected option term (in years)		7 years 6 months
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
2009 Stock Option Plan
Fair values of stock options granted (in dollars per share) | $ / shares		$ 11.13
Compensation expense for stock options
Forfeiture rates (as a percent)	38.30%	38.30%
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
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	3 Months Ended
	Feb. 28, 2018USD ($)$ / sharesshares
2009 Stock Option Plan
Outstanding at ending of the year (in shares) | shares	308,512
Weighted Avg. Exercise Price (in dollars per share)	$ 28.83
Weighted Avg. Remaining Contractual Life	4 years 10 months 24 days
Total Intrinsic Value | $	$ 2,322
$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	124,293
Weighted Avg. Exercise Price (in dollars per share)	$ 26.67
Weighted Avg. Remaining Contractual Life	7 years 8 months 12 days
Total Intrinsic Value | $	$ 1,205
$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	3 years 9 months 18 days
Total Intrinsic Value | $	$ 935
$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	55,971
Weighted Avg. Exercise Price (in dollars per share)	$ 33.11
Weighted Avg. Remaining Contractual Life	1 year
Total Intrinsic Value | $	$ 182

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income Activity (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Nov. 30, 2017
Available for Sale Securities
Shares of Centaur Media common stock sold			1,952,462
Change in accumulated other comprehensive loss, net of tax
Balance at the beginning of the year	$ (284)
Other comprehensive income before reclassifications	1,949	$ 331
Reclassifications included in net loss	192	209
Total other comprehensive income, net of tax	2,141	540
Balance at the end of the year	1,821		$ (284)
Unrealized Gain (Loss) on Cash Flow Hedges
Change in accumulated other comprehensive loss, net of tax
Balance at the beginning of the year	(284)	(1,062)	(1,062)
Other comprehensive income before reclassifications	1,949	204
Reclassifications included in net loss	192	209
Adoption of ASU 2018-02 - reclassification to retained	(36)
Total other comprehensive income, net of tax	2,105	413
Balance at the end of the year	1,821	(649)	(284)
Unrealized Gain (Loss) on Investment in Centaur Media
Change in accumulated other comprehensive loss, net of tax
Balance at the beginning of the year		13	13
Other comprehensive income before reclassifications		127
Total other comprehensive income, net of tax		127
Balance at the end of the year		140
Accumulated Other Comprehensive Loss
Change in accumulated other comprehensive loss, net of tax
Balance at the beginning of the year	(284)	(1,049)	(1,049)
Other comprehensive income before reclassifications	1,949	331
Reclassifications included in net loss	192	209
Adoption of ASU 2018-02 - reclassification to retained	(36)
Total other comprehensive income, net of tax	2,141	540
Total other comprehensive income, net of tax	2,105
Balance at the end of the year	$ 1,821	$ (509)	$ (284)

Stockholders' Equity - AOCI T2

Stockholders' Equity - AOCI T2 rows (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Accumulated other comprehensive loss
Reclassifications, before tax	$ 244	$ 339
Reclassifications, tax (expense) benefit	(52)	(130)
Reclassifications, net of tax	192	209
Other changes, before reclassifications, before tax	2,502	527
Other changes, before reclassifications, tax (expense) benefit	(553)	(196)
Total other changes before reclassifications, net of tax	1,949	331
Total other comprehensive income, net of tax	2,141	540
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss
Reclassifications, net of tax	192	209
Total other changes before reclassifications, net of tax	1,949	331
Total other comprehensive (loss) income, before tax	2,746	866
Total other comprehensive income (loss), tax	(605)	(326)
Total other comprehensive income, net of tax	2,141	540
Unrealized Gain (Loss) on Cash Flow Hedges
Accumulated other comprehensive loss
Reclassifications, net of tax	192	209
Other changes, before reclassifications, before tax	2,502	332
Other changes, before reclassifications, tax (expense) benefit	(553)	(128)
Total other changes before reclassifications, net of tax	1,949	204
Total other comprehensive income, net of tax	2,105	413
Unrealized Gain (Loss) on Cash Flow Hedges | Interest Expense [Member]
Accumulated other comprehensive loss
Reclassifications, before tax	244	339
Reclassifications, tax (expense) benefit	52	130
Reclassifications, net of tax	$ 192	209
Mark-to-market foreign currency adjustment
Accumulated other comprehensive loss
Other changes, before reclassifications, before tax		(12)
Other changes, before reclassifications, tax (expense) benefit		4
Total other changes before reclassifications, net of tax		(8)
Mark-to-market fair value adjustment
Accumulated other comprehensive loss
Other changes, before reclassifications, before tax		207
Other changes, before reclassifications, tax (expense) benefit		(72)
Total other changes before reclassifications, net of tax		$ 135

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchases, Cash Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 27, 2018	Feb. 28, 2018	Feb. 28, 2017	May 11, 2016
Stock Repurchases
Stock repurchased			$ 1,474
Cash Dividend
Cash dividend paid		$ 2,000	$ 1,514
Cash dividends declared (in dollars per share)		$ 0	$ 0
Stock Repurchases
Stock Repurchases
Stock repurchase program, authorized amount				$ 5,000
Stock repurchased (in shares)	28,000		47,173
Stock repurchased	$ 880		$ 1,474
2009 Stock Option Plan
Stock Repurchases
Treasury shares		5,000
Exercise of an option to acquire shares of common stock		5,471
Treasury stock		$ 186
Common Stock
Stock Repurchases
Exercise of an option to acquire shares of common stock		5,471

Supplemental Financial Statem35

Supplemental Financial Statement Information - AFS Securities (Details)	12 Months Ended
	Nov. 30, 2017shares
Investments
Shares of Centaur Media common stock sold	1,952,462

Supplemental Financial Statem36

Supplemental Financial Statement Information - Other And Intangible Assets (Details) - USD ($) $ in Thousands	Feb. 28, 2018	Nov. 30, 2017
Other Assets
Deferred rent receivable	$ 5,485	$ 5,351
Deferred leasing costs	4,859	5,113
Interest rate swap asset	2,726	644
Prepaid expenses	2,178	2,774
Intangible assets, net	1,627	1,695
Deposits	1,019	713
Lease receivables from tenants	800	1,097
Mortgage escrows	609	448
Furniture, fixtures and equipment, net	301	251
Deferred financing costs related to the Webster Credit Line	29	47
Sale proceeds held in escrow		91
Other	159	169
Total other assets	$ 19,792	$ 18,393

Supplemental Financial Statem37

Supplemental Financial Statement Information - Liabilities (Details) - USD ($) $ in Thousands	Feb. 28, 2018	Nov. 30, 2017
Accounts Payable and Accrued Liabilities
Accrued construction costs and retainage	$ 1,847	$ 1,894
Trade payables	963	432
Accrued interest payable	491	482
Accrued lease commissions	456	393
Accrued salaries, wages and other compensation	278	1,154
Other	723	636
Total accounts payable and accrued liabilities	4,758	4,991
Other Liabilities
Deferred compensation plan	5,086	5,005
Prepaid rent from tenants	953	1,041
Security deposits of tenants	572	583
Land sale deposit	310	195
Interest rate swap liabilities	239	845
Conditional asset retirement obligations	171	204
Other	97	99
Total other liabilities	$ 7,428	$ 7,972

Supplemental Financial Statem38

Supplemental Financial Statement Information - Cash flow, etc. (Details) - USD ($) $ in Thousands	Feb. 28, 2018	Jan. 01, 2018	Dec. 31, 2017	Feb. 28, 2018	Feb. 28, 2017
Supplemental Cash Flow Information
Increase (decrease) in value of available-for-sale securities: Investment in Centaur Media Plc					$ 195
Increase (decrease) in accounts payable and accrued liabilities related to additions to real estate assets				$ 47	82
Interest paid
Interest payments				1,433	1,232
Income Taxes
Corporate statutory income tax rate	22.00%	21.00%	35.00%
Impact of lower statutory rate applied to deferred tax assets and deferred tax liabilities resulted for the re-measurement of deferred tax assets and liabilities				1,001
Offsetting the net charge for the re-measurement of Griffin’s deferred tax assets and liabilities is an income tax benefit				$ 211	$ 451
2009 Stock Option Plan
Supplemental Cash Flow Information
Treasury shares	5,000			5,000
Exercise of an option to acquire shares of common stock				5,471
Treasury stock	$ 186			$ 186

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands

Feb. 28, 2018USD ($)ft²

Oct. 18, 2017USD ($)ft²

Oct. 04, 2017USD ($)aft²building

Sep. 05, 2017USD ($)

May 05, 2017USD ($)a

Mar. 29, 2017ft²

Jan. 25, 2016USD ($)a

Feb. 28, 2018USD ($)

Feb. 28, 2017USD ($)

Feb. 28, 2018USD ($)

Jun. 01, 2018ft²

Mar. 29, 2018ft²

Mar. 23, 2018USD ($)a

Jan. 11, 2018USD ($)a

Purchase and sale obligations

Number of Buildings | building

2

Rental revenue

$ 8,180

$ 6,979

Subsequent events

Purchase and sale obligations

Number of acres | ft²

234,000

Tenant bankruptcy

Purchase and sale obligations

Area Of Building | ft²

100,000

Area Of Leased Space | ft²

52,000

Lease Termination Fee

$ 243

Rental revenue

249

Agreement to sell

Purchase and sale obligations

Purchase obligations

$ 7,700

Number of acres | a

280

Agreement Term of Extension

3 years

3 years

Purchase Option Term

3 months

Agreement Extension Fee

$ 260

Additional option fee

$ 35

Purchase agreement

Purchase and sale obligations

Purchase obligations

$ 2,600

$ 3,600

Area Of Building | ft²

283,000

Number of acres | a

22

14

Lease and development agreement

Purchase and sale obligations

Purchase obligations

$ 15,000

Agreement Term of Extension

5 years

Lease term

12 years 6 months

Lease and development agreement | Expansion option

Purchase and sale obligations

Area Of Building | ft²

54,000

Lease term

10 years

Obligations For Investments In Real Estate Assets

Purchase and sale obligations

Purchase obligations

$ 19,301

$ 19,301

$ 19,301

Area Of Building | ft²

134,000

Southwick Ma Site [Member] | Subsequent events

Purchase and sale obligations

Number of acres to be sold | a

49

Sale price

$ 850

East Granby And Windsor Ct Site [Member] | Agreement to sell

Purchase and sale obligations

Purchase Option Term

3 months

Number of acres to be sold | a

288

Sale price

$ 7,800