INDUS Realty Trust (INDT) 10-Q 9 Jul 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	May 31, 2020	Jul. 07, 2020
Document and Entity Information
Document Type	10-Q
Document Period End Date	May 31, 2020
Entity Registrant Name	GRIFFIN INDUSTRIAL REALTY, INC.
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,131,147
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001037390
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2020	Nov. 30, 2019
ASSETS
Real estate assets at cost, net	$ 247,157	$ 238,614
Cash and cash equivalents	4,027	5,874
Short-term investments		1,011
Deferred income taxes	4,785	3,281
Real estate assets held for sale	6,940	2,137
Other assets	17,813	17,578
Total assets	280,722	268,495
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage loans, net of debt issuance costs	158,375	142,575
Deferred revenue	8,886	10,918
Revolving lines of credit	4,100	5,875
Accounts payable and accrued liabilities	4,237	4,318
Dividend payable		2,538
Other liabilities	17,460	11,509
Total liabilities	193,058	177,733
Commitments and Contingencies (Note 9)
Stockholders' Equity
Common stock, par value $0.01 per share, 10,000,000 shares authorized, 5,724,070 and 5,668,043 shares issued, respectively, and 5,131,147 and 5,075,120 shares outstanding, respectively	57	57
Additional paid-in capital	116,096	113,256
(Deficit) Retained earnings	(94)	919
Accumulated other comprehensive loss, net of tax	(8,066)	(3,141)
Treasury stock, at cost, 592,923 shares	(20,329)	(20,329)
Total stockholders' equity	87,664	90,762
Total liabilities and stockholders' equity	$ 280,722	$ 268,495

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	May 31, 2020	Nov. 30, 2019
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	5,724,070	5,668,043
Common stock, shares outstanding	5,131,147	5,075,120
Treasury stock, shares	592,923	592,923

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Consolidated Statements of Operations
Rental revenue	$ 9,214	$ 8,421	$ 18,128	$ 16,858
Revenue from property sales	101	8,660	851	9,526
Total revenue	9,315	17,081	18,979	26,384
Operating expenses of rental properties	2,470	2,419	5,326	5,084
Depreciation and amortization expense	3,359	2,939	6,594	5,881
General and administrative expenses	2,438	1,809	4,495	3,899
Costs related to property sales	19	1,009	185	1,823
Total expenses	8,286	8,176	16,600	16,687
Gain on insurance recovery		126		126
Operating income	1,029	9,031	2,379	9,823
Interest expense	(1,899)	(1,618)	(3,691)	(3,268)
Investment income	2	89	28	181
(Loss) income before income tax benefit (provision)	(868)	7,502	(1,284)	6,736
Income tax benefit (provision)	(175)	1,683	(271)	1,503
Net (loss) income	$ (693)	$ 5,819	$ (1,013)	$ 5,233
Basic net loss per common share:
Basic net (loss) income per common share	$ (0.14)	$ 1.15	$ (0.20)	$ 1.03
Diluted net loss per common share:
Diluted net (loss) income per common share	$ (0.14)	$ 1.14	$ (0.20)	$ 1.03

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Consolidated Statements of Comprehensive Income (Loss)
Net (loss) income	$ (693)	$ 5,819	$ (1,013)	$ 5,233
Other comprehensive loss, net of tax:
Reclassifications included in net loss	244	26	339	68
Unrealized loss on cash flow hedges	(2,740)	(2,754)	(5,264)	(4,254)
Total other comprehensive loss, net of tax	(2,496)	(2,728)	(4,925)	(4,186)
Total comprehensive (loss) income	$ (3,189)	$ 3,091	$ (5,938)	$ 1,047

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Total
Balance at beginning of period at Nov. 30, 2018	$ 56	$ 112,071	$ (211)	$ 2,395	$ (19,483)	$ 94,828
Balance (in shares) at Nov. 30, 2018	5,635,706
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		184				184
Exercise of stock options, including shares tendered related to stock options exercised and tax withholdings	$ 1	856			(846)	11
Exercise of stock options, including shares tendered related to stock options exercised and tax withholdings (in shares)	29,838
Net (loss) income			5,233			5,233
Total other comprehensive loss, net of tax				(4,186)		(4,186)
Balance at end of period at May. 31, 2019	$ 57	113,111	5,022	(1,791)	(20,329)	96,070
Balance (in shares) at May. 31, 2019	5,665,544
Balance at beginning of period at Nov. 30, 2019	$ 57	113,256	919	(3,141)	(20,329)	90,762
Balance (in shares) at Nov. 30, 2019	5,668,043
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		260				260
Exercise of stock options, including shares tendered related to stock options exercised and tax withholdings		80				80
Exercise of stock options, including shares tendered related to stock options exercised and tax withholdings (in shares)	2,734
Sale of Common stock		2,500				2,500
Sale of common stock	53,293
Net (loss) income			(1,013)			(1,013)
Total other comprehensive loss, net of tax				(4,925)		(4,925)
Balance at end of period at May. 31, 2020	$ 57	$ 116,096	$ (94)	$ (8,066)	$ (20,329)	$ 87,664
Balance (in shares) at May. 31, 2020	5,724,070

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	May 31, 2020	May 31, 2019
Operating activities:
Net (loss) income	$ (1,013)	$ 5,233
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	6,594	5,881
Noncash rental revenue including straight-line rents	(1,052)	(1,008)
Gain on sales of properties	(666)	(7,703)
Deferred income taxes	(271)	1,503
Stock-based compensation expense	260	184
Amortization of debt issuance costs	211	146
Gain on insurance recovery		(126)
Payment of employee withholding taxes on options exercised		(87)
Amortization of terminated swap agreement		31
Changes in assets and liabilities:
Other assets	1,904	987
Accounts payable and accrued liabilities	(34)	(683)
Deferred revenue	(1,282)	(946)
Other liabilities	(1,827)	61
Net cash provided by operating activities	2,824	3,473
Investing activities:
Acquisition of land and buildings	(13,670)
Additions to real estate assets	(6,330)	(7,549)
Changes in short-term investments, net	1,011	5,000
Proceeds from sales of properties, net of expenses	828	9,188
Deferred leasing costs and other	(439)	(293)
Proceeds from sales of properties deposited in escrow		(7,628)
Net cash used in investing activities	(18,600)	(1,282)
Financing activities:
Proceeds from mortgage and construction loans	21,500	288
Principal payments on mortgage loans	(5,445)	(1,924)
Dividends paid to stockholders	(2,538)	(2,279)
Sale of common stock	2,500
Net repayments on revolving lines of credit	(1,775)
Payment of debt issuance costs	(393)
Proceeds from exercise of stock options	80	98
Net cash provided by (used in) financing activities	13,929	(3,817)
Net decrease in cash and cash equivalents	(1,847)	(1,626)
Cash and cash equivalents at beginning of period	5,874	8,592
Cash and cash equivalents at end of period	$ 4,027	$ 6,966

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	May 31, 2020
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, acquiring, managing and leasing industrial/warehouse properties. Griffin seeks to add to its industrial/warehouse property portfolio through the acquisition and development of land or the purchase of buildings in select markets targeted by Griffin. Griffin also owns several office/flex properties and undeveloped land. Periodically, Griffin may sell certain of its real estate assets 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. Griffin’s consolidated financial statements reflect its accounts and its consolidated subsidiaries. Griffin consolidates the subsidiaries it controls through (i) voting rights or similar rights or (ii) by means other than voting rights if Griffin is the primary beneficiary of a variable interest entity (“VIE”). There are no VIEs in which Griffin is not a primary beneficiary. Griffin may acquire property using a reverse like-kind exchange structure (a “Reverse 1031 Like-Kind Exchange”) under Section 1031 of the Internal Revenue Code of 1986, as amended, to defer taxable gains on the subsequent sale of real estate property. As such, the acquired property (the “Parked Property”) is in the possession of a qualified intermediary engaged to execute the Reverse 1031 Like-Kind Exchange until the subsequent sale transaction and the Reverse 1031 Like-Kind Exchange are completed. Griffin retains essentially all of the legal and economic benefits and obligations related to the Parked Property prior to the completion of the Reverse 1031 Like-Kind Exchange. As such, a Parked Property is included in Griffin’s consolidated financial statements as a consolidated VIE until legal title is transferred to Griffin upon completion of the Reverse 1031 Like-Kind Exchange. 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, 2019 (“fiscal 2019”) included in Griffin’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”) on February 13, 2020. 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, 2019 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 the 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. Griffin considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. At May 31, 2020 and November 30, 2019, $2,637 and $4,299, respectively, of the cash and cash equivalents included on Griffin’s consolidated balance sheets were held in cash equivalents. Griffin’s short-term investments at November 30, 2019 were comprised of repurchase agreements with Webster Bank, N.A. (“Webster Bank”) that were collateralized with securities issued by the United States Government or its sponsored agencies and were accounted for as held-to-maturity securities under FASB ASC 320, “Investments – Debt and Equity Securities” (“ASC 320”). The repurchase agreements were carried at their resell amounts, which approximated fair value due to their short-term nature. Interest on repurchase agreements was reflected as interest receivable that was included in other assets. As of May 31, 2020, Griffin was a party to twelve interest rate swap agreements to hedge its interest rate exposures. Griffin does not use derivatives for speculative purposes. Griffin applies FASB ASC 815-10, “Derivatives and Hedging,” (“ASC 815-10”) as amended, which establishes accounting and reporting standards for derivative instruments and hedging activities. ASC 815-10 requires Griffin to recognize all derivatives as either assets or liabilities on its consolidated balance sheet and measure those instruments at fair value. The changes in the fair values of the interest rate swap agreements are measured in accordance with ASC 815-10 and reflected in the carrying values of the interest rate swap agreements on Griffin’s consolidated balance sheet. The estimated fair values are based primarily on projected future swap rates. Griffin applies cash flow hedge accounting to its interest rate swap agreements that are designated as hedges of the variability of future cash flows from floating rate liabilities based on benchmark interest rates. The changes in the fair values of Griffin’s interest rate swap agreements are recorded as components of Accumulated Other Comprehensive Income (Loss) (“AOCI”) in stockholders’ equity to the extent they are effective. Any ineffective portions of the changes in the fair values of these instruments would be recorded as interest expense or interest income. The results of operations for the three months ended May 31, 2020 (the “2020 second quarter”) and the six months ended May 31, 2020 (the “2020 six month period”) are not necessarily indicative of the results to be expected for the full year. The three months and six months ended May 31, 2019 are referred to herein as the “2019 second quarter” and “2019 six month period,” respectively. Certain amounts from the 2019 six month period have been reclassified to conform to the current fiscal period’s presentation. COVID-19 During and subsequent to the 2020 six month period, the world has been impacted by the spread of the coronavirus (COVID-19), which has created significant economic uncertainty and volatility. The full extent to which the coronavirus pandemic impacts Griffin’s business, operations, liquidity and financial results will depend on numerous evolving factors that Griffin is not able to predict at this time, including: the duration and scope of the pandemic; governmental, business and individuals’ actions that have been and continue to be taken in response to the pandemic; the impact on economic activity from the pandemic and actions taken in response; the effect on Griffin’s tenants and their businesses; the ability of tenants to make their rental payments; any closures of tenants’ facilities; the ability of existing or prospective tenants to evaluate or enter into leases; and Griffin’s ability to complete property sales. Any of these events could materially adversely impact Griffin’s business, financial condition, results of operations or stock price. Griffin collected essentially 100% of April 2020 rent and 99% of rent in each of May and June 2020. In March and April 2020, Griffin received aggregate rent relief requests from tenants representing 22% of total monthly rent. Griffin has not received any new requests for rent relief subsequent to April 30, 2020. Griffin has not finalized agreements with the three tenants whose rent relief requests remain outstanding. Based on the current discussions, the anticipated amount of rent relief granted to the three tenants whose requests remain outstanding would equate to less than 1% of Griffin's total annual rental revenue. All other requests for rent relief were either denied by Griffin or the tenants withdrew their requests. Recent Accounting Pronouncements Adopted In February 2016, the FASB issued Accounting Standards Update (“ASU” or “Update”) No. 2016-02, “Leases,” which establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. The accounting applied by lessors under ASU No. 2016-02 is largely unchanged from that applied under current U.S. GAAP. Leases are either classified as finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU No. 2016-02 also requires significant additional disclosures about the amount, timing and uncertainty of cash flows from leases. In July 2018, the FASB issued ASU No. 2018-10, “Codification Improvements to Topic 842, Leases,” which provides narrow amendments to clarify how to apply certain aspects of the new lease standard and ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements,” which provides an alternative transition method that permits an entity to use the effective date of ASU No. 2016-02 as the date of initial application through the recognition of a cumulative effect adjustment to the opening balance of retained earnings upon adoption. An entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new lease standard will continue to be in accordance with current U.S. GAAP under FASB ASC Topic 840, “Leases.” In December 2018, the FASB issued ASU No. 2018-20, “Leases (Topic 842): Narrow Scope Improvements for Lessors,” which provides clarification on implementation issues associated with adopting ASU No. 2016-02. In March 2019, the FASB issued ASU No. 2019-01, “Leases (Topic 842): Codification Improvements,” which clarifies the determination of fair value of an underlying asset by lessors that are not manufacturers or dealers, presentation on the statement of cash flows for sales-type and direct financing leases and transition issues related to Topic 250, Accounting Changes and Error Corrections. Griffin used the modified retrospective method upon adoption of ASU No. 2016-02, ASU No. 2018-10, ASU No. 2018-11, ASU No. 2018-20 and ASU No. 2019-01 when they became effective for Griffin on December 1, 2019, and, therefore, Griffin did not restate any comparative periods. Upon adoption, Griffin elected the package of practical expedients permitted under the transition guidance, which permits Griffin to not reassess its prior conclusions about lease identification, lease classification and initial direct costs. Griffin elected to combine the non-lease components of common area maintenance charges with the related lease components. Griffin did not elect the practical expedient to use hindsight in determining the lease term and in assessing impairment of right-of-use assets. Griffin did elect the practical expedient pertaining to land easements that allows an entity to choose to not apply ASC 842 to certain existing land easements at transition. Griffin made an accounting policy election to keep leases with an initial term of twelve months or less off of the balance sheet. Griffin’s leases with its tenants were classified as operating leases under previous guidance and remained operating leases upon the adoption of ASC 842, therefore, as a lessor there was no significant impact upon adoption. As a lessee, Griffin has two operating leases that resulted in the recognition of ROU assets of $858 and lease liabilities of $858 related to Griffin’s executive office in New York City at the time of adoption. The adoption of ASC 842 did not have a material impact on Griffin’s consolidated statements of operations or cash flows. 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. ASU No. 2017-12 makes more financial and nonfinancial hedging strategies eligible for hedge accounting, amends the presentation and disclosure requirements and changes how entities assess effectiveness. In April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” which provides clarification on implementation issues associated with adopting ASU No. 2017-12. ASU No. 2017-12 and ASU No. 2019-04 each became effective for Griffin on December 1, 2019. The application of ASU No. 2017-12 and ASU No. 2019-04 did not have an impact on Griffin’s consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” to include share-based payment transactions for acquiring goods and services from nonemployees. ASU No. 2018-07 simplifies the accounting for nonemployee share-based payments by aligning it more closely with the accounting for employee awards. ASU No. 2018-07 became effective for Griffin on December 1, 2019. The application of ASU No. 2018-07 did not have an impact on Griffin’s consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-16, “Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes.” ASU No. 2018-16 permits the use of the Swap OIS Rate (“OIS Rate”) based on the Secured Overnight Financing Rate as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the interest rates on direct Treasury obligations of the U.S. government, the London Interbank Offered Rate (“LIBOR”) and the OIS Rate based on the Federal Funds Effective Rate. The amendments in ASU No. 2018-16 were required to be adopted concurrently with the amendments in ASU No. 2017-12, therefore, ASU No. 2018-16 became effective for Griffin on December 1, 2019. The application of ASU No. 2018-16 did not have an impact on Griffin’s consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” ASU No. 2018-13 removes, modifies and adds certain disclosure requirements in FASB ASC 820, “Fair Value Measurement” (“ASC 820”). The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively in the year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. ASU No. 2018-13 will become effective for Griffin in the fiscal year ending November 30, 2021 (“fiscal 2021”). Early adoption is permitted upon issuance for any removed or modified disclosures. Griffin does not expect the application of ASU No. 2018-13 to have an impact on its consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU No. 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another rate that is expected to be discontinued. The amendments in ASU No. 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. Griffin is currently assessing the impact of ASU No. 2020-04 and the LIBOR transition on its consolidated financial statements. There are various other Updates recently issued which represent technical corrections to the accounting literature or apply to specific industries. Griffin does not expect the application of any of these other Updates to have an impact on its consolidated financial statements.

Fair Value

Fair Value	6 Months Ended
	May 31, 2020
Fair Value
Fair Value	2. Fair Value Griffin applies the provisions of 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. The categorization of an asset or 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. 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 2 assets at November 30, 2019 also included Griffin’s short-term investments in repurchase agreements with Webster Bank (see Note 1). The repurchase agreements were carried at their resell amounts, which approximated fair value due to their short-term nature. 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 2020 six 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: May 31, 2020 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Interest rate swap liabilities $ — $ 10,210 $ — November 30, 2019 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Interest rate swap liabilities $ — $ 4,052 $ — The carrying and estimated fair values of Griffin’s financial instruments are as follows: Fair Value May 31, 2020 November 30, 2019 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value Financial assets: Cash and cash equivalents 1 $ 4,027 $ 4,027 $ 5,874 $ 5,874 Short-term investments 2 $ — $ — $ 1,011 $ 1,011 Financial liabilities: Mortgage loans, net of debt issuance costs 2 $ 158,375 $ 161,842 $ 142,575 $ 145,235 Revolving lines of credit 2 $ 4,100 $ 4,100 $ 5,875 $ 5,875 Interest rate swap liabilities 2 $ 10,210 $ 10,210 $ 4,052 $ 4,052 The amounts included in the consolidated financial statements for cash and cash equivalents, short-term investments, leasing receivables from tenants and accounts payable and accrued liabilities approximate their fair values because of the short-term maturities of these instruments. The amount included in the consolidated financial statements for the revolving lines of credit approximate their fair values because of their variable interest rates. The fair values of the mortgage loans, net of debt issuance costs, are estimated based on current rates offered to Griffin for similar debt of the same remaining maturities and, additionally, Griffin considers its credit worthiness in determining the fair value of its mortgage loans. The fair values of the interest rate swaps (used for purposes other than trading) are determined based on discounted cash flow models that incorporate the cash flows of the derivatives as well as the current OIS Rate and swap curve along with other market data, taking into account current interest rates and the credit worthiness of the counterparty for assets and the credit worthiness of Griffin for liabilities.

Real Estate Assets

Real Estate Assets	6 Months Ended
	May 31, 2020
Real Estate Assets
Real Estate Assets	3. Real Estate Assets Real estate assets consist of: Estimated Useful Lives May 31, 2020 Nov. 30, 2019 Land $ 32,753 $ 30,750 Land improvements 10 to 30 years 45,508 40,992 Buildings and improvements 10 to 40 years 236,621 220,086 Tenant improvements Shorter of useful life or terms of related lease 32,939 30,318 Machinery and equipment 3 to 20 years 10,958 7,557 Construction in progress 3,745 3,542 Development costs 5,169 10,404 367,693 343,649 Accumulated depreciation $ 247,157 $ 238,614 Total depreciation expense and capitalized interest related to real estate assets were as follows: For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Depreciation expense $ 2,967 $ 2,599 $ 5,830 $ 5,190 Capitalized interest $ — $ 87 $ — $ 129 Real estate assets held for sale consist of: May 31, 2020 Nov. 30, 2019 Land $ 508 $ 323 Land improvements 269 388 Buildings and improvements — 417 Development costs 6,163 1,009 $ 6,940 $ 2,137 On March 9, 2020, Griffin, through a consolidated VIE, purchased 170 Sunport Lane (“170 Sunport”), an approximately 68,000 square foot industrial/warehouse building in Orlando, Florida for $5,749, including acquisition costs. Griffin provided all of the funding to the VIE to purchase 170 Sunport and determined that the fair value of the assets acquired approximated the purchase price. The $5,749 purchase price represented the cost of the assets which were allocated to the real estate assets on a relative fair value basis. The real estate assets primarily reflect the building and land improvements that are being depreciated principally over forty years and building and land improvements that are being depreciated over a period of fifteen years. On February 18, 2020, Griffin, through a consolidated VIE, purchased 3320 Maggie Boulevard (“3320 Maggie”), an approximately 108,000 square foot industrial/warehouse building in Orlando, Florida for $7,921, including acquisition costs. Griffin provided all of the funding to the VIE to purchase 3320 Maggie and determined that the purchase price represented the cost of the assets which were allocated to the real estate assets on a relative fair value basis. Of the $7,921 purchase price, $7,941 represented the relative fair value of real estate assets, $770 represented the relative fair value of the acquired intangible asset and $790 represented the relative fair value of the acquired intangible liability, comprised of the value of the below market lease at the time of acquisition (see Notes 2 and 8). The intangible asset is included in other assets and the intangible liability is included in other liabilities on Griffin’s consolidated balance sheet. The real estate assets primarily reflect the building and land improvements that are being depreciated principally over forty years and building and tenant improvements that are being depreciated over a period of seven years. The intangible liability is being amortized over the term of the lease. The acquisitions of 170 Sunport and 3320 Maggie were made utilizing Reverse 1031 Like-Kind Exchanges that were entered into at the time the properties were acquired. As such, as of May 31, 2020, 170 Sunport and 3320 Maggie are in the possession of a qualified intermediary engaged to execute the Reverse 1031 Like-Kind Exchanges until the potential real estate sales transactions and the Reverse 1031 Like-Kind Exchanges are completed. Griffin retains essentially all of the legal and economic benefits and obligations related to 170 Sunport and 3320 Maggie prior to the completion or termination of the Reverse 1031 Like-Kind Exchanges. Accordingly, 170 Sunport and 3320 Maggie are included in Griffin’s consolidated financial statements as consolidated VIEs until legal title is transferred to Griffin upon completion of the Reverse 1031 Like-Kind Exchanges. In the 2020 six month period, real estate assets held for sale increased by $4,803, reflecting: (a) an increase of $5,987 from real estate assets transferred into real estate assets held for sale as a result of entering into agreements to sell such real estate; partially offset by (b) a decrease of $1,084 from real estate assets held for sale being transferred back into real estate assets, as a result of the termination of agreements to sell such real estate assets; and (c) a reduction of $100 for a property sale that closed. The real estate assets held for sale that were returned to real estate assets, in the 2020 six month period were Griffin’s farm in Quincy, Florida and the approximately 7,200 square foot restaurant building in Griffin Center in Windsor, Connecticut.

Mortgage Loans

Mortgage Loans	6 Months Ended
	May 31, 2020
Mortgage Loans
Mortgage Loans	4. Mortgage Loans Griffin’s mortgage and construction loans consist of: May 31, 2020 Nov. 30, 2019 4.72%, due October 3, 2022 * $ 4,122 $ 4,174 4.39%, due January 2, 2025 * 18,804 19,101 4.17%, due May 1, 2026 * 12,923 13,115 3.79%, due November 17, 2026 * 24,341 24,701 4.39%, due August 1, 2027 * 9,904 10,034 3.97%, due September 1, 2027 11,557 11,673 4.57%, due February 1, 2028 * 17,855 18,069 5.09%, due July 1, 2029 5,492 5,725 5.09%, due July 1, 2029 3,848 4,011 3.60%, due January 2, 2030 * 6,446 — 3.48%, due February 1, 2030 14,906 — 4.33%, due August 1, 2030 16,456 16,634 4.51%, due April 1, 2034 13,874 14,030 3.91%, due January 27, 2020 * — 3,206 Nonrecourse mortgage loans 160,528 144,473 Debt issuance costs (2,153) (1,898) Nonrecourse mortgage loans, net of debt issuance costs 158,375 142,575 *Variable rate loans. Griffin has entered into interest rate swap agreements to effectively fix the interest rates on these loans to the rates reflected above. Griffin’s weighted average interest rate on its mortgage loans, including the effect of its interest rate swap agreements, was 4.21% and 4.31% as of May 31, 2020 and November 30, 2019, respectively. As of May 31, 2020, Griffin was a party to twelve 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 May 31, 2020, and none is anticipated over the term of the agreements. Amounts in AOCI will be reclassified into interest expense over the term of the swap agreements to achieve fixed interest rates on each variable rate mortgage. None of the interest rate swap agreements contain any credit risk related contingent features. In the 2020 and 2019 six month periods, Griffin recognized losses, included in other comprehensive income, before taxes of $6,158 and $5,365, respectively, on its interest rate swap agreements. As of May 31, 2020, $1,963 was expected to be reclassified over the next twelve months to AOCI from interest expense. As of May 31, 2020, the net fair value of Griffin’s interest rate swap agreements was a liability of $10,210, which is included in other liabilities on Griffin’s consolidated balance sheet. On December 20, 2019, two wholly-owned subsidiaries of Griffin entered into a nonrecourse mortgage loan (the “2019 Webster Mortgage”) with Webster Bank for $6,500. The 2019 Webster Mortgage is collateralized by 7466 Chancellor Drive (“7466 Chancellor”), an approximately 100,000 square foot industrial/warehouse building in Orlando, Florida, that was acquired on October 25, 2019. The 2019 Webster Mortgage has a ten-year term with monthly principal payments based on a twenty-five-year amortization schedule. The interest rate for the 2019 Webster Mortgage is a floating rate of the one month LIBOR rate plus 1.75%. At the time the 2019 Webster Mortgage closed, Griffin entered into an interest rate swap agreement with Webster Bank that effectively fixes the interest rate of the 2019 Webster Mortgage at 3.60% for the entire loan term. $5,875 of the proceeds from the 2019 Webster Mortgage were used to repay Webster Bank for the borrowing under Griffin’s Acquisition Credit Line (as defined below) that was used to finance a portion of the purchase price of 7466 Chancellor (see Note 5). On January 23, 2020, two wholly-owned subsidiaries of Griffin closed on a nonrecourse mortgage loan (the “2020 State Farm Mortgage”) with State Farm Life Insurance Company for $15,000. The 2020 State Farm Mortgage is collateralized by two industrial/warehouse buildings in the Lehigh Valley of Pennsylvania, 6975 Ambassador Drive and 871 Nestle Way, that aggregate approximately 254,000 square feet. The 2020 State Farm Mortgage has a ten-year term with monthly principal payments based on a twenty-five-year amortization schedule. The interest rate for the 2020 State Farm Mortgage is 3.48%. $3,191 of the proceeds from the 2020 State Farm Mortgage were used to repay the mortgage loan on 871 Nestle Way that was scheduled to mature on January 27, 2020. On June 30, 2020, a wholly-owned subsidiary of Griffin (the “Borrower”) closed on a nonrecourse mortgage loan (the “2020 Webster Mortgage”) with Webster Bank for $5,100. The 2020 Webster Mortgage is collateralized by 3320 Maggie, which was acquired on February 18, 2020. The 2020 Webster Mortgage has a ten-year term with monthly principal payments based on a twenty-five year amortization schedule. The interest rate for the 2020 Webster Mortgage is a floating rate of the one month LIBOR rate plus 2.56%. At the time the 2020 Webster Mortgage closed, Griffin entered into an interest rate swap agreement with Webster Bank that effectively fixes the interest rate of the 2020 Webster Mortgage at 3.50% for the entire loan term. $4,100 of the proceeds from the 2020 Webster Mortgage were used to repay Webster Bank for the borrowing under Griffin’s Acquisition Credit Line that was used to finance a portion of the purchase price of 3320 Maggie (see Note 5). Under the terms of the 2020 Webster Mortgage, the Borrower must maintain a minimum debt service coverage ratio (the “DSCR”), calculated by dividing the trailing twelve months net operating income of 3320 Maggie by the debt service on the 2020 Webster Mortgage for the DSCR test period, as further described under the terms of the 2020 Webster Mortgage, equal to or greater than 1.25 times, and the Loan to Value Ratio (as defined and further described under the 2020 Webster Mortgage) may not exceed 65%. The terms of the 2020 Webster Mortgage require that commencing on January 1, 2024, an annual amount equal to a total of $1.00 per square foot shall be deposited by the Borrower into an escrow account with Webster Bank until such escrow account balance reaches $300. Subject to certain terms and conditions under the 2020 Webster Mortgage, (i) the funds in the escrow account may be released by Webster Bank upon extension of 3320 Maggie’s existing lease, or entry into any other Approved Lease (as defined and further described under the 2020 Webster Mortgage) on terms and conditions acceptable to Webster Bank, in each case for a term that runs for a minimum of one year beyond the maturity date of the 2020 Webster Mortgage, or (ii) a portion of the funds in the escrow account may be released by Webster Bank for tenant improvements and lease commissions related to Approved Leases.

Revolving Credit Agreements

Revolving Credit Agreements	6 Months Ended
	May 31, 2020
Revolving Credit Agreements
Revolving Credit Agreements	5. Revolving Credit Agreements Griffin The Webster Credit Line is collateralized by Griffin’s properties in Griffin Center South in Bloomfield, Connecticut, aggregating approximately 235,000 square feet, an approximately 48,000 square foot single-story office building in Griffin Center in Windsor, Connecticut and an approximately 31,000 square foot industrial/warehouse building in Bloomfield, Connecticut. As of May 31, 2020, there were no borrowings against the Webster Credit Line, however, the Webster Credit Line secured certain unused standby letters of credit aggregating $484 that are related to Griffin's development activities. On June 30, 2020, in connection with the 2020 Webster Mortgage, Griffin and Webster Bank entered into a letter agreement (the “Side Note”) amending the Webster Credit Line. Under the terms of the Side Note, an amount equal to one year’s debt service ($306) on the 2020 Webster Mortgage will be carved out and not available to be borrowed (the “Holdback”) under the Line of Credit. If the debt service is not paid on the 2020 Webster Mortgage, Webster Bank would be able to advance funds from the Webster Credit Line as needed to make monthly payments of debt service under the 2020 Webster Mortgage. The provisions regarding the Holdback expire on September 30, 2021, the maturity date of the Webster Credit Line, and any extension to the maturity date of the Webster Credit Line will not apply to the Holdback. Griffin also has a credit line of $15,000 with Webster Bank that is to be used to finance property acquisitions (the “Acquisition Credit Line”). The Acquisition Credit Line is unsecured, expires on September 30, 2021 with an option to extend for an additional year through September 30, 2022, and may be used to fund up to 65% of the purchase price of real estate acquisitions. Interest on advances under the Acquisition Credit Line are at the one-month LIBOR rate plus 2.75%. In the event that LIBOR is no longer readily determinable or available, the Acquisition Credit Line contemplates that Webster Bank shall transition to an alternate rate of interest to the LIBOR rate taking into account then prevailing standards in the market for determining interest rates for commercial loans made by financial institutions in the United States at such time. Amounts borrowed under the Acquisition Credit Line are expected to be repaid with proceeds from long-term financing of the property acquired. If amounts borrowed under the Acquisition Credit Line are not repaid within 135 days from the date the properties are acquired, Griffin has agreed to either (a) repay the portion of the Acquisition Credit Line allocable to such advance or (b) execute a first-lien mortgage in favor of Webster Bank. Under the terms of the Acquisition Credit Line, Griffin must maintain (i) a minimum debt service coverage ratio of the aggregate acquired property (as defined in the Acquisition Credit Line) equal to or greater than 1.25 times; (ii) a minimum net worth of not less than $80,000; (iii) a minimum liquidity, as defined in the Acquisition Credit Line, of $5,000; (iv) a ratio of total debt plus preferred stock, to total assets not to exceed 50% of the total fair market value of Griffin’s assets; and (v) a Fixed Charge Coverage Ratio of at least 1.1 to 1.0. At November 30, 2019, $5,875 was outstanding under the Acquisition Credit Line for the purchase in October 2019 of 7466 Chancellor, which was repaid on December 20, 2019 using the proceeds from the 2019 Webster Mortgage (see Note 4). As of May 31, 2020, $4,100 was outstanding under the Acquisition Credit Line for the purchase of 3320 Maggie at an interest rate of 3.12%. Subsequent to May 31, 2020, the outstanding balance of $4,100 was repaid using the proceeds from the 2020 Webster Mortgage (see Note 4).

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	May 31, 2020
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 Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Net (loss) income $ (693) $ 5,819 $ (1,013) $ 5,233 Weighted average shares outstanding for computation of basic per share results 5,125,000 5,100,000 Incremental shares from assumed exercise of Griffin stock options (a) — 40,000 — 31,000 Adjusted weighted average shares for computation of diluted per share results 5,125,000 5,107,000 5,100,000 5,097,000 (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 2020 second quarter and 2020 six month period would have been 43,000 and 49,000, respectively. Sale of Common Stock On March 3, 2020, Gordon F. DuGan was appointed to serve as a Director of Griffin, effective immediately. Mr. DuGan was also appointed as Chairman of the Board of Directors. Mr. DuGan and Griffin entered into a Chairmanship and Advisory Agreement ( the “Advisory Agreement”), on March 3, 2020, whereby Mr. DuGan agreed to also serve as a non-employee advisor to Griffin on, amongst other things, growth strategy, including identifying markets, acquisitions and other transactions, recruitment of key personnel, potential capital raising efforts and general management advice (collectively the “Advisory Services”). As compensation to Mr. DuGan for providing such Advisory Services, Mr. DuGan received: (i) a non-qualified stock option to acquire 48,000 shares of Griffin Common Stock at an exercise price of $45.98 per share under the 2009 Stock Option Plan (see Griffin Stock Option Plans below) and (ii) a non-qualified stock option (the “Supplemental Advisor Option”) to acquire 52,000 shares of Griffin Common Stock at an exercise price of $46.91 per share under the 2020 Incentive Award (see Griffin Stock Option Plans below). On March 9, 2020, Griffin completed the sale of 53,293 shares of Griffin’s Common Stock at a price per share of $46.91, for cash proceeds of $2,500, in accordance with the Advisory Agreement and pursuant to a Stock Purchase Agreement, dated as of March 5, 2020, between Mr. DuGan and Griffin. Universal Shelf Filing/At-the-Market Equity Offering Program On April 11, 2018, Griffin filed a universal shelf registration statement on Form S-3 (the “Universal Shelf”) with the SEC. Under the Universal Shelf, Griffin may offer and sell up to $50,000 of a variety of securities including common stock, preferred stock, warrants, depositary shares, debt securities, units or any combination of such securities during the three year period that commenced upon the Universal Shelf becoming effective on April 25, 2018. Under the Universal Shelf, Griffin may periodically offer one or more types of securities in amounts, at prices and on terms announced, if and when the securities are ever offered. On May 10, 2018, Griffin filed a prospectus supplement with the SEC under which it may issue and sell, from time to time, up to an aggregate of $30,000 of its common stock (“Common Stock”) under an “at-the-market” equity offering program (the “ATM Program”) through Robert W. Baird & Co. Incorporated (“Baird”), as sales agent. Under a sales agreement with Baird, Griffin will set the parameters for the sales of its Common Stock under the ATM Program, including the number of shares to be issued, the time period during which sales are requested to be made, limitations on the number of shares that may be sold in any one trading day and any minimum price below which sales of shares may not be made. Sales of Common Stock, if any, under the ATM Program would be made in offerings as defined in Rule 415 of the Securities Act of 1933, as amended. In addition, with the prior consent of Griffin, Baird may also sell shares in privately negotiated transactions. Griffin expects to use net proceeds, if any, from the ATM Program for acquisitions of target properties consistent with Griffin’s investment strategies, repayment of debt and general corporate purposes. If Griffin obtains additional capital by issuing equity, the interests of its existing stockholders will be diluted. If Griffin incurs additional indebtedness, that indebtedness may impose financial and other covenants that may significantly restrict Griffin’s operations. Griffin Stock Option Plans Through March 3, 2020, stock options were granted by Griffin under the Griffin Industrial Realty, Inc. 2009 Stock Option Plan (as amended, the “2009 Stock Option Plan”). Options granted under the 2009 Stock Option Plan were 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 were 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 May 31, 2020 may be exercised as stock appreciation rights. On March 3, 2020, Griffin’s Board of Directors adopted and approved the Griffin Industrial Realty, Inc. and Griffin Industrial, LLC 2020 Incentive Award Plan (the “2020 Incentive Award Plan”). The 2020 Incentive Award Plan was effective as of the date it was adopted by the Board, subject to stockholder approval, which was received at Griffin’s 2020 Annual Meeting of Stockholders on May 7, 2020. The 2020 Incentive Award Plan replaced the 2009 Stock Option Plan and authorizes for grant a total of 300,000 shares (plus any shares subject to awards under the 2009 Stock Option Plan, as of the date of stockholder approval of the 2020 Incentive Award Plan, that are forfeited, expire, are converted to shares of another person or are settled for cash), subject to certain adjustments in the 2020 Incentive Award Plan. In addition to granting stock options, the 2020 Incentive Award Plan also enables Griffin to grant stock appreciation rights, restricted stock awards, restricted stock unit awards, partnership interests, other equity or cash based awards and dividend equivalents. No new awards will be granted under the 2009 Stock Option Plan; however, all outstanding awards under the 2009 Stock Option Plan remain outstanding in accordance with their terms. The following options were granted by Griffin under the 2020 Incentive Award Plan and the 2009 Stock Option Plan: For the Six Months Ended May 31, 2020 May 31, 2019 Fair Value per Fair Value per Number of Option at Number of Option at Shares Grant Date Shares Grant Date Non-employee directors 111,258 $ 11.00 - 14.17 5,946 $ 12.87 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 Six Months Ended May 31, 2020 May 31, 2019 Expected volatility 29.7 - 30.3 % 30.9 % Risk free interest rates 0.5 - 0.9 % 2.3 % Expected option term (in years) 8.5 8.5 Annual dividend yield 1.3 % 1.2 % Number of option holders at May 31, 2020 29 Compensation expense and related tax benefits for stock options were as follows: For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Compensation expense $ 203 $ 94 $ 260 $ 184 Related tax benefit $ 34 $ 13 $ 43 $ 26 For all periods presented, the forfeiture rate for directors ranged from 0% to 2%, the forfeiture rate for executives was 17.9% and the forfeiture rate for employees was 38.3%. The rates utilized were based on the historical activity of the grantees. As of May 31, 2020, the unrecognized compensation expense related to nonvested stock options that will be recognized during future periods is as follows: Balance of Fiscal 2020 $ 249 Fiscal 2021 $ 442 Fiscal 2022 $ 377 Fiscal 2023 $ 244 Fiscal 2024 $ 120 Fiscal 2025 $ 23 A summary of Griffin’s stock option activity is as follows: For the Six Months Ended May 31, 2020 May 31, 2019 Number of Weighted Avg. Number of Weighted Avg. Shares Exercise Price Shares Exercise Price Outstanding at beginning of period 189,822 $ 28.23 224,001 $ 28.20 Granted 111,258 $ 45.72 5,946 $ 36.99 Exercised (2,734) $ 29.25 (29,838) $ 28.71 Forfeited — $ — (2,788) $ 35.86 Outstanding at end of period 298,346 $ 34.74 197,321 $ 28.28 Weighted Avg. Remaining Range of Exercise Prices for Outstanding at Weighted Avg. Contractual Life Total Intrinsic Vested and Nonvested Options May 31, 2020 Exercise Price (in years) Value $23.00 - $28.00 112,638 $ 26.76 5.7 $ 1,536 $28.00 - $32.00 62,478 $ 29.21 2.1 698 $32.00 - $47.00 123,230 $ 44.84 9.6 61 298,346 $ 34.74 6.6 $ 2,295 Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive loss, net of tax, comprised of unrealized gains on cash flow hedges is as follows: For the Six Months Ended May 31, 2020 May 31, 2019 Balance at beginning of period $ (3,141) $ 2,395 Other comprehensive loss before reclassifications (5,264) (4,254) Amounts reclassified 339 68 Net activity for other comprehensive loss (4,925) (4,186) Balance at end of period $ (8,066) $ (1,791) Changes in accumulated other comprehensive loss are as follows: For the Three Months Ended May 31, 2020 May 31, 2019 Tax Tax (Expense) Net-of (Expense) Net-of Pre-Tax Benefit Tax Pre-Tax Benefit Tax Reclassification included in net (loss) income: Loss on cash flow hedges (interest expense) $ 304 $ (60) $ 244 $ 33 $ (7) $ 26 Change in other comprehensive loss: Decrease in fair value of Griffin’s cash flow hedges (3,186) 446 (2,740) (3,530) 776 (2,754) Other comprehensive loss $ (2,882) $ 386 $ (2,496) $ (3,497) $ 769 $ (2,728) For the Six Months Ended May 31, 2020 May 31, 2019 Tax Tax (Expense) Net-of (Expense) Net-of Pre-Tax Benefit Tax Pre-Tax Benefit Tax Reclassification included in net (loss) income: Loss on cash flow hedges (interest expense) $ 429 $ (90) $ 339 $ 88 $ (20) $ 68 Change in other comprehensive loss: Decrease in fair value of Griffin’s cash flow hedges (6,587) 1,323 (5,264) (5,453) 1,199 (4,254) Other comprehensive loss $ (6,158) $ 1,233 $ (4,925) $ (5,365) $ 1,179 $ (4,186) Cash Dividend Griffin did not declare a cash dividend in the 2020 six month period or the 2019 six month period. During the 2020 six month period, Griffin paid $2,538 for the cash dividend declared in the fiscal 2019 fourth quarter. During the 2019 six month period, Griffin paid $2,279 for the cash dividend declared in the fiscal 2018 fourth quarter.

Leases

Leases	6 Months Ended
	May 31, 2020
Leases
Leases	7. Leases As lessor, all of Griffin’s leases with its tenants were classified as operating leases under previous guidance and remained operating leases upon the adoption of ASC 842, therefore, as a lessor there was no significant impact upon adoption. Griffin’s rental revenue reflects the leasing of industrial/warehouse and, to a lesser extent, office/flex space and certain land parcels. Griffin does not have any variable payment leases with its tenants. The future minimum rental payments, including expected tenant reimbursements, to be received under noncancelable operating leases as of May 31, 2020 are as follows: Balance of fiscal 2020 $ 17,430 2021 33,916 2022 27,769 2023 22,684 2024 19,665 Later years 45,374 $ 166,838 Griffin currently leases an entire 165,000 square foot industrial/warehouse building (“1985 Blue Hills”) in Windsor, Connecticut to a single tenant under a lease that expires on March 31, 2024. Such lease contains an option whereby the tenant could purchase 1985 Blue Hills at a purchase price equal to the greater of $11,500 or fair market value as determined under the terms of the lease. The tenant did not exercise its purchase option before it expired on June 1, 2020. In fiscal 2016, Griffin entered into a ten-year sublease (the “New York Office Lease”) for approximately 1,920 square feet in New York City for its executive offices. The sublease is with Bloomingdale Properties, Inc., an entity that is controlled by certain members of the Cullman and Ernst Group, which is considered a related party to Griffin. Upon adoption of ASC 842 on December 1, 2019, Griffin, as lessee, recognized two ROU assets aggregating $858 and lease liabilities aggregating $858 for operating leases it had previously entered into, the New York Office Lease and a lease for office equipment. Griffin adopted the practical expedient for not separating lease components from non-lease components. ROU assets and lease liabilities are included in other assets and other liabilities, respectively, on Griffin’s consolidated balance sheet. ROU assets are evaluated for impairment in a manner consistent with the treatment of other long-lived assets. These lease agreements do not provide a readily determinable implicit rate nor is it available to Griffin from its lessors, therefore, Griffin utilized its incremental borrowing rate of 3.5% at the time of adoption in order to discount lease payments to present value. These lease agreements do not contain any significant residual value guarantees or restrictive covenants. The lease costs are allocated over the remaining lease terms on a straight-line basis. Expense related to operating leases was $69 in the 2020 six month period. The weighted average remaining lease term for Griffin’s operating leases as of May 31, 2020, was 6.4 years. Maturities of lease liabilities as of May 31, 2020 are as follows: Balance of Fiscal 2020 $ 68 Fiscal 2021 136 Fiscal 2022 143 Fiscal 2023 141 Fiscal 2024 140 Thereafter 269 Total undiscounted payments $ 897 Less: imputed interest (95) Present value of minimum lease payments $ 802

Supplemental Financial Statemen

Supplemental Financial Statement Information	6 Months Ended
	May 31, 2020
Supplemental Financial Statement Information
Supplemental Financial Statement Information	8. Supplemental Financial Statement Information Short-Term Investments As of May 31, 2020, Griffin did not have any short-term investments. As of November 30, 2019, Griffin’s short-term investments of $1,011 consisted of repurchase agreements accounted for as held-to-maturity securities under ASC 320 on its consolidated balance sheet. The repurchase agreements were with Webster Bank and were collateralized by securities issued by the United States Government or its sponsored agencies. The repurchase agreements were carried at their resell amounts, which approximated fair value due to their short-term nature. Other Assets Griffin's other assets are comprised of the following: May 31, 2020 Nov. 30, 2019 Deferred rent receivable $ 6,061 $ 5,740 Deferred leasing costs, net 5,146 4,468 Intangible assets, net 2,438 1,907 Prepaid expenses 966 2,926 Mortgage escrows 801 515 Right-of-use assets 772 — Accounts receivable (primarily leases) 630 904 Registration statement costs 281 281 Furniture, fixtures and equipment, net 195 193 Deferred financing costs related to revolving lines of credit 183 256 Deposits 36 234 Other 304 154 Total other assets $ 17,813 $ 17,578 Accounts Payable and Accrued Liabilities Griffin's accounts payable and accrued liabilities are comprised of the following: May 31, 2020 Nov. 30, 2019 Accrued construction costs and retainage $ 1,105 $ 1,849 Accrued lease commissions 920 223 Accrued interest payable 615 568 Accrued salaries, wages and other compensation 446 863 Trade payables 271 295 Other 880 520 Total accounts payable and accrued liabilities $ 4,237 $ 4,318 Other Liabilities Griffin's other liabilities are comprised of the following: May 31, 2020 Nov. 30, 2019 Interest rate swap liabilities $ 10,210 $ 4,052 Deferred compensation plan 3,522 5,593 Prepaid rent from tenants 1,163 1,013 Lease liabilities 802 — Intangible liability, net 762 — Security deposits of tenants 727 538 Conditional asset retirement obligations 171 171 Land sale deposits 50 — Other 53 142 Total other liabilities $ 17,460 $ 11,509 Supplemental Cash Flow Information Accounts payable and accrued liabilities related to additions to real estate assets decreased by $744 in the 2020 six month period and increased by $2,777 in the 2019 six month period. Griffin maintains a non-qualified deferred compensation plan (the “Deferred Compensation Plan”) for certain of its highly compensated employees. In the 2020 six month period, the liability for the Deferred Compensation Plan was reduced by approximately $1,900 for a payment made to Frederick M. Danziger, Griffin’s former Executive Chairman, as a result of his retirement in fiscal 2019. In the 2019 six month period, Griffin received 22,390 shares of its Common Stock in connection with the exercise of stock options as consideration for the exercise price and for reimbursement of income tax withholdings related to those stock option exercises. The shares received were recorded as treasury stock, which resulted in an increase in treasury stock of $846, and did not affect Griffin’s cash. Interest payments were as follows: For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 $ 1,756 $ 1,600 $ 3,433 $ 3,219 Income Taxes Griffin’s income tax benefit rate was 21.1% for the 2020 six month period, as compared to an income tax provision rate of 22.3% for the 2019 six month period. The effective tax benefit rate for the 2020 six month period reflected the federal statutory income tax rate adjusted for the effects of permanent differences and state income taxes. The effective tax rate in the 2020 six month period is based on management’s projections of pretax results and permanent differences for the balance of the year. To the extent that actual results differ from current projections, the effective income tax rate may change. Griffin’s federal income tax returns for fiscal 2016, fiscal 2017 and fiscal 2018 are open to examination by the Internal Revenue Service.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	May 31, 2020
Commitments and Contingencies
Commitments and Contingencies	9. Commitments and Contingencies As of May 31, 2020, Griffin had committed purchase obligations of approximately $2,424, principally related to the development of its real estate assets. On December 10, 2019, Griffin entered into an Option Purchase Agreement (the “East Granby/Windsor Option Agreement”) whereby Griffin granted the buyer an exclusive one year option, in exchange for a nominal fee, to purchase approximately 280 acres of undeveloped land in East Granby and Windsor, Connecticut. The purchase price has a range of a minimum of $6,000 to a maximum of $7,950 based upon the final approved use of the land. The buyer may extend the option period for another two years upon payment of additional option fees. The land subject to the East Granby/Windsor Option Agreement does not have any of the approvals that would be required for the buyer’s planned use of the land. A closing on the land sale contemplated by the East Granby/Windsor Option Agreement is subject to several significant contingencies, including the buyer securing contracts under a competitive bidding process that would require changes in the use of the land and obtaining local and state approvals for that planned use. There is no guarantee that the sale of land as contemplated under the East Granby/Windsor Option Agreement will be completed under its current terms, or at all. On February 3, 2020, Griffin entered into an option agreement (the “Meadowood Option Agreement”) with a national land conservation organization (the “Conservation Organization”) to sell the approximate 277 acres (the “Meadowood Land”) of Griffin’s approved but unbuilt residential development, Meadowood, in Simsbury, Connecticut. For a minimal fee, the Meadowood Option Agreement grants the Conservation Organization the right to purchase the Meadowood Land for open space and farmland preservation whereby Griffin would receive net proceeds of approximately $5,400, if the purchase option is exercised. The Meadowood Option Agreement grants the Conservation Organization an initial term of twelve months, with one six-month extension, to exercise its option and acquire the Meadowood Land. Completion of a sale of the Meadowood Land contemplated under the Meadowood Option Agreement is subject to several contingencies, including the satisfactory outcome of due diligence by the Conservation Organization and the Conservation Organization securing funding from several public and private sources to acquire the Meadowood Land. There is no guarantee that a sale of the Meadowood Land contemplated under the Meadowood Option 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	6 Months Ended
	May 31, 2020
Subsequent Events.
Subsequent Events	10. Subsequent Events In accordance with FASB ASC 855, “Subsequent Events,” Griffin has evaluated all events or transactions occurring after May 31, 2020, the balance sheet date, and noted that there have been no such events or transactions which would require recognition or disclosure in the consolidated financial statements as of and for the period ended May 31, 2020, other than the disclosures herein. See Notes 4 and 5 for disclosure of the subsequent event related to the closing on the 2020 Webster Mortgage on June 30, 2020 and repayment of the outstanding balance on the Acquisition Credit Line. On June 24, 2020, Griffin entered into a Purchase and Sale Agreement (the “Allentown Purchase Agreement”) to acquire, for a purchase price of $3,100, an approximately 18 acre site in the Lehigh Valley of Pennsylvania for the intended development of an approximately 150,000 square foot industrial/warehouse building. A closing on the land acquisition contemplated by the Allentown Purchase Agreement is subject to significant contingencies, including Griffin obtaining all governmental approvals for its planned development of the land that would be acquired. There is no guarantee that the land acquisition as contemplated under the Allentown Purchase Agreement will be completed under its current terms, or at all.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	May 31, 2020
Basis of Presentation and Consolidation	Basis of Presentation Griffin Industrial Realty, Inc. ("Griffin") is a real estate business principally engaged in developing, acquiring, managing and leasing industrial/warehouse properties. Griffin seeks to add to its industrial/warehouse property portfolio through the acquisition and development of land or the purchase of buildings in select markets targeted by Griffin. Griffin also owns several office/flex properties and undeveloped land. Periodically, Griffin may sell certain of its real estate assets 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. Griffin’s consolidated financial statements reflect its accounts and its consolidated subsidiaries. Griffin consolidates the subsidiaries it controls through (i) voting rights or similar rights or (ii) by means other than voting rights if Griffin is the primary beneficiary of a variable interest entity (“VIE”). There are no VIEs in which Griffin is not a primary beneficiary. Griffin may acquire property using a reverse like-kind exchange structure (a “Reverse 1031 Like-Kind Exchange”) under Section 1031 of the Internal Revenue Code of 1986, as amended, to defer taxable gains on the subsequent sale of real estate property. As such, the acquired property (the “Parked Property”) is in the possession of a qualified intermediary engaged to execute the Reverse 1031 Like-Kind Exchange until the subsequent sale transaction and the Reverse 1031 Like-Kind Exchange are completed. Griffin retains essentially all of the legal and economic benefits and obligations related to the Parked Property prior to the completion of the Reverse 1031 Like-Kind Exchange. As such, a Parked Property is included in Griffin’s consolidated financial statements as a consolidated VIE until legal title is transferred to Griffin upon completion of the Reverse 1031 Like-Kind Exchange. 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, 2019 (“fiscal 2019”) included in Griffin’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”) on February 13, 2020. 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, 2019 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 the 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.
Fiscal Year	The results of operations for the three months ended May 31, 2020 (the “2020 second quarter”) and the six months ended May 31, 2020 (the “2020 six month period”) are not necessarily indicative of the results to be expected for the full year. The three months and six months ended May 31, 2019 are referred to herein as the “2019 second quarter” and “2019 six month period,” respectively. Certain amounts from the 2019 six month period have been reclassified to conform to the current fiscal period’s presentation.
Investments	Griffin considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. At May 31, 2020 and November 30, 2019, $2,637 and $4,299, respectively, of the cash and cash equivalents included on Griffin’s consolidated balance sheets were held in cash equivalents. Griffin’s short-term investments at November 30, 2019 were comprised of repurchase agreements with Webster Bank, N.A. (“Webster Bank”) that were collateralized with securities issued by the United States Government or its sponsored agencies and were accounted for as held-to-maturity securities under FASB ASC 320, “Investments – Debt and Equity Securities” (“ASC 320”). The repurchase agreements were carried at their resell amounts, which approximated fair value due to their short-term nature. Interest on repurchase agreements was reflected as interest receivable that was included in other assets.
Interest Rate Swap Agreements	As of May 31, 2020, Griffin was a party to twelve interest rate swap agreements to hedge its interest rate exposures. Griffin does not use derivatives for speculative purposes. Griffin applies FASB ASC 815-10, “Derivatives and Hedging,” (“ASC 815-10”) as amended, which establishes accounting and reporting standards for derivative instruments and hedging activities. ASC 815-10 requires Griffin to recognize all derivatives as either assets or liabilities on its consolidated balance sheet and measure those instruments at fair value. The changes in the fair values of the interest rate swap agreements are measured in accordance with ASC 815-10 and reflected in the carrying values of the interest rate swap agreements on Griffin’s consolidated balance sheet. The estimated fair values are based primarily on projected future swap rates. Griffin applies cash flow hedge accounting to its interest rate swap agreements that are designated as hedges of the variability of future cash flows from floating rate liabilities based on benchmark interest rates. The changes in the fair values of Griffin’s interest rate swap agreements are recorded as components of Accumulated Other Comprehensive Income (Loss) (“AOCI”) in stockholders’ equity to the extent they are effective. Any ineffective portions of the changes in the fair values of these instruments would be recorded as interest expense or interest income.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted In February 2016, the FASB issued Accounting Standards Update (“ASU” or “Update”) No. 2016-02, “Leases,” which establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. The accounting applied by lessors under ASU No. 2016-02 is largely unchanged from that applied under current U.S. GAAP. Leases are either classified as finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU No. 2016-02 also requires significant additional disclosures about the amount, timing and uncertainty of cash flows from leases. In July 2018, the FASB issued ASU No. 2018-10, “Codification Improvements to Topic 842, Leases,” which provides narrow amendments to clarify how to apply certain aspects of the new lease standard and ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements,” which provides an alternative transition method that permits an entity to use the effective date of ASU No. 2016-02 as the date of initial application through the recognition of a cumulative effect adjustment to the opening balance of retained earnings upon adoption. An entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new lease standard will continue to be in accordance with current U.S. GAAP under FASB ASC Topic 840, “Leases.” In December 2018, the FASB issued ASU No. 2018-20, “Leases (Topic 842): Narrow Scope Improvements for Lessors,” which provides clarification on implementation issues associated with adopting ASU No. 2016-02. In March 2019, the FASB issued ASU No. 2019-01, “Leases (Topic 842): Codification Improvements,” which clarifies the determination of fair value of an underlying asset by lessors that are not manufacturers or dealers, presentation on the statement of cash flows for sales-type and direct financing leases and transition issues related to Topic 250, Accounting Changes and Error Corrections. Griffin used the modified retrospective method upon adoption of ASU No. 2016-02, ASU No. 2018-10, ASU No. 2018-11, ASU No. 2018-20 and ASU No. 2019-01 when they became effective for Griffin on December 1, 2019, and, therefore, Griffin did not restate any comparative periods. Upon adoption, Griffin elected the package of practical expedients permitted under the transition guidance, which permits Griffin to not reassess its prior conclusions about lease identification, lease classification and initial direct costs. Griffin elected to combine the non-lease components of common area maintenance charges with the related lease components. Griffin did not elect the practical expedient to use hindsight in determining the lease term and in assessing impairment of right-of-use assets. Griffin did elect the practical expedient pertaining to land easements that allows an entity to choose to not apply ASC 842 to certain existing land easements at transition. Griffin made an accounting policy election to keep leases with an initial term of twelve months or less off of the balance sheet. Griffin’s leases with its tenants were classified as operating leases under previous guidance and remained operating leases upon the adoption of ASC 842, therefore, as a lessor there was no significant impact upon adoption. As a lessee, Griffin has two operating leases that resulted in the recognition of ROU assets of $858 and lease liabilities of $858 related to Griffin’s executive office in New York City at the time of adoption. The adoption of ASC 842 did not have a material impact on Griffin’s consolidated statements of operations or cash flows. 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. ASU No. 2017-12 makes more financial and nonfinancial hedging strategies eligible for hedge accounting, amends the presentation and disclosure requirements and changes how entities assess effectiveness. In April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” which provides clarification on implementation issues associated with adopting ASU No. 2017-12. ASU No. 2017-12 and ASU No. 2019-04 each became effective for Griffin on December 1, 2019. The application of ASU No. 2017-12 and ASU No. 2019-04 did not have an impact on Griffin’s consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” to include share-based payment transactions for acquiring goods and services from nonemployees. ASU No. 2018-07 simplifies the accounting for nonemployee share-based payments by aligning it more closely with the accounting for employee awards. ASU No. 2018-07 became effective for Griffin on December 1, 2019. The application of ASU No. 2018-07 did not have an impact on Griffin’s consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-16, “Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes.” ASU No. 2018-16 permits the use of the Swap OIS Rate (“OIS Rate”) based on the Secured Overnight Financing Rate as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the interest rates on direct Treasury obligations of the U.S. government, the London Interbank Offered Rate (“LIBOR”) and the OIS Rate based on the Federal Funds Effective Rate. The amendments in ASU No. 2018-16 were required to be adopted concurrently with the amendments in ASU No. 2017-12, therefore, ASU No. 2018-16 became effective for Griffin on December 1, 2019. The application of ASU No. 2018-16 did not have an impact on Griffin’s consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” ASU No. 2018-13 removes, modifies and adds certain disclosure requirements in FASB ASC 820, “Fair Value Measurement” (“ASC 820”). The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively in the year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. ASU No. 2018-13 will become effective for Griffin in the fiscal year ending November 30, 2021 (“fiscal 2021”). Early adoption is permitted upon issuance for any removed or modified disclosures. Griffin does not expect the application of ASU No. 2018-13 to have an impact on its consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU No. 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another rate that is expected to be discontinued. The amendments in ASU No. 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. Griffin is currently assessing the impact of ASU No. 2020-04 and the LIBOR transition on its consolidated financial statements. There are various other Updates recently issued which represent technical corrections to the accounting literature or apply to specific industries. Griffin does not expect the application of any of these other Updates to have an impact on its consolidated financial statements.
COVID 19
COVID-19	COVID-19 During and subsequent to the 2020 six month period, the world has been impacted by the spread of the coronavirus (COVID-19), which has created significant economic uncertainty and volatility. The full extent to which the coronavirus pandemic impacts Griffin’s business, operations, liquidity and financial results will depend on numerous evolving factors that Griffin is not able to predict at this time, including: the duration and scope of the pandemic; governmental, business and individuals’ actions that have been and continue to be taken in response to the pandemic; the impact on economic activity from the pandemic and actions taken in response; the effect on Griffin’s tenants and their businesses; the ability of tenants to make their rental payments; any closures of tenants’ facilities; the ability of existing or prospective tenants to evaluate or enter into leases; and Griffin’s ability to complete property sales. Any of these events could materially adversely impact Griffin’s business, financial condition, results of operations or stock price. Griffin collected essentially 100% of April 2020 rent and 99% of rent in each of May and June 2020. In March and April 2020, Griffin received aggregate rent relief requests from tenants representing 22% of total monthly rent. Griffin has not received any new requests for rent relief subsequent to April 30, 2020. Griffin has not finalized agreements with the three tenants whose rent relief requests remain outstanding. Based on the current discussions, the anticipated amount of rent relief granted to the three tenants whose requests remain outstanding would equate to less than 1% of Griffin's total annual rental revenue. All other requests for rent relief were either denied by Griffin or the tenants withdrew their requests.

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	May 31, 2020
Fair Value
Schedule of financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:	May 31, 2020 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Interest rate swap liabilities $ — $ 10,210 $ — November 30, 2019 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Interest rate swap liabilities $ — $ 4,052 $ —
Schedule of carrying and estimated fair values of financial instruments	Fair Value May 31, 2020 November 30, 2019 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value Financial assets: Cash and cash equivalents 1 $ 4,027 $ 4,027 $ 5,874 $ 5,874 Short-term investments 2 $ — $ — $ 1,011 $ 1,011 Financial liabilities: Mortgage loans, net of debt issuance costs 2 $ 158,375 $ 161,842 $ 142,575 $ 145,235 Revolving lines of credit 2 $ 4,100 $ 4,100 $ 5,875 $ 5,875 Interest rate swap liabilities 2 $ 10,210 $ 10,210 $ 4,052 $ 4,052

Real Estate Assets (Tables)

Real Estate Assets (Tables)	6 Months Ended
	May 31, 2020
Real Estate Assets
Schedule of real estate assets, excluding those held for sale	Estimated Useful Lives May 31, 2020 Nov. 30, 2019 Land $ 32,753 $ 30,750 Land improvements 10 to 30 years 45,508 40,992 Buildings and improvements 10 to 40 years 236,621 220,086 Tenant improvements Shorter of useful life or terms of related lease 32,939 30,318 Machinery and equipment 3 to 20 years 10,958 7,557 Construction in progress 3,745 3,542 Development costs 5,169 10,404 367,693 343,649 Accumulated depreciation $ 247,157 $ 238,614
Schedule of total depreciation expense and capitalized interest related to real estate assets	For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Depreciation expense $ 2,967 $ 2,599 $ 5,830 $ 5,190 Capitalized interest $ — $ 87 $ — $ 129
Schedule of real estate held for sale	May 31, 2020 Nov. 30, 2019 Land $ 508 $ 323 Land improvements 269 388 Buildings and improvements — 417 Development costs 6,163 1,009 $ 6,940 $ 2,137

Mortgage Loans (Tables)

Mortgage Loans (Tables)	6 Months Ended
	May 31, 2020
Mortgage Loans
Schedule of mortgage and construction loans	May 31, 2020 Nov. 30, 2019 4.72%, due October 3, 2022 * $ 4,122 $ 4,174 4.39%, due January 2, 2025 * 18,804 19,101 4.17%, due May 1, 2026 * 12,923 13,115 3.79%, due November 17, 2026 * 24,341 24,701 4.39%, due August 1, 2027 * 9,904 10,034 3.97%, due September 1, 2027 11,557 11,673 4.57%, due February 1, 2028 * 17,855 18,069 5.09%, due July 1, 2029 5,492 5,725 5.09%, due July 1, 2029 3,848 4,011 3.60%, due January 2, 2030 * 6,446 — 3.48%, due February 1, 2030 14,906 — 4.33%, due August 1, 2030 16,456 16,634 4.51%, due April 1, 2034 13,874 14,030 3.91%, due January 27, 2020 * — 3,206 Nonrecourse mortgage loans 160,528 144,473 Debt issuance costs (2,153) (1,898) Nonrecourse mortgage loans, net of debt issuance costs 158,375 142,575 *Variable rate loans. Griffin has entered into interest rate swap agreements to effectively fix the interest rates on these loans to the rates reflected above.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	May 31, 2020
Stockholders' Equity
Schedule of basic and diluted per share results	For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Net (loss) income $ (693) $ 5,819 $ (1,013) $ 5,233 Weighted average shares outstanding for computation of basic per share results 5,125,000 5,100,000 Incremental shares from assumed exercise of Griffin stock options (a) — 40,000 — 31,000 Adjusted weighted average shares for computation of diluted per share results 5,125,000 5,107,000 5,100,000 5,097,000 (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 2020 second quarter and 2020 six month period would have been 43,000 and 49,000, respectively.
Schedule of options granted by Griffin under the Stock Option Plan to non-employee directors	For the Six Months Ended May 31, 2020 May 31, 2019 Fair Value per Fair Value per Number of Option at Number of Option at Shares Grant Date Shares Grant Date Non-employee directors 111,258 $ 11.00 - 14.17 5,946 $ 12.87
Schedule of assumptions used in determining fair values of options	For the Six Months Ended May 31, 2020 May 31, 2019 Expected volatility 29.7 - 30.3 % 30.9 % Risk free interest rates 0.5 - 0.9 % 2.3 % Expected option term (in years) 8.5 8.5 Annual dividend yield 1.3 % 1.2 %
Schedule of option holders	Number of option holders at May 31, 2020 29
Schedule of compensation expense and related tax benefits for stock options	For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Compensation expense $ 203 $ 94 $ 260 $ 184 Related tax benefit $ 34 $ 13 $ 43 $ 26
Schedule of unrecognized compensation expense related to nonvested stock options	Balance of Fiscal 2020 $ 249 Fiscal 2021 $ 442 Fiscal 2022 $ 377 Fiscal 2023 $ 244 Fiscal 2024 $ 120 Fiscal 2025 $ 23
Summary of the activity under the Griffin Stock Option Plan	For the Six Months Ended May 31, 2020 May 31, 2019 Number of Weighted Avg. Number of Weighted Avg. Shares Exercise Price Shares Exercise Price Outstanding at beginning of period 189,822 $ 28.23 224,001 $ 28.20 Granted 111,258 $ 45.72 5,946 $ 36.99 Exercised (2,734) $ 29.25 (29,838) $ 28.71 Forfeited — $ — (2,788) $ 35.86 Outstanding at end of period 298,346 $ 34.74 197,321 $ 28.28
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 May 31, 2020 Exercise Price (in years) Value $23.00 - $28.00 112,638 $ 26.76 5.7 $ 1,536 $28.00 - $32.00 62,478 $ 29.21 2.1 698 $32.00 - $47.00 123,230 $ 44.84 9.6 61 298,346 $ 34.74 6.6 $ 2,295
Schedule of accumulated other comprehensive loss	For the Six Months Ended May 31, 2020 May 31, 2019 Balance at beginning of period $ (3,141) $ 2,395 Other comprehensive loss before reclassifications (5,264) (4,254) Amounts reclassified 339 68 Net activity for other comprehensive loss (4,925) (4,186) Balance at end of period $ (8,066) $ (1,791)
Schedule of components of accumulated other comprehensive loss	For the Three Months Ended May 31, 2020 May 31, 2019 Tax Tax (Expense) Net-of (Expense) Net-of Pre-Tax Benefit Tax Pre-Tax Benefit Tax Reclassification included in net (loss) income: Loss on cash flow hedges (interest expense) $ 304 $ (60) $ 244 $ 33 $ (7) $ 26 Change in other comprehensive loss: Decrease in fair value of Griffin’s cash flow hedges (3,186) 446 (2,740) (3,530) 776 (2,754) Other comprehensive loss $ (2,882) $ 386 $ (2,496) $ (3,497) $ 769 $ (2,728) For the Six Months Ended May 31, 2020 May 31, 2019 Tax Tax (Expense) Net-of (Expense) Net-of Pre-Tax Benefit Tax Pre-Tax Benefit Tax Reclassification included in net (loss) income: Loss on cash flow hedges (interest expense) $ 429 $ (90) $ 339 $ 88 $ (20) $ 68 Change in other comprehensive loss: Decrease in fair value of Griffin’s cash flow hedges (6,587) 1,323 (5,264) (5,453) 1,199 (4,254) Other comprehensive loss $ (6,158) $ 1,233 $ (4,925) $ (5,365) $ 1,179 $ (4,186)

Leases (Tables)

Leases (Tables)	6 Months Ended
	May 31, 2020
Leases
Schedule of future minimum lease payments to be received under noncancelable operating leases	The future minimum rental payments, including expected tenant reimbursements, to be received under noncancelable operating leases as of May 31, 2020 are as follows: Balance of fiscal 2020 $ 17,430 2021 33,916 2022 27,769 2023 22,684 2024 19,665 Later years 45,374 $ 166,838
Schedule of maturities of lease liabilities	Maturities of lease liabilities as of May 31, 2020 are as follows: Balance of Fiscal 2020 $ 68 Fiscal 2021 136 Fiscal 2022 143 Fiscal 2023 141 Fiscal 2024 140 Thereafter 269 Total undiscounted payments $ 897 Less: imputed interest (95) Present value of minimum lease payments $ 802

Supplemental Financial Statem_2

Supplemental Financial Statement Information (Tables)	6 Months Ended
	May 31, 2020
Supplemental Financial Statement Information
Schedule of other assets	May 31, 2020 Nov. 30, 2019 Deferred rent receivable $ 6,061 $ 5,740 Deferred leasing costs, net 5,146 4,468 Intangible assets, net 2,438 1,907 Prepaid expenses 966 2,926 Mortgage escrows 801 515 Right-of-use assets 772 — Accounts receivable (primarily leases) 630 904 Registration statement costs 281 281 Furniture, fixtures and equipment, net 195 193 Deferred financing costs related to revolving lines of credit 183 256 Deposits 36 234 Other 304 154 Total other assets $ 17,813 $ 17,578
Schedule of accounts payable and accrued liabilities	May 31, 2020 Nov. 30, 2019 Accrued construction costs and retainage $ 1,105 $ 1,849 Accrued lease commissions 920 223 Accrued interest payable 615 568 Accrued salaries, wages and other compensation 446 863 Trade payables 271 295 Other 880 520 Total accounts payable and accrued liabilities $ 4,237 $ 4,318
Schedule of other liabilities	May 31, 2020 Nov. 30, 2019 Interest rate swap liabilities $ 10,210 $ 4,052 Deferred compensation plan 3,522 5,593 Prepaid rent from tenants 1,163 1,013 Lease liabilities 802 — Intangible liability, net 762 — Security deposits of tenants 727 538 Conditional asset retirement obligations 171 171 Land sale deposits 50 — Other 53 142 Total other liabilities $ 17,460 $ 11,509
Schedule of interest payments	For the Three Months Ended For the Six Months Ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 $ 1,756 $ 1,600 $ 3,433 $ 3,219

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	6 Months Ended
	May 31, 2020USD ($)derivativelease	Dec. 01, 2019USD ($)	Nov. 30, 2019USD ($)
Cash and Cash Equivalents
Cash equivalents	$ 2,637		$ 4,299
Recent Adopted Accounting Pronouncements
Number of operating leases | lease	2
Right-of-use assets	$ 772	$ 858
Lease liabilities	$ 802	$ 858
Interest rate swap agreement
Interest Rate Swap Agreements
Number of Interest Rate Derivatives Held | derivative	12

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - COVID-19 (Details) - COVID 19	6 Months Ended
	May 31, 2020tenant
Unusual or Infrequent Item, or Both [Line Items]
Monthly rent on which relief request is received (as a percent)	22.00%
Number of tenants	3
Annual rent (as a percent)	1.00%
Minimum
Unusual or Infrequent Item, or Both [Line Items]
Rent collected (as a percent)	99.00%
Maximum
Unusual or Infrequent Item, or Both [Line Items]
Rent collected (as a percent)	100.00%

Fair Value (Details)

Fair Value (Details) $ in Thousands	Mar. 09, 2020ft²	Feb. 18, 2020ft²	May 31, 2020USD ($)	Nov. 30, 2019USD ($)
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
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 swap liabilities			10,210	$ 4,052
170 Sunport
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Area Of Building | ft²	68,000
3320 Maggie
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Area Of Building | ft²		108,000
Recurring basis | Level 2
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Interest rate swap liabilities			$ 10,210	$ 4,052

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities (Details) - USD ($) $ in Thousands	May 31, 2020	Mar. 09, 2020	Feb. 18, 2020	Nov. 30, 2019
Financial assets:
Short-term investments				$ 1,011
Financial liabilities:
Revolving lines of credit	$ 4,100			5,875
Interest rate swaps liabilities	10,210			4,052
170 Sunport
Nonfinancial assets:
Real estate assets fair value		$ 5,749
3320 Maggie
Nonfinancial assets:
Real estate assets fair value			$ 7,941
Intangible assets fair value			$ 770
Carrying Value | Level 1
Financial assets:
Cash and cash equivalents	4,027			5,874
Carrying Value | Level 2
Financial assets:
Short-term investments				1,011
Financial liabilities:
Mortgage and construction loans, net of debt issuance costs	158,375			142,575
Revolving lines of credit	4,100			5,875
Interest rate swaps liabilities	10,210			4,052
Estimated Fair Value | Level 1
Financial assets:
Cash and cash equivalents	4,027			5,874
Estimated Fair Value | Level 2
Financial assets:
Short-term investments				1,011
Financial liabilities:
Mortgage and construction loans, net of debt issuance costs	161,842			145,235
Revolving lines of credit	4,100			5,875
Interest rate swaps liabilities	$ 10,210			$ 4,052

Real Estate Assets (Details)

Real Estate Assets (Details) $ in Thousands	Mar. 09, 2020USD ($)ft²	Feb. 18, 2020USD ($)ft²	May 31, 2020USD ($)	Feb. 29, 2020	May 31, 2019USD ($)	May 31, 2020USD ($)	May 31, 2019USD ($)	Nov. 30, 2019USD ($)
Real Estate Assets
Land			$ 32,753			$ 32,753		$ 30,750
Land improvements			45,508			45,508		40,992
Buildings and improvements			236,621			236,621		220,086
Tenant improvements			32,939			32,939		30,318
Machinery and equipment			10,958			10,958		7,557
Construction in progress			3,745			3,745		3,542
Development costs			5,169			5,169		10,404
Real estate assets, gross			367,693			367,693		343,649
Accumulated depreciation			(120,536)			(120,536)		(105,035)
Real estate assets, net			247,157			247,157		238,614
Depreciation expense			2,967		$ 2,599	5,830	$ 5,190
Capitalized interest					$ 87		$ 129
Real estate assets held for sale
Real Estate Assets
Land			508			508		323
Land improvements			269			269		388
Buildings and improvements								417
Development costs			6,163			6,163		1,009
Real estate assets held for sale, gross			$ 6,940			$ 6,940		$ 2,137
170 Sunport
Real estate assets
Area Of Building | ft²	68,000
Cash paid for real estate	$ 5,749
Real estate assets fair value	$ 5,749
3320 Maggie
Real estate assets
Area Of Building | ft²		108,000
Cash paid for real estate		$ 7,921
Real estate assets fair value		7,941
Intangible Assets Fair Value		770
Intangible liabilities fair value		$ 790
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
Land improvements | 170 Sunport
Real Estate Assets
Estimated Useful Lives	40 years
Land improvements | 3320 Maggie
Real Estate Assets
Estimated Useful Lives		40 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
Buildings and improvements | 170 Sunport
Real Estate Assets
Estimated Useful Lives	15 years
Buildings and improvements | 3320 Maggie | Minimum
Real Estate Assets
Estimated Useful Lives		7 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

Real Estate Assets - assets hel

Real Estate Assets - assets held for sale (Details) $ in Thousands	6 Months Ended
	May 31, 2020USD ($)ft²	Nov. 30, 2019USD ($)
Real Estate Assets
Real Estate Held For Sale Net	$ 6,940	$ 2,137
Value of real estate assets reclassified as held for sale	5,987
Real estate assets moved out of held for sale	1,084
Value of real estate assets reclassified out of held for sale due to sale	100
Increase in real estate held for sale, net	$ 4,803
Restaurant Building
Real Estate Assets
Area Of Building | ft²	7,200

Mortgage Loans (Details)

Mortgage Loans (Details)	Jun. 24, 2020aft²	Jan. 23, 2020USD ($)ft²subsidiarybuilding	Dec. 20, 2019USD ($)ft²subsidiary	Jun. 30, 2020USD ($)	May 31, 2020USD ($)derivativeitem	May 31, 2019USD ($)	Nov. 30, 2019USD ($)
Long-Term Debt
Loans, net of debt issuance costs					$ 158,375,000		$ 142,575,000
Interest rate (as a percent)				3.50%
Debt disclosures
Term of debt				10 years	1 year
Amortization period of debt				25 years
Anticipated ineffectiveness on cash flow hedges					$ 0
Net fair value of interest rate swap agreements					10,210,000
New mortgage				$ 5,100,000
Proceeds from issuance of debt					$ 21,500,000	$ 288,000
Repayment of debt				$ 4,100,000
Minimum debt service coverage ratio					1.25
Maximum percentage of loan to value					65.00%
Borrower deposited in escrow account					$ 1,000
Escrow account balance					300,000
Cash flow hedges
Debt disclosures
Ineffectiveness on cash flow hedges					$ 0
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					$ 6,158,000	$ 5,365,000
Loss expected to be reclassified over next twelve months from accumulated other comprehensive loss to interest expense					$ 1,963,000
Number of interest rate swap derivatives | derivative					12
LIBOR
Debt disclosures
Variable interest rate margin (as a percent)				2.56%
Nonrecourse mortgage loans
Long-Term Debt
Loans, prior to debt issuance costs					$ 160,528,000		144,473,000
Debt issuance costs, net					(2,153,000)		(1,898,000)
Loans, net of debt issuance costs					$ 158,375,000		$ 142,575,000
Weighted average interest rate					4.21%		4.31%
Acquisition Credit Line
Long-Term Debt
Weighted average interest rate					3.12%
Debt disclosures
Minimum debt service coverage ratio					1.25
Acquisition Credit Line | LIBOR
Debt disclosures
Variable interest rate margin (as a percent)					2.75%
4.72%, due October 3, 2022
Long-Term Debt
Loans, prior to debt issuance costs					$ 4,122,000		$ 4,174,000
Interest rate (as a percent)					4.72%		4.72%
4.39%, due January 2, 2025
Long-Term Debt
Loans, prior to debt issuance costs					$ 18,804,000		$ 19,101,000
Interest rate (as a percent)					4.39%		4.39%
4.17%, due May 1, 2026
Long-Term Debt
Loans, prior to debt issuance costs					$ 12,923,000		$ 13,115,000
Interest rate (as a percent)					4.17%		4.17%
3.79%, November 17, 2026
Long-Term Debt
Loans, prior to debt issuance costs					$ 24,341,000		$ 24,701,000
Interest rate (as a percent)					3.79%		3.79%
4.39%, due August 1, 2027
Long-Term Debt
Loans, prior to debt issuance costs					$ 9,904,000		$ 10,034,000
Interest rate (as a percent)					4.39%		4.39%
3.97%, due September 1, 2027
Long-Term Debt
Loans, prior to debt issuance costs					$ 11,557,000		$ 11,673,000
Interest rate (as a percent)					3.97%		3.97%
4.57%, due February 1, 2028
Long-Term Debt
Loans, prior to debt issuance costs					$ 17,855,000		$ 18,069,000
Interest rate (as a percent)					4.57%		4.57%
5.09%, due July 1, 2029 GCD mortgage loan
Long-Term Debt
Loans, prior to debt issuance costs					$ 5,492,000		$ 5,725,000
Interest rate (as a percent)					5.09%		5.09%
5.09%, due July 1, 2029 TD mortgage Loan
Long-Term Debt
Loans, prior to debt issuance costs					$ 3,848,000		$ 4,011,000
Interest rate (as a percent)					5.09%		5.09%
3.60%, due January 2, 2030
Long-Term Debt
Loans, prior to debt issuance costs					$ 6,446,000
Interest rate (as a percent)					3.60%		3.60%
Debt disclosures
Term of debt			10 years
Amortization period of debt			25 years
New loan			$ 6,500,000
Area of collateralized properties (in square feet) | ft²			100,000
Repayment of debt			$ 5,875,000
Number of subsidiaries which are party to the mortgage | subsidiary			2
3.60%, due January 2, 2030 | Interest rate swap agreement
Debt disclosures
Fixed interest rate pursuant to interest rate swap agreement (as a percent)			3.60%
3.60%, due January 2, 2030 | LIBOR
Debt disclosures
Variable interest rate margin (as a percent)			1.75%
3.48% due February 1 2030
Long-Term Debt
Loans, prior to debt issuance costs					$ 14,906,000
Interest rate (as a percent)		3.48%			3.48%		3.48%
Debt disclosures
Term of debt		10 years
Amortization period of debt		25 years
New mortgage		$ 15,000,000
Number of buildings used as collateral | building		2
Area of collateralized properties (in square feet) | ft²		254,000
Repayment of debt		$ 3,191,000
Number of subsidiaries which are party to the mortgage | subsidiary		2
4.33%, due August 1, 2030
Long-Term Debt
Loans, prior to debt issuance costs					$ 16,456,000		$ 16,634,000
Interest rate (as a percent)					4.33%		4.33%
4.51%, due April 1, 2034
Long-Term Debt
Loans, prior to debt issuance costs					$ 13,874,000		$ 14,030,000
Interest rate (as a percent)					4.51%		4.51%
3.91%, due January 27, 2020
Long-Term Debt
Loans, prior to debt issuance costs							$ 3,206,000
Interest rate (as a percent)					3.91%		3.91%
Subsequent events
Debt disclosures
Area Of Building | ft²	150,000
Build-to-suit industrial / warehouse building (in acres) | a	18

Revolving Credit Agreements (De

Revolving Credit Agreements (Details) $ in Thousands	Jun. 01, 2020USD ($)	Jun. 30, 2020USD ($)	May 31, 2020USD ($)ft²	Nov. 30, 2020USD ($)	Sep. 19, 2019ft²
Revolving credit agreement
Maximum percentage of loan to value			65.00%
Minimum debt service coverage ratio			1.25
Repayment of the credit line	$ 4,100
LIBOR
Revolving credit agreement
Variable interest rate margin (as a percent)		2.56%
Webster Credit Line
Revolving credit agreement
Maximum borrowing capacity			$ 19,500
Maximum percentage of loan to value			72.00%
Minimum liquidity			$ 5,000
Fixed charge coverage ratio			1.1
Standby letters of credit aggregate amount			$ 484
Outstanding borrowings under credit line			$ 0
Webster Credit Line | Subsequent events
Revolving credit agreement
Holdback amount		$ 306
Webster Credit Line | Griffin Center South, Bloomfield, CT
Revolving credit agreement
Area of collateralized properties (in square feet) | ft²			235,000
Webster Credit Line | Single-story office building in Griffin Center
Revolving credit agreement
Area of collateralized properties (in square feet) | ft²			48,000
Webster Credit Line | Industrial/warehouse building
Revolving credit agreement
Area of collateralized properties (in square feet) | ft²					31,000
Webster Credit Line | LIBOR
Revolving credit agreement
Variable interest rate margin (as a percent)			2.50%
Acquisition Credit Line
Revolving credit agreement
Maximum borrowing capacity			$ 15,000
Minimum liquidity			$ 5,000
Fixed charge coverage ratio			1.1
Purchase price of real estate acquisitions (as a percent)			65.00%
Maximum period for obtaining permanent finance from date of drawn			135 days
Minimum debt service coverage ratio			1.25
Minimum net worth			$ 80,000
Maximum percentage of total debt plus preferred stock to total assets allowed			50.00%
Outstanding borrowings under credit line			$ 4,100	$ 5,875
Weighted average interest rate			3.12%
Acquisition Credit Line | 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		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Earnings per share:
Net (loss) income	$ (693)	$ 5,819	$ (1,013)	$ 5,233
Weighted average shares outstanding for computation of basic per share results	5,125,000	5,067,000	5,100,000	5,066,000
Incremental shares from assumed exercise of Griffin stock options		40,000		31,000
Adjusted weighted average shares for computation of diluted per share results	5,125,000	5,107,000	5,100,000	5,097,000
Incremental shares from assumed exercise of stock options excluded due to anti-dilutive effect			43,000	49,000

Stockholders' Equity - At-the-M

Stockholders' Equity - At-the-Market Equity Offering Program (Details) - USD ($)	Apr. 11, 2018	May 10, 2018
At-the-Market Equity Offering Program
Maximum offering from universal shelf registration	$ 50,000
Offering period	P3Y
Baird | ATM Program
At-the-Market Equity Offering Program
Authorized to issue common stock		$ 30,000

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Grants, Activity And Expense (Details) $ / shares in Units, $ in Thousands	Mar. 09, 2020USD ($)$ / sharesshares	Mar. 03, 2020$ / sharesshares	May 31, 2020USD ($)individual$ / sharesshares	Feb. 29, 2020$ / sharesshares	May 31, 2019USD ($)$ / sharesshares	Feb. 28, 2019$ / sharesshares	May 31, 2020USD ($)individual$ / sharesshares	May 31, 2019USD ($)$ / sharesshares
2009 Stock Option Plan
Granted (in shares)							111,258	5,946
Exercise of stock options (shares)							2,734	29,838
Proceeds from exercise of stock options | $							$ 80	$ 98
Assumptions used in determining the fair value of the stock options granted
Expected volatility (as a percent)								30.90%
Risk free interest rates (as a percent)								2.30%
Expected option term (in years)							8 years 6 months	8 years 6 months
Annual dividend yield (as a percent)								1.20%
Other Disclosures
Number of option holders | individual			29				29
Unrecognized compensation expense related to non-vested stock options that will be recognized during future periods
Balance of Fiscal 2020 | $			$ 249				$ 249
Fiscal 2021 | $			442				442
Fiscal 2022 | $			377				377
Fiscal 2023 | $			244				244
Fiscal 2024 | $			120				120
Fiscal 2025 | $			$ 23				$ 23
Griffin’s stock option activity
Outstanding at beginning of period (in shares)				189,822		224,001	189,822	224,001
Granted (in shares)							111,258	5,946
Exercised (in shares)							(2,734)	(29,838)
Forfeited (in shares)								(2,788)
Outstanding at end of period (in shares)			298,346		197,321		298,346	197,321
Weighted Avg. Exercise Price
Outstanding at beginning of period (in dollars per share) | $ / shares				$ 28.23		$ 28.20	$ 28.23	$ 28.20
Granted (in dollars per share) | $ / shares							45.72	36.99
Exercised (in dollars per share) | $ / shares							29.25	28.71
Forfeited (in dollars per share) | $ / shares								35.86
Outstanding at end of period (in dollars per share) | $ / shares			$ 34.74		$ 28.28		$ 34.74	$ 28.28
Minimum
Assumptions used in determining the fair value of the stock options granted
Expected volatility (as a percent)							29.70%
Risk free interest rates (as a percent)							0.50%
Annual dividend yield (as a percent)							1.30%
Maximum
Assumptions used in determining the fair value of the stock options granted
Expected volatility (as a percent)							30.30%
Risk free interest rates (as a percent)							0.90%
2009 Stock Option Plan
2009 Stock Option Plan
Expiration term							10 years
Number of options that may be exercised as stock appreciation rights			0				0
Granted (in shares)		48,000					0
Exercise price (in dollars per share) | $ / shares		$ 45.98
Compensation expense for stock options
Compensation expense (benefit) | $			$ 203		$ 94		$ 260	$ 184
Related tax benefit (expense) | $			$ 34		$ 13		$ 43	$ 26
Griffin’s stock option activity
Granted (in shares)		48,000					0
2009 Stock Option Plan | Minimum
Compensation expense for stock options
Forfeiture rates (as a percent)				0.00%		0.00%
2009 Stock Option Plan | Minimum | Executives
Compensation expense for stock options
Forfeiture rates (as a percent)				17.90%	17.90%
2009 Stock Option Plan | Minimum | Employee
Compensation expense for stock options
Forfeiture rates (as a percent)				38.30%	38.30%
2009 Stock Option Plan | Maximum
Compensation expense for stock options
Forfeiture rates (as a percent)				2.00%	2.00%
2020 Incentive Award Plan
2009 Stock Option Plan
Number of shares authorized		300,000
Granted (in shares)		52,000
Exercise price (in dollars per share) | $ / shares	$ 46.91	$ 46.91
Exercise of stock options (shares)	53,293
Proceeds from exercise of stock options | $	$ 2,500
Griffin’s stock option activity
Granted (in shares)		52,000
Exercised (in shares)	(53,293)
2020 Incentive Award Plan and 2009 Stock Option Plan | Non-employee directors
2009 Stock Option Plan
Granted (in shares)							111,258	5,946
Fair values of stock options granted (in dollars per share) | $ / shares								$ 12.87
Griffin’s stock option activity
Granted (in shares)							111,258	5,946
2020 Incentive Award Plan and 2009 Stock Option Plan | Minimum
2009 Stock Option Plan
Fair values of stock options granted (in dollars per share) | $ / shares							$ 11
2020 Incentive Award Plan and 2009 Stock Option Plan | Maximum
2009 Stock Option Plan
Fair values of stock options granted (in dollars per share) | $ / shares							$ 14.17

Stockholders' Equity - Range Of

Stockholders' Equity - Range Of Exercise Prices (Details) - 2009 Stock Option Plan $ / shares in Units, $ in Thousands	6 Months Ended
	May 31, 2020USD ($)$ / sharesshares
2009 Stock Option Plan
Outstanding at ending of the year (in shares) | shares	298,346
Weighted Avg. Exercise Price (in dollars per share)	$ 34.74
Weighted Avg. Remaining Contractual Life	6 years 7 months 6 days
Total Intrinsic Value | $	$ 2,295
$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	112,638
Weighted Avg. Exercise Price (in dollars per share)	$ 26.76
Weighted Avg. Remaining Contractual Life	5 years 8 months 12 days
Total Intrinsic Value | $	$ 1,536
$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	62,478
Weighted Avg. Exercise Price (in dollars per share)	$ 29.21
Weighted Avg. Remaining Contractual Life	2 years 1 month 6 days
Total Intrinsic Value | $	$ 698
$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)	$ 47
Outstanding at ending of the year (in shares) | shares	123,230
Weighted Avg. Exercise Price (in dollars per share)	$ 44.84
Weighted Avg. Remaining Contractual Life	9 years 7 months 6 days
Total Intrinsic Value | $	$ 61

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Change in accumulated other comprehensive loss, net of tax
Balance at the beginning of the year			$ (3,141)
Other comprehensive (loss) income before reclassifications	$ (2,740)	$ (2,754)	(5,264)	$ (4,254)
Reclassifications included in net loss	244	26	339	68
Balance at the end of the year	(8,066)		(8,066)
Unrealized Gain (Loss) on Cash Flow Hedges
Change in accumulated other comprehensive loss, net of tax
Balance at the beginning of the year			(3,141)	2,395
Other comprehensive (loss) income before reclassifications			(5,264)	(4,254)
Reclassifications included in net loss			339	68
Net activity for other comprehensive income			(4,925)	(4,186)
Balance at the end of the year	$ (8,066)	$ (1,791)	$ (8,066)	$ (1,791)

Stockholders' Equity - AOCI T2

Stockholders' Equity - AOCI T2 rows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Accumulated Other Comprehensive Income (Loss)
Reclassifications, before tax	$ 304	$ 33	$ 429	$ 88
Reclassifications, tax (expense) benefit	(60)	(7)	(90)	(20)
Reclassifications, net of tax	244	26	339	68
Other changes, before reclassifications, before tax	(3,186)	(3,530)	(6,587)	(5,453)
Other changes, before reclassifications, tax (expense) benefit	446	776	1,323	1,199
Total other changes before reclassifications, net of tax	(2,740)	(2,754)	(5,264)	(4,254)
Total other comprehensive (loss) income, before tax			(6,158)	(5,365)
Total income tax benefit (expense) included in other comprehensive (loss) income			1,233	1,179
Total other comprehensive loss, net of tax	(2,496)	(2,728)	(4,925)	(4,186)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Total other comprehensive (loss) income, before tax	(2,882)	(3,497)
Total income tax benefit (expense) included in other comprehensive (loss) income	386	769
Total other comprehensive loss, net of tax	$ (2,496)	$ (2,728)	(4,925)	(4,186)
Unrealized Gain (Loss) on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss)
Reclassifications, net of tax			339	68
Total other changes before reclassifications, net of tax			$ (5,264)	$ (4,254)

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchases, Cash Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	May 31, 2020	May 31, 2019
Cash Dividends
Cash dividends declared (in dollars per share)	$ 0	$ 0
Cash dividend paid	$ 2,538	$ 2,279

Leases - Lessor (Details)

Leases - Lessor (Details) $ in Thousands	6 Months Ended
	May 31, 2020USD ($)ft²
Future minimum rental payments to be received under noncancelable leases
Balance of fiscal 2020	$ 17,430
2021	33,916
2022	27,769
2023	22,684
2024	19,665
Later years	45,374
Total	$ 166,838
1985 Blue Hills
Lessor operating leases
Area Of Building | ft²	165,000
Purchase price	$ 11,500

Leases - Lessee (Details)

Leases - Lessee (Details)	6 Months Ended	12 Months Ended
	May 31, 2020USD ($)	Nov. 30, 2016ft²	Dec. 01, 2019USD ($)
Operating leases assets and liabilities
Operating Lease, Right-of-Use Asset	$ 772,000		$ 858,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]			Other Assets.
Operating Lease, Liability	$ 802,000		$ 858,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]			Other Liabilities.
Lessee, Operating Sublease, Description [Abstract]
Term of sublease		10 years
Area of subleased property | ft²		1,920
Lease terms
Discount rate	3.50%
Lease expense	$ 69
Weighted-average remaining lease term	6 years 4 months 24 days

Leases - Lease Liabilities (Det

Leases - Lease Liabilities (Details) - USD ($) $ in Thousands	May 31, 2020	Dec. 01, 2019
Maturities of leases liabilities
Balance of Fiscal 2020	$ 68
Fiscal 2021	136
Fiscal 2022	143
Fiscal 2023	141
Fiscal 2024	140
Thereafter	269
Total undiscounted payments	897
Less: imputed interest	(95)
Present value of minimum lease payments	$ 802	$ 858

Supplemental Financial Statem_3

Supplemental Financial Statement Information - AFS Securities (Details) - USD ($) $ in Thousands	May 31, 2020	Nov. 30, 2019
Investments - Held-to-maturity Securities
Repurchase agreements	$ 0	$ 1,011

Supplemental Financial Statem_4

Supplemental Financial Statement Information - Other And Intangible Assets (Details) - USD ($) $ in Thousands	May 31, 2020	Dec. 01, 2019	Nov. 30, 2019
Other Assets
Deferred rent receivable	$ 6,061		$ 5,740
Deferred leasing costs, net	5,146		4,468
Intangible assets, net	2,438		1,907
Prepaid expenses	966		2,926
Account receivable (primary leases)	630		904
Right-of-use assets	772	$ 858
Mortgage escrows	801		515
Registration statement costs	281		281
Deposits	36		234
Deferred financing costs related to revolving lines of credit	183		256
Furniture, fixtures and equipment, net	195		193
Other	304		154
Total other assets	$ 17,813		$ 17,578

Supplemental Financial Statem_5

Supplemental Financial Statement Information - Liabilities (Details) - USD ($) $ in Thousands	May 31, 2020	Dec. 01, 2019	Nov. 30, 2019
Accounts Payable and Accrued Liabilities
Accrued construction costs and retainage	$ 1,105		$ 1,849
Accrued lease commissions	920		223
Accrued interest payable	615		568
Accrued salaries, wages and other compensation	446		863
Trade payables	271		295
Other	880		520
Total accounts payable and accrued liabilities	4,237		4,318
Other Liabilities
Interest rate swap liabilities	10,210		4,052
Deferred compensation plan	3,522		5,593
Prepaid rent from tenants	1,163		1,013
Lease liabilities	802	$ 858
Intangible liability, net	762
Security deposits of tenants	727		538
Conditional asset retirement obligations	171		171
Land sale deposits	50
Other	53		142
Total other liabilities	$ 17,460		$ 11,509

Supplemental Financial Statem_6

Supplemental Financial Statement Information - Cash flow, etc. (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Supplemental Cash Flow Information
Treasury shares		22,390		22,390
Treasury stock		$ 846		$ 846
Increase (decrease) in accounts payable and accrued liabilities related to additions to real estate assets			$ (744)	2,777
Deferred Compensation Plan
Decrease in deferred compensation liability			1,900
Interest paid
Interest payments	$ 1,756	$ 1,600	$ 3,433	$ 3,219
Income tax rate
Income tax benefit rate (as a percent)			21.10%	22.30%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Feb. 03, 2020USD ($)a	Dec. 10, 2019USD ($)a	May 31, 2020USD ($)
Obligations For Investments In Real Estate Assets
Purchase and sale obligations
Purchase obligations			$ 2,424
East Granby And Windsor Ct Site [Member]
Purchase and sale obligations
Purchase Option Term		1 year
Area of land | a		280
Option Period Of Extension Upon Payment Of Additional Fees		2 years
East Granby And Windsor Ct Site [Member] | Minimum
Purchase and sale obligations
Purchase price		$ 6,000
East Granby And Windsor Ct Site [Member] | Maximum
Purchase and sale obligations
Purchase price		$ 7,950
Meadowood Land
Purchase and sale obligations
Purchase Option Term	12 months
Area of land | a	277
Sale price of land	$ 5,400
Agreement Term of Extension	6 months

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent events $ in Thousands	Jun. 24, 2020USD ($)aft²
Subsequent events
Sale price of land | $	$ 3,100
Area of land | a	18
Area of building | ft²	150,000