INDUS Realty Trust (INDT) 10-K 18 Feb 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Nov. 30, 2020	Feb. 12, 2021	May 29, 2020
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Nov. 30, 2020
Entity File Number	1-12879
Entity Registrant Name	INDUS REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	06-0868496
Entity Address, Address Line One	641 Lexington Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	218-7910
Title of 12(b) Security	Common Stock $0.01 par value per share
Trading Symbol	INDT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Security Exchange Name	NASDAQ
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,663,040
Entity Public Float			$ 114,009,000
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001037390
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
ASSETS
Real estate assets at cost, net	$ 242,875	$ 238,614
Cash and cash equivalents	28,540	5,874
Real estate assets held for sale, net	6,802	2,137
Deferred income taxes		3,281
Short-term investments		1,011
Other assets	23,145	17,578
Total assets	301,362	268,495
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage loans, net of debt issuance costs	161,048	142,575
Deferred revenue	10,121	10,918
Warrants liability	11,550
Accounts payable and accrued liabilities	4,092	4,318
Revolving lines of credit		5,875
Dividend payable		2,538
Other liabilities	17,652	11,509
Total liabilities	204,463	177,733
Commitments and Contingencies (Note 11)
Stockholders' Equity
Common stock, par value $0.01 per share, 10,000,000 shares authorized, 6,280,856 and 5,668,043 shares issued, respectively, and 5,663,040 and 5,075,120 shares outstanding, respectively	63	57
Additional paid-in capital	138,372	113,256
(Deficit) retained earnings	(11,798)	919
Accumulated other comprehensive loss, net of tax	(8,051)	(3,141)
Treasury stock, at cost, 617,816 and 592,923 shares, respectively	(21,687)	(20,329)
Total stockholders' equity	96,899	90,762
Total liabilities and stockholders' equity	$ 301,362	$ 268,495

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Nov. 30, 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	6,280,856	5,668,043
Common stock, shares outstanding	5,663,040	5,075,120
Treasury stock, shares	617,816	592,923

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Consolidated Statements of Operations
Rental revenue	$ 37,388	$ 34,217	$ 32,777
Operating expenses of rental properties	4,864	4,987	5,040
Real estate taxes	5,612	5,008	4,492
Depreciation and amortization expense	13,623	11,801	11,404
General and administrative expenses	9,960	7,677	7,749
Total expenses	34,059	29,473	28,685
Interest expense	(7,281)	(6,408)	(6,270)
Change in fair value of financial instruments	(5,974)
Gain on sales of real estate assets	2,329	7,829	879
Impairment loss	(2,085)	(3,100)	0
Investment income	41	264	151
Gain on insurance recovery		126
Other Nonoperating Income (Expense), Total	(12,970)	(1,289)	(5,240)
(Loss) income before income tax (provision) benefit	(9,641)	3,455	(1,148)
Income tax (provision) benefit	(3,076)	213	(505)
Net (loss) income	$ (12,717)	$ 3,668	$ (1,653)
Basic net (loss) income per common share
Basic net (loss) income per common share	$ (2.42)	$ 0.72	$ (0.33)
Diluted net (loss) income per common share
Diluted net (loss) income per common share	$ (2.42)	$ 0.72	$ (0.33)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Consolidated Statements of Comprehensive Income (Loss)
Net (loss) income	$ (12,717)	$ 3,668	$ (1,653)
Other comprehensive (loss) income, net of tax:
Reclassifications included in net (loss) income	1,438	24	473
Unrealized loss on cash flow hedges	(6,348)	(5,560)	2,242
Total other comprehensive (loss) income, net of tax	(4,910)	(5,536)	2,715
Total comprehensive (loss) income	$ (17,627)	$ (1,868)	$ 1,062

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Cumulative effect and reclassificationRetained Earnings	Cumulative effect and reclassificationAccumulated Other Comprehensive Loss	Cumulative effect and reclassification	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Total
Balance at beginning of period at Nov. 30, 2017				$ 55	$ 108,770	$ 2,806	$ (284)	$ (18,294)	$ 93,053
Balance (in shares) at Nov. 30, 2017				5,541,029
Increase (Decrease) in Stockholders' Equity
Exercise of stock options, including shares tendered related to stock options exercised and tax withholdings				$ 1	2,951			(1,189)	1,763
Exercise of stock options, including shares tendered related to stock options exercised and tax withholdings (in shares)				94,677
Stock-based compensation expense					350				350
Dividends declared						(2,279)			(2,279)
Total other comprehensive loss, net of tax							2,715		2,715
Net (loss) income						(1,653)			(1,653)
Balance at end 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
Adoption of ASU | ASU 2016-09	$ 879		$ 879
Adoption of ASU | ASU 2018-02	$ 36	$ (36)
Exercise of stock options, including shares tendered related to stock options exercised and tax withholdings				$ 1	924			(846)	79
Exercise of stock options, including shares tendered related to stock options exercised and tax withholdings (in shares)				32,337
Stock-based compensation expense					261				261
Dividends declared						(2,538)			(2,538)
Total other comprehensive loss, net of tax							(5,536)		(5,536)
Net (loss) income						3,668			3,668
Balance at end 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
Adoption of ASU									919
Exercise of stock options, including shares tendered related to stock options exercised and tax withholdings				$ 1	1,569			(1,358)	212
Exercise of stock options, including shares tendered related to stock options exercised and tax withholdings (in shares)				54,930
Sale of Common stock				$ 5	23,037				23,042
Sale of common stock				557,883
Stock-based compensation expense					510				510
Total other comprehensive loss, net of tax							(4,910)		(4,910)
Net (loss) income						(12,717)			(12,717)
Balance at end of period at Nov. 30, 2020				$ 63	$ 138,372	$ (11,798)	$ (8,051)	$ (21,687)	96,899
Balance (in shares) at Nov. 30, 2020				6,280,856
Increase (Decrease) in Stockholders' Equity
Adoption of ASU									$ (11,798)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018
Consolidated Statements of Changes in Stockholders' Equity
Dividends declared, per share (in dollars per share)	$ 0.50	$ 0.45

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Operating activities:
Net (loss) income	$ (12,717)	$ 3,668	$ (1,653)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	13,623	11,801	11,404
Change in fair value of financial instruments	5,974
Deferred income taxes	3,119	(301)	428
Noncash rental revenue including straight-line rents	(2,603)	(1,567)	(1,669)
Gain on sales of real estate assets	(2,329)	(7,829)	(879)
Impairment loss	2,085	3,100	0
Stock-based compensation expense	510	261	350
Amortization of debt issuance costs	444	313	297
Gain on insurance recovery		(126)
Other		(182)	172
Changes in assets and liabilities:
Other assets	(997)	499	(123)
Accounts payable and accrued liabilities	1,138	(119)	(339)
Deferred revenue	902	1,782	253
Other liabilities	(1,001)	135	200
Net cash provided by operating activities	8,148	11,561	8,441
Investing activities:
Acquisitions of land and buildings	(13,670)	(10,168)
Additions to real estate assets	(11,326)	(29,365)	(28,621)
Proceeds from sales of real estate assets, net of expenses	3,086	9,475	998
Proceeds from sales of real estate assets deposited in escrow	(1,993)		91
Deferred leasing costs and other	(1,793)	(959)	(802)
Changes in short-term investments, net	1,011	15,989	(17,000)
Net cash used in investing activities	(24,685)	(15,028)	(45,334)
Financing activities:
Proceeds from sale of common stock	27,281
Proceeds from mortgage loans	26,600	1,265	31,623
Principal payments on mortgage loans	(7,888)	(3,953)	(15,439)
Net (repayments on) proceeds from revolving lines of credit	(5,875)	5,875
Dividends paid to stockholders	(2,538)	(2,279)	(2,000)
Proceeds from sale of warrants	2,018
Payment of debt issuance costs	(607)	(325)	(569)
Proceeds from exercise of stock options	212	166	1,802
Net cash provided by financing activities	39,203	749	15,417
Net increase (decrease) in cash and cash equivalents	22,666	(2,718)	(21,476)
Cash and cash equivalents at beginning of period	5,874	8,592	30,068
Cash and cash equivalents at end of period	$ 28,540	$ 5,874	$ 8,592

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Nov. 30, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Basis of Presentation and Consolidation INDUS Realty Trust, Inc., a Maryland corporation, (“INDUS” or the “Company”) (f/k/a Griffin Industrial Realty, Inc.) is a real estate business principally engaged in developing, acquiring, managing and leasing high-quality industrial and logistics properties in select supply-constrained markets in the United States. INDUS seeks to add to its property portfolio through the development of land or the acquisition of modern, market-appropriate logistics buildings in the markets it targets, all of which can serve multiple drivers of demand in the modern supply chain. Although the Company’s real estate holdings primarily consist of industrial/logistics properties, it also owns a limited number of office/flex properties and undeveloped land parcels. INDUS may sell certain office/flex properties or portions of its undeveloped land that it has owned for an extended time and the use of which is not consistent with the Company’s core industrial and logistics strategy. On December 30, 2020, pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), by and among INDUS (f/k/a Griffin Industrial Maryland, Inc.), Griffin Industrial Realty, Inc., a Delaware corporation, and Griffin Industrial Maryland, LLC, a Maryland limited liability company and a wholly-owned subsidiary of INDUS, the Company completed an internal merger to reincorporate in Maryland. On December 30, 2020, following this merger, the Company changed its name to INDUS Realty Trust, Inc. On January 4, 2021, the Company announced that it intends to elect to be taxed as a real estate investment trust (“REIT”) under sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”) for its taxable year ending December 31, 2021 (see Note 5). This decision was based on the Company’s consideration of ways to maximize stockholder value and generate growth opportunities as the Company continues to expand its industrial/logistics portfolio. Additionally, on January 13, 2021, INDUS announced that its Board of Directors had declared a special dividend to distribute the Company’s estimated accumulated earnings and profits (the “E&P Distribution”) based on the Company’s estimated taxable income through December 31, 2020 that is expected to be paid on March 8, 2021 (see Notes 8 and 12). INDUS’s consolidated financial statements reflect its accounts and its consolidated subsidiaries. INDUS consolidates the subsidiaries it controls through (i) voting rights or similar rights or (ii) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity (“VIE”). There are no VIEs in which the Company is not a primary beneficiary. Fiscal Year Through November 30, 2020, INDUS reported on a twelve month fiscal year that ended on November 30. On November 17, 2020, in connection with the anticipated election to become a REIT, the Company’s Board of Directors approved a change in the Company’s fiscal year from November 30 to December 31, effective beginning with the Company’s next fiscal year, which began on January 1, 2021 and will end on December 31, 2021 (“fiscal 2021”). As a result of this change, INDUS will have a one-month transition period beginning on December 1, 2020 and ending on December 31, 2020, the results of which are expected to be reported in INDUS’s Quarterly Report on Form 10-Q to be filed for the first quarter of fiscal 2021 and in INDUS’s Annual Report on Form 10-K to be filed for fiscal 2021. COVID-19 During and subsequent to fiscal 2020, 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 further impacts INDUS’s business or impacts its operations, liquidity and financial results will depend on numerous evolving factors that the Company 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 availability and effectiveness of vaccines to combat COVID-19; the impact on economic activity from the pandemic and actions taken in response, including ongoing travel restrictions; the impact on the availability and pricing of certain materials and supplies; the effect on INDUS’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 the Company’s ability to complete sales of real estate assets and acquisitions or planned construction and development. Any of these events could materially adversely impact INDUS’s business, financial condition, results of operations or stock price. During fiscal 2020, COVID-19 did not have a material impact on INDUS’s rent collections and the Company collected essentially 100% of rent, inclusive of rent relief and deferrals. Since the onset of COVID-19, INDUS entered into two agreements with tenants that granted rent relief aggregating approximately 0.4% of the Company’s total annual rental revenue for fiscal 2020. The much larger of these two tenants is a subsidiary of a Fortune 500 company who completed an early 5-year renewal of that tenant’s lease as part of the rent relief agreement. The only other deferral agreement was with a 20,000 square foot tenant for a three month deferral. This tenant is currently meeting its obligations and INDUS did not receive any other requests for rent relief or deferrals, nor did any prior requests for relief remain outstanding through the end of fiscal 2020. Subsequent to the end of fiscal 2020, one tenant that leases an approximately 7,000 square foot restaurant building in Connecticut requested rent relief. As of the date of this filing, the tenant had paid all rent through October 31, 2020 and INDUS has not determined if it will grant rent relief in connection with this request. COVID-19 has disrupted the availability, supply and costs of raw materials, particularly the increased cost and decreased availability of structural steel, which could result in an increase in the Company’s cost of construction. Additionally, as a result of the pandemic there could be a reduction in the Company’s rental revenue, particularly with respect to its office/flex portfolio. ​ Exchange Accommodation Titleholder INDUS 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 VIE whose legal equity interests are owned by 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. Although the VIE is legally owned by the qualified intermediary, INDUS retains essentially all of the legal and economic benefits and obligations related to the VIE (which holds the legal title to the Parked Property prior to the completion of the Reverse 1031 Like-Kind Exchange) and, as its designated manager, has the key decision-making power over the Parked Property. As discussed in Note 4, the VIE (including the Parked Property) is included in INDUS’s consolidated financial statements as a consolidated VIE until legal title is transferred to the Company upon completion of the Reverse 1031 Like-Kind Exchange. There were no consolidated VIEs on INDUS's consolidated balance sheet as of November 30, 2020. Real Estate Assets Real estate assets are recorded at cost. Interest, property taxes, insurance and other incremental costs directly related to a project are capitalized during the construction period of major facilities and land improvements. The capitalization period begins when activities to develop the parcel commence and ends when the asset constructed is completed. The capitalized costs are recorded as part of the asset to which they relate and are amortized over the asset's estimated useful life. Depreciation is determined on a straight-line basis over the estimated useful asset lives for financial reporting purposes and for tax purposes. Repair and maintenance costs are expensed as incurred. Real estate assets and any related intangible assets and intangible liabilities that are acquired that meet the definition of a business combination in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, “Business Combinations,” are recorded at relative fair value. Real estate assets and any related intangible assets and intangible liabilities that are treated as a single identifiable asset are recorded at fair value. INDUS's intangible assets consist of: (i) the value of in-place leases; and (ii) the value of the associated relationships with tenants. INDUS's intangible liability consists of the value of a below market lease. Purchase accounting is applied to the assets associated with the real estate acquired. Acquisition costs incurred in a business combination are expensed and included in general and administrative expenses and acquisition costs in an asset acquisition are capitalized. Amortization of the value of in-place leases, included in depreciation and amortization expense, is on a straight-line basis over the lease terms. Amortization of the value of relationships with tenants, included in depreciation and amortization expense, is on a straight-line basis over the lease terms and anticipated renewal periods. Amortization of the value of the below market lease, included in rental revenue, is on a straight-line basis over the lease term. INDUS classifies a property as “held for sale” when all of the following criteria for a plan of sale have been met: (1) management, having the authority to approve the action, commits to a plan to sell the property; (2) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (3) an active program to locate a buyer and other actions required to complete the plan to sell, have been initiated; (4) the sale of the property is probable and is expected to be completed within one year or the property is under a contract to be sold; (5) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (6) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When all of these criteria have been met, the property is classified as “held for sale.” Assets classified as “held for sale” are reported at the lower of their carrying value or fair value less costs to sell. Depreciation of assets ceases upon designation of a property as “held for sale.” Cash and Cash Equivalents INDUS considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. At November 30, 2020 and 2019, $27,062 and $4,299, respectively, of the cash and cash equivalents included on the Company's consolidated balance sheet were held in cash equivalents. Investments INDUS’s short-term investments 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, “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. Stock-Based Compensation INDUS accounts for stock options at fair value in accordance with FASB ASC 718, “Compensation - Stock Compensation” and FASB ASC 505-50, “Equity – Equity-Based Payments to Non-Employees.” For stock options that have graded vesting features, the Company recognizes compensation cost over the requisite service period separately for each tranche of the award as though they were, in substance, multiple awards. Impairment of Investments in Long-Lived Assets INDUS reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If indicators of impairment are present, INDUS evaluates the carrying value of the assets in relation to the operating performance and expected future undiscounted cash flows or the estimated fair value based on expected future cash flows of the underlying assets. If the undiscounted cash flows are less than the carrying value of an asset, INDUS would reduce the carrying value of a long-lived asset to its fair value if that asset’s fair value is determined to be less than its carrying value. The Company also reviews the recoverability of its development costs, including expected remediation costs on projects that are included in real estate assets and real estate assets held for sale, whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. To the extent that the carrying value exceeds the fair value of a project, including development costs, an impairment loss would be recorded. Revenue and Gain Recognition Rental revenue is accounted for on a straight-line basis over the applicable lease term in accordance with FASB ASC 840, “Leases” (“ASC 840”). Rental revenue also includes payments received from tenants for certain building improvements owned by INDUS that are recognized over the lease term and the amortization of below market leases. The Company assesses the collectability of lease receivables on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located, including the impact of the COVID-19 pandemic (see above) on tenants’ businesses and financial condition. With the adoption of FASB ASC No. 842, “Leases” (“ASC 842”) on December 1, 2019 (see below), INDUS recognizes an adjustment to rental revenue for any receivable deemed as not collectible. Prior to the adoption of ASC 842, the allowance for uncollectible accounts and bad debt expense was recognized in general and administrative expenses. For the fiscal year ended November 30, 2020 (“fiscal 2020”), INDUS recorded an adjustment to rental revenue of $26 related to the collectability of one tenant’s account. For the fiscal year ended November 30, 2019 (“fiscal 2019”), INDUS had no additions to the allowance for uncollectible accounts or bad debt expenses recorded. Gains on the sale of real estate assets are recognized in accordance with FASB ASC 606, “Revenue from Contracts with Customers,” based on the specific terms of each sale. When the percentage of completion method is used to account for a sale of real estate assets, gains on the sale of real estate assets sales are recognized over time as performance obligations are satisfied. Income Taxes As discussed above, INDUS intends to be taxed as a REIT under Sections 856 through 860 of the Code commencing with its taxable year ending December 31, 2021. To qualify as a REIT, INDUS is required (among other things) to distribute at least 90% of its REIT taxable income to its stockholders and meet various other organization and operating requirements. Provided INDUS qualifies for taxation as a REIT, it generally will not be subject to federal income taxes if it distributes 100% of its taxable income for each year to its stockholders. However, any taxable income from a taxable REIT subsidiary will be subject to federal, state and local income taxes. If the Company fails to qualify as a REIT in any taxable year, and it is unable to avail itself of certain savings provisions set forth in the Code, all of its taxable income will be subject to regular federal corporate income tax, and it may not be able to qualify as a REIT for four subsequent taxable years. Additionally, even if INDUS qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property and to federal income taxes and excise taxes on its undistributed taxable income. The Company may also be subject to a corporate income tax on any gains recognized during a five-year period following the REIT conversion that are attributable to build-in gains with respect to assets that were owned on January 1, 2021. INDUS intends to adhere to the requirements for qualification and taxation as a REIT and maintain its REIT status. Accordingly, no provision for income taxes will be made in the financial statements for the taxable year ending December 31, 2021 and consequently, income taxes recorded in 2021 will not be comparable to those recorded in prior years (see Note 5). For taxable years ended prior to its intended election to be taxable as a REIT, INDUS provided for income taxes utilizing the asset and liability method, and recorded deferred tax assets and liabilities based on the difference between the financial statement and tax bases of assets and liabilities as measured by the tax rates that were anticipated to be in effect when these differences reversed. The effect on deferred tax assets and liabilities of a change in tax rates was recognized in the results of operations in the period that included the enactment date. A valuation allowance was established when it was necessary to reduce deferred tax assets to amounts for which realization was more likely than not as determined at that time. INDUS evaluates each tax position taken in its tax returns and recognizes a liability for any tax position deemed less likely than not to be sustained under examination by the relevant taxing authorities. INDUS has analyzed its federal and significant state filing positions with respect to FASB ASC 740, “Income Taxes” (“ASC 740”). INDUS believes that its income tax filing positions will be sustained on examination and does not anticipate any adjustments that would result in a material change on its financial statements. As a result, no accrual for uncertain income tax positions has been recorded pursuant to ASC 740. INDUS’s policy for recording interest and penalties, related to uncertain tax positions, is to record such items as part of its provision for federal and state income taxes. Environmental Matters Environmental expenditures related to land and buildings are expensed or capitalized as appropriate, depending upon their future economic benefit. Expenditures that relate to an existing condition caused by past operations, and that do not have future economic benefit, are expensed. Expenditures that create future benefit or contribute to future revenue generation are capitalized. Liabilities related to future remediation costs are recorded when environmental assessments and/or cleanups are probable, and the costs can be reasonably estimated. Interest Rate Swap Agreements As of November 30, 2020, INDUS was a party to thirteen interest rate swap agreements to hedge its interest rate exposures. The Company does not use derivatives for speculative purposes. INDUS applies FASB ASC 815, “Derivatives and Hedging,” (“ASC 815”) as amended, which establishes accounting and reporting standards for derivative instruments and hedging activities. ASC 815 requires the Company to recognize all derivatives as either assets or liabilities on its consolidated balance sheet and measure those instruments at fair value. The changes in the fair values of the interest rate swap agreements are measured in accordance with ASC 815 and reflected in the carrying values of the interest rate swap agreements on INDUS’s consolidated balance sheet. The estimated fair values are based primarily on projected future swap rates. INDUS applies cash flow hedge accounting to its interest rate swap agreements that are designated as hedges of the variability of future cash flows attributable to the contractually specified interest rates. All changes in the fair value of these interest rate swaps are recorded as a component of AOCI in stockholders’ equity. Amounts recorded to AOCI are then reclassified to interest expense as interest on the hedged borrowing is recognized. At the inception of a hedge, INDUS documents certain items, including the relationship between the hedging instrument and the hedged item, the risk management objective and the nature of the risk being hedged, a description of how effectiveness will be measured, an evaluation of hedge transaction effectiveness at adoption and the contractually specified interest rate being hedged. Financial Instruments Pursuant to a Securities Purchase Agreement (the “Securities Purchase Agreement”) dated as of August 24, 2020, between INDUS and CM Change Industrial LP (“Conversant”), an investment entity managed by Conversant Capital LLC (f/k/a Cambiar Management LLC), INDUS, among other things, issued a Warrant (as defined below) to Conversant to acquire 504,590 shares of INDUS’s common stock, par value $0.01 per share (the “Common Stock”) (as exercised, collectively, the “Warrant Shares”) as part of a private placement of Common Stock to raise capital (see Note 2). INDUS applied ASC 815-10 to the Warrant and it is being classified as a derivative liability on the Company’s consolidated balance sheet. The Warrant was initially recorded at its fair value and will be reported at fair value at each subsequent reporting date when liability classification of the Warrant is appropriate. Changes in the fair value of the Warrant are included in change in fair value of financial instruments on INDUS’s consolidated statement of operations during the period of the change. Conditional Asset Retirement Obligations INDUS accounts for its conditional asset retirement obligations in accordance with FASB ASC 410, “Asset Retirement and Environmental Obligations,” which requires an entity to recognize a liability for the fair value of a conditional asset retirement obligation if the fair value can be reasonably estimated even though uncertainty exists about the timing and/or method of settlement. The conditional asset retirement obligations relate principally to tobacco barns and other structures on INDUS’s land holdings that contain asbestos, primarily in roofing materials. These structures remain from the tobacco growing operations of former affiliates of INDUS, are not material to the Company’s operations and do not have any book value. Treasury Stock Treasury stock is recorded at cost as a reduction of stockholders’ equity on INDUS’s consolidated balance sheets. Income (Loss) Per Share Basic net income (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the year. The calculation of diluted net income (loss) per common share reflects adjusting INDUS’s outstanding shares assuming the exercise of all potentially dilutive INDUS stock options and warrants. Risks and Uncertainties INDUS’s future results of operations involve a number of risks and uncertainties. Factors that could affect INDUS’s future operating results and cause actual results to vary materially from historical results include, but are not limited to, the geographical concentration of the Company’s real estate holdings, credit risk and market risk. INDUS's real estate holdings are concentrated in the Hartford, Connecticut area, the Lehigh Valley of Pennsylvania, the greater Charlotte, North Carolina area and Orlando, Florida. The market and economic challenges experienced by the U.S. economy as a whole or the local economic conditions in the markets in which INDUS holds properties may affect the Company’s real estate business. INDUS’s results of operations, financial condition or ability to expand may be adversely affected as a result of the following, any of which may be exacerbated by the continuance of the COVID-19 pandemic: (i) poor economic conditions or unfavorable financial changes to INDUS’s tenants, which may result in tenant defaults under leases or may lead to a curtailment of expansion plans; (ii) significant job losses, which could adversely affect the demand for rental space causing market rental rates and property values to be negatively impacted; (iii) the ability of INDUS to borrow on terms and conditions that it finds acceptable; and (iv) possibly reduced values of INDUS’s properties potentially limiting the proceeds from a sale of its properties or from debt financing collateralized by its properties. INDUS conducts business based on evaluations of its prospective tenants’ financial condition and may require some collateral in the form of security deposits or standby letters of credit. These evaluations require significant judgment and are based on multiple sources of information. INDUS does not use derivatives for speculative purposes. INDUS applies ASC 815, which established accounting and reporting standards for derivative instruments and hedging activities. This accounting guidance requires INDUS to recognize all derivatives as either assets or liabilities on its consolidated balance sheet and to measure those instruments at fair value. INDUS is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is interest rate risk. Interest rate swap agreements are entered into to manage interest rate risk associated with the Company’s variable-rate loans. INDUS applies cash flow hedge accounting to its interest rate swap agreements designated as hedges of the variability of future cash flows attributable to the contractually specified interest rates. All changes in the fair value of these interest rate swaps are recorded as a component of AOCI in stockholders’ equity. Amounts recorded to AOCI are then reclassified to interest expense as interest on the hedged borrowing is recognized. In 2017, the Financial Conduct Authority in the United Kingdom, which regulates the London Interbank Offered Rate (“LIBOR”), announced that it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2023. It is expected that a transition away from the widespread use of LIBOR to alternative interest rates will occur over the course of the next two years. The interest rates for INDUS’s revolving line of credit and acquisitions line of credit with Webster Bank are based on LIBOR. In the event that LIBOR is no longer available, the revolving credit line provides for a transition to a comparable rate of interest determined by Webster Bank and the acquisition credit line contemplates Webster Bank will 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 the time. Such an event would not affect INDUS’s ability to borrow or maintain already outstanding borrowings, but the replacement rate or alternate base rate could be higher or more volatile than LIBOR prior to its discontinuance. The full impact of the expected transition away from LIBOR and the potential discontinuation of LIBOR after 2023 is unclear, but these changes could adversely affect the Company’s cash flow, financial condition and results of operations. INDUS holds floating rate debt under nonrecourse mortgage loans, the interest on which is based on LIBOR. The Company entered into interest rate swap agreements whereby the floating LIBOR rates under all mortgage loans are hedged, effectively fixing the interest rate on those loans. FASB Topic 848, “Reference Rate Reform” anticipates the effect on financial reporting of the discontinuation of LIBOR and provides a means to maintaining effective hedge accounting. In adopting a practical expedient under ASU 2020-04 (see below), INDUS can continue to assert that the occurrence of the hedged forecasted transactions as they were originally documented remain probable even though the reference rate for the interest payments is modified or expected to be modified. INDUS’s cash equivalents consisted of overnight investments that are not significantly exposed to interest rate risk. INDUS's short-term investments consist of repurchase agreements that are not significantly exposed to interest rate risk. Reclassifications Certain prior year amounts have been reclassified to conform to the current year’s presentation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and revenue and expenses during the periods reported. Actual results could differ from those estimates. INDUS’s significant estimates include the impairment evaluation of its long-lived assets, deferred income taxes, derivative financial instruments, revenue and gain recognition including the estimated costs to complete required offsite improvements related to land sold and assumptions used in determining stock compensation. Recent Accounting Pronouncements 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 prior 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 ASC 840. 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. INDUS 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 the Company on December 1, 2019 and, therefore, INDUS did not restate any comparative periods. Upon adoption, INDUS elected the package of practical expedients permitted under the transition guidance, which permits the Company to not reassess its prior conclusions about lease identification, lease classification and initial direct costs. INDUS elected to combine the non-lease components of common area maintenance charges with the related lease components. The Company did not elect the practical expedient to use hindsight in determining the lease term and in assessing impairment of ROU assets. The Company 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. INDUS made an

Private Placement

Private Placement	12 Months Ended
	Nov. 30, 2020
Private Placement
Private Placement	2. Private Placement On August 24, 2020, pursuant to the Securities Purchase Agreement, INDUS: (i) sold 504,590 shares of its Common Stock; and (ii) issued a warrant ( the “Warrant”) to Conversant to acquire 504,590 additional shares of Common Stock (subject to adjustment as set forth therein) at an exercise price of $60.00 per share (the “Exercise Price”). Conversant paid $50.00 per share of Common Stock and $4.00 per Warrant Share for the Warrant for total proceeds of $27,248, before expenses of $449. Pursuant to the Securities Purchase Agreement, for so long as Conversant owns shares of Common Stock constituting more than 4.9% of INDUS’s Common Stock issued and outstanding, Conversant will have the right to designate one member (the “Purchaser Nominee”) to INDUS’s Board of Directors (subject to certain terms and conditions set forth therein) and such Purchaser Nominee shall be nominated by the Board for re-election as a director at each subsequent meeting of the Company’s stockholders. Until the one-year anniversary of the date of the Securities Purchase Agreement, Conversant may not transfer any of the shares of Common Stock without INDUS’s prior written consent. Subject to certain customary exceptions set forth in the Securities Purchase Agreement, Conversant and its affiliates are prohibited from, among other things: (i) acquiring securities or assets of INDUS; (ii) effecting a tender offer, merger, acquisition, business combination, exchange offer, recapitalization, restructuring, liquidation, dissolution or similar transaction of INDUS; (iii) making or participating in any proxy solicitation relating to the election of directors that has not been approved by the independent directors of INDUS; and (iv) seeking to control or influence the management or policies of INDUS, in each case, until the later of (x) twenty-four months following the date of the Securities Purchase Agreement and (y) such time as Conversant is no longer entitled to nominate a Purchaser Nominee to INDUS’s Board of Directors. On August 24, 2020, INDUS and Conversant also entered into a Contingent Value Rights Agreement (the “Contingent Value Rights Agreement”), pursuant to which Conversant is entitled to a one-time cash payment in the event that INDUS’s volume weighted average share price per share of Common Stock for the thirty 30-Day Price”), subject to adjustment as described therein. If the 30-Day 30-Day The Warrant is exercisable from the date of issuance and has a term of three years. The Exercise Price and the number of shares of Common Stock issuable upon exercise of the Warrant is subject to appropriate adjustments in the event of certain stock dividends, stock splits, stock combinations, reclassifications or similar events affecting the Common Stock. Upon a Fundamental Transaction (as defined in the Warrant) in which the consideration consists solely of cash, solely of marketable securities, or a combination thereof, the remaining unexercised portion of the Warrant will automatically be deemed to be exercised or the Warrant will be terminated, depending on whether the purchase price per share of one share of Common Stock in such fundamental transaction is greater or less than the Exercise Price. In addition, if such Fundamental Transaction occurs prior to the one-year anniversary of the date of the Warrant, and the price per share of one share of Common Stock in such Fundamental Transaction is less than the Exercise Price, or if it is greater than the Exercise Price but less than the purchase price paid by the holder per Warrant Share, then the holder will be entitled to receive up to an amount equal to the purchase price paid by the holder per Warrant Share in respect of any unexercised portion of the Warrant. The holder will not be entitled to exercise any portion of the Warrant, which, upon giving effect to such exercise, would cause the aggregate number of shares of Common Stock beneficially owned by the holder of the Warrant (together with its affiliates) to exceed 9.90% of the number of shares of Common Stock outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the Warrant. However, the holder may increase or decrease such percentage to any other percentage not in excess of 19.90% upon at least 61 days’ prior notice from the holder to INDUS, subject to the terms of the Warrant. The proceeds of the Securities Purchase Agreement are as follows: ​ ​ ​ ​ ​ Common Stock, net of costs ​ $ 20,542 Warrants ​ ​ 4,915 CVR ​ ​ 1,342 Total ​ $ 26,799 ​ Both the Warrant and the CVRs are derivative financial instruments and reported as liabilities at their fair values on INDUS’s consolidated balance sheet as of November 30, 2020 (see Notes 3 and 10). Although the fair value of the Warrant was $11,550 as of November 30, 2020, the maximum amount that INDUS would be required to pay if the Warrant were to be settled in cash is $2,018.

Fair Value

Fair Value	12 Months Ended
	Nov. 30, 2020
Fair Value
Fair Value	3. Fair Value INDUS 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 INDUS's interest rate swap agreements (see Notes 1, 6 and 8). These inputs are readily available in public markets or can be derived from information available in publicly quoted markets, therefore, INDUS has categorized these derivative instruments as Level 2 within the fair value hierarchy. Level 2 assets at November 30, 2019 also included INDUS’s short-term investments in repurchase agreements with Webster Bank (see Note 1). These 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. As of November 30, 2020, INDUS’s consolidated balance sheet includes the Warrant liability and CVR liability related to the private placement on August 24, 2020 (see Notes 2 and 10). INDUS derived these values based on the Cox-Ross-Rubenstein option-pricing model and a Monte Carlo simulation valuation methodology, respectively. Therefore, INDUS recognized these liabilities as Level 3 within the fair value hierarchy and they will be re-measured on a recurring basis. During fiscal 2020, INDUS did not transfer any assets or liabilities 1 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ November 30, 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 ​ $ — ​ $ 8,962 ​ $ — Common stock warrant liability ​ $ — ​ $ — ​ $ 11,550 Contingent value rights liability ​ $ — ​ $ — ​ $ 681 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 INDUS’s financial instruments are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value November 30, 2020 November 30, 2019 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents 1 ​ $ 28,540 ​ $ 28,540 ​ $ 5,874 ​ $ 5,874 Short-term investments ​ 2 ​ $ — ​ $ — ​ $ 1,011 ​ $ 1,011 Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans, net of debt issuance costs 2 ​ $ 161,048 ​ $ 164,331 ​ $ 142,575 ​ $ 145,235 Revolving lines of credit ​ 2 ​ $ — ​ $ — ​ $ 5,875 ​ $ 5,875 Interest rate swap liabilities 2 ​ $ 8,962 ​ $ 8,962 ​ $ 4,052 ​ $ 4,052 Warrant liability 3 ​ $ 11,550 ​ $ 11,550 ​ $ — ​ $ — Contingent value rights liability 3 ​ $ 681 ​ $ 681 ​ $ — ​ $ — ​ 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 approximated 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 INDUS for similar debt of the same remaining maturities and, additionally, the Company 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 INDUS for liabilities. The fair value of the Warrant liability was estimated using the Cox-Ross-Rubenstein option-pricing model. A summary of the weighted-average significant unobservable inputs (Level 3 inputs) used in determining the fair value of the Warrant liability is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Warrant ​ ​ ​ Liability Expected volatility ​ 41.87 % Risk free interest rates ​ 0.18 % Expected term (in years) ​ 2.7 ​ Annual dividend yield ​ 1.03 % ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of ​ ​ ​ ​ Derivative ​ ​ ​ ​ Warrant Liability ​ Initial fair value at inception ​ $ 4,915 ​ Change in fair value ​ ​ 6,635 ​ Balance at November 30, 2020 ​ $ 11,550 ​ ​ Although the fair value of the Warrant was $11,550 as of November 30, 2020, the maximum amount that INDUS would be required to pay if the Warrant were to be settled in cash is $2,018. The fair value of the CVR liability was estimated using a Monte Carlo simulation valuation methodology. A summary of the weighted-average significant unobservable inputs (Level 3 inputs) used in determining the fair value of the CVR liability is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Contingent Value ​ ​ ​ ​ Rights Liability ​ Expected volatility ​ ​ 59.74 % Risk free interest rates ​ ​ 0.10 % Expected term (in years) ​ ​ 0.7 ​ Annual dividend yield ​ ​ 1.7 % ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of ​ ​ ​ ​ Contingent Value ​ ​ ​ ​ Rights Liability ​ Initial fair value at inception ​ $ 1,342 ​ Change in fair value ​ ​ (661) ​ Balance at November 30, 2020 ​ $ 681 ​ ​

Real Estate Assets

Real Estate Assets	12 Months Ended
	Nov. 30, 2020
Real Estate Assets
Real Estate Assets	4 . Real Estate Assets Real estate assets consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ Useful Lives Nov. 30, 2020 ​ Nov. 30, 2019 Land ​ ​ ​ $ 33,137 ​ $ 30,750 Land improvements ​ 10 ​ 45,733 ​ 40,992 Buildings and improvements ​ 10 ​ 233,019 ​ 220,086 Tenant improvements ​ Shorter of useful life or terms of related lease ​ 34,585 ​ 30,318 Machinery and equipment ​ 3 ​ ​ 10,958 ​ ​ 7,557 Construction in progress ​ ​ ​ ​ 3,613 ​ ​ 3,542 Development costs ​ ​ ​ 5,106 ​ 10,404 ​ ​ ​ ​ 366,151 ​ 343,649 Accumulated depreciation ​ ​ ​ (123,276) ​ (105,035) ​ ​ ​ ​ $ 242,875 ​ $ 238,614 ​ Total depreciation expense and capitalized interest related to real estate assets were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended ​ Nov. 30, 2020 Nov. 30, 2019 Nov. 30, 2018 Depreciation expense ​ $ 11,889 ​ $ 10,416 ​ $ 9,853 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized interest ​ $ 114 ​ $ 351 ​ $ 352 ​ ​ In fiscal 2020, based on a third-party valuation, INDUS recorded an impairment loss of $2,085 to reduce the carrying value of 5 and 7 Waterside Crossing, the Company’s two multi-story office buildings in Griffin Center in Windsor, Connecticut aggregating approximately 161,000 square feet. In fourth quarter of fiscal 2020, the Company entered into an Agreement to Purchase and Sell 5 and 7 Waterside Crossing (the “Waterside Sale Agreement”) to sell these buildings for a purchase price of $6,250. The Waterside Sale Agreement was subsequently terminated by the buyer. In fiscal 2019, INDUS recorded an impairment loss of $3,100 to reduce the carrying value of the approved but unbuilt residential development (“Meadowood’) in Simsbury, Connecticut to its estimated fair value of approximately $5,400. On February 3, 2020, INDUS entered into an option agreement for the potential sale of Meadowood (see Note 11). There were no impairment losses recognized in the fiscal year ended November 30, 2018 (“fiscal 2018”). On March 9, 2020, INDUS, through a consolidated VIE, purchased 170 Sunport Lane (“170 Sunport”), an approximately 68,000 square foot industrial/logistics building in Orlando, Florida, for $5,749, including acquisition costs. INDUS 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, which was allocated to the real estate assets on a relative fair value basis. Of the $5,749 purchase price, $5,678 represented the relative fair value of real estate assets and $71 represented the relative fair value of the acquired intangible assets, comprised of the value of leases in-place. The intangible asset is included in other assets on INDUS’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 land improvements that are being depreciated over a period of eight years . The intangible assets are being amortized over the term of the leases. On February 18, 2020, INDUS, through a consolidated VIE, purchased 3320 Maggie Boulevard (“3320 Maggie”), an approximately 108,000 square foot industrial/logistics building in Orlando, Florida, for $7,921, including acquisition costs. INDUS provided all of the funding to the VIE to purchase 3320 Maggie and determined that the fair value of the assets acquired approximated the purchase price, which was 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, comprised of the value of the lease in-place, 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 Note 10). The intangible asset is included in other assets and the intangible liability is included in other liabilities on INDUS’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 asset and intangible liability are being amortized over the term of the lease. The acquisitions of 170 Sunport and 3320 Maggie were each made utilizing a “Reverse 1031 Like-Kind Exchange. As the Company did not complete the sale transactions contemplated under the Reverse 1031 Like-Kind Exchanges within the required time, the legal titles of 170 Sunport and 3320 Maggie were transferred from the qualified intermediary to INDUS. As discussed in Note 1, INDUS retained essentially all of the legal and economic benefits and obligations and key decision-making rights related to 170 Sunport and 3320 Maggie from the respective dates they were acquired. The two VIEs that owned legal title to 170 Sunport and 3320 Maggie were included in INDUS’s consolidated financial statements as consolidated variable interest entities from the dates they were acquired through the expiration of the Reverse 1031 Like-Kind Exchanges. On November 17, 2020, INDUS closed on the sale (the “55 GRS Sale”) of 55 Griffin Road South (“55 GRS”), its approximately 40,000 square foot office/flex building in Griffin Center South in Bloomfield, Connecticut. INDUS received cash proceeds of $1,400, before transaction costs and reimbursements, and recorded a pretax gain of $982 on the 55 GRS Sale. The net cash proceeds of $1,409 from the 55 GRS Sale were deposited into escrow for the potential acquisition of a replacement property as part of a Section 1031 Like-Kind Exchange (“1031 Like-Kind Exchange”) under the Code. In fiscal 2020, $587 of proceeds from two smaller land sales were also deposited into escrow for the potential acquisition of a replacement property as part of a 1031 Like-Kind Exchange. If a replacement property is not purchased with the proceeds from these sales within the time frame required under IRC regulations regarding 1031 Like-Kind Exchanges, the proceeds placed in escrow would be returned to INDUS. Real estate assets held for sale, net consist of: ​ ​ ​ ​ ​ ​ ​ ​ Nov. 30, 2020 Nov. 30, 2019 Land ​ $ 505 ​ $ 323 Land improvements ​ ​ 269 ​ ​ 388 Buildings and improvements ​ ​ — ​ ​ 417 Development costs ​ ​ 6,028 ​ ​ 1,009 ​ ​ $ 6,802 ​ $ 2,137 ​ In fiscal 2020, real estate assets held for sale, net, increased by $4,665 reflecting: (a) an increase of $6,385 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 $636 for sales of real estate assets that closed. The real estate assets held for sale that were returned to real estate assets in fiscal 2020 were INDUS’s farm in Quincy, Florida and the small restaurant building in Griffin Center in Windsor, Connecticut.

Income Taxes

Income Taxes	12 Months Ended
	Nov. 30, 2020
Income Taxes
Income Taxes	5. Income Taxes As discussed above (see Note 1), INDUS intends to elect to be taxed as a REIT for the taxable year ending December 31, 2021. To qualify as a REIT, INDUS is required (among other things) to distribute at least 90% of its REIT taxable income to its stockholders and meet various other organization and operating requirements. Provided the Company qualifies for taxation as a REIT, it generally will not be subject to federal income taxes if it distributes 100% of its taxable income for each year to its stockholders. However, any taxable income from a taxable REIT subsidiary will be subject to federal, state and local income taxes. If INDUS fails to qualify as a REIT in any taxable year, and it is unable to avail itself of certain savings provisions set forth in the Code, all of its taxable income will be subject to regular federal corporate income tax, and it may not be able to qualify as a REIT for four subsequent taxable years. Additionally, even if INDUS qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property and to federal income taxes and excise taxes on its undistributed taxable income. INDUS may also be subject to a corporate income tax on any gains recognized during a five-year period following the REIT conversion that are attributable to built-in gains with respect to assets that were owned on January 1, 2021. In connection with the election to be taxable as a REIT for the taxable year ending December 31, 2021, the Company reassessed its deferred tax assets and deferred tax liabilities during the fourth quarter of fiscal 2020, which resulted in de-recognizing all of its deferred tax assets and deferred tax liabilities. This de-recognition occurred because the expected recovery or settlement of the related assets and liabilities will not result in deductible or taxable amounts in any taxable year in which INDUS qualifies as a REIT. As a result of the de-recognition valuation, INDUS recorded an income tax expense in fiscal 2020 of $4,005. Additionally, the Company does not intend to recognize any built-in gains within the five years following the REIT election. To the extent INDUS does sell a property with a built-in gain, the intent is to use a non-taxable deferral under a 1031 Like-Kind Exchange. In the unlikely event that the Company is not able to identify suitable replacement property or complete the 1031 Like-Kind Exchange in time, INDUS will have at its disposal net operating losses available to offset the gain. The income tax (provision) benefit for fiscal 2020, fiscal 2019 and fiscal 2018 is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended ​ Nov. 30, ​ Nov. 30, ​ Nov. 30, ​ ​ 2020 2019 2018 Current federal ​ $ — ​ $ — ​ $ 25 ​ Current state and local ​ — ​ (88) ​ (102) ​ Deferred federal ​ (1,919) ​ (511) ​ (678) ​ Deferred state and local ​ (1,157) ​ 812 ​ 250 ​ Total income tax (provision) benefit ​ $ (3,076) ​ $ 213 ​ $ (505) ​ ​ The income tax provision for fiscal 2019 included a credit of $873 for the partial reduction of the valuation allowance on deferred tax assets related primarily to net operating loss carryforwards in Connecticut as a result of the change in Connecticut’s tax law whereby the capital based tax is being phased out over four The income tax provision for fiscal 2018 included a charge of $1,001 for the re-measurement of INDUS’s deferred tax assets and deferred tax liabilities as a result of the reduction in the U.S. federal corporate statutory rate from 35% to 21%, under the Tax Cuts and Jobs Act (“TCJA”), which was enacted on December 22, 2017 and became effective for INDUS in the 2018 first quarter. As the Company had net deferred tax assets when the TCJA became effective for it, the re-measurement of its deferred tax assets and deferred tax liabilities resulted in the charge that is included in fiscal 2018. INDUS’s statutory income tax rate in fiscal 2018 as a result of the TCJA was a blended rate of approximately 22%. In fiscal 2018, prior to the effective date of the U.S. federal corporate statutory income tax rate reduction, INDUS recorded a deferred tax asset of $879 related to the cumulative effect of stock option exercises upon adoption of ASU No. 2016-09. The income tax provision in fiscal 2018 is net of the effect of recording a charge related to valuation allowances on certain state deferred tax assets (principally Connecticut) of $681 less a federal income tax benefit of $146. The establishment of the valuation allowances reflected management’s determination at the time that it was more likely than not that INDUS would not generate sufficient future taxable income to fully utilize certain state net operating loss carryforwards. Other comprehensive income (loss) includes deferred tax (expense) benefit as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended ​ Nov. 30, ​ Nov. 30, ​ Nov. 30, ​ ​ 2020 2019 2018 Fair value adjustment of INDUS's cash flow hedges ​ $ — ​ $ 1,586 ​ $ (797) ​ ​ ​ The differences between the income tax provision at the U.S. statutory income tax rate and the actual income tax provision for fiscal 2020, fiscal 2019 and fiscal 2018 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended ​ Nov. 30, ​ Nov. 30, ​ Nov. 30, ​ ​ 2020 2019 2018 Tax (provision) benefit at statutory rate ​ $ 2,025 ​ $ (726) ​ $ 255 ​ Deferred tax adjustment due to REIT election ​ ​ (4,005) ​ ​ - ​ ​ - ​ State and local taxes, including valuation allowance, net of federal tax effect ​ 117 ​ 737 ​ 78 ​ Permanent items ​ ​ (1,253) ​ ​ 44 ​ ​ (24) ​ Federal rate change under TCJA ​ ​ - ​ ​ - ​ ​ (1,001) ​ Other ​ 40 ​ 158 ​ 187 ​ Total income tax (provision) benefit ​ $ (3,076) ​ $ 213 ​ $ (505) ​ ​ ​ In fiscal 2020, the permanent differences primarily consist of the change in the fair value of financial instruments of ($1,255) and, to a lesser extent, non-deductible costs related to the REIT conversion of ($175) offset by the tax benefit of options exercised of $255. INDUS had no remaining deferred tax assets or deferred tax liabilities as of November 30, 2020. The significant components of the Company’s deferred tax assets and deferred tax liabilities for the year ended November 30, 2019 were as follows: ​ ​ ​ ​ ​ Deferred tax assets (liabilities): ​ ​ ​ Federal net operating loss carryforwards $ 2,759 ​ State net operating loss carryforwards 2,087 ​ Deferred revenue ​ 2,372 ​ Retirement benefit plans 1,521 ​ Cash flow hedges 938 ​ Non-qualified stock options 424 ​ Disallowed interest ​ — ​ Real estate assets (4,274) ​ Deferred rent (956) ​ Other (128) ​ Total deferred tax assets 4,743 ​ Valuation allowances ​ (1,462) ​ Net total deferred tax assets $ 3,281 ​ ​ ​ ​ At November 30, 2020, INDUS had federal net operating loss carryforwards of approximately $17,071 with expirations ranging from thirteen to twenty years and state net operating loss carryforwards of approximately $33,916 with expirations ranging from eight to twenty years . These deferred tax assets were de-recognized as of November 30, 2020, however, they remain available to the Company in the event that taxable income is generated. In prior years, management had determined that a valuation allowance was required for net operating loss carryforwards in Connecticut related to INDUS and Imperial Nurseries, Inc. (“Imperial”) and for certain other states related to Imperial. INDUS evaluated the likelihood that it would realize the benefits of its deferred tax assets. Based on a significant amount of appreciated assets, primarily real estate, held by the Company and the significant length of time expected before its net operating loss carryforwards would expire, INDUS concluded that it was more likely than not that it would have utilized the benefit of its remaining deferred tax assets. INDUS evaluated each tax position taken in its tax returns and recognized a liability for any tax position deemed less likely than not to be sustained under examination by the relevant taxing authorities. The Company believes that its income tax filing positions will be sustained on examination and does not anticipate any adjustments that would result in a material change on its financial statements. As a result, no accrual for uncertain income tax positions has been recorded pursuant to ASC 740. Federal income tax returns for the fiscal year ended November 30, 2017 (“fiscal 2017”), fiscal 2018 and fiscal 2019 are open to examination by the Internal Revenue Service (“IRS”).

Mortgage Loans and Interest Rat

Mortgage Loans and Interest Rate Swaps	12 Months Ended
	Nov. 30, 2020
Mortgage Loans and Interest Rate Swaps
Mortgage Loans	6. Mortgage Loans and Interest Rate Swaps INDUS's mortgage loans consist of: ​ ​ ​ ​ ​ ​ ​ ​ Nov. 30, 2020 Nov. 30, 2019 4.72%, due October 3, 2022 * ​ $ 4,070 ​ $ 4,174 4.39%, due January 2, 2025 * ​ ​ 18,503 ​ ​ 19,101 4.17%, due May 1, 2026 * ​ ​ 12,730 ​ ​ 13,115 3.79%, due November 17, 2026 * ​ ​ 23,973 ​ ​ 24,701 4.39%, due August 1, 2027 * ​ ​ 9,772 ​ ​ 10,034 3.97%, due September 1, 2027 ​ ​ 11,439 ​ ​ 11,673 4.57%, due February 1, 2028 * ​ ​ 17,639 ​ ​ 18,069 5.09%, due July 1, 2029 ​ ​ 5,254 ​ ​ 5,725 5.09%, due July 1, 2029 ​ ​ 3,681 ​ ​ 4,011 3.60%, due January 2, 2030 * ​ ​ 6,364 ​ ​ — 3.48%, due February 1, 2030 ​ ​ 14,714 ​ ​ — 3.50%, due July 1, 2030 * ​ ​ 5,057 ​ ​ — 4.33%, due August 1, 2030 ​ ​ 16,274 ​ ​ 16,634 4.51%, due April 1, 2034 ​ ​ 13,715 ​ ​ 14,030 3.91%, due January 27, 2020 * ​ ​ — ​ ​ 3,206 Nonrecourse mortgage loans ​ ​ 163,185 ​ ​ 144,473 Debt issuance costs ​ ​ (2,137) ​ ​ (1,898) Nonrecourse mortgage loans, net of debt issuance costs ​ $ 161,048 ​ $ 142,575 *Variable rate loans. INDUS has entered into interest rate swap agreements to effectively fix the interest rates on these loans to the rates reflected above. INDUS’s weighted average interest rate on its mortgage loans, including the effect of its interest rate swap agreements, was 4.18% and 4.31% as of November 30, 2020 and 2019, respectively. The aggregate annual principal payment requirements under the terms of the nonrecourse mortgage loans for the fiscal years 2021 through 2025 are $5,108, $9,181, $5,451, $5,687 and $21,009, respectively. The aggregate book value of land and buildings that are collateral for the nonrecourse mortgage loans was $186,679 at November 30, 2020. On June 30, 2020, a wholly-owned subsidiary of INDUS (the “2020 Borrower”) closed on a nonrecourse mortgage loan (the “2020 Webster Mortgage”) with Webster Bank for $5,100, collateralized by 3320 Maggie. 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, INDUS 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 the Company’s Acquisition Credit Line that was used to finance a portion of the purchase price of 3320 Maggie (see Note 7). Under the terms of the 2020 Webster Mortgage, the 2020 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 2020 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 (as defined under the 2020 Webster Mortgage). On January 23, 2020, two wholly-owned subsidiaries of INDUS closed on a nonrecourse mortgage loan (the “2020 State Farm Mortgage”) with State Farm Life Insurance Company (“State Farm”) for $15,000. The 2020 State Farm Mortgage is collateralized by two industrial/logistics buildings, 6975 Ambassador Drive and 871 Nestle Way, each in the Lehigh Valley of Pennsylvania, 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 December 20, 2019, two wholly-owned subsidiaries of INDUS (the “2019 Borrowers”) 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/logistics building in Orlando, Florida. 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, INDUS 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 the Company’s Acquisition Credit Line (as defined below) that was used to finance a portion of the purchase price of 7466 Chancellor (see Note 7). Under the terms of the 2019 Webster Mortgage, the 2019 Borrowers must maintain a minimum DSCR, calculated by dividing the trailing twelve months net operating income of 7466 Chancellor by the debt service on the 2019 Webster Mortgage for the DSCR test period, as further described under the terms of the 2019 Webster Mortgage, equal to or greater than 1.25 times, and the Loan to Value Ratio (as defined and further described under the 2019 Webster Mortgage) may not exceed 67.5%. The terms of the 2019 Webster Mortgage require that commencing on January 1, 2023, an annual amount equal to a total of $1.00 per square foot shall be deposited by the 2019 Borrowers into an escrow account with Webster Bank until such escrow account balance reaches $200. Subject to certain terms and conditions under the 2019 Webster Mortgage, (i) the funds in the escrow account may be released by Webster Bank upon extension of 7466 Chancellor’s existing lease, or entry into any other Approved Lease (as defined and further described under the 2019 Webster Mortgage) on terms and conditions acceptable to Webster Bank 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. In the event that the existing tenant of 7466 Chancellor does not exercise its renewal option, Webster Bank will sweep 100% of the building’s net cash flow (as defined and further described under the 2019 Webster Mortgage) during the six months prior to the tenant’s lease expiration. Such funds will be held by Webster Bank as additional collateral against the 2019 Webster Mortgage and may be released by Webster Bank for tenant improvements and lease commissions related to replacement tenant(s). Any remaining balance in such account will be released by Webster Bank after (i) all the space currently occupied by the existing tenant is re-leased by INDUS or (ii) one or more tenants occupying space in 7466 Chancellor generate rental income equal to, or greater than, the amount being received as of December 20, 2019. On March 29, 2018, a subsidiary of INDUS closed on a $13,800 construction to permanent mortgage loan (the “2018 State Farm Loan”) with State Farm, that provided a significant portion of the funds for the construction of an approximately 234,000 square foot build-to-suit industrial/logistics building (“220 Tradeport Drive”) in New England Tradeport (“NE Tradeport”), INDUS’s industrial park located in Windsor and East Granby, Connecticut. In the fiscal 2017 fourth quarter, the Company entered into a long-term lease (the “220 Tradeport Lease”) with one tenant for the entire building. In the 2018 fourth quarter, 220 Tradeport was completed and the lease commenced. On August 1, 2019, INDUS converted the 2018 State Farm Loan to a nonrecourse permanent mortgage loan of $14,107 that matures on April 1, 2034. Monthly payments of principal and interest started on September 1, 2019. Principal payments on the 2018 State Farm Loan are based on a twenty-five-year amortization schedule. Under the terms of the 2018 State Farm Loan, the interest rate on the loan remains at 4.51% throughout the term of the permanent mortgage. On March 15, 2017, a subsidiary of INDUS closed on a $12,000 nonrecourse mortgage loan (the “2017 People’s Mortgage”) with People’s United Bank, N.A. (“People’s Bank”). On January 30, 2018, that subsidiary refinanced the 2017 People’s Mortgage with a new nonrecourse mortgage loan (the “2018 People’s Mortgage”) with People’s Bank. The 2017 People’s Mortgage had a balance of $11,781 at the time of the refinancing. The 2017 People’s Mortgage is collateralized by the same two NE Tradeport industrial/logistics buildings, aggregating approximately 275,000 square feet, that collateralized the 2017 People’s Mortgage. In addition, 330 Stone Road, an approximately 137,000 square foot industrial/logistics building in NE Tradeport that was completed and placed in service near the end of fiscal 2017, was added to the collateral for the 2018 People’s Mortgage. At the closing of the 2018 People’s Mortgage, INDUS received additional mortgage proceeds of $7,000, (before transaction costs), net of the $11,781 used to refinance the 2017 People’s Mortgage. The 2018 People’s Mortgage has a ten-year term with monthly principal payments based on a twenty-five-year amortization schedule. The interest rate for the 2018 People’s Mortgage is a variable rate consisting of the one-month LIBOR rate plus 1.95%. At the time the 2018 People’s Mortgage closed, INDUS also entered into an interest rate swap agreement with People’s Bank that, combined with an interest rate swap agreement with People’s Bank entered into at the time the 2017 People’s Mortgage closed, effectively fixes the interest rate of the 2018 People’s Mortgage at 4.57% over the mortgage loan’s ten-year term. Under the terms of the 2018 People’s Mortgage, INDUS entered into a master lease for 759 Rainbow Road (“759 Rainbow”), one of the buildings that collateralize the 2018 People’s Mortgage. The master lease would only become effective if the full building tenant in 759 Rainbow does not renew its lease when it is scheduled to expire in fiscal 2022. The master lease would be in effect until either the space is re-leased to a new tenant or the maturity date of the 2018 People’s Mortgage. As of November 30, 2020, INDUS was a party to thirteen interest rate swap agreements with notional amounts totaling $98,108 and $92,400 at November 30, 2020 and 2019, respectively, related to its variable rate nonrecourse mortgages on certain of its real estate assets. The Company accounts for its interest rate swap agreements as effective cash flow hedges (see Notes 1, 3 and 8). Amounts in AOCI will be reclassified into interest expense over the term of the swap agreements to achieve fixed rates on each mortgage. None of the interest rate swap agreements contain any credit risk related contingent features. In fiscal 2020 and fiscal 2019, INDUS recognized net losses before taxes, included in other comprehensive loss, of $4,910 and $7,122, respectively, on its interest rate swap agreements. In fiscal 2018, INDUS recognized a net gain before taxes, included in other comprehensive income, of $3,512 on its interest rate swap agreements. As of November 30, 2020, $1,975 is expected to be reclassified over the next twelve months from AOCI to interest expense. As of November 30, 2020 and 2019, the net fair value of the Company’s interest rate swap agreements was a liability of $8,962 and $4,052, respectively, which is included in other liabilities on INDUS’s consolidated balance sheet. Total interest expense recognized during the years ended November 30, 2020, 2019 and 2018 was $7,281, $6,408 and $6,270, respectively, of which, $1,438, $32 and $636, respectively, was recognized related to interest rate swaps.

Revolving Credit Agreements

Revolving Credit Agreements	12 Months Ended
	Nov. 30, 2020
Revolving Credit Agreements
Revolving Credit Agreements	7. Revolving Credit Agreements On September 19, 2019, INDUS executed an amendment (the “Revolving Credit Line Amendment”) to its $15,000 revolving credit line (the “Webster Credit Line” and, as amended by the Revolving Credit Line Amendment, the “Amended Webster Credit Line”) with Webster Bank that was originally scheduled to expire on July 31, 2019 (which was extended to September 30, 2019 on July 26, 2019). The Revolving Credit Line Amendment provided for an extension of the maturity date to September 30, 2021, with an option to extend for an additional year through September 30, 2022, and reduced the interest rate from the one-month LIBOR rate plus 2.75% to the one-month LIBOR rate plus 2.50%. In the event that Webster Bank determines that LIBOR is no longer available, the Amended Webster Credit Line contemplates that Webster Bank shall transition to a comparable rate of interest to the LIBOR rate. The Revolving Credit Line Amendment increased the amount of the Amended Webster Credit Line from $15,000 to $19,500, while adding an approximately 31,000 square foot industrial/logistics building in Bloomfield, Connecticut to the Webster Credit Line’s original collateral, which are INDUS’s properties in Griffin Center South in Bloomfield, Connecticut, aggregating approximately 235,000 square feet, and an approximately 48,000 square foot single-story office building in Griffin Center in Windsor, Connecticut. Prior to the 55 GRS Sale on November 17, 2020 (see Note 4), 55 GRS was included in the collateral for the Amended Webster Credit Line. Subsequent to the 55 GRS Sale, 170 Sunport was added to the collateral to the Amended Webster Credit Line. The aggregate book value of land and buildings that are collateral for the Amended Webster Credit Line was $17,306 at November 30, 2020. Under the terms of the Revolving Credit Line Amendment, INDUS must maintain: (a) a maximum loan to value ratio not to exceed 72%; (b) a minimum liquidity, as defined in the Revolving Credit Line Amendment, of $5,000; and (c) a fixed charge coverage ratio, defined as EBITDA minus cash income taxes and dividends paid divided by debt service (the “Fixed Charge Coverage Ratio”), of at least 1.1 to 1.0. As of November 30, 2020, there were no borrowings against the Amended Webster Credit Line, however, the Amended Webster Credit Line secured certain standby letters of credit aggregating $484 that are related to INDUS’s development activities. Subsequent to November 30, 2020, INDUS and Webster Bank agreed to terms whereby 160 International Drive and 180 International Drive, industrial/logistics buildings aggregating approximately 283,000 square feet, would be added to the collateral of the Amended Webster Credit Line and the borrowing capacity under the Amended Webster Credit Line would be increased up to a maximum of $35,000. The increase in the amount available under the Amended Webster Credit Line is subject to completion of a definitive loan amendment to the Amended Webster Credit Line, which may not be finalized under current terms, or at all. ​ On June 30, 2020, in connection with the 2020 Webster Mortgage, INDUS and Webster Bank entered into a letter agreement (the “Side Note”) amending the Amended 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 Amended Webster Credit Line. If the debt service is not paid on the 2020 Webster Mortgage, Webster Bank would be able to advance funds from the Amended 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. On September 19, 2019, INDUS and Webster Bank also entered into an additional credit line of $15,000 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, INDUS 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, INDUS must maintain (i) a total stockholders’ equity minimum DSCR 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 INDUS’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, at a weighted-average interest rate of 4.57%, for the purchase in October 2019 of 7466 Chancellor, which was repaid on December 20, 2019 using proceeds from the 2019 Webster Mortgage (see Note 6). On February 14, 2020, INDUS borrowed $4,100 for the purchase of 3320 Maggie at an average interest rate of 3.62%. On June 30, 2020, that outstanding balance was repaid using the proceeds from the 2020 Webster Mortgage (see Note 6). As of November 30, 2020, there was no outstanding balance under the Acquisition Credit Line. ​

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Nov. 30, 2020
Stockholders' Equity
Stockholders' Equity	8. Stockholders’ Equity Per Share Results Basic and diluted results per share were based on the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended Nov. 30, 2020 Nov. 30, 2019 Nov. 30, 2018 Net (loss) income ​ $ (12,717) ​ $ 3,668 ​ $ (1,653) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding for computation of basic per share results ​ 5,259,000 ​ 5,070,000 ​ 5,023,000 Incremental shares from assumed exercise of stock options (a) ​ — ​ 36,000 ​ — Adjusted weighted average shares for computation of diluted per share results ​ 5,259,000 ​ 5,106,000 ​ 5,023,000 (a) Incremental shares from the assumed exercise of INDUS 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 fiscal 2020 and 2018 would have been 64,000 and 57,000 shares, respectively. For fiscal 2020, there was a Warrant for the purchase of 504,590 shares of Common Stock that was anti-dilutive. Sale of Common Stock On August 24, 2020 INDUS sold Common Stock pursuant to the Securities Purchase Agreement (see Note 2). On March 3, 2020, Gordon F. DuGan was appointed to serve as a Director of INDUS, effective immediately. Mr. DuGan was also appointed as Chairman of the Board of Directors. Mr. DuGan and the Company 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 INDUS 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 INDUS Common Stock at an exercise price of $45.98 per share under the 2009 Stock Option Plan (see INDUS Stock Option Plans below) and (ii) a non-qualified stock option (the “Supplemental Advisor Option”) to acquire 52,000 shares of INDUS Common Stock at an exercise price of $46.91 per share under the 2020 Incentive Award (see INDUS Stock Option Plans below). On March 9, 2020, INDUS completed the sale of 53,293 shares of INDUS’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 INDUS. Universal Shelf Filing/At-the-Market Equity Offering Program On February 2, 2021, INDUS filed a universal shelf registration statement on Form S-3 (the “Universal Shelf”) with the U.S. Securities and Exchange Commission (“SEC”). Under the Universal Shelf, the Company may offer and sell up to $500,000 of a variety of securities including common stock, preferred stock, warrants, depositary shares, units or any combination of such securities during the three year period that commences upon the effective date of the Universal Shelf. Under the Universal Shelf, the Company 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. If INDUS obtains additional capital by issuing equity, the interests of its existing stockholders will be diluted. If the Company incurs additional indebtedness, that indebtedness may impose financial and other covenants that may significantly restrict INDUS’s operations. It is possible that INDUS will not be able to obtain additional capital under the Universal Shelf on favorable terms, or at all. INDUS Stock Option Plans Through March 3, 2020, stock options were granted by the Company under the INDUS Realty Trust, 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 INDUS’s Compensation Committee. Vesting of all of the Company's stock options is solely based upon service requirements and does not contain market or performance conditions. Stock options issued expire ten years from the grant date. In accordance with the 2009 Stock Option Plan, stock options issued to non-employee directors upon their initial election to the board of directors are fully exercisable immediately upon the date of the option grant. Stock options granted 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 granted to employees vest in equal installments on the third, fourth and fifth anniversaries from the date of grant. None of the stock options outstanding at November 30, 2020 may be exercised as stock appreciation rights. On March 3, 2020, INDUS’s Board of Directors adopted and approved the INDUS Realty Trust, Inc. and INDUS Realty, 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 INDUS’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 INDUS 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 INDUS under the 2020 Incentive Award Plan and the 2009 Stock Option Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended ​ ​ Nov. 30, 2020 ​ Nov. 30, 2019 ​ Nov. 30, 2018 ​ ​ Fair Value per ​ Fair Value per ​ Fair Value per ​ ​ Number of ​ Option at ​ Number of ​ Option at ​ Number of ​ Option at ​ ​ Shares ​ Grant Date ​ Shares ​ Grant Date ​ Shares ​ Grant Date Non-employee directors ​ 111,258 ​ $ 11.00 - 14.17 ​ 5,946 ​ $ 12.87 ​ 5,195 ​ $ 14.41 ​ 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 Fiscal Years Ended ​ ​ Nov. 30, 2020 Nov. 30, 2019 ​ Nov. 30, 2018 ​ Expected volatility 29.7 - 30.3 % 30.9 % 30.5 % Risk free interest rates 0.5 - 0.9 % 2.3 % 3.0 % Expected option term (in years) 8.5 ​ 8.5 ​ 8.5 ​ Annual dividend yield 1.3 % 1.2 % 1.1 % ​ ​ ​ ​ Number of option holders at November 30, 2020 28 ​ Compensation expense and related tax benefits for stock options were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended ​ Nov. 30, 2020 Nov. 30, 2019 Nov. 30, 2018 ​ Compensation expense ​ $ 510 ​ $ 261 ​ $ 350 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Related tax benefit ​ $ — ​ $ 43 ​ $ 53 ​ ​ For all years presented, the forfeiture rate used for directors ranged from 0% to 2% , the forfeiture rate used for executives was 17.9% and the forfeiture rate used for employees was 38.3% . The rates utilized were based on the historical activity of the grantees. ​ ​ As of November 30, 2020, the unrecognized compensation expense related to nonvested stock options that will be recognized during future periods is as follows: ​ ​ ​ ​ ​ Fiscal 2021 ​ $ 442 Fiscal 2022 ​ $ 377 Fiscal 2023 ​ $ 244 Fiscal 2024 ​ $ 120 Fiscal 2025 ​ $ 23 ​ The total grant date fair value of options vested during fiscal 2020, fiscal 2019 and fiscal 2018 was $458, $472 and $69, respectively. The intrinsic value of options exercised in fiscal 2020, fiscal 2019 and fiscal 2018 was $1,216, $299 and $765, respectively. A summary of the activity under the 2009 INDUS Stock Option Plan is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Avg. ​ ​ Options ​ Exercise Price Outstanding at November 30, 2017 333,762 ​ $ 29.22 Granted 5,195 ​ $ 38.48 Exercised (94,677) ​ $ 31.18 Forfeited (20,279) ​ $ 33.78 Outstanding at November 30, 2018 224,001 ​ $ 28.20 Granted 5,946 ​ $ 36.99 Exercised (32,337) ​ $ 28.57 Forfeited (7,788) ​ $ 32.62 Outstanding at November 30, 2019 189,822 ​ $ 28.23 Granted 111,258 ​ $ 45.72 Exercised (54,930) ​ $ 28.58 Outstanding at November 30, 2020 246,150 ​ $ 36.06 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Avg. Remaining Range of Exercise Prices for Outstanding at Weighted Avg. Contractual Life Total Intrinsic Outstanding Options November 30, 2020 Exercise Price (in years) Value $23.00 - $28.00 106,304 ​ $ 26.80 5.3 $ 4,726 $28.00 - $32.00 16,616 ​ $ 30.08 4.4 ​ 684 $32.00 - $47.00 123,230 ​ $ 44.84 9.1 ​ 3,255 ​ 246,150 ​ $ 36.06 7.1 ​ $ 8,665 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested options ​ 99,980 ​ $ 28.49 5.3 $ 4,276 ​ Accumulated Other Comprehensive Income (Loss) AOCI for the unrealized gain (loss) on cash flow hedges for fiscal 2020, fiscal 2019 and fiscal 2018, is comprised of the following: ​ ​ ​ ​ ​ Balance at November 30, 2017 ​ $ (284) Other comprehensive income before reclassifications ​ ​ 2,242 Amounts reclassified ​ ​ 473 Adoption of ASU No. 2018-02 - reclassification of deferred taxes to retained earnings ​ ​ (36) Net activity for other comprehensive loss ​ ​ 2,679 Balance at November 30, 2018 ​ ​ 2,395 Other comprehensive loss before reclassifications ​ ​ (5,560) Amounts reclassified ​ ​ 24 Net activity for other comprehensive income ​ ​ (5,536) Balance at November 30, 2019 ​ ​ (3,141) Other comprehensive income before reclassifications ​ (6,348) Amounts reclassified ​ 1,438 Net activity for other comprehensive loss ​ (4,910) Balance at November 30, 2020 ​ $ (8,051) ​ Changes in AOCI are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended ​ ​ November 30, 2020 ​ November 30, 2019 ​ November 30, 2018 ​ ​ ​ ​ Tax ​ ​ ​ ​ Tax ​ ​ ​ ​ Tax ​ ​ ​ ​ ​ ​ ​ (Expense) ​ ​ ​ ​ ​ ​ ​ (Expense) ​ ​ ​ ​ ​ ​ ​ (Expense) ​ ​ ​ ​ ​ Pre-Tax ​ Benefit ​ Net-of-Tax ​ Pre-Tax ​ Benefit ​ Net-of-Tax ​ Pre-Tax ​ Benefit ​ Net-of-Tax Reclassification included in net (loss) income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss on cash flow hedges (interest expense) ​ $ 1,438 ​ $ — ​ $ 1,438 ​ $ 32 ​ $ (8) ​ $ 24 ​ $ 636 ​ $ (163) ​ $ 473 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in other comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Decrease (increase) in fair value of INDUS’s cash flow hedges ​ (6,348) ​ — ​ (6,348) ​ (7,154) ​ 1,594 ​ (5,560) ​ 2,876 ​ (634) ​ 2,242 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other comprehensive (loss) income ​ $ (4,910) ​ $ — ​ $ (4,910) ​ $ (7,122) ​ $ 1,586 ​ $ (5,536) ​ $ 3,512 ​ $ (797) ​ $ 2,715 ​ See Notes 1, 3 and 8 for additional information on cash flow hedges. ​ Cash Dividends There were no cash dividends declared in fiscal 2020. In fiscal 2019 and fiscal 2018, INDUS declared annual cash dividends of $0.50 and $0.45 per common share, respectively, which were paid in the first quarters of fiscal 2020 and fiscal 2019, respectively. As discussed above (see Note 1), INDUS announced the E&P Distribution. The E&P Distribution will be $11,250 or $1.99 per share payable to holders of record as of January 22, 2021. Subject to the stockholder elections described below, the E&P Distribution will be a special dividend payable in a combination of cash and shares of Common Stock with a total amount of cash payable to stockholders of $3,398, equating to $0.60 per share. Stockholders of record as of January 22, 2021 have been provided with election materials to elect, subject to certain limitations, to receive the E&P Distribution either in cash, shares of Common Stock or a fixed combination of cash and shares of Common Stock. The E&P Distribution is expected to be paid on March 8, 2021, following the solicitation period. The Common Stock component of the E&P Distribution will be based on the Company’s two-day volume weighted average price on February 25, 2021 and February 26, 2021. Going forward, INDUS expects to begin making regular quarterly dividend payments, commencing with the quarter ending June 30, 2021. Stock Repurchases See Supplemental Cash Flow Information in Note 10 for information on Common Stock received in connection with the exercise of stock options.

Leases

Leases	12 Months Ended
	Nov. 30, 2020
Leases
Leases	9. Leases As lessor, all of INDUS’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. The Company’s rental revenue reflects the leasing of industrial/logistics and, to a lesser extent, office/flex space and certain land parcels. INDUS does not have any variable payment leases with its tenants. The following is a schedule of minimum future cash rentals on tenant operating leases in effect as of November 30, 2020. The schedule does not reflect future rental revenues from the renewal or replacement of existing leases and excludes real estate taxes and property operating expense reimbursements: ​ ​ ​ ​ ​ 2021 ​ $ 27,493 ​ 2022 ​ 24,236 ​ 2023 ​ 21,171 ​ 2024 ​ 18,644 ​ 2025 ​ ​ 16,085 ​ Later years ​ 26,677 ​ ​ ​ $ 134,306 ​ ​ ​ Effective October 1, 2016, INDUS 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 the Company. The New York Office Lease was approved by the Audit Committee of INDUS’s Board of Directors and the lease rates under the sublease were at market rate at the time the sublease was signed. Upon adoption of ASC 842 on December 1, 2019, INDUS, as lessee, recognized two ROU assets liabilities Total rental expense for all operating leases, as lessee, in fiscal 2020, fiscal 2019 and fiscal 2018 was $159, $146 and $149, respectively. The weighted average remaining lease term for INDUS’s operating leases as of November 30, 2020, was 5.9 years. Maturities of lease liabilities as of November 30, 2020 are as follows: ​ ​ ​ ​ ​ Fiscal 2021 ​ $ 136 Fiscal 2022 ​ ​ 143 Fiscal 2023 ​ ​ 141 Fiscal 2024 ​ ​ 140 Fiscal 2025 ​ ​ 140 Thereafter ​ ​ 129 Total undiscounted payments ​ ​ 829 Less: imputed interest ​ ​ (81) Present value of minimum lease payments ​ $ 748 ​

Supplemental Financial Statemen

Supplemental Financial Statement Information	12 Months Ended
	Nov. 30, 2020
Supplemental Financial Statement Information
Supplemental Financial Statement Information	10. Supplemental Financial Statement Information Investments - Held-to-Maturity Securities At November 30, 2020, INDUS did not have any short-term investments. At November 30, 2019, INDUS’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 INDUS's other assets are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ Nov. 30, 2020 Nov. 30, 2019 Deferred rent receivable ​ $ 6,610 ​ $ 5,740 Deferred leasing costs, net ​ ​ 5,453 ​ ​ 4,468 Prepaid expenses ​ 3,206 ​ 2,926 Intangible assets, net ​ 2,170 ​ 1,907 Proceeds from sales of real estate assets held in escrow ​ ​ 1,993 ​ ​ — Deposits ​ ​ 1,078 ​ ​ 234 Right-of-use assets ​ ​ 716 ​ ​ — Accounts receivable (primarily leases) ​ ​ 499 ​ ​ 904 Mortgage escrows ​ 491 ​ 515 Registration statement costs ​ ​ 281 ​ ​ 281 Furniture, fixtures and equipment, net ​ ​ 183 ​ ​ 193 Deferred financing costs related to revolving lines of credit ​ ​ 180 ​ ​ 256 Other ​ 285 ​ 154 Total other assets ​ $ 23,145 ​ $ 17,578 ​ INDUS’s intangible assets relate to the acquisition of several industrial/logistics buildings and consist of the values of in-place leases and the associated relationships with tenants. Intangible assets are shown net of amortization of $2,156 and $1,578 as of November 30, 2020 and November 30, 2019, respectively. Amortization expense of intangible assets is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended ​ ​ Nov. 30, 2020 ​ Nov. 30, 2019 ​ Nov. 30, 2018 Amortization expense ​ $ 578 ​ $ 307 ​ $ 296 ​ ​ Estimated amortization expense of intangible assets over each of the next five fiscal years is: ​ ​ ​ ​ ​ ​ 2021 ​ $ 535 2022 377 ​ 2023 ​ 331 ​ 2024 ​ 331 ​ 2025 ​ 248 ​ ​ Deferred leasing costs, net, reflected accumulated amortization of $7,359 and $6,699 as of November 30, 2020 and November 30, 2019, respectively. Amortization expense related to deferred leasing costs in fiscal 2020, fiscal 2019 and fiscal 2018 was $1,074, $998 and $1,159, respectively. Furniture, fixtures and equipment, net, reflected accumulated depreciation of $1,065 and $992 as of November 30, 2020 and November 30, 2019, respectively. Total depreciation expense related to furniture, fixtures and equipment in fiscal 2020, fiscal 2019 and fiscal 2018 was $82, $80 and $96, respectively. Accounts Payable and Accrued Liabilities INDUS's accounts payable and accrued liabilities are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ Nov. 30, 2020 Nov. 30, 2019 Accrued salaries, wages and other compensation ​ $ 1,130 ​ $ 863 Trade payables ​ ​ 914 ​ ​ 295 Accrued interest payable ​ ​ 584 ​ ​ 568 Accrued construction costs and retainage ​ ​ 439 ​ ​ 1,849 Accrued lease commissions ​ ​ 269 ​ ​ 223 Other ​ ​ 756 ​ ​ 520 Total accounts payable and accrued liabilities ​ $ 4,092 ​ $ 4,318 ​ Other Liabilities INDUS's other liabilities are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ Nov. 30, 2020 Nov. 30, 2019 Interest rate swap liabilities ​ $ 8,962 ​ $ 4,052 Deferred compensation plan ​ ​ 4,170 ​ ​ 5,593 Prepaid rent from tenants ​ ​ 1,435 ​ ​ 1,013 Lease liabilities ​ ​ 748 ​ ​ — Intangible liability, net ​ ​ 705 ​ ​ — Security deposits of tenants ​ ​ 690 ​ ​ 538 Contingent value rights liability ​ ​ 681 ​ ​ — Conditional asset retirement obligations ​ ​ 161 ​ ​ 171 Other ​ ​ 100 ​ ​ 142 Total other liabilities ​ $ 17,652 ​ $ 11,509 ​ Supplemental Cash Flow Information INDUS maintains a non-qualified deferred compensation plan (the “Deferred Compensation Plan”) for certain of its employees (see below). In fiscal 2020, the liability for the Deferred Compensation Plan was reduced by $1,927 for a payment made to Frederick M. Danziger, INDUS’s former Executive Chairman, as a result of his retirement in fiscal 2019. Noncash expense related to the Deferred Compensation Plan in fiscal 2020, fiscal 2019 and fiscal 2018 was $469, $376 and $23, respectively. In fiscal 2020, fiscal 2019 and fiscal 2018, INDUS received 24,893, 22,390 and 30,039 shares, respectively, 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 increases in treasury stock of $1,358, $846 and $1,189 in fiscal 2020, fiscal 2019 and fiscal 2018, respectively, and did not affect the Company’s cash. Accounts payable and accrued liabilities related to additions to real estate assets decreased by $1,410 in fiscal 2020 and increased by $1,017 in fiscal 2019. INDUS received a tax refund in fiscal 2020 of $202 related to alternative minimum taxes paid in prior years. The Company did not receive any income tax refunds in fiscal 2019 or fiscal 2018. Interest payments in fiscal 2020, fiscal 2019 and fiscal 2018 were $6,935, $6,402 and $6,041, respectively, including capitalized interest of $114, $351 and $352 in fiscal 2020, fiscal 2019 and fiscal 2018, respectively. Savings Plan INDUS maintains the INDUS Realty Trust, Inc. 401(k) Savings Plan (the “INDUS Savings Plan”) for its employees, a defined contribution plan whereby INDUS matches 60% of each employee’s contribution, up to a maximum of 5% of base salary. The Company’s contributions to the INDUS Savings Plan in fiscal 2020, fiscal 2019 and fiscal 2018 were $69, $68 and $65, respectively. Deferred Compensation Plan The Company maintains the “Deferred Compensation Plan” for certain of its employees who, due to IRC regulations, cannot take full advantage of the INDUS Savings Plan. The Company’s liability under its Deferred Compensation Plan at November 30, 2020 and 2019 was $4,170 and $5,593, respectively. These amounts are included in other liabilities on INDUS’s consolidated balance sheets. The expense for the Company’s matching benefit to the Deferred Compensation Plan in fiscal 2020, fiscal 2019 and fiscal 2018 was $11, $11 and $12, respectively. In fiscal 2020, the liability for the Deferred Compensation Plan was reduced by $1,927 (see above) for payment made to INDUS’s former Executive Chairman upon his retirement in fiscal 2019. The Deferred Compensation Plan is unfunded, with benefits to be paid from INDUS’s assets. The liability for the Deferred Compensation Plan reflects the amounts withheld from employees, the Company’s matching benefit and any gains or losses on participant account balances based on the assumed investment of amounts credited to participants’ accounts in certain mutual funds. Participant balances are tracked and any gain or loss is determined based on the performance of the mutual funds as selected by the participants and included in general and administrative expenses on INDUS’s consolidated statements of operations.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Nov. 30, 2020
Commitments and Contingencies
Commitments and Contingencies	11. Commitments and Contingencies As of November 30, 2020, INDUS had committed purchase obligations of approximately $7,946, principally related to the construction of an approximately 103,000 square foot industrial/logistics building in the Lehigh Valley of Pennsylvania, as well as improvements of its real estate assets. On December 10, 2019, INDUS entered into an Option Purchase Agreement (the “East Granby/Windsor Option Agreement”) whereby the Company 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 for use as a solar farm. Subsequent to November 30, 2020, the buyer paid an option fee of $60 to extend its option period through December 10, 2021. The buyer may extend the option period for another two years upon payment of additional option fees. The purchase price has a range of a minimum of $6,000 to a maximum of $7,950 based upon the projected amount of electricity to be generated from the site. The land subject to the East Granby/Windsor Option Agreement is undeveloped and does not have any of the approvals that would be required for the buyer’s planned use of the land. A closing on the land sale contemplated by the East Granby/Windsor Option Agreement is subject to several significant contingencies, including the buyer securing contracts under a competitive bidding process to sell the solar power generated on the land and obtaining local and state approvals for that planned use of the land. 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, INDUS 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 the Company’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 the Company 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. On February 3, 2021, the Conservation Organization exercised its six months extension. 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 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 will be completed under the current terms of the Meadowood Option Agreement, or at all. On June 24, 2020, INDUS entered into a Purchase and Sale Agreement (the “First Allentown Purchase Agreement”) to acquire, for a purchase price of $3,100, an approximately 18 acre parcel of undeveloped land in the Lehigh Valley of Pennsylvania. On August 27, 2020, INDUS entered into a Purchase and Sale Agreement (the “Second Allentown Purchase Agreement”) to acquire, for a purchase price of $1,100, approximately 5 acres of undeveloped land that abuts the 18 acre parcel to be acquired under the First Allentown Purchase Agreement. Closings on the land acquisitions contemplated under the First Allentown Purchase Agreement and the Second Allentown Purchase Agreement are subject to significant contingencies, including the Company obtaining all governmental approvals for its planned development of an approximately 206,000 square foot industrial/logistics building on the land parcels that would be acquired. There is no guarantee that the land acquisitions as contemplated under the First Allentown Purchase Agreement and the Second Allentown Purchase Agreement will be completed under their current terms, or at all. On July 17, 2020, INDUS entered into a Purchase and Sale Agreement (the “Orlando Purchase Agreement”) to acquire, for a purchase price of $5,250, an approximately 14 acre parcel of undeveloped land in Orlando, Florida. Closing on the land acquisition contemplated under the Orlando Purchase Agreement is subject to significant contingencies, including the Company obtaining all governmental approvals for its planned development of two industrial/logistics buildings totaling approximately 195,000 square feet on the land parcel that would be acquired. There is no guarantee that the land acquisition as contemplated under the Orlando Purchase Agreement will be completed under its current terms, or at all. On November 24, 2020 (subsequently amended on January 12, 2021 and February 5, 2021), INDUS entered into a Land Sale Agreement (the “Stratton Agreement”) to sell, for a purchase price of $900, its remaining sixteen lots in its residential subdivision in Suffield, Connecticut called Stratton Farms. The Stratton Agreement, as amended, provides for the sale to take place in two phases: (i) nine lots will be sold for a purchase price of $525, before transaction costs, with the closing expected to take place on or before February 19, 2021; and (ii) seven lots will be sold for a purchase price of $375, before transaction costs, with the closing to take place on or before August 6, 2021. There is no guarantee that this transaction will be completed under its current terms, or at all. From time to time, INDUS 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 the Company's consolidated financial position, results of operations or cash flows. ​

Subsequent Events

Subsequent Events	12 Months Ended
	Nov. 30, 2020
Subsequent Events.
Subsequent Events	12. Subsequent Events In accordance with FASB ASC 855, “Subsequent Events,” INDUS has evaluated all events or transactions occurring after November 30, 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 year ended November 30, 2020, other than the disclosures herein. On February 10, 2021, INDUS entered into a Purchase and Sale Agreement to sell approximately 91 acres of undeveloped land in Southwick, Massachusetts (the “Southwick Land Sale”) for $5,250, before transaction costs. Completion of this transaction is subject to significant contingencies, including the buyer obtaining all necessary final permits from governmental authorities for its development plans for the site it would acquire. Given these contingencies, it is possible that the Southwick Land Sale will not be completed under its current terms, or at all. See Note 11 for disclosure regarding entry into the Stratton Agreement. See Notes 1 and 8 for disclosure of the subsequent event related to the E&P Distribution.

Schedule II-Valuation and Quali

Schedule II-Valuation and Qualifying Accounts and Reserves	12 Months Ended
	Nov. 30, 2020
Schedule II-Valuation and Qualifying Accounts and Reserves
Schedule II-Valuation and Qualifying Accounts and Reserves	Schedule II – Valuation and Qualifying Accounts and Reserves (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description ​ Balance at Beginning of Year ​ Charged to Cost and Expenses ​ Charged to Other Accounts ​ Deductions From Reserves ​ Balance at End of Year ​ For the fiscal year ended November 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reserves: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Uncollectible accounts—trade $ — ​ 26 ​ — ​ — ​ $ 26 ​ Valuation allowance on deferred tax asset $ 1,462 ​ (1,462) ​ — ​ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the fiscal year ended November 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reserves: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Uncollectible accounts—trade $ 84 ​ — ​ — ​ 84 ​ $ — ​ Valuation allowance on deferred tax asset $ 2,190 ​ (728) ​ — ​ — ​ $ 1,462 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the fiscal year ended November 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reserves: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Uncollectible accounts—trade $ — ​ 84 ​ — ​ — ​ $ 84 ​ Valuation allowance on deferred tax asset $ 1,363 ​ 827 ​ — ​ — ​ $ 2,190 ​ ​

Schedule III-Real Estate and Ac

Schedule III-Real Estate and Accumulated Depreciation	12 Months Ended
	Nov. 30, 2020
Schedule III-Real Estate and Accumulated Depreciation
Schedule III-Real Estate and Accumulated Depreciation	Schedule III – Real Estate and Accumulated Depreciation November 30, 2020 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost Capitalized ​ Gross Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost ​ Subsequent ​ at November 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bldg. & ​ to Acquisition ​ ​ ​ ​ Land ​ Bldg. & Bldg. ​ Tenant ​ Construction ​ Development ​ ​ ​ ​ Accumulated ​ Date of ​ Date of ​ Depr. Description Encumbrances Land Improve. Improvements Land Improvements Improvements Improvements in Progress Costs Total Depreciation Construction Acquisition Life ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CT Industrial/Logistics Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Industrial/Logistics Building - Bloomfield ​ $ - (b) $ 1 ​ $ - ​ $ 877 ​ $ 1 ​ $ 92 ​ $ 785 ​ $ - ​ $ - ​ $ - ​ $ 878 ​ $ (670) ​ 1988 ​ ​ ​ 40 yrs. Industrial/Logistics Building - Bloomfield ​ ​ - (b) ​ 251 ​ ​ 1,198 ​ ​ 1,599 ​ ​ 251 ​ ​ 327 ​ ​ 1,752 ​ ​ 718 ​ ​ - ​ ​ - ​ ​ 3,048 ​ ​ (1,028) ​ 1997 ​ 2007 ​ 40 yrs. Industrial/Logistics Building - East Granby ​ ​ 12,730 ​ ​ 4 ​ ​ 1,722 ​ ​ 922 ​ ​ 4 ​ ​ 774 ​ ​ 1,843 ​ ​ 27 ​ ​ - ​ ​ - ​ ​ 2,648 ​ ​ (2,043) ​ 1982 ​ 1989 ​ 40 yrs. Industrial/Logistics Building - East Granby ​ ​ - (a) ​ 4 ​ ​ - ​ ​ 2,161 ​ ​ 4 ​ ​ 225 ​ ​ 1,654 ​ ​ 282 ​ ​ - ​ ​ - ​ ​ 2,165 ​ ​ (1,597) ​ 1978 ​ ​ ​ 40 yrs. Industrial/Logistics Building - East Granby ​ ​ - (a) ​ 4 ​ ​ - ​ ​ 3,257 ​ ​ 4 ​ ​ 353 ​ ​ 2,356 ​ ​ 548 ​ ​ - ​ ​ - ​ ​ 3,261 ​ ​ (2,507) ​ 1980 ​ ​ ​ 40 yrs. Industrial/Logistics Building - Windsor ​ ​ - (a) ​ 259 ​ ​ - ​ ​ 5,933 ​ ​ 259 ​ ​ 1,389 ​ ​ 3,866 ​ ​ 678 ​ ​ - ​ ​ - ​ ​ 6,192 ​ ​ (2,818) ​ 1998 ​ ​ ​ 40 yrs. Industrial/Logistics Building - Windsor ​ ​ - (a) ​ 13 ​ ​ - ​ ​ 7,539 ​ ​ 13 ​ ​ 533 ​ ​ 5,642 ​ ​ 1,364 ​ ​ - ​ ​ - ​ ​ 7,552 ​ ​ (3,249) ​ 2008 ​ ​ ​ 40 yrs. Industrial/Logistics Building - Windsor ​ ​ 3,681 ​ ​ 12 ​ ​ - ​ ​ 9,821 ​ ​ 12 ​ ​ 368 ​ ​ 5,867 ​ ​ 3,586 ​ ​ - ​ ​ - ​ ​ 9,833 ​ ​ (6,582) ​ 1999 ​ ​ ​ 40 yrs. Industrial/Logistics Building - Windsor ​ ​ - (a) ​ 7 ​ ​ - ​ ​ 3,425 ​ ​ 7 ​ ​ 27 ​ ​ 3,212 ​ ​ 186 ​ ​ - ​ ​ - ​ ​ 3,432 ​ ​ (1,887) ​ 2001 ​ ​ ​ 40 yrs. Industrial/Logistics Building - Windsor ​ ​ 16,274 ​ ​ 13 ​ ​ - ​ ​ 6,408 ​ ​ 13 ​ ​ 69 ​ ​ 5,404 ​ ​ 935 ​ ​ - ​ ​ - ​ ​ 6,421 ​ ​ (3,125) ​ 2003 ​ ​ ​ 40 yrs. Industrial/Logistics Building - Windsor ​ ​ - (a) ​ 16 ​ ​ - ​ ​ 7,840 ​ ​ 16 ​ ​ 95 ​ ​ 7,036 ​ ​ 709 ​ ​ - ​ ​ - ​ ​ 7,856 ​ ​ (3,895) ​ 2006 ​ ​ ​ 40 yrs. Industrial/Logistics Building - Windsor ​ ​ - (a) ​ 15 ​ ​ - ​ ​ 17,260 ​ ​ 15 ​ ​ 167 ​ ​ 13,920 ​ ​ 3,173 ​ ​ - ​ ​ - ​ ​ 17,275 ​ ​ (7,209) ​ 2005 ​ ​ ​ 40 yrs. Industrial/Logistics Building - Windsor ​ ​ 9,772 ​ ​ 57 ​ ​ - ​ ​ 16,071 ​ ​ 57 ​ ​ 1,042 ​ ​ 13,932 ​ ​ 1,097 ​ ​ - ​ ​ - ​ ​ 16,128 ​ ​ (5,613) ​ 2009 ​ ​ ​ 40 yrs. Industrial/Logistics Building - Windsor ​ ​ 17,639 ​ ​ 20 ​ ​ - ​ ​ 10,274 ​ ​ 20 ​ ​ 804 ​ ​ 8,187 ​ ​ 1,283 ​ ​ - ​ ​ - ​ ​ 10,294 ​ ​ (3,879) ​ 2007 ​ ​ ​ 40 yrs. Industrial/Logistics Building - Windsor ​ ​ - (a) ​ 12 ​ ​ - ​ ​ 6,976 ​ ​ 12 ​ ​ 471 ​ ​ 6,288 ​ ​ 217 ​ ​ - ​ ​ - ​ ​ 6,988 ​ ​ (2,911) ​ 2007 ​ ​ ​ 40 yrs. Industrial/Logistics Building - Windsor ​ ​ - (a) ​ 16 ​ ​ - ​ ​ 10,017 ​ ​ 16 ​ ​ 2,364 ​ ​ 6,917 ​ ​ 736 ​ ​ - ​ ​ - ​ ​ 10,033 ​ ​ (1,354) ​ 2017 ​ ​ ​ 40 yrs. Industrial/Logistics Building - Windsor ​ ​ 13,715 ​ ​ 26 ​ ​ - ​ ​ 15,547 ​ ​ 26 ​ ​ 3,357 ​ ​ 11,078 ​ ​ 1,112 ​ ​ - ​ ​ - ​ ​ 15,573 ​ ​ (1,335) ​ 2018 ​ ​ ​ 40 yrs. Industrial/Logistics Building - Windsor ​ ​ 5,254 ​ ​ 19 ​ ​ - ​ ​ 8,236 ​ ​ 19 ​ ​ 171 ​ ​ 8,065 ​ ​ - ​ ​ - ​ ​ - ​ ​ 8,255 ​ ​ (4,115) ​ 2001 ​ ​ ​ 40 yrs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PA Industrial/Logistics Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Industrial/Logistics Building - Breinigsville ​ ​ 14,714 ​ ​ 832 ​ ​ 4,599 ​ ​ - ​ ​ 832 ​ ​ 349 ​ ​ 4,029 ​ ​ 221 ​ ​ - ​ ​ - ​ ​ 5,431 ​ ​ (1,866) ​ 2006 ​ 2010 ​ 40 yrs. Industrial/Logistics Building - Allentown ​ ​ - (a) ​ 2,344 ​ ​ - ​ ​ 9,768 ​ ​ 2,344 ​ ​ 2,996 ​ ​ 5,914 ​ ​ 858 ​ ​ - ​ ​ - ​ ​ 12,112 ​ ​ (720) ​ 2018 ​ ​ ​ 40 yrs. Industrial/Logistics Building - Lower Nazareth Township ​ ​ 18,503 ​ ​ 1,351 ​ ​ - ​ ​ 15,505 ​ ​ 1,351 ​ ​ 1,381 ​ ​ 12,874 ​ ​ 1,250 ​ ​ - ​ ​ - ​ ​ 16,856 ​ ​ (4,099) ​ 2014 ​ ​ ​ 40 yrs. Industrial/Logistics Building - Lower Nazareth Township ​ ​ - (a) ​ 721 ​ ​ - ​ ​ 11,303 ​ ​ 721 ​ ​ 1,394 ​ ​ 9,064 ​ ​ 845 ​ ​ - ​ ​ - ​ ​ 12,024 ​ ​ (3,625) ​ 2012 ​ ​ ​ 40 yrs. Industrial/Logistics Building - Hanover Township ​ ​ 23,973 ​ ​ 3,620 ​ ​ - ​ ​ 17,055 ​ ​ 3,620 ​ ​ 4,602 ​ ​ 10,353 ​ ​ 2,100 ​ ​ - ​ ​ - ​ ​ 20,675 ​ ​ (3,221) ​ 2016 ​ ​ ​ 40 yrs. Industrial/Logistics Building - Hanover Township ​ ​ - (a) ​ 4,022 ​ ​ - ​ ​ 16,309 ​ ​ 4,022 ​ ​ 4,013 ​ ​ 11,076 ​ ​ 1,214 ​ ​ 6 ​ ​ - ​ ​ 20,331 ​ ​ (3,947) ​ 2015 ​ ​ ​ 40 yrs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NC Industrial/Logistics Property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Industrial/Logistics Building - Concord ​ ​ 11,439 ​ ​ 1,600 ​ ​ 15,189 ​ ​ 325 ​ ​ 1,600 ​ ​ 1,598 ​ ​ 13,042 ​ ​ 874 ​ ​ - ​ ​ - ​ ​ 17,114 ​ ​ (2,217) ​ 2015 ​ 2017 ​ 40 yrs. Industrial/Logistics Building - Concord ​ ​ - ​ ​ 1,412 ​ ​ - ​ ​ 10,202 ​ ​ 1,412 ​ ​ 2,675 ​ ​ 6,439 ​ ​ 1,088 ​ ​ - ​ ​ - ​ ​ 11,614 ​ ​ (498) ​ 2019 ​ ​ ​ 40 yrs. Industrial/Logistics Building - Concord ​ ​ - ​ ​ 1,304 ​ ​ - ​ ​ 7,922 ​ ​ 1,304 ​ ​ 2,461 ​ ​ 5,461 ​ ​ - ​ ​ - ​ ​ - ​ ​ 9,226 ​ ​ (312) ​ 2019 ​ ​ ​ 40 yrs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FL Industrial/Logistics Property ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Industrial/Logistics Building - Orlando ​ ​ 6,364 ​ ​ 1,150 ​ ​ 8,204 ​ ​ - ​ ​ 1,150 ​ ​ 833 ​ ​ 6,517 ​ ​ 854 ​ ​ - ​ ​ - ​ ​ 9,354 ​ ​ (425) ​ 1973 ​ 2019 ​ 40 yrs. Industrial/Logistics Building - Orlando ​ ​ 5,057 ​ ​ 1,555 ​ ​ 6,386 ​ ​ - ​ ​ 1,555 ​ ​ 390 ​ ​ 5,268 ​ ​ 728 ​ ​ - ​ ​ - ​ ​ 7,941 ​ ​ (237) ​ 1985 ​ 2019 ​ 40 yrs. Industrial/Logistics Building - Orlando ​ ​ - ​ ​ 1,407 ​ ​ 4,277 ​ ​ 830 ​ ​ 1,407 ​ ​ 522 ​ ​ 3,755 ​ ​ - ​ ​ 830 ​ ​ - ​ ​ 6,514 ​ ​ (118) ​ 1997 ​ 2019 ​ 40 yrs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost Capitalized ​ Gross Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Cost ​ Subsequent ​ at November 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bldg. & ​ to Acquisition ​ ​ ​ ​ Land ​ Bldg. & Bldg. ​ Tenant ​ Construction ​ Development ​ ​ ​ ​ Accumulated ​ Date of ​ Date of ​ Depr. Description Encumbrances Land Improve. Improvements Land Improvements Improvements Improvements in Progress Costs Total Depreciation Construction Acquisition Life ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Office/Flex Properties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Office/Flex Building - Bloomfield ​ ​ - (b) ​ 5 ​ ​ - ​ ​ 4,554 ​ ​ 5 ​ ​ 723 ​ ​ 3,081 ​ ​ 750 ​ ​ - ​ ​ - ​ ​ 4,559 ​ ​ (3,873) ​ 1977 ​ ​ ​ 40 yrs. Office/Flex Building - Bloomfield ​ ​ - (b) ​ 2 ​ ​ - ​ ​ 2,340 ​ ​ 2 ​ ​ 384 ​ ​ 1,731 ​ ​ 225 ​ ​ - ​ ​ - ​ ​ 2,342 ​ ​ (1,851) ​ 1988 ​ ​ ​ 40 yrs. Office/Flex Building - Bloomfield ​ ​ - (b) ​ 2 ​ ​ - ​ ​ 3,212 ​ ​ 2 ​ ​ 214 ​ ​ 2,301 ​ ​ 697 ​ ​ - ​ ​ - ​ ​ 3,214 ​ ​ (1,606) ​ 1989 ​ ​ ​ 40 yrs. Office/Flex Building - Bloomfield ​ ​ - (b) ​ 3 ​ ​ - ​ ​ 2,005 ​ ​ 3 ​ ​ 146 ​ ​ 1,457 ​ ​ 402 ​ ​ - ​ ​ - ​ ​ 2,008 ​ ​ (1,330) ​ 1990 ​ ​ ​ 40 yrs. Office/Flex Building - Bloomfield ​ ​ - (b) ​ 3 ​ ​ - ​ ​ 1,831 ​ ​ 3 ​ ​ 87 ​ ​ 1,529 ​ ​ 215 ​ ​ - ​ ​ - ​ ​ 1,834 ​ ​ (1,214) ​ 1991 ​ ​ ​ 40 yrs. Office/Flex Building - Bloomfield ​ ​ - (b) ​ 3 ​ ​ - ​ ​ 877 ​ ​ 3 ​ ​ 90 ​ ​ 672 ​ ​ 115 ​ ​ - ​ ​ - ​ ​ 880 ​ ​ (702) ​ 1991 ​ ​ ​ 40 yrs. Office/Flex Building - Bloomfield ​ ​ - (b) ​ 9 ​ ​ - ​ ​ 4,569 ​ ​ 9 ​ ​ 33 ​ ​ 3,690 ​ ​ 846 ​ ​ - ​ ​ - ​ ​ 4,578 ​ ​ (2,471) ​ 2001 ​ ​ ​ 40 yrs. Office/Flex Building - Windsor ​ ​ - (b) ​ 17 ​ ​ - ​ ​ 6,124 ​ ​ 17 ​ ​ 434 ​ ​ 4,543 ​ ​ 1,147 ​ ​ - ​ ​ - ​ ​ 6,141 ​ ​ (3,827) ​ 2002 ​ ​ ​ 40 yrs. Office/Flex Building - Windsor ​ ​ 4,070 ​ ​ 445 ​ ​ 3,954 ​ ​ 2,078 ​ ​ 445 ​ ​ 338 ​ ​ 4,076 ​ ​ 1,618 ​ ​ - ​ ​ - ​ ​ 6,477 ​ ​ (3,792) ​ 1982 ​ 2003 ​ 40 yrs. Office/Flex Building - Windsor ​ ​ - (a) ​ 417 ​ ​ 4,004 ​ ​ 1,578 ​ ​ 417 ​ ​ 348 ​ ​ 3,856 ​ ​ 1,378 ​ ​ - ​ ​ - ​ ​ 5,999 ​ ​ (3,273) ​ 1987 ​ 2003 ​ 40 yrs. Restaurant Building - Windsor ​ ​ - ​ ​ 1 ​ ​ - ​ ​ 2,189 ​ ​ 1 ​ ​ 266 ​ ​ 1,414 ​ ​ 509 ​ ​ - ​ ​ - ​ ​ 2,190 ​ ​ (1,870) ​ 1983 ​ ​ ​ 40 yrs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nursery Farm - Granby, CT ​ ​ - ​ ​ 376 ​ ​ - ​ ​ 10,988 ​ ​ 376 ​ ​ 1,565 ​ ​ 9,423 ​ ​ - ​ ​ - ​ ​ - ​ ​ 11,364 ​ ​ (10,768) ​ ​ ​ 1959 ​ 20 yrs. Nursery Farm - Quincy, FL ​ ​ - ​ ​ 279 ​ ​ - ​ ​ 8,697 ​ ​ 279 ​ ​ 4,089 ​ ​ 4,608 ​ ​ - ​ ​ - ​ ​ - ​ ​ 8,976 ​ ​ (8,448) ​ ​ ​ 1959 ​ 20 yrs. Undeveloped land - New England Tradeport ​ ​ - ​ ​ 712 ​ ​ - ​ ​ 2,224 ​ ​ 712 ​ ​ 90 ​ ​ - ​ ​ - ​ ​ - ​ ​ 2,134 ​ ​ 2,936 ​ ​ (73) ​ ​ ​ ​ ​ ​ ​ Undeveloped land - Griffin Center/Griffin Center South ​ ​ - ​ ​ 435 ​ ​ - ​ ​ 1,572 ​ ​ 435 ​ ​ 451 ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,121 ​ ​ 2,007 ​ ​ (447) ​ ​ ​ ​ ​ ​ ​ Undeveloped land - Phoenix Crossing ​ ​ - ​ ​ 48 ​ ​ - ​ ​ 1,409 ​ ​ 48 ​ ​ - ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,409 ​ ​ 1,457 ​ ​ - ​ ​ ​ ​ ​ ​ ​ Undeveloped land - Other ​ ​ - ​ ​ 373 ​ ​ - ​ ​ 1,075 ​ ​ 373 ​ ​ 633 ​ ​ - ​ ​ - ​ ​ - ​ ​ 442 ​ ​ 1,448 ​ ​ (629) ​ ​ ​ ​ ​ ​ ​ Undeveloped land - Mecklenburg, NC ​ ​ - ​ ​ 5,714 ​ ​ - ​ ​ 1,487 ​ ​ 5,714 ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,487 ​ ​ - ​ ​ 7,201 ​ ​ - ​ ​ ​ ​ ​ ​ ​ Undeveloped land - Lehigh County, PA ​ ​ - ​ ​ 2,226 ​ ​ - ​ ​ 1,290 ​ ​ 2,226 ​ ​ - ​ ​ - ​ ​ - ​ ​ 1,290 ​ ​ - ​ ​ 3,516 ​ ​ - ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 163,185 ​ $ 33,137 ​ $ 49,533 ​ $ 283,481 ​ $ 33,137 ​ $ 45,733 ​ $ 243,977 ​ $ 34,585 ​ $ 3,613 ​ $ 5,106 ​ $ 366,151 (c) $ (123,276) ​ ​ ​ ​ ​ ​ ​ (a) Building included in mortgage listed in the above line. (b) Buildings included as collateral for a $19,500 revolving line of credit. (c) As of November 30, 2020, the aggregate cost for Federal income tax purposes is $344,610 . ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost Reserve ​ Balance at beginning of year ​ $ 343,649 ​ $ (105,035) ​ Changes during the year: ​ ​ ​ ​ ​ ​ ​ Additions to real estate assets ​ ​ 23,535 ​ ​ — ​ Additions to reserve charged to costs and expense ​ ​ — ​ ​ (11,889) ​ Reclassification from real estate held for sale, net ​ ​ 1,891 ​ ​ (7,191) ​ Impairment loss ​ ​ (2,671) ​ ​ 586 ​ Writeoff of fully depreciated assets ​ ​ (253) ​ ​ 253 ​ Balance at end of year ​ $ 366,151 ​ $ (123,276) ​ ​ ​ Fiscal year ended November 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost Reserve ​ Balance at beginning of year ​ $ 318,625 ​ $ (105,004) ​ Changes during the year: ​ ​ ​ ​ ​ ​ ​ Additions to real estate assets ​ ​ 39,735 ​ ​ — ​ Additions to reserve charged to costs and expense ​ ​ — ​ ​ (10,416) ​ Reclassification to real estate held for sale ​ ​ (11,307) ​ ​ 10,081 ​ Impairment loss ​ ​ (3,100) ​ ​ — ​ Writeoff of fully depreciated assets ​ ​ (304) ​ ​ 304 ​ Balance at end of year ​ $ 343,649 ​ $ (105,035) ​ ​ Fiscal year ended November 30, 201 8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost Reserve ​ Balance at beginning of year ​ $ 291,852 ​ $ (95,112) ​ Changes during the year: ​ ​ ​ ​ ​ ​ ​ Additions to real estate assets ​ ​ 27,559 ​ ​ — ​ Additions to reserve charged to costs and expense ​ ​ — ​ ​ (9,853) ​ Reclassification to real estate held for sale ​ ​ (500) ​ ​ (325) ​ Writeoff of fully depreciated assets ​ ​ (286) ​ ​ 286 ​ Balance at end of year ​ $ 318,625 ​ $ (105,004) ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Nov. 30, 2020
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation INDUS Realty Trust, Inc., a Maryland corporation, (“INDUS” or the “Company”) (f/k/a Griffin Industrial Realty, Inc.) is a real estate business principally engaged in developing, acquiring, managing and leasing high-quality industrial and logistics properties in select supply-constrained markets in the United States. INDUS seeks to add to its property portfolio through the development of land or the acquisition of modern, market-appropriate logistics buildings in the markets it targets, all of which can serve multiple drivers of demand in the modern supply chain. Although the Company’s real estate holdings primarily consist of industrial/logistics properties, it also owns a limited number of office/flex properties and undeveloped land parcels. INDUS may sell certain office/flex properties or portions of its undeveloped land that it has owned for an extended time and the use of which is not consistent with the Company’s core industrial and logistics strategy. On December 30, 2020, pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), by and among INDUS (f/k/a Griffin Industrial Maryland, Inc.), Griffin Industrial Realty, Inc., a Delaware corporation, and Griffin Industrial Maryland, LLC, a Maryland limited liability company and a wholly-owned subsidiary of INDUS, the Company completed an internal merger to reincorporate in Maryland. On December 30, 2020, following this merger, the Company changed its name to INDUS Realty Trust, Inc. On January 4, 2021, the Company announced that it intends to elect to be taxed as a real estate investment trust (“REIT”) under sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”) for its taxable year ending December 31, 2021 (see Note 5). This decision was based on the Company’s consideration of ways to maximize stockholder value and generate growth opportunities as the Company continues to expand its industrial/logistics portfolio. Additionally, on January 13, 2021, INDUS announced that its Board of Directors had declared a special dividend to distribute the Company’s estimated accumulated earnings and profits (the “E&P Distribution”) based on the Company’s estimated taxable income through December 31, 2020 that is expected to be paid on March 8, 2021 (see Notes 8 and 12). INDUS’s consolidated financial statements reflect its accounts and its consolidated subsidiaries. INDUS consolidates the subsidiaries it controls through (i) voting rights or similar rights or (ii) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity (“VIE”). There are no VIEs in which the Company is not a primary beneficiary.
Fiscal Year	Fiscal Year Through November 30, 2020, INDUS reported on a twelve month fiscal year that ended on November 30. On November 17, 2020, in connection with the anticipated election to become a REIT, the Company’s Board of Directors approved a change in the Company’s fiscal year from November 30 to December 31, effective beginning with the Company’s next fiscal year, which began on January 1, 2021 and will end on December 31, 2021 (“fiscal 2021”). As a result of this change, INDUS will have a one-month transition period beginning on December 1, 2020 and ending on December 31, 2020, the results of which are expected to be reported in INDUS’s Quarterly Report on Form 10-Q to be filed for the first quarter of fiscal 2021 and in INDUS’s Annual Report on Form 10-K to be filed for fiscal 2021.
Exchange Accommodation Titleholder	COVID-19 has disrupted the availability, supply and costs of raw materials, particularly the increased cost and decreased availability of structural steel, which could result in an increase in the Company’s cost of construction. Additionally, as a result of the pandemic there could be a reduction in the Company’s rental revenue, particularly with respect to its office/flex portfolio. ​
Real Estate Assets	Real Estate Assets Real estate assets are recorded at cost. Interest, property taxes, insurance and other incremental costs directly related to a project are capitalized during the construction period of major facilities and land improvements. The capitalization period begins when activities to develop the parcel commence and ends when the asset constructed is completed. The capitalized costs are recorded as part of the asset to which they relate and are amortized over the asset's estimated useful life. Depreciation is determined on a straight-line basis over the estimated useful asset lives for financial reporting purposes and for tax purposes. Repair and maintenance costs are expensed as incurred. Real estate assets and any related intangible assets and intangible liabilities that are acquired that meet the definition of a business combination in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, “Business Combinations,” are recorded at relative fair value. Real estate assets and any related intangible assets and intangible liabilities that are treated as a single identifiable asset are recorded at fair value. INDUS's intangible assets consist of: (i) the value of in-place leases; and (ii) the value of the associated relationships with tenants. INDUS's intangible liability consists of the value of a below market lease. Purchase accounting is applied to the assets associated with the real estate acquired. Acquisition costs incurred in a business combination are expensed and included in general and administrative expenses and acquisition costs in an asset acquisition are capitalized. Amortization of the value of in-place leases, included in depreciation and amortization expense, is on a straight-line basis over the lease terms. Amortization of the value of relationships with tenants, included in depreciation and amortization expense, is on a straight-line basis over the lease terms and anticipated renewal periods. Amortization of the value of the below market lease, included in rental revenue, is on a straight-line basis over the lease term. INDUS classifies a property as “held for sale” when all of the following criteria for a plan of sale have been met: (1) management, having the authority to approve the action, commits to a plan to sell the property; (2) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (3) an active program to locate a buyer and other actions required to complete the plan to sell, have been initiated; (4) the sale of the property is probable and is expected to be completed within one year or the property is under a contract to be sold; (5) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (6) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When all of these criteria have been met, the property is classified as “held for sale.” Assets classified as “held for sale” are reported at the lower of their carrying value or fair value less costs to sell. Depreciation of assets ceases upon designation of a property as “held for sale.”
Cash and Cash Equivalents	Cash and Cash Equivalents INDUS considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. At November 30, 2020 and 2019, $27,062 and $4,299, respectively, of the cash and cash equivalents included on the Company's consolidated balance sheet were held in cash equivalents.
Investments	Investments INDUS’s short-term investments 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, “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.
Stock-Based Compensation	Stock-Based Compensation INDUS accounts for stock options at fair value in accordance with FASB ASC 718, “Compensation - Stock Compensation” and FASB ASC 505-50, “Equity – Equity-Based Payments to Non-Employees.” For stock options that have graded vesting features, the Company recognizes compensation cost over the requisite service period separately for each tranche of the award as though they were, in substance, multiple awards.
Impairment of Investments in Long-Lived Assets	Impairment of Investments in Long-Lived Assets INDUS reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If indicators of impairment are present, INDUS evaluates the carrying value of the assets in relation to the operating performance and expected future undiscounted cash flows or the estimated fair value based on expected future cash flows of the underlying assets. If the undiscounted cash flows are less than the carrying value of an asset, INDUS would reduce the carrying value of a long-lived asset to its fair value if that asset’s fair value is determined to be less than its carrying value. The Company also reviews the recoverability of its development costs, including expected remediation costs on projects that are included in real estate assets and real estate assets held for sale, whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. To the extent that the carrying value exceeds the fair value of a project, including development costs, an impairment loss would be recorded.
Revenue and Gain Recognition	Revenue and Gain Recognition Rental revenue is accounted for on a straight-line basis over the applicable lease term in accordance with FASB ASC 840, “Leases” (“ASC 840”). Rental revenue also includes payments received from tenants for certain building improvements owned by INDUS that are recognized over the lease term and the amortization of below market leases. The Company assesses the collectability of lease receivables on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located, including the impact of the COVID-19 pandemic (see above) on tenants’ businesses and financial condition. With the adoption of FASB ASC No. 842, “Leases” (“ASC 842”) on December 1, 2019 (see below), INDUS recognizes an adjustment to rental revenue for any receivable deemed as not collectible. Prior to the adoption of ASC 842, the allowance for uncollectible accounts and bad debt expense was recognized in general and administrative expenses. For the fiscal year ended November 30, 2020 (“fiscal 2020”), INDUS recorded an adjustment to rental revenue of $26 related to the collectability of one tenant’s account. For the fiscal year ended November 30, 2019 (“fiscal 2019”), INDUS had no additions to the allowance for uncollectible accounts or bad debt expenses recorded. Gains on the sale of real estate assets are recognized in accordance with FASB ASC 606, “Revenue from Contracts with Customers,” based on the specific terms of each sale. When the percentage of completion method is used to account for a sale of real estate assets, gains on the sale of real estate assets sales are recognized over time as performance obligations are satisfied.
Income Taxes	Income Taxes As discussed above, INDUS intends to be taxed as a REIT under Sections 856 through 860 of the Code commencing with its taxable year ending December 31, 2021. To qualify as a REIT, INDUS is required (among other things) to distribute at least 90% of its REIT taxable income to its stockholders and meet various other organization and operating requirements. Provided INDUS qualifies for taxation as a REIT, it generally will not be subject to federal income taxes if it distributes 100% of its taxable income for each year to its stockholders. However, any taxable income from a taxable REIT subsidiary will be subject to federal, state and local income taxes. If the Company fails to qualify as a REIT in any taxable year, and it is unable to avail itself of certain savings provisions set forth in the Code, all of its taxable income will be subject to regular federal corporate income tax, and it may not be able to qualify as a REIT for four subsequent taxable years. Additionally, even if INDUS qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property and to federal income taxes and excise taxes on its undistributed taxable income. The Company may also be subject to a corporate income tax on any gains recognized during a five-year period following the REIT conversion that are attributable to build-in gains with respect to assets that were owned on January 1, 2021. INDUS intends to adhere to the requirements for qualification and taxation as a REIT and maintain its REIT status. Accordingly, no provision for income taxes will be made in the financial statements for the taxable year ending December 31, 2021 and consequently, income taxes recorded in 2021 will not be comparable to those recorded in prior years (see Note 5). For taxable years ended prior to its intended election to be taxable as a REIT, INDUS provided for income taxes utilizing the asset and liability method, and recorded deferred tax assets and liabilities based on the difference between the financial statement and tax bases of assets and liabilities as measured by the tax rates that were anticipated to be in effect when these differences reversed. The effect on deferred tax assets and liabilities of a change in tax rates was recognized in the results of operations in the period that included the enactment date. A valuation allowance was established when it was necessary to reduce deferred tax assets to amounts for which realization was more likely than not as determined at that time. INDUS evaluates each tax position taken in its tax returns and recognizes a liability for any tax position deemed less likely than not to be sustained under examination by the relevant taxing authorities. INDUS has analyzed its federal and significant state filing positions with respect to FASB ASC 740, “Income Taxes” (“ASC 740”). INDUS believes that its income tax filing positions will be sustained on examination and does not anticipate any adjustments that would result in a material change on its financial statements. As a result, no accrual for uncertain income tax positions has been recorded pursuant to ASC 740. INDUS’s policy for recording interest and penalties, related to uncertain tax positions, is to record such items as part of its provision for federal and state income taxes.
Environmental Matters	Environmental Matters Environmental expenditures related to land and buildings are expensed or capitalized as appropriate, depending upon their future economic benefit. Expenditures that relate to an existing condition caused by past operations, and that do not have future economic benefit, are expensed. Expenditures that create future benefit or contribute to future revenue generation are capitalized. Liabilities related to future remediation costs are recorded when environmental assessments and/or cleanups are probable, and the costs can be reasonably estimated.
Interest Rate Swap Agreements	Interest Rate Swap Agreements As of November 30, 2020, INDUS was a party to thirteen interest rate swap agreements to hedge its interest rate exposures. The Company does not use derivatives for speculative purposes. INDUS applies FASB ASC 815, “Derivatives and Hedging,” (“ASC 815”) as amended, which establishes accounting and reporting standards for derivative instruments and hedging activities. ASC 815 requires the Company to recognize all derivatives as either assets or liabilities on its consolidated balance sheet and measure those instruments at fair value. The changes in the fair values of the interest rate swap agreements are measured in accordance with ASC 815 and reflected in the carrying values of the interest rate swap agreements on INDUS’s consolidated balance sheet. The estimated fair values are based primarily on projected future swap rates. INDUS applies cash flow hedge accounting to its interest rate swap agreements that are designated as hedges of the variability of future cash flows attributable to the contractually specified interest rates. All changes in the fair value of these interest rate swaps are recorded as a component of AOCI in stockholders’ equity. Amounts recorded to AOCI are then reclassified to interest expense as interest on the hedged borrowing is recognized. At the inception of a hedge, INDUS documents certain items, including the relationship between the hedging instrument and the hedged item, the risk management objective and the nature of the risk being hedged, a description of how effectiveness will be measured, an evaluation of hedge transaction effectiveness at adoption and the contractually specified interest rate being hedged.
Financial Instruments	Financial Instruments Pursuant to a Securities Purchase Agreement (the “Securities Purchase Agreement”) dated as of August 24, 2020, between INDUS and CM Change Industrial LP (“Conversant”), an investment entity managed by Conversant Capital LLC (f/k/a Cambiar Management LLC), INDUS, among other things, issued a Warrant (as defined below) to Conversant to acquire 504,590 shares of INDUS’s common stock, par value $0.01 per share (the “Common Stock”) (as exercised, collectively, the “Warrant Shares”) as part of a private placement of Common Stock to raise capital (see Note 2). INDUS applied ASC 815-10 to the Warrant and it is being classified as a derivative liability on the Company’s consolidated balance sheet. The Warrant was initially recorded at its fair value and will be reported at fair value at each subsequent reporting date when liability classification of the Warrant is appropriate. Changes in the fair value of the Warrant are included in change in fair value of financial instruments on INDUS’s consolidated statement of operations during the period of the change.
Conditional Asset Retirement Obligations	Conditional Asset Retirement Obligations INDUS accounts for its conditional asset retirement obligations in accordance with FASB ASC 410, “Asset Retirement and Environmental Obligations,” which requires an entity to recognize a liability for the fair value of a conditional asset retirement obligation if the fair value can be reasonably estimated even though uncertainty exists about the timing and/or method of settlement. The conditional asset retirement obligations relate principally to tobacco barns and other structures on INDUS’s land holdings that contain asbestos, primarily in roofing materials. These structures remain from the tobacco growing operations of former affiliates of INDUS, are not material to the Company’s operations and do not have any book value.
Treasury Stock	Treasury Stock Treasury stock is recorded at cost as a reduction of stockholders’ equity on INDUS’s consolidated balance sheets.
Income (Loss) Per Share	Income (Loss) Per Share Basic net income (loss) per common share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the year. The calculation of diluted net income (loss) per common share reflects adjusting INDUS’s outstanding shares assuming the exercise of all potentially dilutive INDUS stock options and warrants.
Risks and Uncertainties	Risks and Uncertainties INDUS’s future results of operations involve a number of risks and uncertainties. Factors that could affect INDUS’s future operating results and cause actual results to vary materially from historical results include, but are not limited to, the geographical concentration of the Company’s real estate holdings, credit risk and market risk. INDUS's real estate holdings are concentrated in the Hartford, Connecticut area, the Lehigh Valley of Pennsylvania, the greater Charlotte, North Carolina area and Orlando, Florida. The market and economic challenges experienced by the U.S. economy as a whole or the local economic conditions in the markets in which INDUS holds properties may affect the Company’s real estate business. INDUS’s results of operations, financial condition or ability to expand may be adversely affected as a result of the following, any of which may be exacerbated by the continuance of the COVID-19 pandemic: (i) poor economic conditions or unfavorable financial changes to INDUS’s tenants, which may result in tenant defaults under leases or may lead to a curtailment of expansion plans; (ii) significant job losses, which could adversely affect the demand for rental space causing market rental rates and property values to be negatively impacted; (iii) the ability of INDUS to borrow on terms and conditions that it finds acceptable; and (iv) possibly reduced values of INDUS’s properties potentially limiting the proceeds from a sale of its properties or from debt financing collateralized by its properties. INDUS conducts business based on evaluations of its prospective tenants’ financial condition and may require some collateral in the form of security deposits or standby letters of credit. These evaluations require significant judgment and are based on multiple sources of information. INDUS does not use derivatives for speculative purposes. INDUS applies ASC 815, which established accounting and reporting standards for derivative instruments and hedging activities. This accounting guidance requires INDUS to recognize all derivatives as either assets or liabilities on its consolidated balance sheet and to measure those instruments at fair value. INDUS is exposed to certain risks relating to its ongoing business operations. The primary risk managed by using derivative instruments is interest rate risk. Interest rate swap agreements are entered into to manage interest rate risk associated with the Company’s variable-rate loans. INDUS applies cash flow hedge accounting to its interest rate swap agreements designated as hedges of the variability of future cash flows attributable to the contractually specified interest rates. All changes in the fair value of these interest rate swaps are recorded as a component of AOCI in stockholders’ equity. Amounts recorded to AOCI are then reclassified to interest expense as interest on the hedged borrowing is recognized. In 2017, the Financial Conduct Authority in the United Kingdom, which regulates the London Interbank Offered Rate (“LIBOR”), announced that it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2023. It is expected that a transition away from the widespread use of LIBOR to alternative interest rates will occur over the course of the next two years. The interest rates for INDUS’s revolving line of credit and acquisitions line of credit with Webster Bank are based on LIBOR. In the event that LIBOR is no longer available, the revolving credit line provides for a transition to a comparable rate of interest determined by Webster Bank and the acquisition credit line contemplates Webster Bank will 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 the time. Such an event would not affect INDUS’s ability to borrow or maintain already outstanding borrowings, but the replacement rate or alternate base rate could be higher or more volatile than LIBOR prior to its discontinuance. The full impact of the expected transition away from LIBOR and the potential discontinuation of LIBOR after 2023 is unclear, but these changes could adversely affect the Company’s cash flow, financial condition and results of operations. INDUS holds floating rate debt under nonrecourse mortgage loans, the interest on which is based on LIBOR. The Company entered into interest rate swap agreements whereby the floating LIBOR rates under all mortgage loans are hedged, effectively fixing the interest rate on those loans. FASB Topic 848, “Reference Rate Reform” anticipates the effect on financial reporting of the discontinuation of LIBOR and provides a means to maintaining effective hedge accounting. In adopting a practical expedient under ASU 2020-04 (see below), INDUS can continue to assert that the occurrence of the hedged forecasted transactions as they were originally documented remain probable even though the reference rate for the interest payments is modified or expected to be modified. INDUS’s cash equivalents consisted of overnight investments that are not significantly exposed to interest rate risk. INDUS's short-term investments consist of repurchase agreements that are not significantly exposed to interest rate risk.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to the current year’s presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and revenue and expenses during the periods reported. Actual results could differ from those estimates. INDUS’s significant estimates include the impairment evaluation of its long-lived assets, deferred income taxes, derivative financial instruments, revenue and gain recognition including the estimated costs to complete required offsite improvements related to land sold and assumptions used in determining stock compensation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 prior 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 ASC 840. 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. INDUS 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 the Company on December 1, 2019 and, therefore, INDUS did not restate any comparative periods. Upon adoption, INDUS elected the package of practical expedients permitted under the transition guidance, which permits the Company to not reassess its prior conclusions about lease identification, lease classification and initial direct costs. INDUS elected to combine the non-lease components of common area maintenance charges with the related lease components. The Company did not elect the practical expedient to use hindsight in determining the lease term and in assessing impairment of ROU assets. The Company 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. INDUS made an accounting policy election to keep leases with an initial term of twelve months or less off of the balance sheet. INDUS’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, INDUS has two operating leases that resulted in the recognition of ROU assets of $858 and lease liabilities of $858 related to the Company’s executive office in New York City at the time of adoption. The adoption of ASC 842 did not have a material impact on INDUS’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” (“ASU No. 2017-12”), 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” (“ASU No. 2019-04”), 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 INDUS on December 1, 2019. The application of ASU No. 2017-12 and ASU No. 2019-04 did not have a significant impact on the Company’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” (“ASU No. 2018-07”), 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 INDUS on December 1, 2019. The application of ASU No. 2018-07 did not have an impact on the Company’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”). ASU No. 2018-16 permits 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 United States Government, the LIBOR rate 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 INDUS on December 1, 2019. The application of ASU No. 2018-16 did not have an impact on INDUS’s 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”). 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. INDUS adopted the practical expedient related to the probability of the hedged forecasted transaction during fiscal 2020 (see above). The application of ASU No. 2020-04 did not have an impact on the Company’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”). 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 INDUS in the period ending December 31, 2020. Early adoption is permitted upon issuance for any removed or modified disclosures. The Company does not expect the application of ASU No. 2018-13 to have an impact 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. INDUS 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 fiscal 2020, 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 further impacts INDUS’s business or impacts its operations, liquidity and financial results will depend on numerous evolving factors that the Company 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 availability and effectiveness of vaccines to combat COVID-19; the impact on economic activity from the pandemic and actions taken in response, including ongoing travel restrictions; the impact on the availability and pricing of certain materials and supplies; the effect on INDUS’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 the Company’s ability to complete sales of real estate assets and acquisitions or planned construction and development. Any of these events could materially adversely impact INDUS’s business, financial condition, results of operations or stock price. During fiscal 2020, COVID-19 did not have a material impact on INDUS’s rent collections and the Company collected essentially 100% of rent, inclusive of rent relief and deferrals. Since the onset of COVID-19, INDUS entered into two agreements with tenants that granted rent relief aggregating approximately 0.4% of the Company’s total annual rental revenue for fiscal 2020. The much larger of these two tenants is a subsidiary of a Fortune 500 company who completed an early 5-year renewal of that tenant’s lease as part of the rent relief agreement. The only other deferral agreement was with a 20,000 square foot tenant for a three month deferral. This tenant is currently meeting its obligations and INDUS did not receive any other requests for rent relief or deferrals, nor did any prior requests for relief remain outstanding through the end of fiscal 2020. Subsequent to the end of fiscal 2020, one tenant that leases an approximately 7,000 square foot restaurant building in Connecticut requested rent relief. As of the date of this filing, the tenant had paid all rent through October 31, 2020 and INDUS has not determined if it will grant rent relief in connection with this request. COVID-19 has disrupted the availability, supply and costs of raw materials, particularly the increased cost and decreased availability of structural steel, which could result in an increase in the Company’s cost of construction. Additionally, as a result of the pandemic there could be a reduction in the Company’s rental revenue, particularly with respect to its office/flex portfolio. ​ Exchange Accommodation Titleholder INDUS 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 VIE whose legal equity interests are owned by 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. Although the VIE is legally owned by the qualified intermediary, INDUS retains essentially all of the legal and economic benefits and obligations related to the VIE (which holds the legal title to the Parked Property prior to the completion of the Reverse 1031 Like-Kind Exchange) and, as its designated manager, has the key decision-making power over the Parked Property. As discussed in Note 4, the VIE (including the Parked Property) is included in INDUS’s consolidated financial statements as a consolidated VIE until legal title is transferred to the Company upon completion of the Reverse 1031 Like-Kind Exchange. There were no consolidated VIEs on INDUS's consolidated balance sheet as of November 30, 2020.

Private Placement (Tables)

Private Placement (Tables)	12 Months Ended
	Nov. 30, 2020
Private Placement
Schedule of proceeds from the Securities Purchase Agreement	​ ​ ​ ​ ​ Common Stock, net of costs ​ $ 20,542 Warrants ​ ​ 4,915 CVR ​ ​ 1,342 Total ​ $ 26,799

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Nov. 30, 2020
Fair Value
Schedule of financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ November 30, 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 ​ $ — ​ $ 8,962 ​ $ — Common stock warrant liability ​ $ — ​ $ — ​ $ 11,550 Contingent value rights liability ​ $ — ​ $ — ​ $ 681 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 November 30, 2020 November 30, 2019 Hierarchy Carrying Estimated Carrying Estimated Level Value Fair Value Value Fair Value Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents 1 ​ $ 28,540 ​ $ 28,540 ​ $ 5,874 ​ $ 5,874 Short-term investments ​ 2 ​ $ — ​ $ — ​ $ 1,011 ​ $ 1,011 Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans, net of debt issuance costs 2 ​ $ 161,048 ​ $ 164,331 ​ $ 142,575 ​ $ 145,235 Revolving lines of credit ​ 2 ​ $ — ​ $ — ​ $ 5,875 ​ $ 5,875 Interest rate swap liabilities 2 ​ $ 8,962 ​ $ 8,962 ​ $ 4,052 ​ $ 4,052 Warrant liability 3 ​ $ 11,550 ​ $ 11,550 ​ $ — ​ $ — Contingent value rights liability 3 ​ $ 681 ​ $ 681 ​ $ — ​ $ —
Summary of the weighted-average significant unobservable inputs used in determining fair value of the warrant liability	The fair value of the Warrant liability was estimated using the Cox-Ross-Rubenstein option-pricing model. A summary of the weighted-average significant unobservable inputs (Level 3 inputs) used in determining the fair value of the Warrant liability is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Warrant ​ ​ ​ Liability Expected volatility ​ 41.87 % Risk free interest rates ​ 0.18 % Expected term (in years) ​ 2.7 ​ Annual dividend yield ​ 1.03 % ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of ​ ​ ​ ​ Derivative ​ ​ ​ ​ Warrant Liability ​ Initial fair value at inception ​ $ 4,915 ​ Change in fair value ​ ​ 6,635 ​ Balance at November 30, 2020 ​ $ 11,550 ​ ​ Although the fair value of the Warrant was $11,550 as of November 30, 2020, the maximum amount that INDUS would be required to pay if the Warrant were to be settled in cash is $2,018. The fair value of the CVR liability was estimated using a Monte Carlo simulation valuation methodology. A summary of the weighted-average significant unobservable inputs (Level 3 inputs) used in determining the fair value of the CVR liability is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Contingent Value ​ ​ ​ ​ Rights Liability ​ Expected volatility ​ ​ 59.74 % Risk free interest rates ​ ​ 0.10 % Expected term (in years) ​ ​ 0.7 ​ Annual dividend yield ​ ​ 1.7 % ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of ​ ​ ​ ​ Contingent Value ​ ​ ​ ​ Rights Liability ​ Initial fair value at inception ​ $ 1,342 ​ Change in fair value ​ ​ (661) ​ Balance at November 30, 2020 ​ $ 681 ​

Real Estate Assets (Tables)

Real Estate Assets (Tables)	12 Months Ended
	Nov. 30, 2020
Real Estate Assets
Schedule of real estate assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ Useful Lives Nov. 30, 2020 ​ Nov. 30, 2019 Land ​ ​ ​ $ 33,137 ​ $ 30,750 Land improvements ​ 10 ​ 45,733 ​ 40,992 Buildings and improvements ​ 10 ​ 233,019 ​ 220,086 Tenant improvements ​ Shorter of useful life or terms of related lease ​ 34,585 ​ 30,318 Machinery and equipment ​ 3 ​ ​ 10,958 ​ ​ 7,557 Construction in progress ​ ​ ​ ​ 3,613 ​ ​ 3,542 Development costs ​ ​ ​ 5,106 ​ 10,404 ​ ​ ​ ​ 366,151 ​ 343,649 Accumulated depreciation ​ ​ ​ (123,276) ​ (105,035) ​ ​ ​ ​ $ 242,875 ​ $ 238,614
Schedule of total depreciation expense and capitalized interest related to real estate assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended ​ Nov. 30, 2020 Nov. 30, 2019 Nov. 30, 2018 Depreciation expense ​ $ 11,889 ​ $ 10,416 ​ $ 9,853 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized interest ​ $ 114 ​ $ 351 ​ $ 352 ​
Schedule of real estate held for sale	​ ​ ​ ​ ​ ​ ​ ​ Nov. 30, 2020 Nov. 30, 2019 Land ​ $ 505 ​ $ 323 Land improvements ​ ​ 269 ​ ​ 388 Buildings and improvements ​ ​ — ​ ​ 417 Development costs ​ ​ 6,028 ​ ​ 1,009 ​ ​ $ 6,802 ​ $ 2,137

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Nov. 30, 2020
Income Taxes
Schedule of income tax (provision) benefit in continuing operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended ​ Nov. 30, ​ Nov. 30, ​ Nov. 30, ​ ​ 2020 2019 2018 Current federal ​ $ — ​ $ — ​ $ 25 ​ Current state and local ​ — ​ (88) ​ (102) ​ Deferred federal ​ (1,919) ​ (511) ​ (678) ​ Deferred state and local ​ (1,157) ​ 812 ​ 250 ​ Total income tax (provision) benefit ​ $ (3,076) ​ $ 213 ​ $ (505) ​
Schedule of other comprehensive (loss) income including deferred tax (expense) benefit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended ​ Nov. 30, ​ Nov. 30, ​ Nov. 30, ​ ​ 2020 2019 2018 Fair value adjustment of INDUS's cash flow hedges ​ $ — ​ $ 1,586 ​ $ (797) ​
Schedule of differences between the income tax benefit at the United States statutory income tax rates and the actual income tax benefit on continuing operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended ​ Nov. 30, ​ Nov. 30, ​ Nov. 30, ​ ​ 2020 2019 2018 Tax (provision) benefit at statutory rate ​ $ 2,025 ​ $ (726) ​ $ 255 ​ Deferred tax adjustment due to REIT election ​ ​ (4,005) ​ ​ - ​ ​ - ​ State and local taxes, including valuation allowance, net of federal tax effect ​ 117 ​ 737 ​ 78 ​ Permanent items ​ ​ (1,253) ​ ​ 44 ​ ​ (24) ​ Federal rate change under TCJA ​ ​ - ​ ​ - ​ ​ (1,001) ​ Other ​ 40 ​ 158 ​ 187 ​ Total income tax (provision) benefit ​ $ (3,076) ​ $ 213 ​ $ (505) ​
Schedule of significant components of deferred tax assets and deferred tax liabilities	​ ​ ​ ​ ​ Deferred tax assets (liabilities): ​ ​ ​ Federal net operating loss carryforwards $ 2,759 ​ State net operating loss carryforwards 2,087 ​ Deferred revenue ​ 2,372 ​ Retirement benefit plans 1,521 ​ Cash flow hedges 938 ​ Non-qualified stock options 424 ​ Disallowed interest ​ — ​ Real estate assets (4,274) ​ Deferred rent (956) ​ Other (128) ​ Total deferred tax assets 4,743 ​ Valuation allowances ​ (1,462) ​ Net total deferred tax assets $ 3,281 ​

Mortgage Loans and Interest R_2

Mortgage Loans and Interest Rate Swaps (Tables)	12 Months Ended
	Nov. 30, 2020
Mortgage Loans and Interest Rate Swaps
Schedule of mortgage and construction loans	​ ​ ​ ​ ​ ​ ​ ​ Nov. 30, 2020 Nov. 30, 2019 4.72%, due October 3, 2022 * ​ $ 4,070 ​ $ 4,174 4.39%, due January 2, 2025 * ​ ​ 18,503 ​ ​ 19,101 4.17%, due May 1, 2026 * ​ ​ 12,730 ​ ​ 13,115 3.79%, due November 17, 2026 * ​ ​ 23,973 ​ ​ 24,701 4.39%, due August 1, 2027 * ​ ​ 9,772 ​ ​ 10,034 3.97%, due September 1, 2027 ​ ​ 11,439 ​ ​ 11,673 4.57%, due February 1, 2028 * ​ ​ 17,639 ​ ​ 18,069 5.09%, due July 1, 2029 ​ ​ 5,254 ​ ​ 5,725 5.09%, due July 1, 2029 ​ ​ 3,681 ​ ​ 4,011 3.60%, due January 2, 2030 * ​ ​ 6,364 ​ ​ — 3.48%, due February 1, 2030 ​ ​ 14,714 ​ ​ — 3.50%, due July 1, 2030 * ​ ​ 5,057 ​ ​ — 4.33%, due August 1, 2030 ​ ​ 16,274 ​ ​ 16,634 4.51%, due April 1, 2034 ​ ​ 13,715 ​ ​ 14,030 3.91%, due January 27, 2020 * ​ ​ — ​ ​ 3,206 Nonrecourse mortgage loans ​ ​ 163,185 ​ ​ 144,473 Debt issuance costs ​ ​ (2,137) ​ ​ (1,898) Nonrecourse mortgage loans, net of debt issuance costs ​ $ 161,048 ​ $ 142,575 *Variable rate loans. INDUS 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)	12 Months Ended
	Nov. 30, 2020
Stockholders' Equity
Schedule of basic and diluted per share results	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended Nov. 30, 2020 Nov. 30, 2019 Nov. 30, 2018 Net (loss) income ​ $ (12,717) ​ $ 3,668 ​ $ (1,653) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding for computation of basic per share results ​ 5,259,000 ​ 5,070,000 ​ 5,023,000 Incremental shares from assumed exercise of stock options (a) ​ — ​ 36,000 ​ — Adjusted weighted average shares for computation of diluted per share results ​ 5,259,000 ​ 5,106,000 ​ 5,023,000 (a) Incremental shares from the assumed exercise of INDUS 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 fiscal 2020 and 2018 would have been 64,000 and 57,000 shares, respectively. For fiscal 2020, there was a Warrant for the purchase of 504,590 shares of Common Stock that was anti-dilutive.
Schedule of options granted by INDUS under the Stock Option Plan to non-employee directors	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended ​ ​ Nov. 30, 2020 ​ Nov. 30, 2019 ​ Nov. 30, 2018 ​ ​ Fair Value per ​ Fair Value per ​ Fair Value per ​ ​ Number of ​ Option at ​ Number of ​ Option at ​ Number of ​ Option at ​ ​ Shares ​ Grant Date ​ Shares ​ Grant Date ​ Shares ​ Grant Date Non-employee directors ​ 111,258 ​ $ 11.00 - 14.17 ​ 5,946 ​ $ 12.87 ​ 5,195 ​ $ 14.41
Schedule of assumptions used in determining fair values of options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended ​ ​ Nov. 30, 2020 Nov. 30, 2019 ​ Nov. 30, 2018 ​ Expected volatility 29.7 - 30.3 % 30.9 % 30.5 % Risk free interest rates 0.5 - 0.9 % 2.3 % 3.0 % Expected option term (in years) 8.5 ​ 8.5 ​ 8.5 ​ Annual dividend yield 1.3 % 1.2 % 1.1 % ​
Schedule of option holders	​
Schedule of compensation expense and related tax benefits for stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended ​ Nov. 30, 2020 Nov. 30, 2019 Nov. 30, 2018 ​ Compensation expense ​ $ 510 ​ $ 261 ​ $ 350 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Related tax benefit ​ $ — ​ $ 43 ​ $ 53 ​
Schedule of unrecognized compensation expense related to nonvested stock options	​ ​ ​ ​ ​ Fiscal 2021 ​ $ 442 Fiscal 2022 ​ $ 377 Fiscal 2023 ​ $ 244 Fiscal 2024 ​ $ 120 Fiscal 2025 ​ $ 23
Summary of the activity under the INDUS Stock Option Plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Avg. ​ ​ Options ​ Exercise Price Outstanding at November 30, 2017 333,762 ​ $ 29.22 Granted 5,195 ​ $ 38.48 Exercised (94,677) ​ $ 31.18 Forfeited (20,279) ​ $ 33.78 Outstanding at November 30, 2018 224,001 ​ $ 28.20 Granted 5,946 ​ $ 36.99 Exercised (32,337) ​ $ 28.57 Forfeited (7,788) ​ $ 32.62 Outstanding at November 30, 2019 189,822 ​ $ 28.23 Granted 111,258 ​ $ 45.72 Exercised (54,930) ​ $ 28.58 Outstanding at November 30, 2020 246,150 ​ $ 36.06
Schedule of options by range of exercise prices	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Avg. Remaining Range of Exercise Prices for Outstanding at Weighted Avg. Contractual Life Total Intrinsic Outstanding Options November 30, 2020 Exercise Price (in years) Value $23.00 - $28.00 106,304 ​ $ 26.80 5.3 $ 4,726 $28.00 - $32.00 16,616 ​ $ 30.08 4.4 ​ 684 $32.00 - $47.00 123,230 ​ $ 44.84 9.1 ​ 3,255 ​ 246,150 ​ $ 36.06 7.1 ​ $ 8,665 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested options ​ 99,980 ​ $ 28.49 5.3 $ 4,276
Schedule of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ Balance at November 30, 2017 ​ $ (284) Other comprehensive income before reclassifications ​ ​ 2,242 Amounts reclassified ​ ​ 473 Adoption of ASU No. 2018-02 - reclassification of deferred taxes to retained earnings ​ ​ (36) Net activity for other comprehensive loss ​ ​ 2,679 Balance at November 30, 2018 ​ ​ 2,395 Other comprehensive loss before reclassifications ​ ​ (5,560) Amounts reclassified ​ ​ 24 Net activity for other comprehensive income ​ ​ (5,536) Balance at November 30, 2019 ​ ​ (3,141) Other comprehensive income before reclassifications ​ (6,348) Amounts reclassified ​ 1,438 Net activity for other comprehensive loss ​ (4,910) Balance at November 30, 2020 ​ $ (8,051)
Schedule of components of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended ​ ​ November 30, 2020 ​ November 30, 2019 ​ November 30, 2018 ​ ​ ​ ​ Tax ​ ​ ​ ​ Tax ​ ​ ​ ​ Tax ​ ​ ​ ​ ​ ​ ​ (Expense) ​ ​ ​ ​ ​ ​ ​ (Expense) ​ ​ ​ ​ ​ ​ ​ (Expense) ​ ​ ​ ​ ​ Pre-Tax ​ Benefit ​ Net-of-Tax ​ Pre-Tax ​ Benefit ​ Net-of-Tax ​ Pre-Tax ​ Benefit ​ Net-of-Tax Reclassification included in net (loss) income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss on cash flow hedges (interest expense) ​ $ 1,438 ​ $ — ​ $ 1,438 ​ $ 32 ​ $ (8) ​ $ 24 ​ $ 636 ​ $ (163) ​ $ 473 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in other comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Decrease (increase) in fair value of INDUS’s cash flow hedges ​ (6,348) ​ — ​ (6,348) ​ (7,154) ​ 1,594 ​ (5,560) ​ 2,876 ​ (634) ​ 2,242 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other comprehensive (loss) income ​ $ (4,910) ​ $ — ​ $ (4,910) ​ $ (7,122) ​ $ 1,586 ​ $ (5,536) ​ $ 3,512 ​ $ (797) ​ $ 2,715

Leases (Tables)

Leases (Tables)	12 Months Ended
	Nov. 30, 2020
Leases
Schedule of future minimum lease payments to be received under noncancelable operating leases	The following is a schedule of minimum future cash rentals on tenant operating leases in effect as of November 30, 2020. The schedule does not reflect future rental revenues from the renewal or replacement of existing leases and excludes real estate taxes and property operating expense reimbursements: ​ ​ ​ ​ ​ 2021 ​ $ 27,493 ​ 2022 ​ 24,236 ​ 2023 ​ 21,171 ​ 2024 ​ 18,644 ​ 2025 ​ ​ 16,085 ​ Later years ​ 26,677 ​ ​ ​ $ 134,306 ​ ​ ​
Schedule of maturities of lease liabilities	​ ​ ​ ​ ​ Fiscal 2021 ​ $ 136 Fiscal 2022 ​ ​ 143 Fiscal 2023 ​ ​ 141 Fiscal 2024 ​ ​ 140 Fiscal 2025 ​ ​ 140 Thereafter ​ ​ 129 Total undiscounted payments ​ ​ 829 Less: imputed interest ​ ​ (81) Present value of minimum lease payments ​ $ 748

Supplemental Financial Statem_2

Supplemental Financial Statement Information (Tables)	12 Months Ended
	Nov. 30, 2020
Supplemental Financial Statement Information
Schedule of other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ Nov. 30, 2020 Nov. 30, 2019 Deferred rent receivable ​ $ 6,610 ​ $ 5,740 Deferred leasing costs, net ​ ​ 5,453 ​ ​ 4,468 Prepaid expenses ​ 3,206 ​ 2,926 Intangible assets, net ​ 2,170 ​ 1,907 Proceeds from sales of real estate assets held in escrow ​ ​ 1,993 ​ ​ — Deposits ​ ​ 1,078 ​ ​ 234 Right-of-use assets ​ ​ 716 ​ ​ — Accounts receivable (primarily leases) ​ ​ 499 ​ ​ 904 Mortgage escrows ​ 491 ​ 515 Registration statement costs ​ ​ 281 ​ ​ 281 Furniture, fixtures and equipment, net ​ ​ 183 ​ ​ 193 Deferred financing costs related to revolving lines of credit ​ ​ 180 ​ ​ 256 Other ​ 285 ​ 154 Total other assets ​ $ 23,145 ​ $ 17,578
Schedule of amortization expense of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Fiscal Years Ended ​ ​ Nov. 30, 2020 ​ Nov. 30, 2019 ​ Nov. 30, 2018 Amortization expense ​ $ 578 ​ $ 307 ​ $ 296 ​
Schedule of estimated amortization expense of intangible assets	​ ​ ​ ​ ​ ​ 2021 ​ $ 535 2022 377 ​ 2023 ​ 331 ​ 2024 ​ 331 ​ 2025 ​ 248 ​
Schedule of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ Nov. 30, 2020 Nov. 30, 2019 Accrued salaries, wages and other compensation ​ $ 1,130 ​ $ 863 Trade payables ​ ​ 914 ​ ​ 295 Accrued interest payable ​ ​ 584 ​ ​ 568 Accrued construction costs and retainage ​ ​ 439 ​ ​ 1,849 Accrued lease commissions ​ ​ 269 ​ ​ 223 Other ​ ​ 756 ​ ​ 520 Total accounts payable and accrued liabilities ​ $ 4,092 ​ $ 4,318
Schedule of other liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ Nov. 30, 2020 Nov. 30, 2019 Interest rate swap liabilities ​ $ 8,962 ​ $ 4,052 Deferred compensation plan ​ ​ 4,170 ​ ​ 5,593 Prepaid rent from tenants ​ ​ 1,435 ​ ​ 1,013 Lease liabilities ​ ​ 748 ​ ​ — Intangible liability, net ​ ​ 705 ​ ​ — Security deposits of tenants ​ ​ 690 ​ ​ 538 Contingent value rights liability ​ ​ 681 ​ ​ — Conditional asset retirement obligations ​ ​ 161 ​ ​ 171 Other ​ ​ 100 ​ ​ 142 Total other liabilities ​ $ 17,652 ​ $ 11,509

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	Aug. 24, 2020$ / sharesshares	Nov. 30, 2020USD ($)derivativeleasetenant$ / shares	Nov. 30, 2019USD ($)$ / shares	Dec. 01, 2019USD ($)
Fiscal Year
Length of fiscal year		12 months
Transition period		1 month
Cash and Cash Equivalents
Cash equivalents		$ 27,062,000	$ 4,299,000
Revenue and Gain Recognition
Adjustment to rental revenue		$ 26,000
Number of tenant account | tenant		1
Allowance for uncollectible accounts or bad debt expenses			$ 0
Income Taxes
Accrual for uncertain income tax positions		$ 0
Financial Instruments
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Recent Adopted Accounting Pronouncements
Number of operating leases | lease		2
Right-of-use assets		$ 716,000		$ 858,000
Lease liabilities		$ 748,000		$ 858,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]		Lease liabilities		Other Liabilities.
Interest rate swap agreement
Interest Rate Swap Agreements
Number of Interest Rate Derivatives Held | derivative		13
Securities Purchase Agreement
Financial Instruments
Sale of common stock | shares	504,590
Common stock, par value (in dollars per share) | $ / shares	$ 0.01

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - COVID-19 (Details) - COVID 19	12 Months Ended
	Nov. 30, 2020ft²tenant
Unusual or Infrequent Item, or Both [Line Items]
Rent collected (as a percent)	100.00%
Area of land	7,000
Monthly rent on which relief request is received (as a percent)	0.40%
Number of tenants in discussion | tenant	2
Area of deferral agreement	20,000
Deferral period	3 months
Long term renewal agreement term	5 years

Private Placement (Details)

Private Placement (Details) - USD ($)	Aug. 24, 2020	Nov. 30, 2020
Subsidiary, Sale of Stock [Line Items]
Total warrant proceeds	$ 26,799,000
Proceeds from the Securities Purchase Agreement	$ 26,799,000
Warrant Liability
Subsidiary, Sale of Stock [Line Items]
Derivative liability		$ 11,550,000
Fair value portion of warrants		$ 2,018,000
Securities Purchase Agreement
Subsidiary, Sale of Stock [Line Items]
Sale of common stock	504,590
Additional shares of common stock	504,590
Exercise price	$ 60
Share price	50
Warrant Price	$ 4
Total warrant proceeds	$ 27,248,000
Total proceeds before expenses	$ 449,000
Percentage of ownership interest	4.90%
Threshold Period for Holding of Shares	1 year
Minimum period to nominate member to board of directors	24 months
Proceeds from the Securities Purchase Agreement	$ 27,248,000
Contingent Value Rights Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Total warrant proceeds	$ 1,342,000
Number of trading days, Weighted average price	30 days
Maximum amount of contingent value right	$ 2,523,000
Percentage of contingent value rights eligible on total proceeds	10.00%
Warrant Term	3 years
Percentage of warrants	9.90%
Proceeds from the Securities Purchase Agreement	$ 1,342,000
Contingent Value Rights Agreement [Member] | Received Minimum Sixty One Days Prior Notice from Holder
Subsidiary, Sale of Stock [Line Items]
Percentage of warrants	19.90%
Increase (Decrease) in beneficial ownership interest	61 days
Common Stock
Subsidiary, Sale of Stock [Line Items]
Total warrant proceeds	$ 20,542,000
Proceeds from the Securities Purchase Agreement	20,542,000
Warrant
Subsidiary, Sale of Stock [Line Items]
Total warrant proceeds	4,915,000
Proceeds from the Securities Purchase Agreement	$ 4,915,000

Fair Value (Details)

Fair Value (Details)	Mar. 09, 2020ft²	Feb. 18, 2020ft²	Nov. 30, 2020USD ($)	Nov. 30, 2019USD ($)
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Assets, transfers from Level 1 to Level 2			$ 0
Liabilities, transfers from Level 1 to Level 2			0
Assets, transfers from Level 2 to Level 1			0
Liabilities, transfers from Level 2 to Level 1			0
Interest rate swap liabilities			8,962,000	$ 4,052,000
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
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
Warrant Liability
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Derivative liability			11,550,000
Contingent Value Rights Liability
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Derivative liability			681,000
Recurring basis | Significant Observable Inputs (Level 2)
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Interest rate swap liabilities			8,962,000	$ 4,052,000
Recurring basis | Level 3 | Warrant Liability
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Derivative liability			11,550,000
Recurring basis | Level 3 | Contingent Value Rights Liability
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Derivative liability			$ 681,000

Fair Value - Fair value of warr

Fair Value - Fair value of warrant liability (Details) - Level 3 - Valuation Technique, Option Pricing Model	Nov. 30, 2020
Expected volatility | Warrant Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average significant input for fair value measurement	41.87
Expected volatility | Contingent Value Rights Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average significant input for fair value measurement	59.74
Risk free interest rates | Warrant Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average significant input for fair value measurement	0.18
Risk free interest rates | Contingent Value Rights Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average significant input for fair value measurement	0.10
Expected term (in years) | Warrant Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average significant input for fair value measurement	2.7
Expected term (in years) | Contingent Value Rights Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average significant input for fair value measurement	0.7
Annual dividend yield | Warrant Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average significant input for fair value measurement	1.03
Annual dividend yield | Contingent Value Rights Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average significant input for fair value measurement	1.7

Fair Value - Fair value of wa_2

Fair Value - Fair value of warrant liability reconciliation (Details) $ in Thousands	12 Months Ended
	Nov. 30, 2020USD ($)
Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Initial fair value at inception, Beginning balance	$ 4,915
Change in fair value	6,635
Fair value of warrant liability, Ending balance	11,550
Maximum cash settlement of warrant	2,018
Contingent Value Rights Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Initial fair value at inception, Beginning balance	1,342
Change in fair value	(661)
Fair value of warrant liability, Ending balance	$ 681

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities (Details) - USD ($)	Mar. 09, 2020	Feb. 18, 2020	Nov. 30, 2020	Nov. 30, 2019
Financial assets:
Short-term investments				$ 1,011,000
Financial liabilities:
Revolving lines of credit				5,875,000
Interest rate swaps liabilities			$ 8,962,000	4,052,000
170 Sunport
Nonfinancial assets:
Cash paid for real estate	$ 5,749,000
Intangible assets fair value	$ 71,000
3320 Maggie
Nonfinancial assets:
Cash paid for real estate		$ 7,921,000
Intangible assets fair value		$ 770,000
Warrant Liability
Financial liabilities:
Derivative liability			11,550,000
Contingent Value Rights Liability
Financial liabilities:
Derivative liability			681,000
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial assets:
Cash and cash equivalents			28,540,000	5,874,000
Carrying Value | Significant Observable Inputs (Level 2)
Financial assets:
Short-term investments				1,011,000
Financial liabilities:
Mortgage and construction loans, net of debt issuance costs			161,048,000	142,575,000
Revolving lines of credit				5,875,000
Interest rate swaps liabilities			8,962,000	4,052,000
Carrying Value | Level 3 | Warrant Liability
Financial liabilities:
Derivative liability			11,550,000
Carrying Value | Level 3 | Contingent Value Rights Liability
Financial liabilities:
Derivative liability			681,000
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial assets:
Cash and cash equivalents			28,540,000	5,874,000
Estimated Fair Value | Significant Observable Inputs (Level 2)
Financial assets:
Short-term investments				1,011,000
Financial liabilities:
Mortgage and construction loans, net of debt issuance costs			164,331,000	145,235,000
Revolving lines of credit				5,875,000
Interest rate swaps liabilities			8,962,000	$ 4,052,000
Estimated Fair Value | Level 3 | Warrant Liability
Financial liabilities:
Derivative liability			11,550,000
Estimated Fair Value | Level 3 | Contingent Value Rights Liability
Financial liabilities:
Derivative liability			$ 681,000

Real Estate Assets (Details)

Real Estate Assets (Details) $ in Thousands	Nov. 17, 2020USD ($)ft²	Mar. 09, 2020USD ($)ft²	Feb. 18, 2020USD ($)ft²	Nov. 30, 2020USD ($)ft²	Nov. 30, 2019USD ($)	Nov. 30, 2018USD ($)
Real Estate Assets
Land				$ 33,137	$ 30,750
Land improvements				45,733	40,992
Buildings and improvements				233,019	220,086
Tenant improvements				34,585	30,318
Machinery and equipment				10,958	7,557
Construction in progress				3,613	3,542
Development costs				5,106	10,404
Real estate assets, gross				366,151	343,649
Accumulated depreciation				(123,276)	(105,035)
Real estate assets, net				242,875	238,614
Depreciation expense				11,889	10,416	$ 9,853
Capitalized interest				114	351	352
Real estate assets
Impairment loss				2,085	3,100	$ 0
Proceeds from land sale deposited in escrow				587
Real estate assets fair value					$ 5,400
5 and 7 Waterside Crossing
Real estate assets
Impairment loss				$ 2,085
Area Of Building | ft²				161,000
Sale price of land				$ 6,250
170 Sunport
Real estate assets
Area Of Building | ft²		68,000
Cash paid for real estate		$ 5,749
Real estate assets fair value		5,678
Intangible Assets Fair Value		$ 71
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
Office or Flex Building at 55 Griffin Road South
Real estate assets
Area Of Building | ft²	40,000
Cash received on sale of land	$ 1,400
Gain (loss) on sale of assets	982
Proceeds from land sale deposited in escrow	$ 1,409
Land improvements | Minimum
Real Estate Assets
Estimated Useful Lives				10 years
Land improvements | Maximum
Real Estate Assets
Estimated Useful Lives				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
Buildings and improvements | Maximum
Real Estate Assets
Estimated Useful Lives				40 years
Buildings and improvements | 170 Sunport
Real Estate Assets
Estimated Useful Lives		8 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
Machinery and equipment | Maximum
Real Estate Assets
Estimated Useful Lives				20 years

Real Estate Assets - assets hel

Real Estate Assets - assets held for sale (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Real Estate Assets
Real estate assets held for sale, net	$ 6,802	$ 2,137
Increase in real estate held for sale, net	4,665
Value of real estate assets reclassified as held for sale	6,385
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	636
Land
Real Estate Assets
Real estate assets held for sale, net	505	323
Land improvements
Real Estate Assets
Real estate assets held for sale, net	269	388
Buildings and improvements
Real Estate Assets
Real estate assets held for sale, net		417
Development costs
Real Estate Assets
Real estate assets held for sale, net	$ 6,028	$ 1,009

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Feb. 28, 2018	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Income tax benefit (expense) on continuing operations
Current federal				$ 25
Current state and local			$ (88)	(102)
Deferred federal		$ (1,919)	(511)	(678)
Deferred state and local		(1,157)	812	250
Total income tax (provision) benefit		(3,076)	$ 213	$ (505)
Income tax rate changes
Federal income tax rate	21.00%		22.00%	35.00%
Impact of lower statutory rate applied to deferred tax assets and deferred tax liabilities resulted for the re-measurement of deferred tax assets and liabilities			$ 1,001
Income Taxes, additional disclosures
Inocme tax expense as a result of de-recognition of deferred tax asstes		4,005
Income tax benefit		3,076	(213)	$ 505
Effect on income tax benefit for valuation allowance		$ 873
Number of consecutive years		4 years
Change in fair value of financial instruments		$ (1,255)
Non-deductible costs related to REIT conversion		(175)
Income tax benefit from exercise of stock options		255
Deferred tax (expense) benefit included in other comprehensive (loss) income
Fair value adjustment of INDUS's cash flow hedges			1,586	(797)
Differences between income tax benefits at the United States statutory income tax rates and the actual income tax benefits on continuing operations
Tax (provision) benefit at statutory rate		2,025	(726)	255
Deferred tax adjustment due to REIT election		(4,005)
State and local taxes, including valuation allowance, net of federal tax effect		117	737	78
Permanent items		(1,253)	44	(24)
Federal rate change under TCJA				(1,001)
Other		40	158	187
Total income tax (provision) benefit		(3,076)	213	$ (505)
Deferred tax assets (liabilities):
Federal net operating loss carryforwards			2,759
State net operating loss carryforwards			2,087
Deferred revenue			2,372
Retirement benefit plans			1,521
Cash flow hedges			938
Non-qualified stock options			424
Real estate assets			(4,274)
Deferred rent			(956)
Other			(128)
Total deferred tax assets			4,743
Valuation allowance			(1,462)
Net total deferred tax assets		0	3,281
Operating loss carryforwards
Accrual for uncertain income tax positions		0
State
Income Taxes, additional disclosures
Effect on income tax benefit for valuation allowance		921	681
Operating loss carryforwards
Net operating loss carryforwards		$ 33,916
State | Minimum
Operating loss carryforwards
Expiration period of operating loss carryforwards		8 years
State | Maximum
Operating loss carryforwards
Expiration period of operating loss carryforwards		20 years
Federal
Income tax benefit (expense) on continuing operations
Total income tax (provision) benefit		$ (193)	146
Income Taxes, additional disclosures
Income tax benefit		193	(146)
Differences between income tax benefits at the United States statutory income tax rates and the actual income tax benefits on continuing operations
Total income tax (provision) benefit		(193)	$ 146
Operating loss carryforwards
Net operating loss carryforwards		$ 17,071
Federal | Minimum
Operating loss carryforwards
Expiration period of operating loss carryforwards		13 years
Federal | Maximum
Operating loss carryforwards
Expiration period of operating loss carryforwards		20 years
ASU 2016-09
Deferred tax assets (liabilities):
Non-qualified stock options	$ 879

Mortgage Loans and Interest R_3

Mortgage Loans and Interest Rate Swaps (Details) $ in Thousands	Jan. 23, 2020USD ($)ft²buildingsubsidiary	Dec. 20, 2019USD ($)ft²subsidiary	Sep. 19, 2019	Mar. 29, 2018USD ($)ft²	Jan. 30, 2018USD ($)ft²	Mar. 15, 2017USD ($)ft²building	Jun. 30, 2020USD ($)	Nov. 30, 2020USD ($)derivativeitem	Nov. 30, 2019USD ($)	Nov. 30, 2018USD ($)	Feb. 10, 2021a	Aug. 01, 2019USD ($)
Long-Term Debt
Loans, prior to debt issuance costs					$ 11,781
Loans, net of debt issuance costs								$ 161,048	$ 142,575
Interest rate (as a percent)				4.51%			3.50%
Debt disclosures
Term of debt							10 years	1 year
Amortization period of debt							25 years
New mortgage							$ 5,100
Number of buildings used as collateral | building						2
Proceeds from issuance of debt								$ 26,600	1,265	$ 31,623
Repayment of debt							$ 4,100
Interest expense								$ 7,281	$ 6,408	6,270
Minimum debt service coverage ratio								1.25	1.25
Maximum percentage of loan to value								65.00%	67.50%
Borrower deposited in escrow account								$ 1	$ 1
Escrow account balance								$ 300	200
Interest rate swap agreement
Debt disclosures
Number of agreements containing credit risk related contingent features | item								0
Loss expected to be reclassified over next twelve months from accumulated other comprehensive loss to interest expense								$ (1,975)
Net fair value of interest rate swap agreements								8,962	4,052
Recognized net losses (included in other comprehensive loss), before taxes, on interest rate swap agreements								$ 4,910	7,122	3,512
Number of interest rate swap derivatives | derivative								13
Interest expense								$ 1,438	32	$ 636
LIBOR
Debt disclosures
Variable interest rate margin (as a percent)							2.56%
Nonrecourse mortgage loans
Long-Term Debt
Loans, prior to debt issuance costs								163,185	144,473
Debt issuance costs, net								(2,137)	(1,898)
Loans, net of debt issuance costs								$ 161,048	$ 142,575
Weighted average interest rate								4.18%	4.31%
Annual principal payment requirements under the terms of the nonrecourse mortgage loans
2021								$ 5,108
2022								9,181
2023								5,451
2024								5,687
2025								21,009
Debt disclosures
Aggregate book value of land and buildings pledged as collateral								186,679
Construction loan
Debt disclosures
Construction loan with State Farm Life Insurance Company				$ 13,800
Area Of Building | ft²				234,000
Amortization period of debt				25 years
Acquisition Credit Line
Long-Term Debt
Weighted average interest rate			4.57%
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								$ 4,070	$ 4,174
Interest rate (as a percent)								4.72%	4.72%
4.39%, due January 2, 2025
Long-Term Debt
Loans, prior to debt issuance costs								$ 18,503	$ 19,101
Interest rate (as a percent)								4.39%	4.39%
4.17%, due May 1, 2026
Long-Term Debt
Loans, prior to debt issuance costs								$ 12,730	$ 13,115
Interest rate (as a percent)								4.17%	4.17%
3.79%, November 17, 2026
Long-Term Debt
Loans, prior to debt issuance costs								$ 23,973	$ 24,701
Interest rate (as a percent)								3.79%	3.79%
4.39%, due August 1, 2027
Long-Term Debt
Loans, prior to debt issuance costs								$ 9,772	$ 10,034
Interest rate (as a percent)								4.39%
3.97%, due September 1, 2027
Long-Term Debt
Loans, prior to debt issuance costs								$ 11,439	$ 11,673
Interest rate (as a percent)								3.97%	3.97%
4.57%, due February 1, 2028
Long-Term Debt
Loans, prior to debt issuance costs					$ 11,781			$ 17,639	$ 18,069
Interest rate (as a percent)								4.57%	4.57%
Debt disclosures
Term of debt								10 years
Area of collateralized properties (in square feet) | ft²					137,000
Proceeds from issuance of debt					$ 7,000
Fixed interest rate pursuant to interest rate swap agreement (as a percent)					4.57%
5.09%, due July 1, 2029 GCD mortgage loan
Long-Term Debt
Loans, prior to debt issuance costs								$ 5,254	$ 5,725
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								$ 3,681	$ 4,011
Interest rate (as a percent)								5.09%	5.09%
3.60%, due January 2, 2030
Long-Term Debt
Loans, prior to debt issuance costs								$ 6,364
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
Area of collateralized properties (in square feet) | ft²		100,000
Repayment of debt		$ 5,875
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								$ 14,714
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
Number of buildings used as collateral | building	2
Area of collateralized properties completed (in square feet) | ft²	254,000
Repayment of debt	$ 3,191
Number of subsidiaries which are party to the mortgage | subsidiary	2
3.50%, due July 1, 2030
Long-Term Debt
Loans, prior to debt issuance costs								$ 5,057
Interest rate (as a percent)								3.50%	3.50%
4.33%, due August 1, 2030
Long-Term Debt
Loans, prior to debt issuance costs								$ 16,274	$ 16,634
Interest rate (as a percent)								4.33%
4.51%, due April 1, 2034
Long-Term Debt
Loans, prior to debt issuance costs								$ 13,715	$ 14,030			$ 14,107
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
Interest rate (as a percent)								3.91%	3.91%
2017 PUB Mortgage
Debt disclosures
Term of debt						10 years
Amortization period of debt						25 years
New mortgage						$ 12,000
Area of collateralized properties (in square feet) | ft²						275,000
2017 PUB Mortgage | LIBOR
Debt disclosures
Variable interest rate margin (as a percent)						1.95%
Subsequent events
Debt disclosures
Build-to-suit industrial / warehouse building (in acres) | a											91

Revolving Credit Agreements (De

Revolving Credit Agreements (Details)	Sep. 19, 2019USD ($)ft²	Sep. 18, 2019	Jun. 30, 2020USD ($)	Nov. 30, 2020USD ($)ft²	Nov. 30, 2019USD ($)	Dec. 31, 2020USD ($)ft²	Feb. 14, 2020USD ($)
Revolving credit agreement
Maximum percentage of loan to value				65.00%	67.50%
Minimum debt service coverage ratio				1.25	1.25
International Drive Buildings [Member] | Subsequent events
Revolving credit agreement
Maximum borrowing capacity						$ 35,000,000
Area of collateralized properties (in square feet) | ft²						283,000
LIBOR
Revolving credit agreement
Variable interest rate margin (as a percent)			2.56%
Webster Credit Line
Revolving credit agreement
Maximum borrowing capacity	$ 15,000,000
Holdback amount			$ 306,000
Increased line of credit	$ 19,500,000
Maximum percentage of loan to value	72.00%
Minimum liquidity	$ 5,000,000
Fixed charge coverage ratio	1.1
Standby letters of credit aggregate amount					$ 484,000
Aggregate book value of land and buildings pledged as collateral				$ 17,306,000
Outstanding borrowings under credit line				$ 0
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%	2.75%
Acquisition Credit Line
Revolving credit agreement
Maximum borrowing capacity	$ 15,000
Minimum liquidity	$ 5,000,000
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	$ 80,000,000
Percentage of fair market value of assets	50.00%
Outstanding borrowings under credit line				$ 0	$ 5,875,000
Weighted average interest rate	4.57%
Acquisition Credit Line | 3320 Maggie
Revolving credit agreement
Outstanding borrowings under credit line							$ 4,100,000
Weighted average interest rate							3.62%
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	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Earnings per share:
Net (loss) income	$ (12,717)	$ 3,668	$ (1,653)
Weighted average shares outstanding for computation of basic per share results	5,259,000	5,070,000	5,023,000
Incremental shares from assumed exercise of Griffin stock options		36,000
Adjusted weighted average shares for computation of diluted per share results	5,259,000	5,106,000	5,023,000
Incremental shares from assumed exercise of stock options excluded due to anti-dilutive effect	64,000		57,000
Warrant
Earnings per share:
Incremental shares from assumed exercise of stock options excluded due to anti-dilutive effect	504,590

Stockholders' Equity - At-the-M

Stockholders' Equity - At-the-Market Equity Offering Program (Details)	1 Months Ended
	Feb. 29, 2020USD ($)
Stockholders' Equity
Maximum offering from universal shelf registration	$ 500,000
Offering period	P3Y

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	Nov. 30, 2020USD ($)individual$ / sharesshares	Nov. 30, 2019USD ($)$ / sharesshares	Nov. 30, 2018USD ($)$ / sharesshares	Nov. 30, 2017$ / sharesshares
2009 Stock Option Plan
Granted (in shares)			111,258,000	5,946,000	5,195,000
Exercise of stock options (shares)			54,930,000	32,337,000	94,677,000
Proceeds from exercise of stock options | $			$ 212	$ 166	$ 1,802
Assumptions used in determining the fair value of the stock options granted
Expected volatility (as a percent)				30.90%	30.50%
Risk free interest rates (as a percent)				2.30%	3.00%
Expected option term (in years)			8 years 6 months	8 years 6 months	8 years 6 months
Annual dividend yield (as a percent)			1.30%	1.20%	1.10%
Other Disclosures
Number of option holders | individual			28
Unrecognized compensation expense related to non-vested stock options that will be recognized during future periods
Fiscal 2021 | $			$ 442
Fiscal 2022 | $			377
Fiscal 2023 | $			244
Fiscal 2024 | $			120
Fiscal 2025 | $			23
Other Disclosures
Total grant date fair value of options vested | $			458	$ 472	$ 69
Intrinsic value of options exercised | $			$ 1,216	$ 299	$ 765
INDUS stock option plan
Outstanding at beginning of period (in shares)			189,822,000	224,001,000	333,762,000
Granted (in shares)			111,258,000	5,946,000	5,195,000
Exercised (in shares)			(54,930,000)	(32,337,000)	(94,677,000)
Forfeited (in shares)				(7,788,000)	(20,279,000)
Outstanding at end of period (in shares)			246,150,000	189,822,000	224,001,000	333,762,000
Weighted Avg. Exercise Price
Outstanding at beginning of period (in dollars per share) | $ / shares			$ 28.23	$ 28.20	$ 29.22
Granted (in dollars per share) | $ / shares			45.72	36.99	38.48
Exercised (in dollars per share) | $ / shares			28.58	28.57	31.18
Forfeited (in dollars per share) | $ / shares				32.62	33.78
Outstanding at end of period (in dollars per share) | $ / shares			$ 36.06	$ 28.23	$ 28.20	$ 29.22
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%	2.30%
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
Granted (in shares)		48,000	0
Exercise price (in dollars per share) | $ / shares		$ 45.98
Compensation expense for stock options
Compensation expense (benefit) | $			$ 510	$ 261	$ 350
Related tax benefit (expense) | $				$ 43	$ 53
INDUS stock option plan
Granted (in shares)		48,000	0
2009 Stock Option Plan | Minimum
Assumptions used in determining the fair value of the stock options granted
Expected volatility (as a percent)				30.90%
2009 Stock Option Plan | Minimum | Non-employee directors
Compensation expense for stock options
Forfeiture rates (as a percent)				0.00%	0.00%	0.00%
2009 Stock Option Plan | Minimum | Executives
Compensation expense for stock options
Forfeiture rates (as a percent)				17.90%	17.90%	17.90%
2009 Stock Option Plan | Minimum | Employee
Compensation expense for stock options
Forfeiture rates (as a percent)				38.30%	38.30%	38.30%
2009 Stock Option Plan | Maximum | Non-employee directors
Compensation expense for stock options
Forfeiture rates (as a percent)				2.00%	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
INDUS stock option plan
Granted (in shares)		52,000
Exercised (in shares)	(53,293)
2020 Incentive Award Plan | Non-employee directors
2009 Stock Option Plan
Granted (in shares)			111,258	5,946	5,195
Fair values of stock options granted (in dollars per share) | $ / shares				$ 12.87	$ 14.41
INDUS stock option plan
Granted (in shares)			111,258	5,946	5,195
2020 Incentive Award Plan | Minimum | Non-employee directors
2009 Stock Option Plan
Fair values of stock options granted (in dollars per share) | $ / shares			$ 11
2020 Incentive Award Plan | Maximum | Non-employee directors
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) $ / shares in Units, $ in Thousands	12 Months Ended
	Nov. 30, 2020USD ($)$ / sharesshares
Vested options
2009 Stock Option Plan
Outstanding at ending of the year (in shares) | shares	99,980
Weighted Avg. Exercise Price (in dollars per share)	$ 28.49
Weighted Avg. Remaining Contractual Life	5 years 3 months 18 days
Total Intrinsic Value | $	$ 4,276
2009 Stock Option Plan
2009 Stock Option Plan
Outstanding at ending of the year (in shares) | shares	246,150
Weighted Avg. Exercise Price (in dollars per share)	$ 36.06
Weighted Avg. Remaining Contractual Life	7 years 1 month 6 days
Total Intrinsic Value | $	$ 8,665
$23.00-$28.00 | 2009 Stock Option Plan
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	106,304
Weighted Avg. Exercise Price (in dollars per share)	$ 26.80
Weighted Avg. Remaining Contractual Life	5 years 3 months 18 days
Total Intrinsic Value | $	$ 4,726
$28.00-$32.00 | 2009 Stock Option Plan
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	16,616
Weighted Avg. Exercise Price (in dollars per share)	$ 30.08
Weighted Avg. Remaining Contractual Life	4 years 4 months 24 days
Total Intrinsic Value | $	$ 684
$32.00 - $47.00 | 2009 Stock Option Plan
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 1 month 6 days
Total Intrinsic Value | $	$ 3,255

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Change in accumulated other comprehensive loss, net of tax
Balance at the beginning of the year	$ (3,141)
Reclassifications included in net (loss) income	1,438	$ 24	$ 473
Balance at the end of the year	(8,051)	(3,141)
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	(284)
Other comprehensive (loss) income before reclassifications	(6,348)	(5,560)	2,242
Reclassifications included in net (loss) income	1,438	24	473
Adoption of ASU 2018-02 - reclassification of deferred taxes to retained earnings			(36)
Net activity for other comprehensive income	(4,910)	(5,536)	2,679
Balance at the end of the year	$ (8,051)	$ (3,141)	$ 2,395

Stockholders' Equity - AOCI T2

Stockholders' Equity - AOCI T2 rows (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Accumulated Other Comprehensive Income (Loss)
Reclassifications, before tax	$ 1,438	$ 32	$ 636
Reclassifications, tax (expense) benefit		(8)	(163)
Reclassifications, net of tax	1,438	24	473
Other changes, before reclassifications, before tax	(6,348)	(7,154)	2,876
Other changes, before reclassifications, tax (expense) benefit		1,594	(634)
Total other comprehensive (loss) income, net of tax	(4,910)	(5,536)	2,715
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss)
Total other comprehensive (loss) income, before tax	(4,910)	(7,122)	3,512
Total income tax benefit (expense) included in other comprehensive (loss) income		1,586	(797)
Total other comprehensive (loss) income, net of tax	(4,910)	(5,536)	2,715
Unrealized Gain (Loss) on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss)
Reclassifications, net of tax	1,438	24	473
Total other changes before reclassifications, net of tax	$ (6,348)	$ (5,560)	$ 2,242

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchases, Cash Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Cash Dividends
Cash dividends declared (in dollars per share)	$ 0	$ 0.50	$ 0.45
Dividends Payable		$ 2,538
Dividend paid		$ 2,538	$ 2,279
Dividends declared, per share (in dollars per share)		$ 0.50	$ 0.45
E & P Distribution
Cash Dividends
Dividends Payable	$ 11,250
Dividend payable per share	$ 1.99
Dividend paid	$ 3,398
Dividends declared, per share (in dollars per share)	$ 0.60

Leases - Lessor (Details)

Leases - Lessor (Details) $ in Thousands	Nov. 30, 2020USD ($)
Future minimum rental payments to be received under noncancelable leases
2021	$ 27,493
2022	24,236
2023	21,171
2024	18,644
2025	16,085
Later years	26,677
Total	$ 134,306

Leases - Lessee (Details)

Leases - Lessee (Details)	Oct. 01, 2016ft²	Nov. 30, 2020USD ($)	Nov. 30, 2019USD ($)	Nov. 30, 2018USD ($)	Dec. 01, 2019USD ($)
Operating leases assets and liabilities
Operating Lease, Right-of-Use Asset		$ 716,000			$ 858,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]					Other Assets.
Operating Lease, Liability		$ 748,000			$ 858,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]		Operating Lease, Liability			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%
Rental expense		$ 159,000	$ 146,000
Rental expense				$ 149,000
Weighted-average remaining lease term		5 years 10 months 24 days

Leases - Lease Liabilities (Det

Leases - Lease Liabilities (Details) - USD ($)	Nov. 30, 2020	Dec. 01, 2019
Maturities of leases liabilities
Fiscal 2021	$ 136,000
Fiscal 2022	143,000
Fiscal 2023	141,000
Fiscal 2024	140,000
Fiscal 2025	140,000
Thereafter	129,000
Total undiscounted payments	829,000
Less: imputed interest	(81,000)
Present value of minimum lease payments	$ 748,000	$ 858,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Present value of minimum lease payments	Other Liabilities.

Supplemental Financial Statem_3

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

Supplemental Financial Statem_4

Supplemental Financial Statement Information - Other And Intangible Assets (Details) - USD ($)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018	Dec. 01, 2019
Other Assets
Deferred rent receivable	$ 6,610,000	$ 5,740,000
Deferred leasing costs, net	5,453,000	4,468,000
Prepaid expenses	3,206,000	2,926,000
Intangible assets, net	2,170,000	1,907,000
Land sale proceeds held in escrow	1,993,000
Deposits	1,078,000	234,000
Right-of-use assets	716,000			$ 858,000
Account receivable (primary leases)	499,000	904,000
Mortgage escrows	491,000	515,000
Registration statement costs	281,000	281,000
Furniture, fixtures and equipment, net	183,000	193,000
Deferred financing costs related to revolving lines of credit	180,000	256,000
Other	285,000	154,000
Total other assets	23,145,000	17,578,000
Intangibles assets
Accumulated amortization	2,156,000	1,578,000
Amortization expense	578,000	307,000	$ 296,000
Estimated amortization expense
2021	535,000
2022	377,000
2023	331,000
2024	331,000
2025	248,000
Property and equipment
Deferred leasing costs accumulated amortization	7,359,000	6,699,000
Amortization of deferred lease costs	1,074,000	998,000	1,159,000
Property and equipment accumulated depreciation	1,065,000	992,000
Depreciation expense	$ 82,000	$ 80,000	$ 96,000

Supplemental Financial Statem_5

Supplemental Financial Statement Information - Liabilities (Details) - USD ($)	Nov. 30, 2020	Dec. 01, 2019	Nov. 30, 2019
Accounts Payable and Accrued Liabilities
Accrued salaries, wages and other compensation	$ 1,130,000		$ 863,000
Trade payables	914,000		295,000
Accrued interest payable	584,000		568,000
Accrued construction costs and retainage	439,000		1,849,000
Accrued lease commissions	269,000		223,000
Other	756,000		520,000
Total accounts payable and accrued liabilities	4,092,000		4,318,000
Other Liabilities
Interest rate swap liabilities	8,962,000		4,052,000
Deferred compensation plan	4,170,000		5,593,000
Prepaid rent from tenants	1,435,000		1,013,000
Lease liabilities	$ 748,000	$ 858,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Lease liabilities	Total other liabilities
Intangible liability, net	$ 705,000
Security deposits of tenants	690,000		538,000
Conditional asset retirement obligations	161,000		171,000
Other	100,000		142,000
Total other liabilities	17,652,000		$ 11,509,000
Warrant Liability
Other Liabilities
Derivative liability	11,550,000
Contingent Value Rights Liability
Other Liabilities
Derivative liability	$ 681,000

Supplemental Financial Statem_6

Supplemental Financial Statement Information - Cash flow, etc. (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018	Feb. 10, 2020
Supplemental Cash Flow Information
Decrease in deferred compensation liability	$ 1,927
Noncash deferred compensation expense	$ 469	$ 376	$ 23
Treasury shares	24,893	22,390	30,039
Treasury stock	$ 1,358	$ 846	$ 1,189
Increase (decrease) in accounts payable and accrued liabilities related to additions to real estate assets	1,410	1,017
Proceeds from tax refunds	202
Interest paid
Interest payments	6,935	6,402	6,041
Interest capitalized included in interest payments	$ 114	351	352
Retirement Benefits
Employer matching contribution, as a percentage of employee contribution	60.00%
Employer matching contribution as a percentage of base salary	5.00%
Contributions to the Griffin Savings Plan	$ 69	68	65
Deferred Compensation Plan
Liability under Deferred Compensation Plan	4,170	5,593		$ 1,927
Expense for employer matching benefit to the Deferred Compensation Plan	$ 11	$ 11	$ 12

Commitments and Contingencies (

Commitments and Contingencies (Details)	Dec. 01, 2020USD ($)	Jul. 17, 2020USD ($)ft²aitem	Jun. 24, 2020USD ($)aft²	Feb. 03, 2020USD ($)a	Dec. 10, 2019USD ($)a	Nov. 30, 2020USD ($)ft²	Nov. 24, 2020USD ($)item	Aug. 27, 2020USD ($)a
Purchase and sale obligations
Area of land to be acquired | ft²			206,000
Obligations For Investments In Real Estate Assets
Purchase and sale obligations
Purchase obligations						$ 7,946,000
Area of land | ft²						103,000
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
Payment of option fee	$ 60,000
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					$ 7,950,000
Meadowood Land
Purchase and sale obligations
Purchase Option Term				12 months
Sale price of land				$ 5,400
Area of land | a				277
Agreement Term of Extension				6 months
Undeveloped land in Lehigh valley
Purchase and sale obligations
Sale price of land			$ 3,100,000
Area of land | a			18
Undeveloped land abuts land in Lehigh valley
Purchase and sale obligations
Sale price of land								$ 1,100,000
Area of land | a								5
Undeveloped land in Orlando
Purchase and sale obligations
Sale price of land		$ 5,250,000
Number of planned development buildings | item		2
Area of land to be acquired | ft²		195,000
Area of land | a		14
Stratton Land Sale Agreement
Purchase and sale obligations
Sale price of land							$ 900,000
Number of lots | item							16
Stratton Land Sale Agreement | Closing Taking Place in First Quarter of 2021
Purchase and sale obligations
Sale price of land							$ 525,000
Number of lots | item							9
Stratton Land Sale Agreement | Closing Taking Place by End of Third Quarter of 2021
Purchase and sale obligations
Sale price of land							$ 375,000
Number of lots | item							7

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent events $ in Thousands	Feb. 10, 2021USD ($)a
Subsequent events
Area of Land | a	91
Proceeds from sale of property | $	$ 5,250

Schedule II-Valuation and Qua_2

Schedule II-Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Uncollectible accounts - trade
Reserves:
Balance at Beginning of Year		$ 84
Charged to Cost and Expenses	$ 26		$ 84
Deductions From Reserves		84
Balance at End of Year	26		84
Valuation allowance on deferred tax assets
Reserves:
Balance at Beginning of Year	1,462	2,190	1,363
Charged to Cost and Expenses	$ (1,462)	(728)	827
Balance at End of Year		$ 1,462	$ 2,190

Schedule III-Real Estate and _2

Schedule III-Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Real Estate and Accumulated Depreciation
Encumbrances	$ 163,185
Initial Cost
Land	33,137
Bldg. & Improve.	49,533
Cost Capitalized Subsequent to Acquisition Improvements	283,481
Gross Amount at the end of the period
Encumbrances	163,185
Land	33,137
Land improvements	45,733	$ 40,992
Bldg. & Bldg. Improvements	243,977
Tenant improvements	34,585	30,318
Construction in Progress	3,613
Development Costs	5,106
Real estate assets held for sale, gross	366,151
Accumulated Depreciation	(123,276)	$ (105,035)	$ (105,004)	$ (95,112)
Industrial/Logistics Building | Breinigsville, PA
Real Estate and Accumulated Depreciation
Encumbrances	14,714
Initial Cost
Land	832
Bldg. & Improve.	4,599
Gross Amount at the end of the period
Encumbrances	14,714
Land	832
Land improvements	349
Bldg. & Bldg. Improvements	4,029
Tenant improvements	221
Real estate assets held for sale, gross	5,431
Accumulated Depreciation	$ (1,866)
Depr. Life	40 years
Industrial/Logistics Building | Allentown, PA
Initial Cost
Land	$ 2,344
Cost Capitalized Subsequent to Acquisition Improvements	9,768
Gross Amount at the end of the period
Land	2,344
Land improvements	2,996
Bldg. & Bldg. Improvements	5,914
Tenant improvements	858
Real estate assets held for sale, gross	12,112
Accumulated Depreciation	$ (720)
Depr. Life	40 years
Restaurant Building | Windsor, CT
Initial Cost
Land	$ 1
Cost Capitalized Subsequent to Acquisition Improvements	2,189
Gross Amount at the end of the period
Land	1
Land improvements	266
Bldg. & Bldg. Improvements	1,414
Tenant improvements	509
Real estate assets held for sale, gross	2,190
Accumulated Depreciation	$ (1,870)
Depr. Life	40 years
Nursery Farm | Granby, CT
Initial Cost
Land	$ 376
Cost Capitalized Subsequent to Acquisition Improvements	10,988
Gross Amount at the end of the period
Land	376
Land improvements	1,565
Bldg. & Bldg. Improvements	9,423
Real estate assets held for sale, gross	11,364
Accumulated Depreciation	$ (10,768)
Depr. Life	20 years
Nursery Farm | Quincy, FL
Initial Cost
Land	$ 279
Cost Capitalized Subsequent to Acquisition Improvements	8,697
Gross Amount at the end of the period
Land	279
Land improvements	4,089
Bldg. & Bldg. Improvements	4,608
Real estate assets held for sale, gross	8,976
Accumulated Depreciation	$ (8,448)
Depr. Life	20 years
Undeveloped Land | Lehigh Valley, PA
Initial Cost
Land	$ 2,226
Cost Capitalized Subsequent to Acquisition Improvements	1,290
Gross Amount at the end of the period
Land	2,226
Construction in Progress	1,290
Real estate assets held for sale, gross	3,516
Undeveloped Land | Meckleburg, NC
Initial Cost
Land	5,714
Cost Capitalized Subsequent to Acquisition Improvements	1,487
Gross Amount at the end of the period
Land	5,714
Construction in Progress	1,487
Real estate assets held for sale, gross	7,201
Location 1 | Industrial/Logistics Building | Bloomfield, CT
Initial Cost
Land	1
Cost Capitalized Subsequent to Acquisition Improvements	877
Gross Amount at the end of the period
Land	1
Land improvements	92
Bldg. & Bldg. Improvements	785
Real estate assets held for sale, gross	878
Accumulated Depreciation	$ (670)
Depr. Life	40 years
Location 1 | Industrial/Logistics Building | East Granby, CT
Real Estate and Accumulated Depreciation
Encumbrances	$ 12,730
Initial Cost
Land	4
Bldg. & Improve.	1,722
Cost Capitalized Subsequent to Acquisition Improvements	922
Gross Amount at the end of the period
Encumbrances	12,730
Land	4
Land improvements	774
Bldg. & Bldg. Improvements	1,843
Tenant improvements	27
Real estate assets held for sale, gross	2,648
Accumulated Depreciation	$ (2,043)
Depr. Life	40 years
Location 1 | Industrial/Logistics Building | Windsor, CT
Initial Cost
Land	$ 259
Cost Capitalized Subsequent to Acquisition Improvements	5,933
Gross Amount at the end of the period
Land	259
Land improvements	1,389
Bldg. & Bldg. Improvements	3,866
Tenant improvements	678
Real estate assets held for sale, gross	6,192
Accumulated Depreciation	$ (2,818)
Depr. Life	40 years
Location 1 | Industrial/Logistics Building | Lower Nazareth Township, PA.
Real Estate and Accumulated Depreciation
Encumbrances	$ 18,503
Initial Cost
Land	1,351
Cost Capitalized Subsequent to Acquisition Improvements	15,505
Gross Amount at the end of the period
Encumbrances	18,503
Land	1,351
Land improvements	1,381
Bldg. & Bldg. Improvements	12,874
Tenant improvements	1,250
Real estate assets held for sale, gross	16,856
Accumulated Depreciation	$ (4,099)
Depr. Life	40 years
Location 1 | Industrial/Logistics Building | Concord, NC
Real Estate and Accumulated Depreciation
Encumbrances	$ 11,439
Initial Cost
Land	1,600
Bldg. & Improve.	15,189
Cost Capitalized Subsequent to Acquisition Improvements	325
Gross Amount at the end of the period
Encumbrances	11,439
Land	1,600
Land improvements	1,598
Bldg. & Bldg. Improvements	13,042
Tenant improvements	874
Real estate assets held for sale, gross	17,114
Accumulated Depreciation	$ (2,217)
Depr. Life	40 years
Location 1 | Industrial/Logistics Building | Orlando, FL
Real Estate and Accumulated Depreciation
Encumbrances	$ 6,364
Initial Cost
Land	1,150
Bldg. & Improve.	8,204
Gross Amount at the end of the period
Encumbrances	6,364
Land	1,150
Land improvements	833
Bldg. & Bldg. Improvements	6,517
Tenant improvements	854
Real estate assets held for sale, gross	9,354
Accumulated Depreciation	$ (425)
Depr. Life	40 years
Location 1 | Industrial/Warehouse Building | Hanover Township, PA.
Real Estate and Accumulated Depreciation
Encumbrances	$ 23,973
Initial Cost
Land	3,620
Cost Capitalized Subsequent to Acquisition Improvements	17,055
Gross Amount at the end of the period
Encumbrances	23,973
Land	3,620
Land improvements	4,602
Bldg. & Bldg. Improvements	10,353
Tenant improvements	2,100
Real estate assets held for sale, gross	20,675
Accumulated Depreciation	$ (3,221)
Depr. Life	40 years
Location 1 | Office Flex Building | Bloomfield, CT
Initial Cost
Land	$ 5
Cost Capitalized Subsequent to Acquisition Improvements	4,554
Gross Amount at the end of the period
Land	5
Land improvements	723
Bldg. & Bldg. Improvements	3,081
Tenant improvements	750
Real estate assets held for sale, gross	4,559
Accumulated Depreciation	$ (3,873)
Depr. Life	40 years
Location 1 | Office Flex Building | Windsor, CT
Initial Cost
Land	$ 17
Cost Capitalized Subsequent to Acquisition Improvements	6,124
Gross Amount at the end of the period
Land	17
Land improvements	434
Bldg. & Bldg. Improvements	4,543
Tenant improvements	1,147
Real estate assets held for sale, gross	6,141
Accumulated Depreciation	$ (3,827)
Depr. Life	40 years
Location 2 | Industrial/Logistics Building | Bloomfield, CT
Initial Cost
Land	$ 251
Bldg. & Improve.	1,198
Cost Capitalized Subsequent to Acquisition Improvements	1,599
Gross Amount at the end of the period
Land	251
Land improvements	327
Bldg. & Bldg. Improvements	1,752
Tenant improvements	718
Real estate assets held for sale, gross	3,048
Accumulated Depreciation	$ (1,028)
Depr. Life	40 years
Location 2 | Industrial/Logistics Building | East Granby, CT
Initial Cost
Land	$ 4
Cost Capitalized Subsequent to Acquisition Improvements	2,161
Gross Amount at the end of the period
Land	4
Land improvements	225
Bldg. & Bldg. Improvements	1,654
Tenant improvements	282
Real estate assets held for sale, gross	2,165
Accumulated Depreciation	$ (1,597)
Depr. Life	40 years
Location 2 | Industrial/Logistics Building | Windsor, CT
Initial Cost
Land	$ 13
Cost Capitalized Subsequent to Acquisition Improvements	7,539
Gross Amount at the end of the period
Land	13
Land improvements	533
Bldg. & Bldg. Improvements	5,642
Tenant improvements	1,364
Real estate assets held for sale, gross	7,552
Accumulated Depreciation	$ (3,249)
Depr. Life	40 years
Location 2 | Industrial/Logistics Building | Lower Nazareth Township, PA.
Initial Cost
Land	$ 721
Cost Capitalized Subsequent to Acquisition Improvements	11,303
Gross Amount at the end of the period
Land	721
Land improvements	1,394
Bldg. & Bldg. Improvements	9,064
Tenant improvements	845
Real estate assets held for sale, gross	12,024
Accumulated Depreciation	$ (3,625)
Depr. Life	40 years
Location 2 | Industrial/Logistics Building | Concord, NC
Initial Cost
Land	$ 1,412
Cost Capitalized Subsequent to Acquisition Improvements	10,202
Gross Amount at the end of the period
Land	1,412
Land improvements	2,675
Bldg. & Bldg. Improvements	6,439
Tenant improvements	1,088
Real estate assets held for sale, gross	11,614
Accumulated Depreciation	$ (498)
Depr. Life	40 years
Location 2 | Industrial/Logistics Building | Orlando, FL
Real Estate and Accumulated Depreciation
Encumbrances	$ 5,057
Initial Cost
Land	1,555
Bldg. & Improve.	6,386
Gross Amount at the end of the period
Encumbrances	5,057
Land	1,555
Land improvements	390
Bldg. & Bldg. Improvements	5,268
Tenant improvements	728
Real estate assets held for sale, gross	7,941
Accumulated Depreciation	$ (237)
Depr. Life	40 years
Location 2 | Industrial/Warehouse Building | Hanover Township, PA.
Initial Cost
Land	$ 4,022
Cost Capitalized Subsequent to Acquisition Improvements	16,309
Gross Amount at the end of the period
Land	4,022
Land improvements	4,013
Bldg. & Bldg. Improvements	11,076
Tenant improvements	1,214
Construction in Progress	6
Real estate assets held for sale, gross	20,331
Accumulated Depreciation	$ (3,947)
Depr. Life	40 years
Location 2 | Office Flex Building | Bloomfield, CT
Initial Cost
Land	$ 2
Cost Capitalized Subsequent to Acquisition Improvements	2,340
Gross Amount at the end of the period
Land	2
Land improvements	384
Bldg. & Bldg. Improvements	1,731
Tenant improvements	225
Real estate assets held for sale, gross	2,342
Accumulated Depreciation	$ (1,851)
Depr. Life	40 years
Location 2 | Office Flex Building | Windsor, CT
Real Estate and Accumulated Depreciation
Encumbrances	$ 4,070
Initial Cost
Land	445
Bldg. & Improve.	3,954
Cost Capitalized Subsequent to Acquisition Improvements	2,078
Gross Amount at the end of the period
Encumbrances	4,070
Land	445
Land improvements	338
Bldg. & Bldg. Improvements	4,076
Tenant improvements	1,618
Real estate assets held for sale, gross	6,477
Accumulated Depreciation	$ (3,792)
Depr. Life	40 years
Location 3 | Industrial/Logistics Building | East Granby, CT
Initial Cost
Land	$ 4
Cost Capitalized Subsequent to Acquisition Improvements	3,257
Gross Amount at the end of the period
Land	4
Land improvements	353
Bldg. & Bldg. Improvements	2,356
Tenant improvements	548
Real estate assets held for sale, gross	3,261
Accumulated Depreciation	$ (2,507)
Depr. Life	40 years
Location 3 | Industrial/Logistics Building | Windsor, CT
Real Estate and Accumulated Depreciation
Encumbrances	$ 3,681
Initial Cost
Land	12
Cost Capitalized Subsequent to Acquisition Improvements	9,821
Gross Amount at the end of the period
Encumbrances	3,681
Land	12
Land improvements	368
Bldg. & Bldg. Improvements	5,867
Tenant improvements	3,586
Real estate assets held for sale, gross	9,833
Accumulated Depreciation	$ (6,582)
Depr. Life	40 years
Location 3 | Industrial/Logistics Building | Concord, NC
Initial Cost
Land	$ 1,304
Cost Capitalized Subsequent to Acquisition Improvements	7,922
Gross Amount at the end of the period
Land	1,304
Land improvements	2,461
Bldg. & Bldg. Improvements	5,461
Real estate assets held for sale, gross	9,226
Accumulated Depreciation	$ (312)
Depr. Life	40 years
Location 3 | Industrial/Logistics Building | Orlando, FL
Initial Cost
Land	$ 1,407
Bldg. & Improve.	4,277
Cost Capitalized Subsequent to Acquisition Improvements	830
Gross Amount at the end of the period
Land	1,407
Land improvements	522
Bldg. & Bldg. Improvements	3,755
Construction in Progress	830
Real estate assets held for sale, gross	6,514
Accumulated Depreciation	$ (118)
Depr. Life	40 years
Location 3 | Office Flex Building | Bloomfield, CT
Initial Cost
Land	$ 2
Cost Capitalized Subsequent to Acquisition Improvements	3,212
Gross Amount at the end of the period
Land	2
Land improvements	214
Bldg. & Bldg. Improvements	2,301
Tenant improvements	697
Real estate assets held for sale, gross	3,214
Accumulated Depreciation	$ (1,606)
Depr. Life	40 years
Location 3 | Office Flex Building | Windsor, CT
Initial Cost
Land	$ 417
Bldg. & Improve.	4,004
Cost Capitalized Subsequent to Acquisition Improvements	1,578
Gross Amount at the end of the period
Land	417
Land improvements	348
Bldg. & Bldg. Improvements	3,856
Tenant improvements	1,378
Real estate assets held for sale, gross	5,999
Accumulated Depreciation	$ (3,273)
Depr. Life	40 years
Location 4 | Industrial/Logistics Building | Windsor, CT
Initial Cost
Land	$ 7
Cost Capitalized Subsequent to Acquisition Improvements	3,425
Gross Amount at the end of the period
Land	7
Land improvements	27
Bldg. & Bldg. Improvements	3,212
Tenant improvements	186
Real estate assets held for sale, gross	3,432
Accumulated Depreciation	$ (1,887)
Depr. Life	40 years
Location 4 | Office Flex Building | Bloomfield, CT
Initial Cost
Land	$ 3
Cost Capitalized Subsequent to Acquisition Improvements	2,005
Gross Amount at the end of the period
Land	3
Land improvements	146
Bldg. & Bldg. Improvements	1,457
Tenant improvements	402
Real estate assets held for sale, gross	2,008
Accumulated Depreciation	$ (1,330)
Depr. Life	40 years
Location 5 | Industrial/Logistics Building | Windsor, CT
Real Estate and Accumulated Depreciation
Encumbrances	$ 16,274
Initial Cost
Land	13
Cost Capitalized Subsequent to Acquisition Improvements	6,408
Gross Amount at the end of the period
Encumbrances	16,274
Land	13
Land improvements	69
Bldg. & Bldg. Improvements	5,404
Tenant improvements	935
Real estate assets held for sale, gross	6,421
Accumulated Depreciation	$ (3,125)
Depr. Life	40 years
Location 5 | Office Flex Building | Bloomfield, CT
Initial Cost
Land	$ 3
Cost Capitalized Subsequent to Acquisition Improvements	1,831
Gross Amount at the end of the period
Land	3
Land improvements	87
Bldg. & Bldg. Improvements	1,529
Tenant improvements	215
Real estate assets held for sale, gross	1,834
Accumulated Depreciation	$ (1,214)
Depr. Life	40 years
Location 6 | Industrial/Logistics Building | Windsor, CT
Initial Cost
Land	$ 16
Cost Capitalized Subsequent to Acquisition Improvements	7,840
Gross Amount at the end of the period
Land	16
Land improvements	95
Bldg. & Bldg. Improvements	7,036
Tenant improvements	709
Real estate assets held for sale, gross	7,856
Accumulated Depreciation	$ (3,895)
Depr. Life	40 years
Location 6 | Office Flex Building | Bloomfield, CT
Initial Cost
Land	$ 3
Cost Capitalized Subsequent to Acquisition Improvements	877
Gross Amount at the end of the period
Land	3
Land improvements	90
Bldg. & Bldg. Improvements	672
Tenant improvements	115
Real estate assets held for sale, gross	880
Accumulated Depreciation	$ (702)
Depr. Life	40 years
Location 7 | Industrial/Logistics Building | Windsor, CT
Initial Cost
Land	$ 15
Cost Capitalized Subsequent to Acquisition Improvements	17,260
Gross Amount at the end of the period
Land	15
Land improvements	167
Bldg. & Bldg. Improvements	13,920
Tenant improvements	3,173
Real estate assets held for sale, gross	17,275
Accumulated Depreciation	$ (7,209)
Depr. Life	40 years
Location 7 | Office Flex Building | Bloomfield, CT
Initial Cost
Land	$ 9
Cost Capitalized Subsequent to Acquisition Improvements	4,569
Gross Amount at the end of the period
Land	9
Land improvements	33
Bldg. & Bldg. Improvements	3,690
Tenant improvements	846
Real estate assets held for sale, gross	4,578
Accumulated Depreciation	$ (2,471)
Depr. Life	40 years
Location 8 | Industrial/Logistics Building | Windsor, CT
Real Estate and Accumulated Depreciation
Encumbrances	$ 9,772
Initial Cost
Land	57
Cost Capitalized Subsequent to Acquisition Improvements	16,071
Gross Amount at the end of the period
Encumbrances	9,772
Land	57
Land improvements	1,042
Bldg. & Bldg. Improvements	13,932
Tenant improvements	1,097
Real estate assets held for sale, gross	16,128
Accumulated Depreciation	$ (5,613)
Depr. Life	40 years
Location 9 | Industrial/Logistics Building | Windsor, CT
Real Estate and Accumulated Depreciation
Encumbrances	$ 17,639
Initial Cost
Land	20
Cost Capitalized Subsequent to Acquisition Improvements	10,274
Gross Amount at the end of the period
Encumbrances	17,639
Land	20
Land improvements	804
Bldg. & Bldg. Improvements	8,187
Tenant improvements	1,283
Real estate assets held for sale, gross	10,294
Accumulated Depreciation	$ (3,879)
Depr. Life	40 years
Location 10 | Industrial/Logistics Building | Windsor, CT
Initial Cost
Land	$ 12
Cost Capitalized Subsequent to Acquisition Improvements	6,976
Gross Amount at the end of the period
Land	12
Land improvements	471
Bldg. & Bldg. Improvements	6,288
Tenant improvements	217
Real estate assets held for sale, gross	6,988
Accumulated Depreciation	$ (2,911)
Depr. Life	40 years
Location 11 | Industrial/Logistics Building | Windsor, CT
Initial Cost
Land	$ 16
Cost Capitalized Subsequent to Acquisition Improvements	10,017
Gross Amount at the end of the period
Land	16
Land improvements	2,364
Bldg. & Bldg. Improvements	6,917
Tenant improvements	736
Real estate assets held for sale, gross	10,033
Accumulated Depreciation	$ (1,354)
Depr. Life	40 years
Location 12 | Industrial/Logistics Building | Windsor, CT
Real Estate and Accumulated Depreciation
Encumbrances	$ 13,715
Initial Cost
Land	26
Cost Capitalized Subsequent to Acquisition Improvements	15,547
Gross Amount at the end of the period
Encumbrances	13,715
Land	26
Land improvements	3,357
Bldg. & Bldg. Improvements	11,078
Tenant improvements	1,112
Real estate assets held for sale, gross	15,573
Accumulated Depreciation	$ (1,335)
Depr. Life	40 years
Location 13 | Industrial/Logistics Building | Windsor, CT
Real Estate and Accumulated Depreciation
Encumbrances	$ 5,254
Initial Cost
Land	19
Cost Capitalized Subsequent to Acquisition Improvements	8,236
Gross Amount at the end of the period
Encumbrances	5,254
Land	19
Land improvements	171
Bldg. & Bldg. Improvements	8,065
Real estate assets held for sale, gross	8,255
Accumulated Depreciation	$ (4,115)
Depr. Life	40 years
NE Tradeport | Undeveloped Land
Initial Cost
Land	$ 712
Cost Capitalized Subsequent to Acquisition Improvements	2,224
Gross Amount at the end of the period
Land	712
Land improvements	90
Development Costs	2,134
Real estate assets held for sale, gross	2,936
Accumulated Depreciation	(73)
INDUS Center/INDUS Center South | Undeveloped Land
Initial Cost
Land	435
Cost Capitalized Subsequent to Acquisition Improvements	1,572
Gross Amount at the end of the period
Land	435
Land improvements	451
Development Costs	1,121
Real estate assets held for sale, gross	2,007
Accumulated Depreciation	(447)
Phoenix Crossing | Undeveloped Land
Initial Cost
Land	48
Cost Capitalized Subsequent to Acquisition Improvements	1,409
Gross Amount at the end of the period
Land	48
Development Costs	1,409
Real estate assets held for sale, gross	1,457
Other | Undeveloped Land
Initial Cost
Land	373
Cost Capitalized Subsequent to Acquisition Improvements	1,075
Gross Amount at the end of the period
Land	373
Land improvements	633
Development Costs	442
Real estate assets held for sale, gross	1,448
Accumulated Depreciation	$ (629)

Schedule III-Real Estate and _3

Schedule III-Real Estate and Accumulated Depreciation - Footers (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Sep. 19, 2019
Real Estate and Accumulated Depreciation
SEC Schedule III, Real Estate, federal income tax basis	$ 344,610
Webster Credit Line
Real Estate and Accumulated Depreciation
Maximum borrowing capacity		$ 15,000
Properties serving as collateral | Webster Credit Line
Real Estate and Accumulated Depreciation
Maximum borrowing capacity	$ 19,500

Schedule III-Real Estate and _4

Schedule III-Real Estate and Accumulated Depreciation - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Cost
Balance at beginning of year	$ 343,649	$ 318,625	$ 291,852
Changes during the year:
Additions to real estate assets	23,535	39,735	27,559
Reclassification to real estate held for sale	1,891	(11,307)	(500)
Impairment loss	(2,671)	(3,100)
Writeoff of fully depreciated assets	(253)	(304)	(286)
Balance at end of year	366,151	343,649	318,625
Reserve
Balance at beginning of year	(105,035)	(105,004)	(95,112)
Changes during the year:
Additions to reserve charged to costs and expenses	(11,889)	(10,416)	(9,853)
Reclassification to real estate held for sale	(7,191)	10,081	(325)
Writeoff of fully depreciated assets	253	304	286
Impairment loss	586
Balance at end of year	$ (123,276)	$ (105,035)	$ (105,004)