Real Estate Assets

3 Months Ended

Mar. 03, 2012

Real Estate Assets

Real Estate Assets

6.     Real Estate Assets

Real estate assets consist of:

	Estimated Useful Lives	March 3, 2012			December 3, 2011
Land		$	10,435		$	10,435
Land improvements	10 to 30 years	14,040			14,037
Buildings and improvements	10 to 40 years	117,162			117,120
Tenant improvements	Shorter of useful life or terms of related lease	14,104			14,104
Development costs		16,451			12,464
		172,192			168,160
Accumulated depreciation		(53,146		)	(51,865		)
		$	119,046		$	116,295

Included in real estate assets, net as of March 3, 2012 and December 3, 2011 was $2,093 and $2,161, respectively, reflecting the net book value of Imperial’s Florida farm that was shut down in fiscal 2009 and is being leased to another landscape nursery grower.

Total depreciation expense related to real estate assets, net was $1,281 and $1,345 in the 2012 and 2011 first quarters, respectively.  Griffin capitalized interest in the 2012 first quarter of $149.  There was no capitalized interest in the 2011 first quarter.

Real estate assets held for sale consist of:

	Estimated Useful Lives	March 3, 2012		December 3, 2011
Land		$	35	$	1,911
Land improvements	10 to 30 years	—		4
Buildings and improvements	10 to 40 years	—		11,855
Development costs		1,151		1,151
		1,186		14,921
Accumulated depreciation		—		(1,932		)
		$	1,186	$	12,989

The decrease in real estate assets held for sale during the 2012 first quarter reflects the sale of the warehouse in Manchester, Connecticut that closed on January 31, 2012 (see Note 2).