Real Estate Assets (Tables)

12 Months Ended

Nov. 30, 2018

Real Estate Assets

Schedule of real estate assets, excluding those held for sale

	Estimated
	Useful Lives	Nov. 30, 2018		Nov. 30, 2017
Land		$	21,961	$	20,403
Land improvements	10 to 30 years		38,280		30,833
Buildings and improvements	10 to 40 years		204,258		187,116
Tenant improvements	Shorter of useful life or terms of related lease		29,163		27,924
Machinery and equipment	3 to 20 years		10,958		10,958
Construction in progress			562		486
Development costs			13,443		14,132
			318,625		291,852
Accumulated depreciation			(105,004)		(95,112)
		$	213,621	$	196,740

Schedule of total depreciation expense and capitalized interest related to real estate assets

	For the Fiscal Years Ended
	Nov. 30, 2018		Nov. 30, 2017		Nov. 30, 2016
Depreciation expense	$	9,853	$	8,831	$	7,768
Capitalized interest	$	352	$	103	$	274

Schedule of pro forma results

	For the Fiscal Year Ended November 30, 2017
	As reported			Adjustments (a)	Pro forma
Rental revenue	$	29,939	$	370	$	30,309
Revenue from property sales		13,945		—		13,945
Total revenue		43,884		370		44,254
Operating expenses of rental properties		8,866		39		8,905
Depreciation and amortization expense		10,064		470		10,534
Costs related to property sales		3,780		—		3,780
General and administrative expenses		8,552		—		8,552
Total expenses		31,262		509		31,771
Operating income		12,622		(139)		12,483
Interest expense		(5,690)		—		(5,690)
Other non-operating income		368		—		368
Income before income tax (provision) benefit		7,300		(139)		7,161
Income tax (provision) benefit		(2,673)		51		(2,622)
Net income	$	4,627	$	(88)	$	4,539
Earnings per share:
Basic	$	0.92			$	0.91
Diluted	$	0.92			$	0.90

(a) Adjustments do not reflect revenue from leasing, subsequent to the date of acquisition, the approximately 73,000 square feet that was vacant at the time 215 International was acquired and interest expense from the financing of 215 International subsequent to the date of the acquisition (see Note 5).

Schedule of real estate held for sale

	Nov. 30, 2018		Nov. 30, 2017
Land	$	1,645	$	504
Land improvements		—		354
Development costs		1,007		1,074
	$	2,652	$	1,932