Commitments and Contingencies

9 Months Ended

Aug. 31, 2019

Commitments and Contingencies

Commitments and Contingencies

8.    Commitments and Contingencies

As of August 31, 2019, Griffin had committed purchase obligations of approximately $3,062, principally related to the completion of construction of two industrial/warehouse buildings totaling approximately 283,000 square feet in Concord, North Carolina, as well as improvements at other Griffin properties.

On January 11, 2018, Griffin entered into an agreement to purchase an approximately 14 acre parcel of undeveloped land in the Lehigh Valley of Pennsylvania (the “Lehigh Valley Land”) for $3,600 in cash. The agreement has been amended several times and the purchase price has been reduced to $1,850 in cash principally reflecting the reduced development potential for an industrial/warehouse building from approximately 156,000 square feet  to approximately 100,000 square feet on the site as a result of certain wetlands that may not be disturbed. The closing of this purchase is subject to several conditions, including obtaining the required governmental approvals for Griffin’s revised development plans for the Lehigh Valley Land. There is no guarantee that this transaction will be completed under revised terms, or at all.

From time to time, Griffin is involved, as a defendant, in various litigation matters arising in the ordinary course of business. In the opinion of management, based on the advice of legal counsel, the ultimate liability, if any, with respect to these matters is not expected to be material, individually or in the aggregate, to Griffin's consolidated financial position, results of operations or cash flows.