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