Operating Leases

12 Months Ended

Dec. 01, 2012

Operating Leases

Operating Leases

15. Operating Leases

        As lessor, Griffin Land's real estate activities include the leasing of industrial, flex and office space. Future minimum rentals to be received under Griffin Land's noncancelable leases as of December 1, 2012 were:

2013	$	17,270
2014		14,142
2015		11,437
2016		8,395
2017		7,794
Later years		28,065
	$	87,103

        Total rental revenue from all of Griffin Land's leases in fiscal 2012, fiscal 2011 and fiscal 2010 was $17,906, $17,964 and $17,352, respectively.

        On August 1, 2009, Imperial entered into a six-year lease with Tri-B Nursery, Inc. ("Tri-B"), a private company, to lease to Tri-B the Florida farm. The lease includes an option for Tri-B to purchase the facility for an agreed upon price at any time during the term of the lease, with 50% of any rental payments made during the fourth, fifth and sixth years of the lease applied to the purchase price. In December 2010, Tri-B was sold to a private company and the lease of the Florida farm was assigned to the new owner. The lease of the Florida farm is being accounted for as an operating lease, with the remaining rental payments as follows:

2013	$	600
2014		600
2015		400
	$	1,600

        Total rental revenue from Imperial's lease of its Florida farm in fiscal 2012, fiscal 2011 and fiscal 2010 was $467, $474 and $482, respectively.

        All future minimum rental payments, principally for Griffin's corporate headquarters, under noncancelable leases, as lessee, as of December 1, 2012 were:

2013	$	224
2014		179
2015		174
2016		145
Total minimum lease payments	$	722

        Total rental expense for all operating leases, as lessee, in fiscal 2012, fiscal 2011 and fiscal 2010 was $247, $249 and $246, respectively.