| X      | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED February 26, 2011 |
|--------|------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                     |
|   | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______ TO _____  |

| Delaware                                                       | 06-0868496                           |
|----------------------------------------------------------------|--------------------------------------|
| (state or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) |
|                                                           |                                 |
| One Rockefeller Plaza, New York, New York                      | 10020                                |
| (Address of principal executive offices)                       | (Zip Code)                           |
|                                                           |                                 |
| Registrant’s Telephone Number including Area Code        | (212) 218-7910                       |

|  Yes    x | No  ̈ |
|------------------------------------|-----------|

| Yes   ̈ | No  ̈ |
|-----------------------|-----------|

|          Large accelerated filer   ̈ |              Accelerated filer   x        |   |   |
|-------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|--------|--------|
|                                                                                            |                                                                                                                      |   |   |
|          Non-accelerated filer   ̈   |              Smaller reporting company   ̈ |   |   |

| Yes      ̈ | No    x |
|-----------------------------------------|-----------------------------|

----

| PART I  -  |      | FINANCIAL INFORMATION                                                        |   |
|----------------------|-----------|------------------------------------------------------------------------------|--------|
|                 |      |                                                                         |   |
|                 | ITEM 1    | Financial Statements                                                         |   |
|                 |      |                                                                         |   |
|                 |      | Consolidated Statements of Operations (unaudited)                            |   |
|                 |      | 13 Weeks Ended February 26, 2011 and February 27, 2010                       | 3      |
|                 |      |                                                                         |   |
|                 |      | Consolidated Balance Sheets (unaudited)                                      |   |
|                 |      | February 26, 2011 and November 27, 2010                                      | 4      |
|                 |      |                                                                         |   |
|                 |      | Consolidated Statements of Changes in Stockholders’ Equity (unaudited) |   |
|                 |      | 13 Weeks Ended February 26, 2011 and February 27, 2010                       | 5      |
|                 |      |                                                                         |   |
|                 |      | Consolidated Statements of Cash Flows (unaudited)                            |   |
|                 |      | 13 Weeks Ended February 26, 2011 and February 27, 2010                       | 6      |
|                 |      |                                                                         |   |
|                 |      | Notes to Consolidated Financial Statements (unaudited)                       | 7-21   |
|                 |      |                                                                         |   |
|                 | ITEM 2    | Management’s Discussion and Analysis of                                |   |
|                 |      | Financial Condition and Results of Operations                                | 22-28  |
|                 |      |                                                                         |   |
|                 | ITEM 3    | Quantitative and Qualitative Disclosures About Market Risk                   | 29     |
|                 |      |                                                                         |   |
|                 | ITEM 4    | Controls and Procedures                                                      | 29-30  |
|                 |      |                                                                         |   |
| PART II  - |      | OTHER INFORMATION                                                            |   |
|                 |      |                                                                         |   |
|                 | ITEM 1    | Not Applicable                                                               |   |
|                 |      |                                                                         |   |
|                 | ITEM 1A   | Risk Factors                                                                 | 31     |
|                 |      |                                                                         |   |
|                 | ITEMS 2-5 | Not Applicable                                                               |   |
|                 |      |                                                                         |   |
|                 | ITEM 6    | Exhibits                                                                     | 31-33  |
|                 |      |                                                                         |   |
|                 |      | SIGNATURES                                                                   | 34     |

----

| PART I  | FINANCIAL INFORMATION |
|---------|-----------------------|
|    |                  |
| ITEM 1. | FINANCIAL STATEMENTS  |

|                                                |   | For the 13 Weeks Ended, |   |
|-----------------------------------------------------|--------|-------------------------|--------|
|                                                |   | February 26, 2011       |   |   | February 27, 2010 |   |
| Rental revenue and property sales                   |   | $                       | 4,813  |   |   | $ | 4,527 |   |
| Landscape nursery net sales and other revenue       |   |                    | 183    |   |   |   | 279 |   |
| Total revenue                                       |   |                    | 4,996  |   |   |   | 4,806 |   |
|                                                |   |                    |   |   |   |   |   |   |
| Costs related to rental revenue and property sales  |   |                    | 3,824  |   |   |   | 3,517 |   |
| Costs of landscape nursery sales and other revenue  |   |                    | 881    |   |   |   | 319 |   |
| Total costs of goods sold and costs related to      |   |                    |   |   |   |   |   |   |
|    rental revenue and property sales |   |                    | 4,705  |   |   |   | 3,836 |   |
|                                                |   |                    |   |   |   |   |   |   |
| Gross profit                                        |   |                    | 291    |   |   |   | 970 |   |
|                                                |   |                    |   |   |   |   |   |   |
| Selling, general and administrative expenses        |   |                    | 2,832  |   |   |   | 2,974 |   |
| (Gain) on insurance recovery                        |   |                    | (200   | ) |   |   | - |   |
| Operating loss                                      |   |                    | (2,341 | ) |   |   | (2,004 | ) |
| Interest expense                                    |   |                    | (1,076 | ) |   |   | (1,041 | ) |
| Investment income                                   |   |                    | 11     |   |   |   | 104 |   |
| Loss before income tax benefit                      |   |                    | (3,406 | ) |   |   | (2,941 | ) |
| Income tax benefit                                  |   |                    | 1,277  |   |   |   | 1,097 |   |
| Net loss                                            |   | $                       | (2,129 | ) |   | $ | (1,844 | ) |
|                                                |   |                    |   |   |   |   |   |   |
| Basic net loss per common share                     |   | $                       | (0.42  | ) |   | $ | (0.36 | ) |
|                                                |   |                    |   |   |   |   |   |   |
| Diluted net loss per common share                   |   | $                       | (0.42  | ) |   | $ | (0.36 | ) |
|                                                |   |                    |   |   |   |   |   |   |

----

|                                                                            |   | February 26, 2011 |    |   | November 27, 2010 |   |
|---------------------------------------------------------------------------------|--------|-------------------|---------|--------|-------------------|--------|
| ASSETS                                                                          |   |              |    |   |              |   |
| Current Assets:                                                                 |   |              |    |   |              |   |
|    Cash and cash equivalents                                     |   | $                 | 6,006   |   |              | $      | 9,260 |   |
|    Accounts receivable, less allowance of $130 and $148          |   |              | 1,265   |   |              |   | 1,673 |   |
|    Inventories, net                                              |   |              | 17,205  |   |              |   | 15,528 |   |
|    Deferred income taxes                                         |   |              | 430     |   |              |   | 439 |   |
|    Other current assets                                          |   |              | 3,742   |   |              |   | 4,235 |   |
| Total current assets                                                            |   |              | 28,648  |   |              |   | 31,135 |   |
| Real estate held for sale or lease, net                                         |   |              | 130,891 |   |              |   | 132,038 |   |
| Available for sale securities - Investment in Centaur Media plc                 |   |              | 5,699   |   |              |   | 5,102 |   |
| Property and equipment, net                                                     |   |              | 2,281   |   |              |   | 2,363 |   |
| Deferred income taxes                                                           |   |              | 1,934   |   |              |   | 1,142 |   |
| Other assets                                                                    |   |              | 11,447  |   |              |   | 11,371 |   |
| Total assets                                                                    |   | $                 | 180,900 |   |              | $      | 183,151 |   |
|                                                                            |   |              |    |   |              |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                            |   |              |    |   |              |   |   |   |
| Current Liabilities:                                                            |   |              |    |   |              |   |   |   |
|    Current portion of long-term debt                             |   | $                 | 8,649   |   |              | $      | 1,742 |   |
|    Accounts payable and accrued liabilities                      |   |              | 4,281   |   |              |   | 3,587 |   |
|    Deferred revenue                                              |   |              | 1,113   |   |              |   | 1,406 |   |
| Total current liabilities                                                       |   |              | 14,043  |   |              |   | 6,735 |   |
| Long-term debt                                                                  |   |              | 53,961  |   |              |   | 61,295 |   |
| Other noncurrent liabilities                                                    |   |              | 5,480   |   |              |   | 6,054 |   |
| Total liabilities                                                               |   |              | 73,484  |   |              |   | 74,084 |   |
|                                                                            |   |              |    |   |              |   |   |   |
| Commitments and contingencies (Note 11)                                         |   |              |    |   |              |   |   |   |
|                                                                            |   |              |    |   |              |   |   |   |
| Stockholders' Equity:                                                           |   |              |    |   |              |   |   |   |
| Common stock, par value $0.01 per share, 10,000,000 shares                      |   |              |    |   |              |   |   |   |
|    authorized, 5,511,170 and 5,510,503 shares issued,            |   |              |    |   |              |   |   |   |
|    respectively, and 5,124,204 and 5,123,537 shares outstanding, |   |              |    |   |              |   |   |   |
|    respectively                                                  |   |              | 55      |   |              |   | 55 |   |
| Additional paid-in capital                                                      |   |              | 105,744 |   |              |   | 105,620 |   |
| Retained earnings                                                               |   |              | 13,170  |   |              |   | 15,811 |   |
| Accumulated other comprehensive income, net of tax                              |   |              | 1,873   |   |              |   | 1,007 |   |
| Treasury stock, at cost, 386,966 shares                                         |   |              | (13,426 | )      |              |   | (13,426 | ) |
| Total stockholders' equity                                                      |   |              | 107,416 |   |              |   | 109,067 |   |
| Total liabilities and stockholders' equity                                      |   | $                 | 180,900 |   |              | $      | 183,151 |   |
|                                                                            |   |              |    |   |              |   |   |   |

----

|                                                   |   | Shares of Common Stock Issued |      |   | Common Stock |   |   | Additional Paid-in Capital |   |   | Retained Earnings |   |   | Accumulated Other Comprehensive Income |   |   | Treasury Stock |   |   | Total  |   |   | Total Comprehensive Loss |   |
|--------------------------------------------------------|--------|------------------------------------|-----------|--------|--------------|--------|--------|--------------------------------------|--------|--------|-------------------|--------|--------|----------------------------------------|--------|--------|----------------|--------|--------|--------|--------|--------|-------------------------------|--------|
| Balance at November 28, 2009                           |   |                               | 5,479,402 |   |         | $      | 55     |                                 |   | $      | 104,849           |   |   | $                                      | 22,342 |   |           | $      | 926    |   |   | $      | (13,426                       | )      |   | $ | 114,746 |   |   |   |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |
| Exercise of stock options                              |   |                               | 10,000    |   |         |   | -      |                                 |   |   | 112               |   |   |                                   | -      |   |           |   | -      |   |   |   | -                             |   |   |   | 112 |   |   |   |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |
| Stock-based compensation                               |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |
|    expense                                   |   |                               | -         |   |         |   | -      |                                 |   |   | 92                |   |   |                                   | -      |   |           |   | -      |   |   |   | -                             |   |   |   | 92 |   |   |   |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |
| Dividend declared, $0.10 per                           |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |
|      share                    |   |                               | -         |   |         |   | -      |                                 |   |   | -                 |   |   |                                   | (510   | )      |           |   | -      |   |   |   | -                             |   |   |   | (510 | ) |   |   |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |
| Net loss                                               |   |                               | -         |   |         |   | -      |                                 |   |   | -                 |   |   |                                   | (1,844 | )      |           |   | -      |   |   |   | -                             |   |   |   | (1,844 | ) |   | $ | (1,844 | ) |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
| Other comprehensive income                             |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|      from cash flow hedging   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|      transactions, net of tax |   |                               | -         |   |         |   | -      |                                 |   |   | -                 |   |   |                                   | -      |   |           |   | 278    |   |   |   | -                             |   |   |   | 278 |   |   |   | 278 |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
| Other comprehensive loss                               |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|      from Centaur Media plc,  |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|      net of tax               |   |                               | -         |   |         |   | -      |                                 |   |   | -                 |   |   |                                   | -      |   |           |   | (438   | )      |   |   | -                             |   |   |   | (438 | ) |   |   | (438 | ) |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
| Balance at February 27, 2010                           |   |                               | 5,489,402 |   |         | $      | 55     |                                 |   | $      | 105,053           |   |   | $                                      | 19,988 |   |           | $      | 766    |   |   | $      | (13,426                       | )      |   | $ | 112,436 |   |   | $ | (2,004 | ) |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
| Balance at November 27, 2010                           |   |                               | 5,510,503 |   |         | $      | 55     |                                 |   | $      | 105,620           |   |   | $                                      | 15,811 |   |           | $      | 1,007  |   |   | $      | (13,426                       | )      |   | $ | 109,067 |   |   |   |   |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
| Exercise of stock options                              |   |                               | 667       |   |         |   | -      |                                 |   |   | 9                 |   |   |                                   | -      |   |           |   | -      |   |   |   | -                             |   |   |   | 9 |   |   |   |   |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
| Stock-based compensation                               |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|    expense                                   |   |                               | -         |   |         |   | -      |                                 |   |   | 115               |   |   |                                   | -      |   |           |   | -      |   |   |   | -                             |   |   |   | 115 |   |   |   |   |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
| Dividend declared, $0.10  per                |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|      share                    |   |                               | -         |   |         |   | -      |                                 |   |   | -                 |   |   |                                   | (512   | )      |           |   | -      |   |   |   | -                             |   |   |   | (512 | ) |   |   |   |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
| Net loss                                               |   |                               | -         |   |         |   | -      |                                 |   |   | -                 |   |   |                                   | (2,129 | )      |           |   | -      |   |   |   | -                             |   |   |   | (2,129 | ) |   | $ | (2,129 | ) |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
| Other comprehensive income                             |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|      from cash flow hedging   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|      transactions, net of tax |   |                               | -         |   |         |   | -      |                                 |   |   | -                 |   |   |                                   | -      |   |           |   | 478    |   |   |   | -                             |   |   |   | 478 |   |   |   | 478 |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
| Other comprehensive income                             |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|     from Centaur Media plc,        |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|     net of tax                     |   |                               | -         |   |         |   | -      |                                 |   |   | -                 |   |   |                                   | -      |   |           |   | 388    |   |   |   | -                             |   |   |   | 388 |   |   |   | 388 |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
| Balance at February 26, 2011                           |   |                               | 5,511,170 |   |         | $      | 55     |                                 |   | $      | 105,744           |   |   | $                                      | 13,170 |   |           | $      | 1,873  |   |   | $      | (13,426                       | )      |   | $ | 107,416 |   |   | $ | (1,263 | ) |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|                                                   |   |                               |      |   |         |   |   |                                 |   |   |              |   |   |                                   |   |   |           |   |   |   |   |   |                          |   |   |   |   |   |   |   |   |   |
|   See Notes to Consolidated Financial Statements. |

----

|                                                                      |   | For the 13 Weeks Ended, |   |
|---------------------------------------------------------------------------|--------|-------------------------|--------|
|                                                                      |   | February 26, 2011       |   |   | February 27, 2010 |   |
| Operating activities:                                                     |   |                    |   |   |   |   |
| Net loss                                                                  |   | $                       | (2,129 | ) |   | $ | (1,844 | ) |
| Adjustments to reconcile net loss to net cash                             |   |                    |   |   |   |   |   |   |
| used in operating activities:                                             |   |                    |   |   |   |   |   |   |
|    Depreciation and amortization                           |   |                    | 1,726  |   |   |   | 1,740 |   |
|    Deferred income taxes                                   |   |                    | (1,272 | ) |   |   | (1,097 | ) |
|    Provision for inventory losses                          |   |                    | 550    |   |   |   | - |   |
|    Stock-based compensation expense                        |   |                    | 115    |   |   |   | 92 |   |
|    Amortization of debt issuance costs                     |   |                    | 76     |   |   |   | 69 |   |
|    Reduction in allowance for bad debts                    |   |                    | (15    | ) |   |   | - |   |
|    Proceeds from sales of trading securities -             |   |                    |   |   |   |   |   |   |
|       short-term investments                |   |                    | -      |   |   |   | 454 |   |
| Changes in assets and liabilities:                                        |   |                    |   |   |   |   |   |   |
|    Accounts receivable                                     |   |                    | 423    |   |   |   | 1,473 |   |
|    Inventories                                             |   |                    | (2,227 | ) |   |   | (1,418 | ) |
|    Other current assets                                    |   |                    | 493    |   |   |   | 285 |   |
|    Accounts payable and accrued liabilities                |   |                    | 746    |   |   |   | 601 |   |
|    Deferred revenue                                        |   |                    | (392   | ) |   |   | (338 | ) |
|    Other noncurrent assets and noncurrent liabilities, net |   |                    | (45    | ) |   |   | (557 | ) |
| Net cash used in operating activities                                     |   |                    | (1,951 | ) |   |   | (540 | ) |
|                                                                      |   |                    |   |   |   |   |   |   |
| Investing activities:                                                     |   |                    |   |   |   |   |   |   |
| Additions to real estate held for sale or lease                           |   |                    | (338   | ) |   |   | (403 | ) |
| Additions to property and equipment                                       |   |                    | (35    | ) |   |   | (43 | ) |
| Building acquisition                                                      |   |                    | -      |   |   |   | (5,440 | ) |
| Net cash used in investing activities                                     |   |                    | (373   | ) |   |   | (5,886 | ) |
|                                                                      |   |                    |   |   |   |   |   |   |
| Financing activities:                                                     |   |                    |   |   |   |   |   |   |
| Dividends paid to stockholders                                            |   |                    | (512   | ) |   |   | (509 | ) |
| Payments of debt                                                          |   |                    | (427   | ) |   |   | (337 | ) |
| Exercise of stock options                                                 |   |                    | 9      |   |   |   | 112 |   |
| Proceeds from debt                                                        |   |                    | -      |   |   |   | 4,524 |   |
| Debt issuance costs                                                       |   |                    | -      |   |   |   | (98 | ) |
| Net cash (used in) provided by financing activities                       |   |                    | (930   | ) |   |   | 3,692 |   |
| Net decrease in cash and cash equivalents                                 |   |                    | (3,254 | ) |   |   | (2,734 | ) |
| Cash and cash equivalents at beginning of period                          |   |                    | 9,260  |   |   |   | 9,149 |   |
| Cash and cash equivalents at end of period                                |   | $                       | 6,006  |   |   | $ | 6,415 |   |
|                                                                      |   |                    |   |   |   |   |   |   |

----

----

----

|   |                                          |   | For the 13 Weeks Ended, |   |
|--------|-----------------------------------------------|--------|-------------------------|--------|
|   |                                          |   | February 26, 2011       |   |   | February 27, 2010 |   |
|   | Total net sales and other revenue:            |   |                    |   |   |   |   |
|   | Rental revenue and property sales             |   | $                       | 4,813  |   |   | $ | 4,527 |   |
|   | Landscape nursery net sales and other revenue |   |                    | 183    |   |   |   | 279 |   |
|   |                                          |   | $                       | 4,996  |   |   | $ | 4,806 |   |
|   | Operating (loss) profit:                      |   |                    |   |   |   |   |   |   |
|   | Real estate                                   |   | $                       | 276    |   |   | $ | (40 | ) |
|   | Landscape nursery                             |   |                    | (1,202 | ) |   |   | (783 | ) |
|   | Industry segment totals                       |   |                    | (926   | ) |   |   | (823 | ) |
|   | General corporate expense                     |   |                    | (1,415 | ) |   |   | (1,181 | ) |
|   | Operating loss                                |   |                    | (2,341 | ) |   |   | (2,004 | ) |
|   | Interest expense                              |   |                    | (1,076 | ) |   |   | (1,041 | ) |
|   | Investment income                             |   |                    | 11     |   |   |   | 104 |   |
|   | Loss before income tax benefit                |   | $                       | (3,406 | ) |   | $ | (2,941 | ) |
|   |                                          |   |                    |   |   |   |   |   |   |

|   | Identifiable assets:    |   | February 26, 2011 |    |   | November 27, 2010 |   |
|--------|-------------------------|--------|-------------------|---------|--------|-------------------|--------|
|   | Real estate             |   | $                 | 142,743 |   |              | $      | 144,458 |   |
|   | Landscape nursery       |   |              | 23,887  |   |              |   | 22,662 |   |
|   | Industry segment totals |   |              | 166,630 |   |              |   | 167,120 |   |
|   | General corporate       |   |              | 14,270  |   |              |   | 16,031 |   |
|   | Total assets            |   | $                 | 180,900 |   |              | $      | 183,151 |   |
|   |                    |   |              |    |   |              |   |   |   |

----

|   |                           |   | February 26, 2011                                    |   |
|--------|--------------------------------|--------|------------------------------------------------------|--------|
|   |                           |   | Quoted Prices in Active Markets for Identical Assets |   |   | Significant Observable Inputs |   |   | Significant Unobservable Inputs |   |
|   |                           |   | (Level 1)                                            |   |   | (Level 2) |   |   | (Level 3) |   |
|   |                           |   |                                                 |   |   |   |   |   |   |   |
|   | Marketable equity securities   |   | $                                                    | 5,699  |   |   | $ | - |   |   | $ | - |   |
|   |                           |   |                                                 |   |   |   |   |   |   |   |   |   |   |
|   | Interest rate swap liabilities |   | $                                                    | -      |   |   | $ | 723 |   |   | $ | - |   |
|   |                           |   |                                                 |   |   |   |   |   |   |   |   |   |   |

----

|   |                           |   | November 27, 2010                                  |   |
|--------|--------------------------------|--------|----------------------------------------------------|--------|
|   |                           |   | Quoted Prices inActive Markets forIdentical Assets |   |   | Significant Observable Inputs |   |   | Significant UnobservableInputs |   |
|   |                           |   | (Level 1)                                          |   |   | (Level 2) |   |   | (Level 3) |   |
|   |                           |   |                                               |   |   |   |   |   |   |   |
|   | Marketable equity securities   |   | $                                                  | 5,102  |   |   | $ | - |   |   | $ | - |   |
|   |                           |   |                                               |   |   |   |   |   |   |   |   |   |   |
|   | Interest rate swap liabilities |   | $                                                  | -      |   |   | $ | 1,481 |   |   | $ | - |   |
|   |                           |   |                                               |   |   |   |   |   |   |   |   |   |   |

|   |                                            |   | February 26, 2011 |   |   | November 27, 2010 |   |
|--------|-------------------------------------------------|--------|-------------------|--------|--------|-------------------|--------|
|   |                                            |   | Carrying          |   |   | Estimated         |   |   | Carrying |   |   | Estimated |   |
|   |                                            |   | Value             |   |   | Fair Value        |   |   | Value |   |   | Fair Value |   |
|   | Financial assets:                               |   |              |   |   |              |   |   |   |   |   |   |   |
|   |    Cash and cash equivalents     |   | $                 | 6,006  |   |              | $      | 6,006 |   |   | $ | 9,260 |   |   | $ | 9,260 |   |
|   |    Available-for-sale securities |   |              | 5,699  |   |              |   | 5,699 |   |   |   | 5,102 |   |   |   | 5,102 |   |
|   |                                            |   |              |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
|   | Financial liabilities:                          |   |              |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
|   |    Revolving line of credit      |   |              | -      |   |              |   | - |   |   |   | - |   |   |   | - |   |
|   |    Mortgage debt                 |   |              | 62,582 |   |              |   | 63,937 |   |   |   | 62,999 |   |   |   | 65,277 |   |
|   |    Interest rate swaps           |   |              | 723    |   |              |   | 723 |   |   |   | 1,481 |   |   |   | 1,481 |   |

|   |                       |   | Quoted Prices inActive Markets forIdentical Assets |   |   | SignificantObservableInputs |   |   | SignificantUnobservableInputs |   |
|--------|----------------------------|--------|----------------------------------------------------|--------|--------|-----------------------------|--------|--------|-------------------------------|--------|
|   |                       |   | (Level 1)                                          |   |   | (Level 2)                   |   |   | (Level 3)                     |   |
|   |                       |   |                                               |   |   |                        |   |   |                          |   |   |   |   |
|   | Real estate held for lease |   | $                                                  | -      |   |                        | $      | 5,381  |                          |   | $ | - |   |
|   |                       |   |                                               |   |   |                        |   |   |                          |   |   |   |   |
|   | Intangible assets          |   | $                                                  | -      |   |                        | $      | -      |                          |   | $ | 1,019 |   |
|   |                       |   |                                               |   |   |                        |   |   |                          |   |   |   |   |

----

|   |                   |   | February 26, 2011 |   |   | November 27, 2010 |   |
|--------|------------------------|--------|-------------------|--------|--------|-------------------|--------|
|   |                   |   |              |   |   |              |   |
|   | Nursery stock          |   | $                 | 15,488 |   |              | $      | 14,347 |   |
|   | Materials and supplies |   |              | 1,717  |   |              |   | 1,181 |   |
|   |                   |   | $                 | 17,205 |   |              | $      | 15,528 |   |
|   |                   |   |              |   |   |              |   |   |   |

----

|   |                       |                                             |   | February 26, 2011 |   |
|--------|----------------------------|--------------------------------------------------|--------|-------------------|--------|
|   |                       | Estimated Useful Lives                      |   | Held for Sale     |   |   | Held for Lease |   |   | Total |   |
|   | Land                       |                                             |   | $                 | 1,614  |   |   | $ | 10,964 |   |   | $ | 12,578 |   |
|   | Land improvements          | 10 to 30 years                                   |   |              | 638    |   |   |   | 13,369 |   |   |   | 14,007 |   |
|   | Buildings and improvements | 10 to 40 years                                   |   |              | -      |   |   |   | 128,586 |   |   |   | 128,586 |   |
|   | Tenant improvements        | Shorter of useful life or terms of related lease |   |              | -      |   |   |   | 13,922 |   |   |   | 13,922 |   |
|   | Development costs          |                                             |   |              | 6,802  |   |   |   | 4,594 |   |   |   | 11,396 |   |
|   |                       |                                             |   |              | 9,054  |   |   |   | 171,435 |   |   |   | 180,489 |   |
|   | Accumulated depreciation   |                                             |   |              | -      |   |   |   | (49,598 | ) |   |   | (49,598 | ) |
|   |                       |                                             |   | $                 | 9,054  |   |   | $ | 121,837 |   |   | $ | 130,891 |   |
|   |                       |                                             |   |              |   |   |   |   |   |   |   |   |   |   |

|   |                       |                                             |   | November 27, 2010 |   |
|--------|----------------------------|--------------------------------------------------|--------|-------------------|--------|
|   |                       | Estimated Useful Lives                      |   | Held for Sale     |   |   | Held for Lease |   |   | Total |   |
|   | Land                       |                                             |   | $                 | 1,625  |   |   | $ | 10,953 |   |   | $ | 12,578 |   |
|   | Land improvements          | 10 to 30 years                                   |   |              | 691    |   |   |   | 13,316 |   |   |   | 14,007 |   |
|   | Buildings and improvements | 10 to 40 years                                   |   |              | -      |   |   |   | 128,437 |   |   |   | 128,437 |   |
|   | Tenant improvements        | Shorter of useful life or terms of related lease |   |              | -      |   |   |   | 13,922 |   |   |   | 13,922 |   |
|   | Development costs          |                                             |   |              | 6,798  |   |   |   | 4,461 |   |   |   | 11,259 |   |
|   |                       |                                             |   |              | 9,114  |   |   |   | 171,089 |   |   |   | 180,203 |   |
|   | Accumulated depreciation   |                                             |   |              | -      |   |   |   | (48,165 | ) |   |   | (48,165 | ) |
|   |                       |                                             |   | $                 | 9,114  |   |   | $ | 122,924 |   |   | $ | 132,038 |   |
|   |                       |                                             |   |              |   |   |   |   |   |   |   |   |   |   |

----

|   |                       | Estimated Useful Lives    |   | February 26, 2011 |    |   | November 27, 2010 |   |
|--------|----------------------------|---------------------------|--------|-------------------|---------|--------|-------------------|--------|
|   | Land                       |                      |   | $                 | 437     |   |              | $      | 437 |   |
|   | Land improvements          | 10 to 20 years            |   |              | 1,561   |   |              |   | 1,561 |   |
|   | Buildings and improvements | 10 to 40 years            |   |              | 1,842   |   |              |   | 1,842 |   |
|   | Machinery and equipment    |   3 to 20 years |   |              | 11,884  |   |              |   | 11,849 |   |
|   |                       |                      |   |              | 15,724  |   |              |   | 15,689 |   |
|   | Accumulated depreciation   |                      |   |              | (13,443 | )      |              |   | (13,326 | ) |
|   |                       |                      |   | $                 | 2,281   |   |              | $      | 2,363 |   |
|   |                       |                      |   |              |    |   |              |   |   |   |

----

|   |                                                                                          |   | February 26, 2011 |   |   | November 27, 2010 |   |
|--------|-----------------------------------------------------------------------------------------------|--------|-------------------|--------|--------|-------------------|--------|
|   | Nonrecourse mortgages:                                                                        |   |              |   |   |              |   |
|   |     6.08%, due January 1, 2013                                            |   | $                 | 7,132  |   |              | $      | 7,190 |   |
|   |     6.30%, due May 1, 2014                                                |   |              | 594    |   |              |   | 635 |   |
|   |     5.73%, due July 1, 2015                                               |   |              | 19,670 |   |              |   | 19,758 |   |
|   |     8.13%, due April 1, 2016                                              |   |              | 4,477  |   |              |   | 4,547 |   |
|   |     7.0%, due October 1, 2017                                             |   |              | 6,393  |   |              |   | 6,444 |   |
|   |     Variable rate mortgage, due February 1, 2019*                         |   |              | 11,792 |   |              |   | 11,845 |   |
|   |     Variable rate mortgage, due July 1, 2019*                             |   |              | 8,298  |   |              |   | 8,333 |   |
|   |     5.25%, due January 28, 2020                                           |   |              | 4,226  |   |              |   | 4,247 |   |
|   | Total nonrecourse mortgages                                                                   |   |              | 62,582 |   |              |   | 62,999 |   |
|   | Revolving line of credit                                                                      |   |              | -      |   |              |   | - |   |
|   | Capital leases                                                                                |   |              | 28     |   |              |   | 38 |   |
|   | Total                                                                                         |   |              | 62,610 |   |              |   | 63,037 |   |
|   | Less: current portion                                                                         |   |              | (8,649 | )      |              |   | (1,742 | ) |
|   | Total long-term debt                                                                          |   | $                 | 53,961 |   |              | $      | 61,295 |   |
|   |                                                                                          |   |              |   |   |              |   |   |   |
|   |                                                                                          |   |              |   |   |              |   |   |   |
|   | * Griffin entered into interest rate swap agreements effectively to fix the interest rates on |   |
|   |     these loans (see below).                                              |   |              |   |   |              |   |   |   |

----

|   |                                                |   | For the 13 Weeks Ended, |      |
|--------|-----------------------------------------------------|--------|-------------------------|-----------|
|   |                                                |   | February 26, 2011       |      |   | February 27, 2010 |   |
|   |                                                |   |                    |      |   |   |   |
|   | Net loss as reported for computation                |   |                    |      |   |   |    |
|   |    of basic and diluted per share results |   | $                       | (2,129    | ) |   | $ | (1,844 | ) |
|   |                                                |   |                    |      |   |   |   |   |   |
|   | Weighted average shares outstanding for             |   |                    |      |   |   |   |   |   |
|   |    computation of basic and diluted  |   |                    |      |   |   |   |   |   |
|   |    per share results (a)             |   |                    | 5,124,000 |   |   |   | 5,098,000 |   |
|   |                                                |   |                    |      |   |   |   |   |   |

----

| (a) | Incremental shares from the assumed exercise of Griffin stock options are not included in periods where the inclusion of such shares would be anti-dilutive.  The incremental shares from the assumed exercise of stock options in the 2011 first quarter and 2010 first quarter would have been 10,000 and 20,000, respectively. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Expected volatility     |   | 42.2% to 43.4% |   |
|--------|-------------------------|--------|----------------|--------|
|   | Risk free interest rate |   | 2.06% to 2.81% |   |
|   | Expected option term    |   |  5 to 8.5 |   |
|   | Annual dividend yield   |   | $0.40          |   |

----

|   |                               | For the 13 Weeks Ended, |   |
|--------|------------------------------------|-------------------------|--------|
|   |                               | February 26, 2011       |   | February 27, 2010 |   |
|   | Vested Options                     | Number of Shares        |   | Weighted Avg. Exercise Price |   | Number of Shares |   | Weighted Avg. Exercise Price |   |
|   | Outstanding at beginning of period | 45,730                  |   |   | $ | 23.18 |   | 71,133 |   |   | $ | 17.61 |   |
|   | Exercised                          | (667                    | )      |   | $ | 13.00 |   | (10,000 | ) |   | $ | 11.22 |   |
|   | Vested                             | 8,333                   |   |   | $ | 34.04 |   | - |   |   |   | - |   |
|   | Outstanding at end of period       | 53,396                  |   |   | $ | 25.00 |   | 61,133 |   |   | $ | 18.65 |   |
|   |                               |                    |   |   |   |   |   |   |   |   |   |   |   |

|   | Range of Exercise Prices for Vested Options |         | Outstanding at February 26, 2011 |   | Weighted Avg. Exercise Price |   | Weighted Avg. Remaining Contractual Life (in years) |   | Total Intrinsic Value |   | Total Grant Date Fair Value |   |
|--------|---------------------------------------------|--------------|---------------------------------------|--------|------------------------------|--------|-----------------------------------------------------|--------|-----------------------|--------|--------------------------------------------|--------|
|   | $                                           | 11.00-$14.00 |                                  | 6,776  |                         | $      | 11.81                                               |   | 2.2                   |   | $                                          | 144    |   | $ | 35 |   |
|   | $                                           | 15.00-$18.00 |                                  | 15,322 |                         | $      | 16.80                                               |   | 0.6                   |   |                                       | 249    |   |   | 98 |   |
|   | $                                           | 24.00-$39.00 |                                  | 31,298 |                         | $      | 31.88                                               |   | 5.9                   |   |                                       | 66     |   |   | 486 |   |
|   |                                        |         |                                  | 53,396 |                         | $      | 25.00                                               |   | 3.9                   |   | $                                          | 459    |   | $ | 619 |   |
|   |                                        |         |                                  |   |                         |   |                                                |   |                  |   |                                       |   |   |   |   |   |

|   |                             | For the 13 Weeks Ended, |   |
|--------|----------------------------------|-------------------------|--------|
|   |                             | February 26, 2011       |   | February 27, 2010 |   |
|   | Nonvested Options                | Number of Shares        |   | Weighted Avg. Exercise Price |   | Number of Shares |   | Weighted Avg. Exercise Price |   |
|   | Nonvested at beginning of period | 103,881                 |   |   | $ | 32.56 |   | 101,377 |   |   | $ | 32.84 |   |
|   | Granted                          | 104,500                 |   |   | $ | 28.77 |   | - |   |   |   | - |   |
|   | Vested                           | (8,333                  | )      |   | $ | 34.04 |   | - |   |   |   | - |   |
|   | Nonvested at end of period       | 200,048                 |   |   | $ | 30.52 |   | 101,377 |   |   | $ | 32.84 |   |
|   |                             |                    |   |   |   |   |   |   |   |   |   |   |   |

|   | Range of Exercise Prices for Nonvested Options |         | Outstanding at February 26, 2011 |    | Weighted Avg. Exercise Price |   | Weighted Avg. Remaining Contractual Life (in years) |   | Total Intrinsic Value |   | Total Grant Date Fair Value |   |
|--------|------------------------------------------------|--------------|---------------------------------------|---------|------------------------------|--------|-----------------------------------------------------|--------|---------------------------------|--------|--------------------------------------------|--------|
|   | $                                              | 28.00-$31.00 |                                  | 123,381 |                         | $      | 28.80                                               |   | 9.7                             |   | $                                          | 524    |   | $ | 1,559 |   |
|   | $                                              | 33.00-$35.00 |                                  | 76,667  |                         | $      | 33.28                                               |   | 7.7                             |   |                                       | -      |   |   | 1,064 |   |
|   |                                           |         |                                  | 200,048 |                         | $      | 30.52                                               |   | 8.9                             |   | $                                          | 524    |   | $ | 2,623 |   |
|   |                                           |         |                                  |    |                         |   |                                                |   |                            |   |                                       |   |   |   |   |   |

|   | Number of option holders at February 26, 2011 |             19 |   |
|--------|-----------------------------------------------|----------------------------------------------------------------------------|--------|
|   |                                          |                                                                       |   |

----

|   | Balance of Fiscal 2011 | $ 451                 |   |
|--------|------------------------|-----------------------|--------|
|   | Fiscal 2012            | $ 462                 |   |
|   | Fiscal 2013            | $ 354                 |   |
|   | Fiscal 2014            | $ 199                 |   |
|   | Fiscal 2015            | $   91 |   |
|   | Fiscal 2016            | $   13 |   |

|   |                                                                        | For the 13 Weeks Ended, |   |
|--------|-----------------------------------------------------------------------------|-------------------------|--------|
|   |                                                                        | February 26, 2011       |   |   | February 27, 2010 |   |
|   |                                                                        |                    |   |   |   |   |
|   | Balance at beginning of period                                              | $                       | 1,007  |   |   | $ | 926 |   |
|   | Increase in fair value of cash flow hedges, net of taxes of $280            |                    |   |   |   |   |   |   |
|   |    and $173, respectively                                    |                    | 478    |   |   |   | 278 |   |
|   | Increase (decrease) in fair value of Centaur Media, net of taxes of $144    |                    |   |   |   |   |   |   |
|   |    and ($122), respectively                                  |                    | 267    |   |   |   | (226 | ) |
|   | Increase (decrease) in fair value of Centaur Media due to exchange          |                    |   |   |   |   |   |   |
|   |    gain (loss), net of taxes of $65 and ($115), respectively |                    | 121    |   |   |   | (212 | ) |
|   | Balance at end of period                                                    | $                       | 1,873  |   |   | $ | 766 |   |
|   |                                                                        |                    |   |   |   |   |   |   |
|   |                                                                        |                    |   |   |   |   |   |   |
|   | Accumulated other comprehensive income is comprised of the following:       |                    |   |   |   |   |   |   |
|   |                                                                        |                    |   |   |   |   |   |   |
|   |                                                                        | February 26, 2011       |   |   | November 27, 2010 |   |
|   | Unrealized gain on investment in Centaur Media                              | $                       | 2,010  |   |   | $ | 1,622 |   |
|   | Unrealized loss on cash flow hedges                                         |                    | (456   | ) |   |   | (934 | ) |
|   | Actuarial gain on postretirement benefit plan                               |                    | 319    |   |   |   | 319 |   |
|   |                                                                        | $                       | 1,873  |   |   | $ | 1,007 |   |
|   |                                                                        |                    |   |   |   |   |   |   |

----

----

----

| ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL |
|---------|---------------------------------------------------------|
|    | CONDITION AND RESULTS OF OPERATIONS                     |

----

|   |                    | TotalSquareFootage |   | SquareFootageLeased |   |  PercentageLeased |   |
|--------|-------------------------|--------------------|--------|---------------------|--------|------------------------|--------|
|   |                    |               |   |                |   |                   |   |
|   | As of February 26, 2011 | 2,540,000          |   | 2,020,000           |   | 80%                    |   |
|   | As of November 27, 2010 | 2,540,000          |   | 2,029,000           |   | 80%                    |   |
|   | As of February 27, 2010 | 2,540,000          |   | 2,029,000           |   | 80%                    |   |

----

|   |                                                                         | 2011                   |   | 2010       |   |
|--------|------------------------------------------------------------------------------|------------------------|--------|------------|--------|
|   |                                                                         | First Qtr.             |   | First Qtr. |   |
|   |                                                                         | (amounts in thousands) |   |
|   | Rental revenue                                                               | $                      | 4,813  |       | $      | 4,527 |   |
|   | Costs related to rental revenue excluding                                    |                   |   |       |   |   |   |
|   |    depreciation and amortization expense (a)                  |                   | (2,289 | )          |   | (1,995 | ) |
|   | Profit from leasing activities before general and                            |                   |   |       |   |   |   |
|   |    administrative expenses and before depreciation            |                   |   |       |   |   |   |
|   |    and amortization expense (a)                               |                   | 2,524  |       |   | 2,532 |   |
|   | Revenue from property sales                                                  |                   | -      |       |   | - |   |
|   | Costs related to property sales                                              |                   | -      |       |   | - |   |
|   | Gain from property sales                                                     |                   | -      |       |   | - |   |
|   | Profit from leasing activities and gain from property sales                  |                   |   |       |   |   |   |
|   |    before general and administrative expenses and before      |                   |   |       |   |   |   |
|   |    depreciation and amortization expense (a)                  |                   | 2,524  |       |   | 2,532 |   |
|   | General and administrative expenses excluding depreciation                   |                   |   |       |   |   |   |
|   |    and amortization expense and excluding acquisition expenses (a) |                   | (708   | )          |   | (743 | ) |
|   | Acquisition expenses                                                         |                   | -      |       |   | (301 | ) |
|   | Total general and administrative expenses excluding depreciation             |                   |   |       |   |   |   |
|   |    and amortization expense (a)                               |                   | (708   | )          |   | (1,044 | ) |
|   | Profit before depreciation and amortization expense (a)                      |                   | 1,816  |       |   | 1,488 |   |
|   | Depreciation and amortization expense related to costs of                    |                   |   |       |   |   |   |
|   |    rental revenue                                                  |                   | (1,535 | )          |   | (1,522 | ) |
|   | Depreciation and amortization expense - other                                |                   | (5     | )          |   | (6 | ) |
|   | Operating profit (loss)                                                      | $                      | 276    |       | $      | (40 | ) |
|   |                                                                         |                   |   |       |   |   |   |

|   |  (a) | The costs related to rental revenue excluding depreciation and amortization expense, profit from leasing activities before general and administrative expenses and before depreciation and amortization expense, profit from leasing activities and gain from property sales before general and administrative expenses and before depreciation and amortization expense, general and administrative expenses excluding depreciation and amortization expense and excluding acquisition expenses, total general and administrative expenses excluding depreciation and amortization expense and profit before depreciation and amortization expense are disclosures not in conformity with accounting principles generally accepted in the United State of America.  They are presented because Griffin believes they are useful financial indicators for measuring results in its real estate business segment.  However, they should not be considered as an alternative to operating profit as a measure of operating results in accordance with accounting principles generally accepted in the United States of America.  The aggregate |   |
|--------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

----

|   |       | of: (i) costs related to rental revenue excluding depreciation and amortization expense; (ii) costs related to property sales; and (iii) depreciation and amortization expense related to costs of rental revenue, equals the costs related to rental revenue and property sales as reported on Griffin’s consolidated statement of operations. |   |
|--------|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

|   |                                         |   | 2011                   |   |   | 2010       |   |
|--------|----------------------------------------------|--------|------------------------|--------|--------|------------|--------|
|   |                                         |   | First Qtr.             |   |   | First Qtr. |   |
|   |                                         |   | (amounts in thousands) |   |
|   | Net sales and other revenue                  |   | $                      | 183    |   |       | $      | 279 |   |
|   | Cost of goods sold                           |   |                   | 881    |   |       |   | 319 |   |
|   | Gross loss                                   |   |                   | (698   | )      |       |   | (40 | ) |
|   | Selling, general and administrative expenses |   |                   | (704   | )      |       |   | (743 | ) |
|   | Gain on insurance recovery                   |   |                   | 200    |   |       |   | - |   |
|   | Operating loss                               |   | $                      | (1,202 | )      |       | $      | (783 | ) |
|   |                                         |   |                   |   |   |       |   |   |   |

----

----

|   |                        | Total         |   | Due Within One Year |   | Due From 1-3 Years |   | Due From 3-5 Years |   | Due in More Than 5 Years |   |
|--------|-----------------------------|---------------|--------|---------------------|--------|--------------------|--------|--------------------|--------|--------------------------|--------|
|   |                        | (in millions) |   |
|   | Mortgages                   | $             | 83.9   |                | $      | 4.8                |   | $                  | 17.2   |                     | $      | 26.6 |   | $ | 35.3 |   |
|   | Revolving Line of Credit    |          | -      |                |   | -                  |   |               | -      |                     |   | - |   |   | - |   |
|   | Capital Lease Obligations   |          | -      |                |   | -                  |   |               | -      |                     |   | - |   |   | - |   |
|   | Operating Lease Obligations |          | 0.6    |                |   | 0.2                |   |               | 0.4    |                     |   | - |   |   | - |   |
|   | Purchase Obligations (1)    |          | 1.2    |                |   | 1.2                |   |               | -      |                     |   | - |   |   | - |   |
|   | Other (2)                   |          | 2.5    |                |   | -                  |   |               | -      |                     |   | - |   |   | 2.5 |   |
|   |                        | $             | 88.2   |                | $      | 6.2                |   | $                  | 17.6   |                     | $      | 26.6 |   | $ | 37.8 |   |
|   |                        |          |   |                |   |               |   |               |   |                     |   |   |   |   |   |   |

----

|   | (1) | Includes obligations for the purchase of plants and raw materials by Imperial and for master planning of Griffin Land’s industrial properties. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Includes Griffin’s deferred compensation plan and other postretirement benefit liabilities. |
|--------|-----|---------------------------------------------------------------------------------------------------|

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| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
|---------|------------------------------------------------------------|

| ITEM 4. | CONTROLS AND PROCEDURES |
|---------|-------------------------|

----

----

| PART II | OTHER INFORMATION |
|---------|-------------------|

| ITEM 1A. | RISK FACTORS |   |
|----------|--------------|--------|

| ITEM 6. | EXHIBITS    |                                                                                                                                                                                                                                                                                                               |
|---------|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |        |                                                                                                                                                                                                                                                                                                               |
|    | Exhibit No. | Description                                                                                                                                                                                                                                                                                                        |
|    |        |                                                                                                                                                                                                                                                                                                               |
|    | 3.1         | Form of Amended and Restated Certificate of Incorporation of Griffin Land & Nurseries, Inc. (incorporated by reference to the Form 10 of Griffin Land & Nurseries, Inc., filed April 8, 1997, as amended)                                                                                                  |
|    |        |                                                                                                                                                                                                                                                                                                               |
|    | 3.2         | Form of Bylaws of Griffin Land & Nurseries, Inc. (incorporated by reference to the Form 10 of Griffin Land & Nurseries, Inc., filed April 8, 1997, as amended)                                                                                                                                        |
|    |        |                                                                                                                                                                                                                                                                                                               |
|    | 10.7        | Form of 401(k) Plan of Griffin Land & Nurseries, Inc. (incorporated by reference to the Form 10 of Griffin Land & Nurseries, Inc., filed April 8, 1997, as amended)                                                                                                                                        |
|    |        |                                                                                                                                                                                                                                                                                                               |
|    | 10.21       | Mortgage Deed, Security Agreement, Financing Statement and Fixture Filing with Absolute Assignment of Rents and Leases dated September 17, 2002 between Tradeport Development I, LLC and Farm Bureau Life Insurance Company (incorporated by reference to Form 10-Q dated August 31, 2002, filed October 11, 2002) |
|    |        |                                                                                                                                                                                                                                                                                                               |
|    | 10.24       | Mortgage Deed and Security Agreement dated December 17, 2002 between Griffin Center Development IV, LLC and Webster Bank (incorporated by reference to Form 10-K dated November 30, 2002, filed February 28, 2003)                                                                                                 |
|    |        |                                                                                                                                                                                                                                                                                                               |
|    | 10.28       | Secured Installment Note and First Amendment of Mortgage and Loan Documents dated April 16, 2004 among Tradeport Development I, LLC, Griffin Land & Nurseries, Inc. and Farm Bureau Life Insurance Company (incorporated by reference to Form 10-Q dated May 29, 2004, filed July 13, 2004)                    |
|    |        |                                                                                                                                                                                                                                                                                                               |
|    | 10.29       | Mortgage Deed Security Agreement, Fixture Filing, Financing Statement and Assignment of Leases and Rents dated July 6, 2005 by Tradeport Development II, LLC in favor of First Sunamerica Life Insurance Company (incorporated by reference to Form 10-Q dated May 28, 2005, filed on November 2, 2005)            |
|    |        |                                                                                                                                                                                                                                                                                                               |
|    | 10.30       | Promissory Note dated July 6, 2005 (incorporated by reference to Form 10-Q dated May 28, 2005, filed on November 2, 2005)                                                                                                                                                                                          |

----

|   |   |                                                                                                                                                                                                                                                                                                                                |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 10.31  | Guaranty Agreement as of July 6, 2005 by Griffin Land & Nurseries, Inc. in favor of Sunamerica Life Insurance Company (incorporated by reference to Form 10-Q dated May 28, 2005, filed on November 2, 2005)                                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                                                                |
|   | 10.32  | Amended and Restated Mortgage Deed Security Agreement, Fixture Filing, Financing Statement and Assignment of Leases and Rents dated November 16, 2006 by Tradeport Development II, LLC in favor of First Sunamerica Life Insurance Company (incorporated by reference to Form 10-K dated December 2, 2006, filed February 15, 2007) |
|   |   |                                                                                                                                                                                                                                                                                                                                |
|   | 10.33  | Amended and Restated Promissory Note dated November 16, 2006 (incorporated by reference to Form 10-K dated December 2, 2006, filed February 15, 2007)                                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                                                                |
|   | 10.34  | Guaranty Agreement as of November 16, 2006 by Griffin Land & Nurseries, Inc. in favor of Sunamerica Life Insurance Company (incorporated by reference to Form 10-K dated December 2, 2006, filed February 15, 2007)                                                                                                             |
|   |   |                                                                                                                                                                                                                                                                                                                                |
|   | 10.35  | Employment Agreement by and between Imperial Nurseries, Inc. and Gregory Schaan dated January 1, 2001, as amended April 9, 2008 (incorporated by reference to Form 10-Q dated March 1, 2008, filed April 10, 2008)                                                                                                                  |
|   |   |                                                                                                                                                                                                                                                                                                                                |
|   | 10.36  | Construction Loan and Security Agreement dated February 6, 2009 by and between Tradeport Development III, LLC, Griffin Land & Nurseries, Inc., and Berkshire Bank (incorporated by reference to Form 10-Q dated February 28, 2009, filed April 9, 2009)                                                                         |
|   |   |                                                                                                                                                                                                                                                                                                                                |
|   | 10.37  | $12,000,000 Construction Note dated February 6, 2009 (incorporated by reference to Form 10-Q dated February 28, 2009, filed April 9, 2009)                                                                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                                                                                |
|   | 10.38  | Revolving Line of Credit Loan Agreement dated February 27, 2009 between Griffin Land & Nurseries, Inc. and Doral Bank, FSB (incorporated by reference to Form 10-Q dated February 28, 2009, filed April 9, 2009)                                                                                                                |
|   |   |                                                                                                                                                                                                                                                                                                                                |
|   | 10.39  | $10,000,000 Promissory Note (Revolving Line of Credit) dated February 27, 2009 (incorporated by reference to Form 10-Q dated February 28, 2009, filed April 9, 2009)                                                                                                                                                                |
|   |   |                                                                                                                                                                                                                                                                                                                                |
|   | 10.40  | Loan and Security Agreement dated July 9, 2009 between Griffin Land & Nurseries, Inc. and People’s United Bank (incorporated by reference to Form 10-Q dated August 29, 2009, filed October 8, 2009)                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                |
|   | 10.41  | $10,500,000 Promissory Note dated July 9, 2009 (incorporated by reference to Form 10-Q dated August 29, 2009, filed October 8, 2009)                                                                                                                                                                                                |

----

|   |   |                                                                                                                                                                                                                                                                                     |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 10.42  | Mortgage and Security Agreement dated January 27, 2010 between Riverbend Crossings III Holdings, LLC and NewAlliance Bank (incorporated by reference to Form 10-Q dated August 28, 2010, filed October 6, 2010)                                                                          |
|   |   |                                                                                                                                                                                                                                                                                     |
|   | 10.43  | $4,300,000 Promissory Note dated January 27, 2010 (incorporated by reference to Form 10-Q dated February 27, 2010, filed April 8, 2010)                                                                                                                                                  |
|   |   |                                                                                                                                                                                                                                                                                     |
|   | 10.44  | First Modification of Promissory Note, Mortgage Deed and Security Agreement and Other Loan Documents between Riverbend Crossings III Holdings, LLC and NewAlliance Bank dated October 27, 2010 (incorporated by reference to Form 10-K dated November 27, 2010, filed February 10, 2011) |
|   |   |                                                                                                                                                                                                                                                                                     |
|   | 31.1 * | Certifications of Chief Executive Officer Pursuant to Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                     |
|   | 31.2 * | Certifications of Chief Financial Officer Pursuant to Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                     |
|   | 32.1 * | Certifications of Chief Executive Officer Pursuant to 18 U.S.C                                                                                                                                                                                                                           |
|   |   | Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                     |
|   | 32.2 * | Certifications of Chief Financial Officer Pursuant to 18 U.S.C                                                                                                                                                                                                                           |
|   |   | Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                       |

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|                                |   | GRIFFIN LAND & NURSERIES, INC.                                                                                                                                                                                                                             |
|-------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                |   |                                                                                                                                                                                                                                                                |
|                                |   |        BY:      /s/ FREDERICK M. DANZIGER                                                                                                                                                          |
| Date:  April 7, 2011 |   | Frederick M. Danziger                                                                                                                                                                                                                                               |
|                                |   | President and Chief Executive Officer                                                                                                                                                                                                                               |
|                                |   |                                                                                                                                                                                                                                                                |
|                                |   |                                                                                                                                                                                                                                                                |
|                                |   |                        BY:                 /s/ ANTHONY J. GALICI |
| Date:  April 7, 2011 |   | Anthony J. Galici                                                                                                                                                                                                                                                   |
|                                |   | Vice President, Chief Financial Officer and Secretary,                                                                                                                                                                                                              |
|                                |   |    Chief Accounting Officer                                                                                                                                                                                                                          |

----