8. Supplemental Financial Statement Information

Other Assets

Griffin's other assets are comprised of the following:


	May 31, 2016		Nov. 30, 2015

Deferred leasing costs	$	4,427	$	4,376
Deferred rent receivable		4,404		4,087
Mortgage escrows		1,857		2,229
Deferred financing costs		1,387		1,264
Prepaid expenses		694		2,157
Lease receivables from tenants		486		401
Deposits on real estate acquisitions		450		—
Property and equipment, net		304		221
Intangible assets, net		261		305
Other		394		309
Total other assets	$	14,664	$	15,349

Accounts Payable and Accrued Liabilities

Griffin's accounts payable and accrued liabilities are comprised of the following:


	May 31, 2016		Nov. 30, 2015

Accrued construction costs and retainage	$	3,854	$	1,278
Accrued payable for repurchase of Griffin common stock		1,951		—
Trade payables		510		422
Accrued interest payable		392		355
Accrued salaries, wages and other compensation		324		615
Other		728		678
	$	7,759	$	3,348

Other Liabilities

Griffin's other liabilities are comprised of the following:


	May 31, 2016		Nov. 30, 2015

Deferred compensation plan	$	4,046	$	3,981
Interest rate swap agreements		3,858		2,766
Prepaid rent from tenants		865		944
Security deposits		384		286
Conditional asset retirement obligations		288		288
Other		96		107
	$	9,537	$	8,372

Supplemental Cash Flow Information

A decrease of $521 in the 2016 six month period and an increase of $449 in the 2015 six month period in Griffin’s Investment in Centaur Media reflect the mark to market adjustments of this investment and did not affect Griffin’s cash.

Accounts payable and accrued liabilities related to additions to real estate assets increased by $2,576 and $2,767 in the 2016 six month period and 2015 six month period, respectively.

An increase of $1,951 in accounts payable in the 2016 six month period relates to the repurchase of Griffin’s common stock. Griffin repurchased 60,000 shares of its common stock on May 27, 2016 and made payment subsequent to May 31, 2016.

Interest payments were as follows:


For the Three Months Ended					For the Six Months Ended
May 31, 2016		May 31, 2015		May 31, 2016		May 31, 2015

$	1,125	$	1,053	$	2,236	$	2,049

Income Taxes

Griffin’s effective income tax benefit rate was 20.2% for the 2016 six month period as compared to an income tax benefit rate of 36.3% for the 2015 six month period. The income tax benefit for the 2016 six month period reflects the effect of a change in Connecticut tax law, effective for Griffin in fiscal 2016, whereby, prospectively, the usage of state net operating loss carryforwards will be limited to 50% of taxable income. Therefore, in the 2016 first quarter, Griffin decreased its expected realization of the tax benefit related to its Connecticut state net operating loss carryforwards. The decrease is based on management's current projections of taxable income in the state of Connecticut in future years that would generate income taxes in excess of capital based taxes. The effective tax rate in the 2016 six month period is based on management’s projections for the balance of the year. To the extent that actual results differ from current projections, the effective income tax rate may change.

As of May 31, 2016, Griffin’s consolidated balance sheet includes a net deferred tax asset of $6,605. Although Griffin has incurred a cumulative pretax loss (excluding nonrecurring items) for the three fiscal years ended November 30, 2015, management has concluded that a valuation allowance against its net deferred tax assets is not required.