7. Supplemental Financial Statement Information

Available-for-Sale Securities

As of February 28, 2017, Griffin held 1,952,462 shares of common stock in Centaur Media plc (“Centaur Media”). Griffin's investment in the common stock of Centaur Media is accounted for as an available-for-sale security under ASC 320, “Investments – Debt and Equity Securities.” Accordingly, changes in the fair value of Centaur Media, reflecting both changes in the stock price and changes in the foreign currency exchange rate, are included, net of income taxes, in accumulated other comprehensive loss (see Note 6). Griffin did not sell any of its Centaur Media common stock in the 2017 or 2016 first quarters. Griffin’s investment in Centaur Media is included in other assets on Griffin’s consolidated balance sheet as detailed below.

The fair value, cost and unrealized gain of Griffin’s investment in Centaur Media are as follows:


	Feb. 28, 2017		Nov. 30, 2016
Fair value	$	1,172	$	977
Cost		1,014		1,014
Unrealized gain (loss)	$	158	$	(37)

Other Assets

Griffin's other assets are comprised of the following:


	Feb. 28, 2017		Nov. 30, 2016
Deferred leasing costs	$	4,946	$	4,746
Deferred rent receivable		4,570		4,474
Prepaid expenses		1,984		2,333
Lease receivables from tenants		1,528		369
Available-for-sale securities		1,172		977
Mortgage escrows		759		717
Deposits and other expenditures related to potential real estate acquisitions		619		497
Interest rate swap assets		391		207
Property and equipment, net		268		280
Intangible assets, net		240		247
Deferred financing costs related to Webster Credit Line		100		117
Other		189		199
Total other assets	$	16,766	$	15,163

Accounts Payable and Accrued Liabilities

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


	Feb. 28, 2017		Nov. 30, 2016
Accrued construction costs and retainage	$	1,170	$	1,252
Trade payables		1,342		1,060
Accrued liability for common stock repurchased		880		—
Accrued lease commissions		604		487
Accrued interest payable		407		390
Accrued salaries, wages and other compensation		258		725
Other		99		226
Total accounts payable and accrued liabilities	$	4,760	$	4,140

Other Liabilities

Griffin's other liabilities are comprised of the following:


	Feb. 28, 2017		Nov. 30, 2016
Deferred compensation plan	$	4,603	$	4,334
Interest rate swap liabilities		1,405		1,892
Prepaid rent from tenants		911		938
Security deposits of tenants		739		413
Conditional asset retirement obligations		288		288
Other		81		78
Total other liabilities	$	8,027	$	7,943

Supplemental Cash Flow Information

An increase of $195 in the 2017 first quarter and a decrease of $393 in the 2016 first quarter 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 decreased by $82 in the 2017 first quarter and increased by $588 in the 2016 first quarter.

Interest payments were as follows:


For the Three Months Ended
Feb. 28, 2017		Feb. 29, 2016
$	1,232	$	1,111

Income Taxes

Griffin’s effective income tax benefit rate was 32.4% for the 2017 first quarter as compared to an income tax provision rate of 19.6% for the 2016 first quarter. The effective tax benefit rate for the 2017 first quarter reflected the federal statutory income tax rate adjusted for the effects of permanent differences and state income taxes. The effective tax rate in the 2017 first quarter is based on management’s projections of pretax results for the balance of the year. To the extent that actual results differ from current projections, the effective income tax rate may change. The income tax provision for the 2016 first quarter included a charge of approximately $157 for the effect of a change in Connecticut tax law, effective for Griffin in fiscal 2016, whereby the future usage of state net operating loss carryforwards is 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.