9. Supplemental Financial Statement Information

Available-for-Sale Securities

In fiscal 2017, Griffin sold its remaining 1,952,462 shares of common stock of Centaur Media for cash proceeds of $1,216, after transaction costs, which resulted in a pretax gain of $275. Accordingly, Griffin no longer owned any shares of common stock in Centaur Media as of November 30, 2017. Griffin did not sell any of its Centaur Media common stock in fiscal 2016 or fiscal 2015.

Griffin’s investment in the common stock of Centaur Media was accounted for as an available-for-sale security under ASC 320-10. Accordingly, changes in the fair value of Centaur Media, reflecting both changes in the stock price and changes in the foreign currency exchange rate, were included, net of income taxes, in accumulated other comprehensive income (see Note 7). Griffin's investment income includes dividend income from Centaur Media of $38, $79 and $83 in fiscal 2017, fiscal 2016 and fiscal 2015, respectively.

Griffin’s investment in Centaur Media was included in other assets on Griffin’s consolidated balance sheet in fiscal 2016. The fair value, cost and unrealized gain of Griffin’s investment in Centaur Media as of November 30, 2016 were as follows:


Fair value	$	977
Cost		1,014
Unrealized loss	$	(37)

Other Assets

Griffin's other assets are comprised of the following:


	Nov. 30, 2017		Nov. 30, 2016
Deferred rent receivable	$	5,351	$	4,474
Deferred leasing costs		5,113		4,746
Prepaid expenses		2,774		2,333
Intangible assets, net		1,695		247
Lease receivables from tenants		1,097		369
Deposits		713		449
Interest rate swap assets		644		207
Mortgage escrows		448		717
Furniture, fixtures and equipment, net		251		280
Sale proceeds held in escrow		91		3,535
Deferred financing costs related to the Webster Credit Line		47		117
Available-for-sale securities		—		977
Other		169		247
Total other assets	$	18,393	$	18,698

Griffin’s intangible assets relate to the fiscal 2017 acquisition of an industrial building (see Note 3) and the fiscal 2010 acquisition of an industrial building and consist of: (i) the value of in-place leases; and (ii) the value of the associated relationships with tenants. Intangible assets are shown net of amortization of $975 and $772 as of November 30, 2017 and November 30, 2016, respectively.

Amortization expense of intangible assets is as follows:


	For the Fiscal Years Ended
	Nov. 30, 2017		Nov. 30, 2016		Nov. 30, 2015
Amortization expense	$	203	$	58	$	201

Estimated amortization expense of intangible assets over each of the next five fiscal years is:


2018	$	378
2019		378
2020		378
2021		378
2022		104

Furniture, fixtures and equipment, net reflects accumulated depreciation of $902 and $844 as of November 30, 2017 and November 30, 2016, respectively. Total depreciation expense related to furniture, fixtures and equipment in fiscal 2017, fiscal 2016 and fiscal 2015 was $84, $90 and $86, respectively.

Accounts Payable and Accrued Liabilities

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


	Nov. 30, 2017		Nov. 30, 2016
Accrued construction costs and retainage	$	1,894	$	1,252
Accrued salaries, wages and other compensation		1,154		725
Accrued interest payable		482		390
Trade payables		432		573
Accrued lease commissions		393		487
Other		636		713
Total accounts payable and accrued liabilities	$	4,991	$	4,140

Other Liabilities

Griffin's other liabilities are comprised of the following:


	Nov. 30, 2017		Nov. 30, 2016
Deferred compensation plan	$	5,005	$	4,334
Prepaid rent from tenants		1,041		938
Interest rate swap liabilities		845		1,892
Security deposits of tenants		583		413
Conditional asset retirement obligations		204		288
Land sale deposits		195		—
Other		99		78
Total other liabilities	$	7,972	$	7,943

Supplemental Cash Flow Information

In fiscal 2017, Griffin received $3,535 of cash, after transaction costs, from the fiscal 2016 sale of approximately 29 acres of undeveloped land in Griffin Center (the “Griffin Center Land Sale”). The proceeds from the Griffin Center Land Sale were deposited into escrow at the time the sale closed for the potential purchase of a replacement property in a 1031 Like-Kind Exchange. As a replacement property was not acquired in the time period required under the applicable tax code, the sale proceeds were returned to Griffin (see Note 3).

An increase of $245 in fiscal 2017 (prior to the sale of the remaining shares), a decrease of $993 in fiscal 2016 and an increase of $46 in fiscal 2015 in the fair value of Griffin’s Investment in Centaur Media reflects the mark to market adjustment of this investment and did not affect Griffin’s cash. Accounts payable and accrued liabilities related to additions to real estate assets increased by $642 in fiscal 2017 and decreased by $32 in fiscal 2016.

Griffin did not receive any income tax refunds in fiscal 2017, fiscal 2016 or fiscal 2015. Interest payments in fiscal 2017, fiscal 2016 and fiscal 2015 were $5,368, $4,507 and $4,180, respectively, including capitalized interest of $103, $274 and $777 in fiscal 2017, fiscal 2016 and fiscal 2015, respectively.

Savings Plan

Griffin maintains the Griffin Industrial Realty, Inc. 401(k) Savings Plan (the “Griffin Savings Plan”) for its employees, a defined contribution plan whereby Griffin matches 60% of each employee’s contribution, up to a maximum of 5% of base salary. Griffin’s contributions to the Griffin Savings Plan in fiscal 2017, fiscal 2016 and fiscal 2015 were $65, $64 and $60, respectively.

Deferred Compensation Plan

Griffin maintains a non-qualified deferred compensation plan (the “Deferred Compensation Plan”) for certain of its employees who, due to IRC regulations, cannot take full advantage of the Griffin Savings Plan. Griffin’s liability under its Deferred Compensation Plan at November 30, 2017 and 2016 was $5,005 and $4,334, respectively. These amounts are included in other liabilities on Griffin’s consolidated balance sheets. The expense for Griffin’s matching benefit to the Deferred Compensation Plan in fiscal 2017, fiscal 2016 and fiscal 2015 was $11, $7 and $22, respectively.

The Deferred Compensation Plan is unfunded, with benefits to be paid from Griffin’s assets. The liability for the Deferred Compensation Plan reflects the amounts withheld from employees, Griffin’s matching benefit and any gains or losses on participant account balances based on the assumed investment of amounts credited to participants’ accounts in certain mutual funds. Participant balances are tracked and any gain or loss is determined based on the performance of the mutual funds as selected by the participants and included in general and administrative expenses on Griffin’s consolidated statement of operations.