7. Supplemental Financial Statement Information

Available-for-Sale Securities

In fiscal 2017, subsequent to the end of the 2017 first quarter, Griffin sold its remaining 1,952,462 shares in Centaur Media plc (“Centaur Media”). Griffin's investment in the common stock of Centaur Media was 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, were included, net of income taxes, in accumulated other comprehensive loss (see Note 6).

Other Assets

Griffin's other assets are comprised of the following:


	Feb. 28, 2018		Nov. 30, 2017
Deferred rent receivable	$	5,485	$	5,351
Deferred leasing costs		4,859		5,113
Interest rate swap assets		2,726		644
Prepaid expenses		2,178		2,774
Intangible assets, net		1,627		1,695
Deposits		1,019		713
Lease receivables from tenants		800		1,097
Mortgage escrows		609		448
Furniture, fixtures and equipment, net		301		251
Deferred financing costs related to the Webster Credit Line		29		47
Sale proceeds held in escrow		—		91
Other		159		169
Total other assets	$	19,792	$	18,393

Accounts Payable and Accrued Liabilities

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


	Feb. 28, 2018		Nov. 30, 2017
Accrued construction costs and retainage	$	1,847	$	1,894
Trade payables		963		432
Accrued interest payable		491		482
Accrued lease commissions		456		393
Accrued salaries, wages and other compensation		278		1,154
Other		723		636
Total accounts payable and accrued liabilities	$	4,758	$	4,991

Other Liabilities

Griffin's other liabilities are comprised of the following:


	Feb. 28, 2018		Nov. 30, 2017
Deferred compensation plan	$	5,086	$	5,005
Prepaid rent from tenants		953		1,041
Security deposits of tenants		572		583
Land sale deposits		310		195
Interest rate swap liabilities		239		845
Conditional asset retirement obligations		171		204
Other		97		99
Total other liabilities	$	7,428	$	7,972

Supplemental Cash Flow Information

In the 2018 first quarter, Griffin received 5,000 shares of its common stock from an employee as consideration for the exercise price in connection with his exercise of an option to acquire 5,471 shares of Griffin’s common stock under Griffin’s 2009 Stock Option Plan. The shares received were recorded as treasury stock, which resulted in an increase in treasury stock of $186 and did not affect Griffin’s cash.

Prior to Griffin’s sale of its remaining shares of Centaur Media common stock in the fiscal 2017 third quarter, an increase of $195 in the 2017 first quarter reflected 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 $47 and $82 in the 2018 first quarter and 2017 first quarter, respectively.

Interest payments were as follows:


For the Three Months Ended
Feb. 28, 2018		Feb. 28, 2017
$	1,433	$	1,232

Income Taxes

On December 22, 2017, TCJA was enacted and became effective for Griffin on January 1, 2018. The TCJA reduces the U.S. federal corporate statutory income tax rate from 35% to 21%, which results in a blended fiscal 2018 federal statutory rate for Griffin of approximately 22%. The impact of the lower statutory rate resulted in a net charge of $1,001 for the re-measurement of Griffin’s deferred tax assets and liabilities that is included in Griffin’s 2018 first quarter income tax provision. Partially offsetting the net charge for the re-measurement of Griffin’s deferred tax assets and liabilities in the 2018 first quarter is an income tax benefit of $211 based on the 2018 first quarter pretax loss. The 2017 first quarter income tax benefit of $451 is entirely related to the 2017 first quarter pretax loss.

Griffin’s federal income tax returns for fiscal 2012 to fiscal 2016 are open to examination by the Internal Revenue Service (“IRS”). An IRS examination of the fiscal 2015 federal tax return was started in the 2018 first quarter. The remaining periods subject to examination for Griffin’s significant state return, which is Connecticut, are fiscal 2008 through fiscal 2016.