7. Supplemental Financial Statement Information

Available-for-Sale Securities

In the fiscal 2017 third 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 income (loss) (see Note 6).

Other Assets

Griffin's other assets are comprised of the following:


	May 31, 2018		Nov. 30, 2017
Deferred rent receivable	$	5,440	$	5,351
Deferred leasing costs		4,531		5,113
Interest rate swap assets		2,800		644
Intangible assets, net		1,547		1,695
Deposits		931		713
Sale proceeds held in escrow		845		91
Prepaid expenses		770		2,774
Mortgage escrows		731		448
Leasing receivables from tenants		675		1,097
Furniture, fixtures and equipment, net		282		251
Registration statement costs		267		—
Deferred financing costs related to the Webster Credit Line		12		47
Other		178		169
Total other assets	$	19,009	$	18,393

Accounts Payable and Accrued Liabilities

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


	May 31, 2018		Nov. 30, 2017
Accrued construction costs and retainage	$	6,432	$	1,894
Accrued interest payable		506		482
Accrued salaries, wages and other compensation		358		1,154
Accrued lease commissions		339		393
Trade payables		211		432
Other		750		636
Total accounts payable and accrued liabilities	$	8,596	$	4,991

Other Liabilities

Griffin's other liabilities are comprised of the following:


	May 31, 2018		Nov. 30, 2017
Deferred compensation plan	$	5,149	$	5,005
Prepaid rent from tenants		1,136		1,041
Security deposits of tenants		572		583
Land sale deposits		260		195
Interest rate swap liabilities		171		845
Conditional asset retirement obligations		171		204
Other		75		99
Total other liabilities	$	7,534	$	7,972

Supplemental Cash Flow Information

In the 2018 six month period, Griffin received 18,405 shares of its Common Stock in connection with the exercise of stock options as consideration for the exercise price and for reimbursement of income tax withholdings related to those stock option exercises. The shares received were recorded as treasury stock, which resulted in an increase in treasury stock of $721, 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 $295 in the 2017 six month period reflected the mark to market adjustments of this investment and did not affect Griffin’s cash.

In the 2017 six month period, 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 a potential purchase of a replacement property under 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 released from escrow and returned to Griffin.

Accounts payable and accrued liabilities related to additions to real estate assets increased by $4,584 in the 2018 six month period and decreased by $443 in the 2017 six month period.

Interest payments were as follows:


For the Three Months Ended					For the Six Months Ended
May 31, 2018		May 31, 2017		May 31, 2018		May 31, 2017
$	1,496	$	1,320	$	2,929	$	2,552

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 six month period income tax provision. Partially offsetting the net charge for the re-measurement of Griffin’s deferred tax assets and liabilities in the 2018 six month period is an income tax benefit of $133 based on the 2018 six month period pretax loss and an income tax benefit of $46 for the exercise of stock options. The 2017 six month period income tax provision of $2,102 principally related to Griffin’s 2017 six month pretax income.

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.