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. 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:


	Aug. 31, 2018		Nov. 30, 2017
Deferred rent receivable	$	5,398	$	5,351
Deferred leasing costs		4,466		5,113
Prepaid expenses		4,334		2,774
Interest rate swap assets		2,973		644
Intangible assets, net		1,473		1,695
Leasing receivables from tenants		1,162		1,097
Deposits		889		713
Registration statement costs		281		—
Furniture, fixtures and equipment, net		268		251
Mortgage escrows		221		448
Deferred financing costs related to the Webster Credit Line		45		47
Sale proceeds held in escrow		—		91
Other		194		169
Total other assets	$	21,704	$	18,393

Accounts Payable and Accrued Liabilities

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


	Aug. 31, 2018		Nov. 30, 2017
Accrued construction costs and retainage	$	3,355	$	1,894
Accrued interest payable		526		482
Accrued salaries, wages and other compensation		433		1,154
Accrued lease commissions		292		393
Trade payables		205		432
Other		709		636
Total accounts payable and accrued liabilities	$	5,520	$	4,991

Other Liabilities

Griffin's other liabilities are comprised of the following:


	Aug. 31, 2018		Nov. 30, 2017
Deferred compensation plan	$	5,308	$	5,005
Prepaid rent from tenants		1,143		1,041
Security deposits of tenants		535		583
Land sale deposits		260		195
Conditional asset retirement obligations		171		204
Interest rate swap liabilities		100		845
Other		185		99
Total other liabilities	$	7,702	$	7,972

Supplemental Cash Flow Information

In the 2018 nine month period, Griffin received 30,039 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 $1,189, 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 $245 in the 2017 nine month period reflected the mark to market adjustments of this investment and did not affect Griffin’s cash.

In the 2017 nine 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 $1,461 and $1,757 in the 2018 nine month period and 2017 nine month period, respectively.

Interest payments were as follows:


For the Three Months Ended					For the Nine Months Ended
Aug. 31, 2018		Aug. 31, 2017		Aug. 31, 2018		Aug. 31, 2017
$	1,545	$	1,309	$	4,474	$	3,861

Income Taxes

On December 22, 2017, the TCJA was enacted and became effective for Griffin on January 1, 2018. The TCJA reduced 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 nine month period income tax provision. The 2017 nine month period income tax provision of $2,806 principally related to Griffin’s 2017 nine month pretax income.

Griffin’s federal income tax returns for fiscal 2012 to fiscal 2017 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 2017.