9. Supplemental Financial Statement Information

Investments - Held-to-Maturity Securities

As of November 30, 2018, Griffin held $17,000 of repurchase agreements accounted for as held-to-maturity securities under ASC 320 and classified as short-term investments on its consolidated balance sheet. The repurchase agreements are with Webster Bank and are collateralized by securities issued by the United States Government or its sponsored agencies. The repurchase agreements are carried at their resell amounts, which approximates fair value due to their short-term nature. As of November 30, 2018, Griffin’s repurchase agreements had a weighted average maturity of less than 90 days with no maturities longer than six months.

Investments - 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.

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 and $79 in fiscal 2017 and fiscal 2016, respectively.

Other Assets

Griffin's other assets are comprised of the following:


	Nov. 30, 2018		Nov. 30, 2017
Deferred rent receivable	$	5,602	$	5,351
Deferred leasing costs, net		4,355		5,113
Interest rate swap assets		3,157		644
Prepaid expenses		2,780		2,774
Intangible assets, net		1,399		1,695
Deposits		1,072		713
Mortgage escrows		452		448
Lease receivables from tenants		407		1,097
Registration statement costs		281		—
Furniture, fixtures and equipment, net		245		251
Deferred financing costs related to the Webster Credit Line		33		47
Sale proceeds held in escrow		—		91
Other		265		169
Total other assets	$	20,048	$	18,393

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 $1,271 and $975 as of November 30, 2018 and November 30, 2017, respectively.

Amortization expense of intangible assets is as follows:


	For the Fiscal Years Ended
	Nov. 30, 2018		Nov. 30, 2017		Nov. 30, 2016
Amortization expense	$	296	$	203	$	58

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


2019	$	296
2020		296
2021		296
2022		137
2023		92

Deferred leasing costs, net reflected accumulated amortization of $5,719 and $5,109 as of November 30, 2018 and November 30, 2017, respectively. Amortization expense related to deferred leasing costs in fiscal 2018, fiscal 2017 and fiscal 2016 was $1,159, $946 and $881, respectively. Furniture, fixtures and equipment, net reflected accumulated depreciation of $920 and $902 as of November 30, 2018 and November 30, 2017, respectively. Total depreciation expense related to furniture, fixtures and equipment in fiscal 2018, fiscal 2017 and fiscal 2016 was $96, $84 and $90, respectively.

Accounts Payable and Accrued Liabilities

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


	Nov. 30, 2018		Nov. 30, 2017
Accrued salaries, wages and other compensation	$	931	$	1,154
Accrued construction costs and retainage		832		1,894
Accrued interest payable		555		482
Trade payables		380		432
Accrued lease commissions		136		393
Other		499		636
Total accounts payable and accrued liabilities	$	3,333	$	4,991

Other Liabilities

Griffin's other liabilities are comprised of the following:


	Nov. 30, 2018		Nov. 30, 2017
Deferred compensation plan	$	5,145	$	5,005
Prepaid rent from tenants		1,134		1,041
Security deposits of tenants		533		583
Land sale deposits		260		195
Conditional asset retirement obligations		171		204
Interest rate swap liabilities		56		845
Other		79		99
Total other liabilities	$	7,378	$	7,972

Supplemental Cash Flow Information

In fiscal 2018, 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.

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 “2016 Griffin Center Land Sale”). The proceeds from the 2016 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) and a decrease of $993 in fiscal 2016 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 decreased by $1,062 in fiscal 2018 and increased by $642 in fiscal 2017.

Griffin did not receive any income tax refunds in fiscal 2018, fiscal 2017 or fiscal 2016. Interest payments in fiscal 2018, fiscal 2017 and fiscal 2016 were $6,041, $5,368 and $4,507, respectively, including capitalized interest of $352, $103 and $274 in fiscal 2018, fiscal 2017 and fiscal 2016, 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 2018, fiscal 2017 and fiscal 2016 were $65, $65 and $64, 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, 2018 and 2017 was $5,145 and $5,005, 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 2018, fiscal 2017 and fiscal 2016 was $12, $11 and $7, 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.