9. Supplemental Financial Statement Information

Investments - Held-to-Maturity Securities

As of November 30, 2019 and 2018, Griffin held $1,011 and $17,000, respectively, of repurchase agreements accounted for as held-to-maturity securities under ASC 320 and classified as short-term investments on its consolidated balance sheets. 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, 2019, Griffin’s held one repurchase agreement that is scheduled to mature on February 14, 2020.

Investments - Available-for-Sale Securities

In fiscal 2017, Griffin sold its remaining common stock of Centaur Media for cash proceeds of $1,216, after transaction costs, which resulted in a pretax gain of $275. 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 AOCI (see Note 7). Griffin's investment income included dividend income from Centaur Media of $38 in fiscal 2017.

Other Assets

Griffin's other assets are comprised of the following:


	Nov. 30, 2019		Nov. 30, 2018
Deferred rent receivable	$	5,740	$	5,602
Deferred leasing costs, net		4,468		4,355
Prepaid expenses		2,926		2,780
Intangible assets, net		1,907		1,399
Accounts receivable (primarily leases)		904		407
Mortgage escrows		515		452
Registration statement costs		281		281
Deferred financing costs related to revolving lines of credit		256		33
Deposits		234		1,072
Furniture, fixtures and equipment, net		193		245
Interest rate swap assets		—		3,157
Other		154		265
Total other assets	$	17,578	$	20,048

Griffin’s intangible assets relate to the acquisition of a several industrial/warehouse buildings 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 $1,578 and $1,271 as of November 30, 2019 and November 30, 2018, respectively.

Amortization expense of intangible assets is as follows:


	For the Fiscal Years Ended
	Nov. 30, 2019		Nov. 30, 2018		Nov. 30, 2017
Amortization expense	$	307	$	296	$	203

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


2020	$	424
2021		424
2022		265
2023		220
2024		220

Deferred leasing costs, net, reflected accumulated amortization of $6,699 and $5,719 as of November 30, 2019 and November 30, 2018, respectively. Amortization expense related to deferred leasing costs in fiscal 2019, fiscal 2018 and fiscal 2017 was $998, $1,159 and $946, respectively. Furniture, fixtures and equipment, net, reflected accumulated depreciation of $992 and $920 as of November 30, 2019 and November 30, 2018, respectively. Total depreciation expense related to furniture, fixtures and equipment in fiscal 2019, fiscal 2018 and fiscal 2017 was $80, $96 and $84, respectively.

Accounts Payable and Accrued Liabilities

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


	Nov. 30, 2019		Nov. 30, 2018
Accrued construction costs and retainage	$	1,849	$	832
Accrued salaries, wages and other compensation		863		931
Accrued interest payable		568		555
Trade payables		295		380
Accrued lease commissions		223		136
Other		520		499
Total accounts payable and accrued liabilities	$	4,318	$	3,333

Other Liabilities

Griffin's other liabilities are comprised of the following:


	Nov. 30, 2019		Nov. 30, 2018
Deferred compensation plan	$	5,593	$	5,145
Interest rate swap liabilities		4,052		56
Prepaid rent from tenants		1,013		1,134
Security deposits of tenants		538		533
Conditional asset retirement obligations		171		171
Land sale deposits		—		260
Other		142		79
Total other liabilities	$	11,509	$	7,378

Supplemental Cash Flow Information

In fiscal 2019, Griffin received 22,390 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 $846 and did not affect Griffin’s cash.

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.

An increase of $245 in fiscal 2017 (prior to the sale of the remaining shares) 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 $1,017 in fiscal 2019 and decreased by $1,062 in fiscal 2018.

Griffin did not receive any income tax refunds in fiscal 2019, fiscal 2018 or fiscal 2017. Interest payments in fiscal 2019, fiscal 2018 and fiscal 2017 were $6,402, $6,041 and $5,368, respectively, including capitalized interest of $351, $352 and $103 in fiscal 2019, fiscal 2018 and fiscal 2017, 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 2019, fiscal 2018 and fiscal 2017 were $68, $65 and $65, 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, 2019 and 2018 was $5,593 and $5,145, 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 2019, fiscal 2018 and fiscal 2017 was $3, $12 and $11, respectively. Subsequent to November 30, 2019, the liability for the Deferred Compensation Plan was reduced by approximately $1,900 for payment made to Frederick M. Danziger, Griffin’s former Executive Chairman, upon his retirement in fiscal 2019.

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 statements of operations.