8. Supplemental Financial Statement Information

Short-Term Investments

As of May 31, 2020, Griffin did not have any short-term investments. As of November 30, 2019, Griffin’s short-term investments of $1,011 consisted of repurchase agreements accounted for as held-to-maturity securities under ASC 320 on its consolidated balance sheet. The repurchase agreements were with Webster Bank and were collateralized by securities issued by the United States Government or its sponsored agencies. The repurchase agreements were carried at their resell amounts, which approximated fair value due to their short-term nature.

Other Assets

Griffin's other assets are comprised of the following:


	May 31, 2020		Nov. 30, 2019
Deferred rent receivable	$	6,061	$	5,740
Deferred leasing costs, net		5,146		4,468
Intangible assets, net		2,438		1,907
Prepaid expenses		966		2,926
Mortgage escrows		801		515
Right-of-use assets		772		—
Accounts receivable (primarily leases)		630		904
Registration statement costs		281		281
Furniture, fixtures and equipment, net		195		193
Deferred financing costs related to revolving lines of credit		183		256
Deposits		36		234
Other		304		154
Total other assets	$	17,813	$	17,578

Accounts Payable and Accrued Liabilities

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


	May 31, 2020		Nov. 30, 2019
Accrued construction costs and retainage	$	1,105	$	1,849
Accrued lease commissions		920		223
Accrued interest payable		615		568
Accrued salaries, wages and other compensation		446		863
Trade payables		271		295
Other		880		520
Total accounts payable and accrued liabilities	$	4,237	$	4,318

Other Liabilities

Griffin's other liabilities are comprised of the following:


	May 31, 2020		Nov. 30, 2019
Interest rate swap liabilities	$	10,210	$	4,052
Deferred compensation plan		3,522		5,593
Prepaid rent from tenants		1,163		1,013
Lease liabilities		802		—
Intangible liability, net		762		—
Security deposits of tenants		727		538
Conditional asset retirement obligations		171		171
Land sale deposits		50		—
Other		53		142
Total other liabilities	$	17,460	$	11,509

Supplemental Cash Flow Information

Accounts payable and accrued liabilities related to additions to real estate assets decreased by $744 in the 2020 six month period and increased by $2,777 in the 2019 six month period.

Griffin maintains a non-qualified deferred compensation plan (the “Deferred Compensation Plan”) for certain of its highly compensated employees. In the 2020 six month period, the liability for the Deferred Compensation Plan was reduced by approximately $1,900 for a payment made to Frederick M. Danziger, Griffin’s former Executive Chairman, as a result of his retirement in fiscal 2019.

In the 2019 six month period, 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.

Interest payments were as follows:


For the Three Months Ended				For the Six Months Ended
May 31, 2020		May 31, 2019		May 31, 2020		May 31, 2019
$	1,756	$	1,600	$	3,433	$	3,219

Income Taxes

Griffin’s income tax benefit rate was 21.1% for the 2020 six month period, as compared to an income tax provision rate of 22.3% for the 2019 six month period. The effective tax benefit rate for the 2020 six month period reflected the federal statutory income tax rate adjusted for the effects of permanent differences and state income taxes. The effective tax rate in the 2020 six month period is based on management’s projections of pretax results and permanent differences for the balance of the year. To the extent that actual results differ from current projections, the effective income tax rate may change.

Griffin’s federal income tax returns for fiscal 2016, fiscal 2017 and fiscal 2018 are open to examination by the Internal Revenue Service.