On July 6, 2012, Griffin Land closed on the Dollar Tree Sale. Griffin Land is required, under the terms of the Dollar Tree Sale, to construct a sewer line to service the land sold. As a result of Griffin Land's continuing involvement with the required sewer line construction, the Dollar Tree Sale is being accounted for under the percentage of completion method, whereby the revenue and gain on sale are recognized on a pro rata basis in a ratio equal to the percentage of the total costs incurred to the total anticipated costs of sale, including the costs of the sewer line. Costs included in determining the percentage of completion are the cost of the land sold, allocated master planning costs of Tradeport, selling and transaction costs and estimated future costs related to the land sold.

As of December 1, 2012, approximately 67% of the total costs related to the Dollar Tree Sale had been incurred, therefore, approximately 67% of the total revenue, $4,703, and approximately 67% of the pretax gain on sale, $3,942, are included in Griffin's consolidated statement of operations for the fiscal year ended December 1, 2012. The balance of the revenue and the pretax gain on sale will be recognized when the remaining costs are incurred, which is expected to take place in the first half of fiscal 2013. Included on Griffin's consolidated balance sheet as of December 1, 2012 is deferred revenue of $2,297 that will be recognized as the remaining costs are incurred. Including the pretax gain on sale of $3,942 recognized in the fiscal year ended December 1, 2012, the total gain on the Dollar Tree Sale is expected to be approximately $5,900 after all revenue is recognized and all costs incurred. While management has used its best estimates, based on industry knowledge and experience, in projecting the total costs of the required sewer line installation, increases or decreases in future costs as compared with current estimated amounts would reduce or increase the gain recognized in future periods.

	Dec. 1, 2012		Dec. 3, 2011

Dividend payable	$	1,028	$	513
Trade payables		690		708
Accrued construction costs		668		473
Prepaid rent		634		705
Accrued salaries, wages and other compensation		407		409
Retainage		274		69
Other accrued liabilities		1,203		1,077

	$	4,904	$	3,954

Increases of $1,221 and $487 in fiscal 2012 and fiscal 2010, respectively, in the fair value of Griffin's Investment in Centaur Media reflect the mark to market adjustment of this investment and did not affect Griffin's cash. A decrease of $2,097 in fiscal 2011 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.

Griffin incurred new capital lease obligations of $54 and $38 in fiscal 2012 and fiscal 2011, respectively. Griffin did not incur any new capital lease obligations in fiscal 2010.

Accounts payable and accrued liabilities related to additions to real estate assets increased by $400 and $348 in fiscal 2012 and fiscal 2011, respectively.

In fiscal 2012, Griffin received, as consideration for the exercise of employee stock options, 1,355 shares of its common stock, but did not receive any shares of its common stock from employees in payment for required income tax withholdings. In fiscal 2011 and fiscal 2010, Griffin did not receive any shares of its common stock either as consideration for the exercise of employee stock options or for payment of required income tax withholdings. The common stock received is included in Treasury Stock on Griffin's consolidated balance sheet as of December 1, 2012.

In fiscal 2008, Griffin completed a sale of land to the Town of Simsbury and recognized $2,500 in revenue. The sale was related to the settlement of litigation in connection with Griffin's proposed residential development in that town. Cash of $500 was received at the closing and $500 (including interest) was received in fiscal 2011, fiscal 2010 and fiscal 2009. The final payment of $700 was received in fiscal 2012.

Griffin did not receive any income tax refunds in fiscal 2012 or fiscal 2011. In fiscal 2010, Griffin received income tax refunds, net of income tax payments, of $6,648. Interest payments in fiscal 2012, fiscal 2011 and fiscal 2010 were $3,408, $4,307 and $4,107, respectively, including capitalized interest of $596 and $134 in fiscal 2012 and fiscal 2011, respectively. There was no capitalized interest in fiscal 2010.