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Supplemental Financial Statement Information
12 Months Ended
Nov. 30, 2014
Supplemental Financial Statement Information  
Supplemental Financial Statement Information

13. Supplemental Financial Statement Information

Other Assets

        Griffin's other assets are comprised of the following:

                                                                                                                                                                                    

 

 

Nov. 30, 2014

 

Nov. 30, 2013

 

Deferred leasing costs

 

$

3,945 

 

$

3,598 

 

Deferred rent receivable

 

 

3,454 

 

 

3,553 

 

Prepaid expenses

 

 

2,133 

 

 

2,065 

 

Accounts receivable

 

 

1,343 

 

 

258 

 

Mortgage escrows

 

 

1,073 

 

 

1,032 

 

Deferred financing costs

 

 

727 

 

 

903 

 

Intangible assets, net of amortization

 

 

506 

 

 

684 

 

Other

 

 

1,035 

 

 

1,541 

 

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Total other assets

 

$

14,216 

 

$

13,634 

 

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        Griffin's intangible assets relate to the acquisition of real estate assets in previous years 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 $1,251 and $1,073 on November 30, 2014 and November 30, 2013, respectively.

        Amortization expense of intangible assets is as follows:

                                                                                                                                                                                    

 

 

For the Fiscal Years Ended,

 

 

 

Nov. 30,
2014

 

Nov. 30,
2013

 

Dec. 1,
2012

 

Amortization expense

 

$

178 

 

$

171 

 

$

200 

 

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

                                                                                                                                                                                    

2015

 

$

166 

 

2016

 

 

77 

 

2017

 

 

44 

 

2018

 

 

27 

 

2019

 

 

27 

 

Deferred Revenue on Land Sale

        Included in deferred revenue on Griffin's consolidated balance sheet as of November 30, 2014 is approximately $3,195 related to the Windsor Land Sale that will be recognized as road construction required by the terms of the Windsor Land Sale is completed (see Note 4).

Accounts Payable and Accrued Liabilities

        Accounts payable and accrued liabilities consist of:

                                                                                                                                                                                    

 

 

November 30,
2014

 

November 30,
2013

 

Accrued construction costs and retainage

 

$

1,910 

 

$

813 

 

Trade payables

 

 

670 

 

 

528 

 

Other accrued liabilities

 

 

371 

 

 

505 

 

Accrued interest payable

 

 

312 

 

 

322 

 

Accrued salaries, wages and other compensation

 

 

242 

 

 

311 

 

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$

3,505 

 

$

2,479 

 

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Supplemental Cash Flow Information

        Increases of $285, $480 and $1,221 in fiscal 2014, fiscal 2013 and fiscal 2012, 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.

        Accounts payable and accrued liabilities related to additions to real estate assets increased by $1,097 in fiscal 2014 and decreased by $129 in fiscal 2013.

        In fiscal 2014 and fiscal 2013, 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. 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. The common stock received is included in Treasury Stock on Griffin's consolidated balance sheets as of November 30, 2014 and November 30, 2013.

        Griffin received income tax refunds of $61 and $56 in fiscal 2014 and fiscal 2013, respectively. Griffin did not receive an income tax refund in fiscal 2012. Interest payments in fiscal 2014, fiscal 2013 and fiscal 2012 were $3,860, $3,664 and $3,560, respectively, including capitalized interest of $580, $71 and $596 in fiscal 2014, fiscal 2013 and fiscal 2012, respectively.