9.Supplemental Financial Statement Information

Other Assets

Griffin’s other assets are comprised of the following:

	May 31, 2015		Nov. 30, 2014

Deferred leasing costs	$	4,244	$	4,059
Deferred rent receivable	3,828		3,454
Lease receivables	1,502		1,343
Mortgage escrows	1,373		1,073
Deferred financing costs	775		727
Prepaid expenses	523		2,133
Intangible assets	416		506
Property and equipment, net	190		230
Other	575		921

	$	13,426	$	14,446

Accounts Payable and Accrued Liabilities

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

	May 31, 2015		Nov. 30, 2014

Accrued construction costs and retainage	$	4,677	$	1,910
Trade payables	724		670
Accrued salaries, wages and other compensation	374		242
Accrued interest payable	356		312
Other	184		371

	$	6,315	$	3,505

Other Liabilities

Griffin’s other liabilities are comprised of the following:

	May 31, 2015		Nov. 30, 2014

Deferred compensation	$	3,983	$	3,784
Interest rate swap agreements	2,465		2,330
Prepaid rent from tenants	847		690
Conditional asset retirement obligations	288		288
Security deposits	273		224
Other	104		122

	$	7,960	$	7,438

Supplemental Cash Flow Information

Increases of $449 and $503 in the 2015 and 2014 six month periods, respectively, in Griffin’s Investment in Centaur Media reflect the mark to market adjustments of this investment and did not affect Griffin’s cash. In the 2014 six month period, Griffin sold 500,000 shares of its Centaur Media common stock (see Note 4).

Accounts payable and accrued liabilities related to additions to real estate assets increased by $2,767 and $1,617 in the 2015 six month period and 2014 six month period, respectively.

Interest payments were as follows:

For the Three Months Ended,				For the Six Months Ended,
May 31, 2015		May 31, 2014		May 31, 2015		May 31, 2014

$	1,053	$	955	$	2,049	$	1,930

Income Taxes

Griffin’s effective income tax rate on continuing operations was 36.3% for the 2015 six month period as compared to 40.5% for the 2014 six month period. The effective tax rate in the 2015 six month period is based on management’s projections for the balance of the year. To the extent that actual results differ from current projections, the effective income tax rate may change.

As of May 31, 2015, Griffin’s consolidated balance sheet includes a net deferred tax asset of $6,428. Although Griffin has incurred a cumulative pretax loss from continuing operations (excluding nonrecurring items) for the three fiscal years ended November 30, 2014, management has concluded that a valuation allowance against its net deferred tax assets is not required.