9.Supplemental Financial Statement Information

Other Assets

Griffin’s other assets are comprised of the following:

	Aug. 31, 2015		Nov. 30, 2014

Deferred leasing costs	$	4,175	$	4,059
Deferred rent receivable	4,027		3,454
Prepaid expenses	3,075		2,133
Deferred financing costs	1,064		727
Lease receivables	959		1,343
Mortgage escrows	539		1,073
Intangible assets, net	335		506
Property and equipment, net	176		230
Assets of discontinued operation	36		36
Other	1,030		921

	$	15,416	$	14,482

Accounts Payable and Accrued Liabilities

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

	Aug. 31, 2015		Nov. 30, 2014

Accrued construction costs and retainage	$	3,166	$	1,910
Trade payables	638		670
Accrued salaries, wages and other compensation	581		242
Accrued interest payable	330		321
Other	488		362

	$	5,203	$	3,505

Other Liabilities

Griffin’s other liabilities are comprised of the following:

	Aug. 31, 2015		Nov. 30, 2014

Deferred compensation plan	$	3,786	$	3,784
Interest rate swap agreements	2,251		2,330
Prepaid rent from tenants	1,156		690
Conditional asset retirement obligations	288		288
Security deposits	268		224
Other	95		122

	$	7,844	$	7,438

Supplemental Cash Flow Information

Increases of $638 and $277 in the 2015 and 2014 nine 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 nine 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 $1,256 and $20 in the 2015 nine month period and 2014 nine month period, respectively.

Interest payments were as follows:

For the Three Months Ended,				For the Nine Months Ended,
Aug. 31, 2015		Aug. 31, 2014		Aug. 31, 2015		Aug. 31, 2014

$	1,070	$	963	$	3,119	$	2,893

Income Taxes

Griffin’s effective income tax rate on continuing operations was 28.9% for the 2015 nine month period as compared to 39.5% for the 2014 nine month period. The effective tax rate in the 2015 nine 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 August 31, 2015, Griffin’s consolidated balance sheet includes a net deferred tax asset of $5,640. 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.