8. Supplemental Financial Statement Information

Other Assets

Griffin's other assets are comprised of the following:


	Feb. 29, 2016		Nov. 30, 2015

Deferred leasing costs	$	4,486	$	4,376
Deferred rent receivable		4,230		4,087
Prepaid expenses		1,681		2,157
Deferred financing costs		1,308		1,264
Mortgage escrows		648		629
Lease receivables		512		401
Property and equipment, net		289		221
Intangible assets, net		275		305
Other		222		309
Total other assets	$	13,651	$	13,749

Accounts Payable and Accrued Liabilities

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


	Feb. 29, 2016		Nov. 30, 2015

Accrued construction costs and retainage	$	1,866	$	1,278
Trade payables		955		422
Accrued interest payable		372		355
Accrued salaries, wages and other compensation		237		615
Other		592		678
	$	4,022	$	3,348

Other Liabilities

Griffin's other liabilities are comprised of the following:


	Feb. 29, 2016		Nov. 30, 2015

Interest rate swap agreements	$	4,240	$	2,766
Deferred compensation plan		3,697		3,981
Prepaid rent from tenants		891		944
Security deposits		408		286
Conditional asset retirement obligations		288		288
Other		100		107
	$	9,624	$	8,372

Supplemental Cash Flow Information

A decrease of $393 in the 2016 first quarter and an increase of $24 in the 2015 first quarter in Griffin’s Investment in Centaur Media reflect the mark to market adjustments of this investment and did not affect Griffin’s cash.

Accounts payable and accrued liabilities related to additions to real estate assets increased by $588 and $118 in the 2016 first quarter and 2015 first quarter, respectively.

Interest payments were as follows:


For the Three Months Ended
Feb. 29, 2016		Feb. 28, 2015

$	1,111	$	996

Income Taxes

Griffin’s effective income tax provision rate was 19.6% for the 2016 first quarter as compared to an income tax benefit rate of 36.0% for the 2015 first quarter. The effective income tax provision in the 2016 first quarter reflects the effect of a change in Connecticut tax law that affects Griffin for fiscal 2016, pursuant to which, prospectively, the usage of state net operating loss carryforwards will be limited to 50% of taxable income. Therefore, in the 2016 first quarter, Griffin decreased its expected realization of the tax benefit related to its Connecticut state net operating loss carryforwards. The decrease is based on management's current projections of taxable income in the state of Connecticut in future years that would generate income taxes in excess of capital based taxes. The effective tax rate in the 2016 first quarter 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 February 29, 2016, Griffin’s consolidated balance sheet includes a net deferred tax asset of $6,466. Although Griffin has incurred a cumulative pretax loss (excluding nonrecurring items) for the three fiscal years ended November 30, 2015, management has concluded that a valuation allowance against its net deferred tax assets is not required.