11. Supplemental Financial Statement Information

Available-for-Sale Securities

Griffin’s investment in the common stock of Centaur Media is accounted for as an available-for-sale security under ASC 320-10. Accordingly, changes in the fair value of Centaur Media, reflecting both changes in the stock price and changes in the foreign currency exchange rate, are included, net of income taxes, in accumulated other comprehensive income (see Note 8). Griffin's investment income includes dividend income from Centaur Media of $79, $83 and $82 in fiscal 2016, fiscal 2015 and fiscal 2014, respectively.

At the beginning of fiscal 2014, Griffin held 2,452,462 shares of Centaur Media common stock. In fiscal 2014, Griffin sold 500,000 shares of its Centaur Media common stock for total cash proceeds of $566 net of transaction costs. The sale of Centaur Media common stock resulted in a pretax gain of $318 in fiscal 2014. Griffin has not sold any of its Centaur Media common stock since the sales in fiscal 2014. Griffin held 1,952,462 shares of Centaur Media common stock as of November 30, 2016.

The fair value, cost and unrealized gain of Griffin’s investment in Centaur Media are as follows:


	Nov. 30, 2016		Nov. 30, 2015
Fair value	$	977	$	1,970
Cost		1,014		1,014
Unrealized (loss) gain	$	(37)	$	956

Other Assets

Griffin's other assets are comprised of the following:


	Nov. 30, 2016		Nov. 30, 2015
Deferred leasing costs	$	4,746	$	4,376
Deferred rent receivable		4,474		4,087
Prepaid expenses		2,333		2,157
Mortgage escrows		717		2,229
Deposits and costs related to potential real estate acquisitions		497		27
Lease receivables from tenants		369		401
Property and equipment, net		280		221
Intangible assets, net		247		305
Deferred financing costs related to Webster Credit Line		117		13
Other		406		282
Total other assets	$	14,186	$	14,098

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 $772 and $714 on November 30, 2016 and November 30, 2015, respectively.

Amortization expense of intangible assets is as follows:


	For the Fiscal Years Ended
	Nov. 30, 2016		Nov. 30, 2015		Nov. 30, 2014
Amortization expense	$	58	$	201	$	178

Estimated amortization expense of intangible assets is $27 per year for each of the next five fiscal years.

Property and equipment, net reflects accumulated depreciation of $844 and $996 as of November 30, 2016 and November 30, 2015, respectively. Total depreciation expense related to property and equipment in fiscal 2016, fiscal 2015 and fiscal 2014 was $90, $86 and $111, respectively.

Accounts Payable and Accrued Liabilities

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


	Nov. 30, 2016		Nov. 30, 2015
Accrued construction costs and retainage	$	1,252	$	1,278
Trade payables		1,060		422
Accrued salaries, wages and other compensation		725		615
Accrued interest payable		390		361
Other		713		672
Total accounts payable and accrued liabilities	$	4,140	$	3,348

Other Liabilities

Griffin's other liabilities are comprised of the following:


	Nov. 30, 2016		Nov. 30, 2015
Deferred compensation plan	$	4,334	$	3,981
Interest rate swap agreements		1,892		2,766
Prepaid rent from tenants		938		944
Security deposits of tenants		413		286
Conditional asset retirement obligations		288		288
Other		78		107
Total other liabilities	$	7,943	$	8,372

Supplemental Cash Flow Information

A decrease of $993 in fiscal 2016 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. Increases of $46 and $285 in fiscal 2015 and fiscal 2014, 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 decreased by $32 and $632 in fiscal 2016 and fiscal 2015, respectively.

Griffin received an income tax refund of $61 in fiscal 2014. Interest payments in fiscal 2016, fiscal 2015 and fiscal 2014 were $4,507, $4,180 and $3,860, respectively, including capitalized interest of $274, $777 and $580 in fiscal 2016, fiscal 2015 and fiscal 2014, respectively.