7. Supplemental Financial Statement Information

Available-for-Sale Securities

As of May 31, 2017, Griffin held 1,952,462 shares of common stock in Centaur Media plc (“Centaur Media”). Griffin's investment in the common stock of Centaur Media is accounted for as an available-for-sale security under ASC 320, “Investments – Debt and Equity Securities.” 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 loss (see Note 6). Griffin did not sell any of its Centaur Media common stock in the 2017 six month period or in the 2016 six month period.

Subsequent to May 31, 2017, Griffin sold 1,800,823 shares of common stock in Centaur Media for cash proceeds of $1,120, after transaction costs. The sale of these shares resulted in a pretax gain of approximately $234 that will be reflected in Griffin’s fiscal 2017 third quarter statement of operations (see Note 9).

Griffin’s investment in Centaur Media is included in other assets on Griffin’s consolidated balance sheet. The fair value, cost and unrealized gain of Griffin’s investment in Centaur Media are as follows:


	May 31, 2017		Nov. 30, 2016
Fair value	$	1,272	$	977
Cost		1,014		1,014
Unrealized gain (loss)	$	258	$	(37)

Other Assets

Griffin's other assets are comprised of the following:


	May 31, 2017		Nov. 30, 2016
Deferred rent receivable	$	4,881	$	4,474
Deferred leasing costs		4,817		4,746
Lease receivables from tenants		1,661		369
Available-for-sale securities		1,272		977
Mortgage escrows		1,116		717
Deposits and other expenditures related to potential real estate acquisitions		927		497
Prepaid expenses		754		2,333
Property and equipment, net		311		280
Intangible assets, net		233		247
Interest rate swap assets		129		207
Deferred financing costs related to Webster Credit Line		82		117
Other		179		199
Total other assets	$	16,362	$	15,163

Accounts Payable and Accrued Liabilities

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


	May 31, 2017		Nov. 30, 2016
Accrued construction costs and retainage	$	809	$	1,252
Accrued interest payable		461		390
Accrued salaries, wages and other compensation		345		725
Trade payables		277		573
Accrued lease commissions		269		487
Other		395		713
Total accounts payable and accrued liabilities	$	2,556	$	4,140

Other Liabilities

Griffin's other liabilities are comprised of the following:


	May 31, 2017		Nov. 30, 2016
Deferred compensation plan	$	4,737	$	4,334
Interest rate swap liabilities		2,098		1,892
Prepaid rent from tenants		1,172		938
Security deposits of tenants		533		413
Conditional asset retirement obligations		288		288
Land sale deposit		155		—
Other		79		78
Total other liabilities	$	9,062	$	7,943

Supplemental Cash Flow Information

In the 2017 second quarter, Griffin received $3,535 of cash, after transaction costs, from the fiscal 2016 sale of approximately 29 acres of undeveloped land in Griffin Center (the “Griffin Center Land Sale”). The proceeds from the Griffin Center Land Sale were deposited into escrow at the time the sale closed for the potential purchase of a replacement property under a Like-Kind Exchange. As a replacement property was not acquired in the time period required under the applicable tax code, the sale proceeds were released from escrow and returned to Griffin.

An increase of $295 in the 2017 six month period and a decrease of $521 in the 2016 six month period 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 decreased by $443 in the 2017 six month period and increased by $2,576 in the 2016 six month period.

Interest payments were as follows:


For the Three Months Ended					For the Six Months Ended
May 31, 2017		May 31, 2016		May 31, 2017		May 31, 2016
$	1,320	$	1,125	$	2,552	$	2,236

Income Taxes

Griffin’s effective income tax provision rate was 35.7% for the 2017 six month period as compared to an income tax benefit rate of 20.2% for the 2016 six month period. The effective tax provision rate for the 2017 six month period reflects the federal statutory income tax rate adjusted for the effects of permanent differences and state income taxes. The effective tax rate in the 2017 six month period is based on management’s projections of pretax results for the balance of the year. To the extent that actual results differ from current projections, the effective income tax rate may change. The income tax benefit for the 2016 six month period reflected the effect of a change in Connecticut tax law, effective for Griffin in fiscal 2016, whereby the future usage of state net operating loss carryforwards is limited to 50% of taxable income. Therefore, in the 2016 six month period, Griffin decreased its expected realization of the tax benefit related to its Connecticut state net operating loss carryforwards.