7. Supplemental Financial Statement Information

Investments

As of February 28, 2019, Griffin held $15,000 of repurchase agreements accounted for as held-to-maturity securities under ASC 320 and classified as short-term investments on its consolidated balance sheet. The repurchase agreements are with Webster Bank and are collateralized by securities issued by the United States Government or its sponsored agencies. The repurchase agreements are carried at their resell amounts, which approximates fair value due to their short-term nature. As of February 28, 2019, Griffin’s repurchase agreements had a weighted average maturity of less than 90 days with no maturities longer than six months.

Other Assets

Griffin's other assets are comprised of the following:


	Feb. 28, 2019		Nov. 30, 2018
Deferred rent receivable	$	5,863	$	5,602
Deferred leasing costs, net		4,180		4,355
Prepaid expenses		2,293		2,780
Interest rate swap assets		1,484		3,157
Intangible assets, net		1,325		1,399
Deposits		1,163		1,072
Mortgage escrows		603		452
Lease receivables from tenants		485		407
Registration statement costs		281		281
Furniture, fixtures and equipment, net		235		245
Deferred financing costs related to the Webster Credit Line		20		33
Other		234		265
Total other assets	$	18,166	$	20,048

Accounts Payable and Accrued Liabilities

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


	Feb. 28, 2019		Nov. 30, 2018

Accrued construction costs and retainage	$	1,830	$	832
Trade payables		1,121		380
Accrued interest payable		523		555
Accrued salaries, wages and other compensation		217		931
Accrued lease commissions		46		136
Other		626		499
Total accounts payable and accrued liabilities	$	4,363	$	3,333

Other Liabilities

Griffin's other liabilities are comprised of the following:


	Feb. 28, 2019		Nov. 30, 2018
Deferred compensation plan	$	5,265	$	5,145
Prepaid rent from tenants		997		1,134
Security deposits of tenants		548		533
Land sale deposits		285		260
Interest rate swap liabilities		282		56
Conditional asset retirement obligations		171		171
Other		79		79
Total other liabilities	$	7,627	$	7,378

Supplemental Cash Flow Information

In the 2018 first quarter, Griffin received 5,000 shares of its Common Stock from an employee as consideration for the exercise price in connection with his exercise of an option to acquire 5,471 shares of Griffin’s Common Stock under Griffin’s 2009 Stock Option Plan. The shares received were recorded as treasury stock, which resulted in an increase in treasury stock of $186 (see Note 6), and did not affect Griffin’s cash.

Accounts payable and accrued liabilities related to additions to real estate assets increased by $998 and decreased by $47 in the 2019 first quarter and 2018 first quarter, respectively.

Interest payments were as follows:


For the Three Months Ended
Feb. 28, 2019		Feb. 28, 2018
$	1,619	$	1,433

Income Taxes

Griffin’s income tax benefit was $180 in the 2019 first quarter as compared to an income tax provision of $790 in the 2018 first quarter. The 2019 first quarter income tax benefit is related to the 2019 first quarter pretax loss of $766, reflecting an effective tax rate of 23.5%. The income tax provision in the 2018 first quarter includes a charge of $1,001 for the re-measurement of Griffin’s deferred tax assets and liabilities as a result of the reduction in the U.S. federal corporate statutory rate from 35% to 21% under the Tax Cuts and Jobs Act (“TCJA”), which was enacted on December 22, 2017 and became effective for Griffin in the 2018 first quarter. As Griffin had net deferred tax assets when the TCJA became effective for Griffin, the re-measurement of its deferred tax assets and liabilities resulted in the charge that is included in Griffin’s 2018 first quarter income tax provision. Partially offsetting the charge for the re-measurement of deferred tax assets and liabilities in the 2018 first quarter was an income tax benefit of $211 based on the 2018 first quarter pretax loss of $933, reflecting an effective tax rate of 22.6%.

Griffin’s federal income tax returns for fiscal 2016 and fiscal 2017 are open to examination by the Internal Revenue Service.