7. Supplemental Financial Statement Information

Investments

As of May 31, 2019, Griffin held $12,000 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 U.S. 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 May 31, 2019, Griffin’s repurchase agreements had a weighted average maturity of approximately 70 days with no maturities longer than six months. Griffin did not have any short-term investments in the 2018 six month period.

Other Assets

Griffin's other assets are comprised of the following:


	May 31, 2019		Nov. 30, 2018
Sale proceeds held in escrow	$	7,628	$	—
Deferred rent receivable		5,882		5,602
Deferred leasing costs, net		4,138		4,355
Deposits		1,477		1,072
Intangible assets, net		1,251		1,399
Prepaid expenses		909		2,780
Mortgage escrows		808		452
Lease receivables from tenants		687		407
Registration statement costs		281		281
Furniture, fixtures and equipment, net		223		245
Interest rate swap assets		17		3,157
Deferred financing costs related to the Webster Credit Line		8		33
Other		263		265
Total other assets	$	23,572	$	20,048

Accounts Payable and Accrued Liabilities

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


	May 31, 2019		Nov. 30, 2018
Accrued construction costs and retainage	$	3,609	$	832
Accrued interest payable		556		555
Accrued salaries, wages and other compensation		412		931
Trade payables		320		380
Accrued lease commissions		38		136
Other		394		499
Total accounts payable and accrued liabilities	$	5,329	$	3,333

Other Liabilities

Griffin's other liabilities are comprised of the following:


	May 31, 2019		Nov. 30, 2018
Deferred compensation plan	$	5,228	$	5,145
Interest rate swap liabilities		2,312		56
Prepaid rent from tenants		1,358		1,134
Security deposits of tenants		548		533
Conditional asset retirement obligations		171		171
Land sale deposits		—		260
Other		78		79
Total other liabilities	$	9,695	$	7,378

Supplemental Cash Flow Information

In the 2019 six month period, Griffin received 22,390 shares of its Common Stock in connection with the exercise of stock options as consideration for the exercise price and for reimbursement of income tax withholdings related to those stock option exercises. The shares received were recorded as treasury stock, which resulted in an increase in treasury stock of $846, and did not affect Griffin’s cash.

In the 2018 six month period, Griffin received 18,405 shares of its Common Stock in connection with the exercise of stock options as consideration for the exercise price and for reimbursement of income tax withholdings related to those stock option exercises. The shares received were recorded as treasury stock, which resulted in an increase in treasury stock of $721, and did not affect Griffin’s cash.

Accounts payable and accrued liabilities related to additions to real estate assets increased by $2,777 and $4,584 in the 2019 six month period and 2018 six month period, respectively.

Interest payments were as follows:


For the Three Months Ended					For the Six Months Ended
May 31, 2019		May 31, 2018		May 31, 2019		May 31, 2018
$	1,600	$	1,496	$	3,219	$	2,929

Included in deferred leasing costs and other on the Statement of Cash Flows for the 2019 six month period are net proceeds of $126 from an insurance settlement.

Income Taxes

Griffin’s income tax provision was $1,503 in the 2019 six month period as compared to $822 in the 2018 six month period. The 2019 six month period income tax provision included $1,562 related to the 2019 six month period pretax income of $6,736, reflecting an effective tax rate of 23.2%, and an income tax benefit of $59 for the exercise of stock options. The income tax provision in the 2018 six month period included 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 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 six month period income tax provision. Partially offsetting the charge for the re-measurement of deferred tax assets and liabilities in the 2018 six month period was an income tax benefit of $133 based on the 2018 six month period pretax loss of $570, reflecting an effective tax rate of 23.3%, and an income tax benefit of $46 for the exercise of stock options.

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