Exhibit 10.109




 




HORIZON GROUP PROPERTIES, INC.


Condensed Consolidated Balance Sheet


(unaudited)




 




	

   


  	

   


  	

  May 31,

  2003


  	

   


  
	

  ASSETS


  	

   


  	

   


  	

   


  
	

  Real estate – at cost:


  	

   


  	

   


  	

   


  
	

  Land


  	

   


  	

  $


  	

  8,591


  	

   


  
	

  Buildings and improvements


  	

   


  	

  84,358


  	

   


  
	

  Less accumulated depreciation


  	

   


  	

  (14,216


  	

  )


  
	

  Total net real estate


  	

   


  	

  78,733


  	

   


  
	

   


  	

   


  	

   


  	

   


  
	

  Cash and cash equivalents


  	

   


  	

  561


  	

   


  
	

  Restricted cash


  	

   


  	

  3,842


  	

   


  
	

  Tenant accounts receivable, net


  	

   


  	

  3,807


  	

   


  
	

  Real estate – discontinued operations


  	

   


  	

  15,247


  	

   


  
	

  Deferred costs (net of accumulated

  amortization)


  	

   


  	

  2,127


  	

   


  
	

  Other assets


  	

   


  	

  2,190


  	

   


  
	

  Total assets


  	

   


  	

  $


  	

  106,507


  	

   


  
	

   


  	

   


  	

   


  	

   


  
	

  LIABILITIES AND SHAREHOLDERS’ EQUITY


  	

   


  	

   


  	

   


  
	

  Liabilities:


  	

   


  	

   


  	

   


  
	

  Mortgages and other debt


  	

   


  	

  $


  	

  92,924


  	

   


  
	

  Accrued interest


  	

   


  	

  5,223


  	

   


  
	

  Accounts payable and other accrued expenses


  	

   


  	

  2,126


  	

   


  
	

  Prepaid rents and other tenant liabilities


  	

   


  	

  875


  	

   


  
	

  Other liabilities


  	

   


  	

  1,046


  	

   


  
	

  Total liabilities


  	

   


  	

  102,194


  	

   


  
	

   


  	

   


  	

   


  	

   


  
	

  Minority interests


  	

   


  	

  1,658


  	

   


  
	

   


  	

   


  	

   


  	

   


  
	

  Shareholders’ equity:


  	

   


  	

   


  	

   


  
	

  Common shares ($.01 par value, 50,000

  shares authorized, 2,870 issued and outstanding)


  	

   


  	

  29


  	

   


  
	

  Additional paid-in capital


  	

   


  	

  17,552


  	

   


  
	

  Accumulated deficit


  	

   


  	

  (14,926


  	

  )


  
	

  Total shareholders’ equity


  	

   


  	

  2,655


  	

   


  
	

  Total liabilities and shareholders’ equity


  	

   


  	

  $


  	

  106,507


  	

   


  





 




Note - The condensed

consolidated balance sheet includes the accounts of the Company’s subsidiary,

Horizon Group Properties, L.P., and other wholly owned subsidiaries and is

prepared in accordance with accounting principles generally accepted in the

United States for interim financial information. Accordingly, it does not

include all of the information and footnotes required by accounting principles

generally accepted in the United States for complete financial statements, and,

therefore, should be read in conjunction with the Company’s Annual Report on

Form 10-K for the year ended December 31, 2002, the Company’s Quarterly Report

on Form 10-Q for the three months ended March 31, 2003 and the Company’s

Current Reports on Form 8-K filed since January 1, 2003.