EXHIBIT 99.3
Balance Sheet Capacity—Downside Analysis
(assumes no refinancing of maturing consolidated debt, no property sales and no cashflow)
as of September 30, 2008
Line of Credit Availability: | Q4-08 | 2009 | 2010 | |||||||||
Line Commitments Combined | $ | 715,388 | ||||||||||
Outstanding Line Balance | $ | (70,000 | ) | |||||||||
Funding Availability before Commitments | $ | 645,388 | $ | 373,938 | $ | 381,411 | ||||||
Net Availability After Commitments | ||||||||||||
Unsecured Bond Debt Maturities | $ | — | $ | (50,000 | ) | $ | (160,000 | ) | ||||
Secured Mortgage Loan Maturities | $ | — | $ | (8,527 | ) | $ | (16,961 | ) | ||||
OEF Qualifying Sales | $ | 66,000 | $ | — | ||||||||
JV Capital Requirement to Refinance Debt after assumed refinancing | $ | — | $ | — | $ | (34,029 | ) | |||||
Net costs to Complete In Process Developments (expend thru 2012) | $ | (241,450 | ) | |||||||||
Projected 4Q 2008 Development Starts | $ | (30,000 | ) | $ | — | $ | — | |||||
$ | (271,450 | ) | $ | 7,473 | $ | (210,990 | ) | |||||
Net Line of Credit Availability After Commitments | $ | 373,938 | $ | 381,411 | $ | 170,421 | ||||||