Exhibit 99.3
Capital Availability
Assumes no property sales, no additional cash flow, no additional consolidated refinancings
as of April 24, 2009 (post-equity offering)
| ($ thousands) | ||||||||||||
| 2009 | 2010 | 2011 | ||||||||||
Capital Sources: | ||||||||||||
Line commitments combined | $ | 713,833 | $ | — | $ | — | ||||||
Outstanding line balance – 4/24/09 | $ | — | $ | — | $ | — | ||||||
Line maturity – 2/11/11 | — | — | (113,833 | ) | ||||||||
Cash + Line Availability | $ | 713,833 | $ | 876,492 | $ | 516,760 | ||||||
Cash from equity offering after line payoff | $ | 130,000 | $ | — | $ | — | ||||||
Dividend reduction | 42,000 | 55,000 | 55,000 | |||||||||
Committed financing | 106,000 | — | — | |||||||||
Funding Availability before Capital Requirements | $ | 991,833 | $ | 931,492 | $ | 571,760 | ||||||
Capital Requirements: | ||||||||||||
Financing requirements – maturing consolidated debt | $ | (5,130 | ) | $ | (177,043 | ) | $ | (478,943 | ) | |||
Assumed equity requirement to refinance maturing JV mortgage debt | (5,587 | ) | (47,212 | ) | (41,958 | ) | ||||||
Net costs to complete in-process developments | (104,624 | ) | (43,519 | ) | 2,670 | |||||||
$294 MM derivative settlement at 4/24/09 valuation | — | (33,125 | ) | — | ||||||||
Total Capital Requirements | $ | (115,341 | ) | $ | (300,899 | ) | $ | (518,231 | ) | |||
Total Capital Availability | $ | 876,492 | $ | 630,593 | $ | 53,529 | ||||||
Capital from a combination of the recent equity offering, dividend reduction and committed mortgage
financing can fund all commitments through 2011