EXHIBIT 99.3
Capital Availability
Assumes no property sales, no additional cash flow, no additional consolidated refinancings
as of July 31, 2009
($ thousands)
2009 | 2010 | 2011 | ||||||||||
Capital Sources: | ||||||||||||
Line commitments combined | $ | 713,833 | $ | — | $ | — | ||||||
Outstanding line balance—7/31/09 | $ | — | $ | — | $ | — | ||||||
Line maturity—2/11/11 | — | — | (113,833 | ) | ||||||||
Cash + Line Availability | $ | 713,833 | $ | 915,045 | $ | 538,260 | ||||||
Cash balance | $ | 231,135 | $ | — | $ | — | ||||||
Dividend reduction | 42,140 | 55,444 | 55,444 | |||||||||
Funding Availability before Capital Requirements | $ | 987,108 | $ | 970,489 | $ | 593,704 | ||||||
Capital Requirements: | ||||||||||||
Financing requirements—maturing consolidated debt | $ | (5,049 | ) | $ | (177,043 | ) | $ | (478,943 | ) | |||
Assumed equity requirement to refinance maturing JV mortgage debt | 894 | (90,848 | ) | (34,330 | ) | |||||||
Net costs to complete in-process developments | (67,908 | ) | (39,005 | ) | (13,156 | ) | ||||||
$294 MM derivative settlement at 7/31/09 valuation | — | (11,500 | ) | (20,600 | ) | |||||||
Total Capital Requirements | $ | (72,063 | ) | $ | (318,395 | ) | $ | (547,029 | ) | |||
Total Capital Availability | $ | 915,045 | $ | 652,093 | $ | 46,675 | ||||||
Capital from a combination of the recent equity offering, dividend reduction and committed mortgage financing can fund all commitments through 2011