Exhibit 99.3
Capital Availability
Assumes no property sales, no additional cash flow, no additional consolidated refinancings
as of October 29, 2009
($ thousands) | ||||||||||||
2009 | 2010 | 2011 | ||||||||||
Capital Sources: | ||||||||||||
Line commitments combined | $ | 713,833 | $ | — | $ | — | ||||||
Outstanding line balance - 10/29/09 | $ | — | $ | — | $ | — | ||||||
Line maturity - 2/11/11 | — | — | (113,833 | ) | ||||||||
Line Availability | $ | 713,833 | $ | 949,368 | $ | 545,906 | ||||||
Cash balance | $ | 254,262 | $ | — | $ | — | ||||||
Funding Availability before Capital Requirements | $ | 968,095 | $ | 949,368 | $ | 545,906 | ||||||
Capital Requirements: | ||||||||||||
Financing requirements - maturing consolidated debt | $ | — | $ | (157,504 | ) | $ | (432,429 | ) | ||||
Assumed equity requirement to refinance maturing JV mortgage debt | — | (90,848 | ) | (34,330 | ) | |||||||
Net costs to complete in-process developments | (18,727 | ) | (27,398 | ) | (4,260 | ) | ||||||
$294 MM derivative settlement at 10/29/09 valuation | — | (13,879 | ) | (25,157 | ) | |||||||
Total Capital Requirements | $ | (18,727 | ) | $ | (289,629 | ) | $ | (496,176 | ) | |||
Total Capital Availability | $ | 949,368 | $ | 659,739 | $ | 49,730 | ||||||