Exhibit 99.3
Capital Availability
Assumes no property sales, new investments or additional cash flow
(as of November 2, 2011)
($ thousands) | ||||||||||||||||
2011 | 2012 | 2013 | 2014 | |||||||||||||
Capital Sources: | ||||||||||||||||
Line commitments(1) | $ | 850,000 | $ | — | $ | — | $ | — | ||||||||
Outstanding line balance - 11/2/11 | (50,000 | ) | — | — | — | |||||||||||
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Line Availability | 800,000 | 772,322 | 500,882 | 461,621 | ||||||||||||
Cash balance - 11/2/11(2) | 17,730 | — | — | — | ||||||||||||
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Funding Availability before Capital Requirements | 817,730 | 772,322 | 500,882 | 461,621 | ||||||||||||
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Capital Requirements: | ||||||||||||||||
Financing requirements - maturing consolidated debt | (19,997 | ) | (192,367 | ) | (17,822 | ) | (173,520 | ) | ||||||||
Assumed equity requirement to refinance maturing JV mortgage debt | — | (42,410 | ) | — | — | |||||||||||
Costs to complete in-process developments and redevelopments(3) | (20,919 | ) | (32,172 | ) | (16,947 | ) | (20,952 | ) | ||||||||
Other required capital expenditures(4) | (4,491 | ) | (4,491 | ) | (4,491 | ) | (4,491 | ) | ||||||||
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Total Capital Requirements | (45,408 | ) | (271,440 | ) | (39,261 | ) | (198,963 | ) | ||||||||
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Total Capital Availability | $ | 772,322 | $ | 500,882 | $ | 461,621 | $ | 262,658 | ||||||||
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(1) | Includes $250 million Term Loan expected to close in November 2011 |
(2) | Including our pro rata share of co-investment partnerships |
(3) | Net of tenant reimbursements, but exclusive of out parcel proceeds |
(4) | $0.15 psf on portfolio GLA, including our pro rata share of co-investment partnerships |