Exhibit 99.3
Capital Availability
Assumes no property sales, new investments or additional cash flow
(as of January 31, 2012)
($ thousands) | ||||||||||||
2012 | 2013 | 2014 | ||||||||||
Capital Sources: | ||||||||||||
Unsecured line of credit commitments | $ | 600,000 | $ | — | $ | — | ||||||
Term loan capacity | 250,000 | $ | — | $ | — | |||||||
Outstanding line balance—1/31/12 | (95,000 | ) | — | — | ||||||||
Outstanding term loan balance—1/31/12 | (150,000 | ) | — | — | ||||||||
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Line and term loan availability | 605,000 | 512,266 | 459,692 | |||||||||
Cash balance—1/31/12 (1) | 21,595 | — | — | |||||||||
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Funding Availability before Capital Requirements | 626,595 | 512,266 | 459,692 | |||||||||
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Capital Requirements: | ||||||||||||
Financing requirements—maturing consolidated debt | — | (16,330 | ) | (178,519 | ) | |||||||
Assumed equity requirement to refinance maturing JV mortgage debt | (44,585 | ) | — | — | ||||||||
Costs to complete in-process developments and redevelopments(2) | (65,276 | ) | (31,776 | ) | (3,086 | ) | ||||||
Other required capital expenditures(3) | (4,468 | ) | (4,468 | ) | (4,468 | ) | ||||||
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Total Capital Requirements | (114,329 | ) | (52,574 | ) | (186,073 | ) | ||||||
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Total Capital Availability | $ | 512,266 | $ | 459,692 | $ | 273,618 | ||||||
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(1) | Including our pro rata share of co-investment partnerships |
(2) | Net of tenant reimbursements, but exclusive of out parcel proceeds |
(3) | $0.15 psf on portfolio GLA, including our pro rata share of co-investment partnerships |