EXHIBIT 99.3

Trammell Crow Company

Balance Sheet

(in thousands)

	September 30, 2006			December 31, 2005
	(UNAUDITED)			(A)
Assets:
Current assets
Cash and cash equivalents	$	70,523		$	76,919
Restricted cash	3,024			1,416
Accounts receivable, net of allowance for doubtful accounts	143,477			127,784
Receivables from affiliates	2,915			2,146
Notes and other receivables	27,871			15,922
Deferred income taxes	3,855			3,935
Real estate under development (B)	98,684			120,697
Real estate and other assets held for sale (C)	144,171			55,434
Marketable securities	1,356			542
Other current assets	29,903			26,870
Total current assets	525,779			431,665
Furniture and equipment, net	20,386			19,787
Deferred income taxes	12,175			16,270
Real estate under development (B)	162,640			106,659
Real estate held for investment (B)	116,208			76,145
Investments in unconsolidated subsidiaries (D)	207,230			175,411
Goodwill	75,246			75,239
Receivables from affiliates	7,227			7,458
Marketable securities	18,719			18,089
Other assets	30,774			21,444
	$	1,176,384		$	948,167
Liabilities and Stockholders’ Equity:
Current liabilities
Accounts payable	$	36,840		$	31,698
Accrued expenses	147,141			155,294
Income taxes payable	6,551			16,313
Current portion of long-term debt	21			1,302
Current portion of notes payable on real estate	134,418			122,932
Liabilities related to real estate and other assets held for sale (E)	120,455			40,916
Other current liabilities	8,542			5,842
Total current liabilities	453,968			374,297
Notes payable - other	140,126			35,034
Notes payable on real estate, less current portion	115,857			94,389
Other liabilities	18,671			13,448
Total liabilities	728,622			517,168
Minority interest	37,144			29,528
Stockholders’ equity
Preferred stock	—			—
Common stock	379			379
Paid-in capital	182,761			205,084
Retained earnings	265,666			240,887
Accumulated other comprehensive income	4,927			1,713
Less: Treasury stock	(43,115		)	(32,776		)
Unearned stock compensation, net	—			(13,816		)
Total stockholders’ equity	410,618			401,471
	$	1,176,384		$	948,167

(A) In accordance with FAS 144, certain assets and liabilities at December 31, 2005, have been reclassified to conform to the presentation at September 30, 2006.

(B) Total real estate owned was $518,952 and $357,613 at September 30, 2006 and December 31, 2005, respectively.

(C) Real estate and other assets held for sale consist of the following:

	September 30, 2006		December 31, 2005
Real estate(B)	$	141,420	$	54,112
Other assets	2,751		1,322
	$	144,171	$	55,434

(D) Investments in unconsolidated subsidiaries consist of the following:

	September 30, 2006		December 31, 2005
Real estate development	$	63,539	$	44,496
Other	143,691		130,915
	$	207,230	$	175,411

(E) Liabilities related to real estate and other assets held for sale consist of the following:

	September 30, 2006		December 31, 2005
Notes payable on real estate	$	114,140	$	38,837
Other liabilities	6,315		2,079
	$	120,455	$	40,916