EX-99.3 4 dex993.htm CAPITAL AVAILABILITY Capital Availability

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