EX-99.3 4 dex993.htm CAPITAL AVAILIBILITY POSTED ON ITS WEBSITE Capital availibility posted on its website

Exhibit 99.3

Capital Availability

Assumes no property sales, no additional cash flow, no additional consolidated refinancings

(as of February 2, 2010)

 

($ thousands)                   
     2010     2011     2012  

Capital Sources:

       

Line commitments combined

    $ 713,833      $ —        $ —     

Outstanding line balance - 2/2/10

      —          —          —     

Line maturity - 2/11/11 & 2/11/12

      —          (113,833 )      (600,000 ) 

Refinance of 2/11/12 line expiration

      —          —          600,000   
        

Line Availability

      713,833        555,092        270,341   

Cash balance - 2/2/10

      100,239        —          —     

Forward equity offering (net of costs)

      235,000        —          —     
        

Funding Availability before Capital Requirements

      1,049,072        555,092        270,341   
        

Capital Requirements:

       

Financing requirements - maturing consolidated debt

      (168,984 )      (205,754 )      (250,000 ) 

Assumed equity requirement to refinance maturing JV mortgage debt

      (146,181 )      (54,180 )      (6,066 ) 

Net costs to complete in-process developments

      (53,982 )      (6,817 )      4,873   

Derivative settlement

      (11,000 )      (18,000 )      —     
        

Total Capital Requirements

      (380,147 )      (284,751 )      (251,193 ) 
        

Total Capital Availability

    $ 668,925      $ 270,341      $ 19,148