EXHIBIT 99.3

Balance Sheet Capacity—Downside Analysis

(assumes no refinancing of maturing consolidated debt, no property sales and no cashflow)

as of September 30, 2008

Line of Credit Availability:	Q4-08			2009			2010
Line Commitments Combined	$	715,388
Outstanding Line Balance	$	(70,000	)
Funding Availability before Commitments	$	645,388		$	373,938		$	381,411
Net Availability After Commitments
Unsecured Bond Debt Maturities	$	—		$	(50,000	)	$	(160,000	)
Secured Mortgage Loan Maturities	$	—		$	(8,527	)	$	(16,961	)
OEF Qualifying Sales				$	66,000		$	—
JV Capital Requirement to Refinance Debt after assumed refinancing	$	—		$	—		$	(34,029	)
Net costs to Complete In Process Developments (expend thru 2012)	$	(241,450	)
Projected 4Q 2008 Development Starts	$	(30,000	)	$	—		$	—
	$	(271,450	)	$	7,473		$	(210,990	)
Net Line of Credit Availability After Commitments	$	373,938		$	381,411		$	170,421