EX-99.3 4 dex993.htm COMMITMENT ANALYSIS Commitment analysis

EXHIBIT 99.3

Balance Sheet Capacity

(assumes no property sales and no cash flow)

as of January 31, 2009

($ thousands)

 

     2009     2010     2011  

Line of Credit Availability:

       

Line Commitments Combined

    $ 715,388     $ —       $ —    

Outstanding Line Balance—1/31/09

      (85,000 )     —         —    
                        

Funding Availability before Commitments

    $ 630,388     $ 547,973       375,890  
                        

Commitments:

       

Financing requirements—maturing consolidated debt

    $ (58,077 )   $ (177,043 )   $ (478,943 )

Assumed JV equity requirement to refinance maturing mortgage debt

      (3,415 )     (47,075 )     (41,985 )

Net costs to Complete In Process Developments

      (79,000 )     (93,508 )     (13,696 )

$400 MM derivative settlement at 1-31-09 valuation

      —         (31,500 )     (31,500 )
                        

Total Commitments

    $ (140,492 )   $ (349,126 )   $ (566,124 )
                        

Net Line Availability before Refinancing of Maturing Debt

    $ 489,896     $ 198,847       (190,234 )
                        

Assumed new financings to repay maturing debt

    $ 58,077     $ 177,043     $ 478,943  
                        

Line Availability after Refinancing of Maturing Debt

    $ 547,973     $ 375,890     $ 288,709  
                        

$3 billion of unencumbered assets, or $1.7 billion of proceeds, is more than adequate capacity to replace all maturing debt through 2011