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 August 2, 2010)

 

($ thousands)                   
     2010     2011     2012  

Capital Sources:

       

Line commitments combined

    $ 713,833      $ —        $ —     

Outstanding line balance – 8/2/10

      —          —          —     

Line maturity – 2/11/11 & 2/11/12 (1)

      —          (113,833 )      —     
                        

Line Availability

      713,833        703,664        398,824   

Cash balance – 8/2/10

      86,600        —          —     

Forward equity offering (net of costs)

      225,000        —          —     
                        

Funding Availability before Capital Requirements

      1,025,433        703,664        398,824   
                        

Capital Requirements:

       

Financing requirements – maturing consolidated debt

      (147,846 )      (209,132 )      (250,000 ) 

Assumed equity requirement to refinance maturing JV mortgage debt

      (17,294 )      (52,713 )      (5,889 ) 

Costs to complete in-process developments (2)

      (42,796 )      (17,995 )      (4,322 ) 

Derivative settlement

      —          (25,000 )      —     
                        

Total Capital Requirements

      (207,936 )      (304,840 )      (260,211 ) 
                        

Total Capital Availability

    $ 817,497      $ 398,824      $ 138,613   
                        
(1) Assumes $600 million refinance of 2/11/12 line expiration
(2) Net of tenant reimbursements, but exclusive of out parcel proceeds