Thomas E. Wirth
Executive VP & CFO at Brandywine Realty Trust
Longer term, as we complete the recent development cycle and experience higher net operating income, our CAD ratio should decrease significantly throughout 2026. Looking at the larger capital uses, for the balance of the year, we have development spend totaling 35,000,000, which includes 155 King Of Prussia Road, 2 50 King Of Prussia Road, and we recently and the and the recently announced food hall at 1 Drexel Plaza. We have $80,000,000 of common dividends, $20,000,000 of revenue maintained capital, $20,000,000 of revenue create capital, and 20,000,000 of equity contributions to fund the recently signed tenant leases and our joint venture developments. The funding sources are $95,000,000 of cash flow after interest payments, 55,000,000 of speculative asset and land sales, and 5,000,000 in construction loan proceeds from 155 King of Prussia. Based on the capital plan above, we anticipate using an incremental $25,000,000 of net cash during the balance of the year with a $61,000,000 outstanding balance on our $600,000,000 line of credit.