And we’re working on that. I’ll get that in a second. I think, generally, the team is very pleased with the increased levels of activity. Now part of that is the flight to quality construct, part of that is, I think, the tremendously talented leasing teams, we have worked on these projects in terms of generating new activity, I think part of it is also these buildings are finally getting old people can walk through them.So typically, as we’ve looked at the cycles in the past, if you don’t have a pre-lease in place by the time you start, most of the significant leasing activities occur as the building nears completion, and kind of 6 months after it’s completed. Because tenants unless it’s a pre-lease, again, they really do want to see what the lobby looks like the security desk, the turnstile, the elevator cabs, the window lines, all those things that are important to them in creating the value proposition in their minds, at least at a at a rental rate that’s higher than general market, given its new construction.So, I think, from that standpoint, the progression that we’ve seen through the pipeline in our Schuylkill Yards project has been very, very encouraging.
Again, I mentioned, 134 Hard Hat tours, the pipeline has grown significantly. So what we do is once we get a prospect and we do everything we can, including a meeting with their top C level executives dealing with their broker, providing them we have great virtual tours of all of our properties, some of our senior executives, including Tom and myself, reaching out to their top executives to get them enamored with doing a transaction becoming a member of the Brandywine family of tenants.We have very, very good in-house space planning people that can turn a space plan within a couple of days, very strong internal construction folks that can price out a plan much faster and a lot of our competition. So all the things that we can do to control the process to get them to lease the execution, I think, we’re doing everything we can.In today’s climate, tenants are just particularly the larger size tenants were talking to, are simply slower to pull the trigger on making a long-term large capital commitment for their organizations.
So to some degree, some of these companies are waiting for more visibility on how they view their business plan evolving over the next several years before they pull the trigger. So I don’t know if that answers your question. It’s a hard process because it’s not we can push a button and make a doughnut, we’ve got to get people across the finish line by giving them every element of their decision making process as quickly as we can, so they have the full range of information to make their decisions.The flip side is that, even on the life science market in Philadelphia, if you looked at that under construction or pre-development pipeline a year ago, the actual property is under construction, for delivery in 2023 and 2024 is much lower than it was when we looked at it back in 2021, and 2022.
So the universe of competitive product is lower, and the tenants in the market has remained about the same level, some of those tenants in the market put their requirements on hold, until they clear FDA approval, they get their financing lined up. So all the natural reasons they would make that decision. But for the most part that the supply demand balance on these projects seems pretty favorable to us in getting some of these prospects across the finish line and getting leases executed.Omotayo Okusanya That’s helpful. I think, just follow-up, Tom, in regards to the dividend, again, massive dividend yield today, when it comes to appears. Dive into just SAV [ph] payout close to 100%. I mean, how does one kind of think about the dividend going, but what exactly is the board wouldn’t really consider to think about what the appropriate dividend level is going forward.Thomas Wirth Yeah, I think the board will focus on a couple of very key data points.
One is how is the business plan progressing from an operating standpoint? And what visibility do we have on achieving our business plan? Number two, how is the financing and sales campaign going in terms of addressing both current and forward liquidity requirements. And then three, take a look at what their view is of overall capital market conditions, as we start to think ahead to 2024 and 2025 on financing needs. So again, one of those, the first one is fairly controllable from our management team; the second one, the proof will be in the pudding in terms of what we can deliver in terms of financing some of these joint ventures and getting some sale proceeds across the finish line; and the third is a macro question that certainly management the board will evaluate as we think about what the risk management position should be for the company.Omotayo Okusanya Thank you very much.Gerard Sweeney You’re welcome.Operator Thank you.
Our next question comes from [Dylan Brzezinski] [ph] with Green Street. Your line is open.Unidentified Analyst Good morning, guys. Thanks for taking the question. You mentioned reducing leverage as a possible use of capital, should you get some of these dispositions to the finish line? Just curious, how you guys are thinking about those leverage targets that you have in 2023 business plan, on a longer term time horizon? Is there any desire to sort of lower those?Gerard Sweeney Yeah, I think, I mean, our game plan is to get our leverage targets, our overall company leverage kind of in the range of where our core net debt to EBITDA number is in the low-60s. And certainly, as we look at it longer term, particularly some of these developments coming online, and hopefully, some recovery in the office market.
We continue to target getting below 6 times over the course of the next several years. Certainly, one of the immediate tools that we’re working on Dylan is, as I alluded to, and Tom touched on was exiting some of these joint ventures they tend to be more highly levered. So the debt attribution of over $400 million by reducing that, that added a very powerful deleveraging tool we have at our disposal, some of those joint ventures are coming to the end of their natural lifecycle with us, our ownership ranges from 15% to 50%.So we’re evaluating each and every one of those joint ventures that we have identified in the supplemental package as how they can become candidates for us to exit or reduce your ownership stake over the next several years, as a as a way for us to accelerate the de leveraging, even in a capital constrained marketplace.Unidentified Analyst That’s helpful.
Thanks. And then just staying on the dispositions. I think, last quarter, you had mentioned that you’re targeting cap rates anywhere from the highest sixes to low nines, obviously, depending on market, just given that you’re already in the market with several $100 million with the assets. Is that pricing guidance still relatively in line with expectations today?Gerard Sweeney Yeah, I think so. I mean, the one project we’re moving forward with this, the next one is the sales, the sub-7 cap rate, which is kind of where we thought it might be. The other one is kind of in the 9% range. But it’s 9% based upon kind of leases in place, not necessarily reflecting what we think might roll out of the portfolio. So, we do think that pricing levels are consistent with what our expectation was, look, I was frankly, hoping for better pricing across the board, but it’s not there today.
