But the reality is, is that the pricing levels that we are getting clarity on are very much in line with what we view to be the net present value to us of holding those assets. And as long as that connection point is made between offer price, and internal NPV, I think, we view that as a tradable asset for us.Unidentified Analyst Great. Thanks for the color. I appreciate it.Gerard Sweeney Thank you.Operator Thank you. Our next question comes from Steve Sakwa with Evercore ISI. Your line is open.Steve Sakwa Yeah, thanks. Jerry, I just wanted to know if you could provide a little more color on the Austin leasing pipeline for the office building and I’m just trying to think through like the timing of those leases, to the extent that they get executed.
And the reason I’m asking is, at some point these projects are going to deliver, you can only capitalize interest for so long before you have to start recognizing the income and maybe putting further pressure on the payout ratio or coverage ratio, which then kind of speaks to the dividend. So just trying to sort of get a sense for the timing and the size of some of these tenants, and when a lease realistically could get signed and how that might affect the yield, the timing, the CAD ratios, as we think about 2024?Gerard Sweeney Yeah, great question, Steve. Look, it’s certainly a point that we are very critically focused on, the pipeline that we’re projecting that will start to generate some revenue out of Uptown ATX in the second half of 2024.
That obviously, is going to be conditioned upon getting some of these prospects across the finish line. The project deliver on the second half of this year, so well, essentially about 12 months of capitalized interest to make sure that we insulate ourselves from that downside risk. But that will clearly be a pressure point and a point of consideration as we look at our at our revenue numbers going forward.And as you know, I mean, Austin is while it has great, great long-term growth potential. In fact, you know, even as of today, with the marketplace being slow, there’s 64 new prospects, looking at the Austin marketplace, as either a regional or headquarters relocation. There’s about 14 new tenants to the market that are over 50,000 square feet, and about seven over 100,000 square feet.
So the forward pipeline looks good. We’re just kind of all meandering our way through, what’s been a major pullback, like some of the tech companies increased in some sublease space. And our team is very, very much focused on, how we can get some of these smaller tenants across the finish line, rather than waiting for one of the larger tenants to make a decision on what they want to do. I don’t know if that answers your question totally quantitatively, but I think somatically that’s the direction we’re moving.Steve Sakwa So Jerry, I guess just maybe not to beat a dead horse here. But on the pipeline, are they mostly existing, I guess, Austin tenants that kind of have natural lease explorations and they need to make a decision? Or these more kind of new to market tenants where maybe they don’t have to make a decision, just trying to get a sense for the ability to get things over the finish line versus things to continue to get delayed.Gerard Sweeney Yeah, I mean, of those prospects I mentioned, they’re kind of 30,000 to 60,000 square feet.
They’re all existing tenants in the market with lease expiration, that kind of role is that timeline mentioned.Steve Sakwa Right. And then, I guess, just looking at the change in occupancy, I think there was definitely more weakness in kind of Radnor, Conshohocken this quarter, just sequentially, in terms of the occupancy declined at anything specific there to note and I guess potential backfill opportunities on some of those.George Johnstone Sure, sure. Steve. Good morning. Yeah, it was really more Plymouth Meeting, where we had to kind of 20,000 square foot tenants vacate. In Radnor, we did get one 12,000 square foot space back that we’ve already got two proposals issued to so the Radnor inventory is in great shape and not really have a concern when we get one back.
But and then, yeah, to your point, we had some additional move outs in Conshohocken. 18,000 square foot or was the largest. And we’ve already got pipeline looking at that space.Steve Sakwa Great. Thank you.Gerard Sweeney Thank you, Steve.Operator Thank you. There are no further questions. I’d like to turn the call back over to Jerry Sweeney for closing remarks.Gerard Sweeney Thank you all very much for participating in our earnings call. We look forward to updating you on our 2023 business plan progression on our next earnings call. Thank you very much.Operator Thank you. This concludes today’s conference call. Thank you for participating and you may now disconnect.
