...October 19, 2023 In the difficult property market, Icade's office asset sales will likely take longer than we forecast in March 2023, slowing investments. We now assume asset sales for about 100 million-200 million in 2023, and 350 million-450 million during 2024-2025, versus our previous forecast of 700 million-750 million per year in 2023-2024, and 500 million-550 million in 2025. We understand Icade would reduce investments over the coming 24 months in the current context, thereby keeping leverage consistent with our threshold: S&P Global Ratings-adjusted debt to debt plus equity of 35%. We now assume acquisitions of up to 100 million in 2023, and up to 300 million during 2024-2025, rather than our previous forecast of 350 million in 2023, 600 million-650 million in 2024, and 150 million-200 million in 2025. We also expect annual capital expenditure (capex), including maintenance, of 250 million-300 million over 2023-2025, compared to our previous assumption of 350 million-400 million...
