Days Cash on Hand for REITs

Not in the RE sector, but trying to do a quick Days Cash on Hand calculation for a Real Estate Developer. What would be included in OpEx for this purpose?

I’d assume it’s OpEx + G&A - D&A, but how do I account for expected CapEx for the development of new Real Estate assets?

The company is in the business of developing and managing Real Estate assets and has ample Cash on Hand due to a recent capital raise. A lot of the proceeds from the capital raise will go towards new RE developments, but the cash is unrestricted right now, hence my Days Cash on Hand is incredibly high and feels overstated. Any help is appreciated

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