Westwood Financial Announces First Quarter 2020 Results

News provided by

Westwood Financial

Jun 02, 2020, 11:00 ET

LOS ANGELES, June 2, 2020 /PRNewswire/ -- Westwood Financial, a leading retail real estate investment firm, announced updates today on its results for the first quarter of 2020, which included:

  • Executed 16 new leases totaling 39,000 square feet, an 85% increase over the same period in 2019
  • Executed 46 renewals totaling 147,000 square feet
  • Increased small shop leased rate by 0.30% since March 31, 2019, compared to an industry average of -1.03%
  • Increased free cash flow by 42% from the comparable period in 2019, primarily driven by a reduction in general and administrative expenses, interest expense, and capital expenditures
  • Collected 77% of billed rents during the month of April 2020, compared to an industry average of approximately 60% during the comparable period
  • Maintained available liquidity of approximately $55 million, including available cash and line of credit availability, and the Company remained in compliance with all corporate debt covenants as of April 30, 2020
  • Distributed $0.105/unit, paid March 1, 2020, a 3.0% increase from the comparable period in 2019; however, due to the COVID-19 related impact, the quarterly distribution has been suspended for the period ending March 31, 2020, and payable May 15, 2020; future distribution payments are under review by the Board of Directors as a result of the impact of COVID-19

Mark Bratt, Chief Executive Officer, commented, "While the impact of COVID-19 is significant for the retail real estate business, the resilience of our portfolio and the quality of our platform was evident in our sector-leading collections rate in April, and our increase in small-shop leasing relative to the prior year.  While the environment remains challenging, we are acutely focused on keeping our employees healthy, supporting our tenants, enhancing communication with our equity and debt partners, reinstating the distribution, and taking advantage of distressed opportunities in a post-COVID world."

About Westwood Financial
Westwood Financial owns over 70 community shopping centers, primarily anchored by top-tier grocers and service and experience-based tenants across major U.S. markets including Dallas, Phoenix, Atlanta, Los Angeles, and Charlotte. Established in 1970 and rolled up in 2016, Westwood Financial is headquartered in Los Angeles, with regional offices in Dallas, Atlanta, and Scottsdale. More information is available at www.westfin.com.  

CONTACT: Volker Schramm, [email protected]

SOURCE Westwood Financial

Related Links

http://www.westfin.com

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