WESTWOOD FINANCIAL ANNOUNCES FULL YEAR 2021 RESULTS

News provided by

Westwood Financial

Mar 08, 2022, 17:00 ET

LOS ANGELES, March 8, 2022 /PRNewswire/ -- Westwood Financial, a leading retail real estate investment firm, announced updates today on its financial and operational results for the twelve months ended December 31, 2021, which included:

  • Same-Store 2021 vs 2020 GAAP Revenue and NOI was +4.8% and +2.9%, respectively
  • Executed 79 new leases totaling 165,000 square feet in full year 2021; new leasing spreads are 5.0% on a comparable basis
  • Executed 138 renewals totaling 561,000 square feet in full year 2021; renewal spreads are 4.0%
  • Achieved year-end 2021 total leased percent of 94.9% vs 92.9% as of year-end 2020 (+200 bps)
  • Achieved year-end 2021 inline leased percent of 90.5% vs 87.2% as of year-end 2020 (+330 bps)
  • Amended and extended the terms of its existing $155 million unsecured revolving credit facility, including: increased $60M of commitments to the facility of which $40M is structured as a term loan

Mark Bratt, Chief Executive Officer, commented, "2021 was an exceptional year for Westwood Financial – not only did we achieve record breaking leasing results, but we also conceived and executed on the first fund in Westwood's history, the Hilgard Single Tenant Net Lease Fund. The fund opened in July and acquired 11 properties for $28M by the end of the year." Westwood stayed active on transactions, closing 2 centers for $35M in early 2021 (two Publix anchored centers in Orlando and Charlotte), selling 4 centers for $51M, and putting 2 centers under contract for $37M (one Publix anchored center in Macon, and one Lidl anchored center in Atlanta).

Mr. Bratt continued, "Westwood's grocery-anchored portfolio withstood the economic impact from the pandemic with impressive resilience. The results highlight the stability of our portfolio. Its outstanding performance is attributable to the quality of our assets, the determination of our tenants, and the hard work and dedication of our employees. We are driven to operate as effectively and efficiently as possible. Westwood has a clear focus on growing net asset value and being opportunistic in acquisitions to generate excellent returns for our investors, while providing a dynamic and rewarding culture for our employees."

About Westwood Financial

Westwood Financial owns and operates over 119 high-quality shopping centers located in top U.S. metropolitan markets including Dallas, Phoenix, Atlanta, Los Angeles, Raleigh, Denver, and Charlotte. The centers are primarily anchored by top-tier grocers as well as leading service and experiential-based operators. Established in 1970, Westwood Financial is headquartered in Los Angeles, with regional offices in Dallas, Atlanta, and Scottsdale. More information is available at www.westfin.com. 

Contact:

Miki Antunovich
Vice President – Investor Relations, Tax, Treasury
[email protected]

SOURCE Westwood Financial

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