Westwood Financial Announces Third Quarter 2020 Results

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Westwood Financial

Dec 02, 2020, 14:28 ET

LOS ANGELES, Dec 2, 2020 /PRNewswire/ -- Westwood Financial, a leading retail real estate investment firm, announced updates today on its financial and operational results for the three months and nine months ended September 30, 2020, which included:

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  • Same-Store Q3 2020 vs Q3 2019 NOI was -3% on a GAAP basis, compared to an industry average of -13%
  • Same-Store year-over-year occupancy as of September 30th declined 130bps, compared to an industry average decline of 155bps
  • Executed 12 new leases totaling 24,000 square feet in Q3 2020; new leasing spreads are +7.9% on a comparable basis
  • Executed 57 renewals totaling 114,000 square feet at a flat renewal spread in Q3 2020; year-to-date renewal spreads are 4.2%
  • Q3 2020 total leased percent is 92.0% (vs 93.6% in Q3 2019), inline leased percent is 85.9% (vs 88.7% in Q3 2019)
  • Collected 93% of billed rents during Q3 2020, compared to an industry average of approximately 86% during the comparable period
  • Collected 76% of billed deferred rents during Q3 2020
  • Projecting full year 2020 NOI and EBITDA decline of 5% and 3%, respectively, versus 2019; FFO to remain flat primarily driven by savings in general & administrative of 18% and lower interest expense

Mark Bratt, Chief Executive Officer, commented, "As we approach the tenth month of the COVID-19 pandemic, Westwood has produced an industry-leading cash rent collections rate, spearheaded a number of initiatives to assist our tenants with the ongoing crisis, and reinstated a significant quarterly distribution that reinforces Westwood's commitment to generating attractive total shareholder returns, despite the uncertain environment. We also expect to close two sales at attractive pricing in the Midwest in Q4 and to reinvest the capital in grocery anchored centers in the Southeast, the Southwest, and the West."

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

SOURCE Westwood Financial

Related Links

westfin.com

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