Westwood Announces First Quarter 2021 Results

Westwood Announces First Quarter 2021 Results

Westwood Financial, a leading retail real estate investment firm, announced updates today on its financial and operational results for the three months ended March 31, 2021, which included:

  • Same-property Q1 2021 compared to Q1 2020 revenue and NOI was +1.6% and +3.2% on a GAAP basis, respectively
  • Executed 18 new leases totaling 39,000 square feet in Q1 2021
  • Executed 33 renewals totaling 222,000 square feet in Q1 2021; renewal spreads are +3.8%
  • Q1 2021 ending total leased percent is 93.3% compared to 93.4% for the same quarter end 2020
  • Q1 2021 ending total inline leased percent is 87.9% compared to 88.7% for the same quarter end 2020
  • Q1 2021 ending total occupancy percent is 91.5% compared to 92.3% for the same quarter end 2020
  • Collected 98% of billed rents and 93% of billed deferred rents during Q1 2021 and 95% of billed deferred rents since payback period began, which started in September 2020

Mark Bratt, Chief Executive Officer, commented, “I am pleased with our Q1 2021 results as it shows that our grocery -anchored portfolio continues to remain strong and resilient. Our leasing statistics are nearly at pre-pandemic levels and we continue to achieve above expectations on our base rent collections and deferred rent collections.” Westwood acquired two Publix anchored centers in the first quarter for $35 million – Fountains West and Prosperity Village. Fountains West, located in Orlando, Florida is 65,100 square feet and 100% leased; notable tenants include Publix, State Farm, and Subway. Prosperity Village, located in Charlotte, North Carolina is 72,700 square feet and 99% leased; notable tenants include Publix, Jersey Mikes, and Pet People. Mr. Bratt believes “these two acquisitions illustrate not only our continued confidence in the Southeast, but also our strategic focus on buying only the highest quality grocery-anchored centers.” Westwood also sold one non-strategic asset in Charlotte during the first quarter. Mr. Bratt stated that the Firm “continues to be committed to generating attractive total investor returns as we exit this unprecedented environment. We are driven to operate as effectively and efficiently as possible, with a clear focus on growing net asset value and being opportunistic in acquisitions to bring the best return for our investors.”