Westwood Financial Announces Second Quarter 2021 Results

Westwood Financial Announces Second Quarter 2021 Results

LOS ANGELES, CA Westwood Financial, a leading retail real estate investment firm, announced updates today on its financial and operational results for the three months ended June 30, 2021, which included:

  • Same-property Q2 2021 compared to Q2 2020 revenue and NOI was +7.5% and +7.9% on a GAAP basis, respectively
  • Executed 19 new leases totaling 36,000 square feet in Q2 2021
  • Executed 37 renewals totaling 85,000 square feet in Q2 2021; renewal spreads are +1.7%
  • Q2 2021 ending total leased rate is 93.5% compared to 92.9% for the same quarter end 2020
  • Q2 2021 ending total inline leased rate is 88.2% compared to 87.8% for the same quarter end 2020
  • Q2 2021 ending total occupancy rate is 92.1% compared to 92.0% for the same quarter end 2020
  • Collected 98% of billed rents and 87% of billed deferred rents during Q2 2021 and 94% of billed deferred rents since payback period began, which started in September 2020

Mark Bratt, Chief Executive Officer, commented, “Our Q2 2021 results show that our grocery-anchored portfolio continues to remain strong and resilient. Our leasing statistics are at pre-pandemic levels and we are seeing strong leasing velocity; furthermore, we’ve continued to achieve above expectations on our deferred rent collections.” As the transactions environment becomes more competitive, Westwood remains focused on quality, grocery anchored centers in the Southeast. In mid-August, Westwood is anticipating closing on a disposition of a non-strategic asset in the Atlanta MSA. Mr. Bratt stated that he is “confident that 2021 will be a strong year for us as the first half of the year has reaffirmed our belief in our grocery anchored platform and long-term strategy. The executive team and I are committed to generating attractive total investor returns as we exit this unprecedented environment.”

About Westwood Financial

Westwood Financial owns over 70 community shopping centers, primarily anchored by top-tier grocers and service and experiential-based tenants across major U.S. markets including Dallas, Phoenix, Atlanta, Los Angeles, and Charlotte. Established in 1970, Westwood Financial is headquartered in Los Angeles, with regional offices in Dallas, Atlanta, and Scottsdale.