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, 2022, which included:
- Same-Store 2022 vs 2021 GAAP Revenue and NOI were up +5.5% and +6.3%, respectively
- Executed 24 new leases totaling 62,000 square feet and 45 renewals totaling 110,000 square feet
- Achieved total leased percent of 96.3% vs 93.5% same quarter end 2021 (+280 bps)
- Achieved an inline shop leased percent of 92.8% vs 88.2% same quarter end 2021 (+460 bps)
- Achieved a total occupancy percent of 93.4% vs 92.1% same quarter end 2021 (+130 bps)
- Comparable new rent spreads were 9.8%; renewal rent spreads were 12.8%
- Acquired one property for the HILGARD STNL Fund
“The Westwood team continues to deliver remarkable results in the second quarter through superior leasing and strong income growth throughout our portfolio,” stated Mark Bratt, Chief Executive Officer. “These are the highest leasing statistics in the Firm’s history along with achieving excellent same-store NOI growth of 6.3% year-over-year.” Given the recent volatility in the bond markets and the market sentiment of a recession on the horizon, Mr. Bratt comments that “Westwood is in a great position with a strong balance sheet that will enable us to take advantage of many opportunities over the next few quarters.” Furthermore, Mr. Bratt adds that Westwood “is well insulated in this environment given that the majority of the Firm’s debt remains fixed at sub-4% over the next 4 years.”
The Company closed one single tenant net lease property for Hilgard (Dollar General) and put another four properties under contract which should close in the third quarter.
Mr. Bratt continued, “while macro-economic pressures persist, Westwood’s grocery-anchored portfolio remains resilient. We head into the second half of 2022 with cautious optimism and are focused on not only operating effectively and efficiently, but also only acquiring properties that meet our long term financial and return expectations.”
About Westwood Financial
Westwood Financial owns, manages, and operates over 119 high-quality shopping centers located in top U.S. metropolitan markets including Atlanta, Charlotte, Dallas, Denver, Jacksonville, Los Angeles, Orlando, Phoenix, and Raleigh. 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.