LOS ANGELES, CA – Westwood Financial, a leading commercial retail real estate investment firm, announced updates today on its financial and operational results for the three months ended June 30, 2023, which included:
Second Quarter 2023 Highlights
- Same-Store Q2 2023 vs Q2 2022 GAAP NOI increased by 2.9%
- Executed 26 new leases totaling 119,000 square feet and 41 renewals totaling 200,000 square feet
- Achieved total leased percent of 97.5% vs. 96.3% same quarter end 2022 (+120 bps)
- Achieved an inline shop leased percent of 94.7% vs. 92.8% same quarter end 2022 (+190 bps)
- Achieved a total occupancy percent of 93.9% vs. 93.4% same quarter end 2022 (+50 bps)
- Renewal rent spreads were 9.5%
“Westwood continues to execute in both operational and transactional efficiency, evident in our results through the second quarter of 2023. Throughout the portfolio, our assets continue to perform at strong levels, driving home strong financial performance metrics to the Company’s bottom line and delivering consistent returns to our investors. Westwood was also very active from a transactional perspective, executing on three dispositions that will provide the company with deployable capital and allow us to take advantage of tax-deferred benefits from acquisitions in future quarters,” stated Mark Bratt, Chief Executive Officer. “The exceptional location, value, and resilience of the assets within Westwood’s portfolio have continued to exceed our expectations despite the current challenges in both the capital and consumer markets. However, through our recent dispositions, Westwood has retained capital that can be utilized to quickly execute and fund future acquisitions that are accretive to the portfolio and will continue to remain diligent throughout the process.”
In looking at the remainder of 2023, Westwood is prepared to launch its all-new investor portal by the mid-third quarter. The portal will enhance the Company’s communication, reporting, and capital-raising initiatives, allowing investors to quickly access important updates and documents, as well as receive notifications regarding new investment offerings and opportunities. “We are excited about the launch of the new investor portal as it will serve as a critical tool for the Company and a vital resource for investors to access information more quickly and securely,” said Mr. Bratt. In addition, the Company is still aiming to achieve another milestone which is the launch of a new, value-add fund opportunity for both new and existing investors. “The value-add fund is a new investment opportunity that will add an additional layer of diversification and exposure for both prospective and current investors interested in the commercial retail sector. Given our exceptional track record and experience in the space, we are excited about the pipeline of opportunities the value-add fund will provide and look forward to generating continued excellence in performance for years to come,” concluded Mr. Bratt. The value-add fund is expected to be launched by the beginning of 2024.
About Westwood Financial
Westwood Financial owns, manages, and operates over 125 high-quality shopping centers in top U.S. metropolitan markets, including Atlanta, Charlotte, Dallas, Denver, Los Angeles, Orlando, Phoenix, and Raleigh. Top-tier grocers and leading service and experiential-based operators primarily anchor the centers. Established in 1970 by Howard Banchik and Steven Fogel, Westwood Financial is headquartered in Los Angeles, with regional offices in Atlanta, Dallas, and Phoenix.