THE ANGELS, August 12, 2022 /PRNewswire/ — Westwood Financial, a leading retail real estate investment firm, today announced updates on its financial and operating results for the three months ended. June 30, 2022which included:
Same-Store 2022 vs 2021 GAAP Revenue and NOI increased +5.5% and +6.3%, respectively. 24 new leases totaling 62,000 square feet and 45 renewals totaling 110,000 square feet were executed. Achieved the total rents achieved at the end of 92% of 92% of 92% of 53% of the same quarter. (+280 bps) Achieved online store occupancy of 92.8% vs. 88.2% at the end of the same quarter in 2021 (+460 bps) Achieved occupancy total of 93.4% compared to 92.1% at the end of the same quarter of 2021 (+130 bp) New comparable rental spreads were 9.8%; renewal rental differentials were 12.8% Acquire a property for the HILGARD STNL fund
Westwood continues to deliver remarkable results in the second quarter thanks to superior leasing and strong revenue growth
“The Westwood The team continues to deliver remarkable results in the second quarter through superior leasing and strong revenue growth across our portfolio,” he said. Mark Bratt, CEO. “These are the highest leasing statistics in the company’s history along with the achievement of excellent same-store NOI growth of 6.3% year-over-year.” Given the recent volatility in bond markets and 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 allow us to take advantage of many opportunities in the coming quarters.” Additionally, Mr. Bratt adds that Westwood “is well insulated in this environment given that most of the company’s debt remains pegged below 4% over the next 4 years.”
The company closed on one net lessee property for Hilgard (Dollar General) and put four other properties under contract that should close in the third quarter.
Bratt continued, “while macroeconomic pressures persist, of Westwood The grocery-anchored portfolio remains resilient. We head into the second half of 2022 with cautious optimism and are focused not only on operating effectively and efficiently, but also on acquiring properties that meet our long-term profitability and financial expectations.”
About Westwood Financial
Westwood Financial owns, manages and operates more than 119 high-quality shopping centers located in major U.S. metropolitan markets, including Atlanta, Charlotte, Dallas, Denver, Jacksonville, Los Angeles, Orlando, phoenixi Raleigh. The centers are primarily anchored by premium grocers, as well as service and experience-based operators. Founded in 1970, Westwood Financial is headquartered in Los Angeleswith regional offices in Dallas, Atlantai Scottsdale. More information available at www.westfin.com.
Vice President of Operations
SOURCE Westwood Financial