LOS ANGELES--(BUSINESS WIRE)--Westwood Financial, a leading commercial retail real estate investment firm, announced updates today on its financial and operational results for the three months ended March 31, 2023, which included:
First Quarter 2023 Highlights
- Executed 16 new leases totaling 31,000 square feet and 45 renewals totaling 119,000 square feet
- Achieved total leased percent of 96.3% vs. 95.5% same quarter end 2022 (+80 bps)
- Achieved an inline shop leased percent of 93.9% vs. 91.7% same quarter end 2022 (+220 bps)
- Achieved a total occupancy percent of 94.4% vs. 93.4% same quarter end 2022 (+100 bps)
- Comparable new rent spreads were 9.0%; renewal rent spreads were 7.9%
- Same-Store Q1 2023 vs Q1 2022 GAAP NOI increased by 2.9%
“The first quarter of 2023 shows the resiliency of Westwood as a company and the quality of assets managed throughout the portfolio. Although Westwood was not as active from a transactional perspective relative to past quarters, this was a strategically executed approach focused on further optimization of our operations and superior asset performance while the volatility of the debt and equity markets continues to settle,” stated Mark Bratt, Chief Executive Officer. “Through these efforts, Westwood’s resilience and efficiency have resulted in year-over-year increases in almost every major operating metric. In addition, despite the current challenges in capital markets, Westwood continues to actively seek new retail assets that are accretive to the overall portfolio but will remain patient until the right opportunities and terms are vetted and analyzed,” said Mr. Bratt.
Turning to the remainder of 2023, Westwood aims to accomplish two major milestones. The first involves the potential launch of a new, value-add fund investment opportunity for both new and existing investors. “We aim to launch a new value-add fund investment opportunity to interested investors that will capitalize on the cornerstones Westwood is built upon while offering the flexibility and differentiation in our investment selection that sets it apart from Westwood’s existing opportunities,” commented Bratt. More details on the value-add fund will be available once closer to launch. The second milestone is launching a new investor portal that will streamline our communication, simplify our document management, and provide insightful data analysis for our existing investor base. “Upon implementation, the portal will also serve as a launching platform for new investment opportunities, allowing Westwood to further expand its capital raising capacity from existing and untapped equity sources,” said Mr. Bratt. The investor portal is expected to come online by the third quarter of this year.
About Westwood Financial
Westwood Financial owns, manages, and operates 127 high-quality shopping centers in top U.S. metropolitan markets, including Atlanta, Charlotte, Dallas, Denver, Los Angeles, Orlando, Phoenix, and Raleigh. The centers are primarily anchored by top-tier grocers and leading service and experiential-based operators. Established in 1970, Westwood Financial is headquartered in Los Angeles, with regional offices in Atlanta, Dallas, and Phoenix. More information is available at westfin.com.