Westwood Financial Announces Fourth Quarter And Full Year 2020 Results

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Mar 04, 2021, 15:23 ET

LOS ANGELES, March 4, 2021 /PRNewswire/ -- Westwood Financial, a leading retail real estate investment firm, announced updates today on its financial and operational results for the three months and twelve months ended December 31, 2020, which included:

Same-Store 2020 vs 2019 NOI was -1.0% on a GAAP basis, compared to an industry average of -8.9%
Executed 30 new leases totaling 75,000 square feet in Q4 2020
Executed 64 new leases totaling 152,000 square feet in full year 2020; new leasing spreads are +0.2% on a comparable basis
Executed 191 renewals totaling 471,000 square feet in full year 2020; renewal spreads are 4.2%
Full year 2020 total leased percent is 92.9% vs 93.6% in 2019 (-70bps) compared to an industry average of -311 bps
Full year 2020 inline leased percent is 87.2% vs 89.1% in 2019 (-190bps) compared to an industry average of -358 bps
Collected 96% of billed rents during Q4 2020 and 94% of billed rents for full year 2020
Collected 87% of billed deferred rents during Q4 2020 and 90% of billed deferred rents since payback period which started in September 2020

Mark Bratt, Chief Executive Officer, commented, "Westwood's grocery-anchored portfolio withstood the brunt of the economic impact from COVID-19 with impressive resilience. The pandemic highlighted the stability of our portfolio and its outstanding performance during this time is attributable to the quality of our assets, the determination of our tenants, and the hard work of our employees. We sold two centers in the Midwest during Q4 at attractive pre-COVID pricing, decreasing the Fund's exposure to the Midwest where leasing velocity is generally slow and demographics not as compelling. The sales are allowing us to be opportunistic in pursuing high-quality grocery anchored centers that fit the long-term strategy of the Fund. We are currently under contract to acquire two Publix anchored centers in the Southeast. The grocer, in both locations, has strong sales and low occupancy cost. Westwood continues to be committed to generating attractive total shareholder returns in this unprecedented environment. We are driven to operate as effectively and efficient as possible, with a clear focus on growing net asset value and being opportunistic in acquisitions to bring the best return for our shareholders."

About Westwood Financial
Westwood Financial owns over 70 community shopping centers, primarily anchored by top-tier grocers and service and experience-based tenants across major U.S. markets including Dallas, Phoenix, Atlanta, Los Angeles, and Charlotte. Established in 1970 and rolled up in 2016, Westwood Financial is headquartered in Los Angeles, with regional offices in Dallas, Atlanta, and Scottsdale. More information is available at www.westfin.com.

Contact:
Miki Antunovich
Vice President – Investor Relations, Tax, Treasury
[email protected]

SOURCE Westwood Financial