LOS ANGELES, Nov. 30, 2021 /PRNewswire/ -- Westwood Financial, a leading retail real estate investment firm, announced updates today on its financial and operational results for the three months ended September 30, 2021, which included:
- Same-property Q3 2021 compared to Q3 2020 revenue and NOI was +7.5% and +2.1% on a GAAP basis, respectively
- Executed 28 new leases totaling 64,000 square feet in Q3 2021
- Executed 40 renewals totaling 144,000 square feet in Q3 2021
- Q3 2021 ending total leased rate is 94.6% compared to 92.0% for the same quarter end 2020
- Q3 2021 ending total inline leased rate is 90.0% compared to 85.9% for the same quarter end 2020
- Q3 2021 ending total occupancy rate is 92.4% compared to 91.2% for the same quarter end 2020
Mark Bratt, Chief Executive Officer, commented, "I am proud of our Q3 2021 results as we continue to outperform our expectations for the year; we've seen tremendous leasing velocity as Westwood executed 65 new deals for 140K SF, which is double the volume for the same quarter end 2020." Mr Bratt reaffirmed that he is "confident 2021 will produce extremely strong results given the record performance over the past three quarters."
On the transactions front, Westwood Financial disposed of one asset during the quarter: Abbotts Bridge in Atlanta, GA. The company is also targeting to close several grocery anchored assets in the Southeast in early 2022. While the pandemic is not over, Mr Bratt believes that "grocery anchored retail centers have proven their unique, stable, and durable position in the market and is confident Westwood will be able to navigate through any economic turbulence in the future."
About Westwood Financial
Westwood Financial owns over 70 community shopping centers, primarily anchored by top-tier grocers and service and experiential-based tenants across major U.S. markets including Dallas, Phoenix, Atlanta, Los Angeles, and Charlotte. Established in 1970, Westwood Financial is headquartered in Los Angeles, with regional offices in Dallas, Atlanta, and Scottsdale. More information is available at www.westfin.com.
Vice President – Investor Relations, Tax, Treasury
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SOURCE Westwood Financial