Westwood Financial, a leading commercial retail real estate investment firm, announced updates today on its financial and operational results for the three months ended September 30, 2023, which included:

Third Quarter 2023 Highlights

• Same-Store Q3 2023 vs Q3 2022 GAAP NOI increased by 10.9%
• Executed 16 new leases totaling 64,000 square feet and 46 renewals totaling 290,000 square feet
• Achieved total leased percent of 97.2% vs. 96.8% same quarter end 2022 (+40 bps)
• Achieved an inline shop leased percent of 94.6% vs. 93.4% same quarter end 2022 (+120 bps)
• Achieved a total occupancy percent of 93.5% vs. 94.0% same quarter end 2022 (-50 bps)
• New leasing spreads were 8.6%; renewal rent spreads were 6.8%

“The third quarter of 2023 for Westwood was a great example of how operationally efficient and transactionally diligent the Company is despite challenging conditions in the market. Our results for the quarter emphasize the core strength and recession resistance of our assets while also continuing to fortify our balance sheet. The performance of the portfolio also continues to drive home strong financial performance metrics to the Company’s bottom line as well as provide security and consistency in returns to our investors. From a transactional perspective, Westwood was also active in acquiring one new asset in late July that boasts strong overall metrics and is greatly accretive to the portfolio,” stated Mark Bratt, Chief Executive Officer. “Each asset within the Westwood portfolio is located in a core, growth market in the Sunbelt region. This gives the Company and our investors confidence in the operating and financial metrics of the portfolio despite challenging market conditions. Furthermore, through our most recent acquisition and others, we plan to execute in the future, Westwood’s deployment of capital into new assets aims to continue delivering tax-deferred benefits to our investors while also strengthening the market positions of the entire portfolio.”

During the third quarter, Westwood also launched its all-new investor portal, aimed at enhancing the speed and efficiency of communication, reporting, and capital-raising initiatives to our existing investor base. The portal also benefits investors by allowing them to access historical and personalized tax information in a centralized location while improving the company’s green footprint and ESG initiatives. “The new investor portal was a critical step for Westwood’s internal processes and databases in addition to providing prompt, thorough, and efficient communication to our investor base moving forward. Not only is the portal a vital resource of information for our investors, but it adds another layer of security for our investors and all relevant sensitive information,” said Mr. Bratt. The Company also anticipates completing at least one, if not several individual syndications by the end of the year, along with a potential new, value-add fund in 2024. “Westwood continues to find lucrative deals that may be capitalized on in the coming months. Between individual syndications for specific assets and the potential of a future value-add fund to deliver to both our current and prospective investors, we are excited to provide additional investment opportunities that will offer an additional layer of diversification,” concluded Mr. Bratt.

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. More information is available at westfin.com.

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