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 September 30, 2024, which included:
Third Quarter 2024 Highlights
- Executed 18 new leases totaling 61,000 square feet and 33 renewals totaling 168,000 square feet
- Achieved total leased percent of 97.3% vs. 97.2% same quarter end 2023 (+10 bps)
- Achieved an inline shop leased percent of 94.5% vs. 94.6% same quarter end 2023 (-10 bps)
- Achieved total occupancy percent of 95.7% vs. 93.5% same quarter end 2023 (+220 bps)
- Comparable new rent spreads were flat; renewal rent spreads were 11.4%
"Heading into the final quarter of 2024, Westwood continues to provide its investors with strong operating and financial performance metrics across the entire portfolio. By maintaining operational efficiency, executing accretive tenant renewals, and limiting our exposure to risk, the Company continues to drive attractive returns to the bottom-line. Westwood continues to maintain a robust pipeline of acquisition opportunities as we look to pursue opportunities that add intrinsic value to the current portfolio," stated Mark Bratt, Chief Executive Officer. The Company acquired three assets during the third quarter. Two of the three acquisitions were placed in the Westwood Property Fund, including Glenwood Park, a 48,633 square-foot mixed use retail property in Atlanta, GA and Trails at 620, a 69,037 square-foot YMCA shadow-anchored property in Austin, TX. The properties were acquired in July and September of 2024, respectively. "The acquisitions of both Glenwood Park and Trails at 620 represent strong performing properties located in Westwood's core growth markets, adding to the strategic objectives of future growth," continued Mr. Bratt.
The third acquisition, Paradise Hills, is an 83,787 square-foot Ace Hardware anchored shopping center in Phoenix, AZ. This deal is a separate syndication outside of the Westwood Property Fund and recently closed along with completing its limited partner capital raise. "The successful capital raise of the Paradise Hills syndication marks another milestone for Westwood, offering another diversified opportunity for our current and new investors. The property will join an existing 15-property Phoenix portfolio owned and/or managed by Westwood and is expected to generate excellent returns along with providing attractive tax benefits," concluded Mr. Bratt. Westwood continues to explore additional opportunities for syndication in the remainder of 2024 and beginning of 2025, focusing on properties optimal for capital deployment, synergistically aligning with the long-term strategic objectives of the Company, and provide additional layers of diversification to both the Company and its investors.
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.
Contacts
Matthew Loving
Director of Investor Relations
MLoving@westfin.com
