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, 2022, which included:

• Same-Store 2022 vs 2021 GAAP Revenue and NOI were up +3.5% and +2.0%, respectively
• Executed 22 new leases totaling 54,000 square feet and 50 renewals totaling 240,000 square feet
• Achieved total leased percent of 96.8% vs 94.6% same quarter end 2021 (+220 bps)
• Achieved an inline shop leased percent of 93.4% vs 90.0% same quarter end 2021 (+340 bps)
• Achieved a total occupancy percent of 94.0% vs 92.4% same quarter end 2021 (+160 bps)
• Comparable new rent spreads were 7.7%; renewal rent spreads were 9.1%
• Executed a $100 million accordion to its existing unsecured credit facility; the accordion comes in the form of a 5-year term loan, increasing the Company’s credit facility commitments to $255 million
• Swapped $75M of the new term loan to fixed at a weighted average interest rate of 5.17%
• Acquired 3 properties for the HILGARD single tenant net lease fund

“As we end the third quarter, Westwood continues to see strong increases in leasing even though we are getting closer to full occupancy,” said Mark Bratt, Chief Executive Officer. “We continue to see strong leasing results throughout our portfolio, achieving an excellent same-store NOI growth of 5.7% year-over-year. The $100 million accordion, which we executed earlier this year, provides us with longer tenor and greater flexibility,” Mr. Bratt stated. “Additionally, with this accordion, I believe Westwood is well-positioned as we enter a time of uncertainty, and we will continue to adapt to the changing market to find opportunities for long-term growth.” Due to the Firm’s proactive capital markets effort, Westwood was also able to swap $75 million of the new 5-year term loan to fixed at a weighted interest rate of 5.17%.

Westwood is currently under contract to acquire a dominant community center in north Denver. Rising interest rates and macroeconomic uncertainty have led to a widening of cap rates causing deal flow to slow across the overall market. “We will continue to operate as effectively and efficiently as possible through what appears to be turbulent markets ahead. We are committed to growing net asset value and cash flow, while being opportunistic in acquisitions to bring the best return for our shareholders,” stated Mr. Bratt.

About Westwood Financial

Westwood Financial owns, manages, and operates over 126 high-quality shopping centers located in top U.S. metropolitan markets including Atlanta, Charlotte, Dallas, Denver, Jacksonville, Los Angeles, Orlando, Phoenix, and Raleigh. The centers are primarily anchored by top-tier grocers as well as 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 www.westfin.com.

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