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 June 30, 2024, which included:
Second Quarter 2024 Highlights
- Executed 15 new leases totaling 26,000 square feet and 35 renewals totaling 143,000 square feet
- Achieved total leased percent of 96.8% vs. 96.7% same quarter end 2023 (+10 bps)
- Achieved an inline shop leased percent of 94.6% vs. 94.7% same quarter end 2023 (-10 bps)
- Achieved a total occupancy percent of 94.6% vs. 93.7% same quarter end 2023 (+90 bps)
- Comparable new rent spreads were 12.4%; renewal rent spreads were 12.5%
“At the midpoint of 2024, I am pleased with Westwood’s strong operational performance across the entire portfolio. Westwood’s leasing efforts continue to accentuate the quality of our assets and execution capabilities of our leasing team, driving core metrics and returns to the bottom line. Additionally, as we enter the back-half of the year, capital market opportunities have also begun to unfold, allowing Westwood to capitalize on both dispositions within the existing portfolio as well as pursuit of new acquisition opportunities within our core markets,” stated Mark Bratt, Chief Executive Officer. Westwood had one disposition during the second quarter in Horizon Village, a 113,252 square-foot, Food City grocery-anchored shopping center in Phoenix, AZ. “Having maximized shareholder value, the proceeds generated from the sale of Horizon Village enables our pursuit of placing capital into new acquisition opportunities within strategic growth markets,” added Mr. Bratt. Regarding acquisitions, Westwood placed Glenwood Park, a 48,633 square-foot mixed use retail property in Atlanta, under contract in the first quarter of 2024. “Glenwood Park coincides with the long-term strategic objectives of the Company and is expected to deliver strong results for the firm,” continued Mr. Bratt.
Separately, Westwood also placed Paradise Hills, an 83,787 square-foot Ace Hardware anchored shopping center in Phoenix, AZ, under contract. This deal is a separate syndication outside of the Westwood Property Fund and is currently active in raising capital from limited partners. “Paradise Hills is an excellent asset in the Phoenix market which will not only generate excellent returns, but also provide attractive tax benefits to both current and new investors,” continued Mr. Bratt. Westwood intends to offer additional syndications throughout the remainder of 2024 into 2025 as opportunities present themselves and will be reviewed in the transaction pipeline on a case-by-case basis.
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. 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.
