Markus BrattChief Executive Officer, commented: “We started 2022 with another excellent quarter, delivering strong leasing and financing results and growing our NOI by 5.9%. Our leasing team had another excellent quarter as leasing demand remains resilient $19.6M Loans through our Hilgard Single Tenant Net Lease Fund. The funding is critical to Hilgard’s future success as we continue to grow this new fund.” While rising interest rates worried the real estate industry, Mr. Bratt stated: “Westwood is well isolated in this environment as the majority of the company’s debt remains fixed at 4% over the next 4 years. In addition, we strategically swapped ours $40M Term loans from variable to fixed in early March, providing protection against rising interest rates.”
Westwood remained active in transactions and closed two centers for $38 million in the first quarter (a Publix anchored center in makonand a Lidl anchored itself in the middle Atlanta). In addition, the Company completed two net-lease properties with single tenants for Hilgard (Tractor Supply, O’Reilly) and signed three other properties.
Mr Bratt continued: “Despite macroeconomic pressures Westwoods Food-anchored portfolio remains resilient. It is noteworthy that the e-commerce penetration rate in all retail sales peaked at 16.4% in 2Q20 and has since declined to 14.3% in 1Q22 as the growth in brick-and-mortar sales over the past four quarters surprised the growth which has surpassed online sales.
About Westwood Financial
Westwood Financial owns/manages and operates over 119 quality shopping centers in major US metro markets, including Atlanta, Charlotte, Dallas, Denver, Jacksonville, los Angeles, Orlando, Phoenixand Raleigh. The centers are anchored primarily by world-class grocers, as well as leading service and experience-based operators. Westwood Financial was founded in 1970 and is headquartered in los Angeleswith regional offices in Dallas, Atlantaand Scottdale. Visit www.westfin.com for more information.
Contact:
Miki Antunovich
Vice President – Investor Relations, Tax, Treasury
[email protected]
SOURCE Westwood Financial
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