Westwood Financial Announces Fourth Quarter and Full-Year 2024 Results

Westwood Financial, a leading retail real estate investment firm based in Los Angeles, today announced its financial and operational results for the three months and full year ended December 31, 2024, which included:

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Fourth Quarter 2024 Highlights

• Executed 15 new leases totaling 31,000 square feet and 39 renewals totaling 207,000 square feet
• Achieved total leased percent of 97.4% vs. 96.6% same quarter end 2023 (+800bps)
• Achieved an inline shop leased percent of 94.5% vs 94.8% same quarter end 2023 (-30bps)
• Achieved a total occupancy percent of 95.6% vs. 93.3% same quarter end 2023 (+230bps)
• Completed the multi-million-dollar transformation of Camelback Village in Phoenix, and reached 100% occupancy
• Paid off one maturing Life Co. loan for $11.3 million using unsecured credit facility proceeds
• Closed on a $70 million term loan under the corporate credit facility

Full-Year 2024 Highlights

• Increased Same-Store NOI year-over-year by 4.6%
• Executed 64 new leases totaling 145,000 square feet and 153 renewals totaling 711,000 square feet for a total of 217 deals totaling 856,000 square feet
• Maintained an average occupancy of 97.4% across its portfolio
• Comparable new rent spreads were +12.5%; renewal rent spreads +9.9%
• Acquired three investment properties:
  • Paradise Hills, a 83,787-square-foot shopping center in Phoenix; Trails at 620, a 69,037-square-foot retail center in Austin, Texas; and Glenwood Park, a 48,633-square-foot mixed use retail property in Atlanta
• Sold two properties: Horizon Village in Phoenix and Quorum II Plaza in Dallas for a total of $37.5 million
• Raised nearly $80 million in debt capital for the continued acquisition of new properties

“We are pleased with the results of our efforts across all areas: operational, financial, and transactional. As we enter 2025, the Company is dedicated to sustaining this momentum while adhering to a disciplined investment strategy and preserving a strong, yet flexible balance sheet,” said Juyuan Wei, Chief Financial Officer.

Lauren Ball, Chief Operating Officer, added, “2024 was another year of significant growth and expansion for Westwood, from robust leasing activity to our strategic investment in enhancing retail centers across our portfolio. As retail continues to innovate, we firmly believe in the enduring power of neighborhood retail. Now more than ever, these centers are increasingly serving as true community destinations.”

Looking ahead to 2025, under the leadership of Lauren Ball and Juyuan Wei, Westwood Financial is committed to expanding its proven platform into new markets while enhancing the shopping experience for the communities it serves.

Westwood Financial is well-positioned to continue its momentum from 2024. As the firm celebrates its 55th anniversary this year, it has identified several strategic focal points, including continuing to pursue acquisitions that align with its investment criteria; enhancing the performance of existing assets through strategic tenant enhancements, property upgrades, and leasing initiatives; exploring opportunities for expansion into new markets with strong growth potential; strengthening financial resilience by maintaining a robust balance sheet and leveraging flexible debt structures; continue maximizing profit and growth to ensure investor returns remain strong and seek out new institutional partnerships and creative endeavors that facilitate expansion.

Westwood Financial a more than 55-year-old company owns and manages more than 125 properties with a 97% occupancy across the firm’s portfolio and has a dominant presence in the Sunbelt region. For more information, visit its website and follow along on LinkedIn and Instagram.

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.

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