WESTWOOD FINANCIAL ANNOUNCES $100 MILLION ACCORDION

LOS ANGELES, Sept. 27, 2022 /PRNewswire/ -- Westwood Financial, a premier national grocery-anchored and essential retail real estate investment firm, announced today that it has 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. The term loan bears interest at an annual rate of SOFR plus 170 basis points, subject to the continuation of Westwood's covenant leverage, with the option to swap to fixed-rate financing.

The Company intends to use the net proceeds of the offering for general corporate purposes, including the repayment of upcoming mortgage debt maturities and future acquisitions.

KeyBanc Capital Markets remains Westwood Financial's lead arranger, with Capital One entering the facility as joint lead arranger. "We are excited to lead this transaction and continue our relationship with Westwood Financial" said Andy McKown, Managing Director of KeyBanc Capital Markets Real Estate Syndications. "This financing provides continued flexibility for the company to make further investments and execute on their disciplined business strategy." Greg Horstman, Head of REIT Corporate & Investment Banking at Capital One added, "We are thrilled to establish this relationship with Westwood Financial and look forward to working alongside this team as they continue to grow their business and reach their strategic goals."

"This accordion provides Westwood with longer tenor and greater flexibility. More importantly, with KeyBanc and now Capital One leading the way, this represents not only a significant vote of confidence from the financial community, but also provides us with a stronger balance sheet that will enable us to take advantage of many opportunities in the near future," said Juyuan Wei, Westwood's Senior Vice President of Finance & Accounting. "Furthermore, having an unsecured credit facility allows the Company to operate more efficiently and with greater transactional certainty," Mr. Wei added.

About Westwood Financial
Westwood Financial owns / manages and operates over 124 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.

Contact:
Brett Johnston
Vice President – Investor Relations, Operations
brett@westfin.com

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SOURCE Westwood Financial