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Location Is Everything Location is Everything. CONFIDENTIAL Nearly 53 years of experience in retail investment Transaction history that includes over400 assets totaling $4.0 billion Over 53 dedicated retail real estate professionals Experience, Low-leverage, flexible balance sheet Expertise, Strong local market expertise in CA, AZ, TX, and Vision CO, IL, NC, GA Key relationships with Kroger, Albertsons, Publix, and Sprouts Board of Directors consisting of 2 independents and 5 total members 2 Path to Institutionalization 1970-2015 Syndication Years • Westwood Financial founded by Steven Fogel and Howard Banchik • Acquired 69 assets via syndication in Los Angeles, primarily apartment buildings • Transitioned from apartment buildings to unanchored retail centers • Grew syndication model to over 100 retail assets and approximately $1.7 billion in AUM 2016-2020 Institutionalized, Post Roll-Up Years • Completed Consolidation Transaction on September 1, 2016 with the roll up of 550 limited partnerships into a limited liability company • Established Board of Directors • Extended debt duration to over six years by transitioning balance sheet lenders from local banks and CMBS to banks and life insurance lenders • Purchased approximately $200 million of real estate including high-profile assets such as Lake Houston (H-E-B), Arbors at Mallard Creek (Trader Joe’s), Decatur Crossing (Sprouts), and Kingsbury Center (Lincoln Park, IL) • Transitioned Co-CEO structure with single CEO role; Mark Bratt, formerly CIO of DDR Corp. and Sr. Managing Director at CBRE, and lead-independent board director of Westwood Financial since 2016, was named CEO on January 1, 2019 • Closed on an inaugural, syndicated, revolving credit facility with $115 million of capacity priced at Libor + 185 basis points • Executed inaugural tender offer; 57 investors tendered at 25% discount to NAV for a total of approximately $16.5M; achieved 8.0% NAV/share accretion • Increased same-store EBITDA by 5.5% in 2019 • Increased FFO by 3.0% in 2020 during COVID pandemic 34 PLATFORM AND PORTFOLIO OVERVIEW Employee Count 55 Rent PSF: Total $19.61 Centers: Owned 70 Rent PSF: <10,000 SF $28.34 Centers: Third Party Managed 37 Leased Rate 92.9% Tenant Count (1) 1,530 Renewal Leasing Spreads 4.2% Square Feet (1) 9.4 Million Population (3 Mile) 102,000 Gross Asset Value Fund $1.3 Billion HH Income (3 Mile) $97,000 Grocery Sales PSF / Occupancy Cost $621 / 2.3% Fund Leverage 49% % of NOI – Top 30 MSA’s 84% Interest Rate (Weighted Avg.) 3.90% Offices Los Angeles (HQ) Top Lenders KeyBank; PPM; Phoenix; Dallas; Atlanta; Nationwide; Unum (1) Includes owned, adjacent and managed 4 I. Westwood Portfolio I. WESTWOOD PORTFOLIO STRATEGICALLY POSITIONED IN GROWTH MARKETS... Denver MSA (19) 2.9M Population IL CO CA Raleigh MSA (43) 1.3M Population NC Charlotte MSA (22) 2.6M Population AZ Los Angeles MSA (2) GA Atlanta MSA (9) 13.2M Population 6M Population TX Orlando MSA (23) Phoenix MSA (10) FL 2.6M Population 4.9M Population Miami MSA (7) Houston MSA (5) 6.1M Population Dallas MSA (4) 7M Population 7.5M Population Offices MSA demographics based on estimates from 2019-2023; parenthesis after city denotes MSA ranking Target States Source: ESRI; Green Street Atlas 6 I. WESTWOOD PORTFOLIO …WITH SUPERIOR DEMOGRAPHICS... Rent 3 Mile 3 Mile Tap REIT Peers PSF Population HH Income Score Regency Centers 22.76 150,000 $94,000 81 Urban Edge 18.84 228,000 79,000 75 Retail Opportunity Investments 22.00 119,000 92,000 74 Weingarten Realty 19.87 125,000 79,000 73 Site Centers 18.18 111,000 83,000 72 Kimco 18.27 124,000 85,000 71 Retail Properties of America 19.36 142,000 88,000 70 Brixmor Property Group 14.93 87,000 73,000 58 Kite Realty¹ 18.44 n/a n/a n/a REIT Average 19.18 135,750 84,125 72 Westwood Financial 19.61 102,000 97,000 75 (1) Tap Score and/or demographics unavailable 7 I. WESTWOOD PORTFOLIO ...FOCUSED ON ESSENTIAL TENANTS... Portfolio Asset Value by Property Type 67% 23% 10% Grocery-Anchored Grocery-Anchored Unanchored Owned Unowned Strip Asset Count 37 18 15 WF Cap Rate 6.2% 6.9% REIT Avg Cap Rate¹ 6.7% 8.1% (1) From GreenStreet weighted average cap rates for neighborhood and community centers, excluding all power centers 8 I. WESTWOOD PORTFOLIO ...THAT ARE INTERNET-RESISTANT... SF and Base Rent Figures in $Thousands % Total Base % Total Leases SF SF Rent Rent 1. Kroger 14 643 14.0 5,909 6.6 Other³ 11% 2. Albertsons 9 443 9.7 4,583 5.1 Specialty² 3. Publix 5 267 5.8 2,854 3.2 Retail Grocery, Services, 13% and Food & Beverage Grocery 4. Sprouts 4 128 2.8 1,848 2.1 make up 43% 5. PetSmart 3 64 1.4 1,510 1.7 79% Food of total Portfolio & 6. H-E-B 1 81 1.8 1,165 1.3 Beverage Annual Base Rent 16% 7. Bed Bath & Beyond 2 44 1.0 961 1.1 8. LA Fitness 1 45 1.0 941 1.0 Services¹ 20% 9. Hy-Vee 1 60 1.3 897 1.0 10. Bank of America 10 23 0.5 893 1.0 (1) Includes beauty, medical, financial, general (2) Includes pet stores, game stores, discount/dollar stores (3) Includes apparel, health & wellness, drug stores 9 I. WESTWOOD PORTFOLIO ...AND COMMAND A PREMIUM RELATIVE VALUATION Strip Center Nominal Cap Rates Cap Rates Neighborhood Center Asset Value Concentration 8.2% 7.9% 7.7% 7.4% 7.2% 7.1% 90% 6.5% 6.4% 6.3% 6.0% 57% 35% 24% 20% 21% 13% 12% 12% 4% BRX SITC RPAI KIM UE WRI AKR REG WF ROIC Source: Green Street Advisors for peers; WF is based on third party BOVs 10 II. Westwood Platform II. WESTWOOD PLATFORM WESTWOOD IS THE INDUSTRY LEADER IN MANAGING SMALL SHOP TENANTS... % of Small Shop Square Footage Generates highest SS NOI and lowest Capex 53% 45% 41% 37% 36% 35% 34% 32% 31% 29% 25% 22% WF ROIC AKR REG WRI RPAI KRG FRT BRX RPT KIM SITC 12 II. WESTWOOD PLATFORM ...REPRESENTED BY BEST IN CLASS COLLECTIONS... Pre COVID-19 COVID-19 Base Rent Collections 97% 96% 93% 92% 88% 87% 72% Q1 Q2 Q3 Q4 Westwood Base Rent Collections Industry Peer Average Collections 13 II. WESTWOOD PLATFORM ...AND EXCEPTIONAL LEASING ACHIEVEMENTS... 2020 Year End Total Leased % & YOY Decline in BPS 91.2% 89.1% 90.9% 93.1% 92.3% 92.8% 92.3% 93.9% 90.7% 96.8% 92.9% KRG CDR AKR RPAI AVG RPT REG KIM BRX ROIC WF -70 -110 -170 -250 -250 -290 -310 -297 -390 -410 -490 BPS 14 II. WESTWOOD PLATFORM ...RESULTING IN SUPERIOR SAME STORE NOI PERFORMANCE¹ 2020 vs 2019 Same-Store NOI Growth AKR REG RPAI AVG KIM RPT CDR KRG BRX ROIC WF -1.0% -4.6% -5.4% -6.8% -6.6% -7.5% -8.5% -8.1% -11.2% -11.6% -14.0% (1) Same-store NOI calculated on GAAP basis 15 IV. Appendix III. APPENDIX MANAGEMENT TEAM BIOGRAPHIES Mark Bratt is the Chief Executive Officer of Westwood Financial. Prior to joining Westwood, he served as a Senior Managing Director with CBRE’s Capital Markets and led Retail Investment Services for the Americas. Mark oversaw more than 125 commercial real estate professionals with 25 focused on institutional clients. Prior to joining CBRE, Mark was Chief Investment Officer for SITC (formerly DDR), responsible for acquisitions and dispositions. SITC is a publicly traded REIT focused on open air shopping centers with 400 properties across the United States. During his tenure, SITC acquired more than $4 billion and sold over $2 billion in retail centers. Prior to SITC, Mark was an Executive Director with Morgan Stanley Real Estate, providing investment leadership for the firm’s opportunity funds and separate account clients. Lauren Ball is the Head of Leasing. She comes to Westwood after 11 years with SITE Centers, where she served as Vice President of Leasing. During her tenure, her leasing team oversaw a portfolio of 55 retail centers totaling 18 million square feet. Prior to SITE Centers, she was a leasing representative for DLC Management and before that, she participated in the leasing/ management training program at Regency Centers. She is also a member of the International Council of Shopping Centers where she has served on numerous committees. Lauren graduated from the University of Colorado at Boulder with a degree in Economics and Finance. Juyuan Wei is the Senior Vice President of Finance and Accounting and has been with Westwood for the past three years. He leads the Strategic Planning & Analysis, Capital Markets, and Accounting functions. Prior to Westwood, Juyuan worked at Irvine Company Retail and CBRE, focusing on detailed monthly and quarterly financial reporting along with real estate KPI metrics. He graduated with a bachelors degree from UCLA and holds a MBA from UCI Merage School of Business. Dana Rainford is the Head of Human Resources. She has over 15 years of HR experience with a strong track record in leading organizational change, driving efficiency through program management, business partnership and multi-level coaching. In her current role, Dana is responsible for leading Westwood’s overall human resources strategy including talent acquisition; organizational design and cultural development; employee education and development; compensation and benefits; HR operations; and employee relations. Doug Howell is the Vice President of Property Management and has been with Westwood Financial for nearly 12 years. Doug manages a team of 16 Property Managers and Assistant Property Managers handling all of the day to day operations and management of Westwood’s portfolio.
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