Location is Everything.

CONFIDENTIAL

Strategy + Execution = Results

Low-leverage, flexible balance sheet

Strong local market expertise in CA, AZ, TX, CO, IL, NC, GAKey relationships with Kroger, Albertsons, Publix, and SproutsBoard of Directors consisting of three independents and six total members

Nearly 50 years of experience in retail investment

Over 60 dedicated retail real estate professionals

Transaction history that includes over 400 assets totaling $4.0 billion

Experience, Expertise,and Vision

2

4

Syndication YearsWestwood Financial founded by Steven Fogel and Howard Banchik Acquired 69 assets via syndication in Los Angeles, primarily apartment buildingsTransitioned from apartment buildings to unanchored retail centersGrew syndication model to over 100 retail assets and approximately $1.7 billion in AUM

Institutionalized, Post Roll-Up YearsCompleted Consolidation Transaction on September 1, 2016 with the roll up of 550 limited partnerships into a limited liability companyEstablished Board of DirectorsExtended 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) Hired Matt Lougee as EVP, Finance and David Malayil as EVP, LeasingTransitioned 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, 2019Closed on an inaugural, syndicated, revolving credit facility with $95 million of capacity priced at Libor + 185 basis pointsAcquired two unanchored shopping centers, located in Phoenix, AZ and Chicago, IL, for $17.8 million at an average cap rate of 6.8%Executed inaugural tender offer; 57 investors tendered at 25% discount to NAV for a total of approximately $16.5M; achieved 8.0% NAV/share accretionIncreased same store EBITDA by 5.5% in 2019

Path to Institutionalization1970-2015

2016-2020

3

PLATFORM AND PORTFOLIO OVERVIEW (PRE-COVID)

Employee Count 53

Centers: Owned 72

Centers: Third Party Managed 39

Tenant Count (1) 1,530

Square Feet (1) 9.6 million

Gross Asset Value Fund $1.4 billion

Grocery Sales PSF/Occupancy Cost $556/2.5%

% of NOI – Top 30 MSA’s 83%

Offices Los Angeles (HQ) Phoenix; Dallas; Atlanta;

Rent PSF: Total $19.22

Rent PSF:

I. Westwood Portfolio

Offices

Target StatesMSA demographics based on five year average estimates from 2019-2023Source: ESRI; Green Street Atlas

I. WESTWOOD PORTFOLIO

STRATEGICALLY POSITIONED IN GROWTH MARKETS...

CA

AZ

TX

CO

IL

FL

GA

NC

Los Angeles MSA (2)13.3M Population

Phoenix MSA (11)4.9M Population

Houston MSA (5)7M Population

Denver MSA (19)2.9M Population

Chicago MSA (3)9.4M Population

Charlotte MSA (23)2.6M Population

Raleigh MSA (42)1.4M Population

Atlanta MSA (10)5.9M Population

Dallas MSA (4)7.5M Population

6

…WITH SUPERIOR DEMOGRAPHICS...

REIT Peers Rent 3 Mile 3 Mile Tap PSF Household Income Population Score

Brixmor $13.89 $72,000 86,000 56

Kimco $16.08 $84,000 124,000 70

Kite(1) $17.37 - - -

Regency $21.59 $94,000 146,000 80

Retail Opportunity Investments $20.12 $92,000 118,000 73

Retail Properties of America $19.36 $87,000 145,000 69

RPT Realty(1) $15.40 $79,000 100,000 -

Site $17.47 $83,000 110,000 71

Weingarten $19.17 $76,000 122,000 70

REIT Average $17.83 $83,000 119,000 70

Westwood Financial $19.22 $97,000 102,000 75

I. WESTWOOD PORTFOLIO

(1) Tap Score and/or demographics unavailable7

70%

60%

50%

40%

30%

20%

10%

0%

% o

f NO

I

Grocery-Anchored(owned)

(38)

64%

24%

12%

Grocery-Anchored(unowned)

(18)

Unanchored Strip/ Urban Retail

(16)

I. WESTWOOD PORTFOLIO

...FOCUSED ON ESSENTIAL TENANTS...

8

Tenant Concentrations SF % Total Base % Total Rank Tenant Stores (in 000’s) SF Rent Rent (in 000’s)

1 Kroger 14 643 13.6% $5,467 6.1%

2 Albertsons / Safeway 10 442 9.4% $4,608 5.1%

3 Publix 5 266 5.7% $2,854 3.2%

4 Sprouts 4 127 2.7% $1,848 2.1%

5 Petsmart 3 63 1.4% $1,475 1.6%

6 Hy-Vee 2 130 2.8% $1,204 1.3%

7 H-E-B 1 80 1.7% $1,165 1.3%

8 Bed Bath & Beyond 2 44 0.9% $943 1.1%

9 LA Fitness 1 45 1.0% $941 1.0%

10 Subway 21 28 0.6% $870 1.0% 63 1,873 39.7% $21,375 23.8%

Portfolio Composition by SF

(1) Includes: Child/Baby, Home Furnishing, Office Supplies, Pet Stores, Others

Grocery

43%

Other

19%

F&B and Services

38%Grocery

43%

Other

19%

F&B and Services

38%

Food, Beverages, & Services

38%

(1)

Grocery

43%

Other

19%

F&B and Services

38%

Grocery

43%

I. WESTWOOD PORTFOLIO

...THAT ARE INTERNET-RESISTANT...

9

...AND COMMAND A PREMIUM RELATIVE VALUATION

Strip Center Nominal Cap Rates Cap Rates Neighborhood Center NOI Concentration

BRX SITC KRG RPAI WRI UE WF REG ROIC

7.3%

6.8% 6.6% 6.6% 6.5% 6.3% 6.3%

5.7% 5.5%

Source: Green Street Advisors for peers; WF is based on third party BOVs

17% 17%

10%

21%

12%

35%

52%

87%

6%

I. WESTWOOD PORTFOLIO

10

II. Westwood Platform

% of Small Shop Square Footage

Generates the highest SSNOI and lowest capex

60%

50%

40%

30%

20%

10%

0% WF ROIC AKR REG WRI RPAI KRG FRT BRX RPT KIM SITC

II. WESTWOOD PLATFORM

WESTWOOD IS THE INDUSTRY LEADER IN MANAGING SMALL SHOP TENANTS...

12

...REPRESENTED BY BEST IN CLASS COLLECTIONS...

II. WESTWOOD PLATFORM

2Q20 Rent Collections July Collections

Rent Collection Rates

WF ROIC WRI BRX REG UE AKR KIM RPAI FRT SITC

89%

87%82% 77% 77% 72% 72% 71% 70% 68% 68% 64%

85%82%

80%

75%73% 74%

82%

71%76%

71%

13

Collections by Category (2Q20)

% o

f Bas

e Re

nt C

olle

cted

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0% Grocery Conven. Financial Specialty Medical General F & B Beauty Apparel Health & Drug 23% 2% 5% 14% 6% 9% 24% 9% 4% 4%

Note: “Specialty” includes pet stores, smoke shops, telecommunication, etc. “General” includes dry cleaning, massage/spa, tailoring, etc.

...WITH A GROCERY AND SERVICE-ORIENTED PORTFOLIO...

II. WESTWOOD PLATFORM

% of Total

14

...AND BEST IN CLASS SHOP LEASING RESULTS...

Change in Small Shop Leased Rate 1Q19 - 1Q20 (in basis points)

WF(1) WRI REG AKR KRG SITC BRX RPAI FRT

450

400

350

300

250

200

150

100

50

(50)

(100)

(150)

(1) Grey bar represents 39 managed properties, which experienced an increase of 414 basis points from 1Q19 to 1Q20

II. WESTWOOD PLATFORM

15

...WHILE PRODUCING THE HIGHEST ROI ON NEW LEASING

FY2019 New Lease Payback Period (Years)

REG WF BRX KIM RPT RPAI SITC WRI KRG

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

II. WESTWOOD PLATFORM

16

IV. Appendix

MANAGEMENT TEAM BIOGRAPHIESMark 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. He also worked at Lend Lease and Prentiss Properties in acquisitions, dispositions, development and asset management.

David Malayil is the Executive Vice President of Leasing and Legal. He oversees all leasing, lease administration, and legal work for the organization, as well as being a member of the Executive Leasing Committee for the Fund and its managed assets. Prior to joining Westwood, David was a Vice President of Big Box, Theater and Peripheral Leasing for the Macerich Company for 15 years. David graduated with a bachelor degree in business administration and accounting from Drake University.

Juyuan Wei is the Senior Vice President of Finance and Accounting and has been with Westwood for the past two years. He leads the Strategic Planning & Analysis team which is responsible for firm-wide financial analytics, quarterly forecasting, and annual budgeting. 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.

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 Asset Management and has been with Westwood Financial for nearly 11 years. Doug manages a team of 14 Property Managers and Assistant Property Managers handling all of the day to day operations and management of Westwood’s portfolio. Prior to joining Westwood, Doug was with Cencor Realty Services for nine years.

III. APPENDIX

18

MANAGEMENT TEAM BIOGRAPHIESBrett Johnston is the Vice President of Operations. Brett received his degree from Denison University and has been with Westwood Financial since 2002. Over the last ten years Brett has supervised systems and technology for the company and has implemented many strategic initiatives, including the automation of core business functions. Most recently, Brett has acted as project manager of the massive, multi-year restructuring of corporate process and institutionalization of technology infrastructure, which has resulted in streamlined operations and positioned the company for rapid growth.

Miki Antunovich is the Vice President of Investor Relations, Tax and Accounting. He has 25 years of progressive experience in real estate with a background encompassing taxation with an emphasis on partnerships, $400m+ 1031 exchange structuring, reverse exchanges, 704(b) basis tracking and cost segregation studies. Miki has an advanced accounting background encompassing financial reporting, consolidation, general ledger, fixed assets, accounts receivable/payable, debt, treasury management, payroll and all areas of audit. He graduated from California State University, Fresno with a BS in Business Administration with an emphasis in Accounting.

Nadia Gregoriou is the Director of Accounting. She is a Certified Public Accountant with over 15 years of post-qualification experience. Nadia is a results-oriented professional with experience in financial reporting, accounting policies and internal controls, servicing commercial real estate companies including CIM Group and DLC Management. At CIM, she served as a Corporate Accounting Manager, overseeing corporate accounting and the implementation of ASC 606. At DLC, she served as the Financial Reporting Manager, overseeing the property accounting team and external reporting functions of a large retail portfolio consisting of 26 shopping centers with over 400 tenants. She has a history of process improvements and the ability to build a strong accounting team.

Volker Schramm is the Director of Marketing and has been with Westwood since 2013. He has over 25 years of experience as a creative marketing and design professional with a history of functional experience and a consistent record of identifying and delivering marketing and branding solutions. Prior to Westwood, Volker managed the branding and communications for TELACU, one of the largest community development corporations in the nation. He oversaw the marketing needs of its 12 diverse subsidiaries which included real estate, construction, finance, and education.

Tim Chung is the Associate General Counsel and manages the legal department on a wide range of legal matters such as leasing, operations and asset management. Prior to joining Westwood Financial in 2015, Tim was with Robertson Properties Group and worked at Morrison & Foerster. Tim received a BA from UCLA and a JD from Southwestern Law School and is a lecturer in law at UCLA Law School and USC Law School.

III. APPENDIX

19

EXECUTIVE RETAIL REAL ESTATE EXPERIENCEExecutive Role Tenure (Former Firm)

Mark Bratt CEO 30 years (CBRE; SITC; MSREF)

David Malayil EVP, Leasing 18 years (Macerich)

Juyuan Wei SVP, Finance & Accounting 12 years (Irvine Co.)

Doug Howell VP, Property Management 30 years (Weitzman)

Dana Rainford Head of HR 13 years (Citi)

Board Members

Mark Bratt Westwood Financial

Martin Caverly 2120 Partners

Chris Lee CEL & Associates

Founders & Co-Chairmen of the Board

Steven Fogel 49 Years

Howard Banchik 49 Years

Department Count

Property Management 14

Accounting 12

Leasing 5

Services 5

Legal 3

Transactions 2

Capital Markets/Investor Relations 2

Systems 2

Strategic Planning & Analysis 1

Human Resources 1

Marketing 1

III. APPENDIX

20

TECHNOLOGY AND RESEARCH PLATFORMS

Full suite ERP, Asset Management, and Accounting platform. Founded in 1971, MRI Software is a leading provider of real estate software applications and hosted solutions.

An electronic payment platform owned by RealPage (NASDAQ RP). ClickPay is third party software that automates a company’s accounts receivable processes and provides an external-facing online payment portal.

The #1 “standard” provider for verified electronic signatures and online document execution. a subsidiary of SAP (NYSE SAP), an online travel and expense report management platform.

Prominent real estate sell side research firm providing public REIT updates and key private market trends.

A subsidiary of SAP (NYSE SAP), an online travel and expense report management platform.

Prominent industry resource for private equity news and private real estate transactions.

Retailer research service providing public and private credit information, void analysis, and industry news.

An online mapping solution that uses GPS and cell phone data to provide unprecedented visibility into consumer foot-traffic in commercial spaces.

A commercial real estate investment management and modeling software. For 30+ years, CRE owners, brokers, and investors have trusted ARGUS solutions to improve the visibility and flow of information throughout their critical business processes.

The largest B2B payment network in the US. Avid is third party software that automates a company’s accounts payable and bill payment processes.

III. APPENDIX

21

Westwood Financial(310) 820-544311440 San Vicente Boulevard, Suite 200Los Angeles, CA 90049

Mark BrattChief Executive Officermbratt@westfin.com

David MalayilExecutive Vice President, Leasingdmalayil@westfin.com

Juyuan WeiSenior Vice President, Finance and Accountingjwei@westfin.com

Doug HowellVice President, Property Managementdhowell@westfin.com

Miki AntunovichVice President, Investor Relations /Tax / Treasurymantunovich@westfin.com