Morningstar

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For first-quarter 2019, Swire Properties reported strong operating results for its office portfolio, while the retail portfolio in Hong Kong was weak. In Hong Kong, the office portfolio at Pacific Place continued to perform very well, with large renewal of nearly 400,000 square feet. Rental reversions were up 20%, compared with 21% and 15% seen during the same period in 2018 and 2017, owing to the continued spill-over effect of a tight Central office market. Rental reversion for other office…

Swire Properties reported full-year underlying earnings of HKD 10.1 billion. Excluding the disposal gain, the recurring underlying earnings totaled HKD 7.5 billion, up 4% year on year. The results were slightly below our estimate. The shortfall was due to the lower than projected booking of development properties. Full-year dividends totaled HKD 0.84 per share, up 9% year on year. The investment properties portfolio performed slightly better than expected, driven by a positive reversion of Hong…

Swire Properties reported in line operating results for fourthquarter 2018. In Hong Kong, the office portfolio at Pacific Place is largely unchanged from prior quarters as the bulk of the renewal occurred during earlier in the year. Reversions for other office assets remained tepid at 6% to 7%. The aggregate occupancy rate was steady at 99% at end of the quarter. Office demand in the central business district has cooled off a bit with Chinese corporates retreating. We expect the company’s…

Swire Properties reported mixed and unexciting operating results for third-quarter 2018. In Hong Kong, the office portfolio at Pacific Place is largely unchanged from second quarter as there were few additional renewals during the quarter. Reversions for other office assets remained tepid at 6% to 7%. The aggregate occupancy rate retreated a bit to 99% at end of the quarter. The company announced it has signed leases for 100% of space at One Taikoo Place. The project will drive the company’s…

For interim 2018, Swire Properties reported adjusted core earnings of HKD 3.7 billion, down 19% year on year due to a lower contribution from property trading. The interim core earnings were in line at about 47% of our full-year estimate. The company booked a gain of HKD 2.5 billion on the finalization of the disposal of the Kowloon East office project. Adjusted underlying earnings per share amounted to HKD 0.64, down 19% from the year-ago period. The company declared an interim dividend of HKD…

Hong Kong

Swire Properties Limited develops and manages commercial, retail, and residential properties. The Company's investment portfolio includes office and retail premises, and serviced apartments and other residential accommodation.

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