Shinhan Global Active REIT 7th Term: Net Loss Narrows, Dividend Increases

Consolidated revenue 22.5 bln won, operating profit 1.44 bln won, down 26.2% and 27.0% YoY respectively
Net loss of 1.47 bln won (EPS -34 won) compared to 7.24 bln won loss in prior period
Cash dividend of 130 won per share (up from 127 won), dividend yield 10.0%
Derivative liability on currency forwards surged to 4.42 bln won (from 0.23 bln), increasing FX risk
Borrowings increased to 13.79 bln won (from 10.59 bln), net debt ratio rose to 12.37%
Fair value of overseas real estate funds (USGB, PRISA, CBRE) slightly increased to 108.4 bln won
Contingent liabilities include fund replenishment agreement for derivatives and pledge of subsidiary shares (max 47.64 bln won) as loan collateral