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Freehold 1000 , 517 10 Avenue SW Calgary , AB T2R 0A8 t . 403.221.0802 ROYALTIES LT D. NEWS RELEASE Freehold Royalties Ltd. Announces First Quarter 2021 Results and Increases Dividend by 33 % TSX : FRU CALGARY , ALBERTA , ( GLOBE NEWSWIRE - May 11 , 2021 ) - Freehold Royalties Ltd. ( Freehold or the Company ) ( TSX : FRU ) announces first quarter results for the period ended March 31 , 2021 . Operating and Financial Highlights FINANCIAL ( $ 000s , except as noted ) Three Months Ended March 31 2021 2020 Change Royalty and other revenue Net income ( loss ) Per share , basic ( $ ) ( 1 ) Cash flows from operations 36,745 26,284 40 % 5,635 ( 9,022 ) nm 0.04 ( 0.08 ) nm 24,990 30,883 -19 % Funds from operations 32,421 20,248 60 % Per share , basic ( $ ) ( 1 ) 0.25 0.17 47 % Acquisitions and related expenditures 79,782 5,370 nm Dividends Paid 7,633 18,683 -59 % Per share ( $ ) ( 2 ) 0.06 0.1575 -63 % Dividends declared 9,201 18,685 -51 % Per share ( $ ) ( 2 ) 0.07 0.1575 -56 % Payout ratio ( % ) ( 3 ) 24 92 -68 % Long term debt 96,000 103,000 -7 % Net debt 64,797 101,833 -36 % Shares outstanding , period end ( 000s ) 131,463 118,664 11 % Average shares outstanding ( 000s ) ( 1 ) 130,874 118,623 10 % OPERATING Light and medium oil ( bbl / d ) 3,811 3,936 -3 % Heavy oil ( bbl / d ) 1,045 1,300 -20 % NGL ( bbl / d ) 1,065 896 19 % Total liquids ( bbl / d ) 5,921 6,132 -3 % Natural gas ( Mcf / d ) 30,132 29,361 3 % Total production ( boe / d ) ( 4 ) 10,944 11,026 -1 % Oil and NGL ( % ) 54 56 -2 % Average price realizations ( $ / boe ) ( 4 ) 37.31 26.20 42 % Cash Costs ( $ / boe ) ( 3 ) ( 4 ) 4.37 5.74 -24 % Netback ( $ / boe ) ( 3 ) ( 4 ) 32.94 20.46 61 % ( 1 ) Weighted average number of shares outstanding during the period , basic ( 2 ) Based on the number of shares issued and outstanding at each record date ( 3 ) See Non - GAAP Financial Measures ( 4 ) See Conversion of Natural Gas to Barrels of Oil Equivalent ( boe ) President's Message The first quarter of 2021 marked a period of rebound as Freehold restored production levels , generated significant improvements in funds from operations , increased its dividend and completed a transformational U.S. royalty transaction , all while reducing leverage . freehold royalties.com