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Freehold 1000 , 517 10 Avenue SW Calgary , AB T2R 0A8 t . 403.221.0802 ROYALTIES LT D. NEWS RELEASE TSX : FRU Freehold Royalties Ltd. Announces Second Quarter 2021 Results , Three Value Enhancing Acquisitions and Increases Dividend by 25 % CALGARY , ALBERTA , ( GLOBE NEWSWIRE - August 10 , 2021 ) - Freehold Royalties Ltd. ( Freehold or the Company ) ( TSX : FRU ) announces second quarter results for the period ended June 30 , 2021 . Operating and Financial Highlights Three Months Ended June 30 Six Months Ended June 30 FINANCIAL ( $ 000s , except as noted ) 2021 2020 Change Royalty and other revenue Net income ( loss ) 44,925 14,758 204 % 2021 81,670 2020 Change 41,042 99 % 12,545 ( 5,421 ) nm 18,180 ( 14,443 ) nm Per share , basic ( $ ) ( 1 ) 0.10 ( 0.05 ) nm 0.14 ( 0.12 ) nm Cash flows from operations 33,420 13,144 154 % 58,410 44,027 33 % Funds from operations 40,208 10,622 279 % 72,629 30,870 135 % Per share , basic ( $ ) ( 1 ) 0.31 0.09 244 % 0.55 0.26 112 % Acquisitions and related expenditures 930 981 -5 % 80,712 6,421 nm Dividends paid 13,147 9,790 34 % 20,780 28,473 -27 % Per share ( $ ) ( 2 ) 0.10 0.0825 21 % 0.16 0.24 -34 % Dividends declared 14,464 5,341 171 % 23,665 24,026 -2 % Per share ( $ ) ( 2 ) 0.11 0.045 144 % 0.18 0.2025 -11 % Payout ratio ( % ) ( 3 ) 33 % 92 % -59 % 29 % 92 % -63 % Long term debt 78,000 102,000 -24 % 78,000 102,000 -24 % Net debt 40,751 96,071 -58 % 40,751 96,071 -58 % Shares outstanding , period end ( 000s ) 131,490 118,705 11 % 131,490 118,644 11 % Average shares outstanding ( 000s ) ( 1 ) 131,463 118,664 11 % 131,170 118,623 11 % OPERATING Light and medium oil ( bbl / d ) 4,102 3,314 24 % 3,958 3,595 10 % Heavy oil ( bbl / d ) 1,199 920 30 % 1,122 1,140 -2 % NGL ( bbl / d ) 1,107 788 40 % 1,087 842 29 % Total liquids ( bbl / d ) 6,408 5,022 28 % 6,167 5,577 11 % Natural gas ( Mcf / d ) 28,376 25,576 11 % 29,250 27,468 6 % Total production ( boe / d ) ( 4 ) 11,137 9,285 20 % 11,042 10,155 9 % Oil and NGL ( % ) 58 % 54 % 4 % 56 % 55 % 1 % Average price realizations ( $ / boe ) ( 4 ) 44.22 17.06 159 % 40.71 21.67 88 % Cash costs ( $ / boe ) ( 3 ) ( 4 ) 4.48 4.79 -6 % 4.43 5.30 -16 % Netback ( $ / boe ) ( 3 ) ( 4 ) 39.83 12.68 214 % 36.43 16.91 115 % nm - not meaningful ( 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 ) freehold royalties.com