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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 Third Quarter 2021 Results and Increases Dividend by 20 % TSX : FRU CALGARY , ALBERTA , ( GLOBE NEWSWIRE - November 10 , 2021 ) - Freehold Royalties Ltd. ( Freehold or the Company ) ( TSX : FRU ) announces third quarter results for the period ended September 30 , 2021 . Operating and Financial Highlights Three Months Ended September 30 FINANCIAL ( $ 000s , except as noted ) 2021 2020 Change Nine Months Ended September 30 2021 2020 Change Royalty and other revenue 50,879 23,123 120 % 132,549 64,165 107 % Net income ( loss ) 22,726 139 nm 40,906 ( 14,304 ) nm Per share , basic ( $ ) ( 1 ) 0.17 nm 0.31 ( 0.12 ) nm Cash flows from operations 43,911 1,130 nm 102,321 45,157 127 % Funds from operations 48,247 19,893 143 % 120,876 50,763 138 % Per share , basic ( $ ) ( 1 ) 0.36 0.17 112 % 0.92 0.43 114 % Acquisitions and related expenditures 228,382 415 nm 309,094 6,836 nm Dividends paid 17,095 5,342 220 % 37,875 33,815 12 % Per share ( $ ) ( 2 ) 0.13 0.045 189 % 0.29 0.285 1 % Dividends declared 19,364 5,342 262 % 43,029 29,368 47 % Per share ( $ ) ( 2 ) 0.14 0.045 211 % 0.32 0.2475 29 % Payout ratio ( % ) ( 3 ) 35 % 27 % 8 % 31 % 67 % -36 % Long term debt 126,000 107,000 18 % 126,000 107,000 18 % Net debt 75,278 81,678 -8 % 75,278 81,678 -8 % Shares outstanding , period end ( 000s ) 150,585 118,746 27 % 150,585 118,746 27 % Average shares outstanding ( 000s ) ( 1 ) 132,941 118,706 12 % 131,767 118,665 11 % OPERATING Light and medium oil ( bbl / d ) 4,038 3,384 19 % 3,986 3,522 13 % Heavy oil ( bbl / d ) 1,236 791 56 % 1,160 1,025 13 % NGL ( bbl / d ) 1,125 859 31 % 1,100 848 30 % Total liquids ( bbl / d ) 6,399 5,034 27 % 6,246 5,395 16 % Natural gas ( Mcf / d ) 29,203 24,656 18 % 29,229 26,524 10 % Total production ( boe / d ) ( 4 ) 11,265 9,143 23 % 11,118 9,816 13 % Oil and NGL ( % ) 57 % 55 % 4 % 56 % 55 % 1 % Average price realizations ( $ / boe ) ( 4 ) 49.17 26.93 83 % 43.60 23.37 87 % Cash costs ( $ / boe ) ( 3 ) ( 4 ) 2.49 3.70 -33 % 3.76 4.80 -22 % Netback ( $ / boe ) ( 3 ) ( 4 ) 46.60 23.79 96 % 39.92 19.06 109 % 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