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Freehold Royalties Ltd. (FRHLF) CEO David Spyker on Q4 2021 Results - Earnings Call Transcript

Mar. 03, 2022 3:43 PM ETFreehold Royalties Ltd. (FRHLF), FRU:CA
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Freehold Royalties Ltd. (OTCPK:FRHLF) Q4 2021 Earnings Conference Call March 3, 2022 9:00 AM ET

Company Participants

David Spyker - President & Chief Executive Officer

Dave Hendry - Vice President, Finance & Chief Financial Officer

Rob King - Vice President, Business Development

Conference Call Participants

Luke Davis - RBC Dominion Securities Inc.

Aaron Bilkoski - TD Securities

Jamie Kubik - CIBC World Markets Inc.

Patrick O'Rourke - ATB Capital Markets


Good morning, ladies and gentlemen, and welcome to the fourth quarter results conference call.

I would now like to turn the meeting over to Mr. David Spyker. Please go ahead Mr. Spyker.

David Spyker

Good morning and thank you for attending. We're excited to share our Q4 2021 results with you this morning. Joining me today are Dave Hendry, our CFO; and Rob King, our Vice President, Business Development; and Matt Donohue, our Manager of Investor Relations and Capital Markets.

2021 was a transformational year for Freehold. So we completed $377 million in acquisitions and set record production levels at 14,005 BOE per day in Q4. We positioned our portfolio with the addition of royalty lands in the premier oil and gas basins across North America, including the Permian, Eagle Ford oil basins, Haynesville gas basin and the Clearwater oil play.

With this work, we have achieved the following; we delivered $69 million in funds from operations, our highest quarterly funds flow ever. This equates to $0.46 per share. We are increasing our dividend by 33% from $0.06 per share to $0.08 per share, which is $0.96 per share annualized and this commences with the April payment. We have increased the dividend every quarter in 2021 and this is the highest dividend level since 2015.

We have the most underlevered balance sheet of our Canadian royalty peers, exiting the year

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