Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Killam Apartment Real Estate Investment Trust
Physical assets are 0.2% of total assets, a light footprint. Capex is 78.28x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. EBITDA after capex covers debt service by 0.07x, which is below 1.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 42.97x.
Physical asset ratio
0.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
42.97x
Revenue per dollar of the physical asset base.
Capex / D&A
78.28x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$24.60
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.71x
Price $17.36.
Fixed-charge coverage
0.07x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.1%
Latest free cash flow divided by current market cap ($2.13B).
ROIC
4.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 26.34x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 97.2% | 0.08x | 55.66x | $13.58 | 0.19x | $41.92M | 4.0% | 0.04x |
| 2019 | 97.3% | 0.07x | 101.97x | $16.71 | 0.18x | $21.79M | 3.9% | 0.04x |
| 2020 | 98.1% | 0.07x | 97.14x | $16.92 | 0.27x | $53.86M | 4.1% | 0.04x |
| 2021 | 98.1% | 0.06x | 134.05x | $18.92 | 0.21x | $64.05M | 3.5% | 0.04x |
| 2022 | 98.5% | 0.07x | 163.91x | $19.00 | 0.16x | $31.41M | 3.8% | 0.04x |
| 2023 | 98.0% | 0.07x | 147.06x | $20.41 | 0.21x | $41.35M | 3.9% | 0.04x |
| 2024 | 97.9% | 0.07x | 88.18x | $25.10 | 0.25x | $66.23M | 4.2% | 0.04x |
| 2025 | 0.2% | 42.97x | 78.28x | $24.60 | 0.07x | $66.33M | 4.4% | 26.34x |
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $8.92M
Inventory: $1.27M
Total assets: $5.51B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $2.44B
Tangible book: $3.06B
Shares: 124,547,000
Revenue: $383.11M
Capex: $79.61M
D&A: $1.02M
EBITDA: $114.88M
Interest: $84.45M
Short-term debt: $442.06M
Free cash flow: $66.33M
Operating income: $234.80M
Invested capital: $5.37B
Tax rate: 0.0%