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%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.92MpropertyPlantAndEquipmentNetInventory$1.27MinventoryTotal assets$5.51BtotalAssetsResult 0.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
42.97xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$383.11MtotalRevenueNet PP&E$8.92MpropertyPlantAndEquipmentNetResult 42.97x
Revenue per dollar of the physical asset base.
Capex / D&A
78.28xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$79.61McapitalExpendituresD&A$1.02MdepreciationAndAmortizationResult 78.28x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$24.60Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.51BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.44BtotalLiabTangible book$3.06BShares124,547,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $24.60
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.70xPrice / tangible bookPrice / tangible book per sharePrice$17.10Latest quoteTangible book / share$24.602025-12-31Result 0.70x
Price $17.10.
Fixed-charge coverage
0.07xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$114.88MebitdaCapex$79.61McapitalExpendituresInterest$84.45MinterestExpenseShort-term debt$442.06MshortTermDebtEBITDA − capex$35.27MPrincipal due is short-term debt.Result 0.07x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$66.33MfreeCashFlowMarket cap$2.10BMarketCapitalizationResult 3.2%
Latest free cash flow divided by current market cap ($2.10B).
ROIC
4.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$234.80MoperatingIncomeTax expense$0.00taxProvisionPretax income$29.41MincomeBeforeTaxTax rate0.0%Equity$3.06BtotalStockholderEquityDebt$2.32BshortLongTermDebtTotalCash$9.88McashInvested capital$5.37BResult 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%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.74BpropertyPlantEquipmentInventory$276.00KinventoryTotal assets$2.82BtotalAssetsResult 97.2% | 0.08xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$216.92MtotalRevenueNet PP&E$2.74BpropertyPlantEquipmentResult 0.08x | 55.66xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$47.81McapitalExpendituresD&A$859.00KdepreciationAndAmortizationResult 55.66x | $13.58Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.82BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.66BtotalLiabTangible book$1.17BShares86,058,671commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $13.58 | 0.19xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$121.92MebitdaCapex$47.81McapitalExpendituresInterest$38.03MinterestExpenseShort-term debt$346.25MshortTermDebtEBITDA − capex$74.11MPrincipal due is short-term debt.Result 0.19x | $41.92MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$89.74MtotalCashFromOperatingActivitiesCapex$47.81McapitalExpendituresFree cash flow$41.92MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $41.92M | 4.0%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$121.92MoperatingIncomeTax expense$31.48MincomeTaxExpensePretax income$206.65MincomeBeforeTaxTax rate15.2%Equity$1.17BtotalStockholderEquityDebt$1.41BshortLongTermDebtTotalCash$3.79McashInvested capital$2.57BResult 4.0% | 0.04xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$121.92MoperatingIncomeNet PP&E$2.74BpropertyPlantEquipmentResult 0.04x |
| 2019 | 97.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.29BpropertyPlantEquipmentInventory$12.00KinventoryTotal assets$3.38BtotalAssetsResult 97.3% | 0.07xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$243.20MtotalRevenueNet PP&E$3.29BpropertyPlantEquipmentResult 0.07x | 101.97xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$73.42McapitalExpendituresD&A$720.00KdepreciationAndAmortizationResult 101.97x | $16.71Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.38BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.78BtotalLiabTangible book$1.60BShares95,914,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $16.71 | 0.18xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$136.90MebitdaCapex$73.42McapitalExpendituresInterest$43.98MinterestExpenseShort-term debt$301.42MshortTermDebtEBITDA − capex$63.48MPrincipal due is short-term debt.Result 0.18x | $21.79MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$95.21MtotalCashFromOperatingActivitiesCapex$73.42McapitalExpendituresFree cash flow$21.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $21.79M | 3.9%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$136.90MoperatingIncomeTax expense$40.64MincomeTaxExpensePretax income$324.16MincomeBeforeTaxTax rate12.5%Equity$1.60BtotalStockholderEquityDebt$1.47BshortLongTermDebtTotalCash$12.80McashInvested capital$3.06BResult 3.9% | 0.04xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$136.90MoperatingIncomeNet PP&E$3.29BpropertyPlantEquipmentResult 0.04x |
| 2020 | 98.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.71BpropertyPlantEquipmentInventory$9.00KinventoryTotal assets$3.78BtotalAssetsResult 98.1% | 0.07xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$262.33MtotalRevenueNet PP&E$3.71BpropertyPlantEquipmentResult 0.07x | 97.14xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$69.65McapitalExpendituresD&A$717.00KdepreciationAndAmortizationResult 97.14x | $16.92Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.78BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.01BtotalLiabTangible book$1.77BShares104,503,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $16.92 | 0.27xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$150.71MebitdaCapex$69.65McapitalExpendituresInterest$45.22MinterestExpenseShort-term debt$249.72MshortTermDebtEBITDA − capex$81.05MPrincipal due is short-term debt.Result 0.27x | $53.86MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$123.51MtotalCashFromOperatingActivitiesCapex$69.65McapitalExpendituresFree cash flow$53.86MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $53.86M | 4.1%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$150.62MoperatingIncomeTax expense$9.59MincomeTaxExpensePretax income$155.63MincomeBeforeTaxTax rate6.2%Equity$1.77BtotalStockholderEquityDebt$1.69BshortLongTermDebtTotalCash$2.56McashInvested capital$3.46BResult 4.1% | 0.04xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$150.62MoperatingIncomeNet PP&E$3.71BpropertyPlantEquipmentResult 0.04x |
| 2021 | 98.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.49BpropertyPlantEquipmentInventory$212.00KinventoryTotal assets$4.58BtotalAssetsResult 98.1% | 0.06xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$291.98MtotalRevenueNet PP&E$4.49BpropertyPlantEquipmentResult 0.06x | 134.05xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$76.81McapitalExpendituresD&A$573.00KdepreciationAndAmortizationResult 134.05x | $18.92Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.58BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.47BtotalLiabTangible book$2.11BShares111,626,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $18.92 | 0.21xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$166.44MebitdaCapex$76.81McapitalExpendituresInterest$47.84MinterestExpenseShort-term debt$376.27MshortTermDebtEBITDA − capex$89.63MPrincipal due is short-term debt.Result 0.21x | $64.05MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$140.86MtotalCashFromOperatingActivitiesCapex$76.81McapitalExpendituresFree cash flow$64.05MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $64.05M | 3.5%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$166.44MoperatingIncomeTax expense$42.39MincomeTaxExpensePretax income$327.92MincomeBeforeTaxTax rate12.9%Equity$2.11BtotalStockholderEquityDebt$2.06BshortLongTermDebtTotalCash$6.48McashInvested capital$4.17BResult 3.5% | 0.04xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$166.44MoperatingIncomeNet PP&E$4.49BpropertyPlantEquipmentResult 0.04x |
| 2022 | 98.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.78BpropertyPlantEquipmentInventory$4.60MinventoryTotal assets$4.86BtotalAssetsResult 98.5% | 0.07xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$330.64MtotalRevenueNet PP&E$4.78BpropertyPlantEquipmentResult 0.07x | 163.91xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$93.92McapitalExpendituresD&A$573.00KdepreciationAndAmortizationResult 163.91x | $19.00Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.86BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.59BtotalLiabTangible book$2.27BShares119,678,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $19.00 | 0.16xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$193.79MebitdaCapex$93.92McapitalExpendituresInterest$57.57MinterestExpenseShort-term debt$556.09MshortTermDebtEBITDA − capex$99.87MPrincipal due is short-term debt.Result 0.16x | $31.41MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$125.33MtotalCashFromOperatingActivitiesCapex$93.92McapitalExpendituresFree cash flow$31.41MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $31.41M | 3.8%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$193.79MoperatingIncomeTax expense$18.81MincomeTaxExpensePretax income$141.35MincomeBeforeTaxTax rate13.3%Equity$2.27BtotalStockholderEquityDebt$2.21BshortLongTermDebtTotalCash$9.15McashInvested capital$4.47BResult 3.8% | 0.04xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$193.79MoperatingIncomeNet PP&E$4.78BpropertyPlantEquipmentResult 0.04x |
| 2023 | 98.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.98BpropertyPlantAndEquipmentNetInventory$4.67MinventoryTotal assets$5.09BtotalAssetsResult 98.0% | 0.07xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$349.96MtotalRevenueNet PP&E$4.98BpropertyPlantAndEquipmentNetResult 0.07x | 147.06xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$98.39McapitalExpendituresD&A$669.00KdepreciationAndAmortizationResult 147.06x | $20.41Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.09BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.60BtotalLiabTangible book$2.48BShares121,656,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $20.41 | 0.21xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$206.22MebitdaCapex$98.39McapitalExpendituresInterest$65.47MinterestExpenseShort-term debt$439.98MshortTermDebtEBITDA − capex$107.84MPrincipal due is short-term debt.Result 0.21x | $41.35MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$139.73MtotalCashFromOperatingActivitiesCapex$98.39McapitalExpendituresFree cash flow$41.35MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $41.35M | 3.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$206.22MoperatingIncomeTax expense$33.16MincomeTaxExpensePretax income$299.49MincomeBeforeTaxTax rate11.1%Equity$2.48BtotalStockholderEquityDebt$2.19BshortLongTermDebtTotalCash$14.09McashInvested capital$4.66BResult 3.9% | 0.04xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$206.22MoperatingIncomeNet PP&E$4.98BpropertyPlantAndEquipmentNetResult 0.04x |
| 2024 | 97.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.33BpropertyPlantAndEquipmentNetInventory$464.00KinventoryTotal assets$5.44BtotalAssetsResult 97.9% | 0.07xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$367.04MtotalRevenueNet PP&E$5.33BpropertyPlantAndEquipmentNetResult 0.07x | 88.18xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$93.91McapitalExpendituresD&A$1.07MdepreciationAndAmortizationResult 88.18x | $25.10Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.44BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.35BtotalLiabTangible book$3.09BShares123,123,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $25.10 | 0.25xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$223.52MebitdaCapex$93.91McapitalExpendituresInterest$75.57MinterestExpenseShort-term debt$435.97MshortTermDebtEBITDA − capex$129.61MPrincipal due is short-term debt.Result 0.25x | $66.23MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$160.14MtotalCashFromOperatingActivitiesCapex$93.91McapitalExpendituresFree cash flow$66.23MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $66.23M | 4.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$223.52MoperatingIncomeTax expense-$278.98MincomeTaxExpensePretax income$388.87MincomeBeforeTaxTax rate0.0%Equity$3.09BtotalStockholderEquityDebt$2.21BshortLongTermDebtTotalCash$13.21McashInvested capital$5.28BResult 4.2% | 0.04xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$223.52MoperatingIncomeNet PP&E$5.33BpropertyPlantAndEquipmentNetResult 0.04x |
| 2025 | 0.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.92MpropertyPlantAndEquipmentNetInventory$1.27MinventoryTotal assets$5.51BtotalAssetsResult 0.2% | 42.97xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$383.11MtotalRevenueNet PP&E$8.92MpropertyPlantAndEquipmentNetResult 42.97x | 78.28xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$79.61McapitalExpendituresD&A$1.02MdepreciationAndAmortizationResult 78.28x | $24.60Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.51BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.44BtotalLiabTangible book$3.06BShares124,547,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $24.60 | 0.07xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$114.88MebitdaCapex$79.61McapitalExpendituresInterest$84.45MinterestExpenseShort-term debt$442.06MshortTermDebtEBITDA − capex$35.27MPrincipal due is short-term debt.Result 0.07x | $66.33MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$145.94MtotalCashFromOperatingActivitiesCapex$79.61McapitalExpendituresFree cash flow$66.33MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $66.33M | 4.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$234.80MoperatingIncomeTax expense$0.00taxProvisionPretax income$29.41MincomeBeforeTaxTax rate0.0%Equity$3.06BtotalStockholderEquityDebt$2.32BshortLongTermDebtTotalCash$9.88McashInvested capital$5.37BResult 4.4% | 26.34xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$234.80MoperatingIncomeNet PP&E$8.92MpropertyPlantAndEquipmentNetResult 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%