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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
Allied Properties Real Estate Investment Trust's Owner Earnings per Share (TTM) ended in Mar. 2026 was $-4.58. It's Price-to-Owner-Earnings ratio for today is 0.
APYRF's Price-to-Owner-Earnings is not ranked *
in the REITs industry.
Industry Median: 14.6 * Ranked among companies with meaningful Price-to-Owner-Earnings only.
Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.
Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.
Allied Properties Real Estate Investment Trust Owner Earnings per Share (TTM) Related Terms
Allied Properties Real Estate Investment Trust Owner Earnings per Share (TTM) Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Allied Properties Real Estate Investment Trust Owner Earnings per Share (TTM) Chart
Allied Properties Real Estate Investment Trust Annual Data
APYRF vs BXP, ARE, VNO: Owner Earnings per Share (TTM) Comparison
For the REIT - Office subindustry, Allied Properties Real Estate Investment Trust's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Allied Properties Real Estate Investment Trust Price-to-Owner-Earnings vs REITs Industry
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income.
Allied Properties Real Estate Investment Trust's Change In Deferred Tax for the trailing twelve months (TTM) ended in Mar. 2026 was $0.0 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $0.5 Mil
It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.
The following shows how to get maintenance capital expenditure.
First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.
Allied Properties Real Estate Investment Trust's 5-Year Average Maintenance Capital Expenditure = $0.5 Mil
5. "Change In Working Capital" is from cashflow statement. Allied Properties Real Estate Investment Trust's Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2026 was $62.8 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Owner Earnings per Share (TTM) of -4.58 mean?
Allied Properties Real Estate Investment Trust (APYRF) has a Owner Earnings per Share (TTM) of -4.58 as of Mar. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Allied Properties Real Estate Investment Trust. Over the past decade, Allied Properties Real Estate Investment Trust's Owner Earnings per Share (TTM) has ranged from 5.01 to 27.17. According to the industry distribution chart, Allied Properties Real Estate Investment Trust ranks #999999 out of 335 companies in the REITs industry.
Is Allied Properties Real Estate Investment Trust's Owner Earnings per Share (TTM) too high?
Allied Properties Real Estate Investment Trust's current Owner Earnings per Share (TTM) is -4.58. Over the past 10 years, this metric has ranged from a low of 5.01 to a high of 27.17. Based on the distribution chart, Allied Properties Real Estate Investment Trust ranks #999999 out of 335 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Allied Properties Real Estate Investment Trust has a GF Score™ of 62/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Allied Properties Real Estate Investment Trust's Owner Earnings per Share (TTM) compare to BXP and ARE?
According to the REITs industry distribution chart, Allied Properties Real Estate Investment Trust ranks #999999 out of 335 companies for Owner Earnings per Share (TTM). This places Allied Properties Real Estate Investment Trust in the lower half of its industry. The industry median Owner Earnings per Share (TTM) is 14.60. Historically, Allied Properties Real Estate Investment Trust's own Owner Earnings per Share (TTM) has ranged from 5.01 to 27.17 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Owner Earnings per Share (TTM) for a REITs company?
The median Owner Earnings per Share (TTM) among REITs companies is 14.60, based on 335 companies in the industry. Companies in the top quartile (top 25%) have a Owner Earnings per Share (TTM) significantly above this median, while those in the bottom quartile fall well below. However, Owner Earnings per Share (TTM) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Owner Earnings per Share (TTM) mean?
A high Owner Earnings per Share (TTM) can signal that a stock is expensive relative to its fundamentals. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Allied Properties Real Estate Investment Trust. For the REITs industry, the median Owner Earnings per Share (TTM) is 14.60 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Allied Properties Real Estate Investment Trust's current Owner Earnings per Share (TTM) is -4.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Allied Properties Real Estate Investment Trust stock overvalued right now?
Based on GuruFocus' analysis, Allied Properties Real Estate Investment Trust (APYRF) is currently considered Possible Value Trap. The stock's GF Value™ is $10.41, compared to a current price of $7.24 — trading 30.5% below its estimated fair value. The current Owner Earnings per Share (TTM) is -4.58. Allied Properties Real Estate Investment Trust's overall GF Score™ is 62/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Owner Earnings per Share (TTM) calculated?
Owner Earnings per Share (TTM) is calculated from a company's financial statements. For Allied Properties Real Estate Investment Trust (APYRF), the current Owner Earnings per Share (TTM) is -4.58 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Allied Properties Real Estate Investment Trust (APYRF) Overvalued in 2026?
Based on GuruFocus' analysis, Allied Properties Real Estate Investment Trust stock appears to be undervalued.
The current stock price of $7.24 is trading 30.5% below its estimated GF Value™ of $10.41.
GuruFocus considers Allied Properties Real Estate Investment Trust to be Possible Value Trap.
Key valuation signals for APYRF:
Owner Earnings per Share (TTM): -4.58
GF Value™: $10.41 vs. price of $7.24 (30.5% below fair value)
No single metric tells the full story. See the APYRF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Allied Properties Real Estate Investment Trust Business Description
Allied Properties Real Estate Investment Trust is a real estate investment trust engaged in the development, management, and ownership of urban office environments across Canadian cities. Maximum of the total square footage in the company's real estate portfolio is located in Toronto, Calgary, Vancouver and Montreal. Allied Properties derives nearly all of its income in the form of rental revenue from tenants in its properties. The majority of this revenue comes from its assets located in Central Canada. Allied Properties' maximum tenants include IT, banking, government, marketing, and telecommunications firms. The company also controls a number of telecommunications / IT and retail properties within its real estate portfolio.
62GF Score
Get the complete analysis for APYRF
Owner Earnings per Share (TTM) is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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