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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.72 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Urban Edge Properties's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Urban Edge Properties was -2.38. The lowest was -2.83. And the median was -2.62.
The historical data trend for Urban Edge Properties's Beneish M-Score can be seen below:
* 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.
Urban Edge Properties Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.79 | -2.83 | -2.38 | -2.61 | -2.72 |
Urban Edge Properties Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.61 | -2.65 | -2.60 | -2.65 | -2.72 |
For the REIT - Retail subindustry, Urban Edge Properties's Beneish M-Score, along with its competitors' market caps and Beneish M-Score 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.
For the REITs industry and Real Estate sector, Urban Edge Properties's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Urban Edge Properties's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Urban Edge Properties for today is based on a combination of the following eight different indices:
M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
= | -4.84 | + | 0.92 * 0.8761 | + | 0.528 * 0.9674 | + | 0.404 * 0.9999 | + | 0.892 * 1.0477 | + | 0.115 * 0.9296 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.8541 | + | 4.679 * -0.042477 | - | 0.327 * 0.9214 | |||||||
= | -2.72 |
* 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.
This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $75.5 Mil. Revenue was 116.582 + 101.834 + 99.065 + 99.441 = $416.9 Mil. Gross Profit was 80.862 + 69.034 + 67.236 + 66.338 = $283.5 Mil. Total Current Assets was $262.8 Mil. Total Assets was $3,279.8 Mil. Property, Plant and Equipment(Net PPE) was $59.7 Mil. Depreciation, Depletion and Amortization(DDA) was $101.2 Mil. Selling, General, & Admin. Expense(SGA) was $49.7 Mil. Total Current Liabilities was $231.4 Mil. Long-Term Debt & Capital Lease Obligation was $1,635.0 Mil. Net Income was 221.235 + 36.118 + 10.262 + -19.118 = $248.5 Mil. Non Operating Income was 215.956 + 43.029 + -0.489 + -33.699 = $224.8 Mil. Cash Flow from Operations was 60.163 + 34.403 + 39.027 + 29.422 = $163.0 Mil. |
Total Receivables was $82.2 Mil. Revenue was 101.593 + 98.29 + 97.854 + 100.201 = $397.9 Mil. Gross Profit was 69.53 + 64.387 + 64.802 + 63.021 = $261.7 Mil. Total Current Assets was $225.7 Mil. Total Assets was $2,977.4 Mil. Property, Plant and Equipment(Net PPE) was $66.9 Mil. Depreciation, Depletion and Amortization(DDA) was $94.1 Mil. Selling, General, & Admin. Expense(SGA) was $55.5 Mil. Total Current Liabilities was $84.5 Mil. Long-Term Debt & Capital Lease Obligation was $1,754.5 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
= | (75.487 / 416.922) | / | (82.236 / 397.938) | |
= | 0.181058 | / | 0.206655 | |
= | 0.8761 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
= | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) | |
= | (261.74 / 397.938) | / | (283.47 / 416.922) | |
= | 0.657741 | / | 0.679911 | |
= | 0.9674 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
= | (1 - (262.84 + 59.712) / 3279.809) | / | (1 - (225.742 + 66.885) / 2977.432) | |
= | 0.901655 | / | 0.901718 | |
= | 0.9999 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
SGI | = | Sales_t | / | Sales_t-1 |
= | Revenue_t | / | Revenue_t-1 | |
= | 416.922 | / | 397.938 | |
= | 1.0477 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
= | (94.127 / (94.127 + 66.885)) | / | (101.166 / (101.166 + 59.712)) | |
= | 0.584596 | / | 0.628837 | |
= | 0.9296 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
= | (49.704 / 416.922) | / | (55.547 / 397.938) | |
= | 0.119217 | / | 0.139587 | |
= | 0.8541 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
= | ((1635.001 + 231.445) / 3279.809) | / | ((1754.495 + 84.516) / 2977.432) | |
= | 0.569072 | / | 0.61765 | |
= | 0.9214 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
= | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t | |
= | (248.497 - 224.797 | - | 163.015) | / | 3279.809 | |
= | -0.042477 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Urban Edge Properties has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Urban Edge Properties's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Catherine Rice | director | 8377 EAST HARTFORD DRIVE, SUITE 100, SCOTTSDALE AZ 85255 |
Milton Robert C. Iii | officer: General Counsel and Secretary | C/O CIFC CORP., 250 PARK AVENUE, 4TH FLOOR, NEW YORK NY 10177 |
Jeffrey Mooallem | officer: Chief Operating Officer | 3 SERRAMONTE CENTER, DALY CITY CA 94015 |
Andrea Rosenthal Drazin | officer: Chief Accounting Officer | 849 BRADFORD AVENUE, WESTFIELD NJ 07090 |
Katherine M Sandstrom | director | 4600 SOUTH SYRACUSE STREET, SUITE 500, DENVER CO 80237 |
Mary Baglivo | director | C/O SAATCHI & SAATCHI, 17 HUDSON STREET, NEW YORK NY 10014 |
Norman K. Jenkins | director | 9211 GLADYS FARM WAY, GAITHERSBURG MD 20882 |
Susan Givens | director | 1345 AVENUE OF THE AMERICAS, NEW YORK NY 10105 |
Herbert Eilberg | officer: Chief Investment Officer | C/O URBAN EDGE PROPERTIES, 888 7TH AVENUE, 6TH FLOOR, NEW YORK NY 10019 |
Vita Danielle De | officer: EVP of Development | 45 WOOTTON ROAD, ESSEX FELLS NJ 07021 |
Douglas William Sesler | director | 54 NORTHWAY, BRONXVILLE NY 10708 |
Steven Roth | director | |
Christopher Weilminster | officer: Chief Operating Officer | C/O URBAN EDGE PROPERTIES, 888 7TH AVENUE, 6TH FLOOR, NEW YORK NY 10019 |
Briggs Donald Ten Eyck | officer: President of Development | 78 BLANCHARD RD., BURLINGTON MA 01803 |
Bernard Schachter | officer: EVP - Asset Management | C/O URBAN EDGE PROPERTIES, 210 ROUTE 4 EAST, PARAMUS NJ 07652 |
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