Brookfield Property Partners LP (Brookfield Property Partners LP) Beneish M-Score : -3.38 (As of May. 05, 2024)

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What is Brookfield Property Partners LP Beneish M-Score?

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 -3.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Brookfield Property Partners LP's Beneish M-Score or its related term are showing as below:

BPY' s Beneish M-Score Range Over the Past 10 Years
Min: -3.38 Med: -2.57 Max: -0.94
Current: -3.38

During the past 13 years, the highest Beneish M-Score of Brookfield Property Partners LP was -0.94. The lowest was -3.38. And the median was -2.57.

Brookfield Property Partners LP Beneish M-Score Historical Data

The historical data trend for Brookfield Property Partners LP'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.

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Brookfield Property Partners LP Beneish M-Score Chart

Brookfield Property Partners LP Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.80

-2.07

Brookfield Property Partners LP 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															-	-	-	-	-

Competitive Comparison of Brookfield Property Partners LP's Beneish M-Score

For the Real Estate Services subindustry, Brookfield Property Partners LP'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.

Brookfield Property Partners LP's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Brookfield Property Partners LP's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Brookfield Property Partners LP's Beneish M-Score falls into.

Brookfield Property Partners LP Beneish M-Score Calculation

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 Brookfield Property Partners LP for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.9187

0.528 * 1.0955

0.404 * 0.9925

0.892 * 1.2876

0.115 * 0.7759

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1375

4.679 * 0.008375

0.327 * 1.019

-1.35

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $2,720 Mil.
Revenue was 2483 + 2433 + 2327 + 2240 = $9,483 Mil.
Gross Profit was 1267 + 1168 + 1243 + 1075 = $4,753 Mil.
Total Current Assets was $9,041 Mil.
Total Assets was $131,577 Mil.
Property, Plant and Equipment(Net PPE) was $11,085 Mil.
Depreciation, Depletion and Amortization(DDA) was $440 Mil.
Selling, General, & Admin. Expense(SGA) was $1,324 Mil.
Total Current Liabilities was $35,255 Mil.
Long-Term Debt & Capital Lease Obligation was $41,321 Mil.
Net Income was -105 + -63 + -191 + -83 = $-442 Mil.
Non Operating Income was -701 + 140 + -273 + -40 = $-874 Mil.
Cash Flow from Operations was -5 + 187 + -5 + -847 = $-670 Mil.

Total Receivables was $1,101 Mil.
Revenue was 1812 + 1756 + 1743 + 2054 = $7,365 Mil.
Gross Profit was 1034 + 971 + 982 + 1057 = $4,044 Mil.
Total Current Assets was $7,086 Mil.
Total Assets was $112,516 Mil.
Property, Plant and Equipment(Net PPE) was $9,401 Mil.
Depreciation, Depletion and Amortization(DDA) was $287 Mil.
Selling, General, & Admin. Expense(SGA) was $904 Mil.
Total Current Liabilities was $24,181 Mil.
Long-Term Debt & Capital Lease Obligation was $40,078 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)
	=	(2720 / 9483)	/	(1101 / 7365)
	=	0.286829	/	0.149491
	=	1.9187

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)
	=	(4044 / 7365)	/	(4753 / 9483)
	=	0.549084	/	0.501213
	=	1.0955

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 - (9041 + 11085) / 131577)	/	(1 - (7086 + 9401) / 112516)
	=	0.84704	/	0.85347
	=	0.9925

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
	=	9483	/	7365
	=	1.2876

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))
	=	(287 / (287 + 9401))	/	(440 / (440 + 11085))
	=	0.029624	/	0.038178
	=	0.7759

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)
	=	(1324 / 9483)	/	(904 / 7365)
	=	0.139618	/	0.122743
	=	1.1375

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)
	=	((41321 + 35255) / 131577)	/	((40078 + 24181) / 112516)
	=	0.581986	/	0.57111
	=	1.019

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
	=	(-442 - -874	-	-670)	/	131577
	=	0.008375

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.

Brookfield Property Partners LP has a M-score of -1.35 signals that the company is likely to be a manipulator.

Brookfield Property Partners LP Beneish M-Score Related Terms

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Brookfield Property Partners LP (Brookfield Property Partners LP) Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

BPYPN.PFD:USA BPYPO.PFD:USA BPYPP.PFD:USA

Address

73 Front Street, 5th Floor, Hamilton, BMU, HM 12

Website

https://www.bpy.brookfield.com

Brookfield Property Partners LP owns, operates, and invests in commercial properties in North America, Europe, Australia, and Brazil. The company focuses on being an owner and operator of real estate, providing investors with diversified exposure to some of the iconic properties and acquiring high-quality assets at a discount to replacement cost or intrinsic value. Its operating segment includes Core Office, Core Retail, LP Investments, and Corporate Segments. The company operates in various sectors such as the office sector, retail sector, industrial, multifamily, hospitality, triple net lease, and corporate sector. It generates a majority of revenue from the LP Investments segment.

Executives

Investment Corp Of Dubai

10 percent owner

P.O. BOX 333888, LEVEL 5&6, GATE VILLAGE 7, DIFC, DUBAI C0 00000