CTRRF (CT Real Estate Investment Trust) Beneish M-Score: -2.08 (As of Jun. 25, 2026)

What is CT Real Estate Investment Trust Beneish M-Score?

CT Real Estate Investment Trust CTRRF -3.78% 72 Beneish M-Score is -2.08 as of Jun. 25, 2026. GuruFocus rates CTRRF with a GF Score™ of 72/100 and a GF Value™ of $12.28 (Fairly Valued). The stock has 11 warning signs investors should review. Among 765 REITs companies, CT Real Estate Investment Trust ranks worse than 77.78% on this metric.

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 -2.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for CT Real Estate Investment Trust's Beneish M-Score or its related term are showing as below:

CTRRF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.22 Med: -2.41 Max: 1.01
Current: -2.08

During the past 13 years, the highest Beneish M-Score of CT Real Estate Investment Trust was 1.01. The lowest was -3.22. And the median was -2.41.

CT Real Estate Investment Trust Beneish M-Score Related Terms

CT Real Estate Investment Trust Beneish M-Score Historical Data

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The historical data trend for CT Real Estate Investment Trust'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.

CT Real Estate Investment Trust Beneish M-Score Chart

CT Real Estate Investment Trust Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.95

-2.31

-2.68

-2.19

-1.06

CT Real Estate Investment Trust Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.35	-2.13	-1.34	-1.06	-2.08

CTRRF vs SPG, O, KIM: Beneish M-Score Comparison

For the REIT - Retail subindustry, CT Real Estate Investment Trust'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.

CT Real Estate Investment Trust Beneish M-Score vs REITs Industry

For the REITs industry and Real Estate sector, CT Real Estate Investment Trust's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where CT Real Estate Investment Trust's Beneish M-Score falls into.

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72GF Score

CT Real Estate Investment Trust CTRRF

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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CT Real Estate Investment Trust 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 CT Real Estate Investment Trust 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 * 1.5157

0.528 * 1.0025

0.404 * 0.9985

0.892 * 1.061

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1303

4.679 * -0.018383

0.327 * 0.8923

-2.02

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $11.3 Mil.
Revenue was 114.838 + 110.85 + 109.264 + 109.586 = $444.5 Mil.
Gross Profit was 89.044 + 86.582 + 85.487 + 85.713 = $346.8 Mil.
Total Current Assets was $26.9 Mil.
Total Assets was $5,679.8 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.0 Mil.
Selling, General, & Admin. Expense(SGA) was $13.3 Mil.
Total Current Liabilities was $374.5 Mil.
Long-Term Debt & Capital Lease Obligation was $982.4 Mil.
Net Income was 84.357 + 138.685 + 84.657 + 75.361 = $383.1 Mil.
Non Operating Income was 22.716 + 80.044 + 26.496 + 17.237 = $146.5 Mil.
Cash Flow from Operations was 91.591 + 87.696 + 88.395 + 73.296 = $341.0 Mil.

Total Receivables was $7.0 Mil.
Revenue was 104.762 + 102.082 + 106.743 + 105.391 = $419.0 Mil.
Gross Profit was 81.383 + 80.415 + 83.087 + 82.823 = $327.7 Mil.
Total Current Assets was $16.4 Mil.
Total Assets was $5,095.8 Mil.
Property, Plant and Equipment(Net PPE) was $0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.0 Mil.
Selling, General, & Admin. Expense(SGA) was $11.1 Mil.
Total Current Liabilities was $427.4 Mil.
Long-Term Debt & Capital Lease Obligation was $936.9 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)
	=	(11.254 / 444.538)	/	(6.998 / 418.978)
	=	0.025316	/	0.016703
	=	1.5157

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)
	=	(327.708 / 418.978)	/	(346.826 / 444.538)
	=	0.78216	/	0.780194
	=	1.0025

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 - (26.923 + 0) / 5679.779)	/	(1 - (16.434 + 0) / 5095.787)
	=	0.99526	/	0.996775
	=	0.9985

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
	=	444.538	/	418.978
	=	1.061

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))
	=	(0 / (0 + 0))	/	(0 / (0 + 0))
	=		/
	=	1

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)
	=	(13.327 / 444.538)	/	(11.113 / 418.978)
	=	0.029979	/	0.026524
	=	1.1303

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)
	=	((982.441 + 374.505) / 5679.779)	/	((936.936 + 427.363) / 5095.787)
	=	0.238908	/	0.267731
	=	0.8923

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
	=	(383.06 - 146.493	-	340.978)	/	5679.779
	=	-0.018383

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.

CT Real Estate Investment Trust has a M-score of -2.02 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.08 mean?

CT Real Estate Investment Trust (CTRRF) has a Beneish M-Score of -2.08 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CT Real Estate Investment Trust and its competitors. According to the industry distribution chart, CT Real Estate Investment Trust ranks #595 out of 765 companies in the REITs industry, placing it in the top 77.8%.

Is CT Real Estate Investment Trust's Beneish M-Score too high?

CT Real Estate Investment Trust's current Beneish M-Score is -2.08. Based on the distribution chart, CT Real Estate Investment Trust ranks #595 out of 765 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, CT Real Estate Investment Trust has a GF Score™ of 72/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does CT Real Estate Investment Trust's Beneish M-Score compare to SPG and O?

According to the REITs industry distribution chart, CT Real Estate Investment Trust ranks #595 out of 765 companies for Beneish M-Score. This places CT Real Estate Investment Trust in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a REITs company?

A good Beneish M-Score depends on the REITs industry context. However, Beneish M-Score 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 Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CT Real Estate Investment Trust and its competitors. CT Real Estate Investment Trust's current Beneish M-Score is -2.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is CT Real Estate Investment Trust stock overvalued right now?

Based on GuruFocus' analysis, CT Real Estate Investment Trust (CTRRF) is currently considered Fairly Valued. The stock's GF Value™ is $12.28, compared to a current price of $12.85 — trading 4.6% above its estimated fair value. The current Beneish M-Score is -2.08. CT Real Estate Investment Trust's overall GF Score™ is 72/100 with 11 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For CT Real Estate Investment Trust (CTRRF), the current Beneish M-Score is -2.08 as of Jun. 25, 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 CT Real Estate Investment Trust (CTRRF) Overvalued in 2026?

Based on GuruFocus' analysis, CT Real Estate Investment Trust stock appears to be overvalued. The current stock price of $12.85 is trading 4.6% above its estimated GF Value™ of $12.28. GuruFocus considers CT Real Estate Investment Trust to be Fairly Valued.

Key valuation signals for CTRRF:

Beneish M-Score: -2.08
GF Value™: $12.28 vs. price of $12.85 (4.6% above fair value)
GF Score™: 72/100 with 11 warning signs

No single metric tells the full story. See the CTRRF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

CT Real Estate Investment Trust Business Description

Industry Real Estate REITs

Comparable Companies TSX:SRU.UN TSX:FCR.UN TSX:PMZ.UN TSX:REI.UN TSX:SGR.UN TSX:PLZ.UN TSX:FCD.UN TSX:CHP.UN SPG O XPAR:URW KIM ASX:SCG REG SGX:C38U HKSE:00823 XPAR:LI FRT BRX ADC

Other Exchanges 5G4:Germany CRT.UN:Canada

Address 2180 Yonge Street, P.O. Box 770, Station K, Toronto, ON, CAN, M4P 2V8

Website https://www.ctreit.com

CT Real Estate Investment Trust is an unincorporated real estate investment trust that invests in retail properties across Canada. The trust generates the vast majority of revenue from leasing its properties to Canadian Tire Corporation, which operates the Canadian Tire retail stores. The trust's portfolio consists of properties anchored by a Canadian Tire retail store, in addition to retail properties not anchored by Canadian Tire, distribution centres, and mixed-use commercial property.

72GF Score

Get the complete analysis for CTRRF

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$12.85

Price

$12.28

GF Value

View CTRRF Analysis

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