Gramercy Property Trust Beneish M-Score Historical Data
The historical data trend for Gramercy Property 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.
Gramercy Property Trust Beneish M-Score Chart
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Gramercy Property Trust Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
| Beneish M-Score |
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-2.58 |
-1.68 |
2.86 |
-1.81 |
-2.65 |
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Gramercy Property Trust Quarterly Data
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Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
| Beneish M-Score |
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-0.53 |
-0.36 |
-2.65 |
-0.52 |
-0.36 |
Competitive Comparison of Gramercy Property Trust's Beneish M-Score
For the REIT - Industrial subindustry, Gramercy Property 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.
Gramercy Property Trust's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, Gramercy Property Trust's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gramercy Property Trust's Beneish M-Score falls into.
Gramercy Property 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 Gramercy Property Trust 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 * 1 | + | 0.528 * 0.988 | + | 0.404 * 6.6939 | + | 0.892 * 1.1162 | + | 0.115 * 0.0494 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9519 | + | 4.679 * -0.034286 | - | 0.327 * 1.0608 |
| = | -0.36 |
* 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 (Jun18) TTM: | Last Year (Jun17) TTM: |
Total Receivables was $94.26 Mil.
Revenue was 145.595 + 149.48 + 149.006 + 134.855 = $578.94 Mil.
Gross Profit was 116.961 + 119.85 + 121.097 + 106.759 = $464.67 Mil.
Total Current Assets was $166.03 Mil.
Total Assets was $6,433.75 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $282.79 Mil.
Selling, General, & Admin. Expense(SGA) was $37.58 Mil.
Total Current Liabilities was $108.38 Mil.
Long-Term Debt & Capital Lease Obligation was $2,886.31 Mil.
Net Income was 24.432 + 27.062 + 17.935 + 50.129 = $119.56 Mil.
Non Operating Income was 6.669 + -0.926 + -17.054 + 38.915 = $27.60 Mil.
Cash Flow from Operations was 75.46 + 72.823 + 102.652 + 61.604 = $312.54 Mil.
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Total Receivables was $0.00 Mil.
Revenue was 131.365 + 129.994 + 126.202 + 131.092 = $518.65 Mil.
Gross Profit was 105.711 + 103.724 + 98.247 + 103.597 = $411.28 Mil.
Total Current Assets was $203.84 Mil.
Total Assets was $5,686.91 Mil.
Property, Plant and Equipment(Net PPE) was $4,655.44 Mil.
Depreciation, Depletion and Amortization(DDA) was $242.02 Mil.
Selling, General, & Admin. Expense(SGA) was $35.37 Mil.
Total Current Liabilities was $97.34 Mil.
Long-Term Debt & Capital Lease Obligation was $2,398.10 Mil.
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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) |
| = | (94.26 / 578.936) | / | (0 / 518.653) |
| = | 0.162816 | / | 0 |
| | = | 1 |
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) |
| = | (411.279 / 518.653) | / | (464.667 / 578.936) |
| = | 0.792975 | / | 0.802622 |
| | = | 0.988 |
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 - (166.027 + 0) / 6433.748) | / | (1 - (203.835 + 4655.435) / 5686.906) |
| = | 0.974194 | / | 0.145534 |
| | = | 6.6939 |
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 |
| = | 578.936 | / | 518.653 |
| | = | 1.1162 |
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)) |
| = | (242.017 / (242.017 + 4655.435)) | / | (282.79 / (282.79 + 0)) |
| = | 0.049417 | / | 1 |
| | = | 0.0494 |
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) |
| = | (37.579 / 578.936) | / | (35.366 / 518.653) |
| = | 0.06491 | / | 0.068188 |
| | = | 0.9519 |
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) |
| = | ((2886.308 + 108.375) / 6433.748) | / | ((2398.097 + 97.335) / 5686.906) |
| = | 0.465465 | / | 0.438803 |
| | = | 1.0608 |
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 |
| = | (119.558 - 27.604 | - | 312.539) | / | 6433.748 |
| | = | -0.034286 |
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.
Gramercy Property Trust has a M-score of -0.36 signals that the company is likely to be a manipulator.
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