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UDR (NYSE:UDR) Beneish M-Score

: -2.40 (As of Today)
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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 -2.4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

UDR' s Beneish M-Score Range Over the Past 10 Years
Min: -5.31   Med: -2.52   Max: 25.01
Current: -2.4

During the past 13 years, the highest Beneish M-Score of UDR was 25.01. The lowest was -5.31. And the median was -2.52.


UDR (NYSE:UDR) Beneish M-Score Historical Data

The historical data trend for UDR'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.

* Premium members only.

UDR Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.81 -1.74 -0.50 -2.55 -3.54

UDR Quarterly Data
Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.55 -3.54 -3.54 -3.39 -2.40

UDR (NYSE:UDR) Beneish M-Score Competitive Comparison

For the REIT - Residential subindustry, UDR'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.

   

UDR (NYSE:UDR) Beneish M-Score Distribution

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

* The bar in red indicates where UDR's Beneish M-Score falls into.



UDR 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 UDR 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 * 1.3239+0.528 * 0.8467+0.404 * 0.9979+0.892 * 1.1775+0.115 * 0.9681
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9339+4.679 * -0.0675-0.327 * 0.959
=-2.40

* 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 (Sep22) TTM:Last Year (Sep21) TTM:
Total Receivables was $40 Mil.
Revenue was 391.297 + 369.167 + 357.266 + 348.208 = $1,466 Mil.
Gross Profit was 86.836 + 76.438 + 69.82 + 64.969 = $298 Mil.
Total Current Assets was $451 Mil.
Total Assets was $11,098 Mil.
Property, Plant and Equipment(Net PPE) was $195 Mil.
Depreciation, Depletion and Amortization(DDA) was $676 Mil.
Selling, General, & Admin. Expense(SGA) was $61 Mil.
Total Current Liabilities was $823 Mil.
Long-Term Debt & Capital Lease Obligation was $5,350 Mil.
Net Income was 23.605 + 5.084 + 13.705 + 117.461 = $160 Mil.
Non Operating Income was 9.102 + -12.303 + 6.177 + 122.68 = $126 Mil.
Cash Flow from Operations was 204.551 + 237.067 + 161.02 + 180.791 = $783 Mil.
Total Receivables was $26 Mil.
Revenue was 329.77 + 311.348 + 301.441 + 302.384 = $1,245 Mil.
Gross Profit was 58.054 + 55.426 + 49.59 + 51.266 = $214 Mil.
Total Current Assets was $386 Mil.
Total Assets was $10,401 Mil.
Property, Plant and Equipment(Net PPE) was $198 Mil.
Depreciation, Depletion and Amortization(DDA) was $600 Mil.
Selling, General, & Admin. Expense(SGA) was $56 Mil.
Total Current Liabilities was $675 Mil.
Long-Term Debt & Capital Lease Obligation was $5,358 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)
=(40.128 / 1465.938) / (25.741 / 1244.943)
=0.0273736 / 0.02067645
=1.3239

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)
=(214.336 / 1244.943) / (298.063 / 1465.938)
=0.17216531 / 0.20332579
=0.8467

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 - (451.242 + 194.923) / 11097.962) / (1 - (386.174 + 198.339) / 10400.564)
=0.94177625 / 0.94379987
=0.9979

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
=1465.938 / 1244.943
=1.1775

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))
=(599.574 / (599.574 + 198.339)) / (675.976 / (675.976 + 194.923))
=0.75142779 / 0.77618185
=0.9681

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)
=(61.201 / 1465.938) / (55.651 / 1244.943)
=0.0417487 / 0.04470164
=0.9339

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)
=((5350.245 + 822.745) / 11097.962) / ((5357.63 + 675.04) / 10400.564)
=0.55622735 / 0.58003297
=0.959

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
=(159.855 - 125.656 - 783.429) / 11097.962
=-0.0675

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.

UDR has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.


UDR (NYSE:UDR) Business Description

UDR logo
Traded in Other Exchanges
Address
1745 Shea Center Drive, Suite 200, Highlands Ranch, CO, USA, 80129
UDR is a real estate investment trust primarily engaged in the acquisition, management, and development of multifamily apartment communities in urban submarkets throughout the United States. UDR divides its real estate portfolio into West, Mid-Atlantic, Southeast, Northeast, and Southwest geographic segments. Cumulatively, the vast majority of the company's real estate assets are located in the western, mid-Atlantic, and northeastern areas of the U.S. in terms of the total value. The urban markets of metropolitan Washington D.C.; New York City; Orange County, California; and San Francisco, specifically, account for the majority of the value of UDR's real estate property portfolio. The company derives nearly all of its revenue in the form of rental income from leases.
Executives
Nickelberry Kevin C director 1745 SHEA CENTER DRIVE SUITE 200 HIGHLANDS RANCH CO 80129
Morefield Diane M director 200 W. MADISON STREET SUITE 1700 CHICAGO IL 60606
Lacy Michael D officer: SVP-Property Operations 1745 SHEA CENTER DRIVE SUITE 200 HIGHLANDS RANCH CO 80129
Cozad Matthew A officer: SVP-Corp Serv and Innovation 1745 SHEA CENTER DRIVE SUITE 200 HIGHLANDS RANCH CO 80129
Hofmeister Tracy L officer: VP-Accounting 1745 SHEA CENTER DRIVE SUITE 200 HIGHLANDS RANCH CO 80129
Fisher Joseph D officer: SVP-Chief Financial Officer 1745 SHEA CENTER DRIVE SUITE 200 HIGHLANDS RANCH CO 80129
Alcock Harry G officer: SVP-Asset Management 4582 SOUTH ULSTER STREET PARKWAY SUITE 1100 DENVER CO 80237
Herzog Thomas M officer: SVP - Chief Financial Officer 1920 MAIN STREET SUITE 1200 IRVINE CA 92614
Mcdonnough Clinton D director 1745 SHEA CENTER DRIVE SUITE 200 HIGHLANDS RANCH CO 80129
King Mary Ann director 1745 SHEA CENTER DRIVE SUITE 200 HIGHLANDS RANCH CO 80129
Cattanach Katherine A director 672 S. GAYLORD STREET DENVER CO 80209
Mcnamara Robert A director C/O FLUOR CORP ONE ENTERPRISE DR ALISO VIEJO CA 92656
Davis Jerry A officer: SVP-Chief Operating Officer 1745 SHEA CENTER DRIVE SUITE 200 HIGHLANDS RANCH CO 80129
Patterson Mark R director 40 MINNISINK ROAD SHORT HILLS NJ 07078
Bennett Jameson J other: Director - FP&A 1745 SHEA CENTER DRIVE SUITE 200 HIGHLANDS RANCH CO 80129

UDR (NYSE:UDR) Headlines

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