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Franklin Street Properties (Franklin Street Properties) Piotroski F-Score : 3 (As of Apr. 28, 2024)


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What is Franklin Street Properties Piotroski F-Score?

Warning Sign:

Piotroski F-Score of 3 is low, which usually implies poor business operation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Franklin Street Properties has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

The historical rank and industry rank for Franklin Street Properties's Piotroski F-Score or its related term are showing as below:

FSP' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 8
Current: 3

During the past 13 years, the highest Piotroski F-Score of Franklin Street Properties was 8. The lowest was 3. And the median was 5.


Franklin Street Properties Piotroski F-Score Historical Data

The historical data trend for Franklin Street Properties's Piotroski F-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.

Franklin Street Properties Piotroski F-Score Chart

Franklin Street Properties Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4.00 5.00 5.00 6.00 3.00

Franklin Street Properties Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Piotroski F-Score Get a 7-Day Free Trial 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 6.00 6.00 5.00 4.00 3.00

Competitive Comparison of Franklin Street Properties's Piotroski F-Score

For the REIT - Office subindustry, Franklin Street Properties's Piotroski F-Score, along with its competitors' market caps and Piotroski F-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.


Franklin Street Properties's Piotroski F-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Franklin Street Properties's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Franklin Street Properties's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* 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:
Net Income was 2.406 + -8.42 + -45.671 + 3.575 = $-48.1 Mil.
Cash Flow from Operations was -1.095 + 1.569 + 11.071 + 6.321 = $17.9 Mil.
Revenue was 37.767 + 36.266 + 36.903 + 34.771 = $145.7 Mil.
Gross Profit was 18.104 + 16.957 + 16.991 + 15.723 = $67.8 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(1241.666 + 1213.682 + 1199.309 + 1151.773 + 1169.33) / 5 = $1195.152 Mil.
Total Assets at the begining of this year (Dec22) was $1,241.7 Mil.
Long-Term Debt & Capital Lease Obligation was $404.7 Mil.
Total Current Assets was $243.8 Mil.
Total Current Liabilities was $41.9 Mil.
Net Income was -4.158 + -9.11 + 17.246 + -2.884 = $1.1 Mil.

Revenue was 42.264 + 41.304 + 40.836 + 41.211 = $165.6 Mil.
Gross Profit was 20.711 + 19.917 + 18.516 + 19.031 = $78.2 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(1364.173 + 1337.12 + 1331.719 + 1262.07 + 1241.666) / 5 = $1307.3496 Mil.
Total Assets at the begining of last year (Dec21) was $1,364.2 Mil.
Long-Term Debt & Capital Lease Obligation was $413.0 Mil.
Total Current Assets was $81.3 Mil.
Total Current Liabilities was $50.4 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Franklin Street Properties's current Net Income (TTM) was -48.1. ==> Negative ==> Score 0.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Franklin Street Properties's current Cash Flow from Operations (TTM) was 17.9. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec22)
=-48.11/1241.666
=-0.03874633

ROA (Last Year)=Net Income/Total Assets (Dec21)
=1.094/1364.173
=0.00080195

Franklin Street Properties's return on assets of this year was -0.03874633. Franklin Street Properties's return on assets of last year was 0.00080195. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Franklin Street Properties's current Net Income (TTM) was -48.1. Franklin Street Properties's current Cash Flow from Operations (TTM) was 17.9. ==> 17.9 > -48.1 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=404.711/1195.152
=0.33862722

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=413.015/1307.3496
=0.31591779

Franklin Street Properties's gearing of this year was 0.33862722. Franklin Street Properties's gearing of last year was 0.31591779. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec23)=Total Current Assets/Total Current Liabilities
=243.786/41.879
=5.82119917

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=81.335/50.366
=1.61487909

Franklin Street Properties's current ratio of this year was 5.82119917. Franklin Street Properties's current ratio of last year was 1.61487909. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Franklin Street Properties's number of shares in issue this year was 103.429. Franklin Street Properties's number of shares in issue last year was 103.236. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=67.775/145.707
=0.46514581

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=78.175/165.615
=0.4720285

Franklin Street Properties's gross margin of this year was 0.46514581. Franklin Street Properties's gross margin of last year was 0.4720285. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec22)
=145.707/1241.666
=0.11734798

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=165.615/1364.173
=0.12140322

Franklin Street Properties's asset turnover of this year was 0.11734798. Franklin Street Properties's asset turnover of last year was 0.12140322. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+1+0+1+0+1+0+0+0
=3

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Franklin Street Properties has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Franklin Street Properties  (AMEX:FSP) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Franklin Street Properties Piotroski F-Score Related Terms

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Franklin Street Properties (Franklin Street Properties) Business Description

Traded in Other Exchanges
Address
401 Edgewater Place, Suite 200, Wakefield, MA, USA, 01880
Franklin Street Properties Corp is a real estate investment trust. The company is focused on commercial real estate investments in office markets. The company's operations include rental income from real estate leasing, interest income from secured loans made on office properties, property dispositions, and fee income from asset/property management and development. Franklin Street markets Atlanta, Dallas, Denver, Houston, and Minneapolis. It owns a portfolio of real estate consisting of approximately 32 properties.
Executives
Brian N Hansen director CONFLUENCE INVESTMENT MANAGEMENT LLC, 20 ALLEN AVENUE, SUITE 300, ST. LOUIS MO 63119
Jonathan Bennett Odle 10 percent owner 3622 ENDEAVOR AVENUE, SUITE 101, COLUMBIA MO 65201
Dennis J Mcgillicuddy director 1221 S. TAMIAMI TRAIL, SARASOTA FL 34239
Wilkins Milton P Jr director 401 EDGEWATER PLACE, STE 200, WAKEFIELD MA 01880
Kenneth A Hoxsie director 401 EDGEWATER PL, STE 200, WAKEFIELD MA 01880
Georgia Murray director 433 SHAWMUT AVE, BOSTON MA 02118
John N Burke director 175 DERBY STREET, SUITE 42, HINGHAM MA 02043
Kathryn P O'neil director 401 EDGEWATER PL, STE 200, WAKEFIELD MA 01880
John G Demeritt officer: Senior Vice President-Finance 401 EDGEWATER PLACE, STE. 200, WAKEFIELD MA 01880
George J Carter director, officer: CEO 401 EDGEWATER PLACE, SUITE 200, WAKEFIELD MA 01880
Eriel Anchondo officer: SVP/Operations 401 EDGEWATER PL, STE. 200, WAKEFIELD MA 01880
Jeffrey B Carter officer: Executive Vice President 401 EDGEWATER PLACE, SUITE 200, WAKEFIELD MA 01880
John F Donahue officer: Executive Vice President 401 EDGEWATER PL, STE 200, WAKEFIELD MA 01880
Barry Silverstein other: former director 2500 S. OCEAN BLVD., #503, BOCA RATON FL 33432
Barbara J Corinha director, officer: VP, COO, Treasurer & Secretary 401 EDGEWATER PLACE, SUITE 200, WAKEFIELD MA 01880

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