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Seritage Growth Properties Piotroski F-Score

: 5 (As of Today)
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The zones of discrimination were as such:

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

Seritage Growth Properties has an F-score of 5 indicating the company's financial situation is typical for a stable company.

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

SRG' s Piotroski F-Score Range Over the Past 10 Years
Min: 1   Med: 3   Max: 6
Current: 5

During the past 7 years, the highest Piotroski F-Score of Seritage Growth Properties was 6. The lowest was 1. And the median was 3.


Seritage Growth Properties Piotroski F-Score Historical Data

The historical data trend for Seritage Growth 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.

Seritage Growth Properties Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only 4.00 3.00 3.00 1.00 4.00

Seritage Growth Properties Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Piotroski F-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 2.00 2.00 4.00 5.00 -

Competitive Comparison

For the REIT - Retail subindustry, Seritage Growth 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.

   

Seritage Growth Properties Piotroski F-Score Distribution

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

* The bar in red indicates where Seritage Growth 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 (Jun22) TTM:Last Year (Jun21) TTM:
Net Income was -20.534 + 72.945 + -52.205 + -110.755 = $-110.5 Mil.
Cash Flow from Operations was -17.964 + -50.43 + -30.048 + -24.453 = $-122.9 Mil.
Revenue was 29.003 + 28.525 + 30.905 + 29.704 = $118.1 Mil.
Gross Profit was 8.876 + 9.534 + 11.723 + 12.478 = $42.6 Mil.
Average Total Assets from the begining of this year (Jun21)
to the end of this year (Jun22) was
(2502.533 + 2494.706 + 2414.138 + 2335.973 + 2237.313) / 5 = $2396.9326 Mil.
Total Assets at the begining of this year (Jun21) was $2,502.5 Mil.
Long-Term Debt & Capital Lease Obligation was $1,460.2 Mil.
Total Current Assets was $377.7 Mil.
Total Current Liabilities was $107.7 Mil.
Net Income was -50.053 + -34.381 + -7.72 + -72.84 = $-165.0 Mil.

Revenue was 33.707 + 27.652 + 31.281 + 27.874 = $120.5 Mil.
Gross Profit was 13.066 + 7.968 + 10.483 + 7.527 = $39.0 Mil.
Average Total Assets from the begining of last year (Jun20)
to the end of last year (Jun21) was
(2778.937 + 2743.015 + 2648.943 + 2612.376 + 2502.533) / 5 = $2657.1608 Mil.
Total Assets at the begining of last year (Jun20) was $2,778.9 Mil.
Long-Term Debt & Capital Lease Obligation was $1,619.7 Mil.
Total Current Assets was $271.9 Mil.
Total Current Liabilities was $107.9 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.

Seritage Growth Properties's current Net Income (TTM) was -110.5. ==> 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.

Seritage Growth Properties's current Cash Flow from Operations (TTM) was -122.9. ==> Negative ==> Score 0.

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 (Jun21)
=-110.549/2502.533
=-0.04417484

ROA (Last Year)=Net Income/Total Assets (Jun20)
=-164.994/2778.937
=-0.05937306

Seritage Growth Properties's return on assets of this year was -0.04417484. Seritage Growth Properties's return on assets of last year was -0.05937306. ==> This year is higher. ==> Score 1.

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.

Seritage Growth Properties's current Net Income (TTM) was -110.5. Seritage Growth Properties's current Cash Flow from Operations (TTM) was -122.9. ==> -122.9 <= -110.5 ==> CFROA <= ROA ==> Score 0.

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: Jun22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun21 to Jun22
=1460.195/2396.9326
=0.60919318

Gearing (Last Year: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=1619.729/2657.1608
=0.60957131

Seritage Growth Properties's gearing of this year was 0.60919318. Seritage Growth Properties's gearing of last year was 0.60957131. ==> This year is lower or equal to last year. ==> Score 1.

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: Jun22)=Total Current Assets/Total Current Liabilities
=377.719/107.72
=3.50648905

Current Ratio (Last Year: Jun21)=Total Current Assets/Total Current Liabilities
=271.852/107.915
=2.5191308

Seritage Growth Properties's current ratio of this year was 3.50648905. Seritage Growth Properties's current ratio of last year was 2.5191308. ==> 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.

Seritage Growth Properties's number of shares in issue this year was 43.677. Seritage Growth Properties's number of shares in issue last year was 42.772. ==> 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
=42.611/118.137
=0.3606914

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=39.044/120.514
=0.32397896

Seritage Growth Properties's gross margin of this year was 0.3606914. Seritage Growth Properties's gross margin of last year was 0.32397896. ==> This year's gross margin is higher. ==> Score 1.

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 (Jun21)
=118.137/2502.533
=0.04720697

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun20)
=120.514/2778.937
=0.04336694

Seritage Growth Properties's asset turnover of this year was 0.04720697. Seritage Growth Properties's asset turnover of last year was 0.04336694. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

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

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

Seritage Growth Properties has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Seritage Growth Properties  (NYSE:SRG) 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.


Seritage Growth Properties Piotroski F-Score Related Terms

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Seritage Growth Properties Business Description

Seritage Growth Properties logo
Traded in Other Exchanges
Address
500 Fifth Avenue, Suite 1530, New York, NY, USA, 10110
Seritage Growth Properties is a United States-based fully-integrated, self-administered and self-managed real estate investment trust engaged in the real property business through its investment in its operating partnership, Seritage Growth Properties, L.P. Seritage is principally engaged in the acquisition, ownership, development, redevelopment, management and leasing of diversified retail real estate throughout the United States. The company's primary objective is to create value for its shareholders through the re-leasing and redevelopment of the majority of its Wholly Owned Properties and JV Properties. It generates a majority of its revenue from tenants.
Executives
Wilsmann Mark director SERITAGE GROWTH PROPERTIES 500 FIFTH AVENUE, STE. 1530 NEW YORK NY 10110
Sabshon Mitchell A director 2901 BUTTERFIELD ROAD OAK BROOK IL 60523
Nevo-hacohen Talya director C/O SABRA HEALTH CARE REIT, INC. 18500 VON KARMAN, SUITE 550 IRVINE CA 92612
Metz Adam S director 110 NORTH WACKER DRIVE CHICAGO IL 60606
Dinenberg Eric officer: Chief Operating Officer SERITAGE GROWTH PROPERTIES 500 FIFTH AVENUE, STE. 1530 NEW YORK NY 10110
Olshan Andrea director, officer: CEO and President 500 FIFTH AVENUE, SUITE 1530 NEW YORK NY 10110
Galvin Andrew officer: EVP of Investments SERITAGE GROWTH PROPERTIES 500 FIFTH AVENUE, SUITE 1530 NEW YORK NY 10110
Lombard Amanda officer: CFO and EVP 500 FIFTH AVENUE SUITE 1530 NEW YORK NY 10110
Fernand Matthew E officer: General Counsel and EVP 3333 BEVERLY ROAD C/O SERITAGE GROWTH PROPERTIES HOFFMAN ESTATES IL 60179
Rottler Mary officer: EVP of Leasing & Operations C/O SERITAGE GROWTH PROPERTIES 3333 BEVERLY ROAD HOFFMAN ESTATES IL 60179
Bry James Edwin officer: See Remarks 3333 BEVERLY ROAD C/O SERITAGE GROWTH PROPERTIES HOFFMAN ESTATES IL 60179
Schall Benjamin director, officer: CEO, President 261 BROADWAY NO.11B NEW YORK NY 10007
Lombard Kenneth T officer: EVP, Chief Operating Officer 200 DOMAIN DRIVE STRATHAM NH 03885
Dickman Brian Robert officer: CFO and EVP 411 S. OLD WOODWARD APT. 918 BIRMINGHAM MI 48009
Thrush Allison director 500 FIFTH AVENUE, SUITE 1530 NEW YORK NY 10110

Seritage Growth Properties Headlines

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