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RAIT Financial Trust (OTCPK:RASJQ.PFD) Piotroski F-Score

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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

RAIT Financial Trust has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for RAIT Financial Trust's Piotroski F-Score or its related term are showing as below:

During the past 13 years, the highest Piotroski F-Score of RAIT Financial Trust was 9999. The lowest was 0. And the median was 0.


RAIT Financial Trust (OTCPK:RASJQ.PFD) Piotroski F-Score Historical Data

The historical data trend for RAIT Financial Trust'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.

RAIT Financial Trust Annual Data
Trend Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only N/A N/A N/A N/A N/A

RAIT Financial Trust Quarterly Data
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19
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 N/A N/A N/A N/A N/A

RAIT Financial Trust (OTCPK:RASJQ.PFD) Piotroski F-Score Competitive Comparison

For the REIT - Diversified subindustry, RAIT Financial Trust'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.

   

RAIT Financial Trust (OTCPK:RASJQ.PFD) Piotroski F-Score Distribution

For the REITs industry and Real Estate sector, RAIT Financial Trust's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where RAIT Financial Trust'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 (Jun19) TTM:Last Year (Jun18) TTM:
Net Income was -21.038 + -17.692 + -6.201 + 0.827 = $-44.10 Mil.
Cash Flow from Operations was -17.49 + -2.83 + -5.699 + -2.341 = $-28.36 Mil.
Revenue was 12.04 + 1.876 + 2.594 + 3.066 = $19.58 Mil.
Average Total Assets from the begining of this year (Jun18)
to the end of this year (Jun19) was
(1133.454 + 957.603 + 733.764 + 673.782 + 582.578) / 5 = $816.2362 Mil.
Total Assets at the begining of this year (Jun18) was $1,133.45 Mil.
Long-Term Debt & Capital Lease Obligation was $290.71 Mil.
Total Assets was $582.58 Mil.
Total Liabilities was $518.12 Mil.
Net Income was -15.843 + 2.463 + -27.705 + -57.023 = $-98.11 Mil.

Revenue was 16.978 + 48.003 + 11.069 + 7.191 = $83.24 Mil.
Average Total Assets from the begining of last year (Jun17)
to the end of last year (Jun18) was
(2041.773 + 1867.688 + 1791.833 + 1604.103 + 1133.454) / 5 = $1687.7702 Mil.
Total Assets at the begining of last year (Jun17) was $2,041.77 Mil.
Long-Term Debt & Capital Lease Obligation was $479.95 Mil.
Total Assets was $1,133.45 Mil.
Total Liabilities was $1,025.30 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.

RAIT Financial Trust's current Net Income (TTM) was -44.10. ==> 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.

RAIT Financial Trust's current Cash Flow from Operations (TTM) was -28.36. ==> 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 (Jun18)
=-44.104/1133.454
=-0.03891115

ROA (Last Year)=Net Income/Total Assets (Jun17)
=-98.108/2041.773
=-0.0480504

RAIT Financial Trust's return on assets of this year was -0.03891115. RAIT Financial Trust's return on assets of last year was -0.0480504. ==> 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.

RAIT Financial Trust's current Net Income (TTM) was -44.10. RAIT Financial Trust's current Cash Flow from Operations (TTM) was -28.36. ==> -28.36 > -44.10 ==> 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: Jun19)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun18 to Jun19
=290.712/816.2362
=0.35616161

Gearing (Last Year: Jun18)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun17 to Jun18
=479.949/1687.7702
=0.28436869

RAIT Financial Trust's gearing of this year was 0.35616161. RAIT Financial Trust's gearing of last year was 0.28436869. ==> 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

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Jun19)=Total Assets/Total Liabilities
=582.578/518.124
=1.12439879

Current Ratio (Last Year: Jun18)=Total Assets/Total Liabilities
=1133.454/1025.295
=1.10549061

RAIT Financial Trust's current ratio of this year was 1.12439879. RAIT Financial Trust's current ratio of last year was 1.10549061. ==> 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.

RAIT Financial Trust's number of shares in issue this year was 0. RAIT Financial Trust's number of shares in issue last year was 0. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

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.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=-44.104/19.576
=-2.25296281

Net Margin (Last Year: TTM)=Net Income/Revenue
=-98.108/83.241
=-1.17860189

RAIT Financial Trust's net margin of this year was -2.25296281. RAIT Financial Trust's net margin of last year was -1.17860189. ==> Last year's net 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 (Jun18)
=19.576/1133.454
=0.0172711

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun17)
=83.241/2041.773
=0.04076898

RAIT Financial Trust's asset turnover of this year was 0.0172711. RAIT Financial Trust's asset turnover of last year was 0.04076898. ==> 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+0+1+1+0+1+1+0+0
=4

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

RAIT Financial Trust has an F-score of 4 indicating the company's financial situation is typical for a stable company.

RAIT Financial Trust  (OTCPK:RASJQ.PFD) 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.


RAIT Financial Trust Piotroski F-Score Related Terms

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RAIT Financial Trust (OTCPK:RASJQ.PFD) Business Description

RAIT Financial Trust logo
Traded in Other Exchanges
Address
100 North 18th Street, Two Logan Square, 23rd Floor, Philadelphia, PA, USA, 19103
RAIT Financial Trust is a United States-based real estate investment trust. Through its subsidiaries, the company invests in and manages a portfolio of commercial real estate (CRE) loans and properties. It operates in the business segment of real estate lending, owning and managing segment which focuses on lending, owning and managing commercial real estate assets throughout the United States. The form of the company's investments ranged from first mortgage loans to equity ownership of a commercial real estate property. It derives main revenue in the form of property income.
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