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Hudson Pacific Properties (Hudson Pacific Properties) Piotroski F-Score : 3 (As of Apr. 27, 2024)


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What is Hudson Pacific 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

Hudson Pacific 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 Hudson Pacific Properties's Piotroski F-Score or its related term are showing as below:

HPP' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 8
Current: 3

During the past 13 years, the highest Piotroski F-Score of Hudson Pacific Properties was 8. The lowest was 3. And the median was 6.


Hudson Pacific Properties Piotroski F-Score Historical Data

The historical data trend for Hudson Pacific 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.

Hudson Pacific Properties Piotroski F-Score Chart

Hudson Pacific 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 5.00 5.00 5.00 4.00 3.00

Hudson Pacific 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 4.00 4.00 3.00 4.00 3.00

Competitive Comparison of Hudson Pacific Properties's Piotroski F-Score

For the REIT - Office subindustry, Hudson Pacific 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.


Hudson Pacific Properties's Piotroski F-Score Distribution in the REITs Industry

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

* The bar in red indicates where Hudson Pacific 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 -14.954 + -31.312 + -33.069 + -94.551 = $-173.9 Mil.
Cash Flow from Operations was 92.516 + 59.167 + 71.355 + 9.218 = $232.3 Mil.
Revenue was 252.263 + 245.168 + 231.443 + 223.423 = $952.3 Mil.
Gross Profit was 140.965 + 133.722 + 119.267 + 107.878 = $501.8 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(9319.14 + 9124.091 + 9105.829 + 8986.802 + 8282.05) / 5 = $8963.5824 Mil.
Total Assets at the begining of this year (Dec22) was $9,319.1 Mil.
Long-Term Debt & Capital Lease Obligation was $4,208.7 Mil.
Total Current Assets was $377.2 Mil.
Total Current Liabilities was $395.7 Mil.
Net Income was -14.286 + -2.029 + -12.011 + -6.645 = $-35.0 Mil.

Revenue was 244.513 + 251.43 + 260.354 + 269.927 = $1,026.2 Mil.
Gross Profit was 151.899 + 152.186 + 155.326 + 152.995 = $612.4 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(8990.189 + 9004.408 + 9050.638 + 9320.419 + 9319.14) / 5 = $9136.9588 Mil.
Total Assets at the begining of last year (Dec21) was $8,990.2 Mil.
Long-Term Debt & Capital Lease Obligation was $4,666.8 Mil.
Total Current Assets was $684.3 Mil.
Total Current Liabilities was $649.8 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.

Hudson Pacific Properties's current Net Income (TTM) was -173.9. ==> 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.

Hudson Pacific Properties's current Cash Flow from Operations (TTM) was 232.3. ==> 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)
=-173.886/9319.14
=-0.01865902

ROA (Last Year)=Net Income/Total Assets (Dec21)
=-34.971/8990.189
=-0.00388991

Hudson Pacific Properties's return on assets of this year was -0.01865902. Hudson Pacific Properties's return on assets of last year was -0.00388991. ==> 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.

Hudson Pacific Properties's current Net Income (TTM) was -173.9. Hudson Pacific Properties's current Cash Flow from Operations (TTM) was 232.3. ==> 232.3 > -173.9 ==> 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
=4208.66/8963.5824
=0.46952879

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=4666.799/9136.9588
=0.51076065

Hudson Pacific Properties's gearing of this year was 0.46952879. Hudson Pacific Properties's gearing of last year was 0.51076065. ==> 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: Dec23)=Total Current Assets/Total Current Liabilities
=377.238/395.736
=0.95325672

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=684.27/649.763
=1.05310706

Hudson Pacific Properties's current ratio of this year was 0.95325672. Hudson Pacific Properties's current ratio of last year was 1.05310706. ==> Last year's current ratio is higher ==> Score 0.

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.

Hudson Pacific Properties's number of shares in issue this year was 140.941. Hudson Pacific Properties's number of shares in issue last year was 140.897. ==> 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
=501.832/952.297
=0.52697005

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=612.406/1026.224
=0.59675665

Hudson Pacific Properties's gross margin of this year was 0.52697005. Hudson Pacific Properties's gross margin of last year was 0.59675665. ==> 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)
=952.297/9319.14
=0.10218722

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=1026.224/8990.189
=0.11414932

Hudson Pacific Properties's asset turnover of this year was 0.10218722. Hudson Pacific Properties's asset turnover of last year was 0.11414932. ==> 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+1+0+0+0+0
=3

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

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

Hudson Pacific Properties  (NYSE:HPP) 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.


Hudson Pacific Properties Piotroski F-Score Related Terms

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Hudson Pacific Properties (Hudson Pacific Properties) Business Description

Traded in Other Exchanges
Address
11601 Wilshire Boulevard, Ninth Floor, Los Angeles, CA, USA, 90025
Hudson Pacific Properties Inc is a real estate investment trust that acquires, operates, and owns office buildings and media and entertainment properties, such as sound stages, on America's West Coast. The company focuses on developed, urban markets in Northern California, Southern California, and the Pacific Northwest. In terms of total square footage, the vast majority of Hudson Pacific's real estate portfolio is composed of office properties located in the Greater Seattle, San Francisco, and Los Angeles areas. The company operates in two reportable segments; office properties & related operations; and studio properties & related operations. The majority of revenue is derived from the office properties & related operations segment.
Executives
Arthur X. Suazo officer: EVP, Leasing 11601 WILSHIRE BOULEVARD, 6TH FLOOR, LOS ANGELES CA 90025
Drew Gordon officer: Chief Investment Officer 11601 WILSHIRE BLVD., 9TH FLOOR, LOS ANGELES CA 90025
Harout Krikor Diramerian officer: Chief Accounting Officer C/O HUDSON PACIFIC PROPERTIES, INC., 11601 WILSHIRE BLVD. SUITE 1600, LOS ANGELES CA 90025
Barry A Sholem director 2121 AVENUE OF THE STARS, LOS ANGELES CA 90067
Victor J Coleman director, officer: Chief Executive Officer HUDSON PACIFIC PROPERTIES INC., 11601 WILSHIRE BLVD SUITE 1600, LOS ANGELES CA 90025
Andy Wattula officer: Chief Operating Officer 11601 WILSHIRE BLVD., 9TH FLOOR, LOS ANGELES CA 90025
Mark T Lammas officer: Chief Financial Officer 11601 WILSHIRE BLVD., SUITE 1600, LOS ANGELES CA 90025
Mark David Linehan director 5330 DEBBIE ROAD, SUITE 100, SANTA BARBARA CA 93111
Harris Robert L Ii director C/O ACACIA RESEARCH CORP, 500 NEWPORT CENTER DRIVE, 7TH FLOOR, NEWPORT BEACH CA 92660
Jonathan M Glaser director 11601 WILSHIRE BLVD., SUITE 2180, LOS ANGELES CA 90025
Erinn Burnough director LANSDOWNE HOUSE, LANSDOWNE ROAD, FLAT 11, LONDON X0 W11 3LP
Christopher James Barton officer: EVP,Operations and Development 11601 WILSHIRE BLVD., SUITE 1600, LOS ANGELES CA 90025
Richard B Fried director, 10 percent owner, other: Member of Group Owning 10% C/O FARALLON CAPITAL MANAGEMENT, L.L.C., ONE MARITIME PLAZA, SUITE 2100, SAN FRANCISCO CA 94111
Barry Alan Porter director C/O CLARITY PARTNERS, 100 N. CRESCENT DR, SUITE 300, BEVERLY HILLS CA 90210
Karen Brodkin director 1136 GALLOWAY STREET, PACIFIC PALISADES CA 90272