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  "docSlug": "090aa5466284",
  "documentTitle": "Healthcare Trust of America, Inc. (HTA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-06-07 00:00:00",
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  "notes": "The slide uses a comparison frame to highlight how the definition has become more permissive over time, facilitating potential earnings management.",
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      "kind": "callout",
      "text": "Note: that the current definition now allows HTA to remove properties from the same property pool that are INTENDED for disposition and/or development. Further, the catch all phrase of excluding \"certain non-routine items\" seems like a blank check to exclude items in order to achieve the desired result",
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      "kind": "callout",
      "text": "Note: that the current definition now allows HTA to remove properties from the same property pool that are INTENDED for disposition and/or development.",
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      "kind": "paragraph",
      "text": "The definition of Same Property Pool has been altered throughout HTA's public history. Below, we show how the latest definition allows for significantly more room for management discretion. For example, management just needs to show \"intent to sell\" to remove properties – it can always change its mind later.",
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      "text": "Source: Q1'18 and Q2'12 Company filings",
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      "text": "Comparison of 2Q12 vs 1Q18 definitions",
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      "kind": "title",
      "text": "The Evolution of The Definition of The Same Property Pool",
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      "evidence": "The sections on HTA's statistically improbable results, weaknesses in the accounting organization, and potential culprits of accounting issues, present the struggle to understand HTA's true financial situation.",
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