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  "documentTitle": "Healthcare Trust of America, Inc. (HTA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2018-06-07 00:00:00",
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  "notes": "Uses a two-column layout to contrast executive governance issues with operational team composition.",
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      "kind": "callout",
      "text": "Inexperienced Accounting Team",
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      "kind": "callout",
      "text": "CFO Signature “and Title” on 10Ks and 10Qs",
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      "kind": "callout",
      "text": "Robert Milligan, CFO, is neither an accountant, nor is he the Chief Accounting Officer, but he has been signing SEC documents stating that he is the \"Principal Accounting Officer\".",
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      "text": "Snippets of SEC filings showing Robert Milligan's signature.",
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      "kind": "paragraph",
      "text": "Robert Milligan, CFO, is neither an accountant, nor is he the Chief Accounting Officer, but he has been signing SEC documents stating that he is the “Principal Accounting Officer”. This is despite HTA having named David Gershenson as its Chief Accounting Officer in July 2017. (1)",
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      "kind": "paragraph",
      "text": "In the context of HTA's miraculously consistent results, investors should be concerned by the following facts:",
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      "kind": "paragraph",
      "text": "A majority of the accounting team is new as 8 of the 13 team members we’ve identified on LinkedIn have one year or less of experience with HTA. Further, a majority of the team is not physically located with the executive leadership team in Arizona, but is located in South Carolina",
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      "text": "1) We observe that Mr. Gershenson worked at BDO and has his CPA address registered in South Carolina. He likely audited Golf Trust of America, the CEO's former company which was based also in South Carolina and audited by BDO. Source: Company Filings, LinkedIn.com",
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      "kind": "source-note",
      "text": "2) SEC 10-K Part D. (2)(a): “The report must be signed by the registrant, and on behalf of the registrant by its principal executive officer or officers, its principal financial officer or officers, its controller or principal accounting officer, and by at least the majority of the board of directors or persons performing similar functions”",
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      "kind": "title",
      "text": "Weaknesses In The Accounting Organization",
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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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