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  "docSlug": "090aa5466284",
  "documentTitle": "Healthcare Trust of America, Inc. (HTA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-06-07 00:00:00",
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  "pageNumber": 23,
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  "slideType": "expose_contradiction",
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  "nDataPoints": 12,
  "notes": "The slide uses a table to highlight discrepancies in reported NOI growth, implying HTA removes properties to maintain a consistent ~3% growth rate.",
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      "kind": "callout",
      "text": "The properties that were removed from the Same Property Base during 2016 were accretive to Same Property NOI growth in 2015 as they grew by 8.0%. Is HTA removing properties from the Same Property Base that provides more difficult future comparisons?",
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      "kind": "callout",
      "text": "We estimate the dispositions of the SWLTC and NAH Senior Care were sold at a blended cap rate of 8.7%, which suggests HTA received relative poor economics for selling these assets. Selling assets at unattractive prices to potentially managing financial results would be a poor business decision",
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      "kind": "callout",
      "text": "Perhaps, removing properties that will provide difficult future comparisons is one way that HTA manages to a consistent Same Property NOI growth of ~3.0%.",
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      "kind": "metric",
      "text": "Same Property Cash NOI: 3.0%",
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      "kind": "paragraph",
      "text": "In February of 2017, HTA provided a two and three year same property growth analysis. We compared this to the annual same property cash NOI comparison provided in the FY15 Proxy. We found that the properties that were removed from HTA's same property base during 2016 had been growing NOI at 8.0%. We find it suspect that HTA would remove these properties given their growth. Perhaps, removing properties that will provide difficult future comparisons is one way that HTA manages to a consistent Same Property NOI growth of ~3.0%. We also estimate the cap rates achieved from the recent sales may suggest uneconomic decision making in order to manage the SPNOI",
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      "kind": "source-note",
      "text": "Source: 2 & 3-YEAR SAME PROPERTY GROWTH (2/16/17), FY15 Proxy. All figures $ in millions",
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      "text": "Same Property Cash NOI Analysis of 2015 vs. 2014",
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      "kind": "title",
      "text": "Potential Culprits: SSPOI Comparison of 2015 vs. 2014",
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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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