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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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  "notes": "The slide uses callouts to point to specific rows in the tables, questioning management's discretion in expense classification.",
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      "kind": "callout",
      "text": "Are there any expenses that management has designated as “one-time” that should be allocated to property expenses.",
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      "kind": "callout",
      "text": "How much discretion does management have in allocating administrative expense to properties vs. administrative expenses at the corporate overhead level?",
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      "text": "The reconciliation from NOI to SPNOI for the prior period comparison requires a calculation to understand the movement of properties into the same property pool. We believe that the rental expense allocation in the prior period comparison could be adjusted up or down to achieve the required results.",
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      "kind": "callout",
      "text": "A 1% quarterly move in NOI currently represents about $800K. Therefore, classification of immaterial expenses may give HTA the ability to achieve the desired SPNOI",
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      "text": "Same-Property Cash NOI: 2.8%",
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      "text": "A 1% quarterly move in NOI currently represents about $800K. Therefore, classification of immaterial expenses may give HTA the ability to achieve the desired SPNOI",
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      "text": "Source: Company filings",
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      "text": "Net Income to NOI Reconciliation table",
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      "kind": "title",
      "text": "Potential Culprits of Accounting Issues",
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