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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": 25,
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  "notes": "Uses a 'Theory vs. Reality' framework to highlight financial discrepancies.",
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      "text": "Since the beginning of 2013, HTA's same property revenues have grown on average by 1.9% y/y while same property expenses have decreased on average by 1.1% y/y, yet there is no commensurate margin expansion",
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      "text": "Theory vs HTA Poor Reality",
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      "text": "NOI Margin: 1.9%",
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      "text": "HTA's same property revenues are growing while its same property expenses are declining. Normal logic would dictate that this should be leading to same property margin expansion, but it's not.",
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      "text": "Source: Bloomberg, Spruce Point Estimates and Company Filings",
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      "text": "Historical Margins Are Difficult To Reconcile",
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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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