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  "docSlug": "090aa5466284",
  "documentTitle": "Healthcare Trust of America, Inc. (HTA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-06-07 00:00:00",
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  "pageNumber": 26,
  "pageCount": 39,
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  "density": "dense",
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  "notes": "The slide uses red boxes to highlight the discrepancy between the 'High' target (3.0%) and the 'Actual' performance (2.9%) across multiple years.",
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      "kind": "callout",
      "text": "Even when the \"High\" result is not surpassed, they are still awarded the maximum of 45% for their SPNOI Performance (i.e 150% of 30% weighting)",
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      "kind": "metric",
      "text": "Same-Property Cash NOI growth: 3.0%",
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      "kind": "paragraph",
      "text": "In the last four proxy statements, management has been incentivized to deliver exactly 3.0% SPNOI Growth. Anything above 3.0% is NOT further incentivized with additional bonuses. Somehow, management is operating below the “high” target in the three previous years, but still being awarded according to the “high” outcome",
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      "kind": "source-note",
      "text": "Source: Proxies (2014, 2015, 2016, 2017, 2018)",
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      "text": "Proxy statement data tables for 2014, 2015, 2016, 2017, and 2018 showing metrics, weightings, thresholds, targets, high targets, actuals, and % awarded.",
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      "kind": "title",
      "text": "Surprise! HTA Management Incentivized For SPNOI Growth Around 3%",
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      "evidence": "Exposing management compensation structures that reward underperformance.",
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      "arcName": "Overcoming the Monster",
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      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "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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      "parentBeatName": "Development",
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