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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": 31,
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  "notes": "The slide uses red arrows for negative trends (insider) and green arrows for positive trends (institutional) to visually reinforce the activist thesis.",
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      "text": "HTA's share ownership trend represents what continues to plague Wall Street and the money management industry. While management's stake in the business declines to all-time lows, index and ETF oriented money geared toward retail investors has risen to new highs.",
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      "text": "Bar chart showing OW vs Wtd Avg Benchmark Index for EQIX, ESS, HTA, REG, HPP.",
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      "text": "Insider Ownership: 0.9%",
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      "text": "HTA's share ownership trend represents what continues to plague Wall Street and the money management industry. While management's stake in the business declines to all-time lows, index and ETF oriented money geared toward retail investors has risen to new highs.",
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      "text": "Source: HTA Proxy Statements. Year as of April.",
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      "kind": "source-note",
      "text": "Source: Citi report dated 02/23/2018 and entitled \"What I Like About You - 4Q17 Dedicated Mutual Fund Ownership Analysis\"",
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      "text": "Ownership table showing 2014-2018 trends for CEO, Insiders, and Institutional owners.",
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      "kind": "title",
      "text": "Insider Ownership Down, While Passive/Retail Oriented Ownership Up",
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