{
  "docId": "019dd923-622c-750b-8b98-6c161919ee4d",
  "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",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 34,
  "pageCount": 39,
  "prevPage": 33,
  "nextPage": 35,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "The slide uses a Bloomberg terminal screenshot to visualize the stock drop event.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "screenshot",
    "callout_box",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-6c161919ee4d/34",
  "deckHref": "/decks/019dd923-622c-750b-8b98-6c161919ee4d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-6c161919ee4d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-6c161919ee4d#slide-34",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Manipulation of non-GAAP results; a seemingly identical issue to HTA, yet HTA results have been \"consistent\" for much longer",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ec-7186-b7cf-c86822535232",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.43,
        "w": 0.54,
        "x": 0.01,
        "y": 0.33
      },
      "kind": "chart",
      "text": "Bloomberg stock performance chart showing a sharp drop on Feb 6, 2016",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a77b5a2d-04c9-4ef2-9266-8f3c9877be24",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.43,
        "w": 0.41,
        "x": 0.58,
        "y": 0.33
      },
      "kind": "list",
      "text": "Issue: Manipulation of same-property NOI, a key non-GAAP financial metric for REITs. Linkages: Manipulation of non-GAAP results; a seemingly identical issue to HTA. General Electric Heritage: Both Mark Parpagallo and Robert Milligan worked at GE.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f15211c7-02d9-46a4-8a3c-97eedcb639b3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Same-Property NOI: 20%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ec-7186-b7cf-cc1cd35834d7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Brixmor (NYSE: BRX) saw its stock price plummet by 20%, wiping out nearly $1.6 billion in market capitalization in one trading day, due to admission of manipulating same property NOI results",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5170864a-6bf7-4a05-91b5-70ddb35bcef0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.23,
        "x": 0.01,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Company Filings, Bloomberg",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "81fc58d6-76d1-48c0-b027-fc0c9b7f5248",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.32,
        "x": 0.34,
        "y": 0.04
      },
      "kind": "title",
      "text": "Case Study: Brixmor Property Group",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7d9c3164-e2eb-4089-b5ed-179c1c606d7c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "7e31c9f5-45ad-4b26-9234-5cbb30954587",
      "evidence": "The slide explicitly links accounting manipulation (NOI) to stock price impact and identifies common personnel history (GE) as a red flag.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 39,
      "from": 33,
      "beatId": "73f49314-0929-485a-a644-8a184d7184d2",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "The final sections on the downside risk and case studies of Brixmor and ARCP present the potential victory for investors who short the stock.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 39,
      "from": 33,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "0c13cd3d-feb7-42c0-b881-1574b14affc5",
      "evidence": "The deck emphasizes the potential downside risk of 20% to 40% if investors do not take action to short the stock.",
      "position": 1,
      "objective": "to highlight the potential cost of inaction for investors who fail to recognize the downside risk",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}