Investment Research report

Healthcare Trust of America, Inc.

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Healthcare Trust of America, Inc.
Broken Medical Trust in America
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Research Overview

INDEX:
S&P 500
Sector:
Healthcare
Position:
Short
Date:
Jun 7, 2018

After conducting a forensic financial and accounting review, Spruce Point believes Healthcare Trust of America (NYSE: HTA), an owner and operator of medical office buildings, has a history of shareholder destruction and ties to bad industry players, evidence of potential manipulation of a key performance metric, and an industry outlook for medical office building REITs that is not favorable. Based on our investigation, we estimate 20% to 40% downside risk, or $15- $20 per share.

The report highlights several key concerns with the company, including:

  • Evidence to suggest potential manipulation of SPNOI
  • We have concerns about the finance and accounting function
  • We find a history of shareholder destruction and ties to bad actors
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