RE:The Ugly is the Management Compensation PlanThe share based compensation plan was there for all to see months ago.
Unfortunately, some didn't bother to look, or didn't beleive what they were told. If they are upset now, then they are acting out on their own ignorance. Its better to have those types dump their shares. They will come back later once the share price is rising.
FYI. The share based compensation plan is accounted for in cash because at the time it was created, the share price was so low that it would have seriously diluted the shares outstanding. Cash accounting was better for shareholders.
Now the share price is much higher. Before long it may be double what it is now, then double again.
At these higher share prices the company will likely change its compensation plan to be paid in shares which will have a minimal impact on dilution. Shares give better employee incentives. This is what other companies do. It doesn't show up in FFO so shareholders don't notice.
That is already an option with the existing plan (payment in shares).
At the AGM, I would not be surprised to see the plan change to one that is share based only. This would likely change the way in which it is accounted - no longer being a FFO component.