Let us take it as a given that the management team is superb. But there are a lot more superb people who could do the same job if not better for 1/5th the compensation. Why cant we all agree on this? I bet money, that if we took the 3 most successful reits of any kind this past year, hired their ceo's to do the same job as present JOE management, he'd either do it just as well or if he couldnt, he'd hire a few advisors for dirt cheap and find out how to ...............sell more land at more profit and pay management less! This aint rocket science. Its robbery......to the shareholders. And granted, they may have bought back 100m in stock last year, but maybe it was only to boost the price when they sold their own shares!
For months I peppered this board with posts about executive compensation. They were, and still are, in a state of denial regarding the worth of this team. They have the ostrichheadinthesand syndrome. At some point they will have to agree that overcompensation is not in their best interests.
They brag about playing with "house money" but I guess they don't realize is that once it goes in your win column...............it's your money you're playing with. At least that's the way it is in the "other" gambling world.