1) Management has no real effect on their stock prices, IMO.
2)The merger to a REIT was to serve one primary goal, make PZN more appealing to raise large amounts of funds. PZN will be raising $400MM as an investment grade credit, not some that could be done as CCA. Large institutional investors are now be TURNED away from PZN's universial shelf. The fact that the stock price has dropped only adds to he costs of new business for the short term. There is a reason why large Real Estate owners turn to a REIT structure....big investment money wants income. That's why the bond market for private and public debt DWARFS the equity market.
3) The salaries have always been low for top management...Bob Crants makes $100K.
It's only pain until you sell. Great time to tax swap your high cost buys if you in for the long term.