>> When Equinix transitioned to become a REIT in 2015, it began using AFFO as a key metric in determining executive bonuses. That same year, Equinix reported a sudden 47% drop in maintenance CapEx, leading to an estimated 19% boost to reported AFFO.

Also, is it common to use non-GAAP, accounting-dependant measures to compensate executives?

At best, this seems like a strategic conflict of interest (bonuses vs good for the business) without an impenetrable firewall around the CFO's org. And even then, sets up an adversarial dynamic where everyone is against the CFO.

I get any bonus metric will be juiced, but that's why metrics that are less game-able are used.