Executives at public real estate companies received record high salaries in 2011, according to a report.
The median total compensation for top executives at the 100 largest real estate companies rose 14 percent in 2011 from the year before to $8.65 million, according to a new study by FPL Associates, a Chicago compensation consultancy.
Compensation packages include the executive’s base salary, bonus as well as the value of long-term incentive awards at the time granted.
The FPL study, which pulled compensation data from federal filings, found that much of the rise in total compensation came from bonuses and lucrative long-term incentive awards, which on average increased 24% to a median of $4.65 million.
The study looked at the pay packages of chief executives, chief operating officers, chief financial officers and general counsels.
"It was a great year for [real estate] executives from a compensation perspective," said FPL Senior Managing Director Jeremy Banoff in a statement.
Banoff added that many boards wanted to reward executives for good results, even though some gave rewards that outmatched returns.
