CHICAGO-Compensation levels and bonuses for well-performing executives at public real estate firms have, in general, been restored to pre-2009 levels, according to the annual Top 100 Public Real Estate Executive Compensation Analysis. The study, performed by locally-based FPL Associates LP, is based on the 2010 proxy filings (reflective of compensation for the 2009 performance year) of the 100 largest publicly traded real estate companies as measured by total capitalization.

According to the analysis, salaries are now up 2.6%, with the median level of cash bonuses increasing by about 19% and equity awards up by 16%. “Certainly some of the pay has been recouped from being down the previous year,” said Jeremy Banoff, a managing director with FPL. “We still haven’t hit peak levels of 2007, but we’re making our way back.”

Among the top four executive levels (CEO, COO, CFO and general counsel), a 5% increase in CEO base salaries offset the otherwise generally flat levels (0% to 2%) for the remaining executives, according to the analysis. Median base annual salaries were: CEO, $600,000; COO, $425,000; CFO, $350,000; and general counsel, $305,000. Total remuneration, which collectively includes base salary, annual incentive/cash bonus and the annualized value of long-term equity awards, was about 15% higher across all four positions, compared to performance year 2008, the study said.