Cousins' CEO: $1.8 million in pay last year

Larry Gellerstedt, the 55-year-old CEO of Cousins Properties, got a more than a million dollar boost in total pay after his first full year as CEO.

The Atlanta-based real estate investment trust paid Gellerstedt a total of $1.8 million, compared to $677,365 the year before when he was promoted to the top job, according to a proxy filed Friday with the Securities and Exchange Commission.

Gellerstedt's base salary was $500,000 and cash incentive award was $577,500. He received stock and option awards for a combined $718,464.

Cousins owns the 191 Peachtree building and developed the Terminus project, among others, in Atlanta.

Executive pay is based on achieving four objectives: leasing space in owned projects, selling off land and non-core properties, securing management or other fee-based contracts, and pursuing investment and development opportunities.

The company will hold its annual meeting in Atlanta on May 3.

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