Form 4: Director's SPG Stock Activity: Dividend Reinvestment & Transfer

Simon Property Group Director Reuben S. Leibowitz reported acquiring 480 shares via dividend reinvestment and transferring 5,500 shares to a foundation.

Summary

• Reuben S. Leibowitz, a Director of Simon Property Group Inc. (SPG), reported transactions involving common stock.
• On December 31, 2025, Mr. Leibowitz acquired 480 shares of common stock at a price of $186 per share.
• These shares were acquired through the reinvestment of dividends received on restricted stock, part of his non-cash compensation under the Simon Property Group, L.P. 2019 Stock Incentive Plan.
• On December 16, 2025, Mr. Leibowitz transferred 5,500 shares he directly owned to the Leibowitz Foundation.
• Following these transactions, Mr. Leibowitz directly beneficially owns 53,639 shares of common stock.
• Indirect beneficial ownership includes 2,500 shares by his spouse, 10,500 shares by the Leibowitz Foundation, 2,500 shares by the Maxsim Charitable Remainder Trust, and 1,400 shares by other trusts.
• Mr. Leibowitz disclaims beneficial ownership of the securities held by the Leibowitz Foundation, Maxsim Charitable Remainder Trust, and other trusts.

Sentiment

Score: 5

Explanation: The filing is neutral, reporting routine insider transactions (dividend reinvestment and a transfer to a foundation) that do not inherently suggest positive or negative implications for the company's operational or financial health.

Positives

• The acquisition of 480 shares of common stock through dividend reinvestment indicates continued participation in the company's equity compensation plan and a reinvestment of earnings back into the company.

Negatives

• The transfer of 5,500 shares from direct ownership to a foundation reduces the director's direct stake in the company, although it remains under indirect beneficial ownership.

Risks

• The reporting person disclaims beneficial ownership of securities held by the Leibowitz Foundation, Maxsim Charitable Remainder Trust, and other trusts, which is a standard legal disclaimer for Section 16 purposes and does not imply a change in control or influence over these shares.

Future Outlook

This filing is a report of past insider transactions and does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Management Comments

• Reuben S. Leibowitz disclaims beneficial ownership of the securities held by the Leibowitz Foundation, Maxsim Charitable Remainder Trust, and other trusts, stating that their inclusion in the report shall not be deemed an admission of beneficial ownership for Section 16 or any other purpose.

Industry Context

Insider transaction reports (Form 4s) are routine disclosures in the U.S. equity markets, providing transparency into the buying and selling activities of a company's directors and officers. These transactions, particularly those involving dividend reinvestment or transfers to family foundations, are common and generally do not indicate significant shifts in broader industry trends or competitive landscape.

Comparison to Industry Standards

• The reported transactions are standard for corporate directors receiving equity compensation and managing personal holdings, aligning with typical insider reporting practices across publicly traded companies.
• Dividend reinvestment plans are a common feature of executive compensation and share ownership programs, consistent with practices in the REIT sector and broader market.

Related Party Transactions

• The transfer of 5,500 shares from Reuben S. Leibowitz's direct ownership to the Leibowitz Foundation on December 16, 2025, represents a transaction with a related entity.

Stakeholder Impact

• Shareholders: The transactions are minor in scale relative to the company's total outstanding shares and are unlikely to have a material impact on shareholder value or perception. They reflect routine insider activity.
• Employees: No direct impact on employees is indicated by this filing.

Key Dates

Keywords

SPG, Simon Property Group, Form 4, Insider Transaction, Director, Stock Activity, Dividend Reinvestment, Beneficial Ownership, Equity Compensation