Form 4: Simon Property Group Executive Receives Long-Term Incentive Performance Units and Restricted Stock Units

Steven E. Fivel, General Counsel of Simon Property Group, reports the acquisition of long-term incentive performance units and restricted stock units as part of the company's 2019 Stock Incentive Plan.

Summary

• Steven E. Fivel, General Counsel of Simon Property Group, reported changes in beneficial ownership on March 5, 2025.
• On March 3, 2025, Fivel acquired 6,225 long-term incentive performance (LTIP) units and 3,329 restricted stock units (RSUs).
• The LTIP units were earned based on the achievement of performance measures during a performance period, representing 71.9% of a maximum award of 8,652 units granted on March 11, 2022.
• These earned LTIP units will vest on January 1, 2026, subject to continued service.
• The RSUs will vest on March 3, 2028, also subject to continued service.
• Fivel directly owns 156,079 shares of Simon Property Group common stock.

Sentiment

Score: 7

Explanation: The document reflects standard executive compensation practices, indicating a stable and well-managed company. The granting of performance-based incentives is generally viewed positively.

Positives

• The granting of LTIP units and RSUs aligns executive compensation with company performance and long-term value creation.
• The vesting schedules for the LTIP units and RSUs incentivize continued service and commitment from the General Counsel.

Future Outlook

The LTIP units will vest on January 1, 2026, and the RSUs will vest on March 3, 2028, both subject to continued service. Vested RSUs will be settled in shares of the Company's common stock as soon as practicable after the vesting date.

Industry Context

This filing is a routine disclosure related to executive compensation practices within publicly traded companies, particularly in the real estate investment trust (REIT) sector. It reflects the use of equity-based incentives to align management interests with shareholder value.

Comparison to Industry Standards

• Equity compensation is a standard practice among REITs and other publicly traded companies to incentivize executives.
• The vesting schedules and performance-based criteria for LTIP units are common features in executive compensation packages.
• Comparing the size of the LTIP and RSU grants to those of executives at comparable REITs like Prologis (PLD) or Equity Residential (EQR) would provide further context on the competitiveness of Simon Property Group's compensation practices.

Stakeholder Impact

• Shareholders: The granting of equity-based compensation aligns management's interests with shareholder value.
• Employees: The LTIP units and RSUs serve as incentives for continued service and performance.
• Management: The compensation structure motivates executives to achieve company goals and enhance shareholder value.

Key Dates