[Form 4] SIMON PROPERTY GROUP INC /DE/ Insider Trading Activity

Rhea-AI Filing Summary

Reuben S. Leibowitz, a director of Simon Property Group (SPG), reported a non-derivative purchase of 464 shares of SPG common stock on 09/30/2025. The transaction was coded "P" and is explained as shares acquired through reinvestment of dividends on restricted stock awarded as non-cash compensation under the company's 2019 Stock Incentive Plan, at a reported price of $185.95 per share. After the reported transaction, the filing lists 58,659 shares beneficially owned directly by the reporting person and several indirect holdings disclosed by family and charitable entities.

Positive

• Timely disclosure of insider activity by a company director
• Shares acquired through dividend reinvestment under the 2019 Stock Incentive Plan, indicating participation in company equity compensation

Negative

• None.

Insights

Financial Analyst

TL;DR: Small dividend-reinvestment purchase by a director; immaterial to company valuation but confirms ongoing participation in equity compensation.

The reported 464-share acquisition via dividend reinvestment is a routine non-cash compensation event under SPG's 2019 Stock Incentive Plan. At the reported price of $185.95, the dollar value is modest relative to Simon Property Group's market capitalization, making this transaction unlikely to move market perceptions. The filing does, however, reaffirm that the director participates in equity-based compensation and maintains both direct and several disclosed indirect holdings, which is relevant for insider ownership profiles.

Corporate Governance Expert

TL;DR: Proper Section 16 filing by a director for dividend reinvestment; no governance red flags apparent from this Form 4.

The Form 4 shows timely disclosure of a dividend-reinvestment acquisition and lists the reporting relationships and indirect ownership interests, including spouse and charitable entities. The explanatory footnotes clarify the nature of the shares and a disclaimer of beneficial ownership for certain reported holdings, which is standard practice. There is no indication of related-party transactions or unusual derivative activity in this filing.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

LEIBOWITZ REUBEN S

(Last) (First) (Middle)

680 FIFTH AVENUE, 25TH FL

(Street)

NEW YORK NY 10019

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SIMON PROPERTY GROUP INC /DE/ [ SPG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/30/2025		P(1)		464	A	$185.95(1)	58,659	D
Common Stock								2,500	I	By Spouse
Common Stock								5,000(2)	I	By Leibowitz Foundation
Common Stock								2,500(2)	I	By Maxsim Charitable Remainder Trust
Common Stock								1,400(2)	I	By trusts

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares of common stock acquired through the reinvestment of dividends received on restricted stock awarded to the Reporting Person as non-cash compensation under the Simon Property Group, L.P. 2019 Stock Incentive Plan.

2. The Reporting Person disclaims beneficial ownership of these securities and the inclusion of these shares in the report shall not be deemed an admission of beneficial ownership of the reported shares for purposes of Section 16 or for any other purpose.

	/s/ Reuben S. Leibowitz by his attorney-in-fact, Steven E. Fivel	10/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Reuben S. Leibowitz report on Form 4 for SPG?

The Form 4 reports a purchase of 464 shares of SPG common stock on 09/30/2025, coded as a dividend-reinvestment event.

At what price were the 464 SPG shares reported acquired?

The filing reports a price of $185.95 per share for the 464 shares acquired through reinvested dividends.

How many SPG shares does the reporting person beneficially own after the transaction?

The Form 4 lists 58,659 shares beneficially owned directly by the reporting person following the reported transaction, plus additional indirect holdings disclosed.

What is the nature of the indirect holdings disclosed on the Form 4?

The filing discloses indirect holdings held by spouse, the Leibowitz Foundation, Maxsim Charitable Remainder Trust, and other trusts; the reporting person disclaims beneficial ownership for certain reported shares as noted.

Does this Form 4 report any derivative transactions or dispositions?

No. Table II contains no derivative transactions and Table I shows only the non-derivative acquisition of 464 shares; no dispositions are reported.