Simon Property Group management check
SPG · Real Estate · Retail REITs · CEO David Simon
Filings as of
5 good · 2 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $283, against $174 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.43 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.2% of net income$11.7m of reported pay in fiscal 2025, against $5.4bn of net income.
- Good
Do they own the stock?
Insiders are buying11 insiders bought $994k on the open market in the last six months, with their own money, near the lows.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -0.1% a year over the last three fiscal years.
- Watch
Is leadership stable?
13 leadership filings in 3 yearsCEO in the pay table: David Simon. 13 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Real Estate.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 45 | |
| Pay for performance | 71 | 86 | |
| CEO cost | 100 | 23 | |
| Skin in the game | 80 | 32 | |
| Dilution | 51 | 23 | |
| Stable leadership | 60 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Retail REITs, by management score. Simon Property Group is 3rd of 29 in its sector.
Pay versus performance
From the proxy statement filed April 1, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | David Simon | $11.7m | $31.7m | $4.6m | $283 | $174 | $5.4bn |
| 2024 | — | $61.4m | $81.6m | $8.9m | $251 | $166 | $2.7bn |
| 2023 | — | $15.6m | $22.4m | $3.5m | $198 | $146 | $2.6bn |
| 2022 | — | $35.7m | $30.0m | $5.6m | $153 | $132 | $2.5bn |
| 2021 | — | $10.5m | $24.4m | $2.5m | $196 | $152 | $2.6bn |
The board says pay is tied most to real estate FFO per share. Its other key measures: Real Estate FFO per Share, Absolute TSR, EBITDA.
Insiders and the CEO's stake
11 insiders bought $994k on the open market in the last six months, with their own money, near the lows.
- BoughtReuben S LeibowitzDirector$211kSep 30, 2026
- BoughtLarry C GlasscockDirector$163kSep 30, 2026
- BoughtDaniel C. SmithDirector$154kSep 30, 2026
- BoughtGary M RodkinDirector$104kSep 30, 2026
Leadership and governance on file
- May 15, 2026Leadership change8-K/A 5.02
- May 15, 2026Leadership change8-K/A 5.02
- Mar 24, 2026Leadership change8-K 5.02
- Feb 5, 2026Leadership change8-K 5.02
- Aug 7, 2025Leadership change8-K 5.02
- Mar 20, 2025Leadership change8-K 5.02
- Feb 6, 2025Leadership change8-K 5.02
- Aug 30, 2024Leadership change8-K 5.02
- May 29, 2024Leadership change8-K 5.02
- Feb 9, 2024Leadership change8-K/A 5.02
- Jan 9, 2024Leadership change8-K 5.02
- Nov 9, 2023Leadership change8-K/A 5.02
Latest shareholder vote results: May 15, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $547.8m returned to owners in buybacks and dividends, and $0 of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $5.1bn | $5.3bn | $5.7bn | $6.0bn | $6.4bn |
| Net income | — | — | — | — | — |
| Stock-based pay | — | — | — | — | — |
| Buybacks | — | $180.4m | $140.6m | — | $226.8m |
| Dividends | — | — | — | — | — |
| Diluted shares | 329m | 328m | 327m | 326m | 326m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.