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Simon Property Group Executive Compensation (FY25)

SPG · Indianapolis, IN · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): May 15, 2026
328 figures on this page: 317 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
Eli Simon was paid $5,145,504 in total compensation as CEO, President and COO for fiscal 2025, and for fiscal 2025, the company reported a chief executive pay ratio of 148:1, against median employee compensation of $78,989. Shareholders supported the say-on-pay proposal with 69.6% of votes cast for or against in favor at the meeting held May 13, 2026 for fiscal 2025. The disclosed peer group includes American Tower Corp., CBRE Group, Inc., Crown Castle International Corp., Cushman & Wakefield and eBay, among others. For fiscal 2025, the company reported 5 named executive officers.
Chief executive, fiscal 2025
◇
Eli Simon
Latest say-on-pay support
=
May 13, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
CEO pay ratio: 785:1 → 148:1 (81.1% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Simon Property Group's chief executive and what were they paid?
Eli Simon was paid $5,145,504 in total compensation as CEO, President and COO for fiscal 2025.
What was Simon Property Group's say-on-pay result?
Shareholders supported the say-on-pay proposal with 69.6% of votes cast for or against in favor at the meeting held May 13, 2026 for fiscal 2025.
Which companies are in Simon Property Group's peer group?
The disclosed peer group includes American Tower Corp., CBRE Group, Inc., Crown Castle International Corp., Cushman & Wakefield and eBay, among others.
What is Simon Property Group's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 148:1, against median employee compensation of $78,989.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Simon
Chairman CEO and President
◇—◇—◇—◇◇
Steven Fivel
General Counsel and Secretary
◇—◇—◇—◇◇
Brian McDade
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
John Rulli
Chief Administrative Officer
◇—◇—◇—◇◇
Adam Reuille
Chief Accounting Officer and Senior Vice President
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Simon
Chairman CEO and President
◇—◇—◇—◇◇
Brian McDade
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
John Rulli
Chief Administrative Officer
◇—◇—◇—◇◇
Steven Fivel
General Counsel and Secretary
◇—◇—◇—◇◇
Adam Reuille
Chief Accounting Officer and Senior Vice President
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Simon
Chairman CEO and President
◇—◇—◇—◇◇
Brian McDade
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Steven Fivel
General Counsel and Secretary
◇—◇—◇—◇◇
John Rulli
Chief Administrative Officer
◇—◇—◇—◇◇
Adam Reuille
Chief Accounting Officer and Senior Vice President
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Simon
Former Chairman, CEO and President
Departed during or after this year
◇◇◇———◇◇
Eli Simon
CEO, President and COO
◇◇◇———◇◇
Brian McDade
Executive Vice President and Chief Financial Officer
◇◇◇———◇◇
John Rulli
Chief Administrative Officer
◇◇◇———◇◇
Steven Fivel
General Counsel and Secretary
◇◇◇———◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Brian J. McDadePSU◇◇◇—◇—◇
Brian J. McDadeRSU◇——◇——◇
David SimonRSU◇——◇——◇
David SimonPSU◇◇◇—◇—◇
Eli SimonPSU◇◇◇—◇—◇
Eli SimonRSU◇——◇——◇
John RulliPSU◇◇◇—◇—◇
John RulliRSU◇——◇——◇
Steven E. FivelPSU◇◇◇—◇—◇
Steven E. FivelRSU◇——◇——◇
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Eli SimonRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
Brian McDadeRSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
John RulliRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
David SimonRSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Steven FivelRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Larry C. Glasscock
Board chair
◇◇————◇
Reuben S. Leibowitz
◇◇————◇
Marta R. Stewart
◇◇————◇
Stefan M. Selig
◇◇————◇
Glyn F. Aeppel
◇◇————◇
Nina P. Jones
◇◇————◇
Daniel C. Smith, Ph.D
◇◇————◇
Randall J. Lewis
◇◇————◇
Peggy Fang Roe
◇◇————◇
Gary M. Rodkin
◇◇————◇
Allan Hubbard
◇—————◇
Richard S. Sokolov, David Simon, Martin J. Cicco and Eli Simon served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as Restricted Stock.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • American Tower Corp. AMT
  • CBRE Group, Inc. CBRE
  • Crown Castle International Corp. CCI
  • Cushman & Wakefield CWK
  • eBay EBAY
  • Equinix, Inc. EQIX
  • Federal Realty Investment Trust FRT
  • Global Payments GPN
  • Jones Lang LaSalle, Inc. JLL
  • Kimco Realty Corp. KIM
  • Macy's M
  • Northern Trust NTRS
  • Prologis, Inc. PLD
  • Realty Income Corporation O
  • Regency Centers Corporation REG
  • State Street STT
  • Tanger Inc. SKT
  • Tapestry TPR
  • The Carlyle Group CG
  • The GAP GAP
  • TJX Companies TJX

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 13, 2026=◇◇◇
2024May 14, 2025=◇◇◇
2023May 8, 2024=◇◇◇
2022May 4, 2023=◇◇◇
2021May 11, 2022=◇◇◇
2020May 12, 2021=◇◇◇
2019May 12, 2020=◇◇◇
2018May 8, 2019=◇◇◇
2017May 8, 2018=◇◇◇
2016May 10, 2017=◇◇◇
2015May 11, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Simon Property Group disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Simon Property Group sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Say-on-pay responsiveness
Simon Property Group recorded a low support level. The responsiveness analysis covers what the company said it would do, what it did, and how that compares with the companies that recovered their vote.
Responsiveness analysis
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
328 figures on this page: 317 cited to the filing that reported them, 11 calculated from figures it prints.
317 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001104659-26-062012
  2. 0001104659-26-038320
    2025 Independent Director Compensation · Director Compensation · Grants of Plan-Based Awards in 2025 · Outstanding Equity Awards at 2025 Fiscal Year-End · and 1 more section
  3. 000110465926038320
    CEO Pay Ratio
  4. 0001104659-25-049284
  5. 0001558370-25-004238
    Summary Compensation Table
  6. 0001104659-24-058578
  7. 0001558370-24-004080
    Summary Compensation Table
  8. 0001104659-23-056464
  9. 0001104659-23-036085
    Summary Compensation Table
  10. 0001104659-22-059448
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001104659-21-065783
  12. 0001104659-20-060856
  13. 0001104659-19-027736
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0001104659-18-031163
    Item 5.07 Submission of Matters to a Vote of Security Holders
  15. 0001104659-17-031416
    Item 5.07 Submission of Matters to a Vote of Security Holders
  16. 0001104659-16-119974
Cite this data
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Velarion, “Simon Property Group executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/SPG (accessed 2026).
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Real Estate rankings

Chief executive pay — Real EstateCEO pay ratio — Real EstateSay-on-pay support — Real Estate

Peers Simon Property Group discloses

The companies named in SPG's own disclosed peer group.

American Tower Corp.CBRE Group, Inc.Crown Castle International Corp.Cushman & WakefieldEquinix, Inc.Federal Realty Investment TrustGlobal PaymentsKimco Realty Corp.Northern TrustPrologis, Inc.Realty Income CorporationRegency Centers CorporationState StreetTanger Inc.The Carlyle Group

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy