LEIBOWITZ REUBEN S 4

What Happened
Reuben S. Leibowitz, a director of Simon Property Group (SPG), acquired a total of 508 shares on June 30, 2026, in three reported purchase entries: 430 shares at $223.14 ($95,950), 53 shares at $225.03 ($11,927), and 25 shares at $223.94 ($5,599), for an aggregate value of approximately $113,476. The Form 4 reports these as purchases (code P); purchases are generally viewed as a stronger signal than sales, though see footnotes for transaction details.

Key Details

• Transaction dates/prices: 2026-06-30 — 430 @ $223.14; 53 @ $225.03; 25 @ $223.94.
• Total shares acquired: 508; total reported value: ~$113,476.
• Filing date: 2026-07-01 (appears timely for a June 30 transaction).
• Shares owned after the transaction: Not stated in the provided filing.
• Footnotes:
  • F1: These shares were acquired through reinvestment of dividends on restricted stock awarded as non-cash compensation under the company’s 2019 Stock Incentive Plan.
  • F2: The reporting person disclaims beneficial ownership of these securities; inclusion in the report is not an admission of beneficial ownership.

Context
Dividend reinvestment of restricted stock is a non-cash way for insiders to increase share holdings and differs from an open‑market cash purchase. Because F1 indicates dividend reinvestment and F2 disclaims beneficial ownership, these entries may reflect plan mechanics and award accounting rather than an independent cash investment decision by the director.