Adam J. Reuille
About Adam J. Reuille
Senior Vice President and Chief Accounting Officer at Simon Property Group (SPG), serving since 2018 after joining the company in 2009; B.S. from Indiana University and a Certified Public Accountant . During 2024, SPG’s performance linked to executive pay included real estate FFO per share of $12.24 (+3.9% YoY), consolidated net income of $2.729B (+4.3% YoY), and a 26.9% total shareholder return, anchoring the pay-for-performance framework used in annual cash incentives and long-term LTIP awards .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Simon Property Group | Vice President & Corporate Controller | 2009–2018 | Led controllership and external reporting; foundation for CAO role |
| Simon Property Group | Senior Vice President & Chief Accounting Officer | 2018–Present | Oversees financial reporting, internal controls and compliance with SOX |
External Roles
No external board or public company roles disclosed in the proxy’s Executive Officers section .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $320,015 | $332,577 | $347,115 |
| Bonus ($) | $1,525,000 | $275,000 | $275,000 |
| All Other Compensation ($) | $49,688 | $79,403 | $120,776 |
Notes:
- 2024 base salary increase to $350,000 annualized was approved for the CAO role; reported salary reflects time-weighted actuals .
- “All Other” includes $17,250 401(k) contribution, life insurance premiums ($816), and dividend equivalents/distributions ($102,710) for 2024 .
Performance Compensation
Annual Cash Incentive (ACI) – Company Framework and 2024 Outcome
| Metric | Threshold | Target | Maximum | Actual 2024 |
|---|---|---|---|---|
| Real Estate FFO per share | $11.59 | $11.79 | $11.99 | $12.24 |
| ACI Pool Funding ($) | $6.2M | $9.0M | $13.5M | $13.5M |
| Executive | 2024 ACI Award ($) |
|---|---|
| Adam J. Reuille | $275,000 |
Description: The pool is formula-funded by FFO per share, then allocated based on individual performance; Adam’s achievements included timely/accurate SEC reporting, strengthened internal controls, steering IT implementations, and forecasting support .
Long-Term Incentive Program (LTIP) Structure (2024 grants)
- 2024–2026 LTIP units: 75% performance-based (FFO per share with TSR modifier + strategic objectives) and 25% RSUs (time-based, three-year vest) .
- No stock option grants since 2001 .
| Award (3/6/2024) | Units (or thresholds) | Grant Date Fair Value ($) |
|---|---|---|
| RSUs | 1,231 | $187,506 |
| OPI LTIP units | 14,034 | $2,322,627 |
| LTIP Units (Perf.) | 2,376 / 4,012 / 7,285 (Threshold/Target/Max) | $562,602 |
Valuation and vesting mechanics: Performance LTIP includes TSR-modified components; time-based RSUs vest in three years; OPI LTIP units vest ratably over five years (see schedule below) .
OPI Program (ABG monetization) – Five-Year Vesting for Adam
| Year | Scheduled Vest (Grant Date Value $) |
|---|---|
| 2025 | $464,559 |
| 2026 | $464,559 |
| 2027 | $464,559 |
| 2028 | $464,559 |
| 2029 | $464,393 |
Program governance: Award pool capped at 9.9% of excess net proceeds over an 8% preferred return hurdle; independent directors reduced pool to $96.97M and extended vesting to five years to enhance retention and alignment .
2022 LTIP Results (Performance Period 2022–2024; vest 1/1/2026)
| Performance Measure | Weight | Threshold | Target | Maximum | Actual | Achievement |
|---|---|---|---|---|---|---|
| 3-year Diluted FFO per share CAGR (as adjusted) | 60% | 1% | 2% | 3% | 1.69% | 97.4% |
| Strategic Objectives (out of 9) | 15% | 4 | 6 | 8 | 8 achieved | 150.0% |
| Total Weighted Payout | — | — | — | — | — | 107.9% |
| Executive | 2022 LTIP Units Earned (#) |
|---|---|
| Adam J. Reuille | 2,076 |
TSR modifier: Company 3-year TSR of 30.8% increased earned units by 15% subject to maximum .
Equity Ownership & Alignment
Beneficial Ownership
| Category | Number | Notes |
|---|---|---|
| Common shares & units beneficially owned | 23,434 shares; 5,690 OP units | “Less than one percent” of shares outstanding |
| Restricted shares (unvested as of 12/31/2024) | 3,836 | From director/officer restricted shares footnote |
Unvested/Oustanding Equity (12/31/2024)
| Award Type | Units (#) | Market/Payout Value ($) |
|---|---|---|
| RSU (2024 Grant) | 1,231 | $211,991 |
| RSU (2023 Grant) | 1,031 | $177,549 |
| RSU (2022 Grant) | 962 | $165,666 |
| Restricted Stock (2023) | 1,632 | $281,047 |
| Restricted Stock (2022) | 1,572 | $270,714 |
| Restricted Stock (2021) | 632 | $108,837 |
| 2024 OPI LTI (time-based) | 14,034 | $2,416,795 |
| 2024 LTIP Units (performance; max shown per SEC rules) | 7,285 | $1,254,550 |
| 2023 LTIP Units (performance; target shown) | 3,433 | $591,197 |
| 2022 LTIP Units (earned; vest 1/1/2026) | 2,076 | $357,508 |
Ownership guidelines: NEOs must hold 3x base salary; each NEO currently meets or exceeds guidelines . Hedging/pledging prohibited; insider trading policy includes blackout periods . Clawback policy (SEC/NYSE compliant) effective October 2, 2023; awards are subject to the policy .
Employment Terms
Severance, Change-of-Control and Vesting Terms
- No fixed-term employment contracts; no tax gross-ups; no single-trigger time-based acceleration upon change-in-control for continued/assumed/replaced awards; equity includes double-trigger provisions .
- General severance policy: one week of pay per year of service up to 16 weeks; typically paid as lump sum (installments possible) .
- Estimated post-employment payments for Adam as of 12/31/2024:
| Scenario | Severance ($) | RSUs ($) | LTIP Awards ($) | Total ($) |
|---|---|---|---|---|
| Voluntary Resignation/Retirement | $0 | $0 | $0 | $0 |
| Termination by Company Without Cause | $100,129 | $1,215,803 | $4,236,235 | $5,452,038 |
| Death or Disability | $0 | $1,215,803 | $5,268,167 | $6,483,970 |
| Change of Control | $0 | $1,215,803 | $5,268,167 | $6,483,970 |
| Termination w/o Cause or Resignation with Good Reason Following CoC | $100,129 | $1,215,803 | $5,268,167 | $6,584,099 |
Notes: RSU and LTIP values calculated using $172.21 stock price; performance LTIPs include $0.25 per unit purchase adjustment; death/disability and CoC provisions specify treatment and vesting mechanics for earned LTIP units and time-based LTIPs .
Performance & Track Record
- 2024 achievements: Delivered timely, accurate GAAP/SEC reporting, strengthened internal controls, led IT systems implementations, and collaborated on budgeting/forecasting to align financial goals with strategy .
- Vesting activity in 2024: 4,986 shares/units vested with value realized of $734,547 (RSUs/restricted stock across 2020–2022 grants) .
Compensation Governance, Peer Group & Say-on-Pay
- Say-on-pay outcome: 94% approval at 2024 annual meeting; 2015–2022 average was 94.4% (lowest 88% in 2017); 2023 received 11.1% amid concerns over 2022 OPI cash awards; 2023 redesign instituted equity-only, formulaic OPI program with vesting .
- Peer group broadened beyond REITs to include real estate services, retailers, financial services and payments to reflect talent market and business complexity (e.g., AMT, EQIX, CBRE, JLL, FRT, REG, TJX, GPN, State Street) .
- Independent consultant: Semler Brossy engaged; no conflicts identified .
Risk Indicators & Red Flags
- Hedging/pledging prohibited for executives and directors; ownership guidelines met; clawback policy implemented and applicable to awards; no stock option grants since 2001; no tax gross-ups .
- Related party transactions disclosed primarily for aircraft and management arrangements involving the Simon family; no disclosures specific to Adam J. Reuille .
Investment Implications
- Alignment: High proportion of equity with multi-year vesting (five-year OPI awards and LTIP cycles) creates retention and long-term performance alignment; ownership guidelines and prohibited hedging/pledging reduce misalignment risk .
- Near-term supply risk: Scheduled OPI vesting (~$0.46M grant-date value per year through 2029) could create periodic liquidity events, though insider trading policy and blackout windows moderate timing; no options outstanding mitigate option-driven sell pressure .
- Performance linkage: ACI funding tied to FFO per share and LTIP metrics (FFO CAGR, TSR, strategic objectives); 2024 exceeded max ACI thresholds and 2022 LTIP achieved 107.9% payout, supporting pay-for-performance credibility .
- Downside protections: Modest severance under general policy (no large cash multiples), double-trigger equity acceleration, and active clawback framework reduce shareholder-unfriendly outcomes .