Eli Simon
About Eli Simon
Eli Simon is Executive Vice President – Chief Investment Officer (CIO) of Simon Property Group and a Class B director since 2024; he joined Simon in 2019 after serving as Principal and Head of North American Lodging at Och‑Ziff (now Sculptor) . He is 37, holds a B.S. and MBA from the Wharton School, and is the son of CEO David Simon . He serves as a voting trustee, with David Simon, for the Class B common stock voting trust, and as a Class B director he is not independent; Class B directors may not serve on Board committees, and transactions involving the Simon family require approval by a majority of independent directors per the Company’s charter safeguards .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Simon Property Group | Senior Vice President, Corporate Investments; later Executive Vice President – CIO | 2019–present | Leads corporate investments and strategic real estate acquisitions, JV/divestitures; oversees Simon Brand Ventures and Innovation Group |
| Och‑Ziff Capital Management / Och‑Ziff Real Estate (now Sculptor) | Principal & Head of North American Lodging | Not disclosed | Oversaw lodging investments, asset/portfolio acquisitions, operating company investments, and lending opportunities |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Taubman Realty Group (TRG) | Board member | Not disclosed | Active oversight of TRG portfolio investments |
| Jamestown L.P. | Board member | Not disclosed | Strategic guidance for mixed‑use and platform investments |
| Simon Property Group Acquisition Holdings, Inc. | Director and CEO (former) | Not disclosed | Led SPG‑affiliated SPAC initiatives |
Fixed Compensation
| Component | Year | Amount ($) | Notes |
|---|---|---|---|
| Base Salary | 2024 | 575,000 | As EVP–CIO |
| Annual Bonus (Cash) | 2024 | 650,000 | Paid for 2024 performance |
Performance Compensation — Plan Design and Awards
| Program | Metric | Weighting | Target/Thresholds | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| 2024 Corporate ICP (eligible) | Adjusted diluted FFO/share | 70% | Not disclosed | Not disclosed | 3‑year vesting period for ICP awards |
| 2024 Corporate ICP (eligible) | Combined Platform EBITDA | 30% | Not disclosed | Not disclosed | 3‑year vesting period for ICP awards |
| 2024–2026 Senior Executive LTIP | Adjusted diluted FFO/share (TSR‑modified) | 60% of performance component | Not disclosed | Earned over 3‑year period ending Dec 31, 2026 | Earned units vest Jan 1, 2028 (employment required) |
| 2024–2026 Senior Executive LTIP | Strategic objectives | 15% of performance component | Not disclosed | Not disclosed | Earned units vest Jan 1, 2028 (employment required) |
| 2024–2026 Senior Executive LTIP | Time‑based RSUs | 25% of LTIP | N/A | Grant as part of LTIP | Vests and settles March 6, 2027 (employment required) |
| Award | Grant Date | Grant Value ($) | Vesting | Notes |
|---|---|---|---|---|
| 2024 Corporate ICP — Maximum Opportunity | 2024 | 500,000 | 3‑year vesting; performance year 2024 | Eligibility disclosed for Eli; quantitative payout not disclosed |
| 2024–2026 Senior Executive LTIP — Maximum Opportunity | 2024 | 2,000,000 | 25% RSUs vest Mar 6, 2027; 75% performance LTIPs earn through Dec 31, 2026 and vest Jan 1, 2028 | Performance metrics structure per LTI program |
| A&R Other Platform Investments Incentive Program (OPI) — Restricted Stock | Aug 29, 2024 | 6,967,667 | Vests ratably over 4 years (employment required) | Granted in connection with sale of interest in Authentic Brands Group |
Program safeguards: no stock option grants since 2001; all equity grants include double‑trigger acceleration upon change of control (if awards are continued/assumed/replaced); no single‑trigger time‑based acceleration; clawback policy revised Oct 2, 2023 to meet SEC/NYSE rules .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Common) | 69,236 shares; sole voting and dispositive power |
| Shares Outstanding Context | 326,243,424 common shares outstanding as of Mar 17, 2025 |
| Ownership % of Common | ~0.021% (69,236 ÷ 326,243,424) |
| Pledging/Hedging | Prohibited for executive officers and directors; insider trading policy with blackout periods |
| Executive Stock Ownership Guidelines | Executives must hold equity equal to 3× base salary (CEO 6×); retention requirement on a portion of awards until separation |
| Options | Company has not granted stock options since 2001 |
Employment Terms
- No fixed‑term employment contracts for NEOs or senior management; compensation reviewed against peer benchmarks with independent consultant (Semler Brossy) .
- Severance policy: discretionary, generally one week of pay per year of service up to 16 weeks for involuntary termination (lump sum, sometimes installments) .
- Change‑of‑control equity treatment: double‑trigger acceleration for earned/continued awards; calculation of earned LTIP units at change of control; earned RSUs/LTIP units vest immediately only upon termination without cause, good reason, or if awards are not continued/assumed/replaced .
- Clawback: revised policy effective Oct 2, 2023; awards under 2019 Plan and A&R OPI explicitly subject to clawback .
- Insider trading policy: prohibits hedging/pledging; establishes blackout periods .
Board Service and Governance
- Board service: Director since 2024; Class B director elected by Class B voting trustees (David Simon and Eli Simon) .
- Committee roles: Class B directors are a minority of the Board and may not serve on Board committees; Audit, G&N, and Compensation Committees must be fully independent .
- Independence: As employee/Class B director, Eli Simon is not independent .
- Charter safeguards: transactions involving Simon family require majority approval by independent directors; sunset provisions reduce/eliminate Class B appointment rights if Simon Family Group ownership declines below thresholds .
Investment Implications
- Strong retention architecture: Large multi‑year equity exposure (LTIP RSUs vest Mar 2027; performance LTIP units vest Jan 2028; OPI restricted stock vests over 4 years) suggests low near‑term selling pressure and alignment with multiyear value creation, with clawback and double‑trigger protections enhancing discipline .
- Pay‑for‑performance linkage: Core incentives tied to adjusted diluted FFO/share, TSR modifier, strategic objectives, and platform EBITDA reinforce focus on REIT operating performance and shareholder returns; corporate performance thresholds funded maximum ACI pool in 2024 (real estate FFO/share 12.24) .
- Governance considerations: Dual role as executive and Class B director, plus voting trustee status, raises independence optics; however, committee independence and charter requirements for independent director approval on related‑party transactions provide structural mitigants .
- Ownership alignment: Direct ownership and strict no‑pledging/hedging policies support long‑term alignment; absence of options reduces repricing risk .