Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions)
The Compensation and Human Capital Committee approved LTIP unit grants as shown in the table below. The extent to which LTIP units were determined by the Compensation and Human Capital Committee to have been earned, and the aggregate grant date fair value, are as follows:
Grant Date Target Value of Performance- Based Awards
Grant Date Fair Value of TSR Award
LTIP Awards
LTIP Units Earned
2021LTIPAwards............... 2022LTIPAwards...............
209,784 107,462
$5.7 million
$12.2 million $13.7 million $23.6 million $24.5 million $67.4 million
— — — — —
2023 LTIP Awards . . . . . . . . . . . . . . . To be determined in 2026 2024 LTIP Awards . . . . . . . . . . . . . . . To be determined in 2027
2024 OPI LTIP Awards ...........
406,976
2025 LTIP Awards . . . . . . . . . . . . . . . To be determined in 2028 $30.0 million We recorded compensation expense, net of capitalization and forfeitures, related to LTIP programs of approximately $58.0 million, $33.6 million, and $26.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. Restricted Stock and Restricted Stock Units. The 2019 plan also provides for shares of restricted stock to be granted to certain employees at no cost to those employees, subject to achievement of individual performance and certain financial and return-based performance measures established by the Compensation and Human Capital Committee related to the most recent year’s performance. Once granted, the shares of restricted stock then vest annually over a three-year or a four-year period (as defined in the award). The cost of restricted stock grants, which is based upon the stock’s fair market value on the grant date, is recognized as expense ratably over the vesting period. Through December 31, 2025 a total of 5,858,453 shares of restricted stock, net of forfeitures, have been awarded under the 1998 plan, and 1,590,889 shares of restricted stock and RSUs have been awarded under the 2019 plan. 2024 OPI Restricted Stock Awards. On August 29, 2024, Simon’s Board of Directors, upon the recommendation and approval of the Compensation and Human Capital Committee, granted awards under the Amended and Restated Other Platform Investment Incentive Program in the form of 178,931 shares of restricted stock to certain senior employees of the Company. The awards are subject to future service conditions and had a grant date fair value of $165.50 per unit or share. The $29.6 million grant date fair value of the restricted stock will be recognized as expense over a four-year vesting period. In accordance with the Operating Partnership's partnership agreement, the Operating Partnership issued an equal number of units to Simon that are subject to the same vesting conditions as the restricted stock. Information regarding restricted stock awards is summarized in the following table for each of the years presented: For the Year Ended December 31, 2025 2024 2023 Shares of restricted stock awarded during the year, net of forfeitures . . . . . 117,411 318,816 227,232 Weighted average fair value of shares granted during the year . . . . . . . . . . $ 165.81 $ 161.61 $ 111.37 Compensation expense, net of capitalization. . . . . . . . . . . . . . . . . . . . . . . . . $ 26,483 $ 21,277 $ 16,356 We also maintain a tax-qualified retirement 401(k) savings plan and offer no other post-retirement or post-employment benefits to our employees.
Exchange Rights Simon
Limited partners in the Operating Partnership have the right to exchange all or any portion of their units for shares of common stock on a one-for-one basis or cash, as determined by Simon’s Board of Directors. The amount of cash to be
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