RULLI JOHN 4: 10,000 shares of SPG ($2,008,800)

Our Take

→Mall REITs have seen sustained insider selling as investors reckon with structural retail decline, but what's notable here is the size relative to Rulli's base holdings—this 10,000-share dump represents meaningful portfolio lightening for someone in his position, not routine rebalancing. Simon's recent pivot toward experiential tenants and mixed-use development suggests management recognizes the old playbook won't work, yet insiders continue to trim exposure at these levels.