NEW YORK (TheStreet) -- Simon Property Group (SPG) - Get Report shares are up 0.43% to $181.36 in trading on Monday after the real estate investment trust announced an unsolicited $22.4 billion offer to buy Macerich (MAC) - Get Report.

Simon Property Group previously disclosed a 3.6% stake in the real estate investment trust in November and the per share offer of $91 per share represents about a 30% premium from the stock's closing price the day the stake was disclosed.

The company said that it has held private takeover talks with the company twice, only to be rebuffed both times, before taking it's intentions public today.

"This is a very compelling offer that will enable Macerich stockholders to realize a substantial and immediate cash return while building long-term value through ownership of Simon shares," the company said in a statement today.

Macerich shares are up 5.97% to $91.89 today following Simon Property's announcement. 

TheStreet Ratings team rates SIMON PROPERTY GROUP INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate SIMON PROPERTY GROUP INC (SPG) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, solid stock price performance, impressive record of earnings per share growth and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• Despite its growing revenue, the company underperformed as compared with the industry average of 9.9%. Since the same quarter one year prior, revenues slightly increased by 4.3%. Growth in the company's revenue appears to have helped boost the earnings per share.
• Current return on equity exceeded its ROE from the same quarter one year prior. This is a clear sign of strength within the company. Compared to other companies in the Real Estate Investment Trusts (REITs) industry and the overall market, SIMON PROPERTY GROUP INC's return on equity significantly exceeds that of both the industry average and the S&P 500.
• The stock has not only risen over the past year, it has done so at a faster pace than the S&P 500, reflecting the earnings growth and other positive factors similar to those we have cited here. Turning our attention to the future direction of the stock, it goes without saying that even the best stocks can fall in an overall down market. However, in any other environment, this stock still has good upside potential despite the fact that it has already risen in the past year.
• SIMON PROPERTY GROUP INC has improved earnings per share by 19.3% in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past year. We feel that this trend should continue. During the past fiscal year, SIMON PROPERTY GROUP INC increased its bottom line by earning $4.44 versus $3.72 in the prior year. This year, the market expects an improvement in earnings ($5.05 versus $4.44).
• The gross profit margin for SIMON PROPERTY GROUP INC is rather high; currently it is at 52.65%. It has increased from the same quarter the previous year. Regardless of the strong results of the gross profit margin, the net profit margin of 29.94% trails the industry average.
• You can view the full analysis from the report here: SPG Ratings Report