NEW YORK (TheStreet) -- Simon Property Group (SPG) - Get Simon Property Group, Inc. Report shares closed down 2.97% to $198.67 on Friday following the release of the company's fourth-quarter earnings results before the opening bell today.
The real estate investment trust reported fourth-quarter earnings of $405 million, or $1.30 a share, but on an adjusted funds from operations basis the company reported earnings of $2.37 a share on revenue of $1.35 billion.
Analysts on average were expecting earnings of $2.37 on revenue of $1.35 billion.
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More than 2.1 million shares changed hands Friday, compared to the daily average volume of 1,413,340. The stock hit an intraday high of $203.87 and holds a 52-week high of $206.31.
Separately, TheStreet Ratings team rates SIMON PROPERTY GROUP INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate SIMON PROPERTY GROUP INC (SPG) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, revenue growth, notable return on equity and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
Highlights from the analysis by TheStreet Ratings Team goes as follows:
- You can view the full analysis from the report here: SPG Ratings Report