David Simon
Chairman, Chief Executive Officer and President at Simon Property Group
We had a very busy and productive quarter and a very successful year. We recorded occupancy gains, record retail sales and demand for our space from a broad spectrum of tenants is robust and our other platform investments had strong results. We generated nearly $4.5 billion in funds from operation in '21 or $11.94 per share. The $4.5 billion is a record amount for our company for the year. And coming off a difficult year of 2020, these results are a testament to our relentless focus on operations, cost structure, active portfolio management, smart investments coupled with a coherent strategy.
Fourth quarter funds from operations were $1.16 billion or $3.09 per share. Included in the fourth quarter results was a net loss of $0.10 per share from a loss on extinguishment of debt and a write-off of pre-development cost, partially offset by an after-tax gain on the sale of equity interest. Our domestic operations had another excellent quarter to conclude the year. Our international operations improved in the quarter.
Domestic property NOI increased 22.4% year-over-year -- I'm sorry, for the quarter and 12% for the year, including our share of NOI from TRG. And our international properties portfolio NOI increased 33.6% for the quarter and 22.3% for the year. Mall and outlet occupancy at the end of the fourth quarter was 93.4%, an increased sequentially of 60 basis points and 260 basis points year-over-year. Average base minimum rent was $53.91, add $8 to that if you included variable rent.
For the year, we signed more than 4,100 leases for a total of more than 15 million square feet. This was the highest amount of leasing activity we have done over the last six years. Retail sales -- reported retail sales continued in the fourth quarter. Mall sales for the fourth quarter were up 8% compared to the fourth quarter of 2019 and up 34% year-over-year. Reported retail sales per square foot reached a record level for 2021 at $713 per foot for our mall and outlet business and $645 for the mills. These results obviously are impressive, particularly given the lack of international tourism for '21.
Occupancy cost at the end of 2021 are the lowest they've been in five years at 12.6% year end. We opened two new developments in 2021, one in the U.K. and a premium outlet in South Korea. Construction continues on our 10th outlet in Japan opening this fall and Normandy, France opening in the spring of '23. We completed five significant redevelopments. We added densification components with the opening of two hotels and the completion of an NHL headquarters and practice facility. Progress continues on the densification of Phipps Plaza, which will open this fall. We have a significant pipeline of redevelopment projects which will be funded from our internally generated cash flow.
Let me turn to our other platform investments. They produced terrific results in 2021, namely, JCPenney, SPARC, ABG and RGG, which is Rue Gilt Groupe. JCPenney's results were impressive. Their liquidity position is growing, now $1.6 billion. Company delevered their balance sheet, has no borrowings on their line of credit. CEO, Marc Rosen strengthened his management team with a new CIO and Chief Digital Officer. RGG, including our shop premium outlet marketplace, growth continues. And we expect continued investment in 2022 to drive customer acquisition and sales growth.
SPARC Group will be the operating partner for Reebok in the U.S. So a tremendous opportunity for SPARC to develop sportswear and footwear expertise. The Reebok integration will require additional investment by SPARC as it expands its capability and reach. TRG, Taubman Realty Group, which we own 80%, posted great operating metrics and results which also beat our underwriting. Reported retail sales was $942 per square foot, a 31% increase year-over-year. Occupancy also increased 210 basis points for the year.
Now turning to the balance sheet. We've been active in the debt markets. We amended and extended our $3.5 billion revolving credit facility with lower pricing grid to five years. We issued $2.75 billion of senior notes, $750 million -- EUR50 million notes, completed the refinancing of 25 property mortgages for a total of $3.3 billion at an average interest rate of 3.1%, 4% -- repaid more than $4 billion of debt and delevered by $1.5 billion. And with the recent January notes offering, our liquidity stands at $8 billion.
Now just to turn to dividend, we paid out $2.7 billion in cash common stock dividends last year. Today we announced a dividend of $1.65 per share for the quarter, a year-over-year increase of 27%. This dividend is payable on March 31.
Now just to go through guidance for 2022. Our FFO guidance is $11.50 to $11.70 per share. When looking at our '22 FFO guidance, it is important to note the following items as compared to '21 actual results. Approximately $0.32 per share gain related to the reversal of a deferred tax liability at Klepierre. Approximately $0.32 per share in gains related to our investment in Authentic Brands. These gains were partially offset by approximately $0.14 per share in debt extinguishment charges, resulting in an adjusted FFO of $11.44 per share for '21.
'21 also included a significant increase in overage and percentage rent compared to prior years and lease settlement income of approximately $0.10 higher than historical average. Our guidance reflects the following assumptions. Domestic property NOI growth of up to 2%; approximately $0.15 to $0.20 drag on FFO from additional investments in RGG and SPL, JCPenney and the Reebok integration costs of SPARC, all to fund future growth; the impact of a continued strong U.S. dollar versus the euro and yen compared to '21 levels and continued muted international tourism, no significant acquisition or disposition activity.
Finally, I really want to thank the entire Simon team for their tireless work that they continue to do for our retailers, shoppers and communities every day and for bouncing back in '21 after a very difficult 2020. Make no mistake about it, '21 was a great year. And I think Tom knows, but I think our FFO guidance was -- which was consistent with basically the analytic community around $9.60 per share and we reported $11.94 per share. So that's a heck of a year. I'm very excited about our plans for '22 and the future growth prospects of our company.
And we're ready for any questions.