David Simon
Chairman, Chief Executive Officer and President at Simon Property Group
Thank you. Good afternoon. And I'm pleased to report our first quarter results. We are off to a good start with results that exceeded our plan. First quarter funds from operation were $1.03 billion or $2.74 per share. Let me walk you through some variances for this quarter, compared to Q1 of 2022. Domestic operations had a very good quarter and contributed $0.15 of growth, primarily driven by higher rental income.
Our international operations also performed well and contributed $0.02 of growth. These positive contributions were partially offset by declines from the headwind from a strong U.S. dollar of $0.02 higher interest-rate expense $0.05, lower lease settlement income of $0.06 compared to Q1 of 2022 and we had a mark-to-market gain on publicly held securities of $0.06 for the quarter. And A330s set lower contribution from our other platform investments compared to-Q1 2022, let me walk you through some of that, and remind everyone that for OPI results, we are generally on our plan.
Please keep in mind OPI was up against very tough comparisons from last year's Q1. This quarter also includes one-time transaction cost from ABG's recent acquisition activity, JC Penney's deployment of their new beauty initiatives and investments related to physical stores, IT and one-time reorganization expenses all flowing through our FFO number. The retailer part of or OPI investments has seasonality associated with it, generally with losses in the first quarter and the majority of our profit in the fourth quarter and should be modeled accordingly.
Overall, we continue to expect OPI to meet our 2023 guidance we provided at the beginning of the year, which is similar -- which will be a similar FFO contribution that was compared to 2022. Now domestic property NOI increased 4% year-over-year for the quarter. Portfolio NOI, which includes our international properties at constant currency, grew 3.9% for the quarter, our mills, malls and outlet occupancy at the end-of-the first quarter was 94.4%. an increase of 110 basis points compared to the prior year. Mills was 97.3% and TRG was 93.3%. Importantly, average base minimum rent was $55.84 per square foot, an increase of 3.1% year-over-year.
Leasing momentum continued across the portfolio, we signed more than 1,200 leases for more than 5.9 million square feet in the quarter. We have an additional. 1500 deals in our pipeline, including renewals for approximately $570 million in gross occupancy cost. More than 25% of our leasing activity in the first quarter was new deal volume. We're seeing strong broad-based demand from the retail community, including continued strength for many categories. By the end-of-the second quarter, we expect to be approximately 75% complete, with our 2023 expiration.
Retail sales momentum continued, reported retail sales per square foot reached another record in the first quarter at $759 per square foot for malls and premium outlets combined, an increase of 3.3%. All platforms achieved record sales level, including the mills at 683 a foot and 2.2% and TRG was $1100 per square foot, a 6% increase.
Good news is, tourism is returning with our tourist oriented centers. Outperforming the portfolio average in terms of sales. Our occupancy cost at the end-of-the first quarter was 12%. We opened our West Paris designer outlet in Normandy, France last week, our 35th international outlet center. During the quarter, construction restarted on our upscale outlet center in Tulsa, Oklahoma, which will now open in the fall of 2024. We have several densification projects under-construction. And a pipeline of identified projects that includes approximately 2000 residential units and hotel rooms.
Now turning to the balance sheet, we completed a dual tranche U.S., senior notes offering that totaled $1.3 billion at a combined average term of 20 years at an average coupon of 5.67%. We closed on our new five billion dollar multi currency revolving credit facility with a maturity in 2028. Importantly, the pricing is unchanged from our prior facility. The traditional secured mortgage markets continue to support the refinancing of our assets across geographies and property types.
Our A-rated balance sheet is as strong as ever. We ended the quarter with $9.3 billion of liquidity. Today we announced our dividend of $1.85. Per share for the second quarter a year-over-year increase of 9%. The dividend is payable on June 30th of this quarter. Guidance for this quarter, given the results of this quarter and our current view as the remainder of the year. We are increasing our full-year 2023 guidance range from $11.70 to $11.95 per share to $11.80 to $11.95 per share can compared to last year of $11, 87. This is an increase of $0.10 at the bottom-end of the range and $0.05 at the midpoint. Excuse me -- And I'm pleased with our first quarter results. Tenant demand is excellent and brick-and-mortar stores are where shoppers want to be and even with the economic uncertainty, we are running ahead of our internal plan.
Excuse me -- here. I have some kind of clog in my throat, but we're ready for questions.