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Text: Also on the call are Brian McDade, chief financial officer; and Adam Reuille, chief accounting officer.
For those who would like to participate in the question-and-answer session, we ask that you please respect that request to limit yourself to one question and one follow-up question, so we might allow everyone the opportunity to ask question and the opportunity to participate.
I'm pleased to report that our business has significantly improved after having addressed the impacts from COVID-19, including the restrictive governmental orders that have forced us to shut down, as well as reduce our operating capacity.
I'm pleased to report our continued improvement in our profitability and cash flow generated for the first quarter.
First-quarter funds from operation was $934 million or $2.48 per share.
FFO increased approximately $150 million or $0.31 per share compared to the fourth quarter of 2020.
Our international operations continued to be affected by governmental closure orders and capacity restrictions.
And in fact, the quarter was negatively impacted by approximately $0.08 per share compared to our expectations given the closures that have occurred internationally.
We also recorded additional COVID impacts in the first quarter of approximately $0.07 per share from -- based upon basically domestic rent abatements and uncollectible rents.
We generated $875 million in cash from operations in the quarter, which was an increase of 18% compared to the prior-year period.
We collected over 95% of our net billed rents for the first quarter and our in-line tenant collections are back to pre-COVID levels in the approximate 98% range.
Our operating metrics in the period were as follows: mall and outlet occupancy at the end of the first quarter was 90.8%, down 50 basis points compared to the fourth quarter of 2020.
This 50-basis-point decline for the quarter is approximately 75% -- 75 basis points less than the average historical seasonal decline from the fourth quarter to the first quarter.
Average base rents was $56.07, up 60 basis points year over year.
Leasing spreads declined for the 12 -- trailing 12 months, primarily due to the mix of deals that have fallen out, the spread calculation that have resulted in an increase to the average closing rate by approximately $8 per square foot for the trailing 12 months.
Pricing continues to improve with the average opening rate per square foot for the trailing 12 months of approximately $60 per foot.
And as you can see in the lease expiration schedule included in our supplemental, our expiring rents for the next few years are less than $60 per square foot.
Keep in mind that the opening rate included in our spread calculation does not include any estimates for variable lease income based on sales.
In certain circumstances in addressing tenant COVID negotiations last year, we, in certain cases, agreed to lower our initial base rent in exchange for lower unnatural sales breakpoints, allowing us to participate in the improved sales performance as the economy recovers.
Now we think that will end up being a very smart move on our behalf.
Those deals are included in the average opening rate at the lower base minimum rent and does not include our estimation of what the percentage rent could be, and we'll, obviously, believe those contributions in time will add to our cash flow.
Leasing momentum has continued across our portfolio.
We signed 1,100 leases for approximately 4.4 million square feet, and we have significant number of leases in our pipeline, our leasing volume in both number of leases in square feet was greater than the volume in each of the first quarter of 2020 and 2019.
The improving domestic economic environment, shopper sentiment, have increased shopper foot traffic and sales across our portfolio.
As I mentioned, increased in traffic for our open air and suburban centers has been very encouraging and retail sales continue to improve across the portfolio with higher sales volumes in March compared to 2019 levels.
We opened West Midlands Designer Outlet, our second outlet in the United Kingdom in early April.
This was behind schedule, was supposed to open in the fall of 2020 but was delayed due to COVID restrictions.
We're pleased that this has now been lifted and we're now able to open and serve the shoppers.
During the first quarter, we started construction of our fifth premium outlet in South Korea.
We're excited about that opportunity.
And hopefully by now, with respect to our brand and retailer investments, you've seen that we've been able to add significant value there.
Our global brands within SPARC outperformed their plans in March and April on both sales and gross margin, led by Forever 21 and Aéropostale.
For the two months combined, SPARC outperformed the sales plan by more than $135 million and our gross margin plan by more than $75 million.
And we're also very pleased with the JCPenney early results.
They continue to be above our plan.
Our company's liquidity position at Penney is strong at $1.2 billion, and balance sheet is in very good shape with leverage of less than 1.2 times net debt to projected EBITDA.
We continue to add new brands to the JCPenney portfolio, and we expect growth to be our focus going forward.
Just a quick update on Taubman, we're very pleased with our partnership and the results in the first quarter.
Our teams have collectively shared and implemented many best practices and are adding value to the assets.
We expect to step up redevelopment plans with mixed-use opportunities throughout their TRG portfolio.
Capital markets, very similar to what we always do.
We completed $1.5 billion senior note offering at 1.96%, weighted average term of 8.4 years.
We also completed a EUR 750 million note, shouldn't say dollar, at one and one-eighths percent coupon at a term of 12 years.
We used those proceeds to completely repay the $2 billion unsecured term facility associated with the Taubman deal, as well as pay off our $550 million senior notes.
We've also refinanced six mortgages for $1.3 billion, our share of which is $589 million at an average interest rate of 3.36%.
That market is continuing to improve.
And at the end of the quarter, with all this activity, we have $8.4 billion of liquidity, consisting of $6.9 billion available on our credit facility; $1.5 billion of cash, including our share of JV cash.
And reminder, that is net of $500 million of U.S. commercial paper outstanding at quarter end.
We paid $1.30 per share in cash, in terms of our dividend on April 23.
And then, finally, as you've seen, given our first-quarter results, we are increasing our full-year 2021 FFO guidance from $9.50 to $9.75 per share to $9.70 to $9.80 per.
This is an increase of $0.20 per share at the bottom end of the range and $0.05 at the top end of the range or a 13% -- or a $0.13 increase at midpoint and that represents a 6.5% to 7.6% growth rate compared to our 2020 results.
So in conclusion, pleased with the results, encouraged with what we're seeing in terms of sales, traffic, retail demand.
And we continue to continue to increase our performance and our Profitability.

user
simon property sees fy ffo per share $9.70 to $9.80.
sees fy ffo per share $9.70 to $9.80.
q1 ffo per share $2.48.
qtrly net income attributable to common stockholders was $1.36 per diluted share.u.s. malls and premium outlets operating statistics occupancy was 90.8% at march 31, 2021.
will declare a common stock cash dividend for q2 of 2021 on or before june 30, 2021.

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