You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Also on the call are Brian McDade, chief financial officer; and Adam Reuille, chief accounting officer.
Our conference call this evening will be limited to one hour.
For those who would like to participate in the question-and-answer session, we ask that you please respect our request to limit yourself to one question.
I'm pleased to introduce David Simon.
We had a very busy and productive quarter to end 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 -- for a 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 coherent strategy.
Fourth-quarter funds from operations were 1.160 billion -- I'm sorry, $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 predevelopment 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 increase 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 costs at the end of 2021 are the lowest they've been in five years at 12.6% year-end.
and a premium outlet in South Korea.
Construction continues on our tenth outlet in Japan, opening this fall and Normandie France opening 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.
The company de-levered 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. There's 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 a lower pricing grid for five years.
We issued $2.75 billion of senior notes 750 million-euro notes, completed the refinancing of 25 property mortgages for a total of $3.3 billion at an average interest rate of 3.14%.
We paid more than $4 billion in debt and de-levered 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 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 SPO, JCPenney, and the Reebok integration cost at 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.
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.

user
simon property sees fy ffo per share $11.50 to $11.70.
sees fy ffo per share $11.50 to $11.70.
q4 ffo per share $3.09.
sees 2022 net income to be within a range of $5.90 to $6.10 per share and ffo within a range of $11.50 to $11.70 per share.
u.s. malls and premium outlets occupancy was 93.4% at december 31, 2021.

assistant