Chairman of the Board, Chief Executive Officer and President at Simon Property Group
Good morning and I'm pleased to report our third quarter results. Third quarter funds from operations were $1.1 billion or $2.97 per share prior to a non-cash unrealized loss of $0.04 from a mark-to-market and fair-value of publicly-held securities. Let me walk you through some of the variances for the quarter. Compared to Q3 2021, our domestic operations had a very good quarter and contributed $0.05 of growth, driven by higher rental income. Our international operations posted strong results in the quarter and increased $0.05 despite the negative currency impact of $0.05, given the strength in the dollar.
These positive contributions were partially offset by an $0.11 lower contribution from our other platform investments which reflects costs associated with the JCPenney, launch of new beauty brands, Reebok integration cost and some softening of sales compared to 2021 from our two value-oriented brands. Domestic property, net operating income increased 2.3% for the quarter and 4.4% for the first-nine months of the year. NOI growth for the quarter was negatively impacted by approximately 100 basis-points due to the write-off of outstanding receivables from Regal theaters upon its bankruptcy filing. Portfolio NOI which includes our international properties at constant currency grew 3.2% for the quarter and 5.5% for the first-nine months of the year. Occupancy ended third quarter and 94.5% an increase of 170 basis-points compared to the prior year and an increase of 60 basis-points compared to the second-quarter.
TRG was 94.5%, average base minimum rent increased for the fourth quarter in a row and was $54.80, an increase of 1.7% year-over-year, leasing momentum continued. We signed nearly 900 leases for more than 3 million square feet in the quarter and have signed over 3100 leases for more than 10 million square feet through the first-nine months of the year and we continue to have a significant number of leases in our pipeline, the opening rate on our new leases has increased 10% since last year, roughly $6 per lease.
Reported retail sales momentum continued, our shopper remains resilient, we reported another record in the third quarter of $749 per square-foot for the malls and outlets which was an increase of 14% year-over-year. Mills ended-up at $677 per square-foot a 15% increase, TRG was $1080 per foot 25% increase, our occupancy cost is at 12% which is a level not seen since early-2015. We opened our 10th Premium Outlet in Japan and started construction on a significant expansion at Busan in South Korea, our redevelopment pipeline is moving forward with more accretive projects.
Turning to our other platform or investments. The third quarter contributed $0.17 in FFO per share as compared to $0.28 in the prior year period, after cash distributions received, we had approximately $475 million of net investment within our other platform investments primarily in ABG and RGG. We expect to generate approximately $300 million in FFO from OPI, that is for those of you like math [Phonetic], is a 60% return on investment, we believe the value of our investments in OPI is over $2 billion. We recently announced our strategic partnership with Jamestown, a global real-estate investment and management firm. We see great opportunity with this investment to capitalize on the growing asset and investment management businesses. The Jamestown team are experienced, mixed-use operators developers, property managers and asset managers.
We're pleased to expand our investment platform with this best-in class operator and we expect to grow their asset management business and accelerate our densification opportunities. We anticipate this accretive transaction to close prior to the end of this year. Turning to the balance sheet, we completed the refinancing; 16 property mortgages during the first-nine months of the year for a total of $1.8 billion and at average interest-rate of 4.78%. Our balance sheet is strong with approximately $8.6 billion of liquidity.
Net-debt to EBITDA is at 5.7 times and our fixed charge coverage is over 5 times. Today, we announced a 9.1% increase in our common stock dividend and we will pay $1.80 per share for the fourth quarter. The dividend is payable on December 30th. Since May, we have purchased 1.8 million shares of our common stock at an average price of $98.57 per share. Given our current view for the remainder of the year, we are increasing our full-year 2022 comparable FFO guidance from $11.70 to $11.77 per share to $11.83 to $11.88 per share compared to $11.44 last year. So, that's an increase of 13% at the bottom-end of the range and $0.12 at the midpoint and an increase of $0.26 at the mid midpoint compared to our initial guidance for the year. This guidance increase comes in the face of a strong US dollar, rising interest rates and inflationary pressures.
Now just let me conclude by saying, we had another impressive quarter and before we get to questions I would like to share some thoughts with you. For nearly 30 years, as a public company like many companies and industries, we have dealt with significant shifts within our industry. In our case, we embrace these challenges and are better operators and more thoughtful and astute capital allocators. Many of tried to kill off physical retail real-estate and in particular in close malls and I need not remind you when physical retail was closed in COVID, all the naysayers saying that physical retail was gone forever.
However brick and mortar is strong -- brick-and-mortar retail is strong and e-commerce is flat-lining and importantly, over this period of time, we have paid out $39 million in dividends to shareholders as we have become stronger and more profitable. And, why do I bring this up constantly? Well, because hopefully, this will put an end to the so-called negative mall-narrative as you can't pay those dividends without a strong underlying business.
Now, operator we're ready for questions.