Our cash flow increased to nearly $3 billion year to date, consistent with pre-pandemic levels.
Third quarter highlights from funds from operation starts with $1.18 billion or $3.13 per share.
Included in the third quarter results were a noncash after-tax gain of $0.30 per share from the contribution of our interest in the Forever 21 and Brooks Brothers licensing ventures for additional equity ownership in Authentic Brands Group.
We now own approximately 11% of ABG and a loss on extinguishment of debt of $0.08 per share from the redemption of the $1.65 billion of senior notes.
However, the quarter was below our budget by roughly $0.03 per share, primarily due to various COVID restrictions.
Domestic property NOI increased 24.5% year over year for the quarter and 8.8% year to date.
And if you did include TRG and international properties, our portfolio NOI increased 34.3% for the quarter and 18.7% year to date.
Occupancy was 92.8%, which was an increase of 100 basis points compared to the second quarter.
Average base rent was $53.91.
For the first nine months, we signed 3,500 leases for 12.8 million square feet, which was nearly 3 million square feet or approximately 800 more deals compared to the first nine months of 2019.
Mall sales for the third quarter were up 11% compared to third quarter 2019, up 43% year over year.
Our sales are over 2019 peak levels.
Our share of net cost of development projects is now approaching $1 billion.
Our liquidity position is at $1.5 billion, and there's no outstanding balance on their line of credit.
TRG is operating above our underwriting, posted also impressive results for cash flow growth, occupancy gains in retail sales, which were 16% higher.
As you know, we amended and extended our $3.5 billion revolving credit facility.
We refinanced a number of mortgages, and our liquidity stands at $8 billion including $6.9 billion available on our credit facility, the rest in our share of cash.
We paid a dividend of $1.50 in September.
That was a 7.1% increase sequentially and 15.4% year over year.
Today, we announced our fourth quarter dividend of $1.65 per share in cash, which is an increase of 10% sequentially and 27% year over year.
Now we raised our guidance from $10.70 to $10.80 last quarter to $11.55 to $11.65 per share.
This is 85% increase on the midpoint.
That's 27% to 28% growth compared to 2020 results and basically $2 higher than our initial budget this year.
Our current multiple of 13 times is approximately three turns lower than our historical average and screens very cheap compared to the REIT sector at 24 times and in many cases, even close to 30.
Our dividend yield is 4.7% and growing, well covered, higher than the S&P yield of 1.9% and the REIT average of 2.9%, and we have the potential to perform very well in an inflationary cycle.

Summary:
Third quarter highlights from funds from operation starts with $1.18 billion or $3.13 per share.
Our sales are over 2019 peak levels.
Now we raised our guidance from $10.70 to $10.80 last quarter to $11.55 to $11.65 per share.