We earned $9.11 per diluted share and funds from operation for the full year, which includes a $0.06 per share dilution from our recent equity offering in November.
We generated over $2.3 billion in operating cash flow.
We acquired an 80% interest in the Taubman Realty Group, made strategic investments in several widely recognized retail brands at attractive valuations and have already made significant progress in repositioning each brand and increasing their operating cash flow.
We raised over $13 billion in debt and equity markets; opened two new international shopping destinations, expanded two others, completed three domestic redevelopments; abated rent for thousands of small and local businesses, regional entrepreneurs and restaurateurs who, frankly, needed our help to survive; paid $700 million in real estate taxes which, unbelievably, was an increase from 2019 despite losing approximately 13,500 shopping days in our domestic portfolio during the year due to the restrictive governmental orders placed upon us, and that's roughly 20% of the whole year to put in perspective; and we returned $2 billion in cash to our shareholders in dividends.
Fourth-quarter FFO was $787 million.
That's $2.17 per share.
I'm pleased that -- to report that with the solid profitability and the $900 million in operating cash flow we generated within the fourth quarter, our domestic international operations in the quarter were negatively impacted by approximately a net $0.95 per diluted share, primarily due to the reduced lease income, including sales-based rents and other property revenues caused by COVID-19 disruption and $0.06 also from the international operations due to various restrictions placed upon those properties.
As of last week, we have collected 90% of our net billed rents for the second, third and fourth quarters combined.
Last year, our NOI was $1.6 billion in the fourth quarter.
This year, it's $1.2 billion.
That's a decrease of 23.9% or approximately $380 million.
And here are the components of the decline: $220 million in aggregate from domestic rent abatements and higher uncollectible rents, primarily associated with retail bankruptcies.
Approximately $205 million from lower minimum rents reimbursement, short-term leasing, ancillary property revenues and terminations associated with bankruptcy tenants and lower sales volume due to COVID-19 disruption, obviously, lots of government restrictions on restaurants and amount of people we could have in the properties and, just as a reminder to you, we have a great deal of seasonality in the fourth quarter, so obviously, the card kiosk overage rent was impacted by, again, the immense restrictions that we had in terms of operating our portfolio by government mandates.
Average base minimum rent was $55.80, up 2.2% for the year.
We signed over 1,400 leases, representing 6 million square feet and have a number of -- significant number of leases in our pipeline.
We also added, which is essentially the Woodbury of Asia, the Gotemba outlet expansion, another 178,000 square feet and another property in Japan, adding another 110,000 square feet.
So look for those to add to our cash flow in future years.
They include Forever 21, Lucky Brand, Brooks Brothers and Penney.
And let me just give Forever 21 as an example.
And despite all of that -- despite all of that, Forever 21, both in -- in the company generated a positive EBITDA pre-royalties of approximately $75 million in 2020.
And we basically paid $67 million for that.
So our share of that is $30 million.
And you can divide it by $67 million to give you our return on investment in COVID 2020.
Now if you put all of our retail brand investments in context, we have approximately $330 million of remaining invested capital, net of cash distributions and the value of appreciation of our ABG investment, which has just had a recent trade.
And so in marking that to market, our net investment in all of these activities is $330 million.
And all of these brands will generate for us in 2021, our share, $260 million of EBITDA.
So you can take $260 million, divide it by $330 million to get a sense of our return on investment.
So the other point to make in these retail investments is all of these brands generate $3.5 billion in digital sales.
$3.5 billion in digital sales.
Now with respect to Taubman, I'm very pleased to have completed the transaction for 80% TRG and their premier retail portfolio, asset portfolio.
As many of you know, we recently filed an S-1 with the SEC to raise $300 million in a Simon-sponsored special purpose acquisition corporation, i.e., SPAC.
We've been very active in the debt and equity capital markets, raising $13 billion in the last 12 or so months and, just some highlights, amended and extended our credit facility with a $6 billion facility that included a $2 billion term loan, which was used to fund the Taubman transaction; issued $3.5 billion of senior notes including the recent $1.5 billion offering in January, addressing all of our 21 unsecured maturities and, obviously, before the treasury really moved up; we completed 15 secured loan financings -- refinancings for $2 billion; and again, in November, we completed a common stock issuance of 22 million shares for $1.56 billion.
Fourth quarter, we ended our liquidity with $8.2 billion, consisting of about $1.5 billion of cash, including our share of joint venture and $6.7 billion of available credit facility.
This is net of $623 million of commercial paper outstanding at quarter end.
Dividend, we paid our fourth-quarter dividend of $1.30 per share, which is $6 in total for the year.
We paid more than $2 billion in 2020.
We're up to over $34 billion in dividends of our history as a public company.
In 2021, our guidance is $9.50 to $9.75 per share.
This range, it includes approximately $0.15 to $0.20 per share from our retailer investments.
That's a growth range of 4.3% to 7%, compared to our full year of $9.11.
And just no more -- our diluted share count will be 376.

Summary:
That's $2.17 per share.
As of last week, we have collected 90% of our net billed rents for the second, third and fourth quarters combined.
So look for those to add to our cash flow in future years.
In 2021, our guidance is $9.50 to $9.75 per share.