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.
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.
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.
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.
Occupancy costs at the end of 2021 are the lowest they've been in five years at 12.6% year-end.
Their liquidity position is growing, now $1.6 billion.
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.
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.
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%.
Our FFO guidance is $11.50 to $11.70 per share.
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 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.

Summary:
Fourth-quarter funds from operations were 1.160 billion -- I'm sorry, $1.16 billion or $3.09 per share.
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.
Our FFO guidance is $11.50 to $11.70 per share.