Simon Property Group
Q1 2022 Earnings Call
May 09, 2022, 5:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Greetings, and welcome to Simon Property Group first quarter 2022 earnings conference call. [Operator instructions]. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr.
Tom Ward, senior vice president, investor relations. Please go ahead, sir.
Tom Ward -- Senior Vice President, Investor Relations
Thank you, Peter. And thank you all for joining us this evening. Presenting on today's call is David Simon, chairman, chief executive officer, and president. Also on the call are Brian McDade, chief financial officer; and Adam Reuille, chief accounting officer.
A quick reminder that statements made during this call may be deemed forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995, and actual results may differ materially due to a variety of risks, uncertainties, and other factors. We refer you to today's press release and our SEC filings for a detailed discussion of the risk factors relating to those forward-looking statements. Please note that this call includes information that may be accurate only as of today's date. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included within the press release and the supplemental information in today's Form 8-K filing.
Both the press release and the supplemental information are available on our IR website at investors.simon.com. 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.
David Simon -- Chairman, Chief Executive Officer, and President
I'm pleased to report our first quarter results. First quarter funds from operations were $1.046 billion or $2.78 per share prior to a non-cash unrealized loss of $0.08 from a mark-to-market in fair value of publicly held securities. Our domestic operations had an excellent quarter. Our international operations posted strong results in the quarter, despite being negatively impacted from the surging U.S.
dollar. We are also very pleased with the results from our other platform investments. We generated $1 billion in free cash flow in the quarter, an increase of 10% compared to the prior year period. Domestic property NOI increased 7.5% year over year for the quarter and our international properties as I mentioned performed well, driving portfolio NOI growth to 8.8% occupancy at the end of the first quarter was 93.3%, an increase of 250 basis points compared to the prior year and a decrease of only 10 basis points compared to are seasonally high fourth quarter year-end of 2021.