Simon Property Group
Q1 2023 Earnings Call
May 02, 2023, 5:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Greetings, and welcome to the Simon's first-quarter 2023 earnings conference call. [Operator instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce to your host, Mr. Tom Ward, the SVP of investor relations.
Thank you, and you may proceed, sir.
Tom Ward -- Senior Vice President, Investor Relations
Thank you, Claudia, and thank you 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 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, President, and Chief Executive Officer
Thank you. Good afternoon. And I'm pleased to report our first-quarter results. We are off to a good start with results that exceeded our plan.
First-quarter funds from operation were $1.03 billion or $2.74 per share. Let me walk through some variances for this quarter compared to Q1 of 2022. Domestic operations had a very good quarter and contributed $0.15 of growth, primarily driven by higher rental income. Our international operations also performed well and contributed $0.02 of growth.
These positive contributions were partially offset by declines from the headwind from a strong U.S. dollar of $0.02, higher interest rate expense of $0.05, lower lease settlement income of $0.06 compared to Q1 of 2022, and we had a mark-to-market gain on publicly held securities of $0.06 for the quarter and a $0.13 lower contribution from our other platform investments compared to Q1 2022. Let me walk you through some of that and remind everyone that for OPI results, we are generally on our plan. Please keep in mind OPI was up against very tough comparisons from last year's Q1.