“Overall, we continued to expect OPI to meet our 2023 guidance we provided at the beginning of the year, which is similar -- which will be a similar FFO contribution that was compared to 2022.”

In context

“y-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. This quarter also includes one-time transaction cost from ABG's recent acquisition activity, JCPenney's deployment of their new beauty initiative, and investments related to physical stores, IT, and one-time reorganization expenses, all flowing through our FFO number. The retailer part of our OPI investments has seasonality associated with it generally with losses in the first quarter and the majority of our profit in the fourth quarter and should be modeled accordingly. Overall, we continued to expect OPI to meet our 2023 guidance we provided at the beginning of the year, which is similar -- which will be a similar FFO contribution that was compared to 2022. Now, domestic property NOI increased 4% year-over-year for the quarter. Portfolio NOI, which includes our international properties at constant currency grew 3.9% for the quarter. Our mills, malls, and outlets occupancy at the end of the first quarter was 94.4%, an increase of 110 basis points compared to the prior year. Mills was 97.3%, and TRG was 93.3%. Importantly, average base minimum rent was $55.84 per square foot, an increase of 3.1% year-over-year. Leasing momentum continued across the portfolio. We signed more than 1,200 leases for more than 5.9 million square feet in the quarter. We have an additional 1,500 deals in our pipeline, including renewals for approximately $570 million in gross occupancy cost. More than 25% of our leasing activity in the first quarter was new deal volu”