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Subsequent Events
 6 Months Ended
Jun. 30, 2016
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events:
On July 6, 2016, the Company amended its line of credit. The amended $1,500,000 line of credit bears interest at LIBOR plus a spread of 1.30% to 1.90%, depending on the Company's overall leverage level, and matures on July 6, 2020 with a one-year extension option. Based on the Company's leverage level as of the amendment date, the initial borrowing rate on the facility was LIBOR plus 1.33%. The line of credit can be expanded, depending on certain conditions, up to a total facility of $2,000,000.
On July 11, 2016, the Company completed the final ASR under its $1,200,000 stock buyback program and took delivery of an additional 1,104,162 shares. The Company repurchased a total of 5,068,974 shares with an average price of $78.91 under this ASR. The total aggregate number of shares repurchased under its $1,200,000 stock buyback program was 15,263,799 at an average price of $78.62 (See Note 12—Stockholders' Equity).
On July 15, 2016, the Company conveyed Flagstaff Mall, a 347,000 square foot regional shopping center in Flagstaff, Arizona, to the mortgage lender by a deed-in-lieu of foreclosure. The mortgage loan was non-recourse. As a result of the transfer, the Company was discharged from the mortgage note payable.
On July 22, 2016, the Company announced a dividend/distribution of $0.68 per share for common stockholders and OP Unit holders of record on August 19, 2016. All dividends/distributions will be paid 100% in cash on September 8, 2016.