v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes:
The Company has made taxable REIT subsidiary elections for all of its corporate subsidiaries other than its qualified REIT subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code. The Company's taxable REIT subsidiaries ("TRSs") are subject to corporate level income taxes which are provided for in the Company's consolidated financial statements. The Company's primary TRSs include Macerich Management Company and Macerich Arizona Partners LLC.
19. Income Taxes: (Continued)
The income tax provision of the TRSs is as follows:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2026202520262025
Current$— $— $— $— 
Deferred(495)188 2,146 1,010 
   Total income tax (expense) benefit$(495)$188 $2,146 $1,010 
The net operating loss ("NOL") carryforwards generated through the 2017 tax year are scheduled to expire through 2037, beginning in 2031. Pursuant to the Tax Cuts and Jobs Act of 2017, NOLs generated in 2018 and subsequent tax years are carried forward indefinitely. Net deferred tax assets of $29,663 and $27,517 were included in deferred charges and other assets, net at June 30, 2026 and December 31, 2025, respectively.
The Company is required to establish a valuation allowance for any portion of the deferred tax asset that the Company concludes is more likely than not to be unrealizable. The Company’s assessment considers all evidence, both positive and negative, including the nature, frequency and severity of any current and cumulative losses, taxable income in carry back years, the scheduled reversal of deferred tax liabilities, tax planning strategies and projected future taxable income in making this assessment. As of June 30, 2026, the Company had no valuation allowance recorded.
The tax years 2022 through 2024 remain open to examination by the taxing jurisdictions to which the Company is subject.