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.

The income tax provision of the TRSs are as follows:



	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2016			2015		2016			2015
Current	$	(68	)	$	—	$	(154	)	$	—
Deferred	(837		)	859		(2,582		)	2,077
Income tax (expense) benefit	$	(905	)	$	859	$	(2,736	)	$	2,077

The net operating loss carryforwards are currently scheduled to expire through 2035, beginning in 2024. Net deferred tax assets of $36,265 and $38,847 were included in deferred charges and other assets, net at September 30, 2016 and December 31, 2015, respectively.

The tax years 2011 through 2015 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next twelve months.