Metro builds and operates traditional shopping malls. It holds a $25 million deferred tax asset relating to credit carryforwards at the state, local, and federal levels. No valuation allowance exists.

the shopping mall industry finds itsel in hard times

the plan for the next three years include

-conversion of store space by new tenants,

-the sale of several malls at depressed prices

whats reasons would Metro need to establish valuation allowance against deferred taxes