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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Summary of Combined Activity and Taxable Activity

The following represents the combined activity of the Company’s TRS (in thousands):

		For the Year Ended December 31,
		2018				2017				2016
Book income before income taxes		$	1,872			$	11,180			$	9,953
Current		$	(430	)		$	459			$	17
Deferred			—				—				—
Total income tax (benefit) expense		$	(430	)		$	459			$	17

Summary of Differences Between Total Income Tax Expense Statutory Federal Income Tax Rate

The differences between total income tax expense and the amount computed by applying the statutory income tax rate to income before taxes with respect to its TRS activity were as follows (in thousands):

		For the Year Ended December 31,
TRS		2018				2017				2016
Statutory Rate			21	%			34	%			34	%
Statutory rate applied to pre-tax income		$	393			$	3,801			$	3,384
State tax expense net of federal income tax			—				254				498
Deferred tax expense net of federal income tax			—				724				—
AMT benefit refund			(430	)			—				—
Permanent items			—				(241	)			—
Deferred tax impact of tax rate change(A)			7,350				19,391				—
Valuation allowance decrease based on impact    of tax rate change(A)			(7,350	)			(23,470	)			(4,039	)
Valuation allowance decrease – other deferred			(672	)			—				—
Other			279				—				174
Total (benefit) expense		$	(430	)		$	459			$	17
Effective tax rate			(22.97	%)			4.11	%			0.17	%

(A) For the year ended December 31, 2018, includes $7.4 million deferred tax impact of state tax rate change, and for the year ended December 31, 2017, includes $19.4 million deferred tax impact of federal tax rate change.  

Summary of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities of the Company’s TRS were as follows (in thousands):

	For the Year Ended December 31,
	2018				2017
Deferred tax assets(A)	$	29,857			$	37,940
Deferred tax liabilities		(11	)			(72	)
Valuation allowance		(29,846	)			(37,868	)
Net deferred tax asset	$	—			$	—

(A) At December 31, 2018, primarily attributable to $18.5 million of net operating losses and $7.0 million of book/tax differences in joint venture investments and $4.0 million of capital loss carryforward.  The TRS net operating loss carryforwards will expire in varying amounts between the years 2024 and 2035.  

Reconciliation of GAAP Net Income (Loss) Attributable to Taxable Income

Reconciliation of GAAP net income (loss) attributable to SITE Centers to taxable income is as follows (in thousands):

	For the Year Ended December 31,
	2018				2017				2016
GAAP net income (loss) attributable to SITE Centers	$	114,434			$	(241,685	)		$	60,012
Plus: Book depreciation and amortization(A)		237,383				336,530				376,493
Less: Tax depreciation and amortization(A)		(179,197	)			(214,298	)			(224,766	)
Book/tax differences on losses from capital transactions		(161,452	)			(195,294	)			(155,170	)
Joint venture equity in loss (earnings), net(A)		40,682				(9,537	)			(3,802	)
Deferred income		(8,436	)			(26,032	)			(8,352	)
Compensation expense		3,259				4,093				(5,237	)
Impairment charges		80,746				406,580				110,906
Puerto Rico tax prepayment		3,991				12,237				—
RVI transaction costs		36,177				—				—
Miscellaneous book/tax differences, net		17,242				8,409				(2,625	)
Taxable income before adjustments		184,829				81,003				147,459
Less: Capital gains		—				—				—
Taxable income subject to the 90% dividend requirement	$	184,829			$	81,003			$	147,459

(A) Depreciation expense from majority-owned subsidiaries and affiliates, which is consolidated for financial reporting purposes but not for tax reporting purposes, is included in the reconciliation item “Joint venture equity in earnings, net.”

Reconciliation Between Cash and Stock Dividends Paid and Dividends Paid Deduction

Reconciliation between cash and stock dividends paid and the dividends paid deduction is as follows (in thousands):

	For the Year Ended December 31,
	2018				2017				2016
Cash Dividends paid	$	280,714			$	304,973			$	293,031
Stock Dividend due to RVI spin-off		593,659			—				—
Total Dividends		874,373				304,973				293,031
Less: Dividends designated to prior year		(8,383	)			(5,594	)			(5,594	)
Plus: Dividends designated from the following year		8,383				8,383				5,594
Less: Return of capital		(689,544	)			(226,759	)			(145,572	)
Dividends paid deduction	$	184,829			$	81,003			$	147,459

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