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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
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, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Book income before income taxes |  | $ | 7,258 |  |  | $ | 1,872 |  |  | $ | 11,180 |
Current |  | $ | 34 |  |  | $ | (430 | ) |  | $ | 459 |
Deferred |  |  | — |  |  |  | — |  |  |  | — |
Total income tax (benefit) expense |  | $ | 34 |  |  | $ | (430 | ) |  | $ | 459 |
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 |  | 2019 |  |  | 2018 |  |  | 2017 |
Statutory Rate |  |  | 21 | % |  |  | 21 | % |  |  | 34 | %
Statutory rate applied to pre-tax income |  | $ | 1,524 |  |  | $ | 393 |  |  | $ | 3,801 |
State tax expense net of federal income tax |  |  | 27 |  |  |  | — |  |  |  | 254 |
Deferred tax expense net of federal income tax |  |  | — |  |  |  | — |  |  |  | 724 |
AMT benefit refund |  |  | — |  |  |  | (430 | ) |  |  | — |
Permanent items |  |  | — |  |  |  | — |  |  |  | (241 | )
Deferred tax impact of tax rate change(A) |  |  | (89 | ) |  |  | 7,350 |  |  |  | 19,391 |
Valuation allowance decrease (increase) based on impact of tax rate change(A) |  |  | 89 |  |  |  | (7,350 | ) |  |  | (23,470 | )
Valuation allowance decrease – other deferred |  |  | (1,608 | ) |  |  | (672 | ) |  |  | — |
Other |  |  | 91 |  |  |  | 279 |  |  |  | — |
Total expense (benefit) |  | $ | 34 |  |  | $ | (430 | ) |  | $ | 459 |
Effective tax rate |  |  | 0.47 | % |  |  | (22.97 | %) |  |  | 4.11 | %
| (A) | For the years ended December 31, 2019 and 2018, includes $0.1 million and $7.4 million, respectively, 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, |
| 2019 |  |  | 2018 |
Deferred tax assets(A) | $ | 28,380 |  |  | $ | 29,857 |
Deferred tax liabilities |  | (53 | ) |  |  | (11 | )
Valuation allowance |  | (28,327 | ) |  |  | (29,846 | )
Net deferred tax asset | $ | — |  |  | $ | — |
| (A) | At December 31, 2019, primarily attributable to $16.5 million of net operating losses and $7.5 million of book/tax differences in joint venture investments and $3.7 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, |
| 2019 |  |  | 2018 |  |  | 2017 |
GAAP net income (loss) attributable to SITE Centers | $ | 100,699 |  |  | $ | 114,434 |  |  | $ | (241,685 | )
Plus: Book depreciation and amortization(A) |  | 152,707 |  |  |  | 237,383 |  |  |  | 336,530 |
Less: Tax depreciation and amortization(A) |  | (107,830 | ) |  |  | (179,197 | ) |  |  | (214,298 | )
Book/tax differences on losses from capital transactions |  | (52,733 | ) |  |  | (161,452 | ) |  |  | (195,294 | )
Joint venture equity (earnings) loss, net(A) |  | (9,189 | ) |  |  | 40,682 |  |  |  | (9,537 | )
Deferred income |  | (417 | ) |  |  | (8,436 | ) |  |  | (26,032 | )
Compensation expense |  | 6,608 |  |  |  | 3,259 |  |  |  | 4,093 |
Impairment charges |  | 18,914 |  |  |  | 80,746 |  |  |  | 406,580 |
Puerto Rico tax prepayment |  | — |  |  |  | 3,991 |  |  |  | 12,237 |
RVI transaction costs |  | — |  |  |  | 36,177 |  |  |  | — |
Miscellaneous book/tax differences, net |  | 1,020 |  |  |  | 17,242 |  |  |  | 8,409 |
Taxable income before adjustments |  | 109,779 |  |  |  | 184,829 |  |  |  | 81,003 |
Less: Capital gains |  | — |  |  |  | — |  |  |  | — |
Taxable income subject to the 90% dividend requirement | $ | 109,779 |  |  | $ | 184,829 |  |  | $ | 81,003 |
| (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, |
| 2019 |  |  | 2018 |  |  | 2017 |
Cash Dividends paid | $ | 180,092 |  |  | $ | 280,714 |  |  | $ | 304,973 |
Stock Dividend due to RVI spin-off | — |  |  |  | 593,659 |  |  | — |
Total Dividends |  | 180,092 |  |  |  | 874,373 |  |  |  | 304,973 |
Less: Dividends designated to prior year |  | (8,383 | ) |  |  | (8,383 | ) |  |  | (5,594 | )
Plus: Dividends designated from the following year |  | 5,133 |  |  |  | 8,383 |  |  |  | 8,383 |
Less: Return of capital |  | (67,063 | ) |  |  | (689,544 | ) |  |  | (226,759 | )
Dividends paid deduction | $ | 109,779 |  |  | $ | 184,829 |  |  | $ | 81,003 |

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