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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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,
		2021				2020				2019
Book (loss) income before income taxes		$	(3,420	)		$	(240	)		$	7,258
Current		$	—			$	39			$	34
Deferred			—				—				—
Total income tax expense		$	—			$	39			$	34

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		2021				2020				2019
Statutory Rate			21	%			21	%			21	%
Statutory rate applied to pre-tax (loss) income		$	(718	)		$	(50	)		$	1,524
State tax expense net of federal income tax			—				33				27
Deferred tax impact of contributions of assets			(2,410	)			(3,617	)			—
Deferred tax impact of tax rate change			(366	)			(300	)			(89	)
Valuation allowance decrease based on impact    of tax rate change			366				300				89
Valuation allowance (decrease) increase – other deferred			(1,087	)			3,854				(1,608	)
Expiration of capital loss carryforward			3,584
Other			631				(181	)			91
Total expense		$	—			$	39			$	34
Effective tax rate			—	%			(16.20	%)			0.47	%

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,
	2021				2020
Deferred tax assets(A)	$	31,844			$	32,651
Deferred tax liabilities		(84	)			(170	)
Valuation allowance		(31,760	)			(32,481	)
Net deferred tax asset	$	—			$	—

(A) At December 31, 2021, primarily attributable to $20.5 million of net operating losses and $3.8 million of book/tax differences in joint venture investments. At December 31, 2020, primarily attributable to $14.8 million of net operating losses, $9.3 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, except for approximately $5.0 million that was generated in 2021 and does not expire.  

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

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

	For the Year Ended December 31,
	2021				2020				2019
GAAP net income attributable to SITE Centers	$	124,935			$	35,721			$	100,699
Plus: Book depreciation and amortization(A)		162,342				154,051				152,707
Less: Tax depreciation and amortization(A)		(115,735	)			(105,385	)			(107,830	)
Book/tax differences on losses from capital transactions		(28,114	)			(45,808	)			(52,733	)
Joint venture equity (earnings) loss, net(A)		(15,480	)			10,572				(9,189	)
Deferred income		(1,158	)			(13,197	)			(417	)
Compensation expense		11,534				4,031				6,608
Impairment charges		7,270				24,593				18,914
Miscellaneous book/tax differences, net		(20,183	)			549				1,020
Taxable income before adjustments		125,411				65,127				109,779
Less: Net operating loss carryforward		(28,576	)			—				—
Taxable income subject to the 90% dividend requirement	$	96,835			$	65,127			$	109,779

(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 (earnings) loss, 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,
	2021				2020				2019
Dividends paid	$	96,835			$	98,073			$	180,092
Less: Dividends designated to prior year		(5,133	)			(5,133	)			(8,383	)
Plus: Dividends designated from the following year		5,133				5,133				5,133
Less: Return of capital		—				(32,946	)			(67,063	)
Dividends paid deduction	$	96,835			$	65,127			$	109,779

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