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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Summary of Combined Activity and Taxable Activity | The following represents the activity of the Company’s TRS (in thousands):
|  | For the Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Book income (loss) before income taxes |  | $ | 6,374 |  |  | $ | (3,420 | ) |  | $ | (240 | )
Current |  | $ | — |  |  | $ | — |  |  | $ | 39 |
Deferred |  |  | — |  |  |  | — |  |  |  | — |
Total income tax expense |  | $ | — |  |  | $ | — |  |  | $ | 39 |
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 |  | 2022 |  |  | 2021 |  |  | 2020 |
Statutory Rate |  |  | 21 | % |  |  | 21 | % |  |  | 21 | %
Statutory rate applied to pre-tax income (loss) |  | $ | 1,339 |  |  | $ | (718 | ) |  | $ | (50 | )
State income tax expense net of federal income tax benefit |  |  | — |  |  |  | — |  |  |  | 33 |
Deferred tax impact of contributions of assets |  |  | (7,542 | ) |  |  | (2,410 | ) |  | $ | (3,617 | )
Deferred tax impact of tax rate change |  |  | 261 |  |  |  | (366 | ) |  |  | (300 | )
Valuation allowance (decrease) increase based on impact of tax rate change |  |  | (261 | ) |  |  | 366 |  |  |  | 300 |
Valuation allowance increase (decrease) – other deferred |  |  | 6,094 |  |  |  | (1,087 | ) |  |  | 3,854 |
Expiration of capital loss carryforward |  |  | — |  |  |  | 3,584 |  |  |  | — |
Other |  |  | 109 |  |  |  | 631 |  |  |  | (181 | )
Total expense |  | $ | — |  |  | $ | — |  |  | $ | 39 |
Effective tax rate |  |  | 0.00 | % |  |  | 0.00 | % |  |  | (16.20 | %)
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, |
| 2022 |  |  | 2021 |
Deferred tax assets(A) | $ | 37,735 |  |  | $ | 31,844 |
Deferred tax liabilities |  | (142 | ) |  |  | (84 | )
Valuation allowance |  | (37,593 | ) |  |  | (31,760 | )
Net deferred tax asset | $ | — |  |  | $ | — |
(A) At December 31, 2022, primarily attributable to $21.6 million of net operating losses and $10.2 million of book/tax differences in joint venture investments. At December 31, 2021, primarily attributable to $20.5 million of net operating losses, $3.8 million of book/tax differences in joint venture investments. The TRS net operating loss carryforwards will expire in varying amounts between the years 2024 and 2035, except for approximately $6.1 million that does not expire and is limited to 80% of taxable income.
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, |
| 2022 |  |  | 2021 |  |  | 2020 |
GAAP net income attributable to SITE Centers | $ | 168,719 |  |  | $ | 124,935 |  |  | $ | 35,721 |
Plus: Book depreciation and amortization(A) |  | 182,227 |  |  |  | 162,342 |  |  |  | 154,051 |
Less: Tax depreciation and amortization(A) |  | (127,506 | ) |  |  | (115,735 | ) |  |  | (105,385 | )
Book/tax differences on losses from capital transactions |  | (50,784 | ) |  |  | (28,114 | ) |  |  | (45,808 | )
Joint venture equity (earnings) loss, net(A) |  | (67,862 | ) |  |  | (15,480 | ) |  |  | 10,572 |
Deferred income |  | (3,925 | ) |  |  | (1,158 | ) |  |  | (13,197 | )
Compensation expense |  | 7,129 |  |  |  | 11,534 |  |  |  | 4,031 |
Impairment charges |  | 2,536 |  |  |  | 7,270 |  |  |  | 24,593 |
Miscellaneous book/tax differences, net |  | (2,547 | ) |  |  | (20,183 | ) |  |  | 549 |
Taxable income before adjustments |  | 107,987 |  |  |  | 125,411 |  |  |  | 65,127 |
Less: Net operating loss carryforward |  | — |  |  |  | (28,576 | ) |  |  | — |
Less: Capital gains |  | (7,664 | ) |  |  | — |  |  |  | — |
Taxable income subject to the 90% dividend requirement | $ | 100,323 |  |  | $ | 96,835 |  |  | $ | 65,127 |
(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.”

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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