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Income Taxes (Tables)

12 Months Ended

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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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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