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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Book income (loss) before income taxes |  | $ | 19,644 |  |  | $ | 6,450 |  |  | $ | 6,374 |
Current |  | $ | — |  |  | $ | — |  |  | $ | — |
Deferred |  |  | — |  |  |  | — |  |  |  | — |
Total income tax expense |  | $ | — |  |  | $ | — |  |  | $ | — |
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 f ollows (in thousands):
|  | For the Year Ended December 31, |
TRS |  | 2024 |  |  | 2023 |  |  | 2022 |
Statutory Rate |  |  | 21 | % |  |  | 21 | % |  |  | 21 | %
Statutory rate applied to pre-tax income (loss) |  | $ | 4,125 |  |  | $ | 1,355 |  |  | $ | 1,339 |
Deferred tax impact of contributions of assets |  |  | — |  |  |  | — |  |  |  | (7,542 | )
Deferred tax impact of tax rate change |  |  | 80 |  |  |  | 339 |  |  |  | 261 |
Valuation allowance (decrease) increase based on impact of tax rate change |  |  | (80 | ) |  |  | (339 | ) |  |  | (261 | )
Valuation allowance (decrease) increase – other deferred |  |  | (5,416 | ) |  |  | (1,337 | ) |  |  | 6,094 |
Expiration of capital loss carryforward |  |  | — |  |  |  | — |  |  |  | — |
Other |  |  | 1,291 |  |  |  | (18 | ) |  | $ | 109 |
Total expense |  | $ | — |  |  | $ | — |  |  | $ | — |
Effective tax rate |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %
Summary of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities of the C ompany’s TRS were as follows (in thousands):
| For the Year Ended December 31, |
| 2024 |  |  | 2023 |
Deferred tax assets(A) | $ | 29,801 |  |  | $ | 36,056 |
Deferred tax liabilities |  | - |  |  |  | (139 | )
Valuation allowance |  | (29,801 | ) |  |  | (35,917 | )
Net deferred tax asset | $ | — |  |  | $ | — |
(A) At December 31, 2024, primarily attributable to $18.3 million of net operating losses and $10.5 million of book/tax differences in joint venture investments. At December 31, 2023, primarily attributable to $20.5 million of net operating losses, $9.8 million of book/tax differences in joint venture investments. The TRS net operating loss carryforwards will expire in varying amounts between the years 2025 and 2036, except for approximately $6.8 million in both 2024 and 2023 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, |
| 2024 |  |  | 2023 |  |  | 2022 |
GAAP net income attributable to SITE Centers | $ | 531,824 |  |  | $ | 265,703 |  |  | $ | 168,719 |
Book/tax differences |  | 175,622 |  |  |  | (57,471 | ) |  |  | (60,732 | )
Taxable income before adjustments |  | 707,446 |  |  |  | 208,232 |  |  |  | 107,987 |
Less: Net operating loss carryforward |  | — |  |  |  | (54,466 | ) |  |  | — |
Less: Capital gains |  | — |  |  |  | — |  |  |  | (7,664 | )
Taxable income subject to the 90% dividend requirement | $ | 707,446 |  |  | $ | 153,766 |  |  | $ | 100,323 |
Schedule of Per Share Distributions to Stockholders | The taxability of such distribution for the year ended December 31, 2024 is as follows:
|  | For the Year Ended December 31, |
Common Shares |  | 2024 |  |  | 2023 |  |  | 2022 |
Distributions paid per share |  | $ | 46.14 |  |  | $ | 2.72 |  |  | $ | 2.04 |
Ordinary income |  | —% |  |  | 29% |  |  | 83% |
Return of capital |  | 71% |  |  | —% |  |  | 11% |
Capital gains |  | 29% |  |  | 71% |  |  | 6% |
Preferred Shares |  |  |  |  |  |  |  |  |
Distributions paid per share |  | $ | 1.38 |  |  | $ | 1.59 |  |  | $ | 1.59 |
Ordinary income |  | —% |  |  | 29% |  |  | 93% |
Return of capital |  | —% |  |  | —% |  |  | —% |
Capital gains |  | 100% |  |  | 71% |  |  | 7% |

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