Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Book income (loss) before income taxes	$	6,450	$	6,374	$	(3,420	)
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 follows (in thousands):

	For the Year Ended December 31,
TRS	2023			2022			2021
Statutory Rate		21	%		21	%		21	%
Statutory rate applied to pre-tax income (loss)	$	1,355		$	1,339		$	(718	)
Deferred tax impact of contributions of assets		—			(7,542	)		(2,410	)
Deferred tax impact of tax rate change		339			261			(366	)
Valuation allowance (decrease) increase based on impact    of tax rate change		(339	)		(261	)		366
Valuation allowance (decrease) increase – other deferred		(1,337	)		6,094			(1,087	)
Expiration of capital loss carryforward		—			—			3,584
Other		(18	)	$	109			631
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 Company’s TRS were as follows (in thousands):

	For the Year Ended December 31,
	2023			2022
Deferred tax assets(A)	$	36,056		$	37,735
Deferred tax liabilities		(139	)		(142	)
Valuation allowance		(35,917	)		(37,593	)
Net deferred tax asset	$	—		$	—

(A)At December 31, 2023, primarily attributable to $20.5 million of net operating losses and $9.8 million of book/tax differences in joint venture investments. At December 31, 2022, primarily attributable to $21.6 million of net operating losses, $10.2 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 $6.8 million and $6.1 million in 2023 and 2022, respectively, 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,
	2023			2022			2021
GAAP net income attributable to SITE Centers	$	265,703		$	168,719		$	124,935
Book/tax differences		(57,471	)		(60,732	)		476
Taxable income before adjustments		208,232			107,987			125,411
Less: Net operating loss carryforward		(54,466	)		—			(28,576	)
Less: Capital gains		—			(7,664	)		—
Taxable income subject to the 90% dividend requirement	$	153,766		$	100,323		$	96,835