Income Taxes (Tables)

12 Months Ended

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 follows (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 Company’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%