Interest Rate Derivatives (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table sets forth a summary of the terms and fair value of our interest rate swaps at September 30, 2025 and December 31, 2024 (dollars in thousands). We record all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly, there are no offsetting amounts that net assets against liabilities.


					Notional Value(1)				Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)(2)
Derivative Instrument	Effective Date	Maturity Date	Interest Strike Rate		September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
Interest Rate Swaps	4/3/2023	6/30/2025	3.98500	%	$	—	$	200,000	$	—	$	233
Interest Rate Swap	4/3/2023	6/30/2025	3.96625	%	$	—	$	100,000	$	—	$	126
Interest Rate Swap	4/3/2023	6/30/2025	3.95300	%	$	—	$	100,000	$	—	$	132
Interest Rate Swap	4/3/2023	7/30/2026	3.71000	%	$	60,000	$	60,000	$	(32)	$	298
Interest Rate Swaps	7/27/2022	5/26/2027	2.81700	%	$	150,000	$	150,000	$	1,403	$	4,079
Interest Rate Swaps	7/27/2022	5/26/2027	2.81750	%	$	150,000	$	150,000	$	1,401	$	4,074
Interest Rate Swap	7/1/2025	5/30/2030	3.41750	%	$	250,000	$	—	$	(1,043)	$	—
Interest Rate Swap	7/1/2025	5/30/2030	3.40500	%	$	125,000	$	—	$	(446)	$	—
Interest Rate Swap	7/1/2025	5/30/2030	3.42000	%	$	25,000	$	—	$	(105)	$	—

(1)Represents the notional value of swaps that are effective as of the balance sheet date presented.

(2)The fair value of derivative assets is included in the line item “Interest rate swap asset” and the fair value of derivative liabilities is included in the line item “Interest rate swap liability” in the accompanying consolidated balance sheets.

Summary of Impact of Interest Rate Swaps on Consolidated Financial Statements

The following table sets forth the impact of our interest rate swaps on our financial statements for the periods presented (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of gain (loss) recognized in AOCI on derivatives	$	464	$	(9,407)	$	(2,382)	$	4,233
Amount of gain reclassified from AOCI into earnings under “Interest expense”(1)	$	2,127	$	3,382	$	5,150	$	10,134
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$	25,463	$	27,340	$	79,452	$	70,423

(1)Includes amounts that are being amortized from AOCI into interest expense on a straight-line basis related to (i) the treasury rate lock agreements that were settled in August 2021 and March 2023 and for which amounts will continue to be reclassified over the ten-year and five-year terms of the hedged transactions and (ii) the interest rate swap that was terminated in May 2022 for which amounts were reclassified into interest expense through its original maturity date of November 2024.

Rexford Industrial Realty, Inc. 10-Q