Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Assets and Liabilities Measured at Fair Vale on a Recurring Basis by Level within Fair Value Hierarchy

The table below sets forth the estimated fair value of our interest rate swaps as of March 31, 2026 and December 31, 2025, which we measure on a recurring basis by level within the fair value hierarchy (in thousands).


			Fair Value Measurement Using
Description	Total Fair Value		Level 1		Level 2		Level 3
March 31, 2026
Interest rate swap asset	$	4,562	$	—	$	4,562	$	—
Interest rate swap liability	$	(9)	$	—	$	(9)	$	—
December 31, 2025
Interest rate swap asset	$	2,025	$	—	$	2,025	$	—
Interest rate swap liability	$	(829)	$	—	$	(829)	$	—

Fair Value Measurements, Nonrecurring

The table below sets forth the fair value of properties measured on a nonrecurring basis for which impairments were recognized as of March 31, 2026 and December 31, 2025 (in thousands) by level within the fair value hierarchy.


			Fair Value Measurement Using
Description	Total Fair Value		Level 1		Level 2		Level 3		Carrying Value
March 31, 2026
Real estate assets classified as held for sale	$	48,655	$	—	$	48,655	$	—	$	48,655	(1)
December 31, 2025
Real estate assets measured at fair value due to our change in intent to hold the asset	$	149,989	$	—	$	149,989	$	—	$	149,989	(2)

(1)Amount represents the aggregate carrying value of two properties, as adjusted to fair value less estimated selling costs, included in the line item “Assets associated with real estate held for sale” in the accompanying consolidated balance sheet.

(2)Amount represents the aggregate carrying value of seven properties, as adjusted to fair value, included in the line item “Investments in real estate, net” in the accompanying consolidated balance sheet.

Carrying Value and Estimated Fair Value of Notes Payable

The table below sets forth the carrying value and the estimated fair value of our loan receivable and notes payable as of March 31, 2026 and December 31, 2025 (in thousands).


			Fair Value Measurement Using
	Total Fair Value		Level 1		Level 2		Level 3		Carrying Value
Loan Receivable at:
March 31, 2026	$	127,905	$	—	$	—	$	127,905	$	123,819
December 31, 2025	$	129,015	$	—	$	—	$	129,015	$	123,704

Notes Payable at:
March 31, 2026	$	3,192,092	$	—	$	—	$	3,192,092	$	3,247,451
December 31, 2025	$	3,226,955	$	—	$	—	$	3,226,955	$	3,251,909

Rexford Industrial Realty, Inc. 10-Q