Knowledge Realty Trust (KRT), India’s largest and most geographically diversified office REIT, has reported a robust performance in its first quarterly results since listing in August 2025. For the half-year ended September 30, 2025, the REIT delivered 20% year-on-year growth in Net Operating Income (NOI) to ₹19,544 million, while portfolio occupancy rose 340 bps to 92%, supported by strong leasing of 1.8 million sq. ft.

The company also announced its first distribution of ₹6,900 million (₹1.56 per unit), underscoring healthy cash flows and steady post-listing performance.

Business Highlights:

•      Delivered strong gross leasing of 1.8 million square feet in H1 FY26, comprising 1.2 million square feet of new leases and 0.6 million square feet of renewals, at a 29% average spread.

•      Backed by strong leasing momentum, portfolio occupancy rose 340 bps YoY to 92%. Our core markets continue to benefit from the strong market fundamentals (Hyderabad 99% occupied, up 150 bps YoY; Mumbai 88% occupied, up 570 bps YoY and Bengaluru 88% occupied, up 410 bps YoY).

•      GCCs and Domestic firms accounted for about 70% of our leasing activity in H1 FY26.

•      With a strategic focus on embedded growth, we achieved annual rental escalations on 90%+ of our leasing in H1.

Financial / Distribution Highlights:

•      Strong 20% YoY growth in NOI to Rs. 19,544 million for H1 FY26 with NOI margins at a record 89%. Q2 FY26 revenue was Rs. 11,238 million and NOI stood at Rs. 9,881 million.

•      Raised Rs. 16,000 million AAA rated listed Non-Convertible Debenture (NCDs) at a competitive coupon of 7.2%.

•      Debt refinancing, rate reductions & low cost NCDs have resulted in 7.4% p.a. interest cost; 120 bps annual savings.

•      Low LTV of 18% provides significant headroom for growth.

•      Declared first distribution of Rs. 6,900 million or Rs. 1.56 per unit.

Shirish Godbole, Chief Executive Officer of Knowledge Realty Trust, said, “Our IPO in August 2025 marked a significant milestone – not only for KRT but also for India’s REIT ecosystem. We are delighted to report our robust maiden results post listing. Revenue grew 17% YoY to Rs. 22,019 million and NOI rose 20% YoY to Rs. 19,544 million with industry-leading margins. We are also happy to announce our first distribution of Rs. 6,900 million (Rs. 1.56 per unit).”

Quaiser Parvez, Chief Operating Officer of Knowledge Realty Trust, said, “During the first half of FY26, we saw strong momentum with gross leasing of 1.8 million square feet and a healthy spread of 29%. Occupancy continues to trend upward, rising 340 bps YoY and taking portfolio occupancy to 92%, underpinned by GCCs and domestic demand. With a portfolio representing one of India’s finest Grade-A office ecosystems, we are well positioned to deliver sustainable growth and long-term value for our unitholders.”

IPO Highlights:

•      12x oversubscription – amongst the highest in REITs – with strong participation from domestic insurance and pension funds. IPO entirely a primary issuance with no offer for sale (OFS).

•      Rs. 62 billion capital raised (Rs. 14 billion pre-IPO and Rs. 48 billion IPO).

•      Proceeds primarily utilized towards debt repayment of Rs. 60 billion resulting in significant LTV reduction from 31% before IPO to 18%.