Knowledge Realty Trust Delivers Strong Results in First Quarter After Listing

Mumbai, November 10, 2025: Knowledge Realty Trust, India’s largest and most geographically diverse office REIT, has announced its quarterly and half-yearly results for the period ended September 30, 2025.

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 INR 19,544 million for H1 FY26 with NOI margins at a record 89%. Q2 FY26 revenue was INR 11,238 million and NOI stood at INR 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 INR 6,900 million or INR 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 per cent YoY to INR 22,019 million and NOI rose 20 per cent YoY to INR 19,544 million with industry-leading margins. We are also happy to announce our first distribution of INR 6,900 million (INR 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 per cent. Occupancy continues to trend upward, rising 340 bps YoY and taking portfolio occupancy to 92 per cent, 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).
• INR 62 billion capital raised (INR 14 billion pre-IPO and INR 48 billion IPO).
• Proceeds primarily utilized towards debt repayment of INR 60 billion resulting in significant LTV reduction from 31% before IPO to 18%.