Knowledge Realty Trust announced a distribution of ₹716.6 crore to unitholders for the quarter ended March, supported by strong operational performance. In a regulatory filing, the company declared distributions of ₹7,166 million or ₹1.62 per unit for Q4 FY26, taking cumulative distributions since listing in August 2025 to ₹21,019 million, or ₹4.74 per unit. The company has also successfully raised ₹500 crore through commercial paper issuance to fund its expansion plans. The 91-day commercial papers, set to mature on August 11, 2026, will be listed on the BSE's wholesale debt market, positioning the REIT for continued growth initiatives.
The company's net operating income (NOI) rose 14% to ₹1,053.3 crore during the January-March period of the last fiscal year, compared to ₹924.8 crore in the year-ago period. As reported by The Economic Times, for the complete 2025-26 fiscal year, NOI increased 18% year-on-year to ₹4,048.4 crore. The company also reported revenue growth of 16% year-on-year during FY26, driven by robust leasing momentum from existing marquee tenants. Quaiser Parvez, Chief Operating Officer, highlighted that NOI grew 18% year-on-year to ₹40,484 million with industry-leading margins. During FY26, KRT raised debt of ₹4,200 crore at a blended cost of 7.3%, with high-cost debt replacement reducing the overall debt cost from 8.6% to 7.2%. The company maintains a low loan-to-value ratio of 18%, providing significant headroom for inorganic growth.
In the fourth quarter of 2025-26, Knowledge Realty Trust achieved gross leasing of 1.1 million square feet, contributing to cumulative leasing of 3.5 million square feet for the full fiscal year and bringing portfolio occupancy to 92%. According to reports from The Economic Times, the company achieved this robust leasing performance driven by robust demand from global and domestic occupiers. The strong leasing momentum reflects the REIT's positioning in the Indian commercial real estate market and its ability to attract quality tenants across its diversified portfolio. In-place rents across the portfolio increased 7% year-on-year, while the REIT reported leasing spreads of 26% and rents on new leasing in FY26 were at a 5% premium to market rents, reflecting superior asset quality and embedded pricing power.
Shirish Godbole, Chief Executive Officer of KRT, stated that the company was included in FTSE All World, All Cap and Nareit Global Reits indices in FY26, reflecting growing global investor recognition. Encouragingly, the unitholder base more than doubled since listing, indicating broadening participation across investor classes. The company is sponsored by Sattva Group and Blackstone, positioning it as India's largest REIT in the Indian market. As of May 12, 2026, KRT's market capitalisation stood at around ₹52,000 crore, while its net asset value was ₹54,815.2 crore and net debt stood at ₹12,000 crore.
Knowledge Realty Trust's portfolio comprises 29 premium office assets totalling 46.5 million square feet as of March 31, 2026, with 37.2 million square feet of completed area, 2.6 million square feet under construction, and 6.6 million square feet of future development area spread across 6 cities. The company has an artificial intelligence (AI)-resilient portfolio backed by three key attributes: 45% of gross rentals from global capability centre (GCC) occupiers, negligible exposure to traditional IT services sector, and 31% of portfolio value in front-office assets. The REIT's Rofo pipeline includes four assets from Sattva Developers spanning 6.7 million square feet across three Indian cities, providing significant growth opportunities for future expansion.
