Knowledge Realty Trust , India's largest and most geographically diverse office REIT, announced its financial results for the quarter and half-year ended September 30, 2025. The company reported robust performance across key metrics in its first quarter since listing.

Financial Highlights

• Net Operating Income (NOI) grew 20% year-over-year to Rs. 19,544.00 million for H1 FY26, with NOI margins reaching a record 89%.
• Revenue for H1 FY26 stood at Rs. 22,019.00 million, up 17% from the previous year.
• For Q2 FY26, revenue was Rs. 11,238.00 million and NOI stood at Rs. 9,881.00 million.
• The company declared its first distribution of Rs. 6,900.00 million, or Rs. 1.56 per unit.

Operational Performance

• Portfolio occupancy increased by 340 basis points year-over-year to 92%.
• Achieved 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 an average spread of 29%.
• Core markets showed strong performance:

• Global Capability Centers (GCCs) and domestic firms accounted for about 70% of leasing activity in H1 FY26.

Capital Management

• Raised Rs. 16,000.00 million through AAA-rated listed Non-Convertible Debentures (NCDs) at a 7.2% coupon rate.
• Reduced average interest cost to 7.4% per annum, resulting in 120 bps annual savings.
• Maintained a loan-to-value ratio of 18%, providing significant headroom for growth.

Management Commentary

Shirish Godbole, Chief Executive Officer of Knowledge Realty Trust, stated, "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. 22,019.00 million and NOI rose 20% YoY to Rs. 19,544.00 million with industry-leading margins."

Quaiser Parvez, Chief Operating Officer of Knowledge Realty Trust, added, "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."

Portfolio Overview

Knowledge Realty Trust's portfolio comprises 29 Grade-A office assets totaling 46.4 million square feet as of September 30, 2025:

• 37.1 million square feet of completed area
• 1.2 million square feet under construction
• 8.0 million square feet of future development potential

The portfolio is spread across 6 cities in India and includes 6 city-center offices and 23 integrated business parks/centers.

Knowledge Realty Trust will host a conference call on Monday, November 10, 2025, at 16:00 hours Indian Standard Time to discuss the H1/Q2 FY26 results. Investors can access the call details and replay on the company's website at www.knowledgerealtytrust.com .

Knowledge Realty Trust (KRT), India's largest and most geographically diverse office REIT, has announced robust financial results for the quarter and half-year ended September 30, 2025, marking its first quarter after listing.

Strong Financial Performance

KRT reported a significant 20% year-on-year growth in Net Operating Income (NOI) to Rs 19,544.00 million for H1 FY26, with NOI margins reaching a record 89%. For Q2 FY26, the REIT posted revenue of Rs 11,238.00 million and NOI of Rs 9,881.00 million.

Leasing Momentum and Occupancy Gains

The REIT 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 an impressive 29% average spread. This robust leasing activity led to a 340 basis points year-on-year increase in portfolio occupancy, reaching 92%.

KRT's core markets continued to benefit from strong fundamentals:

• Hyderabad: 99% occupied, up 150 bps YoY
• Mumbai: 88% occupied, up 570 bps YoY
• Bengaluru: 88% occupied, up 410 bps YoY

Tenant Mix and Rental Escalations

Global Capability Centers (GCCs) and domestic firms accounted for about 70% of KRT's leasing activity in H1 FY26. The REIT also achieved annual rental escalations on over 90% of its leasing during this period, focusing on embedded growth.

Financial Management and Distribution

KRT successfully raised Rs 16,000.00 million through AAA-rated listed Non-Convertible Debentures (NCDs) at a competitive coupon rate of 7.2%. The REIT's debt refinancing efforts, rate reductions, and low-cost NCDs have resulted in a 7.4% p.a. interest cost, leading to 120 bps annual savings.

The REIT maintains a low Loan-to-Value (LTV) ratio of 18%, providing significant headroom for future growth.

In a move that will please unitholders, KRT has declared its first distribution of Rs 6,900.00 million, or Rs 1.556 per unit. The distribution comprises:

• Rs 1.388 per unit as dividend
• Rs 0.030 per unit as interest
• Rs 0.138 per unit as capital repayment

Management Commentary

Shirish Godbole, Chief Executive Officer of Knowledge Realty Trust, commented on the results: "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 22,019.00 million and NOI rose 20% YoY to Rs 19,544.00 million with industry-leading margins."

Quaiser Parvez, Chief Operating Officer, added: "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."

IPO Highlights

KRT's initial public offering in August 2025 was met with strong investor interest:

• 12x oversubscription, among the highest in REITs
• Rs 62,000.00 million capital raised (Rs 14,000.00 million pre-IPO and Rs 48,000.00 million IPO)
• Proceeds primarily utilized for debt repayment of Rs 60,000.00 million, significantly reducing LTV from 31% before IPO to 18%

With its diverse portfolio of 29 Grade-A office assets totaling 46.4 million square feet across six Indian cities, Knowledge Realty Trust is well-positioned to capitalize on the growing demand for quality office spaces in India.