Mumbai: Knowledge Realty Trust (NSE: KRT | BSE: 544481), India’s largest and most geographically diversified office Real Estate Investment Trust (REIT), today announced its financial and operating results for the quarter and nine months ended December 31, 2025, reporting strong growth across key performance indicators driven by sustained leasing momentum and disciplined balance sheet management.
During Q3 FY26, Knowledge Realty Trust recorded a 21% year-on-year increase in revenue to ₹11,787 million, while Net Operating Income (NOI) grew 19% YoY to ₹10,407 million. The Trust also declared robust distributions of ₹6,953 million, equivalent to ₹1.57 per unit, underscoring its stable cash flow generation and commitment to unitholder returns.
Leasing activity remained strong during the quarter, with 0.6 million square feet leased in Q3 FY26, taking cumulative leasing for the first nine months of FY26 to 2.4 million square feet. Portfolio occupancy stood at 92%, supported by a healthy leasing pipeline and continued demand from both domestic and global occupiers.
Notably, expansions by existing tenants accounted for more than 50% of year-to-date leasing, reflecting high occupier satisfaction and long-term tenant relationships. Over 90% of leases signed during the period carried annual rent escalations, reinforcing the Trust’s focus on maintaining a resilient rent escalation profile. The portfolio also offers an embedded mark-to-market potential of approximately 22%, supported by a well-phased lease expiry schedule.
On the financial front, Knowledge Realty Trust further strengthened its balance sheet during the quarter. Repayment of high-cost debt and easing interest rates led to a reduction in the average cost of debt by approximately 19 basis points, from 7.44% in September 2025 to 7.25% in December 2025. The Trust maintained a low loan-to-value (LTV) ratio of 18%, providing significant headroom to pursue inorganic growth opportunities.
In December 2025, Knowledge Realty Trust achieved a key milestone with its inclusion in the FTSE EPRA Nareit Global REITs Index, marking growing international recognition and enhanced global visibility. The Trust also witnessed broadening participation across investor categories, with its unitholder base doubling since listing.
Commenting on the performance, Mr. Shirish Godbole, Chief Executive Officer, Knowledge Realty Trust, said:
“We are pleased to report strong operating performance in Q3 FY26, supported by healthy leasing activity and stable distributions of ₹6,953 million. Our inclusion in the FTSE EPRA Nareit Global REITs Index reflects growing global confidence in our platform. With strong momentum, a resilient balance sheet, and visible growth levers, we enter the final quarter of FY26 well positioned.”
Mr. Quaiser Parvez, Chief Operating Officer, added:
“Q3 FY26 saw sustained leasing momentum led by expansions from marquee tenants, resulting in revenue growth of 21% YoY. NOI increased 19% YoY, supported by industry-leading margins. With a high-quality Grade-A office portfolio across India’s strongest markets, we remain focused on delivering sustainable long-term value to our unitholders.”
Investor Communication
Knowledge Realty Trust has released its earnings presentation and investor materials covering Q3 FY26 results, available in the Investor Relations section of its website. The Trust hosted its quarterly investor conference call on February 5, 2026, with a replay accessible online.
