Knowledge Realty Trust (NSE: KRT | BSE: 544481), India’s largest and most geographically diversified office REIT, has reported a strong operating and financial performance for the quarter and nine months ended December 31, 2025. The REIT delivered robust year-on-year growth across key metrics, underlining sustained demand for high-quality Grade-A office assets across major Indian markets.
During Q3 FY26, Knowledge Realty Trust recorded 21% year-on-year growth in revenue to ₹11,787 million, while Net Operating Income (NOI) increased 19% YoY to ₹10,407 million. The Trust also announced healthy distributions of ₹6,953 million, equivalent to ₹1.57 per unit, reinforcing its consistent cash flow generation and distribution strength.
Adding to its global visibility, Knowledge Realty Trust was included in the FTSE EPRA Nareit Global REITs Index in December 2025, reflecting increasing international recognition. The REIT also witnessed a significant broadening of its investor base, with the number of unitholders doubling since listing.
Strong Leasing Momentum and Portfolio Performance
The REIT continued to see healthy leasing traction 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 a robust 92%, supported by a strong leasing pipeline.
Notably, expansions by existing tenants accounted for more than half of the year-to-date leasing, highlighting strong occupier satisfaction and long-term tenant relationships. Over 90% of year-to-date leasing featured annual rent escalations, strengthening income visibility, while the portfolio continues to offer an embedded mark-to-market potential of 22%, backed by a well-phased lease expiry profile.
Balance Sheet Strength and Financial Discipline
On the financial front, Knowledge Realty Trust maintained a disciplined capital structure. The repayment of high-cost debt combined with repo rate cuts resulted in an approximately 19 basis point reduction in average cost of debt, declining from 7.44% in September 2025 to 7.25% in December 2025. With a low loan-to-value (LTV) ratio of 18%, the REIT retains significant headroom to pursue inorganic growth opportunities.
Management Commentary
Shirish Godbole, Chief Executive Officer of Knowledge Realty Trust, said,
“We are delighted to report strong Q3 FY26 operating performance and healthy distributions of Rs. 6,953 million (Rs. 1.57 per unit). We are happy to inform that KRT was included in FTSE EPRA Nareit Global REITs index in December 2025, reflecting growing global recognition. Encouragingly, we continue to see broadening participation across investor classes, with our unitholder base doubling since listing. We enter the final quarter of FY26 with strong operating momentum, a resilient balance sheet and visible growth levers.”
Quaiser Parvez, Chief Operating Officer of Knowledge Realty Trust, said,
“During Q3 FY26, we saw sustained leasing momentum led by expansions from existing marquee tenants, resulting in revenue growth of 21% YoY. NOI grew 19% YoY to Rs. 10,407 million with industry-leading margins. We achieved cumulative leasing of 2.4 msf for the nine months ended December 2025 at an average spread of 25% driven by global and domestic occupiers. With a portfolio representing one of India’s finest Grade-A office ecosystems, concentrated in the strongest markets of the country, we are well positioned to deliver sustainable growth to our unitholders.”
Investor Updates
Knowledge Realty Trust has released its detailed earnings presentation and investor materials for Q3 FY26 on the Investor Relations section of its website. The REIT will host a conference call on February 5, 2026, at 16:00 IST, with a replay to be made available subsequently.
