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Knowledge Realty Trust (KRT), 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. During Q3 FY26, the REIT recorded a 21% year-on-year increase in revenue and a 19% rise in net operating income, supported by sustained leasing activity and stable portfolio occupancy. Leasing during the quarter stood at 0.6 million sq ft, taking cumulative leasing for the first nine months of FY26 to 2.4 million sq ft. The trust also declared distributions of INR 6,953 million, reflecting healthy cash flows. During the quarter, KRT was included in the FTSE EPRA Nareit Global REITs Index, while its unitholder base doubled since listing, indicating growing global and domestic investor interest.
Knowledge Realty Trust (NSE: KRT / BSE: 544481) has announced its financial and operating results for the quarter and nine months ended December 31, 2025, reporting robust growth across key metrics. The Mumbai-based office REIT recorded revenue of INR 11,787 million for the period, representing a 21% year-on-year increase, while net operating income (NOI) rose 19% year-on-year to INR 10,407 million. Advertisement
Leasing momentum remained strong during Q3 FY26, with 0.6 million sq ft of space leased during the quarter. This took cumulative leasing for the first nine months of the financial year to 2.4 million sq ft. Portfolio occupancy stood at 92%, supported by a healthy leasing pipeline, which the trust said reinforces continued business momentum. Expansions by existing occupiers accounted for more than half of the year-to-date leasing, highlighting tenant satisfaction and the strength of long-term relationships across the portfolio.
KRT noted that its continued focus on structured rent escalation has resulted in annual escalations being embedded in over 90% of year-to-date leasing. The portfolio also carries an embedded mark-to-market potential of 22%, supported by a well-phased lease expiry profile, providing visibility on future rental upside.
From a balance sheet perspective, the trust reported a reduction in its average cost of debt to 7.25% in December 2025 from 7.44% in September 2025, driven by the repayment of high-cost borrowings and repo rate cuts. The loan-to-value ratio remained low at 18%, offering significant headroom for potential inorganic growth opportunities.
During the quarter, Knowledge Realty Trust declared distributions of INR 6,953 million, translating to INR 1.57 per unit. The REIT was also included in the FTSE EPRA Nareit Global REITs Index in December 2025, reflecting growing global recognition. Additionally, the unitholder base doubled since listing, indicating widening participation across investor categories.
The management said the trust enters the final quarter of FY26 with strong operating momentum, a resilient balance sheet and multiple visible growth levers, positioning it well to deliver sustainable returns to unitholders.
Source - PTI
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