Knowledge Realty Trust records 15% growth in Q1 revenue, net operating income

MUMBAI: Knowledge Realty Trust has reported a 15% year-on-year increase in both revenue and net operating income (NOI) for the quarter ended June aided by higher occupancy and robust leasing activity across its portfolio.

The REIT’s revenue rose 15% year-on-year to Rs 1,243.1 crore during the quarter, while net operating income (NOI) increased to Rs 1,111.7 crore. It has declared distribution of Rs 751.6 crore, translating into a distribution per unit (DPU) of Rs 1.70, up 5% sequentially.

Knowledge Realty Trust’s portfolio occupancy improved by 100 basis points sequentially to 93%, supported by gross leasing of 1.4 million sq ft during the quarter. Front-office occupiers accounted for over 50% of gross leasing, while existing tenants contributed 58% of new leasing through expansion requirements, reflecting strong occupier retention.


“Our focus remains on building a resilient, high-quality office portfolio that continues to attract leading occupiers across sectors. Continued expansion by existing customers within our portfolio reinforces the effectiveness of our occupier-first approach and gives us confidence in the long-term fundamentals of India’s office market. We will continue to pursue disciplined growth while creating sustainable value for unitholders through operational excellence and prudent capital allocation,” said Shirish Godbole, CEO, Knowledge Realty Trust.

The REIT has achieved an average leasing spread of 35% on new leases and 29% on renewals during the quarter. Annual rental escalations were secured in more than 93% of leasing transactions.

Its Mumbai portfolio occupancy increased to 92%, up 300 basis points from the previous quarter. Occupancy in the central Mumbai portfolio reached 93%, improving by 1,400 basis points since March 2025, driven by demand from front-office occupiers.

During the quarter, the REIT raised debt worth Rs 1,100 crore at a blended interest rate of 7.2% per annum. It increased the share of fixed-rate borrowings to 30% from zero at the time of listing less than a year ago, while maintaining a loan-to-value ratio of 18%, providing headroom for future acquisitions.

Strong demand for premium office spaces, particularly from front-office occupiers, continued to support the performance of India’s office real estate investment trusts (REITs), with leasing momentum and occupancy gains translating into higher earnings and distributions during the June quarter.