Knowledge Realty Trust (NSE: KRT / BSE: 544481) has reported a strong operational and financial performance for the quarter and half year ended September 30, 2025 — its first results after listing on the stock exchanges in August.

Leasing and Occupancy Trends

During the first half of FY26, the REIT achieved gross leasing of 1.8 million sq. ft., including 1.2 million sq. ft. of new leases and 0.6 million sq. ft. of renewals, at an average spread of 29%.

Portfolio occupancy increased 340 basis points year-on-year to 92%, supported by robust demand in its key markets — Hyderabad (99%), Mumbai (88%), and Bengaluru (88%). Global Capability Centres (GCCs) and domestic firms accounted for nearly 70% of total leasing activity.

Rental escalations were achieved on over 90% of leases, contributing to steady embedded growth across the portfolio.

Financial Performance

Net Operating Income (NOI) rose 20% year-on-year to ₹19,544 million for H1 FY26, with NOI margins at 89%, among the highest in the sector.
Revenue for Q2 FY26 stood at ₹11,238 million, while NOI for the quarter was ₹9,881 million.

The REIT raised ₹16,000 million through AAA-rated listed Non-Convertible Debentures (NCDs) at a 7.2% coupon, and achieved an overall reduction in interest cost to 7.4%, representing 120 basis points in savings.
Leverage remains conservative, with a loan-to-value (LTV) ratio of 18%.

Distribution and Guidance

The Board has declared the first post-listing distribution of ₹6,900 million, translating to ₹1.56 per unit for unitholders.

Shirish Godbole, CEO of Knowledge Realty Trust, said the REIT’s first results after listing reflect “strong leasing momentum and healthy operational metrics.” He added that the focus remains on delivering “sustainable growth and long-term value” to investors.

Quaiser Parvez, COO, noted that occupancy gains and consistent rental escalations highlight the portfolio’s “resilience and demand visibility across core markets.”

IPO and Capital Structure

The REIT’s IPO in August 2025 was subscribed 12 times, with strong participation from domestic insurance and pension funds.
The issue raised ₹62 billion (₹14 billion pre-IPO and ₹48 billion through the IPO), which was primarily used to repay ₹60 billion of debt, reducing LTV from 31% to 18%.

Investor Call and Materials

Knowledge Realty Trust has released its Q2 FY26 earnings presentation and related materials on its Investor Relations website www.knowledgerealtytrust.com.
A conference call with investors will be held on Monday, November 10, 2025, at 4:00 PM IST, and a replay will be available online.

Also Read: Data Benchmarking Institutions Launched to Empower Indian REIT Investors

The post Knowledge Realty Trust Reports 20% Rise in NOI, Declares ₹6,900 Million Distribution in Q2 FY26 appeared first on Square Feat India.

The quarter also saw gross leasing of approximately 0.8 million sq. ft., reflecting sustained demand for high-quality office spaces across Mindspace’s portfolio.

Strong Leasing and High Occupancy

Mindspace REIT maintained a committed occupancy of around 93.8%, which increases to 94.6% on a like-to-like basis, excluding the newly acquired Q-City (now rebranded as The Square 110 Financial District).

The REIT achieved a re-leasing spread of about 28%, indicating robust rental growth, particularly in Hyderabad’s Madhapur micro market. Mindspace also signed its first deal in Madhapur at approximately ₹100 per sq. ft. per month, underscoring the potential for further rental upside.

“With a robust balance sheet, low leverage, and declining cost of debt, we remain well positioned to deploy capital in our development pipeline and capitalize on the strong demand for Grade-A office spaces,” said Ramesh Nair, CEO & MD, Mindspace REIT.

Financial Performance: Revenue, NOI, and Distribution Up

For Q2 FY26, Mindspace REIT’s:

• Revenue from operations stood at ₹778 crore (up 24.8% YoY).
• Net Operating Income (NOI) stood at ₹634 crore (up 25.8% YoY).
• Distribution to unitholders increased by 16.3% YoY to ₹355 crore.
• Distribution per unit (DPU) grew 13.2% YoY to ₹5.83 per unit.

On a half-yearly basis, NOI for H1 FY26 rose by 25% YoY to around ₹1,250 crore. The record date for Q2 distribution is November 8, 2025, and payments will be made on or before November 14, 2025. Since its listing, the REIT has cumulatively distributed about ₹5,950 crore, translating to approximately ₹99.9 per unit.

Portfolio Value and Balance Sheet Strength

As of September 30, 2025, Mindspace REIT’s Gross Asset Value (GAV) rose to ₹41,020 crore, up from ₹36,647 crore in March 2025. The Net Asset Value (NAV) per unit stood at ₹483.7.

The REIT maintained a conservative Loan-to-Value (LTV) ratio of about 24.2%, reflecting strong financial stability. Its cost of debt further reduced by 32 basis points sequentially to 7.52% per annum, aided by refinancing and recent rate cuts.

Mindspace raised ₹1,700 crore through Commercial Papers at an effective rate of 6.12%, and ₹1,150 crore through Non-Convertible Debentures (NCDs) at 7.12%.

Sustainability and Global Recognition

Mindspace REIT continued to earn international recognition for its sustainability initiatives. For the third consecutive year, it achieved a 5-star GRESB rating and was named ‘Global Listed Sector Leader – Office Development Benchmark’.

Its Development Benchmark scored 100/100, ranking 2nd among 18 peers in Asia, while the Standing Investment Benchmark scored 93/100, also ranking 2nd among 20 peers in Asia.

Development Pipeline and Outlook

Mindspace REIT is actively progressing on an under-construction pipeline of approximately 3.7 million sq. ft., positioning it to capture future demand in India’s premium office markets. With low leverage and stable occupancy, the REIT remains optimistic about sustained growth in rentals and portfolio expansion.

The company believes the strong absorption trends across Hyderabad and Navi Mumbai will continue to drive performance in the coming quarters.

Also Read: Data Benchmarking Institutions Launched to Empower Indian REIT Investors

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