Knowledge Realty Trust: Revenue up 16% since IPO, CEO

Key takeaway from the CEO’s update

Knowledge Realty Trust has reported over 16% revenue growth and 18% growth in EBITDA and net operating income (NOI) since its IPO, according to CEO Shirish Godbole. The update comes after what the management described as a strong nine-month period post listing, with the REIT focusing on raising occupancy, capturing mark-to-market rental upside, delivering under-construction supply, and pursuing acquisitions.

Godbole said distributions have been delivered in line with what was projected at the time of the IPO. While the REIT does not provide official guidance, the CEO said the platform expects strong growth in FY27 as well.

Occupancy at 92%, with an internal target of 95-96%

Occupancy remains a key operating lever for office REITs, and Knowledge Realty Trust currently reports around 92% occupancy. Management said it expects this to move towards 95-96% over time.

In a separate management commentary, the REIT also indicated it could move towards 94-95% occupancy in FY27, supported by a repeat leasing run-rate of roughly 3.5 million square feet, similar to the leasing scale referenced in the discussion.

For investors, the occupancy trajectory matters because it influences NOI, distribution potential, and the REIT’s ability to fund incremental capex or acquisitions without raising equity.

Development pipeline: 2.6 million sq ft under development

Knowledge Realty Trust disclosed 2.6 million square feet under development. This includes:

• 1.2 million square feet expected to be delivered this year (management referenced delivery in the second and third quarter).
• Another 1.4 million square feet that has been started and is expected to be delivered about three years out.

Separately, another 1.6 million square feet asset in Hyderabad is expected to be delivered next year.

The pipeline is central to the REIT’s stated growth levers, alongside occupancy improvement and acquisitions.

Acquisitions: leverage at 18% leaves room

Godbole said the REIT has leverage of about 18%, which provides room to take on more debt for acquisitions, subject to asset availability and pricing. Management framed acquisitions as opportunistic, with a stated focus on deals that are accretive to the portfolio.

In the interaction, the CEO said the REIT is “on the prowl” with sponsor support and that investors should “definitely expect some acquisitions this year,” while reiterating that transactions would depend on finding the right, accretive entry point.

Funding and cost of debt: refinanced to about 7.22%

The REIT also referenced refinancing activity and a reduction in funding costs. Management said it refinanced a portion of debt and brought the rate down to about 7.22%.

In the Q1 FY27 earnings call analysis excerpt included in the material, the REIT stated it raised INR 42,000 million during the year. Normalised, that is ₹4,200 crore. The blended cost was cited at 7.3%, and the overall cost of debt was described as having reduced from 8.6% to 7.2%.

The same commentary noted the REIT is monitoring the interest rate environment and does not have a fixed split between fixed and floating rate debt, preferring to raise fixed coupon debt when pricing is favourable.

FY26 growth numbers cited in the material

Beyond the CEO’s post-IPO growth figures, the supplied content also included FY26 performance metrics from an “earnings call analysis” section.

It stated:

• FY26 revenue grew 16% year-on-year to approximately ₹4,577 crore.
• FY26 NOI rose 18% year-on-year to ₹4,048 crore.
• Distributions for FY26 exceeded IPO projections.

These numbers align directionally with the CEO’s message around post-IPO growth and distributions, although the REIT does not give official forward guidance.

Mumbai focus and lease expiry opportunity

The content also highlighted Mumbai as a core growth engine, supported by upcoming lease expiries. It cited approximately 3.2 million square feet of lease expiries over the next two years, which management described as offering around ₹150 crore of future rent potential, with 77% of that potential coming from Mumbai.

It also stated that occupancy in Mumbai increased by 500 basis points in FY26 to around 90%, with a target to reach 92-93% soon.

Earnings call scheduled for July 28, 2026

Knowledge Realty Trust will host an earnings conference call on July 28, 2026 to discuss financial performance for the quarter ended June 30, 2026. The call is scheduled for 04:00 P.M. IST and will be conducted by the manager, Knowledge Realty Office Management Services Private Limited.

Management said a recording and transcript will be uploaded to the Investor Relations section of the Trust’s website after the call.

Unitholding and outstanding units

Knowledge Realty Trust disclosed its unitholding pattern for the quarter ended June 30, 2026, stating that the sponsor and sponsor group hold a dominant position.

The total outstanding units were disclosed as 4,43,43,99,541 as of June 30, 2026.

Key figures mentioned across the disclosures

Contact details shared in the material

The provided information listed contact coordinates for the Trust and for investor servicing:

• Knowledge Realty Trust: One International Center, 14th Floor, Mumbai, Maharashtra 400013. Tel: 022-68684400. Email: info@knowledgerealtytrust.com. Website: http://www.knowledgerealtytrust.com
• Registrar / investor servicing contact (as shared): Nanakramguda, Serilingampally area, Hyderabad 500032. Tel: 040-67161500, 67162222, 33211000. Fax: 040-23420814, 23001153. Email: einward.ris@karvy.com

Market snapshot in the supplied data points

The material also included market-related figures such as a quoted price of ₹115, a stated market capitalisation of ₹51.5K crore, and an analysts’ 12-month average price target of ₹129.25 (shown as +11.29% upside in the same excerpt). It also listed a dividend yield of 4.13% and ROE of 0.87%.

Separately, it referenced a dividend of ₹0.98 declared on 15 May, 2026, and also noted “upcoming dividend” language around the same ₹0.98 figure.

Why the update matters for REIT investors

The CEO’s commentary puts emphasis on a few operating drivers that typically shape office REIT outcomes: occupancy improvement, delivery of committed development supply, and disciplined acquisitions funded through a manageable leverage position.

Two other points stand out from the information provided. First, the reduction in borrowing costs to the low-7% range can be meaningful for distributable cash flows, particularly for REITs that use a mix of debt to fund acquisitions or development. Second, the cited lease expiry pool and rent potential in Mumbai suggests management sees scope for step-ups through renewals and re-leasing, subject to execution.

Conclusion

Knowledge Realty Trust’s CEO has highlighted over 16% revenue growth and 18% EBITDA and NOI growth since the IPO, alongside 92% occupancy, a 2.6 million sq ft development pipeline, and about 18% leverage for potential acquisitions.

The next near-term checkpoint is the earnings conference call scheduled for July 28, 2026, where management will discuss results for the quarter ended June 30, 2026, and share additional detail on operating performance and priorities.