Knowledge Realty Trust Q4 FY26: ₹1.62/unit, NOI +14%

Distribution announced for March quarter

Knowledge Realty Trust (KRT) announced a distribution of ₹716.6 crore to unitholders for the quarter ended March (Q4 FY26). The distribution was disclosed through a regulatory filing by the REIT, which is sponsored by Sattva Group and Blackstone. KRT said it declared distributions of ₹716.6 crore, or ₹1.62 per unit, for Q4 FY26. The REIT linked the payout to operating performance during the quarter, led by growth in net operating income (NOI). The announcement adds another data point for investors tracking cash flows from listed office REITs. It also sets a reference for quarterly income expectations, because distributions are a key return component for REIT unit holders. The filing also provided updated operational indicators such as leasing and occupancy.

What KRT disclosed in the regulatory filing

In its filing, KRT said the Q4 FY26 distribution takes cumulative distributions since listing in August 2025 to ₹2,101.9 crore, or ₹4.74 per unit. The REIT described the Q4 payout as ₹1.62 per unit, consistent with its format of communicating both total distribution amount and per-unit figure. The company’s disclosure also anchored the quarterly distribution within the broader context of its post-listing distribution history. The update is important because KRT listed in August 2025, making FY26 one of its first complete fiscal-year reporting cycles as a listed REIT. The filing reiterated KRT’s status as a real estate investment trust sponsored by Sattva Group and Blackstone. The announcement did not add new guidance, but it did provide operating metrics that help interpret the distribution level.

Q4 NOI climbs 14% year-on-year

KRT reported that its net operating income for Q4 FY26 rose 14% year-on-year to ₹1,053.3 crore. The year-ago quarter NOI was stated at ₹924.8 crore, providing a clear base for the year-on-year comparison. NOI is a central metric for office REITs because it reflects property-level operating performance before financing and other corporate costs. A higher NOI typically supports distributable cash flows, although the filing highlighted the distribution directly rather than detailing cash flow line items for Q4. The quarter covered the January to March period of the last fiscal. The reported increase indicates stronger net property income compared with the same period last year, based on the figures provided.

FY26 NOI rises 18% to ₹4,048.4 crore

For the full year FY26, KRT reported that NOI increased 18% year-on-year to ₹4,048.4 crore. The annual figure is significant because it frames the quarterly performance within a full-year operating run rate. While the filing emphasised quarterly distribution, the annual NOI growth helps investors compare KRT’s operating momentum with other office portfolios and with prior-year performance. The disclosure did not break down NOI drivers by asset or city, but it did provide leasing and occupancy metrics that generally influence NOI in office REIT portfolios. As FY26 was an early year after the August 2025 listing, this year-on-year NOI growth is one of the more direct reported measures of operating progress.

Leasing performance and portfolio occupancy

KRT reported gross leasing of 1.1 million square feet in Q4 FY26. It also said cumulative leasing for FY26 was 3.5 million square feet. Alongside leasing, the REIT disclosed portfolio occupancy of 92% during the period referenced in the release. Leasing volumes and occupancy are closely watched because they can affect rental collections, operating income, and the stability of distributions. The Q4 gross leasing number gives a quarter-specific view, while the FY26 cumulative leasing figure provides a sense of full-year demand capture. The occupancy figure offers an immediate snapshot of how much of the portfolio is income-generating.

Portfolio size and development mix as of March 31, 2026

As of March 31, 2026, KRT’s portfolio comprised 29 premium office assets totalling 46.5 million square feet. The REIT said the portfolio included 37.2 million square feet of completed area, 2.6 million square feet under construction, and 6.6 million square feet of future development area. The assets are spread across 6 cities, as per the disclosure. This split between completed, under-construction, and future development area matters because it signals the current stabilised base versus the development pipeline. A larger completed area typically supports current NOI and distributions, while under-construction and future development can shape future growth once delivered and leased.

Balance sheet and valuation indicators disclosed

The article text also provided several balance sheet and market-linked numbers for FY26 and May 2026. KRT’s net debt as of FY26 stood at ₹12,000 crore. Its net asset value (NAV) was ₹54,815.2 crore. Its market capitalisation, as of May 12, 2026, was around ₹52,000 crore. These figures offer context on leverage, portfolio valuation, and how the market values the listed units relative to NAV, without implying conclusions beyond the stated numbers.

Earlier distribution details after listing

Separate information in the provided text referenced KRT’s first distribution after listing. For the quarter ended September 30, 2025, the REIT’s board approved a distribution of ₹690 crore, or ₹1.55 per unit. That distribution was broken into ₹615.50 crore as dividend, ₹13.30 crore as interest (less applicable taxes, if any), and ₹61.19 crore as repayment of capital. The same set of details also cited revenue of ₹1,123.8 crore and NOI of ₹988.1 crore for the July to September quarter. It additionally stated the first distribution was derived from a Net Distributable Cash Flow (NDCF) of ₹690.00 crore.

Key numbers at a glance

Portfolio and financial position snapshot

Market impact and what investors typically track

The Q4 distribution level and per-unit figure are direct inputs for investors focused on income from REIT holdings. The reported NOI growth provides a performance indicator that supports the distribution narrative, because NOI is tied to property income after operating costs. Leasing volumes and occupancy at 92% are also operational metrics commonly used to assess the stability of office cash flows. The portfolio’s size and development mix, including under-construction and future development area, provide context on how much of the platform is already income-producing versus in build-out or future pipeline. The disclosed net debt, NAV, and market capitalisation add financial context for evaluating the REIT’s balance sheet and market pricing relative to the asset base.

Conclusion

Knowledge Realty Trust’s Q4 FY26 update combined a ₹716.6 crore distribution at ₹1.62 per unit with a 14% year-on-year rise in quarterly NOI to ₹1,053.3 crore. For FY26, the REIT reported NOI of ₹4,048.4 crore, up 18%, alongside FY26 leasing of 3.5 million square feet and occupancy of 92%. The disclosure also reaffirmed portfolio scale as of March 31, 2026, with 29 office assets spanning 46.5 million square feet across six cities. Future updates are likely to be monitored for changes in occupancy, leasing pace, and the translation of NOI into ongoing quarterly distributions.