Knowledge Realty Trust (Sattva–Blackstone REIT) Reports Strong FY26 Results — 16% Revenue Growth, ₹21,019 Cr Distributions, FTSE Index Inclusion
Knowledge Realty Trust Posts Strong FY26 Results on Back of Leasing Momentum
Knowledge Realty Trust (NSE: KRT / BSE: 544481), India's largest and most geographically diverse office REIT, announced its quarterly and year ended March 31, 2026, results on May 13, 2026. The trust, co-sponsored by Sattva and Blackstone, reported double-digit growth across key metrics and crossed new thresholds in investor participation and global recognition.
Revenue and Operating Performance
Knowledge Realty Trust reported a 16% YoY increase in FY26 revenue to INR 45,772 million and an 18% rise in NOI to INR 40,484 million. Net Operating Income (NOI) for FY26 increased 18% YoY to INR 40,484 million, translating to an NOI margin of 88%.
In Q4 FY26, KRT — the largest Indian Reit in terms of market capitalisation — reported gross leasing of 1.1 million square feet (msf), taking cumulative leasing for FY26 to 3.5 msf and portfolio occupancy to 92 per cent. The in-place rents across its portfolio increased 7 per cent YoY, while the Reit reported leasing spreads of 26 per cent.
Distributions and Unitholder Returns
The cumulative distribution for the financial year aggregates to INR 4.74 per unit, totaling INR 21,019 million since listing in August 2025. The Trust distributed ₹21,019 million (₹4.74 per unit) to unitholders across three post-listing quarters, exceeding IPO projections.
Debt Management and Balance Sheet
KRT raised debt of ₹4,200 crore in FY26 at a blended cost of 7.3 per cent. The company raised debt of INR 42,000 million in FY26 at a blended cost of 7.3%, reducing its cost of debt from 8.6% to 7.2% through high-cost debt replacement and rate renegotiations. The loan-to-value ratio stands at 18%, providing headroom for growth.
Global Index Inclusion and Investor Base
KRT was included in FTSE All World, All Cap and Nareit Global REITs indices in FY26, reflecting growing global investor recognition. The company also saw broadening participation across investor classes, with the unitholder base more than doubling since listing.
Portfolio Composition and Tenant Mix
The Reit has an artificial intelligence (AI)-resilient portfolio backed by three attributes — 45 per cent of gross rentals from global capability centre (GCC) occupiers, negligible exposure to the traditional information technology (IT) services sector, and 31 per cent of portfolio value in front-office assets.
The portfolio includes 46.5 million square feet of Grade-A office assets spread across six cities, with 95% of Gross Asset Value located in India's best-performing office markets. The Reit's Rofo pipeline includes four assets, all from Sattva Developers — the Reit's co-sponsor alongside Blackstone — spanning 6.7 msf across three Indian cities.
Development Pipeline
During FY 2025-26, the Trust commenced construction of a new 1.4 msf office block at Sattva Global City. The Trust's total development pipeline stands at 9.2 msf in aggregate, comprising 2.6 msf under construction and 6.6 msf of future development potential.
Management Commentary
Shirish Godbole, chief executive officer, Knowledge Realty Trust, said that KRT was included in FTSE All World, All Cap and Nareit Global REITs indices in FY26, reflecting growing global investor recognition. The company saw broadening participation across investor classes, with the unitholder base more than doubling since listing. The Trust entered FY27 with strong operating momentum, a resilient balance sheet and multiple visible growth levers.