Knowledge Realty Trust reports Q2 net operating income of Rs 988 cr, declares Rs 690 cr distribution

Sattva Group and Blackstone-backed real estate investment trust (REIT) Knowledge Realty Trust reported a net operating income of Rs 988 crore for the July-September quarter, with a total revenue of Rs 1,124 crore for the same period. Since listing in August 2025, it also declared its first ever distribution of Rs 690 crore, representing a per unit distribution of Rs 1.56.

For the April-September period, the REIT reported gross leasing of 1.8 million square feet (msf), which included 1.2 msf of fresh leases and 600,000 square feet of renewals, the latter at a spread of 29%. Global capability centres (GCCs) and domestic firms were responsible for around 70% of the leasing activity in the first half of the ongoing financial year.

Occupancy of the entire portfolio grew by more than three percentage points to 92%, with vacancy at its Hyderabad portfolio being 1%. Occupancy at its Mumbai and Bengaluru properties were 88% each. The REIT said in a statement that it achieved annual rent escalations on more than 90% of its leasing in the April-September period.

"With a portfolio representing one of India’s finest Grade-A office ecosystems, we are well
positioned to deliver sustainable growth and long-term value for our unitholders," said Quaiser Parvez, chief operating officer of Knowledge Realty Trust.