Knowledge Realty Trust (KRT) Key Insights, Strengths & Considerations
Knowledge Realty Trust — Key Strengths & Highlights
- Appraised Portfolio Scale: Manages an audited Gross Asset Value (GAV) of ₹67,411 Cr with a Current NAV of ₹123.61/unit across 6 core assets (46.4 MSF).
- Distribution & Cash Flow Track Record: Has distributed ₹4.87/unit since listing under SEBI's mandatory ≥90% NDCF payout mandate.
- Balance Sheet & Credit Profile: Backed by a CRISIL AAA / ICRA AAA (Stable) credit rating with consolidated leverage at 18.0% LTV (31.0% headroom below SEBI's standard 49% debt threshold).
- Sponsor & Institutional Alignment: Sponsored by Blackstone & Sattva Group with a 65.5% sponsor group stake and 26.5% combined FII + DII institutional ownership.
Key Considerations & Watchouts
- Price-to-NAV Valuation Spread: Investors should consider the prevailing discount or over-valuation of the market unit price (reference: ₹102.50) relative to the audited NAV of ₹123.61/unit when assessing entry yield and margin of safety.
- Leverage & Interest Rate Sensitivity: While current leverage (18.0% LTV) is conservative, market unit prices and NDCF yields remain sensitive to RBI policy rate cycles and debt-funded acquisitions.
- Distribution Tax Mix: As a recently listed REIT, full 12-month trailing dividend yield metrics will stabilize after 4 consecutive quarterly distributions.
- Leasing & Occupancy Cycles: Commercial real estate cash flows depend on Weighted Average Lease Expiry (WALE), tenant retention across IT/GCC occupiers, and mark-to-market re-leasing spreads.
Performance & Asset Evolution
Multi-year operational and financial trajectory
Portfolio Leasable Footprint (MSF)
Comprehensive Historical Metrics Matrix
Year-over-year operational, valuation and cash flow KPIs
| Metric | FY25 (Listing) | FY26 | 7-Yr Trend / CAGR |
|---|---|---|---|
| Total Portfolio Area (MSF) | 43.8 | 46.4 | +6.0% |
| Completed Operating Area (MSF) | 35.2 | 37.2 | +7.4% |
| Audited NAV per Unit (₹) | ₹115.50 | ₹123.61 | +7.0% |
| Annualized DPU (₹ / Unit) | ₹5.80 | ₹6.48 | +17.2% |
| Net Operating Income (₹ Cr) | ₹3,850 | ₹4,447 | +15.5% |
| Gross Asset Value (GAV ₹ Cr) | ₹61,500 | ₹67,411 | +9.6% |
| Committed Occupancy (%) | 91.5% | 93.0% | 93.0% Occupancy |
| WALE (Years) | 8.1 | 8.4 | 8.4 Yrs |
| Loan to Value (LTV %) | 17.5% | 18.0% | 18.0% LTV |
Unitholding Pattern
Audited unitholder structure as of June 30, 2026
Portfolio Assets Breakdown
Key properties, toll corridors, sub-stations & revenue drivers
| Asset / Property Name | Asset Type | Capacity / Footprint | Occupancy | Key Counterparties / Tenants | GAV Share |
|---|---|---|---|---|---|
Sattva Knowledge City Hyderabad (HITEC City / Madhapur) | Office Park | 7.5 MSF | 98% | Microsoft, Amazon, Goldman Sachs, State Street, Novartis | 26.5% |
Sattva Knowledge Capital Hyderabad (Financial District / Nanakramguda) | Office Park | 3.5 MSF | 95% | Google, HSBC, Micron Technology, DBS Bank | 13.5% |
Sattva Global City Bengaluru (Mysore Road / RR Nagar) | Integrated Campus | 7.2 MSF | 91% | Accenture, Mindtree-LTI, NTT Data, Textron | 20.2% |
Sattva Horizon & Techpoint Bengaluru (Outer Ring Road & Electronic City) | Office Park | 4.5 MSF | 92% | Samsung, Intel, Western Digital, Flipkart | 17.8% |
Knowledge City GIFT GIFT City (Gandhinagar / Ahmedabad) | IFSC Office | 1.0 MSF | 94% | Standard Chartered IFSC, HSBC IFSC, Oracle | 5.5% |
Candor Techspace & AeroHub Gurugram, Noida & Chennai | Office Parks | 5.5 MSF | 88% | MetLife, Cognizant, Fidelity, Bank of America | 16.5% |
Compare Knowledge Realty Trust with Peer Indian REITs
Side-by-side comparison across all 6 listed Indian REITs by NAV, GAV, Dividend Yield, Cumulative DPU & LTV
| REIT Name | Category / Sector | Current NAV | GAV (₹ Cr) | Dividend Yield | Cumulative DPU | LTV (%) |
|---|---|---|---|---|---|---|
| Bagmane Prime Office REITBAGMANE | Prime Grade-A+ Bengaluru Tech Parks | ₹118.20 | ₹40,260 | - | ₹1.50 | 4.0% |
| Knowledge Realty TrustKRTViewing | Institutional Grade-A Knowledge Parks & Offices | ₹123.61 | ₹67,411 | - | ₹4.87 | 18.0% |
| Embassy Office Parks REITEMBASSY | Commercial Grade-A Office Parks | ₹491.62 | ₹70,540 | 5.98% | ₹159.31 | 30.0% |
| Mindspace Business Parks REITMINDSPACE | Commercial Grade-A Business Parks | ₹527.00 | ₹47,635 | 5.15% | ₹111.29 | 23.5% |
| Brookfield India Real Estate TrustBIRET | Commercial Grade-A Campus Parks | ₹386.66 | ₹56,500 | 6.22% | ₹112.80 | 32.8% |
| Nexus Select TrustNXST | Urban Consumption & Retail Malls | ₹164.00 | ₹30,600 | 5.80% | ₹26.98 | 14.2% |
Frequently Asked Questions about Knowledge Realty Trust
Key facts on Knowledge Realty Trust (KRT) NAV, dividend yield, DPU history, LTV leverage, and portfolio assets.
What is the current NAV and Gross Asset Value (GAV) of Knowledge Realty Trust (KRT)?
Knowledge Realty Trust (NSE: KRT) has an audited Net Asset Value (NAV) of ₹123.61 per unit and an appraised Gross Asset Value (GAV) of ₹67,411 Crore across its institutional grade-a knowledge parks & offices portfolio (46.4 MSF).
What is the dividend yield and DPU of Knowledge Realty Trust (KRT)?
Knowledge Realty Trust (KRT) has distributed a cumulative DPU of ₹4.87 per unit since listing. Because it is a newly listed REIT, its full-year trailing dividend yield will be computed once 1 year of continuous distributions is completed.
What is the LTV leverage and credit rating of Knowledge Realty Trust?
Knowledge Realty Trust operates with a consolidated Loan-to-Value (LTV) leverage ratio of 18.0% and holds a CRISIL AAA / ICRA AAA (Stable) credit rating. Under SEBI regulations, REITs are subject to a 49% standard leverage cap (extendable up to 70% for AAA-rated trusts with 6 consecutive quarterly distributions).
Who is the sponsor and what is the unitholding pattern of Knowledge Realty Trust?
As per audited unitholding disclosures (June 30, 2026), the Sponsor & Promoter Group (Blackstone & Sattva Group) holds 65.5% of units, Foreign Institutional Investors (FIIs) hold 18.0%, Domestic Institutional Investors (DIIs) hold 8.5%, and Public/Retail unitholders hold 8.0%.
How many portfolio assets does Knowledge Realty Trust own and operate?
Knowledge Realty Trust owns and operates 6 core commercial real estate properties in the Institutional Grade-A Knowledge Parks & Offices segment. Under SEBI rules, at least 80% of its Gross Asset Value must be invested in completed, revenue-generating assets and at least 90% of Net Distributable Cash Flows (NDCF) must be paid out to unitholders.