Slide 1: Knowledge Realty Trust Q4 FY26 Earnings Update
Knowledge Realty Trust Q4 FY26 Earnings Update May 13, 2026
Slide 2: Table of Contents
TABLE OF CONTENTS Sr. No. Particulars Page No. I. Key Performance Highlights 2 II. Growth Drivers 9 III. Business Update 15 IV. Debt Overview 22 V. Distribution, Unitholding & Valuation Profile 25 VI. Sustainability Initiatives 30 VII. Market Outlook 32 VIII. Supplementary Databook 38 IX. KRT at a G
Slide 3: I. Key Performance Highlights
I. Key Performance Highlights One World Center, Mumbai
Slide 4: Portfolio Highlights
PORTFOLIO HIGHLIGHTS India’s largest REIT (1) comprising Grade -A office ecosystems delivered strong performance and robust distributions in FY26 MOST GEOGRAPHICALLY DIVERSE OFFICE REIT FY26 PERFORMANCE 29 46 msf ₹ 674 B High quality Total Leasable GAV (3) 3.5 msf 92% LEASING Grade -A assets Area (2
Slide 5: KRT Edge
KRT EDGE KRT blends a best - in - class portfolio with a robust business model and strong growth prospects ESILIENT PORTFOLIO AI R 31% Front Office (1) No ITeS firm in Top 15 occupiers & & single digit % overall 45% GCCs (2) E M S BE N Third -party IO DD acquisition 25% IT ED strategy MTM Potential
Slide 6: Year at a Glance
YEAR AT A GLANCE FY26 marked strong operating performance and prudent debt management leading to robust distributions LEASING HIGHLIGHTS MTM - REALIZED & POTENTIAL (% / ₹ psf) 2.3 msf 1.2 msf Realized 26% Leasing Spread Achieved (FY26) (2) New Leasing Renewals 122 5% 97 7% 87% Potential Premium ✓ to
Slide 7: FY26 Financial Highlights
FY26 FINANCIAL HIGHLIGHTS Strong financial performance and operating leverage drive margin expansion and robust distributions FY25 FY26 Variance NOI MARGIN (%) 88% REVENUE 87% ( ₹ M) 39,301 45,772 +16% NOI ( ₹ M) 34,323 40,484 +18% FY25 FY26 FY26 DISTRIBUTION MIX (1) (%) Interest Other 8% EBITDA ( ₹
Slide 8: Q4 FY26 Financial Highlights
Q4 FY26 FINANCIAL HIGHLIGHTS Embedded growth realization and effective cost management led to strong quarterly results REVENUE NOI ( ₹ M) ( ₹ M) 11,965 10,703 10,533 9,248 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 NOI MARGIN DISTRIBUTION MIX (1) (%) (%) Interest 88% 13% 86% Other Dividend Income 61% 0.2% Q4 F
Slide 9: Key Events Since Listing
KEY EVENTS SINCE LISTING Resilient business performance since listing led to superior returns for unitholders PRICE MOVEMENT (1) TOTAL RETURN BENCHMARKING (For 9 - month period since listing) (2) (For 9 - month period since listing) (2) +17% KRT 22% KRT (3) Nifty REITs +8% & InvITs 10% Nifty REITs &
Slide 10: II. Growth Drivers
II. Growth Drivers Sattva Knowledge Court, Bengaluru
Slide 11: Multi-Year Growth Story
MULTI - YEAR GROWTH STORY AI resilient portfolio fortified by multiple drivers for sustained long - term growth 92% 8.0 yrs 5% (p.a.)/ 15% (3 Yrs) Committed WALE Escalations (1) CONTRACTED REVENUE Occupancy ✓ Strong predictable cash flows backed by high occupancy, long WALE & periodic escalations 3.
Slide 12: Significant MTM Opportunity
SIGNIFICANT MTM OPPORTUNITY 25% MTM potential at portfolio level; 800 ksf of upcoming expiries in FY27 already tied - up at 31% spread PORTFOLIO MTM POTENTIAL UPCOMING EXPIRIES & MTM POTENTIAL ( ₹ psf) (msf & %) 1.5 msf Avg 122 1.8 1.7 1.3 97 1.0 FY27 FY28 FY29 FY30 Base Rentals Expiring (%) 6% 7% 7
Slide 13: Ongoing Developments
ONGOING DEVELOPMENTS Upcoming deliveries of 1.2 msf to drive Revenue and NOI growth *Actual *Actual Sattva Spectrum 0.5 msf Sattva Endeavour 0.7 msf Bengaluru Leasable Area Bengaluru Leasable Area 12
Slide 14: New Development
NEW DEVELOPMENT Commenced construction of 1.4 msf new block in Sattva Global City, Bengaluru *Perspective *Perspective 13
Slide 15: ROFO Assets to Drive Growth
ROFO ASSETS TO DRIVE GROWTH Healthy ROFO pipeline presenting an opportunity to accelerate growth and enter new markets Sattva Verve, *Perspective Sattva Texonic, *Perspective Pune | 0.7 msf Bengaluru | 1.9 msf 4 # of assets 3 # of cities Actual Picture Actual Picture 6.7 msf Total area ROFO ASSETS L
Slide 16: III. Business Update
III. Business Update One Unity Center, Mumbai
Slide 17: FY26 Leasing Highlights
FY26 LEASING HIGHLIGHTS Robust leasing at healthy spreads supported by ‘Office for India’ and ‘Office for the World’ FY26 LEASING BREAKUP 2.3 msf 1.2 msf 3.5 msf 5% New Leasing Renewals Gross Leasing 25% 26% Premium to 28% Market Rent on Re - leasing Spread Average Spread Spread New Leasing (on 1.6
Slide 18: Q4 FY26 Leasing Highlights
Q4 FY26 LEASING HIGHLIGHTS Continued leasing momentum at healthy spreads driven by global occupiers Q4 FY26 LEASING BREAKUP 0.7 msf 0.4 msf 1.1 msf New Leasing Renewals Gross Leasing 32% 29% 26% Average Spread Re - leasing Spread Spread (on 0.5 msf) (on 0.9 msf) Q4 FY26 LEASING TO MARQUEE OCCUPIERS
Slide 19: Central Mumbai: Marquee Front Office Portfolio
CENTRAL MUMBAI: MARQUEE FRONT OFFICE PORTFOLIO Trophy office complex featuring premium amenities, social infrastructure and excellent connectivity LARGEST INSTITUTIONALLY OWNED OFFICE CLUSTER (1) One Unity Center One International Center One World Center ASSETS The Pavillion Pickleball Court The Quo
Slide 20: Central Mumbai Portfolio Records Robust Performance
CENTRAL MUMBAI PORTFOLIO RECORDS ROBUST PERFORMANCE Front office demand drives Central Mumbai portfolio occupancy up 10% YoY, to near 90% occupancy PERFORMANCE HIGHLIGHTS (1) Committed Occupancy (%) Marginal Rentals ( ₹ psf / pm) 232 89% 79% 183 Mar'25 Mar'26 FY25 FY26 FRONT OFFICE OCCUPIERS Domesti
Slide 21: Tenant Engagement Initiatives
Farmers’ Market, 16 th Hyderabad Literary Festival, One International Center Sattva Knowledge City TENANT ENGAGEMENT INITIATIVES Jo Chahe Mango, Exora Business Park Surya Kumar Yadav – Adda Talks, tenant engagement & asset activation One International Center Run for a girl child, Sattva Knowledge Ci
Slide 22: Asset Upgradation & Amenitization
Arrival Experience, Padel Court, Prima Bay One World Center ASSET UPGRADATION & AMENITIZATION Landscape Upliftment & Arrival Underdoggs Restaurant, Experience, One Trade Tower Sattva Knowledge Park retention and support long - term value creation Direct Access to Mysuru Road & Multi - Purpose Sport
Slide 23: IV. Debt Overview
IV. Debt Overview Sattva Cosmo Lavelle, Bengaluru
Slide 24: Debt Highlights
DEBT HIGHLIGHTS Active debt management and refinancing initiatives led to 140 bps reduction in cost of debt REIT LEVEL DEBT RAISE (FY26) AVERAGE DEBT COST (%) (1) Particulars NCD Term Loan NCD Amount ₹ 16 B ₹ 16 B ₹ 10 B (2) 8.6% Cost of Debt 7.2% 7.2% 7.5% Issuance Sep'25 Sep'25 Feb'26 Refinancing
Slide 25: Debt Snapshot
DEBT SNAPSHOT Monitor interest rate environment to optimize the financing costs FINANCING BENCHMARKS LENDER MIX ₹ 120 B (%) Fixed (%) MF / FPI Net Debt (1) 21% 21% Gross Debt Gross Debt ₹ 124 B ₹ 124 B T - bill 7.2% 20% Repo Rate NBFC 18% Bank 59% 61% Average Debt Cost DEBT MATURITY PROFILE AAA / St
Slide 26: V. Distribution, Valuation & Unitholding Profile
V. Distribution, Valuation & Unitholding Profile Sattva Horizon, Bengaluru
Slide 27: Distribution Profile
DISTRIBUTION PROFILE Robust distributions with a highly tax efficient mix for unitholders DISTRIBUTION MIX (1) DISTRIBUTION HIGHLIGHTS (%) Q4 FY26 Interest Distribution Period 13% Other Income 0.2% ₹ 7,166 M 4,434 M ₹ 1.62 Distribution Units Distribution Per Amount Outstanding Unit (DPU) Q4 FY26 Div
Slide 28: NDCF Walkdown
NDCF WALKDOWN (Amounts in ₹ M) Particulars Q4 FY26 Revenue from Operations 11,965 Property Taxes and Insurance (328) Direct Operating Expenses (1,104) NET OPERATING INCOME 10,533 Other Income 138 Property Management Fees (296) Indirect Operating Expenses (484) EBITDA 9,891 Working Capital and other
Slide 29: Valuation Highlights
VALUATION HIGHLIGHTS Robust portfolio valuation underscored by leasing momentum and rental growth NAV COMPUTATION AS OF MARCH 31, 2026 GEOGRAPHICAL SPREAD (% GAV / Area) (1) Others Particulars Amount ( ₹ M) 5% / 3 msf (1) Gross Asset Value (GAV) 6,74,111 (2) Less: Net Liabilities (1,25,959) Bengalur
Slide 30: Unitholder Profile
UNITHOLDER PROFILE Stable and diversified unitholding underpinned by marquee institutional investors and a ~2.4x growth in unitholders KEY HIGHLIGHTS UNITHOLDING PATTERN (%) (3) FII Others 1% 6% ₹ 520 B Market Cap (1) MF & AIF , 2% Insurance & Pension , 4% Retail & HNI , 9% 4,434 M Units Outstanding
Slide 31: VI. Sustainability Initiatives
VI. Sustainability Initiatives Exora Business Park, Bengaluru
Slide 32: Sustainability Focus with a Long-Term Vision
SUSTAINABILITY FOCUS WITH A LONG - TERM VISION Sustainability - led practices supporting long - term value and governance standards BUILDING CERTIFICATIONS & AWARDS FY26 KEY HIGHLIGHTS 76% Green - certified portfolio (by Value) 5 - star, 95/100 score LEED certification (O&M) BD+C certification (Rank
Slide 33: VII. Market Outlook
VII. Market Outlook Cessna Business Park, Bengaluru
Slide 34: India Office Market Update
INDIA OFFICE MARKET UPDATE Strong fundamentals across KRT core markets driving positive leasing outlook Q1 CY26 OFFICE MARKET SNAPSHOT Q1 CY26 GROSS ABSORPTION SHARE Pan - India Others ⁽¹⁾ Pune 1% 946 18% 7% 21 9 Chennai Bengaluru 9% 29% Gross Hyderabad Absorption 15% 21 msf NCR 163 21% 5 0 NCR Mumb
Slide 35: Record demand for Grade-A office to outpace projected supply
INDIA EXPECTED TO WITNESS ROBUST GRADE - A OFFICE DEMAND Record demand for Grade -A office to outpace projected supply GROSS ABSORPTION AND SUPPLY (msf) 100 95 90 COVID Impact 83 81 79 70 72 67 67 63 58 55 50 48 46 47 45 40 37 21% 21% 21% 19% 19% 18% 18% 17% 17% 15% 21 9 CY19 CY20 CY21 CY22 CY23 CY2
Slide 36: Bengaluru: KRT Core Market
BENGALURU: KRT CORE MARKET KRT’s BENGALURU PRESENCE 1st 26% (1) Share of pan - India total office 18 KRT Assets Largest Net Absorption stock (2) NBD 41% 4 th (3) Largest Technology hub GCC Leader in India globally (4) Whitefield 40 40 35 109 113 35 102 30 92 96 30 87 88 CBD 24 24 25 23 22 22 25 20 1
Slide 37: Hyderabad: KRT Core Market
HYDERABAD: KRT CORE MARKET KRT’s HYDERABAD PRESENCE 2 nd 20% (1) 2 nd highest GCC Leasing in 3 KRT Assets Largest Net Absorption India (2) ~1M 2 nd Tech Workforce (4) Best Infrastructure in India in Telangana (3) IT Corridor – HITEC City 40 40 35 86 35 83 76 79 30 30 67 25 62 62 25 Ext. IT Corridor
Slide 38: Mumbai: KRT Core Market
MUMBAI: KRT CORE MARKET KRT’s MUMBAI PRESENCE 3 rd 29% Largest share of pan - India of India’s 5 KRT Assets (1) Direct Tax collection (2) total office stock 27% 3.9% BFSI space take up (3) $140B contribution to GDP (4) PBD East 30 30 198 25 185 25 BKC & BKC -O 176 164 20 145 19 19 20 133 135 16 Ext
Slide 39: VIII. Supplementary Databook
VIII. Supplementary Databook Kosmo One, Chennai
Slide 40: Key Portfolio Statistics
KEY PORTFOLIO STATISTICS Completed UC & FD Total Leasable Committed Rent ( ₹ psf pm) GAV WALE Asset Area Area (1) Area Occupancy (Yrs) (msf) (msf) (msf) (%) In-place Market MTM % ₹M % Total Hyderabad 12.9 - 12.9 99% 78 111 42% 1,97,111 29% 11.5 Sattva Knowledge City 7.3 - 7.3 100% 81 120 49% 1,17,33
Slide 41: Lease Expiry Schedule
LEASE EXPIRY SCHEDULE FY27 FY28 FY29 FY30 Area Area Area Area Asset In-place Rent In-place Rent In-place Rent In-place Rent ('000 sf) / ('000 sf) / ('000 sf) / ('000 sf) / ( ₹ psf pm) / ( ₹ psf pm) / ( ₹ psf pm) / ( ₹ psf pm) / % of Base % of Base % of Base % of Base MTM (%) MTM (%) MTM (%) MTM (%)
Slide 42: Debt Overview
DEBT OVERVIEW Total O/s Interest Principal Repayment Schedule ( ₹ M) Fixed/ Total Description Rating Facility Principal Rate Floating FY32 & ( ₹ M) ( ₹ M) ( ₹ M) (%) FY27 FY28 FY29 FY30 FY31 Beyond REIT Level CRISIL / ICRA NCD Fixed 16,000 16,000 7.2% - - 16,000 - - - 16,000 AAA CRISIL / ICRA NCD Fi
Slide 43: Financial Metrics: Revenue from Operations
FINANCIAL METRICS Revenue from Operations (Amounts in ₹ M) Particulars Three months ended Year ended Mar 31, 2026 Mar 31, 2025 Variance (%) Mar 31, 2026 Mar 31, 2025 Variance (%) Hyderabad Sattva Knowledge City 2,142 1,834 17% 7,987 7,339 9% Sattva Knowledge Park 839 754 11% 3,147 2,262 39% Sattva K
Slide 44: Financial Metrics: Net Operating Income
FINANCIAL METRICS Net Operating Income (Amounts in ₹ M) Particulars Three months ended Year ended Mar 31, 2026 Mar 31, 2025 Variance (%) Mar 31, 2026 Mar 31, 2025 Variance (%) Hyderabad Sattva Knowledge City 2,091 1,767 18% 7,800 7,162 9% Sattva Knowledge Park 793 706 12% 2,999 2,254 33% Sattva Know
Slide 45: IX. KRT at a Glance
IX. KRT at a Glance One BKC, Mumbai
Slide 46: Best-in-Class Business Parks in Hyderabad
BEST - IN - CLASS BUSINESS PARKS IN HYDERABAD Sattva Knowledge City 7.3 msf Sattva Knowledge Park Sattva Knowledge Capital 3.3 msf 2.3 msf 45
Slide 47: Dominant Presence in Bengaluru
DOMINANT PRESENCE IN BENGALURU, INDIA’S BEST PERFORMING OFFICE M ARKET Cessna Business Park Sattva Horizon One Trade Tower 4.2 msf 0.6 msf 0.2 msf Sattva Knowledge Court Exora Business Park 0.9 msf 2.2 msf 46
Slide 48: Grade-A Front Offices in Mumbai's Prominent Micro-Markets
GRADE - A FRONT OFFICES IN MUMBAI’S MOST PROMINENT MICRO - MARKETS One World Center One BKC 1.8 msf 0.8 msf One International Center One Unity Center Prima Bay 1.8 msf 1.0 msf 0.8 msf 47
Slide 49: Diversified High Quality Tenant Base
DIVERSIFIED HIGH QUALITY TENANT BASE Well diversified tenant base, led by GCCs and leading domestic firms TENANT MIX SECTORS TOP 10 TENANTS (28%) (% by Gross Rents) (1) (% by Gross Rents) (1) Others , Cisco 5% 5% 5% J.P. Morgan 4% Services 2% Technology , 35% Low Research, consulting 475+ Tenants 2%
Slide 50: Holding Structure
HOLDING STRUCTURE Public Unitholders Blackstone Sponsor Sattva Sponsor Group Group KNOWLEDGE REALTY TRUST 100.00% 100.00% WRPL EBPPL PBPPL QITPL OBRPL ( Sattva Knowledge Park) (Exora Business Park) (One Trade Tower) (Sattva Infozone) 5.00% (One BKC) SKCPL 100.00% OWCPL PABPPL GVTPL (Sattva Knowledge
Slide 51: Key Terms and Definitions
KEY TERMS AND DEFINITIONS Notes: ▪ All figures in this presentation are as of March 31, 202 6 , unless otherwise specified ▪ All figures corresponding to year denoted with “FY” are as of or for the one -year period ending (as may be relevant) March 31 st of the respective year. Similarly, all figure
Slide 52: Disclaimer
DISCLAIMER This presentation is issued by Knowledge Realty Management Services Private Limited (formerly known as Trinity Office Management Services Private Limited) (the “Manager ”) in its capacity as the Manager of Knowledge Realty Trust (“ KRT ”), for general information purposes only, without re