Knowledge Realty Trust (KRT) has received a Buy rating from ICICI Securities, which has initiated coverage on the REIT with a target price of ₹130, against a report price of ₹112. The target implies around 16% upside. The brokerage is positive on KRT’s office portfolio, tenant quality and improving operating metrics.
KRT had a total leasable area of 46.5 million sq ft as of June 2026, spread across 29 Grade A office assets. Of this, 37.3 million sq ft was completed while another 9.2 million sq ft represented under-construction future development area. Around 96% of the portfolio’s gross asset value is located in Hyderabad, Mumbai and Bengaluru.
“We expect KRT’s NOI CAGR of 9% over FY26-29E to be primarily driven by likely narrowing of the gap between committed occupancy and economic occupancy over FY27-28E, in addition to contractual/mark-to-market rental escalations," said ICICI Securities.
A key part of the investment case is the potential improvement in occupancy. KRT’s committed occupancy stood at 93%, while economic occupancy was 87% in June 2026 and 88% in July 2026. The REIT manager expects economic occupancy to cross 90% by March 2027 as large clients progressively ramp up their occupied space.
“KRT’s economic occupancy stood at 87% in Jun’26 and 88% in Jul’26 vs. a committed portfolio occupancy of 93%. As large clients ramp up occupancy in a staggered manner, the REIT manager expects economic occupancy to cross 90% by Mar’27," it noted.