1. Distribution of at least 90% of NDCF - at least once every six months Delivered - In the Q1 FY27 filings, the Trust stated it is required to distribute not less than 90% of Net Distributable Cash Flows at least once in every six months, per the REIT Regulations. The maiden distribution of ₹1.50 per unit, amounting to ₹510 crore, was approved on August 11, 2026, against Q1 FY27 NDCF of ₹5,100.37 mn including surplus cash reserves of ₹3,741.10 mn - exceeding the 90% threshold.
2. ROFO assets - offered to the REIT in the range of next two to five years Pending - At the Q1 FY27 call, management (Ashay Shah) guided that ROFO assets are expected to be offered to the REIT "in the range of next two to five years", with the portfolio carrying \~4.7 crore sq ft of ROFO opportunity across Bengaluru, Delhi, and Chennai. No ROFO asset offer has been disclosed yet - the horizon is not reached.
3. Hotel completion - back end of 2029 On track - At the Q1 FY27 call, management (Hugh Andrew) stated hotel completion is "still that the back end of 2029" with "no reason to see that slipping", covering a 207-key luxury hotel and a 400-key corporate hotel. Construction is at the second of three basements, with the operator agreement in the last stages of finalization - the horizon is not reached.
4. FY27 distributions - track offer-document projections, excluding tax benefits On track - At the Q1 FY27 call, management (Ashay Shah) committed to achieving "whatever we had projected for FY27" for distributions, with the tax change benefit tracked over and above the offer-document projections. The Q1 FY27 distribution was declared at ₹510 crore, ₹1.50 per unit, with 92% tax-exempt dividend; no quantification of the tax benefit yet - the FY27 horizon is not reached.
5. New building construction start - one building in FY27, triggered by leasing thresholds Pending - At the Q1 FY27 call, management (Ashay Shah) stated that of the 0.2 crore sq ft future development across three more buildings, one building will start construction in FY27, once \~100% of one under-construction building and \~60% of the second are leased/inked. No construction start or threshold update has been disclosed - the Q1 FY27 deck lists 2.0 msf future development with no start disclosed.
6. Chitradurga solar asset (72.5 MW DC) - completion Q2 FY27 On track - At the Q1 FY27 call, management guided that the Chitradurga solar asset (72.5 MW) is expected to complete by Q2 of FY27, taking total solar capacity to 164.4 MW DC. As of the Q1 FY27 deck, 91.9 MW (DC) was operational and 72.5 MW (DC) remained under development - the deadline is not yet reached.
7. Cosmos-Aurora (1.0 msf under-construction office) - completion Q4 FY27 On track - At the Q1 FY27 call, management guided that 2 buildings at Bagmane Cosmos Business Park (\~0.1 crore sq ft under construction) are nearing completion in Q3 and Q4 of FY27. As of the Q1 FY27 deck, Cosmos-Aurora was at 8th floor slab in progress, with balance cost of ₹170 crore and expected completion Q4 FY27 - the deadline is not yet reached.
8. Cosmos-Ceres (1.0 msf under-construction office) - completion Q3 FY27 On track - At the Q1 FY27 call, management guided that 2 buildings at Bagmane Cosmos Business Park (\~0.1 crore sq ft under construction) are nearing completion in Q3 and Q4 of FY27. As of the Q1 FY27 deck, Cosmos-Ceres was at 8th floor slab in progress with façade work commenced on lower floors, balance cost ₹120 crore and expected completion Q3 FY27 - the deadline is not yet reached.