1. 100% NDCF distribution - continue to distribute all cash flow Delivered - At the Q2 FY26 call, management planned to distribute 100% of NDCF and continue to distribute all cash flow. FY26 distributions were ₹2,101.9 crores; Q4 FY26 NDCF of ₹7,166 M matched the ₹7,166 M distribution (DPU ₹1.62), and Q1 FY27 NDCF of ₹7,520 M matched ₹7,516 M distributed (DPU ₹1.70).
2. Sponsor stake reduction - below 75% within three years Pending - At the Q3 FY26 call, management said the sponsor has a three-year timeframe to reduce its stake below 75%, a listing-related requirement, and still has time. Blackstone Sponsors held 79% as of the Q4 FY26 and Q1 FY27 disclosures, with no stake reduction disclosed yet.
3. Mumbai mark-to-market - three-fourths of MTM potential over next two years On track - At the Q4 FY26 call, management said Mumbai will account for roughly three-fourths of the mark-to-market potential over the next two years. 77% of MTM potential, roughly ₹116 crores of ₹150 crores, comes from Mumbai; Central Mumbai rentals rose from ₹232 psf/pm in FY26 to ₹246 in Q1 FY27.
4. Escalations - move in line with 4.5% to 5% market norm Delivered - At the Q4 FY26 call, management expected escalations to move in line with "4.5% to 5%", the market norm. Typical lease terms are 5% p.a. or 15% over 3 years; over 87% of FY26 leasing and 93% of Q1 FY27 leasing carried annual escalations.
5. Total return - 12% to 15% (yield 6-7% plus price appreciation) Delivered - At the Q4 FY26 call, management expected a total return of "12% to 15%", composed of yield "in the range of around, 6% to 7%" plus price appreciation. Since listing in August 2025, KRT delivered about 22% total return through May 12, 2026, vs \~10% for the Nifty REITs and InvITs Index.
6. FY27 lease expiries - 800 ksf already tied up at 31% spread Delivered - At the Q4 FY26 results, 800 ksf of upcoming FY27 lease expiries were already tied up at a 31% spread. By Q1 FY27, 58% of total FY27 expiries were tied up at a 25% spread, with only \~0.11 crore sq ft of expiries remaining over the next nine months, \~40% already renewed.
7. Commercial Paper programme - enhanced from ₹500 cr to ₹1,500 cr Delivered - In July 2026, the Commercial Paper programme was enhanced from Rs. 500 Crore to Rs. 1500 Crore, with the Crisil A1+ rating reaffirmed on the enhanced size. Crisil had assigned A1+ to the Rs. 500 Crore programme on December 01, 2025, and reaffirmed A1+ on the Rs. 1500 Crore enhanced programme on July 15, 2026.
8. Karnataka Solar II (24.2 MW) - operational by Q1 FY27 Missed - In November 2025, Karnataka Solar - II, a proposed 24.2 MW (AC) plant in Challakere, Karnataka, was expected to become operational by Q1 FY 2026-27. That quarter ended 30 June 2026 with no commissioning disclosure; solar capacity still stands at 63.0 MW as of Q1 FY27.
9. Cash tax - 10-12% of EBITDA over next few years Pending - At the Q4 FY26 call, management said cash tax is expected to be in the "10% to 12% bracket" of EBITDA over the next few years; at Q1 FY27 they put normal cash tax at \~11% of EBITDA. No cash tax actual has been disclosed in our record.
10. Average spread on expiries - \~26% over next 4 years On track - At the Q1 FY27 call, management projected an average of \~26% spread on expiries over the next 4 years, assuming \~5% market escalation, with \~6%-7% of rentals expiring each year. Q1 FY27 realized 35% on new leasing and 29% on renewals, a 31% average MTM spread; average future MTM till FY30 is 26%.
11. Bangalore portfolio ramp-up - next 2-3 quarters On track - At the Q1 FY27 call, management guided that the Bangalore portfolio (Outer Ring Road and Global City) "should see ramp up in the next two, three quarters". Bangalore is at about 87% occupancy; Exora recovered from 78% to 82%, and Global City stood at 81% with non-SEZ at 93% and SEZ at 75%.
12. Mumbai occupancy - reach 92-93% in next couple of months Delivered - At the Q4 FY26 call, management said Mumbai occupancy, then closer to 90%, was hoped to reach "92 to 93 in the next couple of months". By Q1 FY27, Mumbai occupancy reached 92%, up 300 bps QoQ, with the Central Mumbai cluster at 93%, up 14% since March 2025.
13. 22% mark-to-market gap - flow through over 2-3 years On track - At the Q2 FY26 call, management said the 22% embedded mark-to-market gap will progressively flow through as leases renew over the next 2-3 years, driving NOI, NAV and GAV growth. MTM potential is 25% as of Q1 FY27; FY26 realized a 26% leasing spread, and Q1 FY27 realized 35% on new leasing and 29% on renewals.
14. Cost of debt - optimize financing costs / refinancing Delivered - At the Q2 FY26 call, management said they will continue to explore refinancing to optimize financing costs; at Q3 FY26 they added plans to move a portion of debt into the fixed bucket at the opportune time. Average cost of debt fell from 8.6% in Mar'25 to 7.2% in Mar'26, -140 bps, and stood at 7.2% in Q1 FY27.
15. Leverage / LTV - take up to \~30-31% over time Pending - At the Q2 FY26 call, management said \~30%-31% LTV is something "we can easily go with", with approvals sought around a 25% threshold; raising leverage by 13%-14% from 18% would give Rs. 6,000-7,000 crores of borrowing potential for acquisitions. LTV remains at 18% and no acquisition has been made so far.
16. Fixed-rate debt - move toward 40% or higher On track - At the Q2 FY26 call, management said they will fix part of the floating-rate debt over the next few quarters; at Q1 FY27 the target was quantified at 40% or higher, opportunistically. Fixed-rate debt has gone from 0% at listing to 30% within a year, from 21% as of March 31, 2026.
17. Tax-efficient distribution share - normalize to 86-91% FY26, then 75-78% FY27, then \~80% FY27 Delivered - At the Q2 FY26 call, management expected the tax-exempt/deferred share (98% in Q2 FY26) to normalize to 86%-91% for FY26; FY27 was later guided to 75-78% at Q4 FY26 and \~80% ±1% at Q1 FY27. FY26 came in at 92% tax efficient; Q1 FY27 is at 84% tax-efficient with \~54% dividend.
18. Acquisitions - expected over next 12-24 months On track - At the Q1 FY27 call, management said they "definitely expect acquisitions from us" over the next 12 to 24 months, confident several opportunities will come before '28-'29; at Q3 FY26 any asset had to be NAV and DPU accretive. No acquisition has been made so far; the inorganic pipeline is 6.7 msf across 4 ROFO assets.
19. ROFO pipeline - 0.67 crore sq ft available in 2-3 years On track - At the Q2 FY26 call, management said ROFO assets of 0.67 crore sq ft from sponsor assets would be available for evaluation in the next 2-3 years; at Q1 FY27, four Sattva assets totaling 0.6 crore sq ft were expected around '29. The pipeline stands at 6.7 msf across 4 assets in 3 cities, with no acquisition from ROFO yet.
20. Image Tower (0.16 crore sq ft) - completion early-mid next year, offered to REIT in '27 On track - At the Q4 FY26 call, management said Image Tower (0.16 crore square foot) is "getting completed somewhere like early mid next year"; at Q1 FY27 it was to be offered to the REIT in '27 once delivered. No completion or acquisition disclosure is on record; the asset sits next to Knowledge City (99% occupied), seeing rentals of 140-150.
21. Sattva Global City 0.14 crore sq ft development - commence construction within FY26 Delivered - At the Q4 FY26 call, management said the 0.14 crore square foot phased-plus-BTS development at Sattva Global City "will commence construction within this fiscal year". Construction of the new 0.14 crore sq ft block commenced, over and above the existing 0.12 crore sq ft under-construction portfolio, with delivery expected in '29.
22. 0.12 crore sq ft under-construction assets - completion by end FY26, onboarding by Q2 FY27 On track - At the Q2 FY26 call, the 0.12 crore sq ft near-ready under-construction portfolio (two Bangalore assets) was to be completed by end FY2026; onboarding was later pushed to Q2 FY27, then "before the end of this fiscal". Sattva Spectrum (0.5 msf) and Sattva Endeavour (0.7 msf) are listed to go live in FY27, with no completion or onboarding disclosure yet.
23. Committed-vs-economic occupancy gap - narrow to 3-4 points, then 2-3 points On track - At the Q2 FY26 call, management said the 6-point committed-vs-economic occupancy gap would narrow to 3-4 points; at Q4 FY26 to 2-3 points within 2 quarters; at Q1 FY27 to about a 3% delta by Q4 FY27. The gap was 6 points at Q4 FY26 and about 5% at Q1 FY27, with economic occupancy at 88% as of the call date.
24. Portfolio occupancy - 93-94% H2 FY26, then 94-95% FY27 Partial - At the Q2 FY26 call, management targeted 93%-94% portfolio occupancy for H2 FY26, implying about 0.35 crore sq ft of full-year leasing; FY27 was later set at 94-95% and reiterated at Q1 FY27. FY26 ended at 92% occupancy with 0.35 crore sq ft gross leasing; Q1 FY27 occupancy rose to 93%.
25. FY27 distribution - higher than FY26 / IPO projection (\~₹7.03/unit) On track - At the Q3 FY26 call, management said FY27 distribution will be higher than the offer-document projection of \~₹7.03 per unit; at Q4 FY26 the IPO/RFP documents were named the benchmark, and at Q1 FY27 management said "we will pretty much be on track with those numbers". Q1 FY27 DPU was ₹1.70 per unit, aggregating ₹752 crore, up 5% QoQ.
26. FY26 NDCF guidance - meet IPO projections (\~₹6.2/unit FY26 DPU) Delivered - At the Q2 FY26 call, management said they remain focused on achieving the IPO NDCF guidance, with FY26 distribution projected at \~₹6.2 per unit; this was reiterated at Q3 FY26. FY26 distributions were ₹2,101.9 crore, with FY26 DPU of ₹4.74 p.u. vs the ₹4.65 p.u. offer-document projection - "Higher than projections".