• Leasing demand outlook: Demand remains strong across IT firms and Global Capability Centers (GCCs), with healthy request-for-proposal activity driving expectations for steady growth over the next 12 to 24 months.
• Occupancy conversion: Committed occupancy stands at 92% compared to an economic occupancy of 86%, with the gap reflecting signed tenants currently fitting out their spaces before commencing rent payments.
• Portfolio growth drivers: Expansion is supported by market rents sitting 20% or more above in-place leases, delivery of 1.2 million square feet under construction in Q1 FY26–27, Sattva ROFO assets, and potential acquisitions funded by low 18% leverage.
• Debt management strategy: About 20% of debt is currently fixed at an attractive average cost of 7.25%, with plans to opportunistically convert more floating debt to fixed and stagger maturities over the next 12 to 24 months.