Q2 26/27

Nov 3, 2026

Summary

Q2 revenue and NOI grew 13% and 15% YoY, while distributions rose 11%. Occupancy gains, rental repricing and an 18% LTV support lease-up and acquisition opportunities.

Ladies and gentlemen, good day and welcome to the Knowledge Realty Trust Q2 FY 2027 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touch-tone phone. I now hand the conference over to Mr. Senthil Kumar, Head of Investor Relations, Knowledge Realty Trust. Thank you, and over to you. Thank you. Good evening to everyone joining us today. On behalf of the management team, I would like to extend a warm welcome to all participants of Knowledge Realty Trust Q2 FY 2027 earnings call. Before we proceed, a couple of important disclaimers. I would like to highlight that the management may make certain comments that may constitute forward-looking statements. Please be advised that our actual results may differ materially from these statements. KRT does not guarantee these statements or results and is not obliged to update them at any point of time. Joining me today on the call are Shirish Godbole, KRT CEO, and Neeraj Toshniwal, our CFO. We will start off with brief remarks on the macro environment, our business and financial performance, and then open the floor to questions. Over to you, Shirish. Thank you, Senthil. And a very warm welcome to everyone joining us for our second quarter FY 2027 earnings call. KRT was listed in August 2025, and we have now completed more than one year as a listed REIT. I am happy to report that we have delivered on what we set out to do. Since listing, our occupancy has increased from 91% to 93%, and our in-place rents have grown 7% year-on-year from INR 94 to INR 101 per square foot now. Distributions to our unit holders have reached over INR 3,600 crores. On the macro front, India remains the fastest-growing major economy. Real GDP grew 7.8% in the first quarter of FY 2027, well ahead of the RBI estimate of 7%. India's office market also continues to scale new highs. Gross absorption in the first nine months of the year, calendar year 2026, reached a record 66 million square feet, up 8% year-on-year. GCC's contribution continues to grow with an absorption rate of 43% in comparison to 30% four years ago. Two market trends from the September quarter stand out for us. First is quality. Grade A+ buildings garnered over 60% of the leasing as occupiers continue to gravitate towards modern, amenity-rich workplaces. Second is geography. Hyderabad and Bengaluru together accounted for about two-thirds of the GCC leasing in the quarter, and these two cities make up nearly two-thirds of our portfolio as well. Our diversified portfolio, with its GCC exposure, negligible exposure to traditional IT services, and a strong front office presence, is well-positioned to benefit from this shift. Coming back to KRT, we delivered another strong quarter. Our portfolio occupancy on value basis reached 94%, a 100 basis points increase during the quarter. Revenue grew 13% year-on-year to INR 1,273 crores, and NOI grew 15% year-on-year to INR 1,140 crores. We are pleased to announce a distribution of INR 1.72 per unit for the quarter, aggregating to INR 764 crores, up 11% year-on-year. Our DPU has grown sequentially in every quarter since listing. We continue to invest in and expand our amenitization and upgradation initiatives to elevate the KRT occupier experience. This quarter, we added premium F&B offerings and commenced work on a hospitality-led upgrade of the arrival experience at One World Center. Our Life at KRT platform continues to bring our occupier communities together. The Sunday Soul Sante at Sattva Global City drew over 7,500 visitors across more than 220 stalls. The Navratri celebrations at Sattva Knowledge City welcomed over 5,000 visitors. We also celebrated our first anniversary as a listed REIT with our occupier communities across Mumbai, Bengaluru, and Hyderabad. As we enter our second year as a listed REIT, our growth levers remain firmly in place. Contracted growth from escalations, a sizable mark-to-market potential, vacant area lease-up, economic occupancy conversions, active development pipeline, and an LTV of 18% enabling significant headroom for inorganic growth. We are evaluating multiple value-accretive transactions, sponsor assets, as well as third-party assets. With that, I will now hand back to Senthil to walk you through our operating performance. Thank you, Shirish. Let me delve into the operating highlights for the quarter. We continue to build a compounding rental growth profile. I would like to highlight that we achieved annual escalation on 100% of our leasing during the quarter. Also, we realized an average leasing spread of 24% on half a million square feet out of the total 0.8 million square feet gross leasing. This takes our gross leasing for the first half to 2.2 million square feet. Our Mumbai occupancy has reached 95%, up 300 basis points from the last quarter and 600 basis points in the last two quarters. Every asset contributed. Prima Bay is now 100% leased, up from 88% in March, with the leading engineering major taking 66,000 square feet. One BKC has moved up from 87% to 96%. Our Central Mumbai portfolio moved from 89% to 95%. Importantly, this occupancy increase has also come at high mark-to-market spreads. We realized 28% spreads on 0.6 million square feet re-leased in Mumbai in the last six months. We continue to hold further MTM upside. Over the next two and a half years, 34% of our Mumbai rentals are expiring with a 31% MTM potential. In Hyderabad, where our portfolio is 99% occupied, the opportunity is in repricing. We have been facilitating proactive churn of clients to capture the rental upside over and above the scheduled lease expiry profile. Since listing, we have repriced about 0.6 million square feet in Hyderabad at an average spread of 41%. For example, at Sattva Knowledge City, a global investment banking firm took 44,000 square feet at a gross rental of INR 159 against the previous rent of INR 83. A global tech major took 23,000 sq ft at a rental of INR 163 against the previous rental of INR 103. These rent realizations are higher than market rents as they include upside from fit-outs left back by the exiting tenants. Looking ahead, our portfolio carries a weighted average mark-to-market potential of 25% until FY 2030. Of the 1.1 million sq ft expiring in the second half of FY 2027, 66% is already tied up or under closure at a 23% spread. On the development front, Sattva Endeavour is set to become operational in Q3 and Sattva Spectrum in Q4. We are in advanced leasing discussions in both assets, with Endeavour already 25% pre-leased. With that, I will now hand over to Neeraj to walk you through our financial performance. Thank you, Senthil, and good evening, everyone. KRT continued to deliver strong financial performance during the second quarter of FY 2027. Revenue grew 13% year-on-year to INR 1,273 crores. NOI grew 15% year-on-year to INR 1,140 crores, with NOI margin expanding to 90%. EBITDA grew 13% year-on-year to INR 1,094 crores. NDCF for the quarter was INR 764 crores, translating to a DPU of INR 1.72 per unit, up 11% year-on-year. 82% of the distribution for the quarter is tax-exempt or tax-deferred in the hands of unit holders. We also welcome the amendment in taxation laws, which enables SPVs to move to the new tax regime while retaining the tax exemption on the dividend component of distribution to unit holders. Pursuant to this amendment, MAT credit of INR 136 crore is available to be utilized against future taxes. Overall, we expect this amendment to be accretive to our distributions going forward. On the financing front, we are in active discussions with market participants and calibrate our financing strategy accordingly. Our gross asset value as of September 30, 2026, stands at INR 68,863 crores, translating to a NAV of INR 127 per unit, up 7% year-on-year. With a strong balance sheet, low leverage, and healthy operating cash flows, KRT remains very well positioned to pursue future growth opportunities while continuing to deliver stable and predictable distributions. With that, I will now hand over the call back to the moderator to open the floor for questions. Thank you. We will now begin the question-answer session. Anyone who wishes to ask a question may press star and 1 on your touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue arises. We have the first question from the line of Mohit Agarwal from IIFL. Please go ahead. Good evening, everyone. First question is, Senthil, in your opening comments, you spoke about the proactive churn that you have been able to do in Hyderabad. Is it more of an opportunistic thing which you realized this quarter, or could this be an ongoing theme? If yes, then what could be the potential? Because you have a slide in the presentation which talks about the mark-to-market that you have got on some leases, and that number seems to be a very healthy number. So, your thoughts on that. Yeah. Thank you, Mohit. The reason we put out that slide, Mohit, is because Hyderabad is 99% occupied. We wanted to showcase that there is growth potential there. If you look at this 600,000 sq ft that we have said, which has got us a 41% spread, it is not just one or two leases which have contributed to it. It is across the spectrum. There are almost like seven or eight leases which have led to this contribution. What is also happening, interestingly, is when any of these clients leave, the past clients, they leave back fit-outs, and that adds to the additional rental that we can almost earn for free. That is if you see there is a spread of almost INR 40 or about 41% from where the existing client leave to the new tenant taker. I think it is broad-based. We should continue to see it. It may vary year on year, but I think we will continue to see that growth, given Hyderabad market is doing very well too. Yeah, I think it is hard to predict the exact number, obviously, right? Because technically the space is leased, but we will proactively look for opportunities, as Senthil pointed out, to try and do this. Whether it will be the same number over the next 12 months, slightly smaller, slightly bigger, hard to predict. Yeah. Mohit, one more thing to add here is the efficiency gains we get in these older client exits. Because usually clients who've done leases before are at a much higher efficiency, and when we reset that to now, the present market conditions, we make gains there and the area increases. That is also an addition. Sure, sure, understood. My second question is, again, this has been asked before, but your thoughts on the Bengaluru leasing, now that Hyderabad and Mumbai also now has been pretty much leased. What is the outlook there? Let's say both, if you divide the comments both on the overall market and the other, the Global City market. Have you been seeing any green shoots there in terms of leasing demand, and what has been the kind of inquiries? Yeah, so Mohit, what's happened in Bengaluru for us is we did a new leasing of almost 1.1 million sq ft over the last one year, whereas we've also had exits of almost similar tune during the same period, and that's why the occupancy has been little flattish. But at the same time, the exits are mostly by legacy clients, like for example, a Juniper in Exora or some of the SEZ clients in Cessna. So what it does is it leaves back and releases certain efficiency gains and also untapped mark-to-market potential. If you look at it from listing to now, we almost have 100,000 sq ft of area increase due to efficiency gains in Bengaluru alone. When these new clients come and do fresh fit-outs, and the older clients move out, I think they also tend to expand. In terms of the breakdown of vacancy, there is three assets, which is Exora, Cessna, and Softzone. This constitute about 0.8 million sq ft of vacancies. These assets are all large tech parks and on outer ring road. We do have advanced discussions for large take-ups in these assets, so we are confident about the overall bit. Now, coming to Global City, has a similar 0.8 million sq ft of vacancy. Global City, as you know, is going to be a slow and steady progress. At the same time, the contribution by Global City to the value is limited because it's like a sub-INR 60 rental market. Having said that, both in Global City and Cessna, we are in the process of or concluded demarcations of SEZ for about half a million square feet. We are seeing good green shoots and leasing traction, but it is just a matter of time when we should have Bengaluru occupancy up and running. Any targets you want to put by the end of the year, broadly? No. Currently the 86%, yeah. Yeah, it should get closer to 90%, that is for sure. Okay. Fine. My last question is on the economic occupancy question. I think you have explained that by the end of the year, fiscal year, the gap between the committed and the economic occupancy will contract by 3-4 percentage points. Is that on track? Has there been some progress this quarter, if you could update on that? Yeah, so Mohit, when we ended last quarter, we were at 87% economic occupancy, and in the end of this quarter, we are at 88%. As we speak, as of 31st October, we are at already 89%. The gap with committed occupancy has shrunk from 6% in the end of last quarter to 4% now. So we are already pretty much there, but during the course of this year, I think we should compress further. Okay, super. Those were my questions. All the best, and wish you all a very happy Diwali. Thank you. Wish you a happy Diwali too. Thank you. Participants who wish to ask a question may press star and 1 on your touch-tone telephone. We have the next question from the line of Pritesh Sheth from Axis Capital. Please go ahead. Yeah, thanks for the opportunity. First is on, I think good leasing this quarter at One BKC. It is now 96%, back to 96% leasing. Just trying to check what are the rentals that we are right now getting there. How does it compare with the market rentals that you have put in the presentation around INR 414, INR 416? Yeah, that is my first question. Yeah. Pritesh, so similar to the market rentals, around the same range. Some are low, some are high, but on the average, we are pretty much near the market rentals. Sure, got it. And in terms of the development pipeline, well, you have mentioned the timelines for Endeavour and Spectrum. What would be the completion timelines for Global City and from ROFO perspective, at what stage these assets are? I know Image Tower is much at advanced stage, probably should be offered to us by FY 2028-2029, but for the rest of 6.7 million square feet, at what stage these assets are? I think it is, as we discussed, 1.2 million sq ft in these two assets. 1.4 million is the GVTPL or Global City Block that we call it. That asset will probably hit which is a 28-29 schedule, likely to be completed and leased out. Other than that, we haven't commenced construction on the balance 6 million, so it's obviously beyond those years in terms of development. The one other thing I'd add is Image Tower, we did add it second half of calendar year 2027. So it'll be a 2027-2028 acquisition, probably not 2028-2029. That'll be good, provide us more sort of firepower in Hitech City, Hyderabad, which is obviously a very strong market, as you know. We are continuing to look out for acquisitions, both through our sponsors and directly in the market. All of that should present some opportunities for growth, including development potential, maybe, from those assets later on in the years to come. That is sort of the broad growth plan over and beyond opportunities within our portfolio. Got it. One last on the interest rate sensitivity. How do you expect to affect our NDCF going ahead? Anything there to offset this impact or managing the interest rate increase that we foresee in future? Pritesh, Neeraj has said, I'll take this question. Conditions are volatile, and we are closely monitoring the market. Going forward, there is a plan, and currently we are in advanced stages of progressing a potential transaction, and most likely we'll provide an update at the appropriate time. Once this transaction is concluded, we expect our capital structure will further strengthen. We will move more towards the fixed rate in the overall debt composition. So also in terms of sensitivity, Pritesh, if there is a 25 basis points increase, our leverage levels are lower, as you know. It is only 18%. So the impact is lesser. On a 25 basis points impact, we have a INR 12,000 crore loan book. So that is about INR 30 crore, and without the tax savings, there will be tax savings too. This is only if the impact on 25 basis points only on the 50%, like Neeraj mentioned, not on the balance fixed rate debt. Sure. And INR 30 crore impact a quarter, right? Yeah, basically what he is saying, for example, just to break it down, INR 12,000 crore, let us assuming that we do this fixed rate financing, we get to 50/50. So INR 6,000 crore loan book will be variable, and a 25 basis points impact on INR 6,000 crore will be INR 15 crore without the tax savings. With the tax savings should come down further. This is like an annual impact. Because of the low leverage, this whole issue is not as big a deal, right, from our portfolio's perspective. Yeah. Sure. That is pretty helpful. Thank you. All the best, and happy Diwali to everyone. Thank you. Thank you. Thank you. Participants who wish to ask a question may press star and 1 on your touchtone telephone. We have the next question from the line of Nilesh Doshi from Prospero Tree AMC. Please go ahead. Thanks for the opportunity, sir. Sir, sponsor has reduced their stake to 54% during the quarter 2. Will they further reduce their stake? Nilesh, this is from Shirish. We are obviously not able to speak for the sponsor. It is their prerogative, technically. Having said that, I mean, this was a pretty large OFS transaction. Given the size of the stake and how they have sold it, I mean, I cannot imagine that they are going to look for a larger sale anytime quickly. At some point, it may happen, but we do not expect anything for a bit, given the size of the transaction that was completed. It is the sponsor's prerogative at the end of the day, and so cannot speak for them fully, but that is our belief. Okay. Okay. Sir, there is one slide in the presentation, the key portfolio statistics, which provides the committed occupancy data. The Bengaluru property, all of the Bengaluru property has the less occupancy, committed occupancy. Is there a special reason? Because we are tracking another REIT also. They have almost 99 point something percentage of the committed occupancy and even economic occupancy. Why we are not having more than 90% or 95%? At least our total portfolio occupancy is 93%, but many properties at the Bengaluru having 80%, 82%, 86% of occupancy. Is there any special reason? Yeah. Thank you. Yeah, so I think, let me just step back. So Mumbai, for example, used to be 86% occupancy when we filed for our IPO. Over the last one and a half years, that occupancy is today at 95%. Sometimes it just takes time to catch up. Specifically on Bengaluru, it is one SEZ that we have. All the SEZs that we have is in Bengaluru. At the same time, like we said, we are demarcating those SEZs already in the process or concluded. Sometimes there have been some exits, like I was mentioning at the start of the call, wherein some exits have offset some of the good leasing that we did, but that has also thrown the opportunity. Over the next couple of quarters, the focus will be on Bengaluru, and you will see that the occupancy will go up there. There is no specific reason. I mean, it is just one of those things where some tenants leave, you are trying to lease up. We are in multiple conversations with clients, and as Senthil pointed out, that lease-up will occur. It is just a matter of giving it some time and working the assets to try and make it happen, which, as we pointed out in Mumbai, happened pretty well. Because why I am drawing your attention, and you know better than me, because all of the properties are let out at least or below the market rate, which is informed in the slide also. Because when there is a rent is INR 92, the prevailing market rent is INR 100 or something like that. So definitely, we are offering the property at a lower rate than the market rate. Then our property must be occupied by some tenant at least. That is our concern. No, sorry. So two points, Nilesh. One is the rental is 12% below the market rental. So there is scope there, like you said. Second is also one of the reasons, right? The Sattva Global City occupancy is a little on the lower side. That is at 80%. That is one of the reasons also the overall occupancy goes down. But Global City is a INR 60 rental market for us, right? So in terms of value contribution, it does not affect us much. Whereas if you look at Mumbai, which is like 95% occupied, that is like an average, like INR 250, INR 300 market. That is the reason you see slightly lower occupancy in Bengaluru. But like we said, I mean, that is the focus, and it is going to do well going forward. Okay. And sir, this quarter, the NAV is provided INR 127. I think it is calculated on the basis of the discounted cash flow method. So I would like to know what discount rate has been applied to arrive at the INR 127. Yeah. So yeah, the discount rate utilized is 11.46%. 11.46%. Okay. Thank you. Thank you, sir, and happy Diwali in advance, sir. Thank you. Thank you, Nilesh. Thank you. We have the next question on the line of Sumit Kumar from JM Financial. Please go ahead. Hi, good evening. Thanks for the opportunity. My first question is on the NDCF breakdown. We have seen cash taxes increase to about 13%, 13.5%, as to the guided level of about 11%. So what explains that bit? Also, we have seen the increase in taxes was a bit of offset by working capital gains. So what was the nature of the gains, if you can give a little more granularity on that? Sumit, I need this side. On tax front, there is a one-time self-assessment tax what we have paid in Q2. That is why it is on slightly higher side. On working capital adjustment, there are the security deposit which we have received during this quarter. It is because of that impact, approximately around INR 48-50 crores. Okay. Sure. My second question would be on the pre-leasing status of the development pipeline. We do have 25% of Endeavour. Any more updates that you can give on the discussion that you are having at Bengaluru with respect to these three assets that are under construction? Sumit, out of these, like we said, Endeavour is coming up in Q3, Spectrum in Q4. Endeavour, we will have more traction because we have done the first leasing, and then as we progress, when we report next, hopefully there will be more leasing traction there. Spectrum, we have been in discussions for the whole building, but it just sometimes takes time. We do not have any particular thing to report, but we are having discussions with multiple clients. We will see that. The third asset, which is in Global City, 1.4 million square foot, it just started. It is three years away from completion. We do not have any discussions there now. Okay. One last question, if I may, on future growth possibilities. One, you have already mentioned third-party assets, so any pipeline that you have or any advanced discussions that you have which are progressing? Second, any updates on the Image Tower, if that is coming into the portfolio? Yeah. To answer the second question first, I think we are looking at the Image Tower sometime in the second half, second year, I mean, next year, second half calendar year, right? So maybe in the third or the fourth quarter of the calendar year 2027. That's the timing we expect for Image Tower. In terms of acquisitions, there are many conversations, and I mentioned this before. We have not only external conversations, but also conversations on assets through our sponsors. So Image Tower is one of them, but Blackstone is also a sponsor, and they have various assets in partnership with other owners as well. So we are discussing if there's ways to try and acquire. It's hard to predict a timeline, and it's hard to name anything specific because there's many conversations, but not at a stage where we can disclose. We are also trying to consolidate within our portfolio and maybe try and find opportunities where, for instance, a landowner who owns the land and we own the asset, where there might be an ability to consolidate there. So we are looking at those kind of opportunities as well. There's multiple things in the works, right? But pricing has to be appropriate. We want to be disciplined. We want to try and make sure in the light of rising rates, we do the right thing in terms of valuations. In that context, it's very hard to predict exactly or name exactly what will happen and what won't happen. But I do think calendar year 2027, there should be a fair amount of activity, and we are pretty excited about what lies ahead, especially given the capacity we have in terms of debt and how much we can take on to make acquisitions. So we clearly have the firepower. Sure. Those were my questions. Thank you, and all the best, and happy Diwali to the team. Thank you. Thank you. We have the next question from the line of Parvez Qazi from Nuvama Group. Please go ahead. Hi, good evening. Thanks for taking my question. So two questions from my side. With the uptick in leasing activity, what is our estimate of where we will, let's say, end FY 2027 in terms of committed occupancy? And second, post the recent tax relief, I mean, in the near term, let's say FY 2028 or so, what would be our cash tax release? Thank you. All right. So I will take the leasing question and let Neeraj answer the tax-related question. Parvez, it is hard to put a number, as you know, and we do not want to necessarily predict or look at exact numbers. But we are 93% by square footage, 94% by value. We clearly want to take that number up. There is a good amount of activity going on right now, a lot of discussions. Mumbai also continues to have a lot of demand still, beyond our 95% occupancy in Mumbai. So clearly, we expect that number of 93 by square footage to go up. Whether it is 94 or whether it ends up at 95, it is hard to predict, but that is kind of the range we are looking at by FY 2027 March. Yeah. Just to add, this is on the same store basis. Yeah. We will be adding a couple of assets in Bengaluru, Parvez, so that can trend slightly lower, maybe 1% lower than that for the overall portfolio. Yeah including additions. Sure. Parvez, Neeraj here. On your second question regarding the tax relief, this is a very positive development for the industry and for us also. We are going to get a benefit, and approximately, it will be in the range of tax rates, as you specifically asked, 8%-9% of EBITDA levels. Sure. Thanks, and all the best. Thank you. Thanks, Parvez. Thank you. We have the next question from the line of Satinder Singh Bedi from EON Info. Please go ahead. Yes, thanks. My first question was regarding the leasing. Anecdotally, let's say Q2 FY 2027 compared to Q2 FY 2026. Given the kind of challenges in the technology industry, can we say that we are seeing the same momentum and we have the same optimism about future leasing on the technology side for our non-Mumbai assets? That's my first question. Yeah. The short answer is yes. It is, at least in the foreseeable future, as we see it, continues to be a strong market. There continues to be demand. There continues to be a lot of traction we're having with technology tenants. In particular, the world of global capability centers, as we've discussed, continues to grow, right? At least, like I said, in the foreseeable future. We'll see what happens in the long term. We're optimistic and positive as we look to the next six months, next 12 months, and then we'll go from there. Okay. Yeah, thanks. Second, just finally a suggestion. I think it'd be great if you can put your KPIs or the supplementary data book in Excel form. I think that will make modeling easier for investors. Just a suggestion. Some of your peers have started doing it, so I think it'll be a great practice to probably look at that. Just a suggestion. Thank you. Thank you and noted. Yeah. Thank you. Thank you. We have the next question from the line of Nilesh Doshi from Prospero Tree AMC. Please go ahead. Thanks. Thanks for the one more time and opportunity. Sir, I would like to know what percentage of area is occupied by the GCC. I am asking from the viewpoint of possible AI-led disruption for the technology sector. Yeah. 46% of our overall revenue comes from GCC, Nilesh. Also, I mean, as you know, for us uniquely, front office, which is really the India-facing client, that contributes another 30%. Put together, these two combined. Yeah, I know you are focused on the potential disruption, but again, like I said just now, at least for the foreseeable future, we continue to see strong demand. I am not that worried about the potential disruption, right? I think, as you know, what has happened is India has become sort of really part of the front office now from a global standpoint, and technology is so tied to the hip in terms of business strategies, business execution, that demand for Indian office continues to be there. For whatever that is worth, I would not be that worried about it, Nilesh. Okay. Overall, 46% of the total areas are occupied by the GCC itself, and 30% by non-tech company. Is it like? Yeah, that is right. 46% by revenue, not by area, because that is more relevant. That is what you would say. Also, just to add, we also make a point about the traditional IT services occupancy in our portfolio, which is actually really in low single digits. That is what we think is probably more prone to pivoting and disruption. So we have very limited of that in our portfolio. So traditional IT- Okay. Yeah. Very good. Thank you, sir. Okay. Thank you. Participants who wish to ask a question may press star and 1 on your touchtone telephone. Participants who wish to ask a question may press star and 1 on your touchtone telephone. As there are no further questions, I would now hand it over to the management for closing comments. Thank you, and happy Deepavali to everyone. Yeah, see you. Thank you. On behalf of Knowledge Realty Trust, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.