REITs August 27, 2026 · Updated October 16, 2026 · 11 min read

Comparing India's 6 REITs Side by Side (Q1 FY27 Data)

Five office REITs and one retail REIT, each with a different sponsor, geography and balance sheet. Here is how Embassy, Mindspace, Brookfield, Nexus Select Trust, Knowledge Realty Trust and the new Bagmane Prime Office REIT compare on their latest quarterly results.

📊 Direct Answer

India has six listed REITs since Bagmane Prime Office REIT listed on 14 May 2026. In the quarter to 30 June 2026 they distributed ₹3,136 crore to more than 485,000 unitholders. Distribution yields on 24 September ranged from 4.8% (Mindspace) to 6.3% (Brookfield), with a median of 5.8%. Occupancy was 93% for Embassy, Brookfield and Knowledge Realty Trust, 95.8% for Mindspace on its core portfolio and 98.7% for Bagmane, which has the lowest leverage at 4% LTV. Nexus Select Trust is the only retail REIT.

In this guide:

Side-by-side comparison table
Embassy Office Parks REIT
Mindspace Business Parks REIT
Brookfield India Real Estate Trust
Nexus Select Trust
Knowledge Realty Trust
Bagmane Prime Office REIT
Reading the numbers
A note on yield figures
Which one fits which goal

Side-by-Side Comparison Table

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REIT	Listed	Sector	Q1 FY27 DPU (₹)	DPU vs year ago	Occupancy	LTV	Yield*
Embassy	2019	Office	6.31	+9%	93% (by value)	n/a in release	5.8%
Mindspace	2020	Office	6.67	+15.2%	95.8% committed (92.1% with new acquisitions)	29.7%	4.8%
Brookfield	2021	Office	5.60	n/a in release	93% committed	n/a in release	6.3%
Nexus Select Trust	2023	Retail	2.442	+10%	n/a in release	18%	5.5%
Knowledge Realty Trust	2025	Office	1.70	+5% vs Q4 FY26	93% committed	18%	5.8%
Bagmane	May 2026	Office	1.50 (full quarter)	new listing	98.7% committed	4%	n/a

Operating figures are for the quarter ended 30 June 2026 (Q1 FY27), from each REIT's own results release or investor presentation. DPU is distribution per unit. LTV is loan-to-value as the REIT reported it. *Distribution yield on 24 September 2026, from Business Today's trading-comparables table, which covered five REITs and gave no figure for Bagmane. "n/a in release" means the figure was not in the release we read, not that the REIT does not report it. Verify current figures before making any decision.

Across all six, SEBI-registered REITs distributed ₹3,136 crore in the quarter to more than 485,000 unitholders, against ₹1,559 crore a year earlier. The year-ago figure covers only the four REITs listed then, so the roughly 101% rise is not like-for-like. The six manage over 214 million sq ft of Grade A space, with gross assets above ₹3.17 lakh crore.

Embassy Office Parks REIT

India's first listed REIT (2019), with the longest distribution record. It declared ₹598 crore for the quarter, or ₹6.31 per unit, up 9% on a year earlier. Revenue from operations rose 17% to ₹1,241 crore and net operating income (NOI) rose 17% to ₹1,020 crore. Portfolio occupancy was 93% by value, with Mumbai fully occupied, Bengaluru at 95%, Noida at 93% and Chennai at 92%. It leased 1.3 million sq ft in 17 transactions, of which Global Capability Centres (GCCs) were 81%, and raised ₹3,045 crore of debt at a blended 7.46%. Management reaffirmed FY27 guidance of ₹27.0 to ₹28.6 DPU. Embassy also runs hotels; its Embassy ONE hotel will lose its Four Seasons management in February 2027 and a new operator is being evaluated.

Mindspace Business Parks REIT

Co-sponsored by K Raheja Corp and Blackstone. Q1 DPU was ₹6.67, up 15.2% from ₹5.79, on a declared distribution of about ₹442 crore (record date 8 August). NOI rose 27.8% to ₹788 crore and revenue 26.4% to ₹951 crore, helped by acquisitions. Committed occupancy was 95.8% excluding Pocharam and the new acquisitions, and 92.1% including Commerzone Pallikaranai and One Radial TM. The portfolio is now about 46.2 million sq ft (36.0 million completed, 6.6 million under construction, 3.5 million for future development) with over 312 tenants, a WALE of 7.3 years on completed area and an LTV of about 29.7%. It had the lowest yield of the five covered by Business Today (4.8%), which implies a high unit price relative to its payout.

Brookfield India Real Estate Trust

Sponsored by Brookfield Asset Management. It announced a distribution of ₹5.60 per unit. NOI rose to ₹757 crore from ₹499 crore a year earlier, but much of that is acquisitions; same-store NOI grew 8%. Committed occupancy was 93%, which the release describes as up 4% year on year, across 11 Grade A assets in Delhi, Mumbai, Bengaluru, Gurugram, Noida and Kolkata, with about 37.2 million sq ft of leasable area (32.6 million operating). It raised ₹2,600 crore through a QIP in April 2026 and has proposed a 50:50 acquisition of about 264,000 sq ft of front-office space in BKC, Mumbai, with an NCW Prime Offices Fund. It had the highest yield among the five in Business Today's comparison (6.3%).

Nexus Select Trust

India's only listed retail REIT, with 19 consumption centres across 15 cities and 10.7 million sq ft of leasable area (the earlier version of this guide said 17 malls; Nexus's own release now says 19). It declared ₹370 crore, or ₹2.442 per unit, up 10% year on year and 7% on the previous quarter. NOI rose 11% to ₹510 crore. Tenants' quarterly consumption was ₹3,850 crore, up 17%. It reported an 18% LTV, a 7.2% cost of debt and an AAA/Stable credit rating. The release did not state an occupancy figure, so check the investor presentation for it. Because it follows consumer spending rather than office leasing, it is the one real sector diversifier among the six.

Knowledge Realty Trust

Listed in 2025 and sponsored by Sattva and Blackstone. Q1 DPU was ₹1.70, up 5% on Q4 FY26, on declared distributions of ₹752 crore, the largest in absolute terms among the six. Revenue grew 15% to ₹1,243 crore and NOI 15% to ₹1,112 crore. Portfolio occupancy reached 93%, up 100 basis points in the quarter. It owns 29 Grade A office assets in six cities, with 46.5 million sq ft of leasable area (37.3 million completed), over 475 tenants, a 7.9-year WALE and an LTV of 18%.

Bagmane Prime Office REIT

The newest listing. It debuted on NSE and BSE on 14 May 2026 at an issue price of ₹100, raising ₹3,405 crore (₹2,390 crore fresh issue and ₹1,015 crore offer for sale), and closed its first day at ₹103.66. It owns six Grade A+ business parks in Bengaluru, 19.6 million sq ft in total of which 16.6 million is completed. At 30 June 2026 committed occupancy was 98.7% and LTV 4%, the lowest of the group. It declared ₹1.50 per unit, about ₹510 crore, for the full quarter even though it was listed for only part of it; statutory figures cover just the period after the formation transactions (8 May to 30 June). It leased 260,000 sq ft at a 16% mark-to-market spread, all to existing tenants. With a single city and a single sponsor's parks, it has the highest occupancy and the least diversification.

Reading the Numbers

Occupancy is not one measure. Embassy reports by value, others report committed occupancy, and Mindspace gives two figures depending on what is included.
Growth rates mix organic and acquired income. Brookfield's NOI rose far faster than its same-store NOI of 8%, and Mindspace's gains include acquisitions.
DPU comparisons need care. Knowledge Realty's +5% is quarter on quarter; Bagmane's first distribution covers a full quarter though it listed mid-way.
DPU is not comparable across REITs. A ₹6 DPU on a ₹500 unit and a ₹1.70 DPU on a ₹115 unit are different things; compare yield and leverage instead.

A Note on Yield Figures

Yield figures differ by source because of method (trailing versus forward distributions, price date). On 24 September 2026 the five REITs in Business Today's table ranged from 4.8% to 6.3%, with a median of 5.8%. Older commentary often quotes 7% or more, which reflects lower unit prices at the time. Always calculate yield yourself: annualised distribution divided by today's unit price. REIT yield is not a guaranteed return, and a distribution can change from quarter to quarter.

Which One Fits Which Goal

Want the largest and most established? Embassy was the first REIT to list (2019) and has the longest track record.

Want to diversify away from office? Nexus Select Trust is the only retail REIT.

Want low leverage? Bagmane (4%), Knowledge Realty Trust and Nexus (18% each) carry the least debt on the latest figures; Mindspace is at about 29.7%.

Want a spread of cities and tenants within office? Knowledge Realty Trust (29 assets, six cities, 475+ tenants) and Mindspace (312+ tenants) are the broadest.

Many investors hold more than one, for example an office REIT alongside Nexus, to avoid depending on one sector or sponsor. See how much to hold in total in our REIT allocation guide.

Check your core portfolio first

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Frequently Asked Questions

How many REITs are listed in India?

Six. Embassy Office Parks REIT (2019), Mindspace Business Parks REIT (2020), Brookfield India Real Estate Trust (2021), Nexus Select Trust (2023), Knowledge Realty Trust (2025) and Bagmane Prime Office REIT, which listed on NSE and BSE on 14 May 2026 at an issue price of ₹100 per unit. Together they distributed ₹3,136 crore to more than 485,000 unitholders in the April-June 2026 quarter.

Which REIT has the highest occupancy?

On the latest results, Bagmane Prime Office REIT reported 98.7% committed occupancy at 30 June 2026, but its portfolio is six business parks in Bengaluru only. Mindspace reported 95.8% committed occupancy on its core portfolio (92.1% including its new acquisitions), Brookfield and Knowledge Realty Trust each reported 93%, and Embassy reported 93% by value. Nexus Select Trust's Q1 release does not state an occupancy figure. The REITs define occupancy differently, so treat the comparison as indicative.

Which REIT has the highest distribution yield?

On 24 September 2026, Brookfield India REIT had the highest yield among five REITs in a Business Today comparison at 6.3%, followed by Knowledge Realty Trust and Embassy at 5.8% each, Nexus Select Trust at 5.5% and Mindspace at 4.8%, a median of 5.8%. Yield moves inversely with unit price and the article gave no figure for Bagmane, so calculate it yourself from the latest distribution and the current price.

Is Nexus Select Trust riskier than the office REITs?

It carries a different risk profile rather than a simply higher or lower one. As India's only listed retail REIT, Nexus depends on consumer spending and mall footfall rather than corporate office leasing. In Q1 FY27 it reported consumption of ₹3,850 crore, up 17% year on year, a loan-to-value ratio of 18% and an AAA/Stable credit rating.