...- Lithuania-based real estate company Akropolis Group UAB (Akropolis) reported a robust operating performance in 2023, with positive like-for-like rental growth of 11.8% and a revaluation in portfolio value of 4%. As a result, leverage metrics strengthened and we anticipate that S&P Global Ratings-adjusted debt to debt plus equity will remain at about 38.0%-40.0% and debt to EBITDA at 5.0x-5.5x over the next 12-24 months. - However, Akropolis weighted-average debt maturity fell below three years as of Dec. 31, 2023. This was mainly because of an upcoming material debt maturity of the 300 million senior unsecured bond that is due in June 2026 and accounts for close to 67% of the company's total outstanding debt. - Yet we anticipate that Akropolis will address the maturity well in advance, ensuring that debt maturities increase beyond three years again while maintaining a modest debt load. Additionally, we expect the company will have access to alternative funding sources, including potential...
