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
