This report does not constitute a rating action. Akropolis'credit metrics are projected to remain broadly stable, so that S&P Global Ratings-adjusted debt to debt plus equity remains below 50%. The company reported that its net loan-to-value (LTV) ratio had risen to 42.0%, as of June 30, 2026, from 37.4% in 2025 and had therefore exceeded its target maximum of 40% LTV. As of that date, its S&P Global Ratings-adjusted debt-to-debt-plus equity gross ratio rose to 48.4% (47.7% in 2025). We primarily attribute the higher ratios to a €90 million dividend payout that Akropolis distributed in May 2026, while the low 0.04% like-for-like increase in portfolio value was not sufficient to offset that. We expect the company to retain a
