As you have seen in our press release, these results are in line with everything to the market. We put the portfolio at work with a like-for-like rental growth of 4%, 1% occupancy, and a 5.13% stable potential yield. We continue our focus on growth with, in the first half, EUR 150 million of investments, EUR 80 million of CapEx acquisitions, EUR 66 million in developments, and EUR 4 million in energy investments. And of course, solid financial results. First-time Investment g rade BBB+ issuer rating assigned by Fitch, 36% LTV, 7.4 adjusted net debt on EBITDA. Els will give us some more details on our half-year results for this year. Els, the floor is yours.
Let's start with the next slide, which is the EPRA results slide. We have an EPRA result that increased by 16% compared to last year, leading to a EUR 45 million EPRA result for the first 6 months of the year, and leading to a EUR 2.22 per share EPRA result, which is an increase by 4% if we exclude the impact of the FBI one-off that was booked in H1 last year. This one, this one-off was linked to the FBI, as I mentioned, for fiscal year 2021. The net result stands at EUR 95.6 million , including a 44 million positive property revaluation impact.
The net rental income was up by 6%, which was driven by organic growth of 4%, with a 3.2% resulting from indexation and a 0.1% resulting from lease renegotiations. There was a limited increase of 2% resulting from the new acquisitions and the delivered projects. As a small reminder, the rental income from the sites in Tiel and Born, they were removed from the top line, from the net rental income line, early 2024, and they were moved to the development pipeline, which has led to a higher capitalized interest charge in 2024, which has led to a lower financial cost in 2024 compared to 2023. The total income from the solar panels went up by 7%, despite a decrease in electricity prices. So the increase is linked to the new solar panels in...
Solar panel installations that were installed in the Netherlands. And you already mentioned, we have been recognized by Fitch for our disciplined balance sheet approach, as well as the resilience and the quality of our portfolio. And so Fitch assigned us a first- time investment grade rating of BBB+ with a stable outlook. On an instrument level, applicable to our senior unsecured debt, so including the private placements that are in place, we were assigned an A- minus rating, which is one notch higher compared to the issuer rating at the corporate level. The uplift has or reflects the higher rate of recovery for the unsecured creditors, and this is linked to the fact that we are a rental income-focused real estate company with mainly unsecured debt funding.
The senior unsecured uplift that is applied to Montea is also a result of the fact that the portfolio is entirely located in Western Europe, with a stable unencumbered asset coverage. Fitch also mentions that if the portfolio would be smaller and there would be more regional units then and/or the portfolio would be for more than 30 % located in less liquid markets, such as Central and Eastern Europe, then the one-notch uplift wouldn't be applicable. The interest cover is stable at 4.5x , and the EPRA NTA grew by 7% year- on- year to EUR 75.2 per share, which was mainly driven by the project development margins. Financial KPIs, they remained strong, with debt and hedging maturing on average only after more than 6 years.
Strong liquidity position, with 285 million of immediately available cash and untapped credit facilities, and a stable cost of debt at 2.3%. The optional dividend was successful, with a take-up of 60%, which has led to EUR 31 million of proceeds.
Thank you very much, Els, for this update. We'd like to continue with the portfolio update, where we see, as already mentioned by Els, a very strong portfolio revaluation for this quarter of EUR 34 million. That's basically EUR 26 million coming from development margins and EUR 8 million coming from the portfolio revaluation. Now, this EUR 8 million plus on the portfolio revaluation balances out the minus EUR 8 million of the first quarter. So basically, if we look at the EUR 46 million revaluation on the full 6 months, then you can say that the 46 is basically entirely development margins. So EUR 8 million, minus EUR 8 million first quarter, plus EUR 8 million second quarter, which means EUR 46 million is 100% linked to development margins of our yielding land bank.
The portfolio values today stands at EUR 2.5 billion, which is 9% uplift over the last 6 months, and our EPRA Net Initial Yield stands at 5.13%, which is 4 basis points up since end of March, 7 basis points up over the last half- year. Looking at the portfolio, no big surprises. As you know, we are focusing on the core corridors, which is the Golden Triangle in Belgium, the corridor Amsterdam, Rotterdam, Antwerp, towards the Ruhr area in Germany. La Dorsale in France, Lille, Paris, Lyon, Marseille, and of course, the big markets in Germany. 85% of our portfolio is still in Belgium and Holland, so Benelux, but of course, with the ambition to grow in France and Germany.
Looking at the portfolio revaluation, we see, as we already mentioned in the past, that the development margins are really kicking in now over the last 3 semesters. We see that we come from a period, I would say, until the start of 2022, where both, ERV was increasing and yields were still compressing. We now have, yield decompression since the second half of 2022 , and the green squares, but balanced out over that period, third quarter 2022 until third quarter 2023, balanced out by ERV increases, and they were kind of compensating each other. And now, as promised, over the last 12 months, over the last 4 quarters, we see that the development margins of our yielding land bank are kicking in with, as already mentioned, EUR 46 million development margins only over the last 2 trimesters. So that's quite a strong and resilient performance.
We still have the reversionary potential of our standing portfolio. That is 10% under rented today, so there is still some potential there to be found. And of course, if we look at the standing investments, as you know, there was 9% of our rent roll that had a break or release term in 2024. Already, 88% of that 9% has been extended or relet. And on the renegotiation, we had on average a rent increase of 14%. WALT stands at 5.7 years if we include our solar panels. We're one of the only players that are still above 6 years. We stand at 6.3 years, and as already mentioned, for the sixth quarter in a row, we announced an occupancy rate of 100%, which shows the quality of the portfolio.
Looking at the investment side, EUR 150 million of accretive investments over the first half. EUR 80 million acquisitions, EUR 66 million from our land bank investments, and EUR 4 million in energy projects. Looking at the developments, 40% of the 1 million sq m targeted land bank is now in execution, which represents a GLA of 208,000 sq m , mainly the Tiel North project, where we got all the permits now, and we started the construction in the second quarter of this year. The average lease terms of these projects is 14 years, and they represent a value of EUR 214 million. In short, we used all the money we raised with the ABB in the first year half of 2024.
Looking at these projects, again, the ones we started in the first year half, 91,000 in Tiel for Intergamma, 9,000 in Aalst for our standing client, Movianto, and another 14,000 in Tongeren, together with Cordeel. In total, 114,000 sq m of constructions that started in the first year half. But as we already announced a few months ago, we also see potential in standing investments, something we didn't see a year ago. You remember the famous phrase: "The sellers are dreaming, and the buyers are hoping"? Well, today we are able to do deals at yields between 6.5% and 7%. Some of them are real standing investments like Hamburg and Ghent-Kortemark.
Hamburg is a EUR 50 million investment in the Port of Hamburg, where we see significant redevelopment and rent reversion potential above the 6.5% yield we acquired the building at. Ghent-Kortemark is a region we absolutely believe in, and we already had two assets in the same street. It's a long-term sale- and- rent- back, and then two buildings that are part of our yielding land bank or of our land bank. Zellik is the land bank. This is a building we are going to demolish in the next months once we have the permit in place, and we already signed two months ago a lease agreement for this building, so we are now waiting to get the permits in place, but this will be demolished.
And then Maastricht is a 10-year lease agreement, but on an area where we see huge redevelopment potential once the tenant would leave in 10, 15 years. We see a lot of potential. So these are the standing investments, and here you get the development pipeline. The overview, as you know, the key KPIs of the land bank are a EUR 40 million potential in rent, remaining EUR 350 million of CapEx to be invested on a total of EUR 575 million that was planned. 40% is in execution. We foresee an average yield- on- cost of 7% on this project, and once all these projects are delivered, we still have a land bank available of 1.4 million sq m. As you know, we are screening our 4 markets to extend this land bank.
Here's an overview of all the projects in Belgium and Holland. Blue Gate is in execution, Aalst is in execution, Vorst is in execution. Lembeek, Halle, all permits are in place, but we are waiting for a signature. Zellik, we have a signature, but we're waiting for a permit. Grimbergen, we have a permit, but we're waiting for a tenant. Lummen, permit in place, waiting for a tenant, and Dongen, partially under development, partially permit and waiting for a tenant. Amsterdam or Holland, there we see Amsterdam in execution, Waddinxveen in execution, Tiel partially in execution, 91 sq m , 91,000 in execution, 25 permit in place, waiting for a tenant, and Born also permit in place, waiting for a tenant. 2.2 million was the land bank square meters was the land bank by the end of 2023. We still have approximately the same land bank in place.
Very important to mention and to repeat there is that all of the land bank is situated in logistic and industrial zonings. It gives us a future potential of another 1 million sq m, which is roughly 50% of the current portfolio, and 76% is gray and brown fields, so we are reusing existing logistics and industrial land. We are not working on green fields. 50% of that land bank is yielding at rent of 5.8%. You get an overview of the largest plots in our land bank, and then on market update, giving you what we see in the market today, and this is backed by a study of Analytiqa and CBRE, and there we see some very interesting trends in the market.
First of all, if we look at the ambitions of the occupiers on expansion in the upcoming three years, we see that close to 60% is expecting to grow in the next three years. Now, one might say that this was 67% a year ago, which is absolutely true, but you also see that those who expect to shrink has diminished from 13% to 8%. So basically, what we can conclude from this graph is that 90% of the occupiers expect to remain with the same plot size or grow, which is quite significant in the market. What we also see is that it's mainly 3PLs that are expanding over the next- that expect to expand over the next three years.
Very interesting to see is also that of those occupiers, 44% says that at least 25% of their footprint, up to 100% of their footprint, will become obsolete by 2030. This is very, very important to mention. So basically, what we see today is that after the pandemic, people were in search for additional space, and any, any space would suit. I mean, if it was just space, it was okay. Today, they are much more reluctant, and they really want to go for sustainable, long-term buildings. So in short, they see that some of their buildings will become obsolete in the upcoming years, and so the search for new sustainable buildings is a challenge in this market. That's what we also see if we look at all four of our markets. Vacancy is going up.
Yeah, 50 basis points in Holland, 140 basis points in Belgium, 110 in France, 10 basis points in Germany, but these are older buildings on B and C locations. So there's really a discrepancy between the search for new sustainable buildings on A locations versus the offer that is mainly outdated and on less, strategic locations, which of course, supports the future rental growth for new and sustainable buildings. Now, what does all this mean for Montea and our outlook? Our outlook is stable. We confirm or reconfirm the EUR 4.55 EPS targets for 2024, with an investment volume of EUR 260 million. For 2025, we reconfirm the EUR 4.75 EPS, with an investment volume of EUR 200 million and an inflation of 2%.
Again, and I have to repeat this, this is not including the potential FBI, where we foresee an additional EPS of EUR 0.18 and 0.15 in case we get the recognition for 2023 and 2024. For the years after, 2026, 2027, we think that we will be able to have an occupancy rate above 98%, given the quality of the portfolio. We foresee an indexation of roughly 2%. We will be able to continue the annual investment volume of at least EUR 200 million per year. Cost of debt will remain under 2.5%, given those investment volumes, and the operational margin should go up again to 90% by 2027 . In short, we are able to increase the yearly earnings per share, excluding the FBI recognition.
And very important also, the total return will remain very interesting. As you know, we've had a period, I would say, until 2021, where it was the yield compression that was, of course, driving the total returns. After that, 2022 till 2023, we had a resilient portfolio, and for 2024 and 2025, we see that above this resilient portfolio. With the development margins kicking in, we will be able to go to total returns, of course, based on a stable market that would be above 10% per year on average. Last but not least, our ESG targets, and this is a half-year update. I'm not going to repeat our entire strategy, which you can find in our annual report, just the very concrete initiatives we have taken over the last months.
Solar panels, we go from 74 MW to 88 MW, which is an increase of 14 MW at a cost of EUR 7 million . We announced our battery energy storage systems, an investment of EUR 30 million . When we talk to our clients, we hear that electrification for them is the biggest challenge in the sector. They will need more green energy for e-mobility, for data, for the heating and cooling of the building. They will need more energy, and they need stable and green energy, and with those battery systems, we are able to respond to that question or that concern. Above that, it's a very interesting business case, with a return of... or an expected return of 12%. Basically, this is really what we like to do.
30 million of investment planned for this year, leading to total potential of 57 MW of battery storage. With this, I'm at the end of our presentation.