2023, a year to be proud of. We announced that within two years, 1 million square meters of our spacious land bank will be brought into development. These developments will generate a net additional income of EUR 35 million, corresponding to an initial yield of 7% on our investments. Some of these ambitious projects are already under construction today. In Belgium, we're building the home shop center for Delhaize in Vorst, and a distribution center on the logistics Blue Gate site in Antwerp. In the Netherlands, we're focusing on a distribution center for Lekkerland in Waddinxveen, and on the new headquarters for Blokker in Amsterdam. Never before have we realized so many projects leveraging our own land bank, and we take pride in this achievement. Montea maintains its ambition to grow by EUR 200 million in new investments each year.
For 2024, we set the bar even slightly higher, with an expected investment program of no less than EUR 260 million. Our property portfolio shows another strong result. Throughout the entire year of 2023, our property portfolio achieved full occupancy, and our occupancy rate has consistently remained above 99% since 2018. Who can beat that? In addition, we ended the year with a strong balance sheet. Due to the successful capital increase in November, our debt ratio today stands at barely 33%. The cost of this debt is under control and will remain under control in the coming years. Based on these strong fundamentals, the EPRA earnings per share for 2023 are up another 9% to EUR 4.45. Mainly due to Montea's recognition as FBI in the Netherlands for 2021 and 2022, we can exceptionally include an additional EUR 0.45.
Looking back, we are pleased to affirm that our earnings per share have grown by an average of 8% annually over the past 10 years. I would also like to touch upon our ESG strategy, for which we received recognition in 2023. We improved our Sustainalytics score from 17.5 to 11, which earned us a place in the BEL ESG index, a list of 20 Belgian companies with the lowest environmental impact. Moreover, for the second year in a row, we obtained the EPRA sBPR Gold Award, and we are able to maintain our GRESB score at 77%. With our own sustainability department, we will further expand position in this area in 2024. Announcing sustainable ambitions is one thing. Living up to them is another. Montea does the latter, with verve.
Meanwhile, to fulfill our ambitions in 2024, we have built a strong team in each of our four markets. Thanks to the growth and the strong performance of our portfolio, we have the ambition to further increase earnings per share to EUR 4.55 in 2024, and for 2025, our goal is a result of EUR 4.65 . The figures speak for themselves. Montea is thriving, and we approach the future with confidence. Despite stringent regulations and limited availability of land, there continues to be a strong demand for cutting-edge, sustainable real estate solutions. In collaboration with our clients and partners, Montea is committed to addressing this demand and remains focused on offering space for growth.