Do you remember the promise we made in 2021? At that time, we launched Montea Track '24, our ambitious growth program, in which we said, by the end of 2024, we want the earnings per share to rise from EUR 3.5 to EUR 4.3. That's a growth of more than 20%. Today, we can say that Montea is ahead of schedule, and we will achieve this ambition one year earlier. Even more, we are also going to exceed it. We expect to end 2023 with a result of EUR 4.4 per share, an increase in earnings per share of 7% over one year. On top of this, the recognition of the FBI status in the Netherlands for 2021 gives an additional exceptional result of EUR 0.20 per share. At the same time, we are raising the ambition for next year to EUR 4.5 per share.
In total, we will achieve a growth in earnings per share of almost 30% over a four-year period. This great result was partly achieved thanks to our clear focus on in-house developments. In the first half of 2023, we had over 100,000 square meters of new developments. We are currently building 50,000 square meters for Lekkerland in Waddinxveen in the Netherlands, and in Tongeren, we are developing 55,000 square meters for BayWa and Tailormade Logistics together with our partner, Cordeel. On average, we realize an initial yield of 6.5% on these projects, and as a result, they will contribute to a further increase in the earnings per share in the future. With our extensive land bank of 2,400,000 square meters, we are also working on new ambitious projects for other clients that ensure the continued growth of our portfolio.
Later this year, we expect to start the largest new construction project in Montea's history, a development of none less than 95,000 square meters for Intergamma. This development is located in Tiel, the Netherlands, and involves an area of almost 20 soccer fields. Together with Intergamma, we want to make this building one of the most sustainable logistic buildings in the Netherlands. How we are going to do that? I am happy to tell you another time. In short, we are still on track. Also, our portfolio of existing buildings continues on a very high level. We record an occupancy rate of 100%, and the average maturity of our leases is seven years at first break, a proof of the resilient portfolio that meets the increasingly demanding requirements of our customers.
In addition, over the next two years, we will invest approximately EUR 30 million in the further sustainability of our existing portfolio. On top of that, our balance sheet remains under control in the current challenging interest rate environment. The debt ratio remains low for the market at 40.7%, and the cost of our debt averages only 2.1% thanks to our long-term hedges. Mostly, we have EUR 225 million extra resources to realize our further growth in all four of our home countries. Consequently, we strengthen our team with two country directors. In Belgium, we have brought in Xavier Van Reeth, and in Germany, Patrick Abel. All those things, strong performance of our portfolio, the ambitious development story, and the strong balance sheet, they give confidence for the future.
Over 50% of our shareholders therefore opt this year to pay out their dividends in new Montea shares, which strengthened our capital by another EUR 21 million. In short, the future looks promising, thanks to our sustainable portfolio, our customers, our partners, and a strong Montea team. We continue to see growth opportunities for a specialistic leader like Montea. I'm confident that the best is yet to come.