Shares of Australia-based real estate property firm, Vicinity Centres (ASX:VCX), experienced an upward surge, rising as much as 2.6% to A$1.898, potentially marking the higher gains since July 27, should the trend maintain its current trajectory.

Vicinity Centres reported full-year funds from operations per security at 15 Australian cents per share, recording a significant increase from 13.1 cents in the previous fiscal year.

The company, noted for its co-ownership of the renowned Queen Victoria shopping complex in Sydney, noted full-year funds from operations reaching A$684.8 mln, a substantial increase from A$598.3 mln in the preceding year.

Despite the recent gains, Vicinity’s stock has seen a 7.5% decline since the start of the year, as of the most recent closure of the market.

Vicinity Centres is a real estate property firm based in Australia known for owning a diverse portfolio of property assets.