Shopping centre owner Vicinity Centres has made hay while the sun shines, striking leases at higher rents with its tenants as the retail sector proved more robust than expected during the first half of financial year 2024.

Vicinity’s stronger than expected result for the 2024 first half allowed it to upgrade its existing guidance for its full-year 2024 earnings to the “top end” of the range it has given for funds from operations of 14.1¢ to 14.5¢.