Oct 31 (Reuters) - VICI Properties ( VICI ) on Thursday

nudged up the lower end of its full-year funds from operation

(FFO) outlook after beating market expectations for

third-quarter revenue on gains from its experiential real estate

investments such as wellness, entertainment and youth sports.

Shares of the real estate investment trust were up 1% after

the bell.

VICI has emphasized on expanding to more categories of

experience-based real estate, citing increased consumer spending

towards experiences. Along with casinos, the REIT has invested

in golf courses, indoor water parks, wellness resorts and

bowling alleys.

It operates on a sale-leaseback model, where it identifies

an existing asset, purchases the real estate, and immediately

leases it back to the operator. These transactions often

immediately add to the company's income.

The company, whose portfolio includes casinos such as

Caesars Palace and MGM Grand in Las Vegas, reported a quarterly

revenue of $964.7 million, ahead of analysts' expectations of

$952.9 million.

It posted a quarterly adjusted FFO of 57 cents per share

in-line with Wall Street expectations.

The Maryland-based hospitality and entertainment REIT now

expects full-year adjusted FFO between $2.25 and $2.26 per

share, compared with $2.24 to $2.26 per share forecast

previously.