May 1 -

VICI Properties ( VICI ) missed analysts expectations

for first quarter adjusted funds from operation (FFO)per share

on Wednesday, as high interest rates continue to hurt new deal

signings for real estate investment trust (REIT).

The company, whose portfolio includes casinos such as

Caesars Palace and MGM Grand in Las Vegas,

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

existing gaming asset, purchases the real estate and immediately

leases it back to the operator.

These transactions often immediately add to the company's

income.

Financing large projects has become tougher as interest

rates in the U.S. are at multi-decadal high, creating a

challenging lending environment and slowing down the pace at

which VICI has signed new deals.

The Maryland-based hospitality and entertainment REIT

reported a quarterly adjusted FFO of 56 cents per share,

compared with analysts' estimates of 59 cents per share,

according to LSEG data.

The company also said on Wednesday that it has agreed to

provide up to $700 million to fund reinvestment projects in The

Venetian Resort, Las Vegas, which is operated by Apollo Global

Management ( APO )

VICI's total quarterly revenue was $951.5 million, up 8.4%

from a year ago. Analysts, on average, were expecting revenue of

$936.67 million in the first quarter, as per LSEG data.

Shares of the company were relatively flat in trading after

the bell.