May 1 -

VICI Properties 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

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.

(Reporting by Aishwarya Jain and Ananta Agarwal in Bengaluru; Editing by Tasim Zahid)