The company ceased recording tenant reimbursement of property taxes as revenue at the start of the year. It says Q1 2018 results included a value of $17.2m from this area, which contributes to the decline in overall revenue.
Net income attributable to common stockholders was $150.8m, or $0.37 per diluted share, a 35% rise.
Leasing revenues were $206.7m for the quarter, representing a 6% increase.
In January, the casino property developers completed the acquisition of Margaritaville Resort Casino in Bossier City, Louisiana, for $261.1m. Penn National Gaming acquired the operating assets of the casino for approximately $114.9m as part of the deal.
Vici sold approximately 6.1 million shares of common stock under its "at the market" program at a weighted-average price of $21.28 per share.
David Kieske, Vici CFO, said: "With the addition of Harrah’s Philadelphia and Margaritaville to our portfolio, we have added $21 million and $23.2 million of initial annual rent, respectively, to our revenue base."
Since the quarter’s end, Vici and Seminole Hard Rock Entertainment entered into definitive agreements to acquire Jack Cincinnati Casino.
Vici Properties will acquire 100% of a subsidiary of Jack Cincinnati, which owns the land and real estate of the casino, for $558m. Hard Rock will acquire the operating assets for $186.5m.
