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MGM Growth Properties Cover IPOX® PORTFOLIO HOLDING ANALYSIS 10/23/2019 To learn more, visit www.ipox.com; MGM GROWTH PROPERTIES Email: [email protected] LLC (MGP US) Office +1 (312) 827-3681 Support +1 (312) 339-4114 COMPANY DESCRIPTION MGM Growth Properties LLC (MGP) is a growth-oriented REIT formed in 2015. The entity engages in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts, whose amenities include casino gaming, hotel, convention, dining, entertainment and retail offerings. Assets in MGP’s portfolio include properties of MGM Resorts International (MGM) concentrated in Las Vegas. BUSINESS MODEL MGM Growth Properties generates revenues through rent payments under the Master Lease with MGM. IPO HISTORY On 04/20/2016, MGM Growth Properties made its REIT offering on NYSE led by BofA Merrill Lynch. The share was priced at $21.00 per share, top of its expected range of $18 to $21 per share. With a full subscription of 50 million shares and an additional 15% over-allotment option fully exercised, MGM Growth Properties was valued at $1.05 billion at offer. The stock opened at $22.75/share and closed the first day down to $22.01. MGM Growth was included in the IPOX® 100 U.S. Portfolio on 06/17/2016 and currently weighs approximately 0.6% of the portfolio. HISTORICAL PERFORMANCE 100.0% MGM Growth Properties IPOX® 100 U.S. Index S&P 500 Index 80.0% MSCI REIT Index Secondary Offering 60.0% Secondary Offering 40.0% IPOX® 100 U.S. Index Inclusion 20.0% Cumulative Price Return Return Price Cumulative % Initial return 0.0% -20.0% 2016-04 2016-10 2017-04 2017-10 2018-04 2018-10 2019-04 2019-10 GROWTH OUTLOOK Location MGM Growth Properties Portfolio Holdings $1,200.0 $2.00 Mandalay Bay Revenue $1.7350 (include Delano and Four Seasons Hotel) FFO $1.5975 $1,000.0 Dividend The Mirage New York-New York $1.50 Las Vegas, NV $800.0 Luxor $1.0382 Monte Carlo Excalibur $600.0 $1.00 The Park million Detroit, MI MGM Grand Detroit $400.0 Dividend per Dividend share Biloxi, MS Beau Rivage $0.50 Tunica MS Gold Strike Tunica $200.0 Atlantic City, NJ Borgata (added on 8/1/2016) Revenue/Funds fromRevenue/Funds operations in Prince George’s MGM National Harbor (added on 10/5/2017) $0.0 $0.00 County, MD 2016 2017 2018 INDUSTRY COMPARISON Company Stock IPO/Spin-off Initial Offer to 2019 Beta to EPS Revenue Cash Dividend FFO (in Symbol Date Return Date YTD S&P 2018 (in million) per share million) MGP US 4/20/2018 4.81% 79.42% 21.97% 0.55 $0.94 1,002.44 1.735 526.21 VICI US 2/1/2018 -5.05% 39.19% 30.71% 0.43 $1.43 897.98 0.998 523.62 Spun off from Penn National GLPI US 27.26% 0.55 $1.59 1,055.73 2.570 465.45 Gaming on 10/14/ 2013 ©2019 IPOX Schuster LLC. IPOX® is an international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. Use of IPOX® and the IPOX® Indexes or any part thereof is subject to applicable license only. This material is disseminated in the United States of America by IPOX Schuster LLC. This material, or any portion thereof, may not be reprinted, sold or redistributed without the written consent of IPOX Schuster LLC. .
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