Strategic Partnership Transactions January 2020 Legal Disclaimer

Forward-Looking Statements Statements in this presentation that are not historical facts are "forward-looking" statements and "safe harbor statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission (the “SEC”) and any amendments thereto. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, the Company’s expectations regarding the closing of the joint venture transaction, any benefits expected to be received from the joint venture and other transactions and the anticipated accretion, leverage levels and other adjusted financial information contained herein. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include risks related to the Company’s ability to receive, or delays in obtaining, any regulatory approvals required to own its properties, or other delays or impediments to completing the Company’s planned acquisitions or projects, including any acquisitions of properties from MGM Resorts International (“MGM” or “MGM Resorts”); the ultimate timing and outcome of any planned acquisitions or projects; the Company’s ability to maintain its status as a REIT; the availability of and the ability to identify suitable and attractive acquisitions and development opportunities and the ability to acquire and lease those properties on favorable terms; the Company’s ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to the Company; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and other factors described in the Company's public filings with the SEC. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements. In addition, the Company has included certain historical information in this presentation related to the Company and MGM, including historical information related to the Company’s and MGM’s business, financial condition and results of operations. The delivery of this presentation is not intended to and does not create any implication that there have been no changes to the Company’s or MGM’s affairs since the date of any of the historical information provided.

Market and Industry Data

This presentation also contains estimates and information concerning the Company’s industry, that are based on industry publications, reports and peer company public filings. This information involves a number of assumptions and limitations, and you are cautioned not to rely on or give undue weight to this information. The Company has not independently verified the accuracy or completeness of the data contained in these industry publications, reports or filings. The industry in which we operate is subject to a high degree of uncertainty and risk due to variety of factors, including those described in the “Risk Factors” section of the Company’s public filings with the SEC. Third party logos & brands including in this presentation are the property of their respective owners.

Non-GAAP Disclaimer

The following presentation includes certain “non-GAAP financial measures” as defined in Regulation G under the Securities Exchange Act of 1934, as amended. Schedules that reconcile the non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with Generally Accepted Accounting Principles in the are included in the Appendix hereto.

2 Transformative Joint Venture with Blackstone Real Estate Income Trust

Joint Venture between MGP and Blackstone Real Estate Income Trust (the “Joint Venture”) will acquire the iconic real estate assets of MGM Grand and (the “Properties”)

• JV to acquire real estate assets of MGM Grand (owned by MGM Resorts valued at $2.5Bn) and Mandalay Bay (contributed by MGP valued at $2.1Bn) for a consideration of $4.6Bn • Aggregate purchase price represents a capitalization rate of 6.35% or 15.75x forward rent of $292MM Joint Venture Acquisition • Joint Venture purchase of the property expected to be financed with $1.6Bn of equity and $3.0Bn CMBS financing of Premier, Iconic Las at attractive CMBS rates Vegas Properties • Approximately $800MM equity contribution from Blackstone Real Estate Income Trust and $800MM net equity contribution (non cash) from MGP reflecting $1.3Bn of existing debt contributed to the Joint Venture • Joint Venture to be owned 50.1% by MGP and 49.9% by Blackstone Real Estate Income Trust • Closing expected in Q1 2020

• MGM has previously announced its desire to reduce its equity stake in MGP • MGP has agreed to settle up to $1.4Bn of MGM OP unit redemptions in cash for up to 24 months following the Reduction in MGM closing Ownership • Redemption price to be at a 3% discount to the 10-day trailing average closing price upon the redemption notice • MGP expects it will fund any MGM OP unit redemptions with debt

• Blackstone Real Estate Income Trust has agreed to invest $150MM in MGP through the purchase of primary shares Strategic Investment issued by MGP at the 10-day VWAP issued with a 2 year lockup by Blackstone Real Estate • Highly respected joint venture partner highlights value of MGP portfolio Income Trust in MGP • JV combines two of the most experienced and gaming landlords with a premier operator in MGM Resorts

3 Compelling Strategic and Financial Rationale

 Combined transactions (including cash settlement of MGM OP unit redemptions) are expected to be accretive to AFFO per OP unit

 MGP acquires majority ownership of MGM Grand , a premier asset on the

 Mandalay Bay contribution enables MGP to create the Joint Venture on a net cash positive basis

 Attractive valuation that spotlights the highly valuable real estate of premier Las Vegas resorts

 Pro Forma 5.6x (1) leverage (based on pro rata share of Joint Venture debt and Adjusted EBITDA)

 Joint Venture master lease provides a lease term of 30 years with two 10-year extensions on both properties, and annual escalator of 2% for the first 15 years and up to 3% thereafter

 Significant reduction in MGM’s economic ownership pro forma for the OP unit redemption

 MGP and Blackstone Real Estate Income Trust have created a strategic partnership which may result in additional growth opportunities

Notes 1. LQA As of 9/30/2019. Including pro rata share of Joint Venture debt and adjusted EBITDA Pro Forma for full $1.4Bn OP unit redemption

4 World Class Joint Venture

Property Statistics(1) • Rooms: 4,993 • 17,000 person stadium • 890k SF of meeting / ballroom space • Contractual • LTM EBITDAR: $292 million • 102 acres obligation for • Key partners: MGM to invest • Hakkasan Group 3.5% net revenues MGM Grand Las Vegas • Top Golf in capital expenditures based on a 5 year rolling test

• Minimum 2% (1) Property Statistics annual rent • Rooms: 4,750 #2 escalator on 30 • Includes the Delano and Las Vegas Convention year initial term Four Seasons Space • 2.1 million SF of meeting / ballroom space with two 10-year • LTM EBITDAR: $256 million extensions • 124 acres • Key partners: • Mandalay Bay

Notes 1. LTM EBITDAR and property statistics are as of 9/30/2019 as reported by MGM Resorts; room count is as of 12/31/2018

5 Highly Attractive Joint Venture Cost of Capital

Joint Venture Capitalization (1) ($mm) Highly Attractive CMBS Terms

MGP “Net Equity Contribution” $807 50.1% 65% LTV (non cash)  Blackstone Real Estate Income Trust 803 49.9% “Estimated Cash Equity” (2) 10 year maturity Total Equity $1,610 100.0% 

 Attractive CMBS rates CMBS Financing $3,000

Total Capitalization 4,610  Shortfall guarantee from MGM Resorts Rent $292

Implied LTV (%) 65%  Non-recourse to JV

Notes 1. Includes estimated transaction fees of $10 million 2. Estimated cash equity subject to adjustments based on debt and transaction costs

6 Achieves Growth and Strong Balance Sheet

Pre-Transaction (1) Pro Forma (2)

Blackstone Real Estate Public MGM Public (3) MGM (3) Income Trust ~45% ~55%

32% 68% New Joint MGP MGP 49.9% Venture 50.1% EBITDA ($ in million) $930 $797 $944 $292

MGP (Pre-Equity Offering) MGP Wholly Owned Joint Venture Standalone MGP Pro Rata Net Debt ($ in million) $5,262 $4,749 $3,760 $3,000

MGP (Pre-Equity Offering) MGP Wholly Owned Joint Venture Standalone MGP Pro Rata Net Debt / EBITDA (x) 65% LTV 5.1x 4.7x 5.6x

MGP (Pre-Equity Offering) MGP Wholly Owned Joint Venture Standalone MGP Pro Rata Notes 1. LQA As of 9/30/2019. 2. Including pro rata share of Joint Venture debt and adjusted EBITDA Pro Forma for full $1.4 billion OP Unit Redemption 3. Ownership percentages pro forma for full $1.4 billion redemption

7 Attractive New Joint Venture Master Lease The new JV Master Lease benefits from 30 years of initial term (with two 10‐year extensions), and robust capex and credit protections

New JV Master Lease Rent • Annualized rent of $292 million

• 30 year initial term Lease Term • Two 10-year renewal options at the greater of existing rent or FMV

Corporate • Lease obligations fully guaranteed by MGM Resorts International Guaranty

• 2% in years 1-15 Annual Rent • Greater of 2% or CPI thereafter (3% cap) Escalations • Upward only escalations

Annual CapEx • 3.5% of Net Revenues in capital expenditures based on a 5 year rolling test (subject to minimum 2.5% for Requirements each property)

• Reserve of one year rent required if: Tenant Financial – (i) Coverage declines below 1.60x and MGM’s market capitalization declines below $6.0 billion Covenants – (ii) MGM no longer on major stock exchange and coverage declines below 2.0x

FF&E Reserve • No upfront reserves Requirements • MGM will be obligated to make monthly deposits of 1.50% of net revenues

8 Strategic Partnership Transactions

Accomplishes the acquisition of the real estate of one of the highest quality Las Vegas strip resorts, strengthening our industry-leading iconic portfolio of properties

Creates partnership with best-in-class real estate sponsor, including a direct equity investment

Diversifies funding capital sources, with very attractive debt rates and equity investments

Executed in an accretive manner with Pro Forma leverage in the mid-5’s

9 Appendix

10 Non-GAAP Reconciliation

(As reported) Three Months Ended September ($ in thousands) 30, 2019 Adjustments to Adjusted EBITDA Q3 Annualized Adjusted EBITDA $ 930,233 Net income $ 68,553 Less: Mandalay Bay Rent (133,000) Real estate depreciation 71,957 Plus: Pro rata share (50.1%) of Joint Venture Rent 146,292 Property transactions, net 9,921

Funds From Operations 150,431 Adjusted EBITDA as further adjusted $ 943,525 Amortization of financing costs and cash flow hedges 3,369

Non-cash compensation expense 519 Net Debt 4,748,787

Straight-line rental revenues, excluding lease incentive asset 11,664 Less: Assumed paydown of net debt (1) (2,403,088) Amortization of lease incentive asset and deferred revenue on non- 4,501 normal tenant improvements Plus: Pro-rata share (50.1%) of Joint Venture CMBS 1,502,499 Acquisition-related expenses 92 Plus: Debt to be incurred for redemption with fees 1,414,141 Non-cash ground lease rent, net 259

Other expenses 306 Net Debt as adjusted 5,262,339

Provision for income taxes 1,979 Net Debt to Adjusted EBITDA as further adjusted 5.6x Adjusted Funds From Operations 173,120

Interest income (241)

Interest expense 63,048

Amortization of financing costs and cash flow hedges (3,369)

Adjusted EBITDA $ 232,558

Q3 Annualized Adjusted EBITDA $ 930,233

Net Debt 4,748,787

Net Debt to Adjusted EBITDA 5.1x

Notes 1. Represents cash paydown from net proceeds from November offering (including expected proceeds from forward settlement), sale of primary shares to Blackstone Real Estate Income Trust of $150 million, issuance of Operating Partnership Units to MGM Resorts of $85 million and debt contribution of $1.3 billion to the joint venture 11