MGP’S Earnings Releases That Have Been Furnished with the SEC and Are Available on MGP’S Website At

Supplemental Financial & Operating Data Q4 2020 Disclaimers

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 any benefits expected to be received from the Company’s relationship with MGM Resorts and other gaming operators and its ability to further grow its portfolio on an accretive basis. 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.

Non-GAAP Disclaimer

This 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 United States are included herein and in MGP’s earnings releases that have been furnished with the SEC and are available on MGP’s website at http://www.mgmgrowthproperties.com.

2 Table of Contents

Corporate Overview 4

Quarterly Financial Highlights 5

Consolidated Statements of 6 Operations

Non-GAAP Financial Measures 7

Consolidated Balance Sheets 8

Debt Summary 9

Capitalization & Financial Ratios 10-11

Transaction Activity 12

Portfolio Overview 13-14 Corporate Overview

About MGM Growth Properties Senior Management MGM Growth Properties LLC (NYSE:MGP) is one of the leading publicly James Stewart, Chief Executive Officer traded real estate investment trusts engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts, Andy Chien, Chief Financial Officer whose diverse amenities include casino gaming, hotel, convention, dining, entertainment and retail offerings. MGP, together with its joint venture, currently owns a portfolio of properties, consisting of 12 premier destination Corporate Headquarters resorts in Las Vegas and elsewhere across the United States, MGM 1980 Festival Plaza Dr Northfield Park in Northfield, OH, Empire Resort Casino in Yonkers, NY, as Suite 750 well as a retail and entertainment district, The Park in Las Vegas. As of Las Vegas, Nevada 89135 December 31, 2020, MGP’s portfolio of destination resorts, the Park, Phone: (702) 669-1480 Empire Resort Casino, and MGM Northfield Park collectively comprised IR Contact: [email protected] approximately 32,400 hotel rooms, 1.5 million casino square footage, and Media: [email protected] 3.6 million convention square footage. As a growth-oriented public real estate entity, MGP expects its relationship with MGM Resorts and other entertainment providers to attractively position MGP for the acquisition of Transfer Agent additional properties across the entertainment, hospitality and leisure industries. For more information about MGP, visit the Company’s website Computershare at http://www.mgmgrowthproperties.com. (US) 1-877-272-7494 (International) 1-201-680-6578 www.computershare.com/investor

Common Stock Dividend Information as of December 2020 MGP’s Class A Shares are traded on the New York Stock Exchange under . Current annualized dividend of $1.95 per share the symbol “MGP”. . Increased dividend 11 out of the 19 dividends paid to date

December 31, 2020 Credit Ratings S&P / Moody’s / Fitch Closing price $31.30 MGP Unsecured Rating BB- / B1 / BB+ Shares and units outstanding (1) 279,966,531 MGP Secured Rating BB- / Ba3 / BB+

Total Equity Value $8,762,952,420 MGP Corporate Family Rating BB- / Ba3 / BB+

4 (1) Represents outstanding Class A shares and Operating Partnership units held by MGM, which are convertible into Class A shares on a 1:1 basis 4Q 2020 Financial Highlights

Three Months Ended December 31, 2020

. Consolidated Rental Revenue of $188.3 million

. Consolidated Net Income of $91.3 million, or $0.311 per diluted OP unit

. Consolidated Funds from Operations of $160.1 million, or $0.541 per diluted OP unit

. Consolidated Adjusted Funds from Operations of $169.6 million, or $0.571 per diluted OP unit

. Annualized Dividend of $1.95 per total OP units & Class A shares outstanding

. Cash rent payments received by MGP and Joint Venture:  Master Lease Cash Rent of $207 million  Share of Joint Venture Lease Cash Rent of $37 million2

MGM Growth Properties 1 Quarter Ended 12/31/2020 ($ in millions) Per Diluted Unit Consolidated Rental Revenue $188.3 -- Consolidated Net Income $91.3 $0.31 Consolidated Funds From Operations $160.1 $0.54 Consolidated Adjusted Funds From Operations $169.6 $0.57 Consolidated Adjusted EBITDA $240.2 --

(1) Diluted weighted average operating partnership units outstanding as of December 31, 2020: 296,128,163 5 (2) Based on MGP’s 50.1% ownership of the Joint Venture that owns the real estate of MGM Grand Las Vegas and Mandalay Bay Consolidated Statements of Operations

Three Months Ended ($ in millions, excpet share and per share amounts) 12/31/2020 12/31/2019 Revenues Rental revenue $ 188.3 $ 219.8 Ground lease and other 6.0 6.0 Total Revenues 194.3 225.9 Expenses Depreciation $58.2 $71.6 Property transactions, net 0.2 (0.5) Ground lease expense 5.9 5.9 Acquisition-related expenses – 1.3 General and administrative 4.0 4.2 Total Expenses 68.3 82.5 Other income (expense) Income from unconsolidated affiliate $25.0 -- Interest income 0.4 1.0 Interest expense (64.2) (59.0) Gain (loss) on unhedged interest rate sw aps, net 7.5 (3.9) Other (0.2) (6.8) (31.5) (68.6) Income before income taxes 94.6 74.7 Provision for income taxes (3.4) (1.8) Net Income 91.3 72.9 Less: Net (income) loss attributable to noncontrolling interest (49.8) (46.9) Net (income) loss attributable to Class A shareholders $41.5 $25.9 Weighted average Class A shares outstanding: Basic 131,574,406 103,740,424 Diluted 131,780,480 104,134,536 Earnings per share attributable to Class A shareholders: Basic $ 0.32 $ 0.25 Diluted $ 0.31 $ 0.25

6 Non-GAAP Financial Measures

($ in millions, excpet share and per share amounts) Three Months Ended Reconciliation of Non-GAAP Financial Measures: 12/31/2020 12/31/2019 Net income (loss) $91.3 $72.9 Depreciation 58.2 71.6 Share of depreciation of unconsolidated affiliate 10.5 – Property transactions, net 0.2 (0.5) Funds From Operations (FFO) $160.1 $144.0 FFO per Diluted Operating Partnership Unit $0.54 $0.47

Amortization of financing costs and cash flow hedges 6.9 2.5 Share of amortization of financing costs of unconsolidated affiliate 0.1 – Non-cash compensation expense 0.9 0.7 Straight-line rental revenues, excluding lease incentive asset 13.6 11.7 Share of straight-line rental revenues of unconsolidated affiliate (12.9) – Amortization of lease incentive asset and deferred revenue on non-normal tenant improvements 4.6 4.6 Acquisition-related expenses – 1.3 Non-cash ground lease rent, net 0.3 0.3 Other expenses 0.2 6.8 Loss (gain) on unhedged interest rate sw aps, net (7.5) 3.9 Provision for income taxes 3.4 1.8 Adjusted Funds From Operations (AFFO) $169.6 $177.5 AFFO per Diluted Operating Partnership Unit $0.57 $0.58

Interest income (0.4) (1.0) Interest expense 64.2 59.0 Share of interest expense of unconsolidated affiliate 13.7 – Amortization of financing costs and cash flow hedges (6.9) (2.5) Share of amortization of financing costs of unconsolidated affiliate (0.1) – Adjusted EBITDA $240.2 $233.0

7 Consolidated Balance Sheets

($ in millions) 12/31/2020 12/31/2019 ASSETS Real estate investments, net $ 8,311 $ 10,828 Lease incentive asset 507 527 Investment in unconsolidated affiliate 810 -- Cash and cash equivalents 626 202 Prepaid expenses and other assets 26 32 Above market lease, asset 40 41 Operating lease right-of-use assets 281 280 Total assets $10,600 $11,910 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities Debt, net $ 4,169 $ 4,307 Due to MGM Resorts International and affiliates 0 1 Accounts payable, accrued expenses and other liabilities 124 37 Accrued interest 49 43 Dividend and distribution payable 136 147 Deferred revenue 157 109 Deferred income taxes, net 33 30 Operating lease liabilities 341 338 Total liabilities 5,010 5,012 Commitments and contingencies Shareholders' equity Class A shares: no par value, 1,000,000,000 shares authorized, 131,459,651 and 113,806,820 -- -- shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively Additional paid-in capital 3,114 2,766 Accumulated deficit (423) (244) Accumulated other comprehensive loss (51) (7) Total Class A shareholders' equity 2,640 2,515 Noncontrolling interest 2,951 4,383 Total shareholders' equity 5,591 6,898 Total liabilities and shareholders' equity $ 10,600 $ 11,910 8 Consolidated Debt Summary

Interest Rate as Weighted Avg. Yrs ($ in millions) Maturity Date Balance of 12/31/2020 until Maturity Senior Secured Credit Facility Revolving Credit Facility 6/1/2023 $10 L+175 1 2.4 Years Senior Unsecured Notes 5.625% Notes Due 2024 5/1/2024 1,050 5.625% 3.3 Years 4.625% Notes Due 2025 6/15/2025 800 4.625% 4.5 Years 4.500% Notes Due 2026 9/1/2026 500 4.500% 5.7 Years 5.750% Notes Due 2027 2/1/2027 750 5.750% 6.1 Years 4.500% Notes Due 2028 1/15/2028 350 4.500% 7.0 Years 3.875% Notes Due 2029 2/15/2029 750 3.875% 8.1 Years Principal Amount $4,210 5.5 Years Unamortized discount and debt issuance costs (41) Carrying Value $4,169 Maturity Schedule ($ in millions)

$1,340

$1,050 $800 $750 $750 $500 $350 $10 2021 2022 2023 2024 2025 2026 2027 2028 2029 Bonds Drawn Credit Facility Undrawn Credit Facility 9 (1) The company has effective LIBOR interest rate swap agreements where it pays a weighted average fixed rate of 1.821% on a total notional amount of $1.9 billion. Capitalization & Financial Ratios

($ in millions) Debt Principal Balance Pro Rata Capitalization Mix as of 12/31/2020 Credit Facility $10 Senior Unsecured Notes 4,200

MGP Pro Rata Share of Joint Venture Debt1 1,503 Pro Rata Total Debt $5,713

Equity Shares / Units Share Price Market Value Class A Shares (NYSE: MGP) 131.5 $31.30 $4,115 Fixed Rate Debt 39.5% MGM OP Units 148.5 $31.30 4,648 Equity Value Total Equity $8,763 60.5%

Total Capitalization $14,476 Pro Rata Debt / Total Capitalization 39.5%

Consolidated Liquidity as of December 31,2020 Cash and Cash Equivalents $626 Total Revolver Capacity 1,350 Drawn Amounts on Revolver (10)

Total Liquidity $1,966

10 (1) MGP’s 50.1% Pro Rata Share of the MGM Grand Las Vegas / Mandalay Bay Joint Venture $3.0B debt Pro Rata Net Debt / Adjusted EBITDA Reconciliation

($ in millions) MGP 50.1% Share of Quarter Ended December 31, 2020 Wholly Owned Joint Venture Pr o Rata

Reconciliation of Non-GAAP Financial Measures: Net income $66 $25 $91 Real estate depreciation 58 – 58 Share of depreciation of unconsolidated affiliate – 10 10 Non-cash compensation expense 1 – 1 Straight-line rental revenues, excluding lease incentive asset 14 – 14 Share of straight-line rental revenues of unconsolidated affiliate – (13) (13) Amortization of lease incentive asset and deferred revenue on non- 5 – 5 normal tenant improvements Non-cash ground lease rent, net 0 – 0 Other expenses 0 – 0 Gain on unhedged interest rate sw aps, net (7) – (7) Provision for income taxes 3 – 3 Interest income (0) – (0) Interest expense 64 – 64 Share of interest expense of unconsolidated affiliate – 14 14

Adjusted EBITDA $204 $36 $240 x 4 x 4 x 4 Annualized Adjusted EBITDA $815 $145 $961

Pro Rata Net Leverage: Total principal amount of debt $4,210 – $4,210 Less: Cash and cash equivalents (626) – (626) Plus: 50.1% of joint venture net debt – 1,503 1,503 Pr o Rata Ne t De bt $3,584 $1,503 $5,087

Pro Rata Net Leverage 4.4x 65% LTV 5.3x

11 Transaction Activity

($ in millions) Net Investment Activity

Net EV / 1 Property Location Close Date Consideration EBITDA Cap Rate % Total Rent

MGM Grand Las Vegas / Mandalay Bay Joint Venture2 Las Vegas, NV 2/14/2020 $2,304 15.8x 6.3% $146

Park MGM3 Las Vegas, NV 3/7/2019 638 12.8x 7.8% 50

Empire City Casino Yonkers, NY 1/29/2019 625 12.5x 8.0% 50

MGM Northfield Park4 Northfield, OH 7/6/2018 697 11.6x 8.6% 60

National Harbor Prince George’s County, MD 10/5/2017 1,188 12.5x 8.0% 95

Borgata Atlantic City, NJ 8/1/2016 1,175 11.8x 8.5% 100

Annual Acquisition Volumes

MGM Assets Acquired: $4.1bn

rd 3 Party Assets Acquired: $2.6bn $2,304

$1,263 $1,175 $1,188 $1,063 OpCo Sale

2016 2017 2018 2019 2020 (1) “Enterprise Value / EBITDA” defined as net consideration over the initial annual rent of the property (2) MGM Grand Las Vegas / Mandalay Bay Joint Venture transaction figures are shown at MGP’s 50.1% pro rata share of the joint venture (3) MGP paid a consideration of $637.5 million for investments made to reposition Park MGM and NoMad Las Vegas, which was formerly known as Monte Carlo Resort and Casino 12 (4) “Net Consideration” defined as Real estate purchase price net of OpCo sale and interim adjusted funds from operations collected during TRS ownership Portfolio Map

New York, NY Detroit, MI

Cleveland, OH Springfield, MA Atlantic City, NJ Washington D.C. Las Vegas Tunica, MS

Biloxi, MS

Las Vegas Assets Regional Assets ROFO Assets2

Park MGM (1) MGP owns a 50.1% interest in MGM Grand Las Vegas and Mandalay Bay 13 (2) MGP has a right of first offer on MGM Springfield and future Empire City gaming facility developments Property Stats (1)

Hotel Casino Convention Slot Table Property Location Rooms Acres Sq. Ft. Sq. Ft. Machines Games Las Vegas Strip MGM Grand Las Vegas2 Las Vegas, NV 4,993 102 169,000 850,000 1,553 128 Mandalay Bay2 Las Vegas, NV 4,750 124 152,000 2,121,000 1,232 71 The Mirage Las Vegas, NV 3,044 77 94,000 170,000 1,195 75 New York - New York and The Park Las Vegas, NV 2,024 23 81,000 31,000 1,139 62 Luxor Las Vegas, NV 4,397 58 101,000 35,000 1,049 53 Park MGM Las Vegas, NV 2,898 21 66,000 77,000 914 66 Excalibur Las Vegas, NV 3,981 51 94,000 25,000 1,161 50 Subtotal 26,087 456 757,000 3,309,000 8,243 505

Regional MGM Grand Detroit Detroit, MI 400 24 127,000 30,000 3,205 134 Beau Rivage Biloxi, MS 1,740 26 87,000 50,000 1,811 81 Gold Strike Tunica Tunica, MS 1,133 24 48,000 17,000 1,183 68 Borgata Atlantic City, NJ 2,767 37 160,000 106,000 2,859 188 MGM National Harbor Prince George’s County, MD 308 23 146,000 50,000 3,137 161 MGM Northfield Park Northfield, OH — 113 73,000 — 2,200 — Empire City Yonkers, NY — 41 137,000 — 4,671 — Subtotal 6,348 288 778,000 253,000 19,066 632

Total 32,435 744 1,535,000 3,562,000 27,309 1,137

(1) As of 12/31/2020. The information above reflects amenities prior to the temporary closure of the properties and subsequent re-opening of the properties without certain amenities as a result of the COVID- 19 pandemic and without giving effect to any COVID-19 mitigation procedures implemented at the properties. In addition, as a result of the enactment of certain health and safety measures in order to mitigate the effects of COVID-19, including measures to promote social distancing, table games (and seats available at table games), and slot machines available for play are currently limited. 14 (2) MGP owns a 50.1% interest in MGM Grand Las Vegas and Mandalay Bay.