Supplemental Financial & Operating Data Q3 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 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

Master Lease Summary 12

Transaction Activity 13

Portfolio Overview 14-15 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 gaming, , 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 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 Las Vegas, 89135 of September 30, 2020, our destination resorts, the Park, Empire Resort Phone: (702) 669-1480 Casino, and MGM Northfield Park collectively comprised approximately IR Contact: [email protected] 32,400 hotel rooms, 1.5 million casino square footage, and 3.6 million Media: [email protected] 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 additional Transfer Agent 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 September 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 18 dividends paid to date

September 30, 2020 Credit Ratings S&P / Moody’s / Fitch Closing price $27.98 MGP Unsecured Rating BB- / B1 / BB+ Shares and units outstanding (1) 303,467,998 MGP Secured Rating BB- / Ba3 / BB+

Total Equity Value $8,491,034,584 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 3Q 2020 Financial Highlights

Three Months Ended September 30, 2020

. Rental Revenue of $188.3 million

. Net Income of $97.4 million, or $0.321 per diluted OP unit

. Funds from Operations of $166.1 million, or $0.551 per diluted OP unit

. Adjusted Funds from Operations of $173.5 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 9/30/2020 ($ in millions) Per Diluted Unit Rental Revenue $188.3 -- Net Income $97.4 $0.32 Funds From Operations $166.1 $0.55 Adjusted Funds From Operations $173.5 $0.57 Adjusted EBITDA $240.6 --

(1) Diluted weighted average operating partnership units outstanding as of September 30, 2020: 303,712,557 5 (2) Based on MGP’s 50.1% ownership of the Joint Venture that owns the real estate of MGM Grand Las Vegas and Consolidated Statements of Operations

Three Months Ended ($ in millions) 9/30/2020 9/30/2019 Revenues Rental revenue $ 188.3 $ 219.8 Ground lease and other 6.0 6.2 Total Revenues 194.3 226.0 Expenses Depreciation $58.2 $72.0 Property transactions, net 0.0 9.9 Ground lease expense 5.9 5.9 Acquisition-related expenses 0.0 0.1 General and administrative 3.5 4.5 Total Expenses 67.6 92.4 Other income (expense) Income from unconsolidated affiliate $25.2 -- Interest income 0.5 0.2 Interest expense (60.0) (63.0) Gain on unhedged interest rate sw aps, net 7.7 -- Other (0.0) (0.3) (26.6) (63.1) Income before income taxes 100.1 70.5 Provision for income taxes (2.7) (2.0) Net Income 97.4 68.6 Less: Net (income) loss attributable to noncontrolling interest (54.0) (46.0) Net (income) loss attributable to Class A shareholders $43.4 $22.5 Weighted average Class A shares outstanding: Basic 131,567,362 93,165,443 Diluted 131,699,969 93,322,940 Earnings per share attributable to Class A shareholders: Basic $ 0.34 $ 0.24 Diluted $ 0.34 $ 0.24

6 Non-GAAP Financial Measures

($ in millions) Three Months Ended Reconciliation of Non-GAAP Financial Measures: 9/30/2020 9/30/2019 Net income (loss) $97.4 $68.6 Depreciation 58.2 72.0 Share of depreciation of unconsolidated affiliate 10.5 -- Property transactions, net – 9.9 Funds From Operations (FFO) $166.1 $150.4 FFO per Diluted Operating Partnership Unit $0.55 $0.51

Amortization of financing costs and cash flow hedges 6.0 3.4 Share of amortization of financing costs of unconsolidated affiliate 0.1 -- Non-cash compensation expense 0.6 0.5 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 4.5 Acquisition-related expenses – 0.1 Non-cash ground lease rent, net 0.3 0.3 Other expenses 0.1 0.3 Gain on unhedged interest rate sw aps, net (7.7) -- Provision for income taxes 2.7 2.0 Adjusted Funds From Operations (AFFO) $173.5 $173.1 AFFO per Diluted Operating Partnership Unit $0.57 $0.59

Interest income (0.5) (0.2) Interest expense 60.0 63.0 Share of interest expense of unconsolidated affiliate 13.7 -- Amortization of financing costs and cash flow hedges (6.0) (3.4) Share of amortization of financing costs of unconsolidated affiliate (0.1) -- Adjusted EBITDA $240.6 $232.6

7 Consolidated Balance Sheets

($ in millions) 9/30/2020 12/31/2019 ASSETS Real estate investments, net $ 8,369 $ 10,828 Lease incentive asset 512 527 Investment in unconsolidated affiliate 808 -- Cash and cash equivalents 655 202 Prepaid expenses and other assets 27 32 Above market lease, asset 40 41 Operating lease right-of-use assets 281 280 Total assets $10,692 $10,910 LIABILITIES, REDEEM ABLE NONCONTROLLING INTEREST, AND SHAREHOLDERS' EQUITY Liabilities Debt, net $ 3,516 $ 4,307 Due to MGM Resorts International and affiliates 0 1 Accounts payable, accrued expenses and other liabilities 140 37 Accrued interest 51 43 Dividend and distribution payable 148 147 Deferred revenue 144 109 Deferred income taxes, net 30 30 Operating lease liabilities 340 338 Total liabilities 4,369 5,012 Redeemable noncontrolling interest 700 -- Shareholders' equity Class A shares: no par value, 1,000,000,000 shares authorized, 131,455,410 and 113,806,820 -- -- shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively Additional paid-in capital 2,971 2,766 Accumulated deficit (400) (244) Accumulated other comprehensive loss (53) (7) Total Class A shareholders' equity 2,518 2,515 Noncontrolling interest 3,105 4,383 Total shareholders' equity 5,623 6,898 Total liabilities, redeemable noncontrolling interest, and shareholders' equity $ 10,692 $ 11,910 8 Consolidated Debt Summary

Interest Rate as Weighted Avg. Yrs ($ in millions) Maturity Date Balance of 9/30/2020 until Maturity Senior Secured Credit Facility 1 Revolving Credit Facility 6/1/2023 $100 L+175 2.7 Years Senior Unsecured Notes 5.625% Notes Due 2024 5/1/2024 1,050 5.625% 3.6 Years 4.625% Notes Due 2025 6/15/2025 800 4.625% 4.7 Years 4.500% Notes Due 2026 9/1/2026 500 4.500% 5.9 Years 5.750% Notes Due 2027 2/1/2027 750 5.750% 6.3 Years 4.500% Notes Due 2028 1/15/2028 350 4.500% 7.3 Years Principal amount $3,550 5.1 Years Unamortized discount and debt issuance costs (34) Carrying Value $3,516

Maturity Schedule

$1,250

$1,050 $800 $750 $500 $350 $100 2021 2022 2023 2024 2025 2026 2027 2028 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 9/30/2020 Credit Facility $100 Senior Unsecured Notes 3,450

MGP Pro Rata Share of Joint Venture Debt1 1,503 Pro Rata Total Debt $5,053

Equity Shares / Units Share Price Market Value Class A Shares (NYSE: MGP) 131.5 $27.98 $3,678 Fixed Rate Debt MGM OP Units 172.0 $27.98 4,813 Equity Value 62.7% 37.3% Total Equity $8,491

Total Capitalization $13,544 Pro Rata Debt / Total Capitalization 37.3%

Consolidated Liquidity as of September 30,2020 Cash and Cash Equivalents $655.2 Total Revolver Capacity 1,350.0 Drawn Amounts on Revolver (100.0)

Total Liquidity $1,905.2

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 September 30, 2020 Wholly Owned Joint Venture Pr o Rata

Reconciliation of Non-GAAP Financial Measures: Net income $72 $25 $97 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 (8) – (8) Provision for income taxes 3 – 3 Interest income (1) – (1) Interest expense 60 – 60 Share of interest expense of unconsolidated affiliate – 14 14

Adjusted EBITDA $204 $37 $241 x 4 x 4 x 4 Annualized Adjusted EBITDA $817 $146 $963

Pro Rata Net Leverage: Total principal amount of debt $3,550 – $3,550 Less: Cash and cash equivalents (655) – (655) Plus: 50.1% of joint venture net debt – 1,503 1,503 Pr o Rata Ne t De bt $2,895 $1,503 $4,398

Pro Rata Net Leverage 3.5x 65% LTV 4.6x

11 Summary of Master Leases

MGM Resorts International Master Lease . Adjusted Annualized Rent of $828 million Fixed Rent ($ in millions) Variable Rent  2% Escalator on $750 million of $828 million $843 $828  ~$15 million expected annual rent increase on 4/1/2021 $78 . 2% Escalator Fixed through 4/1/2022 $78  2% Escalator thereafter subject to annual revenue to rent hurdle  Percentage rent on $78 million of $828 million $765  1st Adjustment in 2022 based on average Net Revenue of $750 the lease properties for prior 5 year period . 30 year total term  10 year Initial with (4) 5-Year Extensions1 Current Year +1 Joint Venture Master Lease . Adjusted Annualized Rent of $292 million Fixed Rent  100% fixed rent  2% Escalator on $292 million of rent  ~$6 million expected annual rent increase on 2/14/2021  Annual escalator of 2% in years 1-15 and the greater of 2% or CPI thereafter (3% cap) $298 $292 . 50 year total term  30 year Initial with (2) 10-Year Extensions . Joint Venture ownership: 50.1% by MGP and 49.9% by Blackstone Real Estate Income Trust Current Year +1

12 (1) Applies to all properties with certain exceptions for MGM National Harbor as detailed in our 10-K filing as of 2/27/2020 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 13 (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

1

New York, NY Detroit, MI

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

Biloxi, MS

1

Las Vegas Assets Regional Assets ROFO Assets2

Park MGM (1) MGP owns a 50.1% interest in MGM Grand Las Vegas and Mandalay Bay 14 (2) MGP has a right of first offer on MGM Springfield and future Empire City Developments Property Stats (1)

Hotel Casino Convention Slot Table Property Location Rooms Acres Sq. Ft. Sq. Ft. Machines Games MGM Grand Las Vegas2 Las Vegas, NV 4,993 102 169,000 890,000 1,553 128 Mandalay Bay2 Las Vegas, NV 4,750 124 152,000 2,121,000 1,232 71 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 , 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 3,349,000 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 Tunica, MS 1,133 24 48,000 17,000 1,183 68 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 3,602,000 27,309 1,137

(1) As of 12/31/2019. 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. 15 (2) MGP owns a 50.1% interest in MGM Grand Las Vegas and Mandalay Bay. MGM Grand Las Vegas hotel room count excludes 1,078 rooms at The Signature at MGM Grand Las Vegas