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Non-GAAP Financial Measures” As Defined in Regulation G Under the Securities Exchange Act of 1934, As Amended

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Non-GAAP Financial Measures” As Defined in Regulation G Under the Securities Exchange Act of 1934, As Amended Supplemental Financial & Operating Data Q2 2021 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 the closing of the pending transaction with VICI Properties, Inc. (the “VICI Transaction”) and the Springfield transaction and any benefits expected to be received from such transactions and the Company’s ability to further grow its dividend and add to 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. Note: Enumerated amounts presented in tables and statements may not always agree with the calculated sum of the related line items due to rounding differences. The aim is for each line item to agree with its source and therefore there may be rounding differences affecting the total when adding up the presented line items. 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, 1.6 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 June 2021 MGP’s Class A Shares are traded on the New York Stock Exchange under . Current annualized dividend of $2.06 per share the symbol “MGP”. Increased dividend 13 out of the 21 dividends paid to date June 30, 2021 Credit Ratings S&P / Moody’s / Fitch Closing price $36.62 MGP Unsecured Rating BB- / B1 / BB+ Shares and units outstanding (1) 268,018,385 MGP Secured Rating BB / Ba3 / BBB- Total Equity Value $9,814,833,259 MGP Corporate Family Rating B+ / 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 2Q 2021 Financial Highlights Three Months Ended June 30, 2021 . Consolidated Rental Revenue of $188.3 million . Consolidated Net Income of $73.7 million, or $0.281 per diluted OP unit . Consolidated Funds from Operations of $142.0 million, or $0.531 per diluted OP unit . Consolidated Adjusted Funds from Operations of $171.8 million, or $0.651 per diluted OP unit . Annualized Dividend of $2.06 per total OP units & Class A shares outstanding . Cash rent payments received by MGP and Joint Venture: Master Lease Cash Rent of $211 million Share of Joint Venture Lease Cash Rent of $37 million2 MGM Growth Properties 1 Quarter Ended 6/30/2021 ($ in millions) Per Diluted Unit Consolidated Rental Revenue $188.3 -- Consolidated Net Income $73.7 $0.28 Consolidated Funds From Operations $142.0 $0.53 Consolidated Adjusted Funds From Operations $171.8 $0.65 Consolidated Adjusted EBITDA $244.3 -- (1) Diluted weighted average operating partnership units outstanding as of June 30, 2021: 265,919,959 5 (2) Based on MGP’s 50.1% ownership of the Joint Venture that owns the real estate of MGM Grand Las Vegas and Mandalay Bay Consolidated Statements of Operations Three Months Ended ($ in millions, except share and per share amounts) 6/30/2021 3 6/30/2020 Revenues Rental revenue $ 188.3 $ 188.3 Ground lease and other 6.0 6.0 Total Revenues 194.3 194.3 Expenses Depreciation $57.8 $58.4 Property transactions, net 0.0 (0.1) Ground lease expense and other 5.9 5.9 Acquisition-related expenses 0.3 0.4 General and administrative 4.3 3.7 Total Expenses 68.3 68.3 Other income (expense) Income from unconsolidated affiliate $25.3 $25.5 Interest income 0.1 2.3 Interest expense (68.7) (55.4) Gain (loss) on unhedged interest rate sw aps, net (6.5) 1.6 Other (0.7) (0.4) (50.6) (26.5) Income (loss) before income taxes 75.5 99.5 Provision for income taxes (1.8) (2.5) Net Income (loss) 73.7 97.0 Less: Net (income) loss attributable to noncontrolling interest (29.8) (56.0) Net Income (loss) attributable to Class A Shareholders $43.9 $41.0 Weighted average Class A shares outstanding: Basic 154,366,954 131,526,763 Diluted 154,547,202 131,637,018 Earnings per share attributable to Class A shareholders: Basic $ 0.28 $ 0.30 Diluted $ 0.28 $ 0.30 6 Non-GAAP Financial Measures ($ in millions, except share and per share amounts) Three Months Ended Reconciliation of Non-GAAP Financial Measures: 6/30/2021 6/30/2020 Net income (loss) $73.7 $97.0 Depreciation 57.8 58.4 Share of depreciation of unconsolidated affiliate 10.5 10.6 Property transactions, net 0.0 (0.1) Funds From Operations (FFO) $142.0 $165.9 FFO per Diluted Operating Partnership Unit $0.53 $0.52 Amortization of financing costs and cash flow hedges 9.6 3.8 Share of amortization of financing costs of unconsolidated affiliate 0.1 0.1 Non-cash compensation expense 0.8 0.6 Straight-line rental revenues, excluding lease incentive asset 17.4 13.6 Share of straight-line rental revenues of unconsolidated affiliate (12.1) (12.9) Amortization of lease incentive asset and deferred revenue on
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