Exhibit 99.1
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MGM GROWTH PROPERTIES REPORTS FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS
Las Vegas, Nevada, February 14, 2020
– MGM Growth Properties LLC (“MGP” or the “Company”) (NYSE: MGP) today reported financial results for the quarter and year ended December 31, 2019. Net income attributable to MGP Class A shareholders for the quarter was $25.9 million, or $0.25 per dilutive share, and for the year ended December 31, 2019 was $90.3 million, or $0.97 per dilutive share.
Financial highlights for the fourth quarter of 2019:
Rental revenue was $219.8 million;
Consolidated net income was $72.9 million, or $0.24 per diluted Operating Partnership unit;
Funds From Operations(1) (“FFO”) was $144.0 million, or $0.47 per diluted Operating Partnership unit;
Adjusted Funds From Operations(2) (“AFFO”) was $177.5 million, or $0.58 per diluted Operating Partnership unit;
Adjusted EBITDA(3) was $233.0 million; and
General and administrative expenses were $4.2 million.
Financial highlights for the year ended December 31, 2019:
Rental revenue was $856.4 million;
Consolidated net income was $275.6 million for the year, or $0.94 per diluted Operating Partnership unit;
FFO was $581.1 million for the year, or $1.98 per diluted Operating Partnership unit;
AFFO was $685.7 million for the year, or $2.33 per diluted Operating Partnership unit;
Adjusted EBITDA was $922.8 million for the year; and
General and administrative expenses were $16.5 million.

On January 14, 2020, the Operating Partnership entered into a definitive agreement with Blackstone Real Estate Income Trust, Inc. pursuant to which the real estate assets of MGM Grand Las Vegas and Mandalay Bay will be contributed to a newly formed entity (“MGP BREIT Venture”), which, following the transactions, will be owned 50.1% by the Company and 49.9% by BCORE Windmill Parent LLC. In exchange for the contribution of the Mandalay Bay real estate assets, the Operating Partnership will receive consideration of approximately $2.1 billion, comprised of $1.3 billion of the Operating Partnership’s secured indebtedness to be assumed by MGP BREIT Venture, the Operating Partnership’s 50.1% equity interest in the MGP BREIT Venture, and the remainder in cash. In addition, MGM will receive approximately $2.4 billion of cash distributed from MGP BREIT Venture as consideration for its contribution of the MGM Grand Las Vegas assets, and, additionally, the Operating Partnership will issue operating partnership units to MGM equal to 5% of the equity value of the MGP BREIT Venture.
Mandalay Bay and MGM Grand Las Vegas will be leased back to a subsidiary of MGM pursuant to a triple net master lease with an initial base rent of $292 million for a term of thirty years with two ten-year renewal options.
Finally, the Operating Partnership will also enter into an agreement with MGM to deliver cash for up to $1.4 billion of MGM’s existing Operating Partnership units for a period of 24 months post-closing should MGM elect to have any units redeemed.

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The following information was filed by Mgm Growth Properties Operating Partnership Lp on Friday, February 14, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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