Exhibit 99.1
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MGM GROWTH PROPERTIES REPORTS FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS
Las Vegas, Nevada, February 14, 2019
– MGM Growth Properties LLC (“MGP” or the “Company”) (NYSE: MGP) today reported financial results for the quarter and year ended December 31, 2018 for its real estate investment trust (“REIT”) operations and its taxable REIT subsidiary (“TRS”) operations. Net income attributable to MGP Class A shareholders for the quarter was $18.6 million, or $0.26 per dilutive share and for the year ended December 31, 2018 was $67.1 million, or $0.94 per dilutive share.
Financial highlights for the fourth quarter of 2018:
Rental revenue was $186.6 million;
Consolidated net income was $68.6 million, or $0.26 per diluted Operating Partnership unit, which consisted of $54.5 million of net income from the REIT and $14.0 million of net income from the TRS;
Funds From Operations(1) (“FFO”) was $133.5 million, or $0.50 per diluted Operating Partnership unit;
Adjusted Funds From Operations(2) (“AFFO”) was $152.4 million, or $0.57 per diluted Operating Partnership unit;
Adjusted EBITDA(3) was $209.7 million; and
General and administrative expenses were $6.1 million, which included $2.9 million of costs incurred for transactions that did not sign or close.
Financial highlights for the year ended December 31, 2018:
Rental revenue was $746.3 million;
Consolidated net income was $244.7 million for the year, or $0.92 per diluted Operating Partnership unit, which consisted of $218.4 million of net income from the REIT and $26.3 million of net income from the TRS;
FFO was $526.2 million for the year, or $1.98 per diluted Operating Partnership unit;
AFFO was $593.4 million for the year, or $2.23 per diluted Operating Partnership unit;
Adjusted EBITDA was $797.7 million for the year; and
General and administrative expenses were $16.2 million.

On December 20, 2018, the Company entered into a definitive agreement with MGM Resorts International (“MGM Resorts”) whereby the Company will pay MGM Resorts consideration of $637.5 million for renovations undertaken by MGM Resorts regarding the Park MGM and NoMad Las Vegas property. In connection with the closing of the transaction, the existing master lease agreement between a subsidiary of MGP and a subsidiary of MGM Resorts (the “Master Lease”) will be amended to provide that the annual rent payment from MGM Resorts will increase by $50.0 million, prorated for the remainder of the lease year. Consistent with the Master Lease terms, 90% of the increased rent will be fixed and will contractually grow at 2% per year until 2022.  The transaction is expected to close in the first quarter of 2019 and is subject to customary closing conditions. 

On January 29, 2019, the Company acquired the real property associated with the Empire City Casino’s race track and casino ("Empire City") from MGM Resorts in exchange for the issuance of 12.9 million Operating Partnership units to a subsidiary of MGM Resorts and the assumption of $246.0 million of debt, which was immediately repaid at closing. Empire City was added to the existing Master Lease between the Landlord and the Tenant and as a result the annual rent payment increased by $50 million, prorated for the remainder of the lease year.


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The following information was filed by Mgm Growth Properties Operating Partnership Lp on Thursday, February 14, 2019 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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