CONDENSED CONSOLIDATING FINANCIAL INFORMATION | CONDENSED CONSOLIDATING FINANCIAL INFORMATION The Operating Partnership’s senior notes were co-issued Co-Issuer, Co-Issuer, The guarantee of a subsidiary guarantor will be automatically released upon (i) a sale or other disposition (including by way of consolidation or merger) of the subsidiary guarantor, or the capital stock of the subsidiary guarantor; (ii) the sale or disposition of all or substantially all of the assets of the subsidiary guarantor; (iii) the designation in accordance with the indenture of a subsidiary guarantor as an unrestricted subsidiary; (iv) at such time as such subsidiary guarantor is no longer a subsidiary guarantor or other obligor with respect to any credit facilities or capital markets indebtedness of the Operating Partnership; or (v) defeasance or discharge of the notes. CONSOLIDATING BALANCE SHEET INFORMATION September 30, 2019 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Real estate investments, net $ 507 $ — $ 10,893,614 $ — $ 10,894,121 Lease incentive asset — — 532,186 — 532,186 Cash and cash equivalents 153,526 — — — 153,526 Tenant and other receivables, net 463 — — — 463 Intercompany 1,169,999 — — (1,169,999 ) — Prepaid expenses and other assets 15,730 — 11,683 — 27,413 Investments in subsidiaries 10,126,379 — — (10,126,379 ) — Above market lease, asset — — 41,834 — 41,834 Operating lease right-of-use 477 — 279,543 — 280,020 Total assets $ 11,467,081 $ — $ 11,758,860 $ (11,296,378 ) $ 11,929,563 Debt, net 4,847,408 — — — 4,847,408 Due to MGM Resorts International and affiliates 298 — — — 298 Intercompany — — 1,169,999 (1,169,999 ) — Accounts payable, accrued expenses and other liabilities 58,457 — 1,480 — 59,937 Accrued interest 37,407 — — — 37,407 Dividend and distribution payable 138,730 — — — 138,730 Deferred revenue — — 95,306 — 95,306 Deferred income taxes, net — — 29,721 — 29,721 Operating lease liabilities 477 — 335,975 — 336,452 Total liabilities 5,082,777 — 1,632,481 (1,169,999 ) 5,545,259 General partner — — — — — Limited partners 6,384,304 — 10,126,379 (10,126,379 ) 6,384,304 Total partners’ capital 6,384,304 — 10,126,379 (10,126,379 ) 6,384,304 Total liabilities and partners’ capital $ 11,467,081 $ — $ 11,758,860 $ (11,296,378 ) $ 11,929,563 CONSOLIDATING BALANCE SHEET INFORMATION December 31, 2018 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Real estate investments, net $ 572 $ — $ 10,505,557 $ — $ 10,506,129 Cash and cash equivalents 3,995 — — — 3,995 Tenant and other receivables, net 26 — 7,642 — 7,668 Intercompany 841,179 — — (841,179 ) — Prepaid expenses and other assets 34,813 — — — 34,813 Investments in subsidiaries 9,790,350 — — (9,790,350 ) — Above market lease, asset — — 43,014 — 43,014 Assets held for sale — — 355,688 — 355,688 Total assets $ 10,670,935 $ — $ 10,911,901 $ (10,631,529 ) $ 10,951,307 Debt, net 4,666,949 — — — 4,666,949 Due to MGM Resorts International and affiliates 227 — — — 227 Intercompany — — 841,179 (841,179 ) — Accounts payable, accrued expenses and other liabilities 13,102 — 7,694 — 20,796 Above market lease, liability — — 46,181 — 46,181 Accrued interest 26,096 — — — 26,096 Dividend and distribution payable 119,055 — — — 119,055 Deferred revenue — — 163,926 — 163,926 Deferred income taxes, net — — 33,634 — 33,634 Liabilities related to assets held for sale — — 28,937 — 28,937 Total liabilities 4,825,429 — 1,121,551 (841,179 ) 5,105,801 General partner — — — — — Limited partners 5,845,506 — 9,790,350 (9,790,350 ) 5,845,506 Total partners’ capital 5,845,506 — 9,790,350 (9,790,350 ) 5,845,506 Total liabilities and partners’ capital $ 10,670,935 $ — $ 10,911,901 $ (10,631,529 ) $ 10,951,307 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Three Months Ended September 30, 2019 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 219,847 $ — $ 219,847 Tenant reimbursements and other — — 6,164 — 6,164 Total revenues — — 226,011 — 226,011 Expenses Depreciation 22 — 71,935 — 71,957 Property transactions, net — — 9,921 — 9,921 Ground lease and other reimbursable expenses — — 5,920 — 5,920 Acquisition-related expenses 92 — — — 92 General and administrative 4,476 — — — 4,476 Total expenses 4,590 — 87,776 — 92,366 Equity in earnings of subsidiaries 136,256 — — (136,256 ) — Other income (expense) Interest income 241 — — — 241 Interest expense (63,048 ) — — — (63,048 ) Other (306 ) — — — (306 ) (63,113 ) — — — (63,113 ) Income before income taxes 68,553 — 138,235 (136,256 ) 70,532 Provision for income taxes — — (1,979 ) — (1,979 ) Net income $ 68,553 $ — $ 136,256 $ (136,256 ) $ 68,553 Other comprehensive income Net income $ 68,553 $ — $ 136,256 $ (136,256 ) $ 68,553 Unrealized loss on cash flow hedges, net (19,270 ) — — — (19,270 ) Comprehensive income $ 49,283 $ — $ 136,256 $ (136,256 ) $ 49,283 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Three Months Ended September 30, 2018 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 186,564 $ — $ 186,564 Tenant reimbursements and other — — 30,095 — 30,095 Total revenues — — 216,659 — 216,659 Expenses Depreciation 45 — 63,423 — 63,468 Property transactions, net — — 339 — 339 Ground lease and other reimbursable expenses — — 29,168 — 29,168 Amortization of above market lease, net — — 171 — 171 Acquisition-related expenses 1,931 — — — 1,931 General and administrative 3,358 — — — 3,358 Total expenses 5,334 — 93,101 — 98,435 Equity in earnings of subsidiaries 129,568 — — (129,568 ) — Other income (expense) Interest income 5,452 — — (5,289 ) 163 Interest expense (58,743 ) — (5,289 ) 5,289 (58,743 ) Other (1,020 ) — — — (1,020 ) (54,311 ) — (5,289 ) — (59,600 ) Income from continuing operations before income taxes 69,923 — 118,269 (129,568 ) 58,624 Provision for income taxes — — (2,650 ) — (2,650 ) Income from continuing operations, net of tax 69,923 — 115,619 (129,568 ) 55,974 Income from discontinued operations, net of tax — — 13,949 — 13,949 Net income $ 69,923 $ — $ 129,568 $ (129,568 ) $ 69,923 Other comprehensive income Net income $ 69,923 $ — $ 129,568 $ (129,568 ) $ 69,923 Unrealized gain on cash flow hedges, net 4,736 — — — 4,736 Comprehensive income $ 74,659 $ — $ 129,568 $ (129,568 ) $ 74,659 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Nine Months Ended September 30, 2019 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 636,575 $ — $ 636,575 Tenant reimbursements and other — — 18,618 — 18,618 Total revenues — — 655,193 — 655,193 Expenses Depreciation 65 — 222,997 — 223,062 Property transactions, net — — 11,344 — 11,344 Ground lease and other reimbursable expenses — — 17,760 — 17,760 Acquisition-related expenses 8,891 — — — 8,891 General and administrative 12,305 — — — 12,305 Total expenses 21,261 — 252,101 — 273,362 Equity in earnings of subsidiaries 409,665 — — (409,665 ) — Other income (expense) Interest income 7,806 — — (5,617 ) 2,189 Interest expense (190,973 ) — (5,617 ) 5,617 (190,973 ) Other (806 ) — — — (806 ) (183,973 ) — (5,617 ) — (189,590 ) Income from continuing operations before income taxes 204,431 — 397,475 (409,665 ) 192,241 Provision for income taxes (1,745 ) — (4,026 ) — (5,771 ) Income from continuing operations, net of tax 202,686 — 393,449 (409,665 ) 186,470 Income from discontinued operations, net of tax — — 16,216 — 16,216 Net income $ 202,686 $ — $ 409,665 $ (409,665 ) $ 202,686 Other comprehensive income Net income $ 202,686 $ — $ 409,665 $ (409,665 ) $ 202,686 Unrealized loss on cash flow hedges, net (65,657 ) — — — (65,657 ) Comprehensive income $ 137,029 $ — $ 409,665 $ (409,665 ) $ 137,029 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Nine Months Ended September 30, 2018 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 559,690 $ — $ 559,690 Tenant reimbursements and other — — 93,198 — 93,198 Total revenues — — 652,888 — 652,888 Expenses Depreciation 87 — 199,846 — 199,933 Property transactions, net — — 18,851 — 18,851 Ground lease and other reimbursable expenses — — 90,435 — 90,435 Amortization of above market lease, net — — 514 — 514 Acquisition-related expenses 4,603 — — — 4,603 General and administrative 10,021 — — — 10,021 Total expenses 14,711 — 309,646 — 324,357 Equity in earnings of subsidiaries 346,758 — — (346,758 ) — Other income (expense) Interest income 7,762 — — (5,289 ) 2,473 Interest expense (157,249 ) — (5,289 ) 5,289 (157,249 ) Other (6,409 ) — — — (6,409 ) (155,896 ) — (5,289 ) — (161,185 ) Income from continuing operations before income taxes 176,151 — 337,953 (346,758 ) 167,346 Provision for income taxes — — (5,144 ) — (5,144 ) Income from continuing operations, net of tax 176,151 — 332,809 (346,758 ) 162,202 Income from discontinued operations, net of tax — — 13,949 — 13,949 Net income $ 176,151 $ — $ 346,758 $ (346,758 ) $ 176,151 Other comprehensive income Net income $ 176,151 $ — $ 346,758 $ (346,758 ) $ 176,151 Unrealized gain on cash flow hedges, net 27,372 — — — 27,372 Comprehensive income $ 203,523 $ — $ 346,758 $ (346,758 ) $ 203,523 CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Nine Months Ended September 30, 2019 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (762,230 ) $ — $ 677,713 $ — $ (84,517 ) Cash flows from investing activities Proceeds from Northfield OpCo Transaction 3,779 — — — 3,779 Net cash provided by investing activities 3,779 — — — 3,779 Cash flows from financing activities Net repayments under bank credit facility (566,813 ) — — — (566,813 ) Proceeds from issuance of debt 750,000 — — — 750,000 Deferred financing costs (9,983 ) — — — (9,983 ) Repayment of assumed bridge facility (245,950 ) — — — (245,950 ) Issuance of Operating Partnership units 699,362 — — — 699,362 Distributions paid (395,005 ) — — — (395,005 ) Cash received by Parent on behalf of Guarantor Subsidiaries, net 677,713 — (677,713 ) — — Other (1,342 ) — — — (1,342 ) Net cash provided by (used in) financing activities 907,982 — (677,713 ) — 230,269 Cash flows from discontinued operations, net Cash flows provided by operating activities, net — — 15,591 — 15,591 Cash flows used in investing activities, net — — (12 ) — (12 ) Cash flows used in financing activities, net — — (37,900 ) — (37,900 ) Net cash used in discontinued operations — — (22,321 ) — (22,321 ) Change in cash and cash equivalents classified as assets held for sale — — (22,321 ) — (22,321 ) Cash and cash equivalents Net increase for the period 149,531 — — — 149,531 Balance, beginning of period 3,995 — — — 3,995 Balance, end of period $ 153,526 $ — $ — $ — $ 153,526 CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Nine Months Ended September 30, 2018 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (149,511 ) $ — $ 574,348 $ — $ 424,837 Cash flows from investing activities Capital expenditures for property and equipment (191 ) — — — (191 ) Acquisition of Northfield (1,068,337 ) — — (1,068,337 ) Net cash used in investing activities (1,068,528 ) — — — (1,068,528 ) Cash flows from financing activities Net borrowings under bank credit facility 747,375 — — — 747,375 Deferred financing costs (17,490 ) — — — (17,490 ) Distributions paid (337,865 ) — — — (337,865 ) Cash received by Parent on behalf of Guarantor Subsidiaries 574,348 — (574,348 ) — — Net cash provided by (used in) financing activities 966,368 — (574,348 ) — 392,020 Cash flows from discontinued operations, net Cash flows provided by operating activities, net — — 8,250 — 8,250 Cash flows provided by investing activities, net — — 33,199 — 33,199 Cash flows used in financing activities, net — — — — — Net cash provided by discontinued operations — — 41,449 — 41,449 Cash flows from discontinued operations, net Change in cash and cash equivalents classified as assets held for sale — — 41,449 — 41,449 Cash and cash equivalents Net decrease for the period (251,671 ) — — — (251,671 ) Balance, beginning of period 259,722 — — — 259,722 Balance, end of period $ 8,051 $ — $ — $ — $ 8,051 | CONSOLIDATING FINANCIAL INFORMATION The Operating Partnership’s senior notes were co-issued Co-Issuer, Co-Issuer, The guarantee of a subsidiary guarantor will be automatically released upon (i) a sale or other disposition (including by way of consolidation or merger) of the subsidiary guarantor, or the capital stock of the subsidiary guarantor; (ii) the sale or disposition of all or substantially all of the assets of the subsidiary guarantor; (iii) the designation in accordance with the indenture of a subsidiary guarantor as an unrestricted subsidiary; (iv) at such time as such subsidiary guarantor is no longer a subsidiary guarantor or other obligor with respect to any credit facilities or capital markets indebtedness of the Operating Partnership; or (v) defeasance or discharge of the notes. CONSOLIDATING BALANCE SHEET INFORMATION December 31, 2018 Operating Guarantor Partnership Co-Issuer Subsidiaries Eliminations Consolidated (in thousands) Real estate investments, net $ 572 $ — $ 10,505,557 $ — $ 10,506,129 Cash and cash equivalents 3,995 — — — 3,995 Tenant and other receivables, net 26 — 7,642 — 7,668 Intercompany 841,179 — — (841,179 ) — Prepaid expenses and other assets 34,813 — — — 34,813 Investments in subsidiaries 9,790,350 — — (9,790,350 ) — Above market lease, asset — — 43,014 — 43,014 Assets held for sale — — 355,688 — 355,688 Total assets $ 10,670,935 $ — $ 10,911,901 $ (10,631,529 ) $ 10,951,307 Debt, net 4,666,949 — — — 4,666,949 Due to MGM Resorts International and affiliates 227 — — — 227 Intercompany — — 841,179 (841,179 ) — Accounts payable, accrued expenses, and other liabilities 13,102 — 7,694 — 20,796 Above market lease, liability — — 46,181 — 46,181 Accrued interest 26,096 — — — 26,096 Distribution payable 119,055 — — — 119,055 Deferred revenue — — 163,926 — 163,926 Deferred income taxes, net — — 33,634 — 33,634 Liabilities related to assets held for sale — — 28,937 — 28,937 Total liabilities 4,825,429 — 1,121,551 (841,179 ) 5,105,801 General partner — — — — — Limited partners 5,845,506 — 9,790,350 (9,790,350 ) 5,845,506 Total partners’ capital 5,845,506 — 9,790,350 (9,790,350 ) 5,845,506 Total liabilities and partners’ capital $ 10,670,935 $ — $ 10,911,901 $ (10,631,529 ) $ 10,951,307 CONSOLIDATING BALANCE SHEET INFORMATION December 31, 2017 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Real estate investments, net $ 488 $ — $ 10,021,450 $ — $ 10,021,938 Cash and cash equivalents 259,722 — — — 259,722 Tenant and other receivables, net 299 — 6,086 — 6,385 Intercompany 1,383,397 — — (1,383,397 ) — Prepaid expenses and other assets 18,487 — — — 18,487 Investments in subsidiaries 8,479,388 — — (8,479,388 ) — Above market lease, asset — — 44,588 — 44,588 Total assets $ 10,141,781 $ — $ 10,072,124 $ (9,862,785 ) $ 10,351,120 Debt, net 3,934,628 — — — 3,934,628 Due to MGM Resorts International and affiliates 962 — — — 962 Intercompany — — 1,383,397 (1,383,397 ) — Accounts payable, accrued expenses, and other liabilities 4,154 — 6,086 — 10,240 Above market lease, liability — — 47,069 — 47,069 Accrued interest 22,565 — — — 22,565 Distribution payable 111,733 — — — 111,733 Deferred revenue — — 127,640 — 127,640 Deferred income taxes, net — — 28,544 — 28,544 Total liabilities 4,074,042 — 1,592,736 (1,383,397 ) 4,283,381 General partner — — — — — Limited partners 6,067,739 — 8,479,388 (8,479,388 ) 6,067,739 Total partners’ capital 6,067,739 — 8,479,388 (8,479,388 ) 6,067,739 Total liabilities and partners’ capital $ 10,141,781 $ — $ 10,072,124 $ (9,862,785 ) $ 10,351,120 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2018 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 746,253 $ — $ 746,253 Tenant reimbursements and other — — 123,242 — 123,242 — — 869,495 — 869,495 Expenses Depreciation 108 — 266,514 — 266,622 Property transactions, net — — 20,319 — 20,319 Reimbursable expenses — — 119,531 — 119,531 Amortization of above market lease, net — — 686 — 686 Acquisition-related expenses 6,149 — — — 6,149 General and administrative 16,048 — — — 16,048 22,305 — 407,050 — 429,355 (22,305 ) — 462,445 — 440,140 Equity in earnings of subsidiaries 476,353 — — (476,353 ) — Other income (expense) Interest income 13,377 — — (10,876 ) 2,501 Interest expense (215,532 ) — (10,876 ) 10,876 (215,532 ) Other (7,191 ) — — — (7,191 ) (209,346 ) — (10,876 ) — (220,222 ) Income (loss) from continuing operations before income taxes 244,702 — 451,569 (476,353 ) 219,918 Provision for income taxes — — (5,779 ) — (5,779 ) Income from continuing operations, net of tax $ 244,702 $ — $ 445,790 $ (476,353 ) $ 214,139 Income from discontinued operations, net of tax (Note 3) — — 30,563 — 30,563 Net income (loss) $ 244,702 $ — $ 476,353 $ (476,353 ) $ 244,702 Other comprehensive income (loss) Net income (loss) 244,702 — 476,353 (476,353 ) 244,702 Unrealized gain on cash flow hedges 4,128 — — — 4,128 Comprehensive income (loss) $ 248,830 $ — $ 476,353 $ (476,353 ) $ 248,830 CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2018 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (210,132 ) $ — $ 766,933 $ — $ 556,801 Cash flows from investing activities Capital expenditures for property and equipment (192 ) — — — (192 ) Acquisition of Northfield, net of cash acquired (1,068,336 ) — — — (1,068,336 ) Net cash provided by (used in) investing activities (1,068,528 ) — — — (1,068,528 ) Cash flows from financing activities Net borrowings (repayments) under bank credit facility 727,750 — — — 727,750 Deferred financing costs (17,490 ) — — — (17,490 ) Distributions paid (454,260 ) — — — (454,260 ) Cash received by Parent on behalf of Guarantor Subsidiaries 766,933 — (766,933 ) — — Net cash provided by (used in) financing activities 1,022,933 — (766,933 ) — 256,000 Cash flows from discontinued operations Cash flows from operating activities — — 23,406 23,406 Cash flows from investing activities — — 32,416 32,416 Cash flows from financing activities — — — — Net cash from discontinued operations — — 55,822 — 55,822 Cash and cash equivalents Net increase (decrease) for the period, including cash and cash equivalents classified as held for sale (255,727 ) — 55,822 — (199,905 ) Less: change in cash and cash equivalents classified as held for sale — — 55,822 — 55,822 Net increase (decrease) for the period (255,727 ) — — — (255,727 ) Balance, beginning of period 259,722 — — — 259,722 Balance, end of period $ 3,995 $ — $ — $ — $ 3,995 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2017 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 675,089 $ — $ 675,089 Tenant reimbursements and other — — 90,606 — 90,606 — — 765,695 — 765,695 Expenses Depreciation — — 260,455 — 260,455 Property transactions, net — — 34,022 — 34,022 Reimbursable expenses — — 88,254 — 88,254 Amortization of above market lease, net — — 686 — 686 Acquisition-related expenses 17,304 — — — 17,304 General and administrative 12,189 — — — 12,189 29,493 — 383,417 — 412,910 (29,493 ) — 382,278 — 352,785 Equity in earnings of subsidiaries 377,372 — — (377,372 ) — Other income (expense) Interest income 3,907 — — — 3,907 Interest expense (184,175 ) — — — (184,175 ) Other (1,621 ) — — — (1,621 ) (181,889 ) — — — (181,889 ) Income (loss) before income taxes 165,990 — 382,278 (377,372 ) 170,896 Provision for income taxes — — (4,906 ) — (4,906 ) Net income (loss) $ 165,990 $ — $ 377,372 $ (377,372 ) $ 165,990 Other comprehensive income (loss) Net income (loss) 165,990 — 377,372 (377,372 ) 165,990 Unrealized gain on cash flow hedges 9,782 — — — 9,782 Comprehensive income (loss) $ 175,772 $ — $ 377,372 $ (377,372 ) $ 175,772 CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2017 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (198,925 ) $ — $ 681,503 $ — $ 482,578 Cash flows from investing activities Capital expenditures for property and equipment funded by Parent (488 ) — — — (488 ) MGM National Harbor transaction (462,500 ) — — — (462,500 ) Net cash used in investing activities (462,988 ) — — — (462,988 ) Cash flows from financing activities Proceeds from issuance of debt 350,000 — — — 350,000 Deferred financing costs (5,598 ) — — — (5,598 ) Repayment of assumed debt (425,000 ) — — — (425,000 ) Repayment of debt principal (41,875 ) — — — (41,875 ) Proceeds from purchase of Operating Partnership units by MGP 387,548 — — — 387,548 Distributions paid (385,435 ) — — — (385,435 ) Cash received by Parent on behalf of Guarantor Subsidiaries 681,503 — (681,503 ) — — Net cash provided by (used in) financing activities 561,143 — (681,503 ) — (120,360 ) Cash and cash equivalents Net decrease for the period (100,770 ) — — — (100,770 ) Balance, beginning of period 360,492 — — — 360,492 Balance, end of period $ 259,722 $ — $ — $ — $ 259,722 CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME INFORMATION Year Ended December 31, 2016 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Revenues Rental revenue $ — $ — $ 419,239 $ — $ 419,239 Tenant reimbursements and other — — 48,309 — 48,309 — — 467,548 — 467,548 Expenses Depreciation — — 220,667 — 220,667 Property transactions, net — — 4,684 — 4,684 Reimbursable expenses — — 68,063 — 68,063 Amortization of above market lease, net — — 286 — 286 Acquisition-related expenses 10,178 — — — 10,178 General and administrative 9,896 — — — 9,896 20,074 — 293,700 — 313,774 (20,074 ) — 173,848 — 153,774 Equity in earnings of subsidiaries 171,584 — — (171,584 ) — Other income (expense) Interest income 774 — — — 774 Interest expense (116,212 ) — — — (116,212 ) Other (726 ) — — — (726 ) (116,164 ) — — — (116,164 ) Income (loss) before income taxes 35,346 — 173,848 (171,584 ) 37,610 Provision for income taxes — — (2,264 ) — (2,264 ) Net income (loss) $ 35,346 $ — $ 171,584 $ (171,584 ) $ 35,346 Other comprehensive income (loss) Net income (loss) 35,346 — 171,584 (171,584 ) 35,346 Unrealized gain on cash flow hedges 1,879 — — — 1,879 Comprehensive income (loss) $ 37,225 $ — $ 171,584 $ (171,584 ) $ 37,225 CONSOLIDATING STATEMENT OF CASH FLOWS INFORMATION Year Ended December 31, 2016 Operating Co-Issuer Guarantor Eliminations Consolidated (in thousands) Cash flows from operating activities Net cash provided by (used in) operating activities $ (99,884 ) $ — $ 397,665 $ — $ 297,781 Cash flows from investing activities Capital expenditures for property and equipment funded by Parent — — (138,987 ) — (138,987 ) Net cash used in investing activities — — (138,987 ) — (138,987 ) Cash flows from financing activities Proceeds from issuance of debt 3,700,000 — — — 3,700,000 Deferred financing costs (77,163 ) — — — (77,163 ) Repayment of bridge facilities (4,544,850 ) — — — (4,544,850 ) Repayment of debt principal (16,750 ) — — — (16,750 ) Proceeds from purchase of Operating Partnership units by MGP 1,132,468 — — — 1,132,468 Distributions paid (150,829 ) — — — (150,829 ) Cash received by Parent on behalf of Guarantor Subsidiaries 417,500 — (417,500 ) — — Net cash transfers from Parent — — 158,822 — 158,822 Net cash provided by (used in) financing activities 460,376 — (258,678 ) — 201,698 Cash and cash equivalents Net increase for the period 360,492 — — — 360,492 Balance, beginning of period — — — — — Balance, end of period $ 360,492 $ — $ — $ — $ 360,492 |