UPDATE: Land and Buildings Issues Statement in Response to Filing of MGM Resorts Proxy

Today Land and Buildings issued the following statement in response to the filing of a preliminary proxy statement from MGM Resorts International

("MGM" or the "Company"): "Land and Buildings is disappointed by MGM's decision to exclude our four highly-qualified nominees from their proxy, which we believe sends a clear signal that the Board would prefer to take part in a contentious situation rather than work collaboratively to reach a solution that is in the best interests of all shareholders. Further, though we offered to make each of our nominees available to meet with MGM's Nominating/Corporate Governance Committee, the Board elected to ignore this offer and reject our nominees without engaging in a dialogue with them. "Since we issued our presentation on March 17^th highlighting why Land and Buildings believes that MGM is undervalued and how that substantial discount to real estate value can be best be unlocked, more than $1.5 billion of shareholder value^1 has been created by the market response to our ideas, in our view. We believe this reaction, in addition to what we have heard from conversations with other shareholders, demonstrates significant support for our plan and a desire among a large number of existing and new shareholders for the Board to utilize the highly relevant and extensive experience possessed by our nominees. "Our hope remains that we can work collaboratively with the Board and management of MGM to reach a mutually beneficial path forward. However, at this time the Company is demonstrating a distinct lack of urgency in their desire to work with us, which we find discouraging. We believe that the voice of shareholders must be heard, and as a result we have no choice other than to file our own proxy statement in the near future." Land and Buildings would also remind shareholders that the Record Date for the Company's 2015 Annual Meeting is March 30th. As a result, shareholders may need to take steps with their custodial banks and brokerage firms to ensure that they have the ability to vote their shares at the upcoming 2015 Annual Meeting. MGM shareholders should pay particular attention to any shares presently held in swap arrangements or in margin accounts. In order to ensure that shareholders have the ability to vote their shares, they should consider beginning the process of promptly unwinding any swap accounts to allow sufficient time before the record date. Land and Buildings also reminds MGM shareholders that any shares held in margin accounts that may be loaned by a broker will need to be moved into a cash account in advance of the record date if shareholders want to vote their shares. Land and Buildings' presentation on MGM Resorts International is available at www.landandbuildings.com.