ex99_1.htm

Based on sales to date and transactions in escrow, the Company has achieved approximately 60% of its previously stated $2.0 billion asset disposition goal. Proceeds from sales to the Company during the quarter were $195.0 million.

Second Quarter 2007 Financial Results

Funds from Operations (FFO) available to common shareholders for the quarter ended June 30, 2007 was $(2.4) million, or $(0.05) excluding a $33.9 million gain on sale of real estate ($0.62 per diluted share), compared to FFO available to common shareholders of $18.8 million or $0.41 per diluted share, for the quarter ended June 30, 2006.

FFO available to common shareholders for the quarter ended June 30, 2007 was impacted by a non-recurring $17.2 million charge from early repayment of debt primarily related to the EOP transaction. Excluding that loss on extinguishment of debt, FFO would have been $0.27 per diluted share for the quarter ended June 30, 2007.

Net loss available to common shareholders for the quarter ended June 30, 2007 was $24.4 million, or $0.52 per diluted share, compared to net loss available to common shareholders of $14.5 million, or $0.31 per diluted share, for the quarter ended June 30, 2006.

The weighted average number of diluted common shares outstanding for the quarter ended June 30, 2007 was 46,678,583 (46,891,402 for purposes of calculating diluted FFO per share available to common shareholders) and the average number of diluted common shares outstanding for the quarter ended June 30, 2006 was 46,290,201.

As of June 30, 2007, the Company has whole or partial interests in 35.4 million square feet, consisting of 40 properties with approximately 21.3 million net rentable square feet, one 350-room hotel with 266,000 square feet and total on- and off- site structured parking of approximately 13.8 million square feet, including surface parking, which in total accommodates approximately 45,000 vehicles. The Company also owns undeveloped land that it believes can support up to 14.2 million square feet of office, retail, residential and structured parking.

Teleconference and Webcast

Maguire Properties will conduct a conference call and audio webcast at 10:00 A.M. Pacific Time (1:00 p.m. Eastern Time) tomorrow, Wednesday, August 1, 2007, to discuss the financial results of the second quarter and provide a Company update. The conference call can be accessed by dialing (800) 443-9874 (Domestic) or (706) 634-1231 (International); ID number 6252648. The conference call can also be accessed via audio webcast through the Investor Relations section of the Company’s web site, located at www.maguireproperties.com, or can be accessed through CCBN at www.streetevents.com. A replay of the conference call will be available approximately two hours following the call through August 9, 2007. To access this replay, dial (800) 642-1687 (Domestic) or (706) 645-9291 (International). The required passcode for the replay is number 6252648. A webcast replay will also be available through the Investor

Relations section of the Company’s website, located at www.maguireproperties.com, or through CCBN at www.streetevents.com.

About Maguire Properties, Inc.

Maguire Properties, Inc. is the largest owner and operator of Class A office properties in the Los Angeles central business district and is primarily focused on owning and operating high-quality office properties in the Southern California market. Maguire Properties, Inc. is a full-service real estate company with substantial in-house expertise and resources in property management, marketing, leasing, acquisitions, development and financing. For more information on Maguire Properties, visit the Company’s website at www.maguireproperties.com.

Business Risks

This press release contains forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include: general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, dependence on tenants’ financial condition, and competition from other developers, owners and operators of real estate); risks associated with the availability and terms of financing and the use of debt to fund acquisitions and developments; risks associated with the potential failure to manage effectively the Company’s growth and expansion into new markets, to complete acquisitions or to integrate acquisitions successfully; risks and uncertainties affecting property development and construction; risks associated with downturns in the national and local economies, increases in interest rates, and volatility in the securities markets; risks associated with joint ventures; potential liability for uninsured losses and environmental contamination; risks associated with our Company’s potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended and possible adverse changes in tax and environmental laws; and risks associated with the Company’s dependence on key personnel whose continued service is not guaranteed. For a further list and description of such risks and uncertainties, see our annual report on Form 10-K filed with the Securities and Exchange Commission on March 1, 2007. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:	Maguire Properties, Inc.
	Peggy Moretti
	Senior Vice President, Investor and Public Relations
	(213) 613-4558

MAGUIRE PROPERTIES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

	June 30, 2007			December 31, 2006

ASSETS
Investments in real estate	$	5,507,161		$	3,374,671
Less: accumulated depreciation and amortization		(408,610	)		(357,422	)
		5,098,551			3,017,249
Assets associated with real estate held for sale		148,754			–
Net real estate		5,247,305			3,017,249

Cash and cash equivalents		207,871			101,123
Restricted cash		251,398			99,150
Rents and other receivables		30,624			19,766
Deferred rents		43,058			39,262
Due from affiliates		3,751			8,217
Deferred leasing costs and value of in-place leases, net		246,442			146,522
Deferred loan costs, net		43,239			23,808
Acquired above market leases, net		32,581			21,848
Other assets		8,845			10,406
Investment in unconsolidated joint venture		21,399			24,378
Total assets	$	6,136,513		$	3,511,729


LIABILITIES, MINORITY INTERESTS AND STOCKHOLDERS' EQUITY
Mortgage loans	$	5,232,969		$	2,779,349
Other secured loans		–			15,000
Accounts payable and other liabilities		175,351			153,046
Dividends and distributions payable		24,934			24,934
Capital leases payable		5,507			5,996
Acquired below market leases, net		188,225			72,821
Obligations associated with real estate held for sale		119,774			–
Total liabilities	$	5,746,760		$	3,051,146

Minority interests		18,981			28,671
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized:
7.625% Series A Cumulative Redeemable Preferred Stock, $25.00
liquidation preference, 10,000,000 shares issued and outstanding		100			100
Common Stock, $0.01 par value, 100,000,000 shares authorized,
47,211,200 and 46,985,241 shares issued and outstanding at
June 30, 2007 and December 31, 2006, respectively		472			470
Additional paid-in capital		687,882			680,980
Accumulated deficit and dividends		(331,730	)		(257,124	)
Accumulated other comprehensive income, net		14,048			7,486
Total stockholders' equity		370,772			431,912
Total liabilities, minority interests and stockholders' equity	$	6,136,513		$	3,511,729

MAGUIRE PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

	Three Months Ended
	June 30, 2007			June 30, 2006

Revenues:
Rental	$	90,901		$	63,046
Tenant reimbursements		28,101			20,271
Hotel operations		7,061			6,888
Parking		11,958			10,176
Management, leasing and development
services to affiliates		3,403			1,462
Interest and other		3,382			2,501
Total revenues		144,806			104,344

Expenses:
Rental property operating and maintenance		30,611			20,263
Hotel operating and maintenance		4,391			4,262
Real estate taxes		12,952			8,234
Parking		3,702			3,071
General and administrative		11,151			8,568
Other Expense		1,043			17
Depreciation and amortization		56,042			31,657
Interest		63,453			31,699
Loss from early extinguishment of debt		8,336			4,107
Total expenses		191,681			111,878
Loss before equity in net loss of unconsolidated
joint venture, gain on sale of real estate and minority interests		(46,875	)		(7,534	)
Equity in net loss of unconsolidated joint venture		(531	)		(1,985	)
Minority interests		7,086			1,969
Loss from continuing operations		(40,320	)		(7,550	)

Discontinued Operations:
Loss from discontinued operations before minority interests		(9,988	)		(2,559	)
Gain on sales of real estate		33,890			–
Minority interests attributable to discontinued operations		(3,246	)		353
Income (loss) from discontinued operations		20,656			(2,206	)

Net loss		(19,664	)		(9,756	)

Preferred stock dividends		(4,766	)		(4,766	)

Net loss available to common shareholders	$	(24,430	)	$	(14,522	)

Basic loss per share
available to common shareholders	$	(0.52	)	$	(0.31	)

Diluted loss per share available to
common shareholders	$	(0.52	)	$	(0.31	)

Weighted-average common shares outstanding:
Basic and Diluted		46,678,583			46,156,438

MAGUIRE PROPERTIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

	Six Months Ended
	June 30, 2007			June 30, 2006

Revenues:
Rental	$	151,150		$	127,599
Tenant reimbursements		49,160			41,931
Hotel operations		13,249			13,564
Parking		22,395			20,499
Management, leasing and development
services to affiliates		4,870			3,117
Interest and other		4,986			3,230
Total revenues		245,810			209,940

Expenses:
Rental property operating and maintenance		54,566			41,302
Hotel operating and maintenance		8,390			8,447
Real estate taxes		20,941			17,155
Parking		6,743			5,950
General and administrative		18,915			14,693
Other Expense		1,178			294
Depreciation and amortization		86,192			64,986
Interest		94,786			63,661
Loss from early extinguishment of debt		8,336			4,749
Total expenses		300,047			221,237
Loss before equity in net loss of unconsolidated
joint venture, gain on sale of real estate and minority interests		(54,237	)		(11,297	)
Equity in net loss of unconsolidated joint venture		(1,238	)		(2,810	)
Gain on sale of real estate		–			108,469
Minority interests		8,833			(12,476	)
Income (loss) from continuing operations		(46,642	)		81,886

Discontinued Operations:
Loss from discontinued operations before minority interests		(11,723	)		(2,411	)
Gain on sale of real estate		33,890			–
Minority interests attributable to discontinued operations		(3,010	)		332
Income (loss) from discontinued operations		19,157			(2,079	)

Net (loss) income		(27,485	)		79,807

Preferred stock dividends		(9,532	)		(9,532	)

Net (loss) income available to common shareholders	$	(37,017	)	$	70,275

Basic (loss) income per share
available to common shareholders	$	(0.79	)	$	1.53

Diluted income (loss) per share available to
common shareholders	$	(0.79	)	$	1.53

Weighted-average common shares outstanding:
Basic		46,628,601			45,941,032

Diluted		46,628,601			46,073,631

MAGUIRE PROPERTIES, INC.

FUNDS FROM OPERATIONS (a)

(in thousands, except for per share amounts)

	Three Months Ended						Six Months Ended
	June 30, 2007			June 30, 2006			June 30, 2007			June 30, 2006

Reconciliation of net (loss) income to funds
from operations:
Net (loss) income available to common shareholders	$	(24,430	)	$	(14,522	)	$	(37,017	)	$	70,275
Adjustments:
Minority interests		(3,840	)		(2,322	)		(5,823	)		12,144
Gain on sale of real estate		(33,890	)		–			(33,890	)		(108,469	)
Real estate depreciation and amortization		56,926			35,095			89,492			69,616
Real estate depreciation and amortization from
unconsolidated joint venture		2,428			3,497			4,879			5,850
Funds from operations available to common
shareholders and unit holders (FFO)	$	(2,806	)	$	21,748		$	17,641		$	49,416

Company share of FFO (b)	$	(2,425	)	$	18,750		$	15,245		$	42,410

FFO per share - basic	$	(0.05	)	$	0.41		$	0.33		$	0.92
FFO per share - diluted	$	(0.05	)	$	0.41		$	0.33		$	0.92

Weighted-average common shares outstanding:
Basic		46,678,583			46,156,438			46,628,601			45,941,032
Diluted		46,891,402			46,290,201			46,858,813			46,073,631

Reconciliation of FFO to FFO before loss
from early extinguishment of debt:
FFO available to common shareholders
and unit holders (FFO)	$	(2,806	)	$	21,748		$	17,641		$	49,416
Add: loss from early extinguishment of debt		17,227			4,107			17,227			4,749
FFO before loss from early extinguishment
of debt	$	14,421		$	25,855		$	34,868		$	54,165


Company share of FFO before loss from
early extinguishment of debt (b)	$	12,462		$	22,290		$	30,132		$	46,474

FFO per share before loss from early
extinguishment of debt - basic	$	0.27		$	0.48		$	0.65		$	1.01

FFO per share before loss from early
extinguishment of debt - diluted	$	0.27		$	0.48		$	0.64		$	1.01

__________

(a)	We calculate funds from operations, or FFO, as defined by the National Association of Real Estate Investment Trusts, or NAREIT. FFO represents net income (loss) (computed in accordance with accounting principles generally accepted in the United States of America, or GAAP), excluding gains (or losses) from sales of property, extraordinary items, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures.

	Management uses FFO as a supplemental performance measure because in excluding real estate related depreciation and amortization and gains and losses from property dispositions and extraordinary items, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs.


	Management also uses FFO before losses from the early extinguishment of debt as a supplemental performance measure because these losses create significant earnings volatility which in turn results in less comparability between reporting periods and less predictability about future earnings potential. The losses represent costs to extinguish debt prior to the stated maturity and the write-off of unamortized loan costs on the date of extinguishment. The decision to extinguish debt prior to its maturity generally results from (i) the assumption of debt in connection with property acquisitions that is priced or structured at less than desirable terms (e.g. floating interest rate instead of fixed interest rate) , (ii) short-term bridge financing obtained in connection with the acquisition of a property or portfolio of properties until such time as the company completes its long-term financing strategy, (iii) the early repayment of debt associated with properties sold or (iv) the restructuring or replacement of corporate level financings to accommodate property acquisitions. Consequently, management views these losses as costs to complete the respective acquisition or disposition of properties.

	However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate FFO in accordance with the NAREIT definition and, accordingly, our FFO may not be comparable to such other REITs' FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of our performance. FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. FFO also should not be used as a supplement to or substitute for cash flow from operating activities (computed in accordance with GAAP).

(b)	Based on a weighted average interest in our operating partnership for the three and six months ended June 30, 2007 and June 30, 2006 of 86.4%, 86.4%, 86.2% and 85.8% respectively.