ex99_2.htm

EX-99.2 3 ex99_2.htm SUPPLEMENTAL OPERATING AND FINANCIAL DATA FOR THE QUARTER ENDED 3/31/2010 ex99_2.htm

Exhibit 99.2

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

		PAGE
Corporate Data		1
	Forward-Looking Statements	2
	Quarterly Highlights	3
	Investor Information	4
	Common Stock Data	5
Consolidated Financial Results		6
	Financial Highlights	7
	Consolidated Balance Sheets	9
	Consolidated Statements of Operations	10
	Consolidated Statements of Discontinued Operations	11
	Consolidated Statement of Operations Related to Properties in Default	12
	MMO Unconsolidated Joint Venture Statements of Operations	13
	Funds from Operations	14
	Adjusted Funds from Operations	15
	Adjusted Funds from Operations Related to Properties in Default	16
	Reconciliation of Earnings before Interest, Taxes and Depreciation and Amortization and Adjusted Funds From Operations	17
	Capital Structure	18
	Debt Summary	19
	MMO Joint Venture Debt Summary	21
	Debt Maturities	22
	MMO Joint Venture Debt Maturities	23
Portfolio Data		24
	Same Store Analysis	25
	Portfolio Overview	26
	Portfolio Geographic Distribution (Excluding Properties in Default)	30
	Portfolio Overview — Leased Rates and Weighted Average Remaining Lease Term	31
	Major Tenants — Office Properties (Excluding Properties in Default)	32
	Portfolio Tenant Classification Description (Excluding Properties in Default)	33
	Lease Expirations — Wholly Owned Portfolio	34
	Lease Expirations — Wholly Owned Portfolio (Los Angeles County)	35
	Lease Expirations — Wholly Owned Portfolio (Orange County)	36
	Lease Expirations — Properties in Default	37
	Lease Expirations — MMO Joint Venture Portfolio	38
	Leasing Activity — Total Portfolio	39
	Leasing Activity — Los Angeles Central Business District	40
	Leasing Activity — Orange County	41
	Tenant Improvements and Leasing Commissions (Excluding Properties in Default)	42
	Historical Capital Expenditures — Office Properties	43
	Hotel Performance and Hotel Historical Capital Expenditures	44
	Development Pipeline	45
	Management Statements on Non–GAAP Supplemental Measures	47

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Corporate Data

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Forward-Looking Statements

This supplemental package contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We caution investors that any forward-looking statements presented herein are based on management’s beliefs and assumptions and information currently available to management. Such statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. These factors include, without limitation: risks associated with management’s focus on asset dispositions, loan defaults, cash generation and general strategic matters; risks associated with the timing and consequences of loan defaults and related asset dispositions; risks associated with contingent guarantees by our Operating Partnership; risks associated with our liquidity situation; risks associated with the negative impact of the current credit crisis and economic slowdown; general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases at favorable rates, 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 our ability to dispose of properties, if and when we decide to do so, at prices or terms set by or acceptable to us; risks and uncertainties affecting property development and construction; risks associated with increases in interest rates, volatility in the securities markets and contraction in the credit markets affecting our ability to extend or refinance existing loans as they come due; risks associated with joint ventures; potential liability for uninsured losses and environmental contamination; risks associated with our 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 our 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/A filed on April 30, 2010 with the Securities and Exchange Commission. We do not update forward-looking statements and disclaim any intention or obligation to update or revise them, whether as a result of new information, future events or otherwise.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Quarterly Highlights

Maguire Properties, Inc. (the “Company”), a self-administered and self-managed real estate investment trust, 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. We are a full-service real estate company with substantial in-house expertise and resources in property management, marketing, leasing, acquisitions, development and financing.

As of March 31, 2010, our office portfolio (including Properties in Default) was comprised of whole or partial interests in 29 properties totaling approximately 17 million net rentable square feet, one 350-room hotel with 266,000 square feet, and on- and off-site structured parking plus surface parking totaling approximately 11 million square feet, which accommodates approximately 35,000 vehicles. We have one recently completed development project that totals approximately 188,000 square feet of office space. We also own undeveloped land that we believe can support up to approximately 5 million square feet of office and mixed-use development and approximately 5 million square feet of structured parking, excluding development sites that are encumbered by the mortgage loans on our 2600 Michelson and Pacific Arts Plaza properties, which are in default.

As used in the “Consolidated Financial Results” section of this Supplemental Operating and Financial Data package, the term “Properties in Default” refers to our Stadium Towers Plaza, Park Place II, 2600 Michelson, Pacific Arts Plaza, 550 South Hope and 500 Orange Tower properties, whose mortgage loans are in default as of the date of this filing. As used in the “Portfolio Data” section of this Supplemental Operating and Financial Data package, the term “Properties in Default” includes the properties previously mentioned, along with Quintana Campus (a joint venture property in which we have a 20% interest), whose mortgage loan is also in default as of the date of this filing.

This Supplemental Operating and Financial Data package should be read in conjunction with our consolidated financial statements for the year ended December 31, 2009 in our Annual Report on Form 10-K/A filed with the Securities and Exchange Commission (SEC) on April 30, 2010. For more information on Maguire Properties, visit our website at www.maguireproperties.com.

Asset Dispositions:

In March 2010, we disposed of Griffin Towers located in Santa Ana, California. We received proceeds of $89.4 million, net of transactions costs, which were combined with $6.5 million of restricted cash reserves released to us by the lender to partially repay the $125.0 million mortgage loan secured by this property. We were relieved of the obligation to pay the remaining $49.1 million due under the mortgage and senior mezzanine loans by the lender.

In March 2010, we disposed of 2385 Northside Drive located in San Diego, California. We received proceeds of $17.7 million, net of transaction costs. We used proceeds from this transaction to repay the balance of the construction loan and eliminate a $4.0 million repayment guaranty.

Debt:

As of March 31, 2010, excluding mortgages encumbering the Properties in Default, approximately 72% of our outstanding debt is fixed (or swapped to a fixed rate) at a weighted average interest rate of approximately 5.7% with a weighted average remaining term of approximately five years.

On May 1, 2010, we extended our $109.0 million mortgage loan secured by Brea Corporate Place and Brea Financial Commons. This loan is now scheduled to mature on May 1, 2011. We have one one-year extension remaining on this loan. No cash paydown was made to extend this loan, and the loan terms remain unchanged.

On May 6, 2010, we made a principal payment of $9.7 million on the 207 Goode construction loan. In exchange for this payment, the lender agreed to substantially eliminate our Operating Partnership’s principal repayment guarantee and extend the maturity date of the loan to August 1, 2010. Pursuant to this agreement, we will market the property for sale. The maturity date of this loan can be further extended to November 1, 2010 subject to certain conditions.

Leasing Activities:

During the first quarter, new leases and renewals were executed for approximately 0.3 million square feet (including our pro rata share of our joint venture properties). Cash rent on new leases completed during the quarter decreased 9.2% in our Effective Portfolio, compared to cash rents on those spaces immediately prior to their expiration, and GAAP rent decreased 4.8% compared to prior GAAP rents. Leases totaling approximately 0.5 million square feet expired during the first quarter (including our pro rata share of our joint venture properties).

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Investor Information

355 South Grand Avenue, Suite 3300

Los Angeles, CA 90071

Tel. (213) 626-3300

Fax (213) 687-4758

Senior Management

Nelson C. Rising	President and Chief Executive Officer	Jonathan L. Abrams	Senior Vice President, General Counsel and Secretary
Shant Koumriqian	Executive Vice President, Chief Financial Officer	Travis F. Addison	Senior Vice President, Asset Management
Peggy M. Moretti	Executive Vice President, Investor and Public Relations	Robert P. Goodwin	Senior Vice President, Construction and Development
	& Chief Administrative Officer	Peter K. Johnston	Senior Vice President, Leasing
Robert J. White	Executive Vice President	Christopher C. Rising	Senior Vice President, Asset Transactions

Corporate

Investor Relations Contact: Peggy M. Moretti at (213) 613-4558

Please visit our corporate website at: www.maguireproperties.com

Transfer Agent	Timing
American Stock Transfer & Trust Company 59 Maiden Lane New York, NY 10038 (718) 921-8201 www.amstock.com	Quarterly results for 2010 will be announced according to the following schedule:
	Second Quarter	August 2010
	Third Quarter	November 2010
	Fourth Quarter	March 2011

Equity Research Coverage

Credit Suisse	Andrew Rosivach	(415) 249-7942
Deutsche Bank Securities, Inc.	Vincent Chao	(212) 250-6799
Goldman Sachs & Co.	Jay Haberman	(917) 343-4260
Green Street Advisors	Michael Knott	(949) 640-8780
KeyBanc Capital Markets	Jordan Sadler	(917) 368-2280
Raymond James Associates	Paul Puryear	(727) 567-2253
RBC Capital Markets	Dave Rodgers	(440) 715-2647
Robert W. Baird & Company	David Aubuchon	(314) 863-4235
Stifel, Nicolaus & Co., Inc.	John Guinee	(443) 224-1307

Maguire Properties, Inc. is currently followed by the sell-side analysts listed above, with the exception of Green Street Advisors, which is an independent research firm. This list may not be complete and is subject to change as firms add or delete coverage of our company. Please note that any opinions, estimates or forecasts regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Maguire Properties, Inc. or its management. We are providing this listing as a service to our stockholders and do not by listing these firms imply our endorsement of or concurrence with such information, conclusions or recommendations. Interested persons may obtain copies of analysts’ reports on their own; we do not distribute these reports. Various of these firms may from time-to-time own our stock and/or hold other long or short positions in our stock, and may provide compensated services to us.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Common Stock Data

Our common stock is traded on the New York Stock Exchange under the symbol MPG. Selected information about our common stock for the past five quarters (based on NYSE prices) is as follows:

	2010			2009
	1st Quarter			4th Quarter			3rd Quarter			2nd Quarter			1st Quarter
High price	$	3.98		$	3.24		$	3.09		$	2.05		$	3.12
Low price	$	1.41		$	1.20		$	0.51		$	0.66		$	0.33
Closing price	$	3.08		$	1.51		$	2.10		$	0.85		$	0.72
Dividends per share - annualized		(1	)		(1	)		(1	)		(1	)		(1	)
Closing dividend yield - annualized		(1	)		(1	)		(1	)		(1	)		(1	)
Closing common shares and Operating Partnership units outstanding (in thousands)		54,692			54,639			54,620			54,642			54,656
Closing market value of common shares and Operating Partnership units outstanding (in thousands)	$	168,451		$	82,505		$	114,702		$	46,446		$	39,352


Dividend Information:

Common Stock
Dividend amount per share		(1	)		(1	)		(1	)		(1	)		(1	)

Series A Preferred Stock
Dividend amount per share		(2	)		(2	)		(2	)		(2	)		(2	)

__________

(1)	The Board of Directors did not declare a dividend on our common stock for the quarters ended March 31, 2010 and December 31, September 30, June 30 and March 31, 2009.
	There can be no assurance that we will make distributions on our common stock at historical levels or at all.
(2)	The Board of Directors did not declare a dividend on our Series A Preferred Stock during the three months ended April 30 and January 31, 2010 and October 31, July 31 and April 30, 2009.
	Dividends on our Series A Preferred Stock are cumulative, and therefore, will continue to accrue at an annual rate of $1.9064 per share.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Consolidated Financial Results

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Financial Highlights

(unaudited and in thousands, except share, per share, percentage and ratio amounts)

	For the Three Months Ended
	March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009
Income Items:
Revenue (1)	$	111,521		$	113,585		$	113,437		$	114,597		$	113,657
Straight line rent		2,323			2,396			1,646			2,110			1,971
Fair value lease revenue (2)		4,261			3,941			3,990			5,184			4,142
Lease termination fees		18			120			11			1,152			81
Office property operating margin (3)		65.4	%		62.9	%		63.2	%		62.7	%		63.3	%

Net income (loss) available to common stockholders	$	18,580		$	(299,052	)	$	(46,829	)	$	(380,450	)	$	(53,890	)
Net income (loss) available to common stockholders - basic and diluted		0.38			(6.17	)		(0.97	)		(7.95	)		(1.13	)

Funds from operations (FFO) available to common stockholders (4)	$	35,552		$	(265,377	)	$	(11,699	)	$	(339,712	)	$	(30,786	)
FFO per share - basic (4)		0.73			(5.48	)		(0.24	)		(7.10	)		(0.64	)
FFO per share - diluted (4)		0.72			(5.48	)		(0.24	)		(7.10	)		(0.64	)
FFO per share before specified items - basic (4)		0.05			0.03			0.06			0.08			0.07
FFO per share before specified items - diluted (4)		0.05			0.03			0.06			0.08			0.07


Ratios:
Interest coverage ratio (5)		2.20			(3.43	)		0.95			(4.66	)		1.11
Interest coverage ratio before specified items (6)		1.13			1.11			1.13			1.14			1.13
Fixed-charge coverage ratio (7)		2.00			(3.13	)		0.87			(4.29	)		1.02
Fixed-charge coverage ratio before specified items (8)		1.02			1.01			1.04			1.05			1.04

Capitalization:
Common stock price @ quarter end	$	3.08		$	1.51		$	2.10		$	0.85		$	0.72

Total consolidated debt	$	4,035,451		$	4,248,975		$	4,421,913		$	4,600,771		$	4,869,916
Preferred stock liquidation preference		250,000			250,000			250,000			250,000			250,000
Common equity value @ quarter end (9)		168,451			82,505			114,702			46,446			39,352
Total consolidated market capitalization	$	4,453,902		$	4,581,480		$	4,786,615		$	4,897,217		$	5,159,268

Company share of MMO joint venture debt		160,663			160,822			160,975			161,123			161,268
Total combined market capitalization	$	4,614,565		$	4,742,302		$	4,947,590		$	5,058,340		$	5,320,536

Total consolidated debt / total consolidated market capitalization		90.6	%		92.7	%		92.4	%		93.9	%		94.4	%
Total combined debt / total combined market capitalization		90.9	%		93.0	%		92.6	%		94.1	%		94.6	%
Total consolidated debt plus liquidation preference / total consolidated market capitalization		96.2	%		98.2	%		97.6	%		99.1	%		99.2	%
Total combined debt plus liquidation preference / total combined market capitalization		96.3	%		98.3	%		97.7	%		99.1	%		99.3	%

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Financial Highlights (continued)

(unaudited and in thousands, except share, per share, percentage and ratio amounts)

__________

(1)	Excludes revenue from discontinued operations of approximately $5 million, $12 million, $15 million, $23 million and $22 million for the three months ended March 31, 2010 and December 31, September 30, June 30 and March 31, 2009, respectively.
(2)	Represents the net adjustment for above- and below-market leases, which are being amortized over the remaining term of the respective leases from the date of acquisition.
(3)	Calculated as follows: (rental, tenant reimbursement and parking revenues - rental property operating and maintenance, real estate taxes and parking expenses) / (rental, tenant reimbursement and parking revenues). Lease termination fees are reported as part of interest and other revenue in the consolidated statements of operations.
(4)	For a definition and discussion of FFO, see page 47. For a quantitative reconciliation of the differences between FFO and net income (loss), see page 14.
(5)	Calculated as earnings before interest, taxes and depreciation and amortization and preferred dividends, or EBITDA, of $134,085, $(220,531), $62,637, $(317,416) and $76,027, respectively, divided by cash paid for interest of $60,894, $64,351, $66,005, $68,159 and $68,288, respectively. Cash paid for interest excludes default interest accrued totaling $10.4 million, $9.3 million and $4.6 million related to Properties in Default for the three months ended March 31, 2010 and December 31 and September 30, 2009, respectively. For a discussion of EBITDA, see page 49. For a quantitative reconciliation of the differences between EBITDA and net income (loss), see page 17.
(6)	Calculated as Adjusted EBITDA of $68,752, $71,481, $74,557, $77,684 and $77,218, respectively, divided by cash paid for interest of $60,894, $64,351, $66,005, $68,159 and $68,288, respectively. For a discussion of Adjusted EBITDA, see page 49.
(7)	Calculated as EBITDA of $134,085, $(220,531), $62,637, $(317,416) and $76,027, respectively, divided by fixed charges of $67,128, $70,562, $71,989, $74,033 and $74,371, respectively.
(8)	Calculated as Adjusted EBITDA of $68,752, $71,481, $74,557, $77,684 and $77,218, respectively, divided by fixed charges of $67,128, $70,562, $71,989, $74,033, and $74,371, respectively.
(9)	Assumes 100% conversion of the limited partnership units in the Operating Partnership into shares of our common stock. Our limited partners have the right to redeem all or part of their Operating Partnership units at any time. At the time of redemption, we have the right to determine whether to redeem the Operating Partnership units for cash, based upon the fair market value of an equivalent number of shares of our common stock at the time of redemption, or exchange them for shares of our common stock on a one-for-one basis, subject to adjustment in the event of stock splits, stock dividends, issuance of stock rights, specified extraordinary distribution and similar events.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Consolidated Balance Sheets

(unaudited and in thousands)

	March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009

Assets
Investments in real estate	$	3,668,916		$	3,852,198		$	4,337,009		$	4,559,872		$	5,024,534
Less: accumulated depreciation		(655,892	)		(659,753	)		(647,581	)		(666,092	)		(638,343	)
		3,013,024			3,192,445			3,689,428			3,893,780			4,386,191

Cash, cash equivalents and restricted cash		229,279			242,718			222,109			223,223			256,558
Rents, deferred rents and other receivables, net		76,510			77,657			83,593			84,206			82,024
Deferred charges, net		122,514			134,952			154,488			165,696			176,916
Other assets		23,892			19,887			22,287			25,396			43,601
Investment in unconsolidated joint ventures		–			–			–			–			9,428
Assets associated with real estate held for sale		52,099			–			–			–			161,668
Total assets	$	3,517,318		$	3,667,659		$	4,171,905		$	4,392,301		$	5,116,386

Liabilities and Deficit
Liabilities:
Mortgage and other loans	$	4,035,451		$	4,248,975		$	4,421,913		$	4,600,771		$	4,704,696
Accounts payable, accrued interest payable and other liabilities		191,959			198,052			188,709			174,467			194,062
Acquired below-market leases, net		67,815			77,609			84,013			91,015			104,359
Obligations associated with real estate held for sale		52,656			–			–			–			169,929
Total liabilities		4,347,881			4,524,636			4,694,635			4,866,253			5,173,046

Deficit:
Stockholders' Deficit:
Common and preferred stock and additional paid-in capital		703,343			702,361			701,110			699,931			698,377
Accumulated deficit and dividends		(1,397,328	)		(1,420,092	)		(1,125,223	)		(1,082,577	)		(705,730	)
Accumulated other comprehensive loss, net		(36,727	)		(36,289	)		(36,659	)		(35,451	)		(44,020	)
Total stockholders' deficit		(730,712	)		(754,020	)		(460,772	)		(418,097	)		(51,373	)
Noncontrolling Interests:
Common units of our Operating Partnership		(99,851	)		(102,957	)		(61,958	)		(55,855	)		(5,287	)
Total deficit		(830,563	)		(856,977	)		(522,730	)		(473,952	)		(56,660	)
Total liabilities and deficit	$	3,517,318		$	3,667,659		$	4,171,905		$	4,392,301		$	5,116,386

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Consolidated Statements of Operations

(unaudited and in thousands, except share and per share amounts)

	For the Three Months Ended
	March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009
Revenue:
Rental	$	68,227		$	68,137		$	67,825		$	69,035		$	67,394
Tenant reimbursements		25,107			26,245			27,187			25,551			26,868
Hotel operations		5,237			5,565			4,916			5,148			4,994
Parking		11,697			11,515			11,546			11,311			11,593
Management, leasing and development services		961			1,567			1,550			1,747			2,030
Interest and other		292			556			413			1,805			778
Total revenue		111,521			113,585			113,437			114,597			113,657

Expenses:
Rental property operating and maintenance		24,195			27,904			26,367			25,875			24,913
Hotel operating and maintenance		3,747			3,763			3,371			3,481			3,449
Real estate taxes		9,114			8,321			9,761			10,352			10,352
Parking		3,067			3,079			3,089			3,233			3,557
General and administrative		7,607			10,325			8,603			7,914			8,264
Other expense		1,439			1,335			1,556			1,639			1,504
Depreciation and amortization		33,702			33,297			33,544			38,265			36,980
Impairment of long-lived assets		–			164,386			–			236,557			–
Interest		66,710			69,192			62,038			52,814			71,613
Total expenses		149,581			321,602			148,329			380,130			160,632

Loss from continuing operations before equity in net
loss of unconsolidated joint venture and gain on sale of real estate		(38,060	)		(208,017	)		(34,892	)		(265,533	)		(46,975	)
Equity in net loss of unconsolidated joint venture		201			229			229			(9,120	)		(1,739	)
Gain on sale of real estate		16,591			–			–			–			20,350
Loss from continuing operations		(21,268	)		(207,788	)		(34,663	)		(274,653	)		(28,364	)

Discontinued Operations:
Loss from discontinued operations before gain on settlement of debt
and gain on sale of real estate		(1,923	)		(128,131	)		(13,917	)		(153,955	)		(30,426	)
Gain on settlement of debt		49,121			–			–			–			–
Gain on sale of real estate		–			–			–			–			2,170
Income (loss) from discontinued operations		47,198			(128,131	)		(13,917	)		(153,955	)		(28,256	)

Net income (loss)		25,930			(335,919	)		(48,580	)		(428,608	)		(56,620	)

Net (income) loss attributable to common units of our Operating Partnership		(2,584	)		41,633			6,517			52,924			7,496

Net income (loss) attributable to Maguire Properties, Inc.		23,346			(294,286	)		(42,063	)		(375,684	)		(49,124	)

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

Net income (loss) available to common stockholders	$	18,580		$	(299,052	)	$	(46,829	)	$	(380,450	)	$	(53,890	)


Basic and diluted income (loss) per common share:
Loss from continuing operations	$	(0.47	)	$	(3.85	)	$	(0.72	)	$	(5.13	)	$	(0.61	)
Income (loss) from discontinued operations		0.85			(2.32	)		(0.25	)		(2.82	)		(0.52	)
Net income (loss) available to common stockholders per share	$	0.38		$	(6.17	)	$	(0.97	)	$	(7.95	)	$	(1.13	)
Weighted average number of common shares outstanding		48,534,283			48,463,476			48,285,111			47,836,591			47,788,028

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Consolidated Statements of Discontinued Operations

(unaudited and in thousands)

	For the Three Months Ended
	March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009
Revenue:
Rental	$	4,420		$	9,810		$	12,881		$	19,790		$	19,194
Tenant reimbursements		233			969			1,441			1,086			971
Parking		252			839			954			1,493			1,665
Interest and other		17			157			142			597			517
Total revenue		4,922			11,775			15,418			22,966			22,347

Expenses:
Rental property operating and maintenance		1,290			3,077			4,376			6,770			6,552
Real estate taxes		381			703			1,558			2,987			3,019
Parking		133			405			549			955			911
Depreciation and amortization		1,362			3,975			5,578			8,002			8,630
Impairment of long-lived assets		–			125,880			10,131			148,116			23,500
Interest		3,300			5,552			6,880			9,714			9,950
Loss from early extinguishment of debt		379			314			263			377			211
Total expenses		6,845			139,906			29,335			176,921			52,773

Loss from discontinued operations before gain on settlement of debt
and gain on sale of real estate		(1,923	)		(128,131	)		(13,917	)		(153,955	)		(30,426	)
Gain on settlement of debt		49,121			–			–			–			–
Gain on sale of real estate		–			–			–			–			2,170
Income (loss) from discontinued operations	$	47,198		$	(128,131	)	$	(13,917	)	$	(153,955	)	$	(28,256	)

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Consolidated Statements of Operations Related to Properties in Default (1)

(unaudited and in thousands)

	For the Three Months Ended
	March 31, 2010			December 31, 2009			September 30, 2009
Revenue:
Rental	$	13,245		$	13,368		$	13,028
Tenant reimbursements		3,188			2,679			3,610
Parking		1,389			1,374			1,421
Interest and other		139			247			106
Total revenue		17,961			17,668			18,165

Expenses:
Rental property operating and maintenance		4,349			4,553			4,915
Real estate taxes		1,812			1,715			1,910
Parking		400			393			445
Depreciation and amortization		5,619			5,020			5,900
Impairment of long-lived assets		–			2,094			–
Interest (2)		23,186			24,736			17,350
Total expenses		35,366			38,511			30,520

Loss from operations related to Properties in Default	$	(17,405	)	$	(20,843	)	$	(12,355	)

__________

(1)	Properties in Default include the following: Stadium Towers Plaza, Park Place II, 2600 Michelson, Pacific Arts Plaza, 550 South Hope and 500 Orange Tower. As of the date of this report, the mortgage loans on these properties are in default.
(2)	Includes default interest totaling $10.4 million and $9.3 million and writeoff of deferred financing costs totaling $0.5 million and $2.8 million for the three months ended March 31, 2010 and December 31, 2009, respectively, and default interest totaling $4.6 million for the three months ended September 30, 2009, respectively.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

MMO Unconsolidated Joint Venture Statements of Operations

(unaudited and in thousands)

	For the Three Months Ended
	March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009

Revenue:
Rental	$	19,699		$	20,130		$	19,532		$	19,848		$	20,389
Tenant reimbursements		5,443			6,613			6,920			5,885			6,439
Parking		1,488			1,586			1,532			1,655			2,035
Interest and other		6			824			20			21			27
Total revenue		26,636			29,153			28,004			27,409			28,890

Expenses:
Rental property operating and maintenance		6,391			7,207			6,565			6,329			6,305
Real estate taxes		3,470			3,759			4,078			4,061			3,441
Parking		364			375			428			519			422
Depreciation and amortization		9,490			11,254			10,705			10,039			16,560
Impairment of long-lived assets		–			–			–			50,254			–
Interest		10,723			10,975			10,981			10,872			10,809
Other		1,263			1,210			1,302			1,257			1,247
Total expenses		31,701			34,780			34,059			83,331			38,784

Net loss	$	(5,065	)	$	(5,627	)	$	(6,055	)	$	(55,922	)	$	(9,894	)

Company share	$	(1,013	)	$	(1,126	)	$	(1,211	)	$	(11,184	)	$	(1,979	)
Intercompany eliminations		252			281			280			279			240
Unallocated losses		962			1,074			1,160			1,785			–

Equity in net loss of unconsolidated joint venture	$	201		$	229		$	229		$	(9,120	)	$	(1,739	)

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Funds from Operations

(unaudited and in thousands, except share and per share amounts)

		For the Three Months Ended
		March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009

Reconciliation of net income (loss) available to common stockholders to funds from operations:

Net income (loss) available to common stockholders		$	18,580		$	(299,052	)	$	(46,829	)	$	(380,450	)	$	(53,890	)

Add:	Depreciation and amortization of real estate assets		34,988			37,186			39,038			46,183			45,526
	Depreciation and amortization of real estate assets - unconsolidated joint venture (1)		1,898			2,251			2,141			2,008			3,312
	Net (income) loss attributable to common units of our Operating Partnership		2,584			(41,633	)		(6,517	)		(52,924	)		(7,496	)
	Unallocated losses - unconsolidated joint venture (1)		(962	)		(1,074	)		(1,160	)		(1,785	)		–
Deduct:	Gains on sale of real estate		16,591			–			–			–			22,520

Funds from operations available to common stockholders and unit holders (FFO) (2)		$	40,497		$	(302,322	)	$	(13,327	)	$	(386,968	)	$	(35,068	)

Company share of FFO (3)		$	35,552		$	(265,377	)	$	(11,699	)	$	(339,712	)	$	(30,786	)

FFO per share - basic		$	0.73		$	(5.48	)	$	(0.24	)	$	(7.10	)	$	(0.64	)
FFO per share - diluted		$	0.72		$	(5.48	)	$	(0.24	)	$	(7.10	)	$	(0.64	)

Weighted average number of common shares outstanding - basic			48,534,283			48,463,476			48,285,111			47,836,591			47,788,028
Weighted average number of common and common equivalent shares outstanding - diluted			49,197,833			49,108,575			48,592,128			47,837,083			47,788,795
Weighted average diluted shares and units			55,872,406			55,783,148			55,266,701			54,511,656			54,463,368

Reconciliation of FFO to FFO before specified items: (2)

FFO available to common stockholders and unit holders (FFO)		$	40,497		$	(302,322	)	$	(13,327	)	$	(386,968	)	$	(35,068	)
Add:	Loss from early extinguishment of debt		379			314			263			377			211
	Unrealized loss on forward-starting interest rate swap		–			–			–			(15,255	)		15,255
	Realized loss on forward-starting interest rate swap		–			–			–			11,340			–
	Default interest accrued on Properties in Default		10,363			9,342			4,561			–			–
	Writeoff of deferred financing costs related to Properties in Default		562			2,769			–			–			–
	Severance-related charges		–			–			1,526			–			–
	1733 Ocean lease termination charge		–			1,432			–			–			–
	Impairment of long-lived assets		–			290,266			10,131			384,673			23,500
	Impairment of long-lived assets - unconsolidated joint venture (1)		–			–			–			10,050			–
Deduct:	Gain on settlement of debt		49,121			–			–			–			–

FFO before specified items		$	2,680		$	1,801		$	3,154		$	4,217		$	3,898

Company share of FFO before specified items (3)		$	2,353		$	1,581		$	2,769		$	3,702		$	3,422

FFO per share before specified items - basic		$	0.05		$	0.03		$	0.06		$	0.08		$	0.07
FFO per share before specified items - diluted		$	0.05		$	0.03		$	0.06		$	0.08		$	0.07

__________

(1)	Amount represents our 20% ownership interest in the MMO joint venture.
(2)	For the definition and discussion of FFO and FFO before specified items, see page 47.
(3)	Based on a weighted average interest in our Operating Partnership of approximately 87.8% for all periods presented.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Adjusted Funds from Operations (1)

(unaudited and in thousands)

		For the Three Months Ended
		March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009

FFO		$	40,497		$	(302,322	)	$	(13,327	)	$	(386,968	)	$	(35,068	)
Add:	Non-real estate depreciation		76			86			84			84			84
	Straight line ground lease expense		511			512			511			511			511
	Amortization of deferred financing costs		1,473			1,726			1,901			1,955			2,259
	Unrealized loss on forward-starting interest rate swap		–			–			–			(15,255	)		15,255
	Realized loss on forward-starting interest rate swap		–			–			–			11,340			–
	Default interest accrued on Properties in Default		10,363			9,342			4,561			–			–
	Writeoff of deferred financing costs related to Properties in Default		562			2,769			–			–			–
	Non-cash stock compensation		945			1,218			1,182			1,539			1,500
	Impairment of long-lived assets		–			290,266			10,131			384,673			23,500
	Impairment of long-lived assets - unconsolidated joint venture (2)		–			–			–			10,050			–
	Loss from early extinguishment of debt		379			314			263			377			211

Deduct:	Gain on settlement of debt		49,121			–			–			–			–
	Straight line rent		2,761			4,148			3,758			5,023			4,094
	Fair value lease revenue		4,579			4,406			4,532			5,900			5,057
	Capitalized payments (3)		3,318			3,435			4,196			3,550			4,877
	Non-recoverable capital expenditures		199			338			614			923			1,077
	Recoverable capital expenditures		810			588			390			320			90
	Hotel improvements, equipment upgrades and replacements		68			577			62			251			113
	2nd generation tenant improvements and leasing commissions (4), (5)		1,353			1,290			1,348			1,664			2,336
	MMO joint venture AFFO adjustments (2)		723			925			439			1,294			611

Adjusted funds from operations (AFFO)		$	(8,126	)	$	(11,796	)	$	(10,033	)	$	(10,619	)	$	(10,003	)

__________

(1)	For the definition and computation method of AFFO, see page 48. For a quantitative reconciliation of the differences between AFFO and cash flows from operating activities, see page 17.
(2)	Amount represents our 20% ownership interest in the MMO joint venture.
(3)	Includes capital lease principal payments, regular principal payments required to service our debt, capitalized leasing and development payroll, and capitalized interest.
(4)	Excludes 1st generation tenant improvements and leasing commissions of $1.2 million, $3.8 million, $5.4 million, $4.9 million and $1.4 million for the three months ended March 31, 2010 and December 31, September 30, June 30 and March 31, 2009, respectively.
(5)	Excludes tenant improvements and leasing commissions paid using cash reserves that were funded through loan proceeds upon acquisition or debt refinancing of $1.0 million, $0.3 million, $0.2 million, $0.7 million and $4.7 million for the three months ended March 31, 2010 and December 31, September 30, June 30 and March 31, 2009, respectively.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Adjusted Funds from Operations Related to Properties in Default (1)

(unaudited and in thousands)

		For the Three Months Ended
		March 31, 2010			December 31, 2009			September 30, 2009

FFO		$	(11,786	)	$	(15,823	)	$	(6,455	)
Add:	Amortization of deferred financing costs		-			166			166
	Writeoff of deferred financing costs		562			2,769			–
	Default interest accrued		10,363			9,342			4,561
	Impairment of long-lived assets		-			2,094			–

Deduct:	Straight line rent		1,987			1,998			1,035
	Fair value lease revenue		1,361			1,500			1,491
	Capitalized payments (2)		365			5			326
	Non-recoverable capital expenditures		–			1			1
	Recoverable capital expenditures		–			–			32
	2nd generation tenant improvements and leasing commissions		7			86			5

Adjusted funds from operations related to Properties in Default		$	(4,581	)	$	(5,042	)	$	(4,618	)

__________

(1)	Properties in Default include the following: Stadium Towers Plaza, Park Place II, 2600 Michelson, Pacific Arts Plaza, 550 South Hope and 500 Orange Tower. As of the date of this report, the mortgage loans on these properties are in default.
(2)	Includes regular principal payments related to the Park Place II mortgage loan.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Reconciliation of Earnings before Interest, Taxes and Depreciation and Amortization (1) and Adjusted Funds from Operations (2)

(unaudited and in thousands)

		For the Three Months Ended
		March 31, 2010			December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009
Reconciliation of net income (loss) to earnings before interest, taxes and
depreciation andamortization (EBITDA):

Net income (loss)		$	25,930		$	(335,919	)	$	(48,580	)	$	(428,608	)	$	(56,620	)
Add:	Interest expense (3)		70,010			74,744			68,918			62,528			81,563
	Company share of interest expense included in unconsolidated joint venture		2,145			2,195			2,196			2,174			2,162
	Depreciation and amortization (4)		35,064			37,272			39,122			46,267			45,610
	Company share of depreciation and amortization included in unconsolidated joint venture		1,898			2,251			2,141			2,008			3,312
Deduct:	Unallocated losses from unconsolidated joint venture		962			1,074			1,160			1,785			–

EBITDA		$	134,085		$	(220,531	)	$	62,637		$	(317,416	)	$	76,027

EBITDA		$	134,085		$	(220,531	)	$	62,637		$	(317,416	)	$	76,027
Add:	Loss from early extinguishment of debt		379			314			263			377			211
	Severance-related charges		–			–			1,526			–			–
	1733 Ocean lease termination charge		–			1,432			–			–			–
	Impairment of long-lived assets		–			290,266			10,131			384,673			23,500
	Company share of impairment of long-lived assets included in unconsolidated joint venture		–			–			–			10,050			–
Deduct:	Gain on settlement of debt		49,121			–			–			–			–
	Gains on sale of real estate		16,591			–			–			–			22,520

Adjusted EBITDA		$	68,752		$	71,481		$	74,557		$	77,684		$	77,218


Reconciliation of cash flows from operating activities to adjusted funds from operations (AFFO):

Cash flows from operating activities		$	436		$	4,456		$	11,029		$	(248	)	$	(8,254	)
Changes in other assets and liabilities			(6,132	)		(13,459	)		(18,648	)		(7,213	)		1,867
Non-recoverable capital expenditures			(199	)		(338	)		(614	)		(923	)		(1,077	)
Recoverable capital expenditures			(810	)		(588	)		(390	)		(320	)		(90	)
Hotel improvements, equipment upgrades and replacements			(68	)		(577	)		(62	)		(251	)		(113	)
2nd generation tenant improvements and leasing commissions (5), (6)			(1,353	)		(1,290	)		(1,348	)		(1,664	)		(2,336	)

AFFO		$	(8,126	)	$	(11,796	)	$	(10,033	)	$	(10,619	)	$	(10,003	)

__________

(1)	For the definition and discussion of EBITDA and Adjusted EBITDA, see page 49.
(2)	For the definition and discussion of AFFO, see page 48.
(3)	Includes interest expense of $3.3 million, $5.6 million, $6.9 million, $9.7 million and $9.9 million for the three months ended March 31, 2010 and December 31, September 30, June 30 and March 31, 2009, respectively, related to discontinued operations.
(4)	Includes depreciation and amortization of $1.4 million, $4.0 million, $5.6 million, $8.0 million and $8.6 million for the three months ended March 31, 2010 and December 31, September 30, June 30 and March 31, 2009, respectively, related to discontinued operations.
(5)	Excludes 1st generation tenant improvements and leasing commissions of $1.2 million, $3.8 million, $5.4 million, $4.9 million and $1.4 million for the three months ended March 31, 2010 and December 31, September 30, June 30 and March 31, 2009, respectively.
(6)	Excludes tenant improvements and leasing commissions paid using cash reserves that were funded through loan proceeds upon acquisition or debt refinancing of $1.0 million, $0.3 million, $0.2 million, $0.7 million and $4.7 million for the three months ended March 31, 2010 and December 31, September 30, June 30 and March 31, 2009, respectively.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Capital Structure

Debt
(in thousands)
			Balance as of
			March 31, 2010

Mortgage and other secured loans			$	4,035,451
Company share of MMO joint venture debt				160,663
Total combined debt			$	4,196,114

Equity
(in thousands)


	Shares Outstanding		Total Liquidation Preference

Preferred stock		10,000	$	250,000

	Shares & Units Outstanding		Market Value (1)

Common stock		48,017	$	147,893

Noncontrolling common units of our Operating Partnership		6,675		20,558
Total common equity		54,692	$	168,451

Total consolidated market capitalization			$	4,453,902

Total combined market capitalization (2)			$	4,614,565

__________

(1)	Value based on the NYSE closing price of $3.08 on March 31, 2010.
(2)	Includes our share of Maguire Macquarie Office ("MMO") joint venture debt.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Debt Summary

(in thousands, except percentages)

	Maturity Date	Principal Amount as of March 31, 2010			% of Debt			Interest Rate as of March 31, 2010 (1)
Floating-Rate Debt

Term loan (2)	May 1, 2011	$	22,250			0.54	%		3.00	%

Construction Loans:
17885 Von Karman	June 30, 2010		25,310			0.62	%		5.00	%
207 Goode (3)	August 1, 2010		22,792			0.56	%		2.05	%
Total construction loans			48,102			1.18	%		3.60	%

Variable-Rate Mortgage Loans:
Plaza Las Fuentes (4)	September 29, 2010		91,200			2.23	%		3.50	%
Brea Corporate Place (5)	May 1, 2011		70,468			1.72	%		2.20	%
Brea Financial Commons (5)	May 1, 2011		38,532			0.94	%		2.20	%
Total variable-rate mortgage loans			200,200			4.89	%		2.79	%

Variable-Rate Swapped to Fixed-Rate Loans:
KPMG Tower (6)	October 9, 2012		400,000			9.77	%		7.16	%
207 Goode (3)	August 1, 2010		25,000			0.61	%		7.36	%
Total variable-rate swapped to fixed-rate loans			425,000			10.38	%		7.18	%

Total floating-rate debt			695,552			16.99	%		5.53	%

Fixed-Rate Debt
Wells Fargo Tower	April 6, 2017		550,000			13.44	%		5.68	%
Two California Plaza	May 6, 2017		470,000			11.48	%		5.50	%
Gas Company Tower	August 11, 2016		458,000			11.19	%		5.10	%
777 Tower	November 1, 2013		273,000			6.67	%		5.84	%
US Bank Tower	July 1, 2013		260,000			6.35	%		4.66	%
City Tower	May 10, 2017		140,000			3.42	%		5.85	%
Glendale Center	August 11, 2016		125,000			3.05	%		5.82	%
801 North Brand	April 6, 2015		75,540			1.85	%		5.73	%
Mission City Corporate Center (7)	April 1, 2012		52,000			1.27	%		5.09	%
The City - 3800 Chapman	May 6, 2017		44,370			1.08	%		5.93	%
701 North Brand	October 1, 2016		33,750			0.82	%		5.87	%
700 North Central	April 6, 2015		27,460			0.67	%		5.73	%

Total fixed-rate debt			2,509,120			61.29	%		5.46	%

Total debt, excluding Properties in Default			3,204,672			78.28	%		5.48	%

Properties in Default
Pacific Arts Plaza (8)	April 1, 2012		270,000			6.60	%		9.15	%
550 South Hope Street (9)	May 6, 2017		200,000			4.89	%		10.67	%
500 Orange Tower (10)	May 6, 2017		110,000			2.69	%		10.88	%
2600 Michelson (11)	May 10, 2017		110,000			2.69	%		10.69	%
Stadium Towers Plaza (12)	May 11, 2017		100,000			2.44	%		10.78	%
Park Place II (13)	March 11, 2012		98,482			2.41	%		10.39	%

Total Properties in Default			888,482			21.72	%		10.22	%

Total consolidated debt			4,093,154			100.00	%		6.51	%

Debt discount			(5,703	)
Mortgage loan associated with real estate held for sale			(52,000	)

Total consolidated debt, net		$	4,035,451

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Debt Summary (continued)

(in thousands, except percentages)

__________

(1)	The March 31, 2010 one-month LIBOR rate of 0.25% was used to calculate interest on the variable-rate loans, except for the 17885 Von Karman construction loan which was calculated using the floor interest rate under the loan agreement of 5.00%.
(2)	In connection with the disposition of Griffin Towers in March 2010, the repurchase facility was converted into an unsecured term loan. This loan bears interest at a variable rate of LIBOR plus 2.75%, increasing to LIBOR plus 3.75% in June 2010.
(3)	This loan bears interest at LIBOR plus 1.80%. We have entered into an interest rate swap agreement to hedge this loan up to $25.0 million, which effectively fixes the LIBOR rate at 5.564%. We extended this loan to August 1, 2010.
(4)	As required by the loan agreement, we have entered into an interest rate cap agreement that limits the LIBOR portion of the interest rate to 4.75% during the loan term, excluding extension periods. Three one-year extensions are available at our option, subject to certain conditions, some of which we may be unable to fulfill.
(5)	As required by the loan agreement, we have entered into an interest rate cap agreement that limits the LIBOR portion of the interest rate to 6.50% during the loan term, excluding extension periods. We extended this loan effective May 1, 2010. One one-year extension is available at our option, subject to certain conditions, some of which we may be unable to fulfill.
(6)	This loan bears interest at a rate of LIBOR plus 1.60%. We have entered into an interest rate swap agreement to hedge this loan, which effectively fixes the LIBOR rate at 5.564%.
(7)	As of March 31, 2010, Mission City Corporate Center is classified as held for sale.
(8)	Our special purpose property-owning subsidiary that owns the Pacific Arts Plaza property failed to make the debt service payments under this loan that were due beginning on September 1, 2009 and continuing through and including May 1, 2010. The interest rate shown for this loan is the default rate as defined in the loan agreement. This property was placed in receivership in March 2010.
(9)	Our special purpose property-owning subsidiary that owns the 550 South Hope property failed to make the debt service payments under this loan that were due beginning on August 6, 2009 and continuing through and including May 6, 2010. The interest rate shown for this loan is the default rate as defined in the loan agreement.
(10)	Our special purpose property-owning subsidiary that owns the 500 Orange Tower property failed to make the debt service payments under this loan that were due beginning on January 6, 2010 and continuing through and including May 6, 2010.
(11)	Our special purpose property-owning subsidiary that owns the 2600 Michelson property failed to make the debt service payments under this loan that were due beginning on August 11, 2009 and continuing through and including April 11, 2010. The interest rate shown for this loan is the default rate as defined in the loan agreement. This property was placed in receivership in November 2009.
(12)	Our special purpose property-owning subsidiary that owns the Stadium Towers Plaza property failed to make the debt service payments under this loan that were due beginning on August 11, 2009 and continuing through and including April 11, 2010. The interest rate shown for this loan is the default rate as defined in the loan agreement.
(13)	Our special purpose property-owning subsidiary that owns the Park Place II property failed to make the debt service payments under this loan that were due beginning on August 11, 2009 and continuing through and including April 11, 2010. The interest rate shown for this loan is the default rate as defined in the loan agreement.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

MMO Joint Venture Debt Summary

(in thousands, except percentages)

	Maturity Date	Principal Amount as of March 31, 2010		% of Debt			Interest Rate as of March 31, 2010

Fixed-Rate Debt
Wells Fargo Center (Denver, CO)	April 6, 2015	$	276,000		34.44	%		5.26	%
One California Plaza	December 1, 2010		139,410		17.40	%		4.73	%
San Diego Tech Center	April 11, 2015		133,000		16.60	%		5.70	%
Quintana Campus (1)	December 11, 2011		106,000		13.22	%		5.07	%
Cerritos Corporate Center	February 1, 2016		95,000		11.85	%		5.54	%
Stadium Gateway	February 1, 2016		52,000		6.49	%		5.66	%
Total fixed-rate debt			801,410		100.00	%		5.27	%

Debt premium, net of discount			1,907
Total joint venture debt, net		$	803,317

Our portion of joint venture debt (2)		$	160,663

__________

(1)	The MMO joint venture defaulted on its Quintana mortgage loan by failing to make its required debt service payments. This property was placed in receivership in November 2009.
(2)	We own 20% of the MMO joint venture.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Debt Maturities

(in thousands, except percentages)

	2010			2011			2012			2013			2014		Thereafter			Total
Floating-Rate Debt

Term loan	$	7,250		$	15,000		$	–		$	–		$	–	$	–		$	22,250

Construction Loans:
17885 Von Karman		25,310			–			–			–			–		–			25,310
207 Goode		22,792			–			–			–			–		–			22,792
Total construction loans		48,102			–			–			–			–		–			48,102

Variable-Rate Mortgage Loans:
Plaza Las Fuentes (1)		91,200			–			–			–			–		–			91,200
Brea Corporate Place (2)		–			70,468			–			–			–		–			70,468
Brea Financial Commons (2)		–			38,532			–			–			–		–			38,532

Total variable-rate mortgage loans		91,200			109,000			–			–			–		–			200,200

Variable-Rate Swapped to Fixed-Rate Loans:
KPMG Tower		–			–			400,000			–			–		–			400,000
207 Goode		25,000			–			–			–			–		–			25,000

Total variable-rate swapped to fixed-rate loans		25,000			–			400,000			–			–		–			425,000

Total floating-rate debt		171,552			124,000			400,000			–			–		–			695,552

Fixed-Rate Debt
Wells Fargo Tower		–			–			–			–			–		550,000			550,000
Two California Plaza		–			–			–			–			–		470,000			470,000
Gas Company Tower		–			–			–			–			–		458,000			458,000
777 Tower		–			–			–			273,000			–		–			273,000
US Bank Tower		–			–			–			260,000			–		–			260,000
City Tower		–			–			–			–			–		140,000			140,000
Glendale Center		–			–			–			–			–		125,000			125,000
801 North Brand		–			–			–			–			–		75,540			75,540
Mission City Corporate Center		–			–			52,000			–			–		–			52,000
The City - 3800 Chapman		–			–			–			–			–		44,370			44,370
701 North Brand		–			–			–			–			–		33,750			33,750
700 North Central		–			–			–			–			–		27,460			27,460

Total fixed-rate debt		–			–			52,000			533,000			–		1,924,120			2,509,120

Total debt, excluding Properties in Default		171,552			124,000			452,000			533,000			–		1,924,120			3,204,672

Debt discount		–			–			–			(2,348	)		–		(3,355	)		(5,703	)
Total debt, excluding Properties in Default, net		171,552			124,000			452,000			530,652			–		1,920,765			3,198,969

Properties in Default (3)
Pacific Arts Plaza		–			–			270,000			–			–		–			270,000
550 South Hope Street		–			–			–			–			–		200,000			200,000
500 Orange Tower		–			–			–			–			–		110,000			110,000
2600 Michelson		–			–			–			–			–		110,000			110,000
Stadium Towers Plaza		–			–			–			–			–		100,000			100,000
Park Place II		1,746			1,266			95,470			–			–		–			98,482

Total Properties in Default		1,746			1,266			365,470			–			–		520,000			888,482

Debt discount		–			–			–			–			–		–			–

Total Properties in Default, net		1,746			1,266			365,470			–			–		520,000			888,482

Mortgage loan associated with real estate held for sale		–			–			(52,000	)		–			–		–			(52,000	)
Total consolidated debt, net	$	173,298		$	125,266		$	765,470		$	530,652		$	–	$	2,440,765		$	4,035,451

Weighted average interest rate, excluding Properties in Default		4.07	%		2.30	%		6.93	%		5.27	%		–		5.53	%		5.48	%
Weighted average interest rate, Properties in Default		10.39	%		10.39	%		9.48	%		–			–		10.74	%		10.22	%
Weighted average interest rate, consolidated		4.13	%		2.38	%		8.07	%		5.27	%		–		6.64	%		6.51	%

__________

(1)	Three one-year extensions are available at our option, subject to certain conditions, some of which we may be unable to fulfill.
(2)	One one-year extension is available at our option, subject to certain conditions, some of which we may be unable to fulfill.
(3)	Amounts shown in the table above for Properties in Default reflect contractual maturity dates per the loan agreements. The actual settlement dates for these loans will depend upon when the properties are disposed of either by the Company or the special servicers, as applicable. Management does not intend to settle these amounts with unrestricted cash. We expect that these amounts will be settled in a non-cash manner at the time of disposition.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

MMO Joint Venture Debt Maturities

(in thousands, except percentages)

	2010			2011			2012			2013			2014			Thereafter			Total

Fixed-Rate Debt
Wells Fargo Center (Denver, CO)	$	–		$	–		$	–		$	–		$	–		$	276,000		$	276,000
One California Plaza		139,410			–			–			–			–			–			139,410
San Diego Tech Center		–			–			–			–			–			133,000			133,000
Quintana Campus (1)		–			106,000			–			–			–			–			106,000
Cerritos Corporate Center		–			1,054			1,330			1,406			1,486			89,724			95,000
Stadium Gateway		–			–			–			–			–			52,000			52,000
		139,410			107,054			1,330			1,406			1,486			550,724			801,410

Debt premium, net of discount		(271	)		(51	)		–			–			–			2,229			1,907

Total joint venture debt, net	$	139,139		$	107,003		$	1,330		$	1,406		$	1,486		$	552,953		$	803,317

Weighted average interest rate		4.73	%		5.07	%		5.54	%		5.54	%		5.54	%		5.45	%		5.27	%

__________

(1)

The MMO joint venture defaulted on its Quintana mortgage loan by failing to make its required debt service payments. This property is currently in receivership. The maturity date shown above reflects the contractual maturity date per the loan agreement. The actual settlement date for this loan will depend upon when the property is disposed of by the special servicer.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Portfolio Data

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Same Store Analysis

(unaudited and in thousands, except percentages)

	For the Three Months Ended March 31, (1)
	2010			2009			% Change
Total Same Store Portfolio
Number of properties		16			16
Square feet as of March 31		9,965,268			9,957,330
Percentage of wholly-owned Office Portfolio		100.0	%		100.0	%
Weighted average leased percentage (2)		83.8	%		85.6	%

GAAP
Breakdown of Net Operating Income:
Operating revenue	$	87,291		$	88,174			(1.0	)%
Operating expenses		29,824			31,099			(4.1	)%
Other expense		1,264			1,264			–
Net operating income	$	56,203		$	55,811			0.7	%

CASH BASIS
Breakdown of Net Operating Income:
Operating revenue	$	84,246		$	84,158			0.1	%
Operating expenses		29,824			31,099			(4.1	)%
Other expense		743			743			–
Net operating income	$	53,679		$	52,316			2.6	%

__________

(1)	Properties included in the Same Store analysis are the properties in our Office Portfolio, with the exception of the Properties in Default, our joint venture properties and Mission City Corporate Center, which is classified as held for sale as of March 31, 2010.
(2)	Represents weighted average leased amounts for the Same Store Portfolio.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Portfolio Overview

Property by Submarket						Ownership	Square Feet							Leased % and In-Place Rents
Property	Number of Buildings		Number of Tenants		Year Built / Renovated	%	Net Building Rentable		Effective (1)		% of Net Rentable			% Leased			Total Annualized Rents (2)		Effective Annualized Rents (2)		Annualized Rent $/RSF (3)

Office Properties
Los Angeles County
Los Angeles Central Business District:
Gas Company Tower		1		17	1991	100%		1,323,651		1,323,651		9.72	%		92.5	%	$	35,289,123	$	35,289,123	$	28.84
US Bank Tower		1		43	1989	100%		1,414,410		1,414,410		10.38	%		62.2	%		23,772,203		23,772,203		27.02
Wells Fargo Tower		2		58	1982	100%		1,396,956		1,396,956		10.25	%		94.1	%		28,111,278		28,111,278		21.38
Two California Plaza		1		60	1992	100%		1,327,663		1,327,663		9.75	%		83.8	%		22,036,884		22,036,884		19.81
KPMG Tower		1		21	1983	100%		1,143,646		1,143,646		8.40	%		93.9	%		25,021,278		25,021,278		23.29
777 Tower		1		34	1991	100%		1,012,301		1,012,301		7.43	%		75.6	%		15,995,764		15,995,764		20.91
One California Plaza		1		25	1985	20%		1,009,645		201,929		7.41	%		76.2	%		16,518,094		3,303,619		21.46
Total LACBD Submarket		8		258				8,628,272		7,820,556		63.34	%		82.7	%		166,744,624		153,530,149		23.36

Tri-Cities Submarket:
Glendale Center		2		4	1973/1996	100%		387,545		387,545		2.84	%		100.0	%		8,751,482		8,751,482		22.58
801 North Brand		1		28	1987	100%		282,788		282,788		2.08	%		81.4	%		4,695,225		4,695,225		20.41
701 North Brand		1		13	1978	100%		131,129		131,129		0.96	%		97.2	%		2,269,328		2,269,328		17.81
700 North Central		1		14	1979	100%		134,168		134,168		0.98	%		75.5	%		1,710,450		1,710,450		16.88
Plaza Las Fuentes		3		9	1989	100%		192,958		192,958		1.42	%		100.0	%		5,229,882		5,229,882		27.10
Total Tri-Cities Submarket		8		68				1,128,588		1,128,588		8.28	%		92.1	%		22,656,367		22,656,367		21.80

Cerritos Office Submarket:
Cerritos - Phase I		1		1	1999	20%		221,968		44,394		1.63	%		100.0	%		6,317,209		1,263,442		28.46
Cerritos - Phase II		1		–	2001	20%		104,567		20,913		0.77	%		100.0	%		2,482,421		496,484		23.74
Total Cerritos Submarket		2		1				326,535		65,307		2.40	%		100.0	%		8,799,630		1,759,926		26.95

Total Los Angeles County		18		327				10,083,395		9,014,451		74.02	%		84.3	%	$	198,200,621	$	177,946,442	$	23.30

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Portfolio Overview (continued)

Property by Submarket						Ownership	Square Feet							Leased % and In-Place Rents
Property	Number of Buildings		Number of Tenants		Year Built / Renovated	%	Net Building Rentable		Effective (1)		% of Net Rentable			% Leased			Total Annualized Rents (2)		Effective Annualized Rents (2)		Annualized Rent $/RSF (3)

Office Properties
Orange County
John Wayne Airport Submarket:
17885 Von Karman Avenue		1		1	2008	100%		151,370		151,370		1.11	%		37.8	%	$	893,120	$	893,120	$	15.59
Total Airport Submarket		1		1				151,370		151,370		1.11	%		37.8	%		893,120		893,120		15.59

Central Orange Submarket:
3800 Chapman		1		2	1984	100%		158,767		158,767		1.17	%		75.9	%		2,558,710		2,558,710		21.25
City Tower		1		22	1988	100%		412,427		412,427		3.03	%		79.8	%		7,056,575		7,056,575		21.45
Stadium Gateway		1		8	2001	20%		272,826		54,565		2.00	%		88.0	%		5,009,253		1,001,851		20.87
Total Central Orange Submarket		3		32				844,020		625,759		6.20	%		81.7	%		14,624,538		10,617,136		21.21

Other:
Brea Corporate Place		2		20	1987	100%		329,949		329,949		2.41	%		71.6	%		3,598,140		3,598,140		15.22
Brea Financial Commons		3		2	1987	100%		165,540		165,540		1.22	%		90.7	%		2,960,847		2,960,847		19.73
Total Other		5		22				495,489		495,489		3.63	%		78.0	%		6,558,987		6,558,987		16.97

Total Orange County		9		55				1,490,879		1,272,618		10.94	%		76.0	%	$	22,076,645	$	18,069,243	$	19.48

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Portfolio Overview (continued)

Property by Submarket						Ownership	Square Feet							Leased % and In-Place Rents
Property	Number of Buildings		Number of Tenants		Year Built / Renovated	%	Net Building Rentable		Effective (1)		% of Net Rentable			% Leased			Total Annualized Rents (2)		Effective Annualized Rents (2)		Annualized Rent $/RSF (3)

Office Properties
San Diego County

Sorrento Mesa Submarket:
San Diego Tech Center		11		23	1984/1986	20%		646,114		129,223		4.74	%		80.0	%	$	11,485,274	$	2,297,055	$	22.23
Total Sorrento Mesa Submarket		11		23				646,114		129,223		4.74	%		80.0	%		11,485,274		2,297,055		22.23

Mission Valley Submarket:
Mission City Corporate Center (4)		3		12	1990	100%		190,634		190,634		1.40	%		80.9	%		3,693,329		3,693,329	$	23.96
Total Mission Valley Submarket		3		12				190,634		190,634		1.40	%		80.9	%		3,693,329		3,693,329		23.96

Total San Diego County		14		35				836,748		319,857		6.14	%		80.2	%	$	15,178,603	$	5,990,384	$	22.63

Other
Denver, CO - Downtown Submarket:
Wells Fargo Center - Denver		1		39	1983	20%		1,211,746		242,349		8.90	%		91.7	%	$	22,563,858	$	4,512,772	$	20.32
Total Other		1		39				1,211,746		242,349		8.90	%		91.7	%		22,563,858		4,512,772		20.32


Total Office Properties		42		456				13,622,768		10,849,275		100.00	%		83.8	%	$	258,019,727	$	206,518,841	$	22.59
Effective Office Properties								10,849,275							83.4	%					$	22.82

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Portfolio Overview (continued)

Property by Submarket						Ownership	Square Feet						Leased % and In-Place Rents
Property	Number of Buildings		Number of Tenants		Year Built / Renovated	%	Net Building Rentable		Effective (1)		% of Net Rentable		% Leased			Total Annualized Rents (2)		Effective Annualized Rents (2)		Annualized Rent $/RSF (3)


Properties in Default
550 South Hope Street		1		36	1991	100%		565,738		565,738				82.7	%	$	8,705,128	$	8,705,128	$	18.60
2600 Michelson		1		23	1986	100%		308,592		308,592				67.5	%		4,333,494		4,333,494		20.81
Stadium Towers Plaza		1		23	1988	100%		258,358		258,358				48.9	%		2,593,360		2,593,360		20.52
500 Orange Tower		3		31	1987	100%		335,507		335,507				67.9	%		4,307,224		4,307,224		18.90
Park Place Office (3121)		1		6	1977/2002	100%		150,585		150,585				79.5	%		1,538,830		1,538,830		12.86
Park Place II (Retail - The Shops)		8		23	1981	100%		122,533		122,533				88.1	%		3,301,396		3,301,396		30.56
Pacific Arts Plaza		8		40	1982	100%		787,016		787,016				78.3	%		13,964,776		13,964,776		22.67
Quintana Campus		4		2	1989/2004	20%		414,595		82,919				31.2	%		2,157,809		431,562		16.66
Total Properties in Default		27		184				2,942,924		2,611,248				72.8	%	$	40,902,017	$	39,175,770	$	20.41

Total Office and Properties in Default								16,565,692		13,460,523				81.0	%
Effective Office and Properties in Default								13,460,523						81.3	%


Hotel Property							SQFT		Effective SQFT		Number of Rooms
Westin Hotel, Pasadena, CA						100%		266,000		266,000		350
Total Hotel Property								266,000		266,000		350

Total Office, Properties in Default and Hotel Properties								16,831,692		13,726,523
Parking Properties							SQFT		Effective SQFT		Vehicle Capacity		Effective Vehicle Capacity			Annualized Parking Revenue (5)		Effective Annualized Parking Revenue (6)		Effective Annualized Parking Revenue per Vehicle Capacity (7)
On-Site Parking								6,356,419		4,864,061		18,957		14,508		$	36,045,909	$	31,283,145	$	2,156
Off-Site Garages								1,714,435		1,714,435		5,729		5,729			11,742,689		11,742,689		2,050
Properties in Default								2,727,880		2,403,240		9,973		8,543			5,552,283		5,552,283		650
Total Parking Properties								10,798,734		8,981,736		34,659		28,780		$	53,340,881	$	48,578,117		1,688

Total Office, Properties in Default, Hotel and Parking Properties								27,630,426		22,708,259

__________

(1)	Includes 100% of our consolidated portfolio and 20% of our MMO joint venture portfolio.
(2)	Annualized rent represents the annualized monthly contractual rent under existing leases as of March 31, 2010. This amount reflects total base rent before any one-time or non-recurring rent abatements but after annually recurring rent credits and is shown on a net basis; thus, for any tenant under a partial gross lease, the expense stop, or under a fully gross lease, the current year operating expenses (which may be estimates as of such date), are subtracted from gross rent.
(3)	Annualized rent per rentable square foot represents annualized rent as computed above, divided by the total square footage under lease as of the same date.
(4)	Mission City Corporate Center is classified as held for sale as of March 31, 2010.
(5)	Annualized parking revenue represents the annualized quarterly parking revenue as of March 31, 2010.
(6)	Effective annualized parking revenue represents the annualized quarterly parking revenue as of March 31, 2010 adjusted to include 100% of our consolidated portfolio and 20% of our MMO joint venture portfolio.
(7)	Effective annualized parking revenue per vehicle capacity represents the effective annualized parking revenue divided by the effective vehicle capacity.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Portfolio Geographic Distribution (Excluding Properties in Default) (1)

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Portfolio Overview — Leased Rates and Weighted Average Remaining Lease Term

	Ownership	Weighted Average
	Interest	Remaining Lease Term	% Leased
	( % )	(in years)	Q1 2010			Q4 2009			Q3 2009			Q2 2009			Q1 2009
Office Properties
Gas Company Tower	100%	4.9		92.5	%		92.5	%		92.5	%		92.4	%		92.1	%
US Bank Tower	100%	4.4		62.2	%		62.2	%		61.7	%		62.6	%		65.1	%
Wells Fargo Tower	100%	4.5		94.1	%		94.5	%		94.6	%		93.6	%		93.7	%
KPMG Tower	100%	8.0		93.9	%		94.0	%		93.8	%		93.8	%		93.8	%
777 Tower	100%	5.1		75.6	%		92.0	%		92.0	%		92.0	%		91.9	%
One California Plaza	20%	5.3		76.2	%		76.5	%		76.9	%		76.7	%		77.1	%
Glendale Center	100%	2.1		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
801 North Brand	100%	2.5		81.4	%		82.3	%		82.8	%		83.9	%		83.1	%
701 North Brand	100%	4.4		97.2	%		97.2	%		97.2	%		97.2	%		100.0	%
700 North Central	100%	3.4		75.5	%		75.5	%		75.5	%		75.5	%		96.7	%
Plaza Las Fuentes	100%	8.0		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cerritos - Phase I	20%	4.5		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cerritos - Phase II	20%	1.2		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
17885 Von Karman Avenue	100%	7.1		37.8	%		37.8	%		0.0	%		0.0	%		0.0	%
Stadium Gateway	20%	4.3		88.0	%		88.0	%		89.5	%		87.6	%		79.0	%
Mission City Corporate Center (1)	100%	2.9		80.9	%		78.5	%		86.9	%		86.9	%		86.9	%
San Diego Tech Center	20%	3.2		80.0	%		79.7	%		93.8	%		93.7	%		93.7	%
Wells Fargo Center - Denver	20%	7.1		91.7	%		92.2	%		92.2	%		94.0	%		95.2	%
Two California Plaza	100%	4.8		83.8	%		84.3	%		83.5	%		83.7	%		92.6	%
3800 Chapman	100%	5.2		75.9	%		75.9	%		75.9	%		63.4	%		63.4	%
City Tower	100%	2.7		79.8	%		82.2	%		82.6	%		81.8	%		78.9	%
Brea Corporate Place	100%	3.2		71.6	%		64.1	%		56.3	%		55.7	%		55.0	%
Brea Financial Commons	100%	4.1		90.7	%		90.7	%		90.7	%		90.7	%		90.7	%
Total Office Properties		5.0		83.8	%		85.1	%		85.2	%		85.2	%		86.3	%

Effective Office Properties (2)		4.9		83.4	%		84.9	%		84.4	%		84.2	%		85.7	%


Properties in Default
550 South Hope Street	100%	5.5		82.7	%		83.0	%		87.3	%		87.3	%		87.7	%
Park Place II	100%	6.9		83.4	%		83.4	%		83.4	%		82.8	%		52.9	%
2600 Michelson	100%	2.1		67.5	%		67.7	%		68.1	%		72.5	%		76.4	%
500 Orange Tower	100%	4.3		67.9	%		69.9	%		69.8	%		68.6	%		78.5	%
Stadium Towers Plaza	100%	2.6		48.9	%		57.4	%		57.4	%		59.7	%		59.0	%
Pacific Arts Plaza	100%	4.8		78.3	%		78.3	%		77.8	%		77.8	%		76.0	%
Quintana Campus	20%	2.5		31.2	%		39.6	%		39.6	%		39.6	%		42.2	%
Total Properties in Default		4.6		72.8	%		74.2	%		75.0	%		75.6	%		73.7	%

Total Office Properties and
Properties in Default		4.9		81.0	%		82.5	%		82.7	%		82.7	%		83.5	%

Total Effective Office Properties
and Properties in Default		4.9		81.3	%		82.9	%		82.5	%		82.5	%		83.4	%

__________

(1)	Mission City Corporate Center is classified as held for sale as of March 31, 2010.
(2)	Includes 100% of our consolidated portfolio and 20% of our MMO joint venture portfolio.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Major Tenants — Office Properties (Excluding Properties in Default)

	Tenant	Number of Locations	Annualized Rent (1)		% of Total Annualized Rent	Total Leased Square Feet		% of Aggregate Leased Square Feet of Effective Portfolio	Weighted Average Remaining Lease Term in Months	S & P Credit Rating / National Recognition (2)
	Rated
1	Southern California Gas Company	1	$	21,283,883	10.3%		576,516	6.4%	19	A
2	Sempra (Pacific Enterprises)	1		8,189,591	4.0%		217,413	2.4%	3	A
3	Wells Fargo Bank (3)	2		6,669,919	3.2%		385,759	4.3%	55	AA-
4	Bank of America (3)	5		5,666,264	2.7%		258,461	2.9%	29	A+
5	AT&T (3)	5		5,015,679	2.4%		202,813	2.2%	37	A
6	US Bank, National Association	2		3,911,640	1.9%		157,488	1.7%	62	AA-
7	Disney Enterprises	1		3,706,960	1.8%		156,215	1.7%	15	A
8	FNMA (Fannie Mae)	1		2,295,250	1.1%		61,655	0.7%	95	AAA
9	Home Depot	1		2,243,454	1.1%		99,706	1.1%	38	BBB+
10	St. Paul Fire and Marine	1		2,233,402	1.1%		76,860	0.8%	37	AA-
	Total Rated / Weighted Average (3), (4)			61,216,042	29.6%		2,192,886	24.2%	33

	Total Investment Grade Tenants (3)		$	85,242,249	41.3%		3,367,690	37.2%

	Nationally Recognized
11	Latham & Watkins LLP	2		9,178,964	4.4%		397,991	4.4%	152	3rd Largest US Law Firm
12	Gibson, Dunn & Crutcher LLP	1		6,464,056	3.1%		268,268	3.0%	92	20th Largest US Law Firm
13	Deloitte & Touche LLP	1		5,216,904	2.5%		342,094	3.8%	60	Largest US Accounting Firm
14	Morrison & Foerster LLP	1		3,885,728	1.9%		138,776	1.5%	42	23rd Largest US Law Firm
15	Sidley Austin LLP	1		3,747,128	1.8%		192,457	2.1%	165	5th Largest US Law Firm
16	Marsh USA, Inc.	1		3,727,695	1.8%		212,721	2.4%	97	World's Largest Insurance Broker
17	Munger, Tolles & Olson LLP	1		3,695,686	1.8%		160,682	1.8%	143	129th Largest US Law Firm
18	KPMG LLP	1		3,662,464	1.8%		175,971	1.9%	51	4th Largest US Accounting Firm
19	PricewaterhouseCoopers LLP	1		2,990,625	1.4%		160,784	1.8%	38	3rd Largest US Accounting Firm
20	Bingham McCutchen LLP	1		2,442,677	1.2%		104,712	1.2%	34	32nd Largest US Law Firm
	Total Nationally Recognized / Weighted Average (3), (4)			45,011,927	21.7%		2,154,456	23.9%	95

	Total Nationally Recognized Tenants (3)			78,873,054	38.2%		3,714,583	41.0%

	Total / Weighted Average (3), (4)		$	106,227,969	51.3%		4,347,342	48.1%	64

	Total Investment Grade or Nationally Recognized Tenants (3)		$	164,115,303	79.5%		7,082,273	78.2%

__________

(1)	Annualized base rent is calculated as monthly contractual base rent under existing leases as of March 31, 2010, multiplied by 12. For those leases where rent has not yet commenced, the first month in which rent is to be received is used to determine annualized base rent.
(2)	S&P credit ratings are as of March 31, 2010. Rankings of law firms are based on total gross revenue in 2008 as reported by American Lawyer Media's LAW.com.
(3)	Includes 20% of annualized rent and leased square footage for our MMO joint venture properties.
(4)	The weighted average calculation is based on the effective net rentable square feet leased by each tenant, which reflects our pro-rata share of our MMO joint venture.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Portfolio Tenant Classification Description (Excluding Properties in Default) (1), (2)

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Lease Expirations — Wholly Owned Portfolio

Year	Total Area in Square Feet Covered by Expiring Leases		Percentage of Aggregate Square Feet			Annualized Rent		Percentage of Total Annualized Rent			Current Rent per Square Foot (1)		Rent per Square Foot at Expiration (2)

Available		2,353,712		18.6	%
2010		676,905		5.3	%	$	15,940,358		6.9	%	$	23.55	$	23.57
2011		1,887,157		14.9	%		49,680,345		21.4	%		26.33		26.63
2012		771,156		6.1	%		17,607,897		7.6	%		22.83		24.56
2013		2,108,915		16.6	%		45,460,794		19.5	%		21.56		23.54
2014		778,035		6.1	%		15,185,010		6.5	%		19.52		22.58
2015		961,046		7.6	%		19,740,244		8.5	%		20.54		22.97
2016		205,024		1.6	%		4,249,927		1.8	%		20.73		26.25
2017		1,039,509		8.2	%		22,065,895		9.5	%		21.23		23.45
2018		472,891		3.7	%		10,109,259		4.4	%		21.38		28.47
2019		359,255		2.8	%		6,905,232		3.0	%		19.22		26.26
Thereafter		1,070,626		8.5	%		25,442,865		10.9	%		23.76		32.43
		12,684,231		100.0	%	$	232,387,826		100.0	%	$	22.50	$	25.47

Leases Expiring in the Next 4 Quarters:

2nd Quarter 2010		276,902		2.2	%	$	7,810,414		3.4	%	$	28.21	$	28.21
3rd Quarter 2010 (3)		120,144		0.9	%		2,356,262		1.0	%		19.61		19.61
4th Quarter 2010		279,859		2.2	%		5,773,682		2.5	%		20.63		20.68
1st Quarter 2011		341,836		2.7	%		6,949,374		2.9	%		20.33		20.46
		1,018,741		8.0	%	$	22,889,732		9.8	%	$	22.47	$	22.52

__________

(1)	Current rent per leased square foot represents current base rent, divided by total square footage under lease as of the same date.
(2)	Rent per leased square foot at expiration represents base rent including any future rent steps, and thus represents the base rent that will be in place at lease expiration.
(3)	Includes tenants leasing on a month-to-month basis.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Lease Expirations — Wholly Owned Portfolio

Los Angeles County

Year	Total Area in Square Feet Covered by Expiring Leases		Percentage of Aggregate Square Feet			Annualized Rent		Percentage of Total Annualized Rent			Current Rent per Square Foot (1)		Rent per Square Foot at Expiration (2)

Available		1,435,992		15.4	%
2010		434,914		4.7	%	$	11,256,529		6.2	%	$	25.88	$	25.89
2011		1,411,558		15.2	%		39,816,852		21.9	%		28.21		28.41
2012		641,040		6.9	%		14,277,936		7.8	%		22.27		23.90
2013		1,399,498		15.0	%		29,407,344		16.2	%		21.01		22.82
2014		534,481		5.7	%		10,858,453		6.0	%		20.32		23.35
2015		793,882		8.5	%		16,493,368		9.1	%		20.78		22.99
2016		185,813		2.0	%		4,052,088		2.2	%		21.81		26.85
2017		908,924		9.8	%		19,918,021		11.0	%		21.91		23.87
2018		417,854		4.5	%		9,209,129		5.1	%		22.04		28.92
2019		260,586		2.8	%		5,769,705		3.2	%		22.14		29.53
Thereafter		888,411		9.5	%		20,528,600		11.3	%		23.11		32.45
		9,312,953		100.0	%	$	181,588,025		100.0	%	$	23.05	$	25.99

Leases Expiring in the Next 4 Quarters:

2nd Quarter 2010		209,283		2.2	%	$	6,680,135		3.7	%	$	31.92	$	31.92
3rd Quarter 2010 (3)		71,818		0.8	%		1,462,963		0.8	%		20.37		20.37
4th Quarter 2010		153,813		1.7	%		3,113,431		1.7	%		20.24		20.28
1st Quarter 2011		138,259		1.5	%		2,954,690		1.6	%		21.37		21.48
		573,173		6.2	%	$	14,211,219		7.8	%	$	24.79	$	24.83

__________

(1)	Current rent per leased square foot represents current base rent, divided by total square footage under lease as of the same date.
(2)	Rent per leased square foot at expiration represents base rent including any future rent steps, and thus represents the base rent that will be in place at lease expiration.
(3)	Includes tenants leasing on a month-to-month basis.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Lease Expirations — Wholly Owned Portfolio

Orange County

Year	Total Area in Square Feet Covered by Expiring Leases		Percentage of Aggregate Square Feet			Annualized Rent		Percentage of Total Annualized Rent			Current Rent per Square Foot (1)		Rent per Square Foot at Expiration (2)

Available		881,214		27.7	%
2010		227,893		7.2	%	$	4,282,088		9.1	%	$	18.79	$	18.82
2011		418,692		13.2	%		8,325,477		17.7	%		19.88		20.42
2012		107,652		3.4	%		2,762,807		5.9	%		25.66		27.90
2013		709,417		22.3	%		16,031,957		34.0	%		22.60		24.98
2014		235,695		7.4	%		4,188,605		8.9	%		17.77		20.87
2015		114,364		3.6	%		2,219,905		4.7	%		19.41		22.40
2016		19,211		0.6	%		197,839		0.4	%		10.30		20.45
2017		130,585		4.1	%		2,147,875		4.6	%		16.45		20.53
2018		55,037		1.7	%		900,130		1.9	%		16.35		25.11
2019		98,669		3.1	%		1,135,526		2.4	%		11.51		17.63
Thereafter		182,215		5.7	%		4,914,263		10.4	%		26.97		32.33
		3,180,644		100.0	%	$	47,106,472		100.0	%	$	20.49	$	23.63

Leases Expiring in the Next 4 Quarters:

2nd Quarter 2010		67,619		2.2	%	$	1,130,279		2.4	%	$	16.72	$	16.72
3rd Quarter 2010 (3)		48,326		1.5	%		890,899		1.9	%		18.44		18.44
4th Quarter 2010		111,948		3.5	%		2,260,910		4.8	%		20.20		20.26
1st Quarter 2011		203,577		6.4	%		3,994,684		8.5	%		19.62		19.76
		431,470		13.6	%	$	8,276,772		17.6	%	$	19.18	$	19.27

__________

(1)	Current rent per leased square foot represents current base rent, divided by total square footage under lease as of the same date.
(2)	Rent per leased square foot at expiration represents base rent including any future rent steps, and thus represents the base rent that will be in place at lease expiration.
(3)	Includes tenants leasing on a month-to-month basis.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Lease Expirations — Properties in Default (1)

Year	Total Area in Square Feet Covered by Expiring Leases		Percentage of Aggregate Square Feet			Annualized Rent		Percentage of Total Annualized Rent			Current Rent per Square Foot (2)		Rent per Square Foot at Expiration (3)

Available		654,179		25.9	%
2010		167,743		6.6	%		2,940,777		7.6	%		17.53		17.54
2011		314,666		12.5	%		6,434,290		16.6	%		20.45		20.77
2012		125,970		5.0	%		2,919,234		7.5	%		23.17		24.96
2013		430,648		17.0	%		9,491,313		24.5	%		22.04		23.88
2014		165,737		6.6	%		3,128,475		8.1	%		18.88		21.53
2015		106,542		4.2	%		2,096,183		5.4	%		19.67		22.59
2016		–		0.0	%		–		0.0	%		–		–
2017		163,239		6.5	%		3,171,166		8.2	%		19.43		22.03
2018		78,991		3.1	%		1,608,488		4.2	%		20.36		27.01
2019		137,853		5.5	%		2,006,396		5.2	%		14.55		21.06
Thereafter		182,761		7.2	%		4,947,886		12.8	%		27.07		33.73
		2,528,329		100.0	%	$	38,744,209		100.0	%	$	20.67	$	23.95

Leases Expiring in the Next 4 Quarters:

2nd Quarter 2010		80,893		3.2	%		1,305,828		3.4	%		16.14		16.14
3rd Quarter 2010 (4)		40,098		1.6	%		757,616		2.0	%		18.89		18.89
4th Quarter 2010		46,752		1.8	%		877,333		2.3	%		18.77		18.78
1st Quarter 2011		245,972		9.7	%		4,400,713		11.3	%		17.89	$	17.93
		413,715		16.4	%	$	7,341,490		18.9	%	$	17.75	$	17.77

__________

(1)	All Properties in Default are located in Orange County, except for 550 South Hope, which is located in the LACBD. Currently, there are 97,823 square feet available for lease at 550 South Hope, with 35,463 square feet, 55,017 square feet, 52,251 square feet, 22,708 square feet, 63,435 square feet, 239,041 square feet scheduled to expire in 2010, 2011, 2012, 2013, 2014 and thereafter, respectively
(2)	Current rent per leased square foot represents current base rent, divided by total square footage under lease as of the same date.
(3)	Rent per leased square foot at expiration represents base rent including any future rent steps, and thus represents the base rent that will be in place at lease expiration.
(4)	Includes tenants leasing on a month-to-month basis.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Lease Expirations — MMO Joint Venture Portfolio (1)

Year	Total Area in Square Feet Covered by Expiring Leases		Percentage of Aggregate Square Feet			Annualized Rent		Percentage of Total Annualized Rent			Current Rent per Square Foot (2)		Rent per Square Foot at Expiration (3)

Available		788,520		20.3	%
2010		212,504		5.5	%	$	5,001,543		7.5	%	$	23.54	$	23.68
2011		426,926		11.0	%		8,139,244		12.2	%		19.06		19.18
2012		332,381		8.6	%		7,053,441		10.6	%		21.22		22.13
2013		229,052		5.9	%		5,214,457		7.8	%		22.77		25.58
2014		833,835		21.5	%		18,020,728		27.1	%		21.61		24.40
2015		183,441		4.7	%		3,615,198		5.4	%		19.71		23.01
2016		57,865		1.5	%		1,129,869		1.7	%		19.53		23.52
2017		11,450		0.3	%		237,823		0.4	%		20.77		27.32
2018		81,744		2.1	%		1,713,538		2.6	%		20.96		29.50
2019		–		–			–		–			–		–
Thereafter		723,743		18.6	%		16,408,077		24.7	%		22.67		30.03
		3,881,461		100.0	%	$	66,533,918		100.0	%	$	21.51	$	24.84

Leases Expiring in the Next 4 Quarters:

2nd Quarter 2010		19,464		0.6	%	$	473,697		0.7	%	$	24.34	$	24.34
3rd Quarter 2010 (4)		110,456		2.8	%		2,334,675		3.5	%		21.14		21.14
4th Quarter 2010		82,584		2.1	%		2,193,171		3.3	%		26.56		26.92
1st Quarter 2011		114,615		2.9	%		1,649,521		2.5	%		14.39		14.42
		327,119		8.4	%	$	6,651,064		10.0	%	$	20.33	$	20.43

__________

(1)	The Quintana Campus was placed in receivership in November 2009. Currently, there are 285,101 square feet available for lease at the Quintana Campus, with 75,144 square feet and 54,350 square feet scheduled to expire in 2011 and 2014, respectively.
(2)	Current rent per leased square foot represents current base rent, divided by total square footage under lease as of the same date.
(3)	Rent per leased square foot at expiration represents base rent including any future rent steps, and thus represents the base rent that will be in place at lease expiration.
(4)	Includes tenants leasing on a month-to-month basis.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Leasing Activity — Total Portfolio

	Total Portfolio						Effective Portfolio (1)

	For the Three Months Ended March 31, 2010			% Leased			For the Three Months Ended March 31, 2010			% Leased

Leased Square Feet as of December 31, 2009		14,159,551			82.3	%		11,651,701			82.7	%
Disposition - Griffin Towers		(429,789	)					(429,789	)
Disposition - 2385 Northside Drive		(63,722	)					(63,722	)
Revised Leased Square Feet		13,666,040			82.5	%		11,158,190			82.9	%
Expirations		(582,855	)		(3.5	)%		(456,470	)		(3.4	)%
New Leases		88,525			0.5	%		83,068			0.6	%
Renewals		251,750			1.5	%		164,319			1.2	%
Leased Square Feet as of March 31, 2010		13,423,460			81.0	%		10,949,107			81.3	%




Cash Rent Growth (2), (3)
Expiring Rate per Square Foot										$	21.96
New / Renewed Rate per Square Foot										$	19.94
Percentage Change											(9.2	)%

GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	21.07
New / Renewed Rate per Square Foot										$	20.06
Percentage Change											(4.8	)%

Weighted Average Lease Term - New (in months)											50
Weighted Average Lease Term - Renewal (in months)											52

__________

(1)	Includes 100% of our consolidated portfolio and 20% of our MMO joint venture properties.
(2)	Represents the difference between (i) initial market rents on new and renewed leases and (ii) the cash rents on those spaces immediately prior to the expiration or termination.
(3)	For newly acquired properties, cash and GAAP rent growth is excluded for spaces that expired prior to our ownership and were re-leased after acquisition.
	Excludes new and renewed leases for spaces with more than twelve months of downtime and early renewals commencing after March 31, 2011.
(4)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Leasing Activity — Los Angeles Central Business District

	Total Portfolio						Effective Portfolio (1)

	For the Three Months Ended March 31, 2010			% Leased			For the Three Months Ended March 31, 2010			% Leased

Leased Square Feet as of December 31, 2009, Los Angeles Central Business District		7,789,825			84.7	%		7,171,866			85.5	%
Expirations		(353,727	)		(3.9	)%		(351,219	)		(4.1	)%
New Leases		34,872			0.4	%		34,654			0.4	%
Renewals		136,282			1.5	%		136,282			1.6	%
Leased Square Feet as of March 31, 2010, Los Angeles Central Business District		7,607,252			82.7	%		6,991,583			83.4	%

Cash Rent Growth (2), (3)
Expiring Rate per Square Foot										$	23.11
New / Renewed Rate per Square Foot										$	21.91
Percentage Change											(5.2	)%

GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	22.02
New / Renewed Rate per Square Foot										$	22.05
Percentage Change											0.1	%

Weighted Average Lease Term - New (in months)											48
Weighted Average Lease Term - Renewal (in months)											58

__________

(1)	Includes 100% of our consolidated portfolio and 20% of our MMO joint venture properties.
(2)	Represents the difference between (i) initial market rents on new and renewed leases and (ii) the cash rents on those spaces immediately prior to the expiration or termination.
(3)	For newly acquired properties, cash and GAAP rent growth is excluded for spaces that expired prior to our ownership and were re-leased after acquisition.
	Excludes new and renewed leases for spaces with more than twelve months of downtime and early renewals commencing after March 31, 2011.
(4)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Leasing Activity — Orange County

	Total Portfolio						Effective Portfolio (1)

	For the Three Months Ended March 31, 2010			% Leased			For the Three Months Ended March 31, 2010			% Leased

Leased Square Feet as of December 31, 2009, Orange County		3,156,376			71.5	%		2,832,997			73.3	%
Disposition - Griffin Towers		(429,789	)					(429,789	)
Revised Leased Square Feet		2,726,587			70.5	%		2,403,208			72.4	%
Expirations		(193,997	)		(5.0	)%		(91,125	)		(2.7	)%
New Leases		37,392			1.0	%		37,392			1.1	%
Renewals		98,949			2.5	%		23,855			0.7	%
Leased Square Feet as of March 31, 2010, Orange County		2,668,931			69.0	%		2,373,330			71.5	%


Cash Rent Growth (2), (3)
Expiring Rate per Square Foot										$	18.04
New / Renewed Rate per Square Foot										$	13.40
Percentage Change											(25.7	)%

GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	17.83
New / Renewed Rate per Square Foot										$	13.58
Percentage Change											(23.8	)%

Weighted Average Lease Term - New (in months)											53
Weighted Average Lease Term - Renewal (in months)											20

___________

(1)	Includes 100% of our consolidated portfolio and 20% of our MMO joint venture properties.
(2)	Represents the difference between (i) initial market rents on new and renewed leases and (ii) the cash rents on those spaces immediately prior to the expiration or termination.
(3)	For newly acquired properties, cash and GAAP rent growth is excluded for spaces that expired prior to our ownership and were re-leased after acquisition.
	Excludes new and renewed leases for spaces with more than twelve months of downtime and early renewals commencing after March 31, 2011.
(4)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Tenant Improvements and Leasing Commissions (Excluding Properties in Default) (1), (2), (3)

	For the Three Months Ended		For the Year Ended December 31,
	March 31, 2010		2009		2008		2007
Renewals (4)
Number of Leases		16		79		130		152
Square Feet		143,046		554,506		664,524		881,406
Tenant Improvement Costs per Square Foot (5)	$	0.88	$	9.09	$	13.95	$	11.69
Leasing Commission Costs per Square Foot	$	5.11	$	6.11	$	5.53	$	5.14
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	5.99	$	15.20	$	19.48	$	16.83
Costs per Square Foot per Year	$	2.21	$	2.60	$	4.36	$	3.41

New / Modified Leases (6)
Number of Leases		13		83		163		141
Square Feet		60,832		617,522		1,115,055		893,634
Tenant Improvement Costs per Square Foot (5)	$	12.34	$	19.36	$	41.97	$	22.89
Leasing Commission Costs per Square Foot	$	5.28	$	6.19	$	10.11	$	6.52
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	17.62	$	25.55	$	52.08	$	29.41
Costs per Square Foot per Year	$	3.73	$	3.73	$	5.98	$	5.00

Total
Number of Leases		29		162		293		293
Square Feet		203,878		1,172,028		1,779,579		1,775,040
Tenant Improvement Costs per Square Foot (5)	$	4.30	$	14.50	$	31.51	$	17.33
Leasing Commission Costs per Square Foot	$	5.16	$	6.15	$	8.40	$	5.84
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	9.46	$	20.65	$	39.91	$	23.17
Costs per Square Foot per Year	$	2.86	$	3.24	$	5.60	$	4.28

__________

(1)	Excludes activity related to Properties in Default for the three months ended March 31, 2010 and December 31 and September 30, 2009.
(2)	Based on leases executed during the period. Excludes leases to related parties, short-term leases less than six months, and leases for raw space.
(3)	Tenant improvement and leasing commission information reflects 100% of the consolidated portfolio and 20% of the MMO joint venture properties.
(4)	Does not include retained tenants that have relocated to new space or expanded into new space.
(5)	Tenant improvements include improvements and lease concessions.
(6)	Includes retained tenants that have relocated or expanded into new space and lease modifications.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Historical Capital Expenditures — Office Properties (1)

	For the Three Months Ended		For the Year Ended December 31,
	March 31, 2010		2009		2008		2007

Consolidated
Non-recoverable capital expenditures (2)	$	198,539	$	2,952,146	$	10,571,743	$	11,326,800
Total square feet		12,493,247		12,956,305		15,498,637		16,051,311
Non-recoverable capital expenditures per square foot	$	0.02	$	0.23	$	0.68	$	0.71

Unconsolidated
Non-recoverable capital expenditures (3)	$	163,122	$	295,925	$	220,946	$	50,406
Total square feet (4)		710,985		710,922		635,670		624,674
Non-recoverable capital expenditures per square foot	$	0.23	$	0.42	$	0.35	$	0.08

Consolidated
Recoverable capital expenditures (5)	$	810,181	$	1,388,207	$	1,197,266	$	2,857,483
Total square feet		12,493,247		12,956,305		15,498,637		16,051,311
Recoverable capital expenditures per square foot	$	0.06	$	0.11	$	0.08	$	0.18

Unconsolidated
Recoverable capital expenditures (3), (5)	$	4,992	$	18,610	$	30,524	$	5,779
Total square feet (4)		710,985		710,922		635,670		624,674
Recoverable capital expenditures per square foot	$	0.01	$	0.03	$	0.05	$	0.01

__________

(1)	Historical capital expenditures for each period shown reflect properties owned for the entire period. For properties acquired during each period, the capital expenditures will be reflected in the following full period of ownership. For properties sold during each period, the capital expenditures will be excluded for that period. Any capital expenditures incurred during the period of acquisition or disposition will be footnoted separately.
(2)	For 2008, excludes $6.4 million of non-recoverable capital expenditures as a result of discretionary renovation costs of $6.1 million at KPMG Tower and $0.3 million of planned renovation costs at Lantana Media Campus. For 2007, excludes $3.8 million of non-recoverable capital expenditures as a result of discretionary renovation costs of $1.9 million at KPMG Tower and $1.9 million of planned renovation costs at Lantana Media Campus.
(3)	Amount represents our 20% ownership interest in our joint venture with Charter Hall Group (as successor to Macquarie Office Trust).
(4)	The square footages of Cerritos Corporate Center Phases I and II are deducted from the total square feet amount as the tenants pay for all capital expenditures.
(5)	Recoverable capital improvements, such as equipment upgrades, are generally financed through capital leases. The annual amortization, based on each asset’s useful life, as well as any financing costs, are generally billed to tenants on an annual basis as payments are made. The amounts presented represent the total value of the improvements in the year they are made.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Hotel Performance and Hotel Historical Capital Expenditures

Hotel Performance


	For the Three Months Ended March 31,
							Percent
Westin Hotel, Pasadena, CA	2010			2009			Change

Occupancy		71.7	%		66.9	%		7.1	%

Average daily rate	$	160.85		$	167.36			(3.9	)%

Revenue per available room (REVPAR)	$	115.25		$	111.95			2.9	%

Hotel net operating income	$	1,489,843		$	1,544,993			(3.6	)%


Hotel Historical Capital Expenditures


	For the Three Months Ended March 31,						For the Year Ended December 31,
Westin Hotel, Pasadena, CA		2010			2009			2009			2008			2007

Hotel improvements and equipment replacement	$	67,843		$	112,817		$	1,003,384		$	699,531		$	712,955

Total hotel revenue	$	5,236,713		$	4,993,800		$	20,622,570		$	26,615,726		$	27,214,156

Hotel improvements as a percentage of hotel revenue		1.3	%		2.3	%		4.9	%		2.6	%		2.6	%

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Development Pipeline

		As of March 31, 2010
	Location	Developable Square Feet (1)		Structured Parking Square Feet		Type of Planned Development
Unencumbered Development Properties

Los Angeles County

755 South Figueroa	Los Angeles, CA		930,000		266,000	Office

Glendale Center - Phase II	Glendale, CA		264,000		158,000	Mixed Use

Total Los Angeles County			1,194,000		424,000

Orange County

Stadium Tower II	Anaheim, CA		282,000		367,000	Office

Brea Financial Commons/Brea Corporate Place (2)	Brea, CA		550,000		784,000	Office, Mixed Use

500 Orange Center (3)	Orange, CA		900,000		960,000	Office

City Tower II (4)	Orange, CA		465,000		696,000	Office

Total Orange County			2,197,000		2,807,000

San Diego County

San Diego Tech Center (5), (6)	Sorrento Mesa, CA		1,320,000		1,674,000	Office

Total			4,711,000		4,905,000

Development Properties Encumbered by Defaulted Mortgages

Pacific Arts Plaza	Costa Mesa, CA		468,000		260,000	Office
			225,000		–	Residential (7)

2600 Michelson (8)	Irvine, CA		270,000		154,000	Office

Total			963,000		414,000

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Development Pipeline (continued)

__________

(1)	The developable square feet presented represents the office, retail, hotel and residential footages that we estimate can be developed on the referenced property.
(2)	The developable square feet presented represents management’s estimate of the development potential for the referenced property based on the allowed density under current zoning and capacity considerations for the site still under planning review.
(3)	The developable square feet presented represents management’s estimate of the development potential for the referenced property based on the allowed density under current zoning. Approximately 60,000 square feet of the estimated development potential will require the consolidation of an adjacent remnant parcel in cooperation with the City of Orange.
(4)	The developable square feet presented represents management’s estimate of the development potential for the referenced property based on the allowed density under a Conditional Use Permit obtained for the property in 2001, which has since expired.
(5)	Land held for development was not contributed to the MMO joint venture.
(6)	The third phase contemplates the demolition of 120,000 square feet of existing space.
(7)	The developable square feet presented represents management’s estimate of the development potential for the referenced property based on the construction of 180 residential units as contemplated under a Program EIR completed by the City of Costa Mesa for this and other surrounding properties. This residential development would replace an existing 67,450 square foot office building at Pacific Arts Plaza.
(8)	The developable square feet presented represents management’s estimate of the development potential for the referenced property based on an allocation of excess trips reserved from our disposition of Inwood Park, which we have been in discussion with the City of Irvine over securing, and the potential utilization of excess trips from our other assets in the Irvine Business Complex (i.e., Park Place). This property is currently in receivership, along with the 2600 Michelson office building.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Management Statements on Non-GAAP Supplemental Measures

Funds from Operations:

Fund from Operations, or FFO, is a widely recognized measure of REIT performance. We calculate FFO as defined by the National Association of Real Estate Investment Trusts, or NAREIT. FFO represents net income (loss) (as computed in accordance with accounting principles generally accepted in the United States of America, or GAAP), excluding gains from disposition of property (but including impairments and provisions for losses on property held for sale), plus real estate-related depreciation and amortization (including capitalized leasing costs and tenant allowances or improvements). Adjustments for our unconsolidated joint venture are calculated to reflect FFO on the same basis.

Management uses FFO as a supplemental performance measure because, in excluding real estate-related depreciation and amortization and gains from property dispositions, 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.

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 of 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 Equity REITs’ FFO. As a result, FFO should be considered only as a supplement to net loss 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 meet 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 flows from operating activities (as computed in accordance with GAAP).

FFO before specified items:

Management also uses FFO before specified items as a supplemental performance measure because losses from early extinguishment of debt, default interest and the impairment of long-lived assets create significant earnings volatility which in turn results in less comparability between reporting periods and less predictability regarding future earnings potential.

Losses from early extinguishment of debt 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 (for example, a variable interest rate instead of a 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 disposed of, or (iv) the restructuring or replacement of property or corporate-level financing to accommodate property acquisitions. Consequently, management views these losses as costs to complete the respective acquisition or disposition of properties.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Management Statements on Non-GAAP Supplemental Measures (continued)

FFO before specified items: (continued)

During the third quarter of 2009, we announced a plan to cease funding cash shortfalls at certain properties. As a result, six special purpose property-owning subsidiaries are in default on their mortgage loans: Stadium Towers in Central Orange County, Park Place II in Irvine, 2600 Michelson in Irvine, Pacific Arts Plaza in Costa Mesa, 550 South Hope in Downtown Los Angeles, and 500 Orange Tower in Central Orange County. We are accruing interest on the defaulted mortgage loans at the default rate per the applicable loan agreements. We have excluded default interest accrued on Properties in Default as well as the writeoff of deferred financing costs related to the mortgage loans on these properties from the calculation of FFO before specified items since these charges are a direct result of management’s decision to dispose of property other than by sale. Management views these charges as costs to complete the disposition of the related properties.

Impairment of long-lived assets represents charges taken to write down depreciable real estate assets to fair value estimated when events or changes in circumstances indicate that the carrying amount may not be recoverable. In some instances, the disposition of properties impaired in prior periods may result in a gain on settlement of debt at the time of disposition. Per the NAREIT definition of FFO, gains from property dispositions are excluded from the calculation of FFO; however, impairment losses are required to be included. Management excludes gains on disposal, impairment losses and gains on settlement of debt from the calculation of FFO before specified items because they relate to the financial statement impact of decisions made to dispose of property, whether in the period of disposition or in advance of disposition. These types of gains or losses create volatility in our earnings and make it difficult for investors to determine the funds generated by our ongoing business operations.

Adjusted Funds from Operations:

We calculate adjusted funds from operations, or AFFO, by adding to or subtracting from FFO (i) non-cash operating revenues and expenses, (ii) capitalized operating expenditures such as leasing and development payroll and interest expense, (iii) recurring and non-recurring capital expenditures required to maintain and re-tenant our properties, (iv) regular principal payments required to service our debt, and (v) 2nd generation tenant improvements and leasing commissions. Management uses AFFO as a supplemental liquidity measure because, when compared year over year, it assesses our ability to fund our dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the liquidity of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs.

However, because AFFO may exclude certain non-recurring capital expenditures and leasing costs, the utility of AFFO as a measure of our liquidity is limited. Additionally, other Equity REITs may not calculate AFFO using the method we do. As a result, our AFFO may not be comparable to such other Equity REITs’ AFFO. AFFO should be considered only as a supplement to cash flows from operating activities (as computed in accordance with GAAP) as a measure of our liquidity.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Management Statements on Non-GAAP Supplemental Measures (continued)

EBITDA:

Management uses EBITDA as an indicator of our ability to incur and service debt. We believe EBITDA is an appropriate supplemental measure for such purposes, because the amounts spent on interest are, by definition, available to pay interest, income tax expense is inversely correlated to interest expense because tax expense goes down as deductible interest expense goes up, and depreciation and amortization are non-cash charges. In addition, we believe EBITDA is frequently used by securities analysts, investors and other interested parties in the evaluation of Equity REITs. However, because EBITDA is calculated before recurring cash charges including interest expense and income taxes, and is not adjusted for capital expenditures or other recurring cash requirements of our business, its utility as a measure of our liquidity is limited. Accordingly, EBITDA should not be considered an alternative to cash flows from operating activities (as computed in accordance with GAAP) as a measure of our liquidity. EBITDA should not be considered as an alternative to net income as an indicator of our operating performance. Other Equity REITs may calculate EBITDA differently than we do; accordingly, our EBITDA may not be comparable to such other Equity REITs’ EBITDA.

Adjusted EBITDA:

Management also uses Adjusted EBITDA as a supplemental performance measure because losses from early extinguishment of debt, the impairment of long-lived assets and gains on settlement of debt create significant earnings volatility which in turn results in less comparability between reporting periods and less predictability regarding future earnings potential.

Impairment of long-lived assets represents charges taken to write down depreciable real estate assets to fair value estimated when events or changes in circumstances indicate that the carrying amount may not be recoverable. In some instances, the disposition of properties impaired in prior periods may result in a gain on settlement of debt at the time of disposition. Management excludes gains on disposal, impairment losses and gains on settlement of debt from the calculation of Adjusted EBITDA because they relate to the financial statement impact of decisions made to dispose of property, whether in the period of disposition or in advance of disposition. These types of gains or losses create volatility in our earnings and make it difficult for investors to determine the earnings generated by our ongoing business operations.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2010

Management Statements on Non-GAAP Supplemental Measures (continued)

Coverage Ratios:

We present interest and fixed charge coverage ratios as supplemental liquidity measures. Management uses these ratios as indicators of our financial flexibility to service current interest expense and debt amortization from current cash net operating income. In addition, we believe that these coverage ratios represent common metrics used by securities analysts, investors and other interested parties to evaluate our ability to service fixed cash payments. However, because these ratios are derived from EBITDA, their utility is limited by the same factors that limit the usefulness of EBITDA as a liquidity measure. Accordingly, our interest coverage ratio should not be considered as an alternative to cash flows from operating activities (as computed in accordance with GAAP) as a measure of our liquidity.