MPG Office Trust 8-K/A Maguire Properties Reports First Quarter 2005

Exhibits 99.2

Maguire Properties, Inc.

First Quarter 2005

Table of Contents

Corporate Data		PAGE
	Company Background	4
	Investor Information	5
	Common Stock Data	6
Consolidated Financial Results
	Financial Highlights	8
	Consolidated Balance Sheets	9
	Consolidated Statements of Operations	10
	Funds From Operations	11
	Adjusted Funds From Operations	12
	Reconciliation of Earnings Before Interest, Taxes and Depreciation and Amortization and Adjusted Funds From Operations	13
	Capital Structure	14
	Debt Summary	15
	Pro Forma Debt Maturities	16
Portfolio Data
	Same Store Analysis	18
	Portfolio Overview - Square Footage	19
	Portfolio Geographic Distribution	21
	Portfolio Listing - Occupancy and In-Place Rents	22
	Portfolio Listing - Leased Rates and Weighted Average Remaining Lease Term	24
	Major Tenants - Office Properties	25
	Portfolio Tenant Classification Description	26
	Lease Expirations - Total Portfolio	27
	Lease Expirations - Los Angeles County	28
	Lease Expirations - Orange County	29
	Lease Expirations - San Diego County	30
	Leasing Activity - Total Portfolio	31
	Leasing Activity - Los Angeles Central Business District	32
	Leasing Activity - Orange County	33
	Leasing Activity - San Diego County	34
	Tenant Concessions and Leasing Commissions	35
	Historical Capital Expenditures	36
	Hotel Performance and Historical Capital Expenditures	37
	Option and Undeveloped Properties	38
	Management Statements on Non-GAAP Supplemental Measures	39

This supplemental package contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, you should exercise caution in interpreting and relying on these statements as they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development and acquisition activity, the ability to effectively integrate acquisitions, the costs and availability of financing, the effects of local economic and market conditions, regulatory and tax law changes and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission.

2

Maguire Properties, Inc.

First Quarter 2005

Corporate Data

3

Maguire Properties, Inc.

First Quarter 2005

Company Background 

Maguire Properties, Inc. (the “Company”), a self-administered and self-managed real estate investment trust, is one of the largest owners, managers and developers of first-class office properties in the Los Angeles metropolitan area and has a significant presence in nine submarkets, located in Los Angeles County, Orange County, and San Diego County. The Company’s predecessor was founded in 1965 by Robert F. Maguire III and developed over 30 million square feet of office properties nationally.

On January 23, 2004, we completed the offering of 10 million shares of 7.625% Series A Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share) for total gross proceeds of $250 million, including the exercise of the underwriters’ over-allotment option.

On April 14, 2004, we completed the acquisition of the Park Place office campus in Orange County, California from an affiliate of Blackstone Real Estate Advisors. The purchase price was approximately $260 million including the assumption of existing mortgage and mezzanine financing of approximately $164 million. The remainder was funded through proceeds of the 7.625% Series A Cumulative Redeemable Preferred Stock offering.

On July 23, 2004, we completed the acquisition of Park Place in Orange County, California. The purchase price was approximately $215 million, which was funded through a $140 million bridge loan. The remainder was funded through proceeds of the 7.625% Series A Cumulative Redeemable Preferred Stock offering.

On November 1, 2004, we completed a $210 million, seven-year mortgage refinancing for KPMG Tower bearing interest at a fixed rate of 5.14%.

On November 9, 2004, we completed a $170 million, 10-year mortgage refinancing for Park Place bearing interest at a fixed rate of 5.64%.

On November 22, 2004, we completed the acquisition of Washington Mutual Irvine Campus, a 16-acre office campus located in Irvine, California. The purchase price was approximately $151.2 million, which was funded through a $106 million seven-year mortgage loan at a fixed interest rate of 5.07%. The remainder was funded with a seller financed note payable at 2.82%, per annum, collateralized with a letter of credit fully secured by a cash deposit.

On December 16, 2004, we completed the acquisition of Lantana Media Campus, a 12-acre campus located in Santa Monica, California. The purchase price was approximately $136.8 million, which was funded through $18.8 million cash on hand and a $98 million five-year mortgage loan at a fixed interest rate of 4.94%. The remainder was funded with $20 million from our $100 million line of credit.

On March 15, 2005, we completed a $100 million, seven-year mortgage financing for Park Place II bearing interest at a fixed rate of 5.39%. The $96 million of net proceeds were used to repay a portion of the $140 million Park Place II bridge loan.

On March 15, 2005, we completed the acquisition of ten properties and three land parcels, located in California, Arizona, Colorado and Texas, from CommonWealth’s Fifth Street Properties Portfolio (“CWP”). The purchase price was approximately $1.51 billion, which was funded with $1.02 billion in new mortgage financing, the assumption of a $155.0 million loan encumbering one of the CWP properties (777 Tower) and proceeds from a $450 million term loan. Collectively, the properties total approximately 5.0 million rentable square feet with additional development parcels that we believe supports approximately 1.5 million square feet of office space.

On April 6, 2005, we entered into a tax-deferred revenue exchange to acquire San Diego Tech Center, a 38-acre technological office and research and development campus located in Sorrento Mesa, San Diego County, California, from CalWest Industrial Holdings, LLC. The purchase price was approximately $185 million, funded with a $7 million draw from our $100 million line of credit, $45 million cash on hand and a $133 million, ten-year mortgage financing with a fixed interest rate of 5.70%.

Including San Diego Tech Center, the Company owns approximately 25.9 million square feet, consisting of 24 office properties with approximately 15.5 million net rentable square feet, one 350-room hotel with 266,000 square feet and total on and off-site structured parking of approximately 10.1 million square feet, plus surface parking, which in total accommodates over 33,000 vehicles. Including San Diego Tech Center, the Company also owns undeveloped land that it believes can support up to 7.6 million square feet of office, retail and residential uses.

This Supplemental Operating and Financial Data package supplements the information provided in our quarterly and annual reports filed with the Securities and Exchange Commission (SEC). Additional information about us and our properties is also available at our website www.maguireproperties.com.

4

Maguire Properties, Inc.

First Quarter 2005

Investor Information

333 South Grand Avenue

Suite 400

Los Angeles, CA 90071

(213) 626-3300

(213) 687-4758 (fax)

- Senior Management -

Robert F. Maguire III	Chairman of the Board and Co-Chief Executive Officer	William H. Flaherty	Senior Vice President, Leasing and Marketing
Richard I. Gilchrist	President and Co-Chief Executive Officer	Robert P. Goodwin	Senior Vice President, Construction and Development
Dallas E. Lucas	Executive Vice President and Chief Financial Officer	Timothy B. Carey	Senior Vice President, Development
Mark T. Lammas	Senior Vice President, General Counsel	Daniel F. Gifford	Senior Vice President, Asset Management
Javier F. Bitar	Senior Vice President, Finance	Peggy M. Moretti	Senior Vice President, Investor and Public Relations

- Corporate -

Investor Relations Contact: Peggy M. Moretti (213) 626-3300

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

- Equity Research Coverage -

A.G. Edwards & Sons	David AuBuchon	(314) 955-5452
Banc of America Securities	Ross Nussbaum	(212) 847-5677
Deutsche Bank	Louis Taylor	(212) 250-4912
Green Street Advisors	Jim Sullivan	(949) 640-8780
Legg Mason	David Fick	(410) 454-5018
Lehman Brothers	David Harris	(212) 526-1790
Raymond James & Associates	Paul Puryear	(727) 567-3800
RBC Capital Markets	Jay Leupp	(415) 633-8588
Salomon Smith Barney	Jonathan Litt	(212) 816-0231
Wachovia Securities	Christopher Haley	(443) 263-6773
Wells Fargo Securities	Christopher Hartung	(415) 675-2759

Transfer Agent

Continental Stock Transfer and Trust Company

17 Battery Place

8^th Floor

New York, NY 10004

(212) 845-3215

Timing

Quarterly results for the remainder of 2005 will be announced according to the following anticipated schedule:
	Second Quarter	Early August
	Third Quarter	Early November
	Fourth Quarter	Early February 2006

5

Maguire Properties, Inc.

First Quarter 2005

Common Stock Data (NYSE: MPG)

Maguire Properties' common stock is traded primarily on the New York Stock Exchange under the symbol: MPG. MPG's common stock had the following characteristics during the past five quarters (based on New York Stock Exchange prices):

	1st Quarter 2005			4th Quarter 2004			3rd Quarter 2004			2nd Quarter 2004			1st Quarter 2004
High Price	$	27.40		$	27.96		$	25.65		$	26.51		$	25.60
Low Price	$	23.19		$	23.35		$	22.41		$	20.95		$	22.55
Closing Price	$	23.88		$	27.46		$	24.31		$	24.77		$	25.60		(1)
Dividends per share - Annualized	$	1.60		$	1.60		$	1.60		$	1.60		$	1.60
Closing Dividend Yield - Annualized		6.70	%		5.83	%		6.58	%		6.46	%		6.25	%
Closing Common Shares and Limited Partnership      Units Outstanding(thousands)		53,789			53,787			53,787			53,787			53,645
Closing Market Value of Common Shares and      Limited Partnership Units Outstanding(thousands)	$	1,284,477		$	1,476,978		$	1,307,550		$	1,332,292		$	1,373,315

Dividends per Share

1st Quarter 2005

4th Quarter 2004

3rd Quarter 2004

2nd Quarter 2004

1st Quarter 2004

Common Stock

Amount

$

0.4000

$

0.4000

$

0.4000

$

0.4000

$

0.4000

Declared

March 17, 2005

December 20, 2004

September 23, 2004

June 23, 2004

March 15, 2004

Record

March 31, 2005

December 31, 2004

September 30, 2004

June 30, 2004

March 31, 2004

Paid

April 29, 2005

January 28, 2005

October 29, 2004

July 30, 2004

April 30, 2004

Preferred Stock

Amount

$

0.4766

$

0.4766

$

0.4766

$

0.4766

$

0.51892

(1)

Declared

March 17, 2005

December 20, 2004

September 23, 2004

June 23, 2004

March 15, 2004

Record

March 31, 2005

December 31, 2004

September 30, 2004

June 30, 2004

March 31, 2004

Paid

April 29, 2005

January 28, 2005

October 29, 2004

July 30, 2004

April 30, 2004

__________

(1) Includes $0.04236 per preferred share covering the period from the completion of our preferred stock offering on January 23, 2004 through January 31, 2004.

6

Maguire Properties, Inc.

First Quarter 2005

Consolidated Financial Results

7

Maguire Properties, Inc.

First Quarter 2005

Financial Highlights

(unaudited and in thousands, except per share amounts)

	Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended
	March 31, 2005			December 31, 2004			September 30, 2004			June 30, 2004			March 31, 2004
Income Items:
Revenue including discontinued operations (1)	$	97,468		$	88,334		$	84,130		$	81,159		$	73,091
Straight line rent including discontinued operations	$	3,655		$	3,391		$	3,240		$	2,575		$	1,399
Fair value lease revenue including discontinued operations (2)	$	750		$	679		$	633		$	585		$	598
Lease termination fees	$	43		$	147		$	-		$	-		$	274
Office property operating margin (3)		68.1	%		66.1	%		64.9	%		66.4	%		65.8	%
Net income (loss) available to common shareholders	$	(2,603	)	$	1,624		$	3,696		$	4,320		$	5,928
Funds from operations (FFO) available
to common shareholders (4)	$	20,191		$	22,214		$	21,707		$	21,000		$	19,435
FFO per common share - basic (4)	$	0.47		$	0.52		$	0.51		$	0.50		$	0.46
FFO per common share - diluted (4)	$	0.47		$	0.52		$	0.51		$	0.49		$	0.46
FFO per common share before loss from early extinguishment of debt - basic (4)	$	0.49		$	0.53		$	0.51		$	0.50		$	0.46
FFO per common share before loss from early extinguishment            of debt - diluted (4)	$	0.49		$	0.53		$	0.51		$	0.49		$	0.46
Net income (loss) per common share - basic and diluted	$	(0.06	)	$	0.04		$	0.09		$	0.10		$	0.14
Dividends declared per common share	$	0.40		$	0.40		$	0.40		$	0.40		$	0.40
Dividends declared per preferred share (5)	$	0.48		$	0.48		$	0.48		$	0.48		$	0.52
Ratios:
Interest coverage ratio (6)		2.13			2.75			3.06			3.22			3.20
Interest coverage ratio before loss from early extinguishment of debt (7)		2.18			2.79			3.06			3.22			3.20
Fixed-charge coverage ratio (8)		1.79			2.16			2.32			2.39			2.47
Fixed-charge coverage ratio  before loss from early extinguishment of debt (9)		1.83			2.19			2.32			2.39			2.47
FFO payout ratio (10)		85.1	%		76.9	%		78.4	%		81.6	%		87.1	%
AFFO payout ratio (11)		128.1	%		128.5	%		114.5	%		126.9	%		98.7	%
Capitalization:
Total consolidated debt including discontinued operations	$	3,416,530		$	1,805,450		$	1,515,250		$	1,375,250		$	1,211,250
Preferred stock @ quarter end	$	250,000		$	250,000		$	250,000		$	250,000		$	250,000
Common stock price @ quarter end	$	23.88		$	27.46		$	24.31		$	24.77		$	25.60
Common equity value @ quarter end (12)	$	1,284,477		$	1,476,978		$	1,307,550		$	1,332,292		$	1,373,315
Total market capitalization	$	4,951,007		$	3,532,428		$	3,072,800		$	2,957,542		$	2,834,565
Debt / total market capitalization		69.0	%		51.1	%		49.3	%		46.5	%		42.7	%
Debt plus preferred stock / total market capitalization		74.1	%		58.2	%		57.4	%		55.0	%		51.6	%

_________ 

(1)	Includes gross revenue from hotel operations of $5,915, $5,879, $4,156, $5,285, and $5,199 for the three months ended March 31, 2005, December 31, 2004, September 30, 2004, June 30, 2004, and March 31, 2004, respectively, and includes revenue from discontinued operations.
(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 expense, real estate taxes and parking expenses) / rental, tenant reimbursement and parking revenues, including discontinued operations.
(4)	For a definition and discussion of FFO, see page 39. For a quantitative reconciliation of the differences between FFO and net income, see page 11.
(5)	Preferred dividend declared for three months ended April 30, 2005, January 31, 2005, October 31, 2004, July 31, 2004, and for the prorated period from and including the preferred stock offering closing date of January 23, 2004, to and including April 30, 2004.
(6)	Calculated as earnings before interest, taxes and depreciation and amortization and preferred dividends, or EBITDA, of $55,688, $51,156, $48,310, $46,555, and $42,251 respectively divided by cash interest expense of $26,101, $18,608, $15,801, $14,441, and $13,221, respectively. For a definition of cash interest expense, see page 15. For a discussion of EBITDA, see page 40. For a quantitative reconciliation of the differences between EBITDA and net income, see page 13.
(7)	Calculated as EBITDA before loss from early extinguishment of debt, of $56,896, $51,947, $48,310, $46,555, and $42,251 respectively divided by cash interest expense of $26,101, $18,608, $15,801, $14,441, and $13,221, respectively.
(8)	Calculated as EBITDA of $55,688, $51,156, $48,310, $46,555, and $42,251, respectively divided by fixed charges of $31,165, $23,681, $20,852, $19,486, and $17,095. For a definition of fixed charges, see page 15.
(9)	Calculated as EBITDA before loss from early extinguishment of debt of $56,896, $51,947, $48,310, $46,555, and $42,251, respectively divided by fixed charges of $31,165, $23,681, $20,852, $19,486, and $17,095.
(10)	Calculated as dividend declared per common share divided by FFO per common share - diluted.
(11)	Calculated as common stock dividends and distributions declared of $21,516, $21,515, $21,515, $21,515, and $21,458 respectively, divided by AFFO of $16,792, $16,748, $18,798, $16,957, and $21,735, respectively. For a definition and discussion of AFFO, see page 40. For a quantitative reconciliation of the differences between AFFO and FFO, see page 12.
(12)	Assuming 100% conversion of the limited partnership units in the operating partnership into shares of our common stock.

8

Maguire Properties, Inc.

First Quarter 2005

Consolidated Balance Sheets

(in thousands)

	March 31, 2005			December 31, 2004			September 30, 2004			June 30, 2004			March 31, 2004
	(unaudited)						(unaudited)			(unaudited)			(unaudited)
Assets
Investments in real estate	$	3,422,008		$	2,419,743		$	2,158,951		$	1,926,236		$	1,687,247
Less: accumulated depreciation and amortization		(211,078	)		(199,078	)		(179,223	)		(161,594	)		(144,882	)
		3,210,930			2,220,665			1,979,728			1,764,642			1,542,365
Assets associated with real estate held for sale		417,907			-			-			-			-
		3,628,837			2,220,665			1,979,728			1,764,642			1,542,365
Cash and cash equivalents including restricted cash		223,026			135,618			145,477			196,529			309,442
Rents, deferred rents and other receivables		37,638			36,685			34,766			28,451			26,730
Deferred charges, net		272,613			168,354			132,304			140,757			93,686
Other assets		58,843			42,572			48,634			62,917			54,273
Total assets	$	4,220,957		$	2,603,894		$	2,340,909		$	2,193,296		$	2,026,496
Liabilities, minority interests and stockholders' equity
Loans payable	$	3,087,930		$	1,805,450		$	1,515,250		$	1,375,250		$	1,211,250
Obligations associated with real estate assets held for sale		343,737			-			-			-			-
Dividends and distributions payable		24,693			24,692			24,692			24,692			25,059
Accounts payable, accrued interest payable and other liabilities		88,390			82,738			88,361			71,075			61,900
Acquired lease obligations		89,399			81,449			83,109			75,792			73,415
Total liabilities		3,634,149			1,994,329			1,711,412			1,546,809			1,371,624
														��
Minority interests		67,282			72,198			77,227			82,969			84,917
Stockholders' equity
Common and preferred stock and additional paid in capital		654,115			653,632			652,513			650,296			647,282
Dividends in excess of earnings		(138,968	)		(119,033	)		(103,356	)		(89,808	)		(77,014	)
Unearned and accrued stock compensation, net		(4,723	)		(5,184	)		(5,573	)		(5,936	)		(3,294	)
Accumulated other comprehensive income, net		9,102			7,952			8,686			8,966			2,981
Total stockholders' equity		519,526			537,367			552,270			563,518			569,955
Total liabilities, minority interests and stockholders' equity	$	4,220,957		$	2,603,894		$	2,340,909		$	2,193,296		$	2,026,496

9

Maguire Properties, Inc.

First Quarter 2005

Consolidated Statements of Operations⁽¹⁾

(in thousands, except for per share amounts)

(unaudited)

	Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended
	March 31, 2005			December 31, 2004			September 30, 2004			June 30, 2004			March 31, 2004
Revenue:
Rental	$	55,646		$	49,394		$	47,272		$	44,844		$	36,431
Tenant reimbursements		20,821			19,386			19,688			18,088			18,903
Hotel operations		5,915			5,879			4,156			5,285			5,199
Parking		9,067			8,526			8,230			7,813			7,149
Management, leasing and development services to affiliates		261			357			268			956			697
Interest and other		712			906			429			514			848
Total revenue		92,422			84,448			80,043			77,500			69,227
Expenses:
Rental property operating and maintenance		18,567			17,217			17,958			16,462			14,506
Hotel operating and maintenance		3,844			3,893			3,319			3,574			3,711
Real estate taxes		7,768			6,638			6,379			5,416			4,988
Parking expenses		2,595			2,563			2,342			2,188			2,047
General and administrative and other		6,324			5,002			4,687			6,062			4,436
Depreciation and amortization		27,771			24,787			21,792			20,139			16,178
Interest		23,945			17,442			14,989			14,134			12,930
Loss from early extinguishment of debt		1,208			791			-			-			-
Total expenses		92,022			78,333			71,466			67,975			58,796
Income from continuing operations before minority interests		400			6,115			8,577			9,525			10,431
Minority interests attributable to continuing operations		853			(266	)		(777	)		(976	)		(1,400	)
Income from continuing operations		1,253			5,849			7,800			8,549			9,031
Income from discontinued operations		1,131			674			825			675			627
Minority interests attributable to discontinued operations		(221	)		(133	)		(163	)		(138	)		(129	)
Net income		2,163			6,390			8,462			9,086			9,529
Preferred stock dividends		(4,766	)		(4,766	)		(4,766	)		(4,766	)		(3,601	)
Net income (loss) allocable to common shareholders	$	(2,603	)	$	1,624		$	3,696		$	4,320		$	5,928
Net income (loss) per common share - basic and diluted	$	(0.06	)	$	0.04		$	0.09		$	0.10		$	0.14
Weighted-average shares outstanding - basic		42,924,061			42,828,004			42,514,303			42,334,249			42,329,921
Weighted-average shares outstanding - diluted		42,924,061			43,069,428			42,688,838			42,487,711			42,578,570
Weighted-average diluted shares and units		53,427,803			53,669,201			53,602,312			53,487,109			53,577,968

__________

(1) Certain prior period amounts have been reclassified to conform to the current period presentation.

10

Maguire Properties, Inc.

First Quarter 2005

Funds from Operations⁽¹⁾

(in thousands, except for per share amounts)

(unaudited)

	Three Months Ended			Three Months Ended		Three Months Ended		Three Months Ended		Three Months Ended
	March 31, 2005			December 31, 2004		September 30, 2004		June 30, 2004		March 31, 2004
Reconciliation of net income (loss) to funds from operations:
Net income (loss) available to common shareholders	$	(2,603	)	$	1,624	$	3,696	$	4,320	$	5,928
Adjustments:
Minority interests		(632	)		399		940		1,114		1,529
Real estate depreciation and amortization		27,672			24,696		21,660		20,078		16,087
Real estate depreciation and amortization from
discontinued operations		654			947		936		904		904
Funds from operations available to common shareholders
and unitholders (FFO)	$	25,091		$	27,666	$	27,232	$	26,416	$	24,448
Company share of FFO (2)	$	20,191		$	22,214	$	21,707	$	21,000	$	19,435
FFO per share - basic	$	0.47		$	0.52	$	0.51	$	0.50	$	0.46
FFO per share - diluted	$	0.47		$	0.52	$	0.51	$	0.49	$	0.46
Weighted-average shares outstanding - basic		42,924,061			42,828,004		42,514,303		42,334,249		42,329,921
Weighted-average shares outstanding - diluted		43,162,860			43,069,428		42,688,838		42,487,711		42,578,570
Reconciliation of FFO to FFO before loss from early extinguishment
of debt:
FFO available to common shareholders and unitholders (FFO)	$	25,091		$	27,666	$	27,232	$	26,416	$	24,448
Add: loss from early extinguishment of debt		1,208			791		-		-		-
FFO before loss from early extinguishment of debt	$	26,299		$	28,457	$	27,232	$	26,416	$	24,448
Company share of FFO before loss from early extinguishment of debt (2)	$	21,163		$	22,849	$	21,707	$	21,000	$	19,435
FFO per share before loss from early extinguishment of debt - basic	$	0.49		$	0.53	$	0.51	$	0.50	$	0.46
FFO per share before loss from early extinguishment of debt - diluted	$	0.49		$	0.53	$	0.51	$	0.49	$	0.46

_________

(1)	For the definition and discussion of FFO, see page 39.
(2)	Based on a weighted average interest in our operating partnership of 80.5%, 80.3%, 79.7%, 79.5%, and 79.5% for the three months ended March 31, 2005, December 31, 2004, September 30, 2004, June 30, 2004, and March 31, 2004, respectively.

11

Maguire Properties, Inc.

First Quarter 2005

Adjusted Funds from Operations ⁽¹⁾

(unaudited and in thousands)

	Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended
	March 31, 2005			December 31, 2004			September 30, 2004			June 30, 2004			March 31, 2004
FFO	$	25,091		$	27,666		$	27,232		$	26,416		$	24,448
Non-real estate depreciation		99			91			132			61			91
Amortization of deferred financing costs		1,101			978			1,055			990			1,014
Accretion of interest rate swap sold		(953	)		(953	)		(676	)		(119	)		(125	)
Non-cash stock compensation		583			508			508			181			636
Loss from early extinguishment of debt		1,208			791			-			-			-
Straight line rents		(3,655	)		(3,391	)		(3,240	)		(2,575	)		(1,399	)
Fair value lease revenue		(750	)		(679	)		(633	)		(585	)		(598	)
Capitalized payments (2)		(1,593	)		(559	)		(471	)		(372	)		(509	)
Non-recoverable capital expenditures		(307	)		(589	)		(275	)		(418	)		(237	)
Recoverable capital expenditures		(707	)		(336	)		(162	)		(656	)		(184	)
Hotel improvements, equipment upgrades and replacements (3)		(15	)		-			(5	)		(16	)		-
2nd generation tenant improvements and leasing commissions (4) (5)		(3,310	)		(6,779	)		(4,667	)		(5,950	)		(1,402	)
Adjusted funds from operations (AFFO)	$	16,792		$	16,748		$	18,798		$	16,957		$	21,735

__________

(1)	For the definition and computation method of AFFO, see page 40. For a quantitative reconciliation of the differences between AFFO and cash flow from operating activities, see page 13.
(2)	Includes capital lease principal payments, capitalized leasing and development payroll, and capitalized interest.
(3)	Excludes $0.5 million, $3.3 million, $1.1 million, $1.9 million, and $0.7 million of expenditures for the three months ended March 31, 2005, December 31, 2004, September 30, 2004, June 30, 2004, and March 31, 2004, respectively, related to the renovation of the hotel. See page 37.
(4)	Excludes 2nd generation tenant improvements and leasing commissions of $0.2 million, $0.8 million, $0.1 million, $4.4 million, and $6.7 million for the three months ended March 31, 2005, December 31, 2004, September 30, 2004, June 30, 2004, and March 31, 2004, respectively, related to leases executed prior to and fully reserved ($35.2 million) at our initial public offering. Principal leases comprising the $35.2 million reserve include tenants such as US Bancorp, Wealth & Tax Advisory, Latham & Watkins, Morrison & Foerster, Gibson Dunn & Crutcher and Payden & Rygel. As of March 31, 2005, $2.9 million of this reserve remains.
(5)	Excludes 1st generation tenant improvements and leasing commissions of $0.9 million, $1.0 million, $1.3 million, $2.1 million, and $0.9 million for the three months ended March 31, 2005, December 31, 2004, September 30, 2004, June 30, 2004, and March 31, 2004, respectively.

12

Maguire Properties, Inc.

First Quarter 2005

Reconcilation of

Earnings Before Interest, Taxes and Depreciation and Amortization⁽¹⁾

and Adjusted Funds From Operations⁽²⁾

(unaudited and in thousands)

	Three Months Ended			Three Months Ended		Three Months Ended		Three Months Ended		Three Months Ended
	March 31, 2005			December 31, 2004		September 30, 2004		June 30, 2004		March 31, 2004
Reconciliation of net income to earnings before interest, taxes and depreciation and       amortization (EBITDA):
Net Income	$	2,163		$	6,390	$	8,462	$	9,086	$	9,529
Add:  Minority interests		(632	)		399		940		1,114		1,529
Interest expense		23,945			17,442		14,989		14,134		12,930
Interest expense included in discontinued operations		1,787			1,191		1,191		1,178		1,180
Depreciation and amortization		27,771			24,787		21,792		20,139		16,179
Depreciation and amortization included in
discontinued operations		654			947		936		904		904
EBITDA	$	55,688		$	51,156	$	48,310	$	46,555	$	42,251
EBITDA	$	55,688		$	51,156	$	48,310	$	46,555	$	42,251
Add: loss from early extinguishment of debt		1,208			791		-		-		-
EBITDA before loss from early extinguishment of debt	$	56,896		$	51,947	$	48,310	$	46,555	$	42,251

__________

(1) For the definition and discussion of EBITDA, see page 40.

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

Cash flows from operating activities	$	22,902		$	25,923		$	37,868		$	20,882		$	20,253
Changes in other assets and liabilities		(1,771	)		(1,471	)		(13,961	)		3,115			3,305
Non-recoverable capital expenditures		(307	)		(589	)		(275	)		(418	)		(237	)
Recoverable capital expenditures		(707	)		(336	)		(162	)		(656	)		(184	)
Hotel improvements, equipment upgrades            and replacements (3)		(15	)		-			(5	)		(16	)		-
2nd generation tenant improvements            and leasing commissions (4) (5)		(3,310	)		(6,779	)		(4,667	)		(5,950	)		(1,402	)
AFFO	$	16,792		$	16,748		$	18,798		$	16,957		$	21,735

__________

(2)	For the definition and discussion of AFFO, see page 40.
(3)	Excludes $0.5 million, $3.3 million, $1.1 million, $1.9 million, and $0.7 million of expenditures for the three months ended March 31, 2005, December 31, 2004, September 30, 2004, June 30, 2004, and March 31, 2004, respectively, related to the renovation of the hotel. See page 37.
(4)	Excludes 2nd generation tenant improvements and leasing commissions of $0.2 million, $0.8 million, $0.1 million, $4.4 million, and $6.7 million for the three months ended March 31, 2005, December 31, 2004, September 30, 2004, June 30, 2004, and March 31, 2004, respectively, related to leases executed prior to and fully reserved ($35.2 million) at our initial public offering. Principal leases comprising the $35.2 million reserve include tenants such as US Bancorp, Wealth & Tax Advisory, Latham & Watkins, Morrison & Foerster, Gibson Dunn & Crutcher and Payden & Rygel. As of March 31, 2005, $2.9 million of this reserve remains.
(5)	Excludes 1st generation tenant improvements and leasing commissions of $0.9 million, $1.0 million, $1.3 million, $2.1 million, and $0.9 million for the three months ended March 31, 2005, December 31, 2004, September 30, 2004, June 30, 2004, and March 31, 2004, respectively.

13

Maguire Properties, Inc.

First Quarter 2005

Capital Structure

Consolidated Debt

	Aggregate Principal
	March 31, 2005
Mortgage and Other Secured Loans Payable (1)	$	3,416,530
Secured Credit Facility		-
Total Debt	$	3,416,530

Equity

(in thousands)

	Shares  Outstanding		Total Liquidation  Preference
Preferred Stock		10,000	$	250,000

	Shares & Units  Outstanding		Market Value (2)
Common Stock		43,331.3	$	1,034,752
Operating Partnership Units		10,457.5		249,725
Total Common Equity		53,788.8	$	1,284,477
Total Market Capitalization			$	4,951,007

__________

(1)	Includes $328.6 classified as "held for sale" within discontinued operations and the $45.2 million note payable due in November 2005 related to Washington Mutual Irvine Campus. See page 15.
(2)	Value based on the New York Stock Exchange closing price of $23.88 on March 31, 2005.

14

Maguire Properties, Inc.

First Quarter 2005

Debt Summary

Debt Analysis

(in thousands)

	Maturity Date		Principal  Balance as of  March 31, 2005			% of  Debt				Interest  Rate as of   March 31, 2005
Floating Rate Debt
MP LP Holdings I Term Loan	March 15, 2010		$	450,000			13.35	%			6.50	%
Gas Company Tower & 808 South Olive				280,000			8.31	%			4.36	%
Senior Mezzanine	July 7, 2008	(1), (2)		30,000			0.89	%			8.48	%
Mortgage and Junior Mezzanine	July 6, 2007	(2), (3)		250,000			7.43	%			3.87	%
Wateridge Plaza	April 11, 2007	(4)		62,880			1.87	%			5.07	%
Park Place	July 22, 2005	(5)		44,000			1.31	%			4.60	%
Austin Research Park	April 11, 2007	(4), (6)		42,000			1.25	%			4.82	%
777 Tower	October 10, 2009	(7)		40,000			1.19	%			3.66	%
Total Unhedged Floating Rate Debt				918,880			27.26	%	(8)		5.46	%
Fixed Rate Debt
Wells Fargo Center (Denver, CO)	April 6, 2015			285,000			8.45	%			5.26	%
Pacific Arts Plaza	April 1, 2012			270,000			8.01	%			5.15	%
US Bank Tower	July 1, 2013			260,000			7.71	%			4.66	%
Wells Fargo Tower (Los Angeles, CA)	July 1, 2010			250,000			7.42	%			4.68	%
KPMG Tower	November 1, 2011			210,000			6.23	%			5.14	%
Park Place	November 1, 2014			170,000			5.04	%			5.64	%
One California Plaza	December 1, 2010			146,250			4.34	%			4.73	%
777 Tower	October 10, 2009	(7)		115,000			3.41	%			4.81	%
Washington Mutual Irvine Campus	December 11, 2011			106,000			3.14	%			5.07	%
Regents Square I & II	April 1, 2012			103,600			3.07	%			5.13	%
One Renaissance Square	April 1, 2012	(6)		103,600			3.07	%			5.13	%
Park Place	March 12, 2012			100,000			2.97	%			5.39	%
Lantana Media Campus	January 6, 2010			98,000			2.91	%			4.94	%
Glendale Center	November 1, 2013	(6)		80,000			2.37	%			5.73	%
801 North Brand	April 6, 2015	(6)		75,540			2.24	%			5.73	%
Mission City Corporate Center	April 1, 2012			52,000			1.54	%			5.09	%
700 North Central	April 6, 2015	(6)		27,460			0.81	%			5.73	%
Total Fixed Rate Debt				2,452,450			72.74	%	(8)		5.09	%
Total Debt including Debt Related to       Discontinued Operations				3,371,330			100.00	%			5.19	%
Washington Mutual Irvine Campus Note				45,200	(9)
Total Debt (per Capital Structure)			$	3,416,530

__________

(1)	Maturity accelerated to 2007 if the $250 million Gas Company Tower & 808 South Olive mortgage and junior mezzanine debt is not extended to 2008.
(2)	The company expects to enter into terms to refinance this debt in July 2006 with a new $458 million, 10-year fixed rate, interest-only loan.
(3)	A one-year extension available at our option.
(4)	A two-year extension available at our option.
(5)	The company intends to exercise a six-month option for this debt.
(6)	Debt related to property held for sale.
(7)	The company has obtained a commitment to refinance this debt in October 2006 with a new $273 million, 10-year fixed rate, interest-only loan at 5.84%.
(8)	After the Gas Company Tower and 777 Tower loan refinancings described in notes (2) and (7) above, and the expected repayment of the $450 million term loan with net proceeds of these financings and planned asset sales, the fixed rate and floating rate debt percentage of total debt would be 95% and 5%, respectively.
(9)	Note payable due November 2005 relating to the acquisition of the Washington Mutual Irvine Campus, which is collateralized with a letter of credit fully secured by a cash deposit.

Credit Facility

(in thousands)

	Maximum  Available		Currently  Available		Drawn
Secured Line of Credit	$	100,000	$	100,000	$	-

Financial Ratios

Interest coverage (a)		2.13
Interest coverage before loss from early extinguishment of debt (b)		2.18
Fixed-charge coverage (c)		1.79
Fixed-charge coverage before loss from early extinguishment of debt (d)		1.83
Debt to total market capitalization at quarter-end (e)		69.0%
Debt plus preferred stock to total market capitalization at quarter-end (f)		74.1%
(a)	EBITDA divided by cash interest expense. Cash interest expense relates to indebtedness, capitalized interest and capital leases less amortized deferred financing fees and amortization of the gain on sold interest rate swaps.
(b)	EBITDA before loss on early extinguishment of debt divided by cash interest expense.
(c)	Same as (a) except denominator includes scheduled debt principal payments, capital lease principal payments and preferred dividends.
(d)	Same as (b) except denominator includes scheduled debt principal payments, capital lease principal payments and preferred dividends.
(e)	Mortgage debt and other loans divided by mortgage debt and other loans plus preferred stock and the market value of outstanding common stock and operating partnership units, assuming the conversion of operating partnership units into shares of our common stock.
(f)	Same as (e) except numerator includes preferred stock.

15

Maguire Properties, Inc.

First Quarter 2005

Pro Forma Debt Maturities⁽¹⁾

(in thousands)

Property	2005			2006			2007			2008			2009			Thereafter			Total
MP  LP Holdings I Term Loan	$	-		$	-		$	-		$	-		$	-		$	450,000		$	450,000
Wells Fargo Center (Denver, CO)		-			-			-			-			-			285,000			285,000
Gas Company Tower (4)		-			-			-			280,000	(2)		-			-			280,000
Pacific Arts Plaza		-			-			-			-			-			270,000			270,000
US Bank Tower		-			-			-			-			-			260,000			260,000
Wells Fargo Tower (Los Angeles, CA)		-			1,513			3,828			3,982			4,206			236,471			250,000
KPMG Tower		-			-			-			-			246			209,754			210,000
Park Place		-			-			-			-			-			170,000			170,000
777 Tower (3)		-			-			-			-			155,000			-			155,000
One California Plaza		-			-			239			2,825			2,984			140,202			146,250
Washington Mutual Irvine Campus		-			-			-			-			-			106,000			106,000
Regents Square I & II		-			-			-			-			-			103,600			103,600
One Renaissance Square (5)		-			-			-			-			-			103,600			103,600
Park Place		-			-			-			-			-			100,000			100,000
Lantana Media Campus		-			-			-			-			-			98,000			98,000
Glendale Center (5)		-			-			-			-			-			80,000			80,000
801 North Brand (5)		-			-			-			-			-			75,540			75,540
Wateridge Plaza		-			-			62,880			-			-			-			62,880
Mission City Corporate Center		-			-			-			-			-			52,000			52,000
Park Place Bridge		44,000			-			-			-			-			-			44,000
Austin Research Park I & II (5)		-			-			42,000			-			-			-			42,000
700 North Central (5)		-			-			-			-			-			27,460			27,460
Total	$	44,000		$	1,513		$	108,947		$	286,807		$	162,436		$	2,767,627		$	3,371,330
Weighted Average Rates		4.60	%		4.68	%		4.96	%		4.37	%		4.52	%		5.34	%		5.19	%

__________

(1)	Excludes the $45.2 million note payable due December 2005 relating to the acquisition of the Washington Mutual Irvine Campus which is collateralized with a letter of credit fully secured by a cash deposit.
(2)	Assumes exercise of extension option.
(3)	The company has obtained a commitment to refinance this debt in October 2006 with a new $273 million, 10-year fixed, interest-only loan at 5.84%.
(4)	The company has entered into terms to refinance this debt in July 2006 with a new $458 million, 10-year fixed, interest-only loan.
(5)	Debt related to property held for sale.

16

Maguire Properties, Inc.

First Quarter 2005

Portfolio Data

17

Maguire Properties, Inc.

First Quarter 2005

Same Store Analysis

(unaudited and in thousands)

	Three Months Ended March 31, (1)
	2005			2004			% Change
Total Same Store Portfolio
Number of properties		9			9
Square Feet (2)		10,388,526			10,359,824
Percent of Total Portfolio		42.3	%		97.5	%
Weighted Average Occupancy		92.0	%		90.5	%
GAAP
Breakdown of Net Operating Income:
Operating Revenues	$	66,586		$	66,737			(0.2	)%
Operating Expenses		21,220			22,698			(6.5	)%
Other Expenses		592			585			1.2	%
Net Operating Income	$	44,774		$	43,454			3.0	%
CASH BASIS
Breakdown of Net Operating Income:
Operating Revenues	$	63,435		$	64,741			(2.0	)%
Operating Expenses		21,220			22,698			(6.5	)%
Other Expenses		389			382			1.8	%
Net Operating Income	$	41,826		$	41,661			0.4	%

__________

(1)	Properties included in same store quarterly analysis are KPMG Tower, Gas Company Tower & 808 S. Olive Garage, Plaza Las Fuentes, Cerritos I, Cerritos II, US Bank Tower, Wells Fargo Tower, Glendale Center, and One California Plaza.
(2)	Property square footage increased in 2005 compared to 2004 due to BOMA '96 remeasurement.

18

Maguire Properties, Inc.

First Quarter 2005

Portfolio Overview - Square Footage

OFFICE PROPERTIES	RSF
LOS ANGELES COUNTY
Los Angeles Central Business District Submarket
Gas Company Tower & 808 South Olive		1,335,964
US Bank Tower		1,388,822
Wells Fargo Tower		1,381,006
KPMG Tower		1,134,195
777 Tower		1,005,449
One California Plaza		984,170
Total Los Angeles Central Business District Submarket		7,229,606
Tri-Cities Submarket
Glendale Center		382,888
801 North Brand		275,580
Plaza Las Fuentes		189,312
700 North Central		132,417
Total Tri-Cities Submarket		980,197
Santa Monica Professional and Entertainment Submarket
Lantana Media Campus		330,307
Total Santa Monica Professional and Entertainment Submarket		330,307
Cerritos Office Submarket
Cerritos Corporate Center - Phase I		221,968
Cerritos Corporate Center - Phase II		104,567
Total Cerritos Office Submarket		326,535
TOTAL LOS ANGELES COUNTY		8,866,645
ORANGE COUNTY
John Wayne Airport Submarket
Park Place		1,893,924
Washington Mutual Irvine Campus		414,595
Total John Wayne Airport Submarket		2,308,519
Costa Mesa Submarket
Pacific Arts Plaza		843,624
Total Costa Mesa Submarket		843,624
TOTAL ORANGE COUNTY		3,152,143
SAN DIEGO COUNTY
UTC (University Town Center)
Regents Square I & II		307,454
Total UTC		307,454
Sorrento Mesa
Wateridge Plaza		267,784
Total Sorrento Mesa		267,784
Mission Valley
Mission City Corporate Center		190,742
Total Mission Valley		190,742
TOTAL SAN DIEGO COUNTY		765,980

19

Maguire Properties, Inc.

First Quarter 2005

Portfolio Overview - Square Footage (continued)

OFFICE PROPERTIES	RSF
OTHER
Denver, CO - Downtown Submarket
Wells Fargo Center		1,200,208
Phoenix, AZ - Downtown Submarket
One Renaissance Square		491,623
Austin, TX - Northwest Submarket
Austin Research Park I & II		271,882
TOTAL OTHER		1,963,713
TOTAL OFFICE PROPERTIES		14,748,481	(1), (2)

RETAIL PROPERTY	RSF
John Wayne Airport Submarket
Park Place		124,659
TOTAL RETAIL PROPERTY		124,659

	Number of
HOTEL PROPERTY	Rooms		SF
Westin Hotel, Pasadena, CA		350		266,000
TOTAL HOTEL PROPERTY				266,000

	Vehicle
PARKING PROPERTIES	Capacity		SF
On-Site Parking		26,571		7,837,573
Off-Site Garages		4,550		1,593,410
TOTAL PARKING PROPERTIES		31,121		9,430,983
TOTAL PORTFOLIO				24,570,123

__________

(1)	Increased from 9,744,393 square feet at December 31, 2004 primarily due to acquisition of the CommonWealth Properties portfolio of 4,986,763 square feet on March 15, 2005. The remaining difference of 17,325 square feet is attributable to remeasurement of new and renewed leases.
(2)	Total square footage includes 340,302 square feet of retail space located within the office properties.

20

Maguire Properties, Inc.

First Quarter 2005

-----

21

Maguire Properties, Inc.

First Quarter 2005

Portfolio Overview - Occupancy and In-Place Rents

							Annualized		Annualized Rent
Property	Submarket	Square Feet		% Leased			Rent(1)		$/RSF (2)
Office Properties
Gas Company Tower	Los Angeles Central Business District		1,335,964		98.5	%	$	33,128,637	$	25.16
US Bank Tower	Los Angeles Central Business District		1,388,822		84.0	%		30,676,757		26.29
Wells Fargo Tower	Los Angeles Central Business District		1,381,006		84.4	%		21,891,586		18.78
KPMG Tower	Los Angeles Central Business District		1,134,195		90.7	%		20,784,062		20.20
777 Tower	Los Angeles Central Business District		1,005,449		90.1	%		15,176,314		16.76
One California Plaza	Los Angeles Central Business District		984,170		94.6	%		14,272,597		15.34
Sub-Total LACBD			7,229,606		90.1	%		135,929,953		20.87
Glendale Center (3)	Tri-Cities		382,888		100.0	%		7,416,764		19.37
801 North Brand (3)	Tri-Cities		275,580		81.2	%		4,216,623		18.85
Plaza Las Fuentes	Tri-Cities		189,312		99.7	%		3,609,031		19.12
700 North Central (3)	Tri-Cities		132,417		73.9	%		1,808,831		18.49
Sub-Total Tri-Cities			980,197		91.1	%		17,051,249		19.09
Lantana Media Campus	Santa Monica Professional & Entertainment		330,307		89.6	%		9,293,625		31.40
Cerritos - Phase I	Cerritos Office		221,968		100.0	%		5,367,540		24.18
Cerritos - Phase II	Cerritos Office		104,567		100.0	%		2,141,371		20.48
Sub-Total Cerritos			326,535		100.0	%		7,508,911		23.00
Sub-Total Los Angeles County			8,866,645		90.6	%		169,783,738		21.14
Park Place	John Wayne Airport		1,893,924		95.0	%		25,383,760		14.11
Washington Mutual Irvine Campus	John Wayne Airport		414,595		100.0	%		8,383,860		20.22
Sub-Total John Wayne Airport			2,308,519		95.9	%		33,767,620		15.25
Pacific Arts Plaza	Costa Mesa		843,624		85.2	%		14,924,998		20.77
Sub-Total Orange County			3,152,143		93.0	%		48,692,618		16.60

22

Maguire Properties, Inc.

First Quarter 2005

Portfolio Overview - Occupancy and In-Place Rents (continued)

							Annualized		Annualized Rent
Property	Submarket	Square Feet		% Leased			Rent (1)		$/RSF (2)
Office Properties
Regents Square I & II	UTC (University Town Center)		307,454		86.0	%		6,024,478		22.79
Wateridge Plaza	Sorrento Mesa		267,784		90.7	%		3,995,690		16.45
Mission City Corporate Center	Mission Valley		190,742		86.1	%		3,472,859		21.15
Sub-Total San Diego County			765,980		87.7	%		13,493,027		20.10
Wells Fargo Center - Denver	Denver, CO - Downtown		1,200,208		83.8	%		17,222,717		17.12
One Renaissance Square (3)	Phoenix, AZ - Downtown		491,623		90.8	%		6,842,812		15.33
Austin Research Park I & II (3)	Austin, TX - Northwest		271,882		88.0	%		3,766,068		15.74
Sub-Total Other			1,963,713		86.1	%		27,831,597		16.45
Total/Weighted Average       - Office Properties			14,748,481		90.4	%	$	259,800,980	$	19.50
Retail Property
Park Place	John Wayne Airport		124,659		93.7	%		2,304,491		19.73
Total/Weighted Average       - Retail Property			124,659		93.7	%	$	2,304,491	$	19.73
Total/Weighted Average      - Office & Retail Properties			14,873,140		90.4	%	$	262,105,471	$	19.50

__________

(1)	Annualized rent represents the annualized monthly contractual rent under existing leases as of March 31, 2005. 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.
(2)	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.
(3)	Properties 'held for sale' as part of discontinued operations.

 

23

Maguire Properties, Inc.

First Quarter 2005

Portfolio Overview - Leased Rates and Weighted Average Remaining Lease Term

	Weighted Average
	Remaining Lease Term		% Leased			% Leased			% Leased			% Leased			% Leased
	(in years)		Q1 2005			Q4 2004			Q3 2004			Q2 2004			Q1 2004
Gas Company Tower		5.3		98.5	%		98.5	%		98.5	%		98.5	%		98.2	%
US Bank Tower		4.8		84.0	%		89.1	%		89.2	%		90.0	%		90.4	%
Wells Fargo Tower		7.1		84.4	%		85.1	%		83.5	%		82.9	%		82.8	%
KPMG Tower		6.8		90.7	%		91.8	%		92.5	%		92.0	%		86.8	%
777 Tower		7.1		90.1	%		-			-			-			-
One California Plaza		5.4		94.6	%		92.4	%		91.9	%		91.8	%		92.1	%
Glendale Center		5.7		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
801 North Brand		4.9		81.2	%		-			-			-			-
Plaza Las Fuentes		8.2		99.7	%		99.7	%		96.5	%		96.5	%		89.7	%
700 North Central		1.8		73.9	%		-			-			-			-
Lantana Media Campus		4.5		89.6	%		88.8	%		-			-			-
Cerritos - Phase I		9.5		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cerritos - Phase II		6.2		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Park Place		4.8		95.0	%		86.0	%		91.2	%		96.3	%		96.8	%
Washington Mutual Irvine Campus		6.8		100.0	%		100.0	%		-			-			-
Pacific Arts Plaza		4.3		85.2	%		-			-			-			-
Regents Square I & II		3.3		86.0	%		-			-			-			-
Wateridge Plaza		1.6		90.7	%		-			-			-			-
Mission City Corporate Center		4.1		86.1	%		-			-			-			-
Wells Fargo Center - Denver		6.6		83.8	%		-			-			-			-
One Renaissance Square		7.9		90.8	%		-			-			-			-
Austin Research Park I & II		4.9		88.0	%		-			-			-			-
Park Place - Retail		8.5		93.7	%		93.7	%		94.5	%		-			-
Total Portfolio		5.8		90.4	%		91.3	%		91.9	%		92.8	%		92.1	%

24

Maguire Properties, Inc.

First Quarter 2005

Major Tenants - Office Properties

											% of Aggregate			Weighted Average
		Number of		Annualized		% of Total			Total Leased		Leased Square Feet			Remaining Lease Term		S & P Credit Rating /
	Tenant	Locations		Rent(1)		Annualized Rent			Square Feet		of Existing Portfolio			in Months		National Recognition(3)
	Rated
1	Southern California Gas Company		1	$	16,807,927		6.4	%		576,516		4.3	%		79	A
2	Wells Fargo Bank		5		11,146,192		4.3	%		684,692		5.1	%		92	AA
3	Cingular		3		9,314,788		3.6	%		433,648		3.2	%		83	A
4	Washington Mutual , FA		4		9,187,033		3.5	%		446,562		3.3	%		80	A
5	Sempra (Pacific Enterprises)		1		8,504,539		3.2	%		225,756		1.7	%		63	A
6	Los Angeles Unified School District		1		5,476,897		2.1	%		260,498		1.9	%		14	AA-
7	ConAgra, Inc.		1		4,989,050		1.9	%		393,317		2.9	%		65	BBB+
8	Ditech Funding Corp		1		4,113,822		1.6	%		170,518		1.3	%		37	BBB-
9	Bank of America		3		4,047,484		1.5	%		223,966		1.7	%		63	AA
10	Disney Enterprises		1		3,085,885		1.2	%		156,215		1.2	%		75	BBB+
	Total Rated / Weighted Average (2)				76,673,617		29.3	%		3,571,688		26.6	%		72
	Total Investment Grade Tenants				122,335,397		46.7	%		6,236,421		46.4	%
	Unrated - Nationally Recognized
11	Latham & Watkins		2	$	9,723,371		3.7	%		361,524		2.7	%		69	4th Largest US Law Firm
12	Gibson Dunn & Crutcher		1		6,103,475		2.3	%		268,268		2.0	%		152	14th Largest US Law Firm
13	Morrison & Foerster		1		5,329,600		2.0	%		192,775		1.4	%		79	22nd Largest US Law Firm
14	Jones, Day, Reavis & Pogue		1		4,982,380		1.9	%		152,166		1.1	%		19	3rd Largest US Law Firm
15	Munger Tolles & Olson		1		3,961,089		1.5	%		160,682		1.2	%		203	Prominent Regional Law Firm
16	Bingham McCutchen		2		3,672,579		1.4	%		182,393		1.4	%		59	26th Largest US Law Firm
17	White & Case		1		3,318,140		1.3	%		94,804		0.7	%		80	7th Largest US Law Firm
18	KPMG		1		2,943,362		1.1	%		175,525		1.3	%		111	4th Largest US Accounting Firm
19	Charles Schwab & Co., Inc.		2		2,355,764		0.9	%		118,466		0.9	%		83	National Recognized Financial Services Firm
20	Sidley Austin Brown & Wood		1		2,199,680		0.9	%		147,237		1.1	%		45	5th Largest US Law Firm
	Total Unrated / Weighted Average (2)				44,589,440		17.0	%		1,853,840		13.8	%		92
	Total Nationally Recognized Tenants				72,679,503		27.7	%		3,469,634		25.8	%
	Total / Weighted Average (2)			$	121,263,057		46.3	%		5,425,528		40.4	%		79
	Total Investment Grade or Nationally Recognized Tenants			$	195,014,900		74.4	%		9,706,055		72.2	%

__________

(1)	Annualized base rent is calculated as monthly contractual base rent under existing leases as of March 31, 2005, 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)	The weighted average calculation is based on the net rentable square feet leased by each tenant.
(3)	S&P credit ratings are as of March 31, 2005, and rankings of law firms are based on total gross revenue in 2003 as reported by American Lawyer Media's LAW.com.

25

Maguire Properties, Inc.

First Quarter 2005

-----

 

26

Maguire Properties, Inc.

First Quarter 2005

Lease Expirations - Total Portfolio

								Percentage
	Total Area in		Percentage					of Gross					Rent per
	Square Feet Covered		of Aggregate			Annualized		Annualized			Current Rent		Square Foot
Year	by Expiring Leases		Square Feet			Rent		Rent			per Square Foot (1)		at Expiration (2)
Available		1,430,997		9.6	%
2005		729,569		4.9	%	$	12,651,341		4.8	%	$	17.34	$	17.37
2006		1,332,141		9.0	%		26,977,632		10.3	%		20.25		20.35
2007		896,183		6.0	%		17,756,984		6.8	%		19.81		21.10
2008		1,127,061		7.6	%		20,936,636		8.0	%		18.58		19.88
2009		1,314,759		8.8	%		27,155,010		10.4	%		20.65		22.65
2010		1,790,031		12.0	%		34,557,247		13.2	%		19.31		21.54
2011		1,703,051		11.5	%		36,365,844		13.9	%		21.35		26.61
2012		760,955		5.1	%		13,136,798		5.0	%		17.26		21.41
2013		1,436,947		9.7	%		26,402,434		10.0	%		18.37		20.39
2014		867,173		5.8	%		16,009,290		6.1	%		18.46		24.65
Thereafter		1,484,273		10.0	%		30,156,255		11.5	%		20.32		24.70
Total		14,873,140		100.0	%	$	262,105,471		100.0	%	$	19.50	$	22.29

Leases Expiring in the Next 4 Quarters:

2nd Quarter 2005	136,700	0.9	%	$	2,154,344	0.8	%	$	15.76	$	15.76
3rd Quarter 2005 (3)	341,092	2.3	%		6,342,338	2.4	%		18.59		18.60
4th Quarter 2005	251,777	1.7	%		4,154,659	1.6	%		16.50		16.73
1st Quarter 2006	285,974	1.9	%		4,589,253	1.8	%		16.05		16.07

__________

(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.

27

Maguire Properties, Inc.

First Quarter 2005

Lease Expirations - Los Angeles County

								Percentage
	Total Area in		Percentage					of Gross					Rent per
	Square Feet Covered		of Aggregate			Annualized		Annualized			Current Rent		Square Foot
Year	by Expiring Leases		Square Feet			Rent		Rent			per Square Foot (1)		at Expiration (2)
Available		836,828		9.4	%
2005		495,614		5.6	%	$	9,039,612		5.3	%	$	18.24	$	18.32
2006		953,761		10.8	%		20,606,372		12.1	%		21.61		21.56
2007		530,575		6.0	%		11,145,689		6.6	%		21.01		22.57
2008		508,267		5.7	%		9,023,213		5.3	%		17.75		18.65
2009		523,868		5.9	%		12,827,798		7.6	%		24.49		25.19
2010		713,597		8.1	%		17,919,024		10.5	%		25.11		27.63
2011		1,227,307		13.8	%		28,294,134		16.7	%		23.05		28.79
2012		361,148		4.1	%		6,565,829		3.9	%		18.18		23.36
2013		1,014,555		11.5	%		19,277,333		11.3	%		19.00		21.68
2014		544,562		6.1	%		10,518,198		6.2	%		19.31		26.04
Thereafter		1,156,563		13.0	%		24,566,536		14.5	%		21.24		24.52
Total		8,866,645		100.0	%	$	169,783,738		100.0	%	$	21.14	$	23.99

Leases Expiring in the Next 4 Quarters:

2nd Quarter 2005	84,999	1.0	%	$	1,296,960	0.8	%	$	15.26	$	15.27
3rd Quarter 2005 (3)	219,744	2.4	%		4,561,545	2.6	%		20.76		20.76
4th Quarter 2005	190,871	2.2	%		3,181,107	1.9	%		16.67		16.86
1st Quarter 2006	228,117	2.6	%		3,600,378	2.1	%		15.78		15.81

__________

(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.

28

Maguire Properties, Inc.

First Quarter 2005

Lease Expirations - Orange County

								Percentage
	Total Area in		Percentage					of Gross					Rent per
	Square Feet Covered		of Aggregate			Annualized		Annualized			Current Rent		Square Foot
Year	by Expiring Leases		Square Feet			Rent		Rent			per Square Foot (1)		at Expiration (2)
Available		227,363		6.9	%
2005		110,509		3.4	%	$	1,751,302		3.4	%	$	15.85	$	15.88
2006		120,130		3.7	%		2,125,659		4.2	%		17.69		18.00
2007		173,297		5.3	%		3,086,973		6.1	%		17.81		18.71
2008		477,225		14.6	%		8,935,943		17.5	%		18.72		20.14
2009		458,155		14.0	%		8,724,286		17.1	%		19.04		21.48
2010		806,799		24.6	%		10,887,309		21.3	%		13.49		16.02
2011		434,130		13.2	%		7,129,927		14.0	%		16.42		20.39
2012		189,366		5.8	%		2,948,397		5.8	%		15.57		19.06
2013		71,613		2.2	%		1,143,317		2.2	%		15.97		18.57
2014		145,158		4.4	%		2,881,427		5.7	%		19.85		25.70
Thereafter		63,057		1.9	%		1,382,569		2.7	%		21.93		30.04
Total		3,276,802		100.0	%	$	50,997,109		100.0	%	$	16.72	$	19.34

Leases Expiring in the Next 4 Quarters:

2nd Quarter 2005	16,813	0.5	%	$	162,577	0.3	%	$	9.67	$	9.67
3rd Quarter 2005 (3)	59,778	1.9	%		1,085,668	2.1	%		18.16		18.21
4th Quarter 2005	33,918	1.0	%		503,057	1.0	%		14.83		14.83
1st Quarter 2006	39,818	1.2	%		775,023	1.5	%		19.46		19.46

__________

(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.

29

Maguire Properties, Inc.

First Quarter 2005

Lease Expirations - San Diego County

								Percentage
	Total Area in		Percentage					of Gross					Rent per
	Square Feet Covered		of Aggregate			Annualized		Annualized			Current Rent		Square Foot
Year	by Expiring Leases		Square Feet			Rent		Rent			per Square Foot (1)		at Expiration (2)
Available		94,586		12.4	%
2005		58,598		7.7	%	$	1,318,867		9.8	%	$	22.51	$	22.59
2006		213,862		27.9	%		3,680,061		27.3	%		17.21		17.53
2007		66,493		8.7	%		1,419,507		10.5	%		21.35		23.17
2008		68,467		8.9	%		1,571,969		11.6	%		22.96		26.26
2009		171,673		22.4	%		3,536,839		26.2	%		20.60		23.70
2010		32,964		4.3	%		644,538		4.8	%		19.55		25.66
2011		41,614		5.4	%		884,435		6.6	%		21.25		27.28
2012		-		0.0	%		12,979		0.1	%		-		-
2013		-		0.0	%		18,540		0.1	%		-		-
2014		17,723		2.3	%		405,292		3.0	%		22.87		32.38
Thereafter		-		0.0	%		-		0.0	%		-		-
Total		765,980		100.0	%	$	13,493,027		100.0	%	$	20.10	$	22.45

Leases Expiring in the Next 4 Quarters:

2nd Quarter 2005	20,915	2.7	%	$	445,066	3.3	%	$	21.28	$	21.28
3rd Quarter 2005 (3)	25,511	3.4	%		536,414	4.0	%		21.03		21.03
4th Quarter 2005	12,172	1.6	%		337,387	2.5	%		27.72		28.11
1st Quarter 2006	3,213	0.4	%		73,450	0.5	%		22.86		22.86

__________

(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.

30

Maguire Properties, Inc.

First Quarter 2005

Leasing Activity - Total Portfolio

	For the
	Three Months Ended
	March 31, 2005			% Leased
Leased Square Feet as of December 31, 2004		9,014,891			91.3	%
Recent Acquisition:  Wells Fargo Center - Denver		1,005,708
Recent Acquisition:  777 Tower		905,662
Recent Acquisition:  Pacfic Arts Plaza		718,675
Recent Acquisition:  One Renaissance Square		446,486
Recent Acquisition:  Regents Square I & II		264,311
Recent Acquisition:  Austin Research Park I & II		239,299			��
Recent Acquisition:  Wateridge Plaza		242,886
Recent Acquisition:  801 N. Brand		223,715
Recent Acquisition:  Mission City Corporate Center		164,197
Recent Acquisition:  700 N. Central		97,806
Leased Square Feet including CommonWealth Properties		13,323,636			89.5	%
Expirations		(285,246	)		(1.9	)%
New Leases		380,062			2.6	%
Renewals		23,429			0.2	%
Increased Square Footage Due to Remeasurement		262			0.0	%
Leased Square Feet as of March 31, 2005		13,442,143			90.4	%
Cash Rent Growth(1)
Expiring Rate per Square Foot				$	27.10
New / Renewed Rate per Square Foot				$	16.67
Percentage Change					(38.5	)%
GAAP Rent Growth (2)
Expiring Rate per Square Foot				$	27.10
New / Renewed Rate per Square Foot				$	18.21
Percentage Change					(32.8	)%
Weighted Average Lease Term - New  (in months)					74
Weighted Average Lease Term - Renewal  (in months)					124

__________

(1)	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.
	Excludes new and renewed leases for spaces with more than six months of downtime.
(2)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.

31

Maguire Properties, Inc.

First Quarter 2005

Leasing Activity - Los Angeles Central Business District

	For the
	Three Months Ended
	March 31, 2005			% Leased
Leased Square Feet as of December 31, 2004, Los Angeles Central Business District		5,671,188			91.3	%
Recent Acquisition:  777 Tower		905,662
Leased Square Feet including 777 Tower		6,576,850			91.0	%
Expirations		(220,638	)		(3.1	)%
New Leases		134,591			1.9	%
Renewals		23,429			0.3	%
Leased Square Feet as of March 31, 2005, Los Angeles Central Business District		6,514,232			90.1	%
Cash Rent Growth(1)
Expiring Rate per Square Foot				$	36.93
New / Renewed Rate per Square Foot				$	19.92
Percentage Change					(46.1	)%
GAAP Rent Growth (2)
Expiring Rate per Square Foot				$	36.93
New / Renewed Rate per Square Foot				$	21.47
Percentage Change					(41.9	)%
Weighted Average Lease Term - New  (in months)					57
Weighted Average Lease Term - Renewal  (in months)					124

__________

(1)	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.
	Excludes new and renewed leases for spaces with more than six months of downtime.
(2)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.

32

Maguire Properties, Inc.

First Quarter 2005

Leasing Activity - Orange County

	For the
	Three Months Ended
	March 31, 2005			% Leased
Leased Square Feet as of December 31, 2004, Orange County		2,155,762			88.8	%
Recent Acquisition: Pacific Arts Plaza		718,675
Leased Square Feet including Pacific Arts Plaza		2,874,437			87.8	%
Expirations		(15,597	)		(0.5	)%
New Leases		190,599			5.8	%
Renewals		-			0.0	%
Leased Square Feet as of March 31, 2005, Orange County		3,049,439			93.1	%
Cash Rent Growth(1)
Expiring Rate per Square Foot				$	15.20
New / Renewed Rate per Square Foot				$	11.79
Percentage Change					(22.4	)%
GAAP Rent Growth (2)
Expiring Rate per Square Foot				$	15.20
New / Renewed Rate per Square Foot				$	13.21
Percentage Change					(13.0	)%
Weighted Average Lease Term - New  (in months)					60
Weighted Average Lease Term - Renewal  (in months)					-

__________

(1)	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.
	Excludes new and renewed leases for spaces with more than six months of downtime.
(2)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.

33

Maguire Properties, Inc.

First Quarter 2005

Leasing Activity - San Diego County

	For the
	Three Months Ended
	March 31, 2005		% Leased
Leased Square Feet as of December 31, 2004		-
Recent Acquisition: Wateridge Plaza		242,886		31.8	%
Recent Acquisition: Mission City Corporate Center		164,197		21.4	%
Recent Acquisition: Regents Square I & II		264,311		34.5	%
Leased Square Feet as of March 31, 2005, San Diego County		671,394		87.7	%
Cash Rent Growth(1)
Expiring Rate per Square Foot			$	-
New / Renewed Rate per Square Foot			$	-
Percentage Change				0.0	%	(3)
GAAP Rent Growth (2)
Expiring Rate per Square Foot			$	-
New / Renewed Rate per Square Foot			$	-
Percentage Change				0.0	%	(3)
Weighted Average Lease Term - New  (in months)				-		(3)
Weighted Average Lease Term - Renewal  (in months)				-		(3)

__________

(1)	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.
	Excludes new and renewed leases for spaces with more than six months of downtime.
(2)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.
(3)	No leasing activity since acquisition.

34

Maguire Properties, Inc.

First Quarter 2005

Tenant Concessions and Leasing Commissions(1) (5) (6)

	Q1 2005		2004		2003		2002
Renewals (2)
Number of Leases		1		29		14		17
Square Feet		23,429		296,203		120,022		304,167
Tenant Concession Costs per Square Foot	$	44.69	$	15.49	$	30.66	$	1.40
Leasing Commission Costs per Square Foot (3)	$	10.32	$	5.98	$	2.36	$	5.05
Total Tenant Concession and Leasing Commission
Costs per Square Foot	$	55.01	$	21.47	$	33.02	$	6.45
Costs per Square Foot per Year	$	5.32	$	4.31	$	6.24	$	1.55
New / Modified Leases (4)
Number of Leases		33		48		36		15
Square Feet		321,573		453,301		851,316		135,265
Tenant Concession Costs per Square Foot	$	36.86	$	36.28	$	48.26	$	31.25
Leasing Commission Costs per Square Foot (3)	$	8.46	$	9.28	$	4.78	$	7.07
Total Tenant Concession and Leasing Commission
Costs per Square Foot	$	45.32	$	45.56	$	53.04	$	38.32
Costs per Square Foot per Year	$	6.37	$	4.26	$	7.95	$	4.84
Total
Number of Leases		34		77		50		32
Square Feet		345,002		749,504		971,338		439,432
Tenant Concession Costs per Square Foot	$	37.40	$	28.06	$	46.09	$	10.59
Leasing Commission Costs per Square Foot (3)	$	8.58	$	7.97	$	4.48	$	5.67
Total Tenant Concession and Leasing Commission
Costs per Square Foot	$	45.98	$	36.03	$	50.57	$	16.26
Costs per Square Foot per Year	$	6.27	$	4.20	$	7.77	$	3.06

__________

(1)	Based on leases executed during the period. Excludes leases to related parties and excludes build out costs for raw space.
(2)	Does not include retained tenants that have relocated to new space or expanded into new space.
(3)	Leasing commission costs exclude any commission paid to related parties.
(4)	Includes retained tenants that have relocated or expanded into new space and lease modifications.
(5)	Tenant Concession and Leasing Commission information for One California Plaza, Park Place I, Park Place II, Lantana Media Campus, and CommonWealth Properties assets are included from the dates of acquisition which are November 6, 2003, April 14, 2004, July 23, 2004, December 16, 2004, and March 15, 2005, respectively.
(6)	There is no tenant concession and/or leasing commission activity at Washington Mutual Irvine Campus, as this project was built by Washington Mutual Bank for their own use. Washington Mutual is the only tenant at this project.

35

Maguire Properties, Inc.

First Quarter 2005

Historical Capital Expenditures

Office Properties^{(1) (2) (3) (4) (5) (6)}

	Q1 2005		2004		2003		2002
Non-recoverable Capital Expenditures	$	306,942	$	1,046,178	$	151,512	$	697,490
Total Square Feet(7)		9,145,247		6,783,532		5,783,068		5,720,536
Non-recoverable Capital Expenditures per Square Foot	$	0.03	$	0.15	$	0.03	$	0.12
Recoverable Capital Expenditures (8)	$	707,185	$	3,009,186	$	1,956,984	$	5,098,836
Total Square Feet(7)		9,145,247		6,783,532		5,783,068		5,720,536
Recoverable Capital Expenditures per Square Foot	$	0.08	$	0.44	$	0.34	$	0.89

__________

(1)	Historical capital expenditures for each year shown reflect properties owned for the entire year. For properties acquired during each year, the capital expenditures will be reflected in the following full year of ownership.
(2)	One California Plaza was acquired November 6, 2003 and had no recoverable or non-recoverable capital expenditures in 2003 following its acquisition.
(3)	Park Place I was acquired April 14, 2004 and had non-recoverable capital expenditures in 2004 of $65,183 and no recoverable capital expenditures following its acquisition.
(4)	Park Place II was acquired July 23, 2004 and had no recoverable or non-recoverable capital expenditures in 2004 following its acquisition.
(5)	Lantana was acquired December 16, 2004 and had no recoverable or non-recoverable capital expenditures in 2004 following its acquisition.
(6)	The CommonWealth Properties assets were acquired March 15, 2005 and had no recoverable or non-recoverable capital expenditures in Q1 2005 following its acquisition.
(7)	The square footages of Cerritos Corporate Center Phases I and II and Washington Mutual Irvine Campus are deducted from the total square feet amount as the tenant pays for all capital expenditure activities. The variance in total square footage between periods presented may be attributable to remeasurement of building areas.
(8)	Recoverable capital improvements, such as equipment upgrades, are generally financed through a capital lease. 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.

36

Maguire Properties, Inc.

First Quarter 2005

Hotel Performance

							Percent			YTD
Westin Hotel, Pasadena, CA (1)	Q1 2005			Q1 2004			Change			March 31, 2005
Occupancy		84.9	%		78.6	%		8.0	%		84.9	%
Average Daily Rate	$	150.24		$	139.82			7.4	%	$	150.24
Revenue Per Available Room (REVPAR)	$	127.50		$	109.89			16.0	%	$	127.50
Hotel Net Operating Income (2)	$	1,971,377		$	1,398,851			40.9	%	$	1,971,377

Hotel Historical Capital Expenditures

				For the Year Ended December 31,
Westin Hotel, Pasadena, CA(1)	Q1 2005			2004			2003			2002
Hotel Improvements and Equipment Replacements	$	15,062		$	20,436		$	440,341		$	760,044
Total Hotel Revenue	$	5,915,285		$	20,518,964		$	18,449,302		$	20,005,000
Hotel Improvements as a Percentage of Hotel Revenue		0.3	%		0.1	%		2.4	%		3.8	%
Renovation and Upgrade Costs (3)	$	501,557		$	7,037,822		$	953,257		$	-

__________

(1)	The Westin Hotel operated under a Doubletree flag until it was rebranded on December 20, 2002.
(2)	Includes air space lease expense of $89,739 per quarter and excludes hotel capital expenditures reserve.
(3)	The Westin Hotel is undergoing certain renovations through August 2005. The re-branding, upgrading and renovation costs are estimated at $13.0 million, of which $3.5 million has been funded by Westin.

37

Maguire Properties, Inc.

First Quarter 2005

Option and Undeveloped Properties

				As of March 31, 2005
			Percentage		Developed / Developable
Property		Location	Leased	Acreage	Square Feet		Status
Option Properties (1) -
	1733 Ocean Avenue	Santa Monica, CA	40%	N/A		91,398	Complete
	Western Asset Plaza	Pasadena, CA	98%	N/A		256,987	Complete
	Water's Edge I (2)	Los Angeles, CA	100%	N/A		245,530	Complete
	Water's Edge II (2)	Los Angeles, CA	N/A	2.0		130,000	Undeveloped
			Total Option Properties			723,915

				As of March 31, 2005
			Percentage			Developed / Developable			Type of
Property		Location	Leased	Acreage		Square Feet (3)			Planned Development
Undeveloped Owned Properties -
	Lantana Media Campus	Santa Monica, CA	N/A	N/A	(4)		194,000		Office
	Washington Mutual Irvine Campus	Irvine, CA	N/A	3.6			145,000		Office
	Park Place - Office & Retail	Irvine, CA	N/A	N/A	(4)		1,935,000		Office & Retail
	Park Place - Residential	Irvine, CA	N/A	N/A	(4)		2,265,600		Residential
	Pacific Arts Plaza	Costa Mesa, CA	N/A	2.6			400,000		Office
	Mission City Corporate Center	San Diego, CA	N/A	N/A	(4)		102,000		Office
	200 Burchett	Glendale, CA	N/A	0.8			187,000		Office
	Glendale Center - Phase II	Glendale, CA	N/A	2.0			300,000		Office & Retail
	755 Figueroa	Los Angeles, CA	N/A	1.3			840,000		Office
			Total Undeveloped Properties				6,368,600	(5)
			Total				7,092,515

__________

(1)	We hold options at various terms for these properties.
(2)	We hold an option on a one-eighth partnership interest in these two properties.
(3)	The square feet numbers presented represent an estimation of office, retail and/or residential buildings that the Company estimates can be developed on the referenced property which may not yet in some instances be fully entitled for such development.
(4)	The developable property is to be located on spaces that are primarily used as surface lots.
(5)	Upon the acquisition of San Diego Tech Center on April 6, 2005, the total undeveloped property square footage is 7.6 million.

38

Maguire Properties, Inc.

First Quarter 2005

Management Statementson Non-GAAP Supplemental Measures

Funds from Operations:

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

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

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

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

39

Maguire Properties, Inc.

First Quarter 2005

Management Statements on Non-GAAP Supplemental Measures (continued)

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 payroll and interest expense, (iii) recurring capital expenditures required to maintain and re-tenant our properties and (iv) regular principal payments required to service our debt. 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 in a consistent manner, accordingly, 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 (computed in accordance with GAAP) as a measure of our liquidity.

EBITDA:

We believe that earnings before interest, income taxes, depreciation and amortization, or EBITDA, is a useful supplemental performance measure. 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 be considered only as supplement to cash flows from operating activities (computed in accordance with GAAP) as a measure of our liquidity. EBITDA is not a measure of our financial performance and 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 comparable to such other REITs’ EBITDA.

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

40

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 be considered only as a supplement to cash flows from operating activities (computed in accordance with GAAP) as a measure of our liquidity.

41