MPG Office Trust 8-K Maguire Properties Reports Second Quarter 2005

Exhibit 99.2

Maguire Properties, Inc.

Second Quarter 2005

Table of Contents

Corporate Data		PAGE
	Quarterly Highlights	4
	Investor Information	5
	Common Stock Data	6
Consolidated Financial Results
	Financial Highlights	8
	Consolidated Balance Sheets	9
	Consolidated Statements of Operations	10
	Discontinued Operations	11
	Funds From Operations	12
	Adjusted Funds From Operations	13
	Reconciliation of Earnings Before Interest, Taxes and Depreciation and Amortization and Adjusted Funds From Operations	14
	Capital Structure	15
	Debt Summary	16
	Pro Forma Debt Maturities	17
Portfolio Data
	Same Store Analysis	19
	Portfolio Overview - Square Footage	20
	Portfolio Geographic Distribution	22
	Portfolio Listing - Occupancy and In-Place Rents	23
	Portfolio Overview - Leased Rates and Weighted Average Remaining Lease Term	25
	Major Tenants - Office Properties	26
	Portfolio Tenant Classification Description	27
	Lease Expirations - Total Portfolio	28
	Lease Expirations - Los Angeles County	29
	Lease Expirations - Orange County	30
	Lease Expirations - San Diego County	31
	Leasing Activity - Total Portfolio	32
	Leasing Activity - Los Angeles Central Business District	33
	Leasing Activity - Orange County	34
	Leasing Activity - San Diego County	35
	Tenant Improvements and Leasing Commissions	36
	Historical Capital Expenditures	37
	Hotel Performance and Historical Capital Expenditures	38
	Development Pipeline	39
	Option Properties	40
	Management Statements on Non-GAAP Supplemental Measures	41

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.

Second Quarter 2005

Corporate Data

3

Maguire Properties, Inc.

Second Quarter 2005

Quarterly Highlights

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 and developed and managed over 30 million square feet of office properties nationally.

As of June 30, 2005, the Company owns approximately 25.1million square feet, consisting of 22 properties with approximately 14.7 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 32,500 vehicles. The Company also owns undeveloped land that it believes can support up to 8.2 million square feet of office, retail and residential uses and 11.8 million square feet including structured parking.

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.

Acquisitions and Dispositions:							Properties Held for Sale or Joint Venture
We acquired and disposed of the following properties during the second quarter of 2005:							We classified the following properties as held for sale as of June 30, 2005:
					Purchase/
		Acquisition/			Sales Price
Property:	Location	Disposition Date	Square Feet		(in '000s)		Property:	Location	Square Feet
Acquisitions							Glendale Center	Glendale, CA		382,888
San Diego Tech Center (1)	San Diego, CA	04/06/05		643,596	$	185,000	801 North Brand	Glendale, CA		279,950
		Total		643,596	$	185,000	700 North Central	Glendale, CA		143,334
								Total		806,172
Dispositions
Austin Research Park I & II	Austin, TX	06/16/05		271,882	$	55,000
One Renaissance Square	Phoenix, AZ	06/29/05		491,623		128,800
		Total		763,505	$	183,800

(1)  Includes development entitlements that we believe can support approximately 1.2 million square feet of additional office buildings.

Development Activities

In the third quarter we expect to begin construction at Park Place on a 575,000 square foot office building and two parking garages with a parking capacity of approximately 5,000 vehicles. Completion is targeted for the first quarter of 2007 for the office building and the fourth quarter of 2006 for the parking garages. Two significant leases were signed during the current quarter and as a result, the project is approximately 47% pre-leased.

Corporate:

Effective April 1, 2005, our board of directors adopted a five-year compensation program for senior management. The program, which measures our performance over a 60-month period (unless vested or terminated earlier) commencing April 1, 2005, provides for awards to be earned if the Company attains certain performance measures based on annualized total shareholder returns on an absolute and relative basis.

On July 13, 2005, we hired Ted Bischak as Senior Vice President of Asset Management to replace Daniel Gifford, who is retiring in September of 2005.

Debt:

Total consolidated debt (including debt related to discontinued operations) declined by $36.6 million from March 31, 2005 to June 30, 2005.

We obtained a $133.0 million mortgage loan from Column Financial and drew $7.0 million on the line of credit in connection with the purchase of San Diego Tech Center.

We repaid $9.0 million of mortgage debt related to Wells Fargo Center (Denver, CO).

In connection with the sale of Austin Research Park I & II, we repaid $42.0 million of mortgage debt and $11.0 million of the term loan.

In connection with the sale of One Renaissance Square, the buyer assumed $103.6 million of mortgage debt and we repaid $24.0 million of the term loan.

We obtained a commitment to refinance the Gas Company Tower debt in August 2006 with a new $458 million, 10-year fixed rate, interest-only loan.

4

Maguire Properties, Inc.

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

- 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 and early 2006 will be announced according to the following anticipated schedule:
	Third Quarter 2005	Early November 2005
	Fourth Quarter 2005	Early February 2006
	First Quarter 2006	Early May 2006

*  On July 13 2005, the company hired Ted Bischak as Senior Vice President of Asset Management to replace Daniel Gifford who is retiring in September of 2005.

5

Maguire Properties, Inc.

Second 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):

	2nd Quarter 2005			1st Quarter 2005			4th Quarter 2004			3rd Quarter 2004			2nd Quarter 2004
High Price	$	28.39		$	27.40		$	27.96		$	25.65		$	26.51
Low Price	$	23.07		$	23.19		$	23.35		$	22.41		$	20.95
Closing Price	$	28.34		$	23.88		$	27.46		$	24.31		$	24.77
Dividends per share - Annualized	$	1.60		$	1.60		$	1.60		$	1.60		$	1.60
Closing Dividend Yield - Annualized		5.65	%		6.70	%		5.83	%		6.58	%		6.46	%
Closing Common Shares and Limited Partnership        Units Outstanding (in thousands)		53,791			53,789			53,787			53,787			53,787
Closing Market Value of Common Shares and       Limited Partnership Units Outstanding (in thousands)	$	1,524,439		$	1,284,477		$	1,476,978		$	1,307,550		$	1,332,292

Dividends per Share

	2nd Quarter 2005		1st Quarter 2005		4th Quarter 2004		3rd Quarter 2004		2nd Quarter 2004
Common Stock
Amount	$	0.4000	$	0.4000	$	0.4000	$	0.4000	$	0.4000
Declared		June 21, 2005	March 17, 2005		December 20, 2004		September 23, 2004		June 23, 2004
Record		June 30, 2005	March 31, 2005		December 31, 2004		September 30, 2004		June 30, 2004
Paid		July 29, 2005	April 29, 2005		January 28, 2005		October 29, 2004		July 30, 2004
Preferred Stock
Amount	$	0.4766	$	0.4766	$	0.4766	$	0.4766	$	0.4766
Declared		June 21, 2005	March 17, 2005		December 20, 2004		September 23, 2004		June 23, 2004
Record		June 30, 2005	March 31, 2005		December 31, 2004		September 30, 2004		June 30, 2004
Paid		July 29, 2005	April 29, 2005		January 28, 2005		October 29, 2004		July 30, 2004

6

Maguire Properties, Inc.

Second Quarter 2005

Consolidated Financial Results

7

Maguire Properties, Inc.

Second 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
	June 30, 2005				March 31, 2005				December 31, 2004				September 30, 2004			June 30, 2004
Income Items:
Revenue including discontinued operations (1)	$	131,332			$	97,468			$	88,334			$	84,130		$	81,159
Straight line rent including discontinued operations	$	3,362			$	3,655			$	3,391			$	3,240		$	2,575
Fair value lease revenue including discontinued operations (2)	$	2,217			$	750			$	679			$	633		$	585
Lease termination fees	$	295			$	43			$	147			$	-		$	-
Office property operating margin (3)		66.1	%			66.4	%			66.1	%			64.9	%		66.4	%
Net income (loss) available to common shareholders	$	(12,055	)		$	(2,603	)		$	1,624			$	3,696		$	4,320
Funds from operations (FFO) available
to common shareholders (4)	$	22,847			$	20,191			$	22,214			$	21,707		$	21,000
FFO per common share - basic (4)	$	0.53			$	0.47			$	0.52			$	0.51		$	0.50
FFO per common share - diluted (4)	$	0.53			$	0.47			$	0.52			$	0.51		$	0.49
FFO per common share before loss from early extinguishment            of debt - basic (4)	$	0.55			$	0.49			$	0.53			$	0.51		$	0.50
FFO per common share before loss from early extinguishment            of debt - diluted (4)	$	0.55			$	0.49			$	0.53			$	0.51		$	0.49
Net income (loss) per common share - basic and diluted	$	(0.28	)		$	(0.06	)		$	0.04			$	0.09		$	0.10
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		$	0.48
Ratios:
Interest coverage ratio (6)		1.73				2.13				2.75				3.06			3.22
Interest coverage ratio before loss from early extinguishment of debt (7)		1.76				2.18				2.79				3.06			3.22
Fixed-charge coverage ratio (8)		1.56				1.79				2.16				2.32			2.39
Fixed-charge coverage ratio             before loss from early extinguishment of debt (9)		1.58				1.83				2.19				2.32			2.39
FFO payout ratio (10)		75.5	%			85.1	%			76.9	%			78.4	%		81.6	%
AFFO payout ratio (11)		147.9	%			128.1	%			128.5	%			114.5	%		126.9	%
Capitalization:
Total consolidated debt including discontinued operations	$	3,334,730		(13)	$	3,371,330		(13)	$	1,760,250		(13)	$	1,515,250		$	1,375,250
Preferred stock @ quarter end	$	250,000			$	250,000			$	250,000			$	250,000		$	250,000
Common stock price @ quarter end	$	28.34			$	23.88			$	27.46			$	24.31		$	24.77
Common equity value @ quarter end (12)	$	1,524,439			$	1,284,477			$	1,476,978			$	1,307,550		$	1,332,292
Total market capitalization	$	5,109,169			$	4,905,807			$	3,487,228			$	3,072,800		$	2,957,542
Debt / total market capitalization		65.3	%			68.7	%			50.5	%			49.3	%		46.5	%
Debt plus preferred stock / total market capitalization		70.2	%			73.8	%			57.6	%			57.4	%		55.0	%

_________ 

(1)	Includes gross revenue from hotel operations of $5,763, $5,915, $5,879, $4,156, and $5,285 for the three months ended June 30, 2005, March 31, 2005, December 31, 2004, September 30, 2004, and June 30, 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 41. For a quantitative reconciliation of the differences between FFO and net income, see page 12.
(5)	Preferred dividend declared for three months ended July 31, 2005, April 30, 2005, January 31, 2005, October 31, 2004, and July 31, 2004.
(6)	Calculated as earnings before interest, taxes and depreciation and amortization and preferred dividends, or EBITDA, of $78,577, $55,688, $51,156, $48,310, and $46,555 respectively divided by cash interest expense of $45,381, $26,101, $18,608, $15,801, and $14,441, respectively. For a definition of cash interest expense, see page 16. For a discussion of EBITDA, see page 42. For a quantitative reconciliation of the differences between EBITDA and net income, see page 14.
(7)	Calculated as EBITDA before loss from early extinguishment of debt, of $79,691, $56,896, $51,947, $48,310, and $46,555, respectively divided by cash interest expense of $45,381, $26,101, $18,608, $15,801, and $14,441, respectively.
(8)	Calculated as EBITDA of $78,577, $55,688, $51,156, $48,310, and $46,555, respectively divided by fixed charges of $50,452, $31,165, $23,681, $20,852, and $19,486. For a definition of fixed charges, see page 16.
(9)	Calculated as EBITDA before loss from early extinguishment of debt of $79,691, $56,896, $51,947, $48,310, and $46,555, respectively divided by fixed charges of $50,452, $31,165, $23,681, $20,852, and $19,486.
(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, $21,516, $21,515, $21,515, and $21,515, respectively, divided by AFFO of $14,551, $16,792, $16,748, $18,798, and $16,957, respectively. For a definition and discussion of AFFO, see page 42. For a quantitative reconciliation of the differences between AFFO and FFO, see page 13. We expect our cash flow from operations, or AFFO, to increase after 2005 as a result of internal revenue growth from future expected occupancy gains and a declining lease rollover percentage. Therefore, we currently believe that beginning in 2006 our AFFO will be sufficient to cover our annual dividend payments.
(12)	Assuming 100% conversion of the limited partnership units in the operating partnership into shares of our common stock.
(13)	Excludes the Washington Mutual Irvine Campus note of $45.2 million.

8

Maguire Properties, Inc.

Second Quarter 2005

Consolidated Balance Sheets

(in thousands)

	June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004			June 30, 2004
	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)
Assets
Investments in real estate	$	3,664,912		$	3,422,008		$	2,419,743		$	2,158,951		$	1,926,236
Less: accumulated depreciation and amortization		(239,005	)		(211,078	)		(199,078	)		(179,223	)		(161,594	)
		3,425,907			3,210,930			2,220,665			1,979,728			1,764,642
Assets associated with real estate "held for sale"		232,977			417,907			-			-			-
		3,658,884			3,628,837			2,220,665			1,979,728			1,764,642
Cash and cash equivalents including restricted cash		166,697			223,026			135,618			145,477			196,529
Rents, deferred rents and other receivables		42,851			37,638			36,685			34,766			28,451
Deferred charges, net		249,082			272,613			168,354			132,304			140,757
Other assets		64,041			58,843			42,572			48,634			62,917
Total assets	$	4,181,555		$	4,220,957		$	2,603,894		$	2,340,909		$	2,193,296
Liabilities, minority interests and stockholders' equity
Loans payable	$	3,196,930		$	3,087,930		$	1,805,450		$	1,515,250		$	1,375,250
Obligations associated with real estate assets "held for sale"		194,939			343,737			-			-			-
Dividends and distributions payable		24,694			24,693			24,692			24,692			24,692
Accounts payable, accrued interest payable and other liabilities		117,014			88,390			82,738			88,361			71,075
Acquired lease obligations		108,575			89,399			81,449			83,109			75,792
Total liabilities		3,642,152			3,634,149			1,994,329			1,711,412			1,546,809
Minority interests		53,332			67,282			72,198			77,227			82,969
Stockholders' equity
Common and preferred stock and additional paid in capital		659,309			654,115			653,632			652,513			650,296
Accumulated deficits and dividends		(168,684	)		(138,968	)		(119,033	)		(103,356	)		(89,808	)
Unearned and accrued stock compensation, net		(3,968	)		(4,723	)		(5,184	)		(5,573	)		(5,936	)
Accumulated other comprehensive (loss) income, net		(586	)		9,102			7,952			8,686			8,966
Total stockholders' equity		486,071			519,526			537,367			552,270			563,518
Total liabilities, minority interests and stockholders' equity	$	4,181,555		$	4,220,957		$	2,603,894		$	2,340,909		$	2,193,296

9

Maguire Properties, Inc.

Second 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
	June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004			June 30, 2004
Revenue:
Rental	$	74,611		$	55,646		$	49,394		$	47,272		$	44,844
Tenant reimbursements		27,793			20,821			19,386			19,688			18,088
Hotel operations		5,763			5,915			5,879			4,156			5,285
Parking		10,648			9,067			8,526			8,230			7,813
Management, leasing and development services to affiliates		1,001			261			357			268			956
Interest and other		1,119			712			906			429			514
Total revenue		120,935			92,422			84,448			80,043			77,500
Expenses:
Rental property operating and maintenance		24,594			18,567			17,217			17,958			16,462
Hotel operating and maintenance		3,821			3,844			3,893			3,319			3,574
Real estate taxes		10,586			7,768			6,638			6,379			5,416
Parking expenses		2,990			2,595			2,563			2,342			2,188
General and administrative and other		5,959			6,324			5,002			4,687			6,062
Depreciation and amortization		43,254			27,771			24,787			21,792			20,139
Interest		40,827			23,945			17,442			14,989			14,134
Loss from early extinguishment of debt		442			1,208			791			-			-
Total expenses		132,473			92,022			78,333			71,466			67,975
(Loss) income from continuing operations before minority interests		(11,538	)		400			6,115			8,577			9,525
Minority interests attributable to continuing operations		3,118			853			(266	)		(777	)		(976	)
(Loss) income from continuing operations		(8,420	)		1,253			5,849			7,800			8,549
Income from discontinued operations		1,399			1,131			674			825			675
Minority interests attributable to discontinued operations		(268	)		(221	)		(133	)		(163	)		(138	)
Net (loss) income		(7,289	)		2,163			6,390			8,462			9,086
Preferred stock dividends		(4,766	)		(4,766	)		(4,766	)		(4,766	)		(4,766	)
Net (loss) income allocable to common shareholders	$	(12,055	)	$	(2,603	)	$	1,624		$	3,696		$	4,320
Net (loss) income per common share - basic and diluted	$	(0.28	)	$	(0.06	)	$	0.04		$	0.09		$	0.10
Weighted-average shares outstanding - basic		43,146,500			42,924,061			42,828,004			42,514,303			42,334,249
Weighted-average shares outstanding - diluted		43,146,500			42,924,061			43,069,428			42,688,838			42,487,711
Weighted-average diluted shares and units		53,434,447			53,427,803			53,669,201			53,602,312			53,487,109

__________

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

10

Maguire Properties, Inc.

Second Quarter 2005

Discontinued 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
	June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004			June 30, 2004
Revenue:
Rental	$	8,133		$	3,522		$	2,494		$	2,462		$	2,441
Tenant reimbursements		1,349			942			868			1,069			705
Parking		881			578			521			553			511
Interest and other		34			4			3			3			2
Total revenue		10,397			5,046			3,886			4,087			3,659
Expenses:
Rental property operating and maintenance		2,419			982			755			808			750
Real estate taxes		1,039			415			279			282			116
Parking expenses		233			77			40			45			36
Depreciation and amortization		-			654			947			936			904
Interest		4,635			1,787			1,191			1,191			1,178
Loss from early extinguishment of debt		672			-			-			-			-
Total expenses		8,998			3,915			3,212			3,262			2,984
Income from discontinued operations		1,399			1,131			674			825			675
Minority interests attributable to discontinued operations		(268	)		(221	)		(133	)		(163	)		(138	)
Net income from discontinued operations	$	1,131		$	910		$	541		$	662		$	537

__________

(1) Properties included are Glendale Center, 801 North Brand, 700 North Central, which are currently held for sale, and One Renaissance Square and Austin Research Park I & II, which were sold on June 16, 2005 and June 29, 2005, respectively. 801 North Brand, 700 North Central, One Renaissance Square and Austin Research Park I & II were acquired as part of the CommonWealth Properties portfolio acquisition on March 15, 2005.

11

Maguire Properties, Inc.

Second 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
	June 30, 2005			March 31, 2005			December 31, 2004		September 30, 2004		June 30, 2004
Reconciliation of net income (loss) to funds from operations:
Net income (loss) available to common shareholders	$	(12,055	)	$	(2,603	)	$	1,624	$	3,696	$	4,320
Adjustments:
Minority interests		(2,850	)		(632	)		399		940		1,114
Real estate depreciation and amortization		43,155			27,672			24,696		21,660		20,078
Real estate depreciation and amortization from                    discontinued operations		-			654			947		936		904
Funds from operations available to common shareholders            and unit holders (FFO)	$	28,250		$	25,091		$	27,666	$	27,232	$	26,416
Company share of FFO (2)	$	22,847		$	20,191		$	22,214	$	21,707	$	21,000
FFO per share - basic	$	0.53		$	0.47		$	0.52	$	0.51	$	0.50
FFO per share - diluted	$	0.53		$	0.47		$	0.52	$	0.51	$	0.49
Weighted-average shares outstanding - basic		43,146,500			42,924,061			42,828,004		42,514,303		42,334,249
Weighted-average shares outstanding - diluted		43,336,808			43,162,860			43,069,428		42,688,838		42,487,711
Reconciliation of FFO to FFO before loss from early extinguishment       of debt:
FFO available to common shareholders and unit holders (FFO)	$	28,250		$	25,091		$	27,666	$	27,232	$	26,416
Add: loss from early extinguishment of debt		442			1,208			791		-		-
Add: loss from early extinguishment of debt (discontinued operations)		672			-			-		-		-
FFO before loss from early extinguishment of debt	$	29,364		$	26,299		$	28,457	$	27,232	$	26,416
Company share of FFO before  loss from early extinguishment            of debt (2)	$	23,748		$	21,163		$	22,849	$	21,707	$	21,000
FFO per share before loss from early extinguishment of debt - basic	$	0.55		$	0.49		$	0.53	$	0.51	$	0.50
FFO per share before loss from early extinguishment of debt - diluted	$	0.55		$	0.49		$	0.53	$	0.51	$	0.49

_________

(1)	For the definition and discussion of FFO, see page 41.
(2)	Based on a weighted average interest in our operating partnership of 80.9%, 80.5%, 80.3%, 79.7%, and 79.5% for the three months ended June 30, 2005, March 31, 2005, December 31, 2004, September 30, 2004, and June 30, 2004, respectively.

12

Maguire Properties, Inc.

Second 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
	June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004			June 30, 2004
FFO	$	28,250		$	25,091		$	27,666		$	27,232		$	26,416
Non-real estate depreciation		99			99			91			132			61
Amortization of deferred financing costs		1,613			1,101			978			1,055			990
Accretion of interest rate swap sold		(953	)		(953	)		(953	)		(676	)		(119	)
Non-cash stock compensation		1,028			583			508			508			181
Loss from early extinguishment of debt		1,114			1,208			791			-			-
Straight line rents		(3,362	)		(3,655	)		(3,391	)		(3,240	)		(2,575	)
Fair value lease revenue		(2,217	)		(750	)		(679	)		(633	)		(585	)
Capitalized payments (2)		(1,440	)		(1,593	)		(559	)		(471	)		(372	)
Non-recoverable capital expenditures		(419	)		(307	)		(589	)		(275	)		(418	)
Recoverable capital expenditures		(400	)		(707	)		(336	)		(162	)		(656	)
Hotel improvements, equipment upgrades and replacements (3)		(98	)		(15	)		-			(5	)		(16	)
2nd generation tenant improvements and leasing commissions (4), (5)		(8,664	)		(3,310	)		(6,779	)		(4,667	)		(5,950	)
Adjusted funds from operations (AFFO)	$	14,551		$	16,792		$	16,748		$	18,798		$	16,957

__________

(1)	For the definition and computation method of AFFO, see page 42. For a quantitative reconciliation of the differences between AFFO and cash flow from operating activities, see page 14.
(2)	Includes capital lease principal payments, capitalized leasing and development payroll, and capitalized interest.
(3)	Excludes $0.9 million, $0.5 million, $3.3 million, $1.1 million, and $1.9 million of expenditures for the three months ended June 30, 2005, March 31, 2005, December 31, 2004, September 30, 2004, and June 30, 2004, respectively, related to the renovation of the hotel. See page 38.
(4)	Excludes 2nd generation tenant improvements and leasing commissions of $0.0 million, $0.2 million, $0.8 million, $0.1 million, and $4.4 million for the three months ended June 30, 2005, March 31, 2005, December 31, 2004, September 30, 2004, and June 30, 2004, respectively, related to leases executed prior to and fully reserved ($35.2 million) at our initial public offering. As of June 30, 2005, $2.9 million of this reserve remains.
	.
(5)	Excludes 1st generation tenant improvements and leasing commissions of $2.5 million, $0.9 million, $1.0 million, $1.3 million, and $2.1 million for the three months ended June 30, 2005, March 31, 2005, December 31, 2004, September 30, 2004, and June 30, 2004, respectively.

13

Maguire Properties, Inc.

Second 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
	June 30, 2005			March 31, 2005			December 31, 2004		September 30, 2004		June 30, 2004
Reconciliation of net income to earnings before interest, taxes and depreciation and amortization (EBITDA):
Net Income	$	(7,289	)	$	2,163		$	6,390	$	8,462	$	9,086
Add:  Minority interests		(2,850	)		(632	)		399		940		1,114
Interest expense		40,827			23,945			17,442		14,989		14,134
Interest expense included in discontinued operations		4,635			1,787			1,191		1,191		1,178
Depreciation and amortization		43,254			27,771			24,787		21,792		20,139
Depreciation and amortization included in              discontinued operations		-			654			947		936		904
EBITDA	$	78,577		$	55,688		$	51,156	$	48,310	$	46,555
										��
EBITDA	$	78,577		$	55,688		$	51,156	$	48,310	$	46,555
Add: loss from early extinguishment of debt		442			1,208			791		-		-
Add: loss from early extinguishment of debt included in            discontinued operations		672			-			-		-		-
EBITDA before loss from early extinguishment of debt	$	79,691		$	56,896		$	51,947	$	48,310	$	46,555

__________

(1) For the definition and discussion of EBITDA, see page 42.

Reconciliation of cash flows from operating activities to adjusted funds from operations (AFFO):
Cash flows from operating activities	$	44,248		$	22,902		$	25,923		$	37,868		$	20,882
Changes in other assets and liabilities		(20,116	)		(1,771	)		(1,471	)		(13,961	)		3,115
Non-recoverable capital expenditures		(419	)		(307	)		(589	)		(275	)		(418	)
Recoverable capital expenditures		(400	)		(707	)		(336	)		(162	)		(656	)
Hotel improvements, equipment upgrades and replacements (3)		(98	)		(15	)		-			(5	)		(16	)
2nd generation tenant improvements and leasing commissions (4), (5)		(8,664	)		(3,310	)		(6,779	)		(4,667	)		(5,950	)
AFFO	$	14,551		$	16,792		$	16,748		$	18,798		$	16,957

__________

(2)	For the definition and discussion of AFFO, see page 42.
(3)	Excludes $0.9 million, $0.5 million, $3.3 million, $1.1 million, and $1.9 million of expenditures for the three months ended June 30, 2005, March 31, 2005, December 31, 2004, September 30, 2004, and June 30, 2004, respectively, related to the renovation of the hotel. See page 39.
(4)	Excludes 2nd generation tenant improvements and leasing commissions of $0.0 million, $0.2 million, $0.8 million, $0.1 million, and $4.4 million for the three months ended June 30, 2005, March 31, 2005, December 31, 2004, September 30, 2004, and June 30, 2004, respectively, related to leases executed prior to and fully reserved ($35.2 million) at our initial public offering. As of June 30, 2005, $2.9 million of this reserve remains.
(5)	Excludes 1st generation tenant improvements and leasing commissions of $2.5 million, $0.9 million, $1.0 million, $1.3 million, and $2.1 million for the three months ended June 30, 2005, March 31, 2005, December 31, 2004, September 30, 2004, and June 30, 2004, respectively.

14

Maguire Properties, Inc.

Second Quarter 2005

Capital Structure

Consolidated Debt

(in thousands)

	Aggregate Principal
	June 30, 2005
Mortgage and Other Secured Loans Payable (1)	$	3,314,730
Secured Credit Facility		20,000
Total Debt	$	3,334,730

Equity

(in thousands)

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

	Shares & Units  Outstanding		Market Value (2)
Common Stock		44,153.6	$	1,251,312
Operating Partnership Units		9,637.5		273,127
Total Common Equity		53,791.1	$	1,524,439
Total Market Capitalization			$	5,109,169

__________

(1)	Includes $183.0 million classified as "held for sale" within discontinued operations. Excludes the $45.2 million note payable due in November 2005 related to Washington Mutual Irvine Campus. See page 16.
(2)	Value based on the New York Stock Exchange closing price of $28.34 on June 30, 2005.

15

Maguire Properties, Inc.

Second Quarter 2005

Debt Summary

Outstanding Debt

(in thousands)

	Maturity Date		Principal Balance as of June 30, 2005			% of Debt				Interest Rate as of June 30, 2005 (1)
Floating Rate Debt
Term Loan	March 15, 2010		$	415,000			12.44	%			5.09	%
Gas Company Tower & 808 South Olive				280,000			8.40	%			4.89	%
Senior Mezzanine	July 7, 2008	(2)		30,000			0.90	%			9.01	%
Mortgage and Junior Mezzanine	July 6, 2007	(2), (3)		250,000			7.51	%			4.40	%
Wateridge Plaza	April 11, 2007	(4)		62,880			1.89	%			5.09	%
Park Place	January 22, 2006			44,000			1.32	%			5.09	%
777 Tower	October 10, 2009	(6)		40,000			1.20	%			4.24	%
Secured Credit Facility	March 15, 2009			20,000			0.60	%			5.09	%
Total Unhedged Floating Rate Debt				861,880			25.85	%	(7)		4.99	%
Fixed Rate Debt
Wells Fargo Center (Denver, CO)	April 6, 2015			276,000			8.28	%			5.26	%
Pacific Arts Plaza	April 1, 2012			270,000			8.10	%			5.15	%
US Bank Tower	July 1, 2013			260,000			7.80	%			4.66	%
Wells Fargo Tower (Los Angeles, CA)	July 1, 2010			250,000			7.50	%			4.68	%
KPMG Tower	November 1, 2011			210,000			6.30	%			5.14	%
Park Place	November 1, 2014			170,000			5.10	%			5.64	%
One California Plaza	December 1, 2010			146,250			4.39	%			4.73	%
San Diego Tech Center	April 11, 2015			133,000			3.99	%			5.70	%
777 Tower	October 10, 2009	(6)		115,000			3.45	%			4.81	%
Washington Mutual Irvine Campus	December 11, 2011			106,000			3.18	%			5.07	%
Regents Square I & II	April 1, 2012			103,600			3.11	%			5.13	%
Park Place	March 12, 2012			100,000			3.00	%			5.39	%
Lantana Media Campus	January 6, 2010			98,000			2.94	%			4.94	%
Glendale Center	November 1, 2013	(5)		80,000			2.40	%			5.73	%
801 North Brand	April 6, 2015	(5)		75,540			2.27	%			5.73	%
Mission City Corporate Center	April 1, 2012			52,000			1.56	%			5.09	%
700 North Central	April 6, 2015	(5)		27,460			0.82	%			5.73	%
Total Fixed Rate Debt				2,472,850			74.15	%	(7)		5.12	%
Total Debt including Debt Related to Discontinued Operations				3,334,730			100.00	%			5.09	%
Washington Mutual Irvine Campus Note				45,200	(8)
Total Debt (per Capital Structure)			$	3,379,930

__________

(1)	To calculate the variable interest rates, the LIBOR rate of 3.34% at June 30, 2005 was used.
(2)	Maturity accelerated to 2007 if the $250 million Gas Company Tower & 808 South Olive mortgage and junior mezzanine debt is not extended to 2008. The company has obtained a commitment to refinance this debt in August 2006 with a new $458 million, 10-year fixed rate, interest-only loan at 5.35% including the estimated cost of the forward commitment.
(3)	A one-year extension available at our option.
(4)	A two-year extension available.
(5)	Debt related to property "held for sale."
(6)	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%.
(7)	After the Gas Company Tower and 777 Tower loan refinancings described in notes (2) and (6) above, and the expected repayment of the 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 96% and 4%, respectively.
(8)	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.

Credit Facility

(in thousands)

	Maximum  Available		Currently  Available		Drawn
Secured Line of Credit as of June 30, 2005	$	100,000	$	80,000	$	20,000

Financial Ratios

Interest coverage (a)		1.74
Interest coverage before loss from early extinguishment of debt (b)		1.76
Fixed-charge coverage (c)		1.56
Fixed-charge coverage before loss from early extinguishment of debt (d)		1.58
Debt to total market capitalization at quarter-end (e)		65.3	%
Debt plus preferred stock to total market capitalization at quarter-end (f)		70.2	%
(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 the liquidation preference of 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. Mortgage debt and other loans exclude the Washington Mutual Irvine Campus note of $45.2 million.
(f)	Same as (e) except numerator includes preferred stock.

16

Maguire Properties, Inc.

Second Quarter 2005

Pro Forma Debt Maturities ⁽¹⁾

(in thousands)

Property	2005		2006			2007			2008			2009			Thereafter			Total
Term Loan	$	-	$	-		$	-		$	-		$	-		$	415,000		$	415,000
Wells Fargo Center (Denver, CO)		-		-			-			-			-			276,000			276,000
Gas Company Tower (2), (3)		-		-			-			280,000			-			-			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 (4)		-		-			-			-			155,000			-			155,000
One California Plaza		-		-			239			2,825			2,984			140,202			146,250
San Diego Tech Center		-		-			-			-			-			133,000			133,000
Washington Mutual Irvine Campus		-		-			-			-			-			106,000			106,000
Regents Square I & II		-		-			-			-			-			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		-		44,000			-			-			-			-			44,000
700 North Central (5)		-		-			-			-			-			27,460			27,460
Secured Credit Facility		-		-			-			-			20,000			-			20,000
Total	$	-	$	45,513		$	66,947		$	286,807		$	182,436		$	2,753,027		$	3,334,730
Weighted Average Rate		N/A		5.08	%		5.07	%		4.89	%		4.71	%		5.13	%		5.09	%

__________

(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 August 2006 with a new $458 million, 10-year fixed rate, interest-only loan at 5.35% including the cost of the forward commitment.
(4)	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%.
(5)	Debt related to property "held for sale."

17

Maguire Properties, Inc.

Second Quarter 2005

Portfolio Data

18

Maguire Properties, Inc.

Second Quarter 2005

Same Store Analysis

(unaudited and in thousands)

	Three Months Ended June 30, (1)										Six Months Ended June 30, (1)
	2005			2004			% Change				2005			2004			% Change
Total Same Store Portfolio
Number of properties		9			9							9			9
Square Feet (2)		10,388,220			10,370,225							10,388,220			10,370,225
Percent of Total Portfolio		41.9	%		83.8	%						41.9	%		83.8	%
Weighted Average Occupancy		90.8	%		91.9	%						91.4	%		91.2	%
GAAP
Breakdown of Net Operating Income:
Operating Revenues	$	65,409		$	66,163			(1.1	)%	(3)	$	131,995		$	132,900			(0.7	)%
Operating Expenses		21,284			21,424			(0.7	)%			42,504			44,122			(3.7	)%	(4)
Other Expenses		592			592			0.0	%			1,184			1,177			0.6	%
Net Operating Income	$	43,533		$	44,147			(1.4	)%		$	88,307		$	87,601			0.8	%
CASH BASIS
Breakdown of Net Operating Income:
Operating Revenues	$	62,857		$	63,860			(1.6	)%	(3)	$	126,292		$	128,601			(1.8	)%
Operating Expenses		21,284			21,424			(0.7	)%			42,504			44,122			(3.7	)%	(4)
Other Expenses		389			389			0.0	%			778			771			0.9	%
Net Operating Income	$	41,184		$	42,047			(2.1	)%		$	83,010		$	83,708			(0.8	)%

__________

(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.
(3)	Decrease primarily due to the lease expiration of a significant tenant in US Bank Tower (approximately 163,000 square feet) as of March 31, 2005.
(4)	Decrease primarily due to a reduction in insurance premiums, which were renegotiated in August 2004.

19

Maguire Properties, Inc.

Second 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		1,388,125
Wells Fargo Tower		1,381,299
KPMG Tower		1,134,195
777 Tower		1,004,799
One California Plaza		984,268
Total Los Angeles Central Business District Submarket		7,228,650
Tri-Cities Submarket
Glendale Center		382,888
801 North Brand		279,950
Plaza Las Fuentes		189,312
700 North Central		143,334
Total Tri-Cities Submarket		995,484
Santa Monica Professional and Entertainment Submarket
Lantana Media Campus		330,469
Total Santa Monica Professional and Entertainment Submarket		330,469
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		8,881,138
ORANGE COUNTY
John Wayne Airport Submarket
Park Place		1,893,941
Washington Mutual Irvine Campus		414,595
Total John Wayne Airport Submarket		2,308,536
Costa Mesa Submarket
Pacific Arts Plaza		843,705
Total Costa Mesa Submarket		843,705
TOTAL ORANGE COUNTY		3,152,241
SAN DIEGO COUNTY
UTC (University Town Center)
Regents Square I & II		308,907
Total UTC		308,907
Sorrento Mesa
Wateridge Plaza		265,927
San Diego Tech Center		643,596
Total Sorrento Mesa		909,523
Mission Valley
Mission City Corporate Center		190,747
Total Mission Valley		190,747
TOTAL SAN DIEGO COUNTY		1,409,177

20

Maguire Properties, Inc.

Second Quarter 2005

Portfolio Overview - Square Footage (continued)

OFFICE PROPERTIES			RSF
OTHER
Denver, CO - Downtown Submarket
Wells Fargo Center				1,201,597
TOTAL OTHER				1,201,597
TOTAL OFFICE PROPERTIES				14,644,153	(1), (2)
RETAIL PROPERTY			RSF
John Wayne Airport Submarket
Park Place				124,776
TOTAL RETAIL PROPERTY				124,776
	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		26,549		8,139,564
Off-Site Garages		5,969		1,946,750
TOTAL PARKING PROPERTIES		32,518		10,086,314
TOTAL PORTFOLIO				25,121,243

__________

(1)

Decreased from 14,748,481 square feet at March 31, 2005 primarily due to acquisition of San Diego Tech Center of 643,596 square feet on April 6, 2005 and dispositions of Austin Research Park I & II of 271,882 square feet on June 16, 2005 and One Renaissance Square of 491,623 square feet on June 29, 2005. Also, 10,527 square feet at 200 Burchett was acquired as part of the CommonWealth Properties portfolio acquisition on March 15, 2005, but was not previously included in the portfolio total. The remaining difference of 5,054 square feet is attributable to remeasurement of new and renewed leases.

(2)

Total square footage includes 390,528 square feet of retail space located within the office properties.

21

Maguire Properties, Inc.

Second Quarter 2005

-----

22

Maguire Properties, Inc.

Second 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	%	$	33,339,918	$	25.33
US Bank Tower	Los Angeles Central Business District		1,388,125		83.6	%		30,873,693		26.60
Wells Fargo Tower	Los Angeles Central Business District		1,381,299		85.4	%		22,188,773		18.81
KPMG Tower	Los Angeles Central Business District		1,134,195		91.0	%		20,867,898		20.22
777 Tower	Los Angeles Central Business District		1,004,799		92.2	%		17,039,918		18.40
One California Plaza	Los Angeles Central Business District		984,268		90.5	%		13,940,261		15.66
Subtotal LACBD			7,228,650		90.0	%		138,250,461		21.25
Glendale Center (3)	Tri-Cities		382,888		100.0	%		7,416,764		19.37
801 North Brand (3)	Tri-Cities		279,950		83.1	%		4,385,830		18.86
Plaza Las Fuentes	Tri-Cities		189,312		99.7	%		3,604,071		19.10
700 North Central (3)	Tri-Cities		143,334		77.0	%		1,980,928		17.94
Subtotal Tri-Cities			995,484		91.9	%		17,387,593		19.01
Lantana Media Campus	Santa Monica Professional & Entertainment		330,469		89.8	%		9,369,266		31.57
Subtotal Santa Monica Professional & Entertainment			330,469		89.8	%		9,369,266		31.57
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
Subtotal Cerritos			326,535		100.0	%		7,508,911		23.00
Subtotal Los Angeles County			8,881,138		90.6	%		172,516,231		21.45
Park Place	John Wayne Airport		1,893,941		94.9	%		24,597,057		13.68
Washington Mutual Irvine Campus	John Wayne Airport		414,595		100.0	%		8,383,860		20.22
Subtotal John Wayne Airport			2,308,536		95.8	%		32,980,917		14.91
Pacific Arts Plaza	Costa Mesa		843,705		86.1	%		15,306,131		21.08
Subtotal Orange County			3,152,241		93.2	%		48,287,048		16.43

23

Maguire Properties, Inc.

Second 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)		308,907		86.8	%		6,205,380		23.14
Wateridge Plaza	Sorrento Mesa		265,927		91.8	%		4,010,057		16.42
Mission City Corporate Center	Mission Valley		190,747		92.2	%		3,798,959		21.60
San Diego Tech Center	Sorrento Mesa		643,596		91.7	%		9,676,235		16.40
Subtotal San Diego County			1,409,177		90.7	%		23,690,631		18.53
Wells Fargo Center - Denver	Denver, CO - Downtown		1,201,597		85.2	%		17,689,877		17.28
Subtotal Denver, CO-Downtown			1,201,597		85.2	%		17,689,877		17.28
Total/Weighted Average - Office Properties			14,644,153		90.7	%	$	262,183,787	$	19.74
Retail Property
Park Place	John Wayne Airport		124,776		92.8	%		3,124,085		26.98
Total/Weighted Average - Retail Property			124,776		92.8	%	$	3,124,085	$	26.98
Total/Weighted Average - Office & Retail Properties			14,768,929		90.7	%	$	265,307,872	$	19.80

Parking Revenue Schedule

							Annualized
			Vehicle		Annualized		Parking Revenue
	Square Feet		Capacity		Parking Revenue(4)		Per Vehicle Capacity(5)
Total On-Site		8,139,564		26,549	$	35,165,167	$	1,325
Total Off-Site		1,946,750		5,969	$	10,566,305	$	1,770
Total Parking		10,086,314		32,518	$	45,731,472	$	1,406

__________

(1)	Annualized rent represents the annualized monthly contractual rent under existing leases as of June 30, 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.
(4)	Annualized parking revenue represents the annualized quarterly parking revenue as of June 30, 2005.
(5)	Annualized parking revenue per vehicle capacity represents the annualized parking revenue as computed above, divided by the vehicle capacity.

 

24

Maguire Properties, Inc.

Second Quarter 2005

Portfolio Overview - Leased Rates and Weighted Average Remaining Lease Term

	Weighted Average
	Remaining Lease Term	% Leased			% Leased			% Leased			% Leased			% Leased
	(in years)	Q2 2005			Q1 2005			Q4 2004			Q3 2004			Q2 2004
Gas Company Tower	5.4		98.5	%		98.5	%		98.5	%		98.5	%		98.5	%
US Bank Tower	4.8		83.6	%		84.0	%		89.1	%		89.2	%		90.0	%
Wells Fargo Tower	7.0		85.4	%		84.4	%		85.1	%		83.5	%		82.9	%
KPMG Tower	6.6		91.0	%		90.7	%		91.8	%		92.5	%		92.0	%
777 Tower	6.8		92.2	%		90.1	%		-			-			-
One California Plaza	5.4		90.5	%		94.6	%		92.4	%		91.9	%		91.8	%
Glendale Center	5.5		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
801 North Brand	4.8		83.1	%		81.2	%		-			-			-
Plaza Las Fuentes	8.9		99.7	%		99.7	%		99.7	%		96.5	%		96.5	%
700 North Central	1.7		77.0	%		73.9	%		-			-			-
Lantana Media Campus	4.8		89.8	%		89.6	%		88.8	%		-			-
Cerritos - Phase I	9.3		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cerritos - Phase II	5.9		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Park Place	4.6		94.9	%		95.0	%		86.0	%		91.2	%		96.3	%
Washington Mutual Irvine Campus	6.5		100.0	%		100.0	%		100.0	%		-			-
Pacific Arts Plaza	4.3		86.1	%		85.2	%		-			-			-
Regents Square I & II	3.4		86.8	%		86.0	%		-			-			-
Wateridge Plaza	2.9		91.8	%		90.7	%		-			-			-
Mission City Corporate Center	4.0		92.2	%		86.1	%		-			-			-
Wells Fargo Center - Denver	6.5		85.2	%		83.8	%		-			-			-
Park Place - Retail	8.4		92.8	%		93.7	%		93.7	%		94.5	%		-
San Diego Tech Center	3.6		91.7	%		-			-			-			-
Total Portfolio	5.5		90.7	%		90.4	%		91.3	%		91.9	%		92.8	%

25

Maguire Properties, Inc.

Second 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		6.3	%		576,516		4.3	%		76	A
2	Wells Fargo Bank	5		11,325,312		4.2	%		693,648		5.2	%		89	AA
3	Washington Mutual , FA	4		9,187,033		3.5	%		446,562		3.3	%		77	A
4	Sempra (Pacific Enterprises)	1		8,504,539		3.2	%		225,756		1.7	%		60	A
5	New Cingular Wireless Services	1		7,508,911		2.8	%		326,535		2.4	%		98	A
6	Los Angeles Unified School District	1		5,476,897		2.1	%		260,498		1.9	%		11	AA-
7	ConAgra, Inc.	1		4,989,050		1.9	%		393,317		2.9	%		62	BBB+
8	Bank of America	3		4,047,484		1.5	%		223,966		1.7	%		60	AA
9	Disney Enterprises	1		3,085,885		1.2	%		156,215		1.2	%		72	A-
10	Cardinal Health	1		2,928,199		1.1	%		185,985		1.4	%		32	BBB
	Total Rated / Weighted Average (2)			73,861,237		27.8	%		3,488,998		26.0	%		68
	Total Investment Grade Tenants			118,668,241		44.8	%		6,056,166		45.2	%
	Unrated - Nationally Recognized
11	Latham & Watkins	2	$	9,723,372		3.7	%		361,524		2.7	%		66	3rd Largest US Law Firm
12	Gibson Dunn & Crutcher	1		6,103,475		2.2	%		268,268		2.0	%		149	18th Largest US Law Firm
13	Morrison & Foerster	1		5,329,600		2.0	%		192,775		1.4	%		76	22nd Largest US Law Firm
14	Jones, Day, Reavis & Pogue	1		4,982,380		1.9	%		152,166		1.1	%		16	4th Largest US Law Firm
15	Munger Tolles & Olson	1		3,961,089		1.5	%		160,682		1.2	%		200	Prominent Regional Law Firm
16	Bingham McCutchen	2		3,672,579		1.4	%		182,393		1.5	%		56	26th Largest US Law Firm
17	White & Case	1		3,318,140		1.3	%		94,804		0.7	%		77	6th Largest US Law Firm
18	KPMG	1		2,943,362		1.1	%		175,525		1.3	%		108	4th Largest US Accounting Firm
19	Sidley Austin Brown & Wood	1		2,408,376		1.0	%		147,237		1.1	%		42	5th��Largest US Law Firm
20	Skadden, Arps, Slate, Meagher & Flom	1		1,977,028		0.7	%		152,576		1.1	%		77	Largest US Law Firm
	Total Unrated / Weighted Average (2)			44,419,401		16.8	%		1,887,950		14.1	%		82
	Total Nationally Recognized Tenants			62,455,447		23.5	%		2,947,667		22.0	%
	Total / Weighted Average (2)		$	118,280,638		44.6	%		5,376,948		40.1	%		76
	Total Investment Grade or       Nationally Recognized Tenants		$	181,123,688		68.3	%		9,003,833		67.2	%

__________

(1)	Annualized base rent is calculated as monthly contractual base rent under existing leases as of June 30, 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 June 30, 2005, and rankings of law firms are based on total gross revenue in 2004 as reported by American Lawyer Media's LAW.com.

26

Maguire Properties, Inc.

Second Quarter 2005

-----

 

27

Maguire Properties, Inc.

Second 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		1,369,552		9.3	%
2005		478,227		3.2	%	$	8,574,994		3.2	%	$	17.93	$	17.95
2006		1,167,580		7.9	%		24,156,509		9.1	%		20.69		20.79
2007		954,241		6.5	%		19,132,649		7.2	%		20.05		21.01
2008		1,339,063		9.1	%		24,569,883		9.3	%		18.35		20.74
2009		1,510,561		10.2	%		30,646,761		11.6	%		20.29		22.24
2010		1,825,084		12.4	%		35,502,668		13.4	%		19.45		21.99
2011		1,764,508		11.9	%		38,026,976		14.3	%		21.55		26.53
2012		647,294		4.4	%		11,430,384		4.3	%		17.66		21.22
2013		1,528,949		10.4	%		28,602,446		10.8	%		18.71		20.44
2014		892,943		6.0	%		16,545,009		6.2	%		18.53		24.59
Thereafter		1,290,927		8.7	%		28,119,593		10.6	%		21.78		24.46
Total		14,768,929		100.0	%	$	265,307,872		100.0	%	$	19.80	$	22.43

Leases Expiring in the Next 4 Quarters:

3rd Quarter 2005	175,090	1.2	%	$	3,381,284	1.3	%	$	19.31	$	19.31
4th Quarter 2005 (3)	303,137	2.0	%		5,193,710	1.9	%		17.13		17.28
1st Quarter 2006	278,954	1.9	%		4,581,122	1.7	%		16.42		16.45
2nd Quarter 2006	473,155	3.2	%		9,624,833	3.6	%		20.34		20.43
Total	1,230,336	8.3	%	$	22,780,949	8.5	%	$	18.52	$	18.59

__________

(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.

Second 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		838,226		9.4	%
2005		351,492		4.0	%	$	6,177,676		3.6	%	$	17.58	$	17.59
2006		909,480		10.2	%		19,238,266		11.2	%		21.15		21.10
2007		522,329		5.9	%		11,355,211		6.6	%		21.74		22.85
2008		515,366		5.8	%		9,398,377		5.4	%		18.24		18.67
2009		523,868		5.9	%		12,884,736		7.5	%		24.60		25.19
2010		770,899		8.7	%		19,389,311		11.2	%		25.15		27.47
2011		1,262,930		14.2	%		29,385,504		17.0	%		23.27		28.65
2012		361,148		4.1	%		6,819,906		4.0	%		18.88		23.36
2013		1,084,489		12.2	%		21,119,844		12.2	%		19.47		21.63
2014		544,562		6.1	%		10,518,198		6.1	%		19.31		26.04
Thereafter		1,196,349		13.5	%		26,229,202		15.2	%		21.92		24.62
Total		8,881,138		100.0	%	$	172,516,231		100.0	%	$	21.45	$	24.02

Leases Expiring in the Next 4 Quarters:

3rd Quarter 2005	103,995	1.2	%	$	2,116,000	1.2	%	$	20.35	$	20.35
4th Quarter 2005 (3)	247,497	2.8	%		4,061,676	2.4	%		16.41		16.43
1st Quarter 2006	228,118	2.6	%		3,600,395	2.1	%		15.78		15.81
2nd Quarter 2006	417,638	4.7	%		8,502,178	4.9	%		20.36		20.36
Total	997,248	11.3	%	$	18,280,249	10.6	%	$	18.33	$	18.35

__________

(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.

Second 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		222,837		6.8	%
2005		74,478		2.3	%	$	1,256,079		2.4	%	$	16.87	$	16.91
2006		120,130		3.7	%		2,125,659		4.1	%		17.69		18.00
2007		180,049		5.5	%		3,266,215		6.4	%		18.14		18.97
2008		486,989		14.9	%		9,202,326		17.9	%		18.90		20.21
2009		459,543		14.0	%		8,770,090		17.1	%		19.08		21.51
2010		806,799		24.6	%		10,887,309		21.2	%		13.49		16.02
2011		434,130		13.2	%		7,129,926		13.9	%		16.42		20.61
2012		190,369		5.8	%		2,990,523		5.8	%		15.71		19.21
2013		71,613		2.2	%		1,143,317		2.2	%		15.97		18.57
2014		145,158		4.4	%		2,881,427		5.6	%		19.85		25.70
Thereafter		84,922		2.6	%		1,758,262		3.4	%		20.70		22.84
Total		3,277,017		100.0	%	$	51,411,133		100.0	%	$	16.83	$	19.48

Leases Expiring in the Next 4 Quarters:

3rd Quarter 2005	46,306	1.4	%	$	753,074	1.4	%	$	16.26	$	16.26
4th Quarter 2005 (3)	28,172	0.9	%		503,005	1.0	%		17.85		17.96
1st Quarter 2006	39,818	1.2	%		775,023	1.5	%		19.46		19.46
2nd Quarter 2006	9,421	0.3	%		133,025	0.3	%		14.12		14.12
Total	123,717	3.8	%	$	2,164,127	4.2	%	$	17.49	$	17.52

__________

(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.

30

Maguire Properties, Inc.

Second 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		130,754		9.3	%
2005		52,257		3.7	%	$	1,102,950		4.7	%	$	21.11	$	21.82
2006		131,804		9.4	%		2,643,428		11.1	%		20.06		21.05
2007		152,198		10.8	%		2,955,558		12.5	%		19.42		20.44
2008		280,047		19.9	%		4,826,528		20.4	%		17.23		25.31
2009		445,693		31.6	%		7,941,960		33.5	%		17.82		20.13
2010		103,587		7.3	%		1,828,273		7.7	%		17.65		20.69
2011		67,448		4.8	%		1,454,197		6.1	%		21.56		24.99
2012		-		0.0	%		13,498		0.1	%		-		-
2013		22,068		1.6	%		376,042		1.6	%		17.04		23.51
2014		23,321		1.6	%		548,197		2.3	%		23.51		32.34
Thereafter		-		0.0	%		-		0.0	%		-		-
Total		1,409,177		100.0	%	$	23,690,631		100.0	%	$	18.53	$	22.06

Leases Expiring in the Next 4 Quarters:

3rd Quarter 2005	24,789	1.8	%	$	512,210	2.2	%	$	20.66	$	20.66
4th Quarter 2005 (3)	27,468	1.9	%		590,740	2.5	%		21.51		22.86
1st Quarter 2006	11,018	0.8	%		205,705	0.9	%		18.67		18.67
2nd Quarter 2006	39,930	2.8	%		840,475	3.5	%		21.05		22.01
Total	103,205	7.3	%	$	2,149,130	9.1	%	$	20.82	$	21.56

__________

(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.

31

Maguire Properties, Inc.

Second Quarter 2005

Leasing Activity - Total Portfolio

	For the
	Three Months Ended
	June 30, 2005			% Leased
Leased Square Feet as of March 31, 2005		13,442,143			90.4	%
Recent Acquisition:  San Diego Tech Center		590,173
Recent Disposition:  One Renaissance Square		(446,486	)
Recent Disposition:  Austin Research Park		(239,299	)
Leased Square Feet as of March 31, 2005, including acquisition and excluding dispositions		13,346,531			90.5	%
Expirations		(497,306	)		(3.4	)%
New Leases (1)		239,001			1.5	%
Renewals		300,624			2.0	%
200 Burchett (2)		10,527			0.1	%
Leased Square Feet as of June 30, 2005		13,399,377			90.7	%
Cash Rent Growth(3), (4)
Expiring Rate per Square Foot				$	17.81
New / Renewed Rate per Square Foot				$	23.10
Percentage Change					29.7	%
GAAP Rent Growth (4), (5)
Expiring Rate per Square Foot				$	17.14
New / Renewed Rate per Square Foot				$	20.35
Percentage Change					18.7	%
Weighted Average Lease Term - New  (in months)					66
Weighted Average Lease Term - Renewal  (in months)					37

__________

(1)	New Leases for the Quarter ended 6/30/2005 of 239,001 excludes the Gibson, Dunn & Crutcher and New Century Financial leases which are located at 3161 Michelson Park Place - one of our development properties.
(2)	Part of the CommonWealth Properties portfolio, which was acquired on March 15, 2005.
(3)	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.
(4)	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.
(5)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.

32

Maguire Properties, Inc.

Second Quarter 2005

Leasing Activity - Los Angeles Central Business District

	For the
	Three Months Ended
	June 30, 2005			% Leased
Leased Square Feet as of March 31, 2005, Los Angeles Central Business District		6,514,232			90.1	%
Expirations		(163,640	)		(2.3	)%
New Leases		113,522			1.6	%
Renewals		40,948			0.6	%
Leased Square Feet as of June 30, 2005, Los Angeles Central Business District		6,505,062			90.0	%
Cash Rent Growth(1), (3)
Expiring Rate per Square Foot				$	21.09
New / Renewed Rate per Square Foot				$	20.81
Percentage Change					(1.3	)%
GAAP Rent Growth (2), (3)
Expiring Rate per Square Foot				$	18.33
New / Renewed Rate per Square Foot				$	21.90
Percentage Change					19.5	%
Weighted Average Lease Term - New  (in months)					56
Weighted Average Lease Term - Renewal  (in months)					32

__________

(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)	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.

33

Maguire Properties, Inc.

Second Quarter 2005

Leasing Activity - Orange County

	For the
	Three Months Ended
	June 30, 2005			% Leased
Leased Square Feet as of March 31, 2005, Orange County		3,049,439			93.1	%
Expirations		(54,717	)		(1.7	)%
New Leases		19,290			0.6	%
Renewals		40,168			1.2	%
Leased Square Feet as of June 30 2005, Orange County		3,054,180			93.2	%
Cash Rent Growth(1), (3)
Expiring Rate per Square Foot				$	18.20
New / Renewed Rate per Square Foot				$	21.87
Percentage Change					20.2	%
GAAP Rent Growth (2), (3)
Expiring Rate per Square Foot				$	18.20
New / Renewed Rate per Square Foot				$	22.20
Percentage Change					22.0	%
Weighted Average Lease Term - New  (in months)					71
Weighted Average Lease Term - Renewal  (in months)					74

__________

(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)	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.

34

Maguire Properties, Inc.

Second Quarter 2005

Leasing Activity - San Diego County

	For the
	Three Months Ended
	June 30, 2005			% Leased
Leased Square Feet as of March 31, 2005, San Diego County		671,394			87.7	%
Recent Acquisition:  San Diego Tech Center		590,173
Leased Square Feet as of March 31, 2005, including San Diego Tech Center		1,261,567			89.5	%
Expirations		(223,509	)		(15.9	)%
New Leases		48,936			3.5	%
Renewals		191,429			13.6	%
Leased Square Feet as of June 30, 2005, San Diego County		1,278,423			90.7	%
Cash Rent Growth(1), (3)
Expiring Rate per Square Foot				$	16.33
New / Renewed Rate per Square Foot				$	25.12
Percentage Change					53.9	%
GAAP Rent Growth (2), (3)
Expiring Rate per Square Foot				$	16.26
New / Renewed Rate per Square Foot				$	19.12
Percentage Change					17.6	%
Weighted Average Lease Term - New  (in months)					55
Weighted Average Lease Term - Renewal  (in months)					25

__________

(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)	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.

35

Maguire Properties, Inc.

Second Quarter 2005

Tenant Improvements and Leasing Commissions (1), (2), (3)

	Q2 2005		Q1 2005		2004		2003		2002
Renewals (4)
Number of Leases		23		1		29		14		17
Square Feet		300,624		23,429		296,203		120,022		304,167
Tenant Improvement Costs per Square Foot (3)	$	14.09	$	44.69	$	15.49	$	30.66	$	1.40
Leasing Commission Costs per Square Foot (5)	$	2.88	$	10.32	$	5.98	$	2.36	$	5.05
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	16.97	$	55.01	$	21.47	$	33.02	$	6.45
Costs per Square Foot per Year	$	5.50	$	5.32	$	4.31	$	6.24	$	1.55
New / Modified Leases (6)
Number of Leases		36		25		48		36		15
Square Feet		211,746		223,577		453,301		851,316		135,265
Tenant Improvement Costs per Square Foot (3)	$	21.59	$	35.97	$	36.28	$	48.26	$	31.25
Leasing Commission Costs per Square Foot (5)	$	5.54	$	8.13	$	9.28	$	4.78	$	7.07
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	27.13	$	44.10	$	45.56	$	53.04	$	38.32
Costs per Square Foot per Year	$	4.44	$	5.91	$	4.26	$	7.95	$	4.84
Total
Number of Leases		59		26		77		50		32
Square Feet		512,370		247,006		749,504		971,338		439,432
Tenant Improvement Costs per Square Foot (3)	$	17.19	$	36.80	$	28.06	$	46.09	$	10.59
Leasing Commission Costs per Square Foot (5)	$	3.98	$	8.34	$	7.97	$	4.48	$	5.67
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	21.17	$	45.14	$	36.03	$	50.57	$	16.26
Costs per Square Foot per Year	$	4.87	$	5.84	$	4.20	$	7.77	$	3.06

__________

(1)	Based on leases executed during the period. Excludes leases to related parties, short-term leases less than six months, and build out costs for raw space.
(2)	Tenant Improvements and Leasing Commission information for One California Plaza, Park Place I, Park Place II, Lantana Media Campus, CommonWealth Properties portfolio acquisition, and San Diego Tech Center assets are included from the dates of acquisition which are November 6, 2003, April 14, 2004, July 23, 2004, December 16, 2004, March 15, 2005, and April 6, 2005, respectively.
(3)	Tenant Improvements include improvements and lease concessions.
(4)	Does not include retained tenants that have relocated to new space or expanded into new space.
(5)	Leasing commission costs exclude any commission paid to related parties.
(6)	Includes retained tenants that have relocated or expanded into new space and lease modifications.

36

Maguire Properties, Inc.

Second Quarter 2005

Historical Capital Expenditures

Office Properties ^{_{(1), (2), (3), (4), (5), (6), (7)}}

	Q2 2005		Q1 2005		2004		2003		2002
Non-recoverable Capital Expenditures	$	418,826	$	306,942	$	1,046,178	$	151,512	$	697,490
Total Square Feet(8), (9)		13,384,203		9,145,247		6,783,532		5,783,068		5,720,536
Non-recoverable Capital Expenditures per Square Foot	$	0.03	$	0.03	$	0.15	$	0.03	$	0.12
Recoverable Capital Expenditures (10)	$	400,415	$	707,185	$	3,009,186	$	1,956,984	$	5,098,836
Total Square Feet (8), (9)		13,384,203		9,145,247		6,783,532		5,783,068		5,720,536
Recoverable Capital Expenditures per Square Foot	$	0.03	$	0.08	$	0.44	$	0.34	$	0.89

__________

(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 for acquisition or disposition properties during the period of acquisition or disposition will be footnoted separately.
(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 of $65,183 and no recoverable capital expenditures in 2004, 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)	San Diego Tech Center was acquired April 6, 2005 and had no recoverable or non-recoverable capital expenditures in Q2 2005 following its acquisition.
(8)	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.
(9)	Total square feet in Q2 2005 excludes 271,822 square feet for Austin Research Park and 491,623 square feet for One Renaissance Square which were sold on June 16, 2005 and June 29, 2005, respectively. These properties were part of the CommonWealth Properties portfolio acquisition on March 15, 2005. Both properties had no capital expenditures during Q2 2005 prior to disposition.
(10)	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.

37

Maguire Properties, Inc.

Second Quarter 2005

Hotel Performance

							Percent			YTD			YTD
Westin Hotel, Pasadena, CA (1)	Q2 2005			Q2 2004			Change			June 30, 2005			June 30, 2004
Occupancy		81.8	%		81.2	%		0.8	%		83.3	%		79.9	%
Average Daily Rate	$	152.96		$	136.74			11.9	%	$	151.58		$	138.26
Revenue Per Available Room (REVPAR)	$	125.15		$	111.03			12.7	%	$	126.32		$	110.46
Hotel Net Operating Income (2)	$	1,761,371		$	1,621,421			8.6	%	$	3,732,748		$	3,015,676

Hotel Historical Capital Expenditures

							For the Year Ended December 31,
Westin Hotel, Pasadena, CA(1)	Q2 2005			Q1 2005			2004			2003			2002
Hotel Improvements and Equipment Replacements	$	98,199		$	15,062		$	20,436		$	440,341		$	760,044
Total Hotel Revenue	$	5,762,901		$	5,915,285		$	20,518,964		$	18,449,302		$	20,005,000
Hotel Improvements as a Percentage of Hotel Revenue		1.7	%		0.3	%		0.1	%		2.4	%		3.8	%
Renovation and Upgrade Costs (3)	$	892,809		$	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 $14.0 million of which $3.5 million has been funded by Westin.

38

Maguire Properties, Inc.

Second Quarter 2005

Development Pipeline

				As of June 30, 2005
			Percentage		Developed / Developable		Type of
Property		Location	Pre-Leased	Acreage	Square Feet (1)		Planned Development
	Park Place - Residential	Irvine, CA	N/A	N/A		2,605,600	Residential
	Park Place - Office, Retail & Hotel	Irvine, CA	N/A	N/A		1,360,000	Office, Retail & Hotel
	San Diego Tech Center	San Diego, CA	N/A	N/A		1,200,000	Office
	755 Figueroa	Los Angeles, CA	N/A	1.3		840,000	Office
	Park Place - 3161 Michelson	Irvine, CA	47%	N/A		575,000	Office
	Pacific Arts Plaza	Costa Mesa, CA	N/A	2.6		400,000	Office
	Glendale Center - Phase II	Glendale, CA	N/A	2.0		400,000	Office & Retail
	Lantana Media Campus	Santa Monica, CA	N/A	N/A		194,000	Office
	200 Burchett	Glendale, CA	N/A	0.8		187,000	Office
	Wateridge Plaza	Sorrento Mesa, CA	N/A	N/A		170,000	Office
	Washington Mutual Irvine Campus	Irvine, CA	N/A	3.6		145,000	Office
	Mission City Corporate Center	San Diego, CA	N/A	N/A		102,000	Office
				Total Net Rentable Area		8,178,600
	Park Place - Structured Parking	Irvine, CA	N/A	N/A		3,575,000	Parking
				Total		11,753,600

__________

(1) The square feet numbers presented represent the office, retail, residential and parking footages that the Company estimates can be developed on the referenced property.

39

Maguire Properties, Inc.

Second Quarter 2005

Option Properties (1)

			As of June 30, 2005
		Percentage		Developed / Developable
Property	Location	Leased	Acreage	Square Feet		Status
1733 Ocean Avenue	Santa Monica, CA	53%	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

__________

(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.

40

Maguire Properties, Inc.

Second Quarter 2005

Management Statements on 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), (ii) short-term bridge financing obtained in connection with the acquisition of a property or portfolio of properties until such time as the company completes its long-term financing strategy, (iii) the early repayment of debt associated with properties sold or (iv) the restructuring or replacement of corporate level financing to accommodate property acquisitions. Consequently, management views these losses as costs to complete the respective acquisition or disposition of properties.

However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate FFO in accordance with the NAREIT definition and, accordingly, our FFO may not be comparable to such other 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).

41

Maguire Properties, Inc.

Second 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), (ii) short-term bridge financing obtained in connection with the acquisition of a property or portfolio of properties until such time as the company completes its long-term financing strategy, (iii) the early repayment of debt associated with properties sold and (iv) the restructuring or replacement of corporate level financing to accommodate property acquisitions. Consequently, management views these losses as costs to complete the respective acquisition or disposition of properties.

42

Maguire Properties, Inc.

Second Quarter 2005

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

43