MPG Office Trust 8K/A Maguire Properties Reports Fourth Quarter 2005 | SEC 8 Feb 06

Exhibit 99.2

Maguire Properties, Inc.

Fourth 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
	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 - Leased Percentage and In-Place Rents	22
	Portfolio Overview - 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 Improvements and Leasing Commissions	35
	Historical Capital Expenditures	36
	Hotel Performance and Hotel Historical Capital Expenditures	37
	Development Pipeline	38
	Option Properties	39
	Management Statements on Non-GAAP Supplemental Measures	40

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.

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Maguire Properties, Inc.

Fourth Quarter 2005

Corporate Data

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Maguire Properties, Inc.

Fourth 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 December 31, 2005, the Company owns approximately 25.0 million 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 9.9 million square feet, plus surface parking, which in total accommodates over 32,000 vehicles. The Company also owns undeveloped land that it believes can support up to 7.3 million square feet of office, retail and residential uses and an additional 3.6 million square feet of 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:

We sold approximately seven acres of BOSA land at Park Place for approximately $40.0 million in December 2005.

On January 5, 2006, we closed on a new joint venture with Macquarie Office Trust to own, operate and acquire office properties located in Southern California. The new venture, Maguire-Macquarie Office will initially own six premier office properties located primarily in Southern California and Denver, Colorado featuring nearly 4 million square feet and an average portfolio occupancy of 94.0%.

The aggregate gross asset value of the initial portfolio was $1.195 billion and the formation of the venture generated net proceeds to the Company of approximately $350 million. We repaid $50.0 million of our term loan and $83.0 million of our secured credit facility from these net proceeds. As a result of the repayment of debt and the contribution of certain properties to an unconsolidated joint venture, our pro forma debt to total market capitalization ratio at December 31, 2005 and debt plus preferred stock to total market capitalization ratio would be 58.1% and 63.6%, respectively.

We retain a 20% ownership interest in the venture and will be responsible for all day to day operations of the properties. We will receive fees for asset management, property management, leasing, construction management, acquisitions, dispositions and financing. Additionally, we will be entitled to out performance distributions based on the results of the venture.

Debt:

In connection with the sale of the BOSA land at Park Place, we repaid the remaining $44.0 million of the Park Place bridge loan.

We repaid the note to Washington Mutual for $45.2 million executed concurrently with the purchase of the Washington Mutual Irvine Campus property, in November 2005.

We entered into a $125.0 million ten-year fixed rate forward financing commitment for a new interest-only loan at 5.83% secured by Glendale Center. The new loan is expected to close in June 2006.

Development Activities:

In the fourth quarter we continued site preparation at Park Place at 3161 Michelson, for an office building and two parking garages with a parking capacity of approximately 5,000 vehicles. Completion is targeted for the fourth quarter of 2006 for the parking garages and 2007 for the office building.

During the fourth quarter we continued pre-development activities at San Diego Tech Center, Lantana Media Campus and Mission City Corporate Center.

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Maguire Properties, Inc.

Fourth 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 Chief Executive Officer	William H. Flaherty	Senior Vice President, Leasing and Marketing
Dallas E. Lucas	Executive Vice President and Chief Financial Officer	Robert P. Goodwin	Senior Vice President, Construction and Development
Mark T. Lammas	Senior Vice President, General Counsel and Secretary	Ted J. Bischak	Senior Vice President, Asset Management
Javier F. Bitar	Senior Vice President, Investment Officer	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
Friedman Billings Ramsey	Wilkes J. Graham	(703) 312-9737
Green Street Advisors	Jim Sullivan	(949) 640-8780
Legg Mason	David Fick/John Guinee	(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

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 2006 will be announced according to the following anticipated schedule:
	First Quarter 2006	Early May
	Second Quarter 2006	Early August
	Third Quarter 2006	Early November
	Fourth Quarter 2006	Early February 2007

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Maguire Properties, Inc.

Fourth 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):

	4th Quarter 2005			3rd Quarter 2005			2nd Quarter 2005			1st Quarter 2005			4th Quarter 2004

High Price	$	32.43		$	30.37		$	28.39		$	27.40		$	27.96
Low Price	$	27.33		$	25.92		$	23.07		$	23.19		$	23.35
Closing Price	$	30.90		$	30.05		$	28.34		$	23.88		$	27.46
Dividends per share - Annualized	$	1.60		$	1.60		$	1.60		$	1.60		$	1.60
Closing Dividend Yield - Annualized		5.18	%		5.32	%		5.65	%		6.70	%		5.83	%
Closing Common Shares and Limited Partnership Units Outstanding (in thousands)		53,808			53,804			53,791			53,789			53,787
Closing Market Value of Common Shares and Limited Partnership Units Outstanding (in thousands)	$	1,662,680		$	1,616,801		$	1,524,439		$	1,284,477		$	1,476,978

Dividends per Share

4th Quarter 2005

3rd Quarter 2005

2nd Quarter 2005

1st Quarter 2005

4th Quarter 2004

Common Stock

Amount

0.4000

Declared

December 15, 2005

September 20, 2005

June 21, 2005

March 17, 2005

December 20, 2004

Record

December 30, 2005

September 30, 2005

June 30, 2005

March 31, 2005

December 31, 2004

Paid

January 31, 2006

October 28, 2005

July 29, 2005

April 29, 2005

January 28, 2005

Preferred Stock

Amount

0.4766

Declared

December 15, 2005

September 20, 2005

June 21, 2005

March 17, 2005

December 20, 2004

Record

December 30, 2005

September 30, 2005

June 30, 2005

March 31, 2005

December 31, 2004

Paid

January 31, 2006

October 28, 2005

July 29, 2005

April 29, 2005

January 28, 2005

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Maguire Properties, Inc.

Fourth Quarter 2005

Consolidated Financial Results

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Maguire Properties, Inc.

Fourth 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
	December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004

Income Items:
Revenue including discontinued operations (1)	$	134,254		$	128,809		$	131,332		$	97,468		$	88,334
Straight line rent including discontinued operations	$	3,364		$	3,283		$	3,362		$	3,655		$	3,391
Fair value lease revenue including discontinued operations (2)	$	2,517		$	2,416		$	2,217		$	750		$	679
Lease termination fees	$	3,969		$	127		$	295		$	43		$	147
Office property operating margin (3)		65.5	%		65.5	%		66.1	%		66.4	%		66.1	%
Net income (loss) available to common shareholders	$	(12,091	)	$	(16,133	)	$	(12,055	)	$	(2,603	)	$	1,624

Funds from operations (FFO) available
to common shareholders (4)	$	25,787		$	24,109		$	22,847		$	20,191		$	22,214
FFO per common share - basic (4)	$	0.59		$	0.55		$	0.53		$	0.47		$	0.52
FFO per common share - diluted (4)	$	0.58		$	0.55		$	0.53		$	0.47		$	0.52
FFO per common share before loss from early extinguishment of debt - basic (4)	$	0.59		$	0.55		$	0.55		$	0.49		$	0.53
FFO per common share before loss from early extinguishment of debt - diluted (4)	$	0.58		$	0.55		$	0.55		$	0.49		$	0.53
Net income (loss) per common share - basic and diluted	$	(0.27	)	$	(0.37	)	$	(0.28	)	$	(0.06	)	$	0.04
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)		1.77			1.75			1.73			2.13			2.75
Interest coverage ratio before loss from early extinguishment of debt (7)		1.77			1.75			1.76			2.18			2.79
Fixed-charge coverage ratio (8)		1.59			1.57			1.56			1.79			2.16
Fixed-charge coverage ratio before loss from early extinguishment of debt (9)		1.59			1.57			1.58			1.83			2.19
FFO payout ratio (10)		68.4	%		72.7	%		75.5	%		85.1	%		76.9	%
AFFO payout ratio (11)		134.9	%		149.1	%		131.5	%		128.1	%		128.5	%

Capitalization:
Total consolidated debt (12)	$	3,353,234		$	3,345,201		$	3,334,730		$	3,371,330		$	1,760,250
Preferred stock @ quarter end	$	250,000		$	250,000		$	250,000		$	250,000		$	250,000
Common stock price @ quarter end	$	30.90		$	30.05		$	28.34		$	23.88		$	27.46
Common equity value @ quarter end (13)	$	1,662,683		$	1,616,801		$	1,524,439		$	1,284,477		$	1,476,978
Total market capitalization	$	5,265,917		$	5,212,002		$	5,109,169		$	4,905,807		$	3,487,228
Debt / total market capitalization (14)		63.7	%		64.2	%		65.3	%		68.7	%		50.5	%
Debt plus preferred stock / total market capitalization (14)		68.4	%		69.0	%		70.2	%		73.8	%		57.6	%

_________

(1)	Includes gross revenue from hotel operations of $6,527, $5,832, $5,763, $5,915 and $5,879 for the three months ended December 31, 2005, September 30, 2005, June 30, 2005, March 31, 2005 and December 31, 2004, respectively.
(2)	Represents the net adjustment for above and below market leases, which are being amortized over the remaining term of the respective leases from the date of acquisition.
(3)	Calculated as follows: (rental, tenant reimbursement and parking revenues - rental property operating and maintenance 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 40. For a quantitative reconciliation of the differences between FFO and net income, see page 11.
(5)	Preferred dividend declared for three months ended January 31, 2006, October 31, 2005, July 31, 2005, April 30, 2005 and January 31, 2005.
(6)	Calculated as earnings before interest, taxes and depreciation and amortization and preferred dividends, or EBITDA, of $80,723, $78,218, $78,442, $55,688, and $51,156, respectively, divided by cash interest expense of $45,604, $44,780, $45,381, $26,101, and $18,608, respectively. For a definition of cash interest expense, see page 15. For a discussion of EBITDA, see page 41. 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 $80,842, $78,218, $79,556, $56,896, and $51,947, respectively divided by cash interest expense of $45,604, $44,780, $45,381, $26,101, and $18,608, respectively.
(8)	Calculated as EBITDA of $80,723, $78,218, $78,442, $55,688, and $51,156, respectively divided by fixed charges of $50,689, $49,858, $50,452, $31,165, and $23,681. For a definition of fixed charges, see page 15.
(9)	Calculated as EBITDA before loss from early extinguishment of debt of $80,842, $78,218, $79,556, $56,896, and $51,947, respectively divided by fixed charges of $50,689, $49,858, $50,452, $31,165, and $23,681.
(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 $21,523, $21,521, $21,516, $21,516 and $21,515, respectively divided by AFFO of $15,953, $14,430, $16,360, $16,792, and $16,748 respectively. For a definition of AFFO, see page 41. For a quantitative reconciliation of the differences between AFFO and FFO, see page 12. We expect our adjusted funds from operations, or AFFO, to increase after 2005 as a result of internal revenue growth from future expected occupancy gains, the sale of non-income producing or non-strategic properties and a declining lease rollover percentage compared to prior years. Therefore, we currently believe that beginning in 2006 our AFFO will be sufficient to cover our annual dividend payments.
(12)	Excludes the Washington Mutual Irvine Campus note of $45.2 million, which was paid in November 2005.
(13)	Assuming 100% conversion of the limited partnership units in the operating partnership into shares of our common stock.
(14)	As a result of the joint venture with Macquarie Office Trust, the pro forma debt/total market capitalization ratio and debt plus preferred stock/total market capitalization ratio at December 31, 2005 would be 58.1% and 63.6%, respectively. For a definition of debt, preferred stock and total market capitalization, see page 15.

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Maguire Properties, Inc.

Fourth Quarter 2005

Consolidated Balance Sheets

(in thousands)

	December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004
	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)

Assets
Investments in real estate	$	3,897,893		$	3,901,528		$	3,885,973		$	3,636,549		$	2,419,743
Less: accumulated depreciation and amortization		(309,270	)		(277,952	)		(245,234	)		(217,308	)		(199,078	)
		3,588,623			3,623,576			3,640,739			3,419,241			2,220,665
Assets associated with discontinued operations		-			-			-			186,577			-
		3,588,623			3,623,576			3,640,739			3,605,818			2,220,665
Cash and cash equivalents including restricted cash		114,054			155,868			166,697			223,026			135,618
Rents, deferred rents and other receivables		55,997			48,726			46,055			40,568			36,685
Deferred charges, net		241,887			253,344			261,970			290,545			168,354
Other assets		68,630			63,053			66,093			61,000			42,572
Total assets	$	4,069,191		$	4,144,567		$	4,181,554		$	4,220,957		$	2,603,894

Liabilities, minority interests and stockholders' equity
Loans payable	$	3,353,234		$	3,390,401		$	3,379,930		$	3,270,930		$	1,805,450
Obligations associated with discontinued operations		-			-			-			150,392			-
Dividends and distributions payable		24,701			24,699			24,694			24,693			24,692
Accounts payable, accrued interest payable and other liabilities		114,965			119,744			121,326			91,609			82,738
Acquired lease obligations, net		99,584			104,749			116,201			96,525			81,449
Total liabilities		3,592,484			3,639,593			3,642,151			3,634,149			1,994,329

Minority interests		40,070			47,329			53,332			67,282			72,198

Stockholders' equity
Common and preferred stock and additional paid in capital		666,182			659,322			659,309			654,115			653,632
Accumulated deficit and dividends		(233,481	)		(202,658	)		(168,684	)		(138,968	)		(119,033	)
Unearned and accrued stock compensation, net		(1,196	)		(3,117	)		(3,968	)		(4,723	)		(5,184	)
Accumulated other comprehensive (loss) income, net		5,132			4,098			(586	)		9,102			7,952
Total stockholders' equity		436,637			457,645			486,071			519,526			537,367
Total liabilities, minority interests and stockholders' equity	$	4,069,191		$	4,144,567		$	4,181,554		$	4,220,957		$	2,603,894

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Maguire Properties, Inc.

Fourth 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
	December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004

Revenue:
Rental	$	80,220		$	80,396		$	79,435		$	58,525		$	51,888
Tenant reimbursements		30,298			28,569			28,669			21,665			20,254
Hotel operations		6,527			5,832			5,763			5,915			5,879
Parking		11,643			12,003			11,417			9,640			9,047
Management, leasing and development services to affiliates		563			1,147			1,001			261			357
Interest and other		5,003			862			1,137			716			909
Total revenue		134,254			128,809			127,422			96,722			88,334

Expenses:
Rental property operating and maintenance		26,598			28,069			25,865			19,383			17,972
Hotel operating and maintenance		4,247			3,827			3,821			3,844			3,893
Real estate taxes		12,308			10,702			11,207			8,113			6,917
Parking expenses		3,208			2,971			3,140			2,647			2,603
General and administrative and other		6,385			4,356			5,293			5,658			4,336
Ground lease		666			666			666			666			666
Depreciation and amortization		46,075			49,123			43,254			28,426			25,734
Interest		44,558			43,982			43,373			25,371			18,633
Loss from early extinguishment of debt		119			-			442			1,208			791
Total expenses		144,164			143,696			137,061			95,316			81,545

(Loss) income from continuing operations before minority interests		(9,910	)		(14,887	)		(9,639	)		1,406			6,789
Minority interests attributable to continuing operations		2,585			3,520			2,755			656			(399	)
(Loss) income from continuing operations		(7,325	)		(11,367	)		(6,884	)		2,062			6,390

Income (loss) from discontinued operations		-			-			(500	)		125			-
Minority interests attributable to discontinued operations		-			-			95			(24	)		-
Net (loss) income		(7,325	)		(11,367	)		(7,289	)		2,163			6,390

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

Net (loss) income allocable to common shareholders	$	(12,091	)	$	(16,133	)	$	(12,055	)	$	(2,603	)	$	1,624

Net (loss) income per common share - basic and diluted	$	(0.27	)	$	(0.37	)	$	(0.28	)	$	(0.06	)	$	0.04

Weighted-average shares outstanding - basic		44,066,753			43,901,117			43,146,500			42,924,061			42,828,004
Weighted-average shares outstanding - diluted		44,066,753			43,901,117			43,146,500			42,924,061			43,069,428
Weighted-average diluted shares and units		53,856,915			53,538,625			53,434,447			53,427,803			53,669,201

__________

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

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Maguire Properties, Inc.

Fourth 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
	December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004

Reconciliation of net income (loss) to funds from operations:
Net income (loss) available to common shareholders	$	(12,091	)	$	(16,133	)	$	(12,055	)	$	(2,603	)	$	1,624
Adjustments:
Minority interests		(2,585	)		(3,520	)		(2,850	)		(632	)		399
Real estate depreciation and amortization		45,976			49,024			43,155			28,326			25,643
Funds from operations available to common shareholders
and unit holders (FFO)	$	31,300		$	29,371		$	28,250		$	25,091		$	27,666
Company share of FFO (2)	$	25,787		$	24,109		$	22,847		$	20,191		$	22,214

FFO per share - basic	$	0.59		$	0.55		$	0.53		$	0.47		$	0.52
FFO per share - diluted	$	0.58		$	0.55		$	0.53		$	0.47		$	0.52

Weighted-average shares outstanding - basic		44,066,753			43,901,117			43,146,500			42,924,061			42,828,004
Weighted-average shares outstanding - diluted		44,380,207			44,183,460			43,336,808			43,162,860			43,069,428

Reconciliation of FFO to FFO before loss from early
extinguishment of debt:
FFO available to common shareholders and unit holders (FFO)	$	31,300		$	29,371		$	28,250		$	25,091		$	27,666
Add: loss from early extinguishment of debt		119			-			442			1,208			791
Add: loss from early extinguishment of debt (discontinued operations)		-			-			672			-			-
FFO before loss from early extinguishment of debt	$	31,419		$	29,371		$	29,364		$	26,299		$	28,457

Company share of FFO before loss from early extinguishment
of debt (2)	$	25,885		$	24,109		$	23,748		$	21,163		$	22,849

FFO per share before loss from early extinguishment of
debt - basic	$	0.59		$	0.55		$	0.55		$	0.49		$	0.53
debt - diluted	$	0.58		$	0.55		$	0.55		$	0.49		$	0.53

_________

(1)	For the definition and discussion of FFO, see page 40.
(2)	Based on a weighted average interest in our operating partnership of 82.4%, 82.1%, 80.9%, 80.5%, and 80.3% for the three months ended December 31, 2005, June 30, 2005, March 31, 2005, and December 31, 2004 respectively.

Table of Contents

Maguire Properties, Inc.

Fourth 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
	December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004

FFO	$	31,300		$	29,371		$	28,250		$	25,091		$	27,666
Non-real estate depreciation		99			99			99			99			91
Amortization of deferred financing costs		1,325			1,268			1,613			1,101			978
Accretion of interest rate swap sold		(953	)		(953	)		(953	)		(953	)		(953	)
Non-cash stock compensation		1,009			965			1,028			583			508
Loss from early extinguishment of debt		119			-			1,114			1,208			791
Straight line rents		(3,364	)		(3,283	)		(3,362	)		(3,655	)		(3,391	)
Fair value lease revenue		(2,517	)		(2,416	)		(2,217	)		(750	)		(679	)
Capitalized payments (2)		(3,551	)		(3,052	)		(1,440	)		(1,593	)		(559	)
Non-recoverable capital expenditures (3)		(1,166	)		(989	)		(419	)		(307	)		(589	)
Recoverable capital expenditures		(592	)		(353	)		(400	)		(707	)		(336	)
Hotel improvements, equipment upgrades and replacements (4)		(12	)		(188	)		(98	)		(15	)		-
2nd generation tenant improvements and leasing commissions (5), (6), (7)		(5,744	)		(6,039	)		(6,855	)		(3,310	)		(6,779	)

Adjusted funds from operations (AFFO)	$	15,953		$	14,430		$	16,360		$	16,792		$	16,748

__________

(1)	For the definition and computation method of AFFO, see page 41. 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 $2.2 million of renovation costs at Lantana Media Campus.
(4)	Excludes $0.3 million, $1.8 million, $0.9 million, $0.5 million and $3.3 million of expenditures for the three months ended December 31, 2005, September 30, 2005, June 30, 2005, March 31, 2005 and December 31, 2004, respectively, related to the renovation of the hotel. See page 37.
(5)	Excludes 2nd generation tenant improvements and leasing commissions of $0.5 million, $0.1 million, $0.0 million, $0.2 million and $0.8 million for the three months ended December 31, 2005, September 30, 2005, June 30, 2005, March 31, 2005 and December 31, 2004, respectively, related to leases executed prior to and fully reserved ($35.2 million) at our initial public offering. As of December 31, 2005, $2.3 million of this reserve remains.
(6)	Excludes 1st generation tenant improvements and leasing commissions of $5.6 million, $2.4 million, $1.1 million, $0.9 million and $1.0 million for the three months ended December 31, 2005, September 30, 2005, June 30, 2005, March 31, 2005 and December 31, 2004, respectively.
(7)	Excludes tenant improvements and leasing commissions of $4.1 million, $7.0 million and $3.2 million for the three months ended December 31, 2005, September 30, 2005 and June 30, 2005, respectively, related to leasing costs fully reserved ($37.3 million) at the closing of the CommonWealth Portfolio and San Diego Tech Center acquisitions. As of December 31, 2005, $23.0 million of this reserve remains.

Table of Contents

Maguire Properties, Inc.

Fourth Quarter 2005

Reconciliation 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
	December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004

Reconciliation of net income to earnings before interest, taxes and depreciation and amortization (EBITDA):

Net Income	$	(7,325	)	$	(11,367	)	$	(7,289	)	$	2,163		$	6,390
Add: Minority interests		(2,585	)		(3,520	)		(2,850	)		(632	)		399
Interest expense		44,558			43,982			43,373			25,371			18,633
Interest expense included in discontinued operations		-			-			1,954			360			-
Depreciation and amortization		46,075			49,123			43,254			28,426			25,734
EBITDA	$	80,723		$	78,218		$	78,442		$	55,688		$	51,156

EBITDA	$	80,723		$	78,218		$	78,442		$	55,688		$	51,156
Add: loss from early extinguishment of debt		119			-			442			1,208			791
Add: loss from early extinguishment of debt included in discontinued operations		-			-			672			-			-
EBITDA before loss from early extinguishment of debt	$	80,842		$	78,218		$	79,556		$	56,896		$	51,947

__________

(1)	For the definition and discussion of EBITDA, see page 41.

Reconciliation of cash flows from operating activities to adjusted funds from operations (AFFO):
Cash flows from operating activities	$	17,674		$	19,993		$	44,248		$	22,902		$	25,923
Changes in other assets and liabilities		5,793			2,006			(20,116	)		(1,771	)		(1,471	)
Non-recoverable capital expenditures		(1,166	)		(989	)		(419	)		(307	)		(589	)
Recoverable capital expenditures		(592	)		(353	)		(400	)		(707	)		(336	)
Hotel improvements, equipment upgrades and replacements (3)		(12	)		(188	)		(98	)		(15	)		-
2nd generation tenant improvements and leasing commissions (4), (5), (6)		(5,744	)		(6,039	)		(6,855	)		(3,310	)		(6,779	)
AFFO	$	15,953		$	14,430		$	16,360		$	16,792		$	16,748

__________

(2)	For the definition and discussion of AFFO, see page 41.
(3)	Excludes $0.3 million, $1.8 million, $0.9 million, $0.5 million and $3.3 million of expenditures for the three months ended December 31, 2005, September 30, 2005, June 30, 2005, March 31, 2005 and December 31, 2004, respectively, related to the renovation of the hotel. See page 37.
(4)	Excludes 2nd generation tenant improvements and leasing commissions of $0.5 million, $0.1 million, $0.0 million, $0.2 million and $0.8 million for the three months ended December 31, 2005, September 30, 2005, June 30, 2005, March 31, 2005 and December 31, 2004, respectively, related to leases executed prior to and fully reserved ($35.2 million) at our initial public offering. As of December 31, 2005, $2.3 million of this reserve remains.
(5)	Excludes 1st generation tenant improvements and leasing commissions of $5.6 million, $2.4 million, $1.1 million, $0.9 million and $1.0 million for the three months ended December 31, 2005, September 30, 2005, June 30, 2005, March 31, 2005 and December 31, 2004, respectively.
(6)	Excludes tenant improvements and leasing commissions of $4.1 million, $7.0 million and $3.2 million for the three months ended December 31, 2005, September 30, 2005 and June 30, 2005, respectively, related to leasing costs fully reserved ($37.3 million) at the closing of the CommonWealth Portfolio and San Diego Tech Center acquisitions. As of December 31, 2005, $23.0 million of this reserve remains.

Table of Contents

Maguire Properties, Inc.

Fourth Quarter 2005

Capital Structure

Consolidated Debt

(in thousands)

	Aggregate Principal
	December 31, 2005

Mortgage and Other Secured Loans Payable	$	3,270,234
Secured Credit Facility		83,000	(1)

Total Debt	$	3,353,234

Equity

(in thousands)

	Shares Outstanding		Total Liquidation Preference

Preferred Stock		10,000		250,000

	Shares & Units Outstanding		Market Value (2)

Common Stock		45,815	$	1,415,675
Operating Partnership Units		7,994		247,008
Total Common Equity		53,809	$	1,662,683

Total Market Capitalization			$	5,265,917

__________

(1)	Outstanding balance was paid off as of January 10, 2006.
(2)	Value based on the New York Stock Exchange closing price of $30.90 on December 31, 2005.

Table of Contents

Maguire Properties, Inc.

Fourth Quarter 2005

Debt Summary

Outstanding Debt

(in thousands)

	Maturity Date		Principal Balance as of December 31, 2005			Percentage of Debt				Interest Rate as of December 31, 2005 (1)

Floating Rate Debt
Term Loan	March 15, 2010		$	415,000	(9)		12.38	%			6.14	%
Gas Company Tower & 808 South Olive				280,000			8.36	%			5.94	%
Senior Mezzanine	July 7, 2008	(2)		30,000			0.89	%			10.06	%
Mortgage and Junior Mezzanine	July 6, 2007	(2), (3)		250,000			7.47	%			5.45	%
Wateridge Plaza	April 9, 2007	(4), (5)		62,880			1.88	%			6.14	%
777 Tower	September 10, 2009	(6)		40,000			1.19	%			5.29	%
Secured Credit Facility	March 15, 2009			83,000	(9)		2.48	%			6.14	%
Total Unhedged Floating Rate Debt				880,880			26.28	%	(9)		6.04	%

Fixed Rate Debt
Wells Fargo Center (Denver, CO)	April 6, 2015			276,000			8.23	%			5.26	%
Pacific Arts Plaza	April 1, 2012			270,000			8.05	%			5.15	%
US Bank Tower	July 1, 2013			260,000			7.75	%			4.66	%
Wells Fargo Tower (Los Angeles, CA)	July 1, 2010			250,000			7.46	%			4.68	%
KPMG Tower	November 1, 2011			210,000			6.26	%			5.14	%
Park Place	November 1, 2014			170,000			5.07	%			5.64	%
One California Plaza	December 1, 2010			146,250			4.36	%			4.73	%
San Diego Tech Center	April 11, 2015			133,000			3.97	%			5.70	%
777 Tower	September 10, 2009	(6)		114,504	(7)		3.41	%			4.81	%
Washington Mutual Irvine Campus	December 11, 2011			106,000			3.16	%			5.07	%
Regents Square I & II	April 1, 2012			103,600			3.09	%			5.13	%
Park Place	March 12, 2012			100,000			2.98	%			5.39	%
Lantana Media Campus	January 6, 2010			98,000			2.92	%			4.94	%
Glendale Center	November 1, 2013	(8)		80,000			2.39	%			5.73	%
801 North Brand	April 6, 2015			75,540			2.25	%			5.73	%
Mission City Corporate Center	April 1, 2012			52,000			1.55	%			5.09	%
700 North Central	April 6, 2015			27,460			0.82	%			5.73	%
Total Fixed Rate Debt				2,472,354			73.73	%			5.12	%

Total Consolidated Debt			$	3,353,234	(9)		100.00	%			5.36	%

Credit Facility

(in thousands)

		Maximum Available				Currently Available				Drawn
Secured Line of Credit as of December 31, 2005		$	100,000			$	17,000			$	83,000	(9)

__________

(1)	To calculate the variable interest rates, the one-month LIBOR rate of 4.39% at December 31, 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 at our option.
(5)	Includes $15.0 million of mezzanine debt.
(6)	The company 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)	Net of loan discount.
(8)	The company has obtained a commitment to refinance this debt in June 2006 with a new $125 million, 10-year fixed rate, interest-only loan at 5.83%, including the cost of the forward commitment.
(9)	Upon the January 5, 2006 closing of the joint venture with Macquarie Office Trust, consolidated debt will decrease to $2,653,984 as a result of the following transactions. The company repaid the secured credit facility balance of $83.0 million and $50.0 million of the Term Loan with the closing proceeds. As a result of contributing Wells Fargo Center - Denver ($276.0 million), San Diego Tech Center ($133.0 million), One California Plaza ($146.3 million) and Washington Mutual Irvine Campus ($106.0 million) to the joint venture, the loan amounts for these properties will be deconsolidated. The company's share of this debt is now 20%, or $132.3 million, which is not included in the consolidated debt balance. In addition, upon closing of the joint venture, a ten-year, $95.0 million mortgage loan (fixed interest rate of 5.54%) was taken out on Cerritos, a joint venture property. This loan will be included in the company's consolidated debt balance because the company is the guarantor on the loan through January 4, 2009.

Financial Ratios

Interest coverage (a)		1.77
Interest coverage before loss from early extinguishment of debt (b)		1.77
Fixed-charge coverage (c)		1.59
Fixed-charge coverage before loss from early extinguishment of debt (d)		1.59
Debt to total market capitalization at quarter-end (e) (g)		63.7	%
Debt plus preferred stock to total market capitalization at quarter-end (f) (g)		68.4	%
(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.
(f)	Same as (e) except numerator includes preferred stock.
(g)	Including the effect of the closing of the joint venture with Macquarie Office Trust on January 5, 2006, the pro forma debt to total market capitalization ratio and debt plus preferred stock to total market capitalization ratio at December 31, 2005 would be 58.1% and 63.6%, respectively.

__________

Note: After the Gas Company Tower, 777 Tower and Glendale Center loan refinancings described in notes (2), (6) and (8), the joint venture transaction described in note (9) and the expected repayments of the term loan with the net proceeds of these financings, the fixed rate and floating rate debt percentage of total debt would be 98% and 2%, respectively.

Table of Contents

Maguire Properties, Inc.

Fourth Quarter 2005

Pro Forma Debt Maturities (1)

(in thousands)

Property	2006			2007			2008			2009			2010			Thereafter			Total			Pro Forma Adjustments (6)			Total

Term Loan	$	-		$	-		$	-		$	-		$	415,000		$	-		$	415,000		$	(50,000	)	$	365,000
Wells Fargo Center (Denver, CO)		-			-			-			-			-			276,000			276,000			(276,000	)		-
Gas Company Tower (1), (2)		-			-			280,000			-			-			-			280,000			-			280,000
Pacific Arts Plaza		-			-			-			-			-			270,000			270,000			-			270,000
US Bank Tower		-			-			-			-			-			260,000			260,000			-			260,000
Wells Fargo Tower (Los Angeles, CA) (3)		1,513			3,828			3,982			4,206			236,471			-			250,000			-			250,000
KPMG Tower (3)		-			-			-			246			3,034			206,720			210,000			-			210,000
Park Place		-			-			-			-			-			170,000			170,000			-			170,000
777 Tower (4)		-			-			-			154,504			-			-			154,504			-			154,504
One California Plaza (3)		-			239			2,825			2,984			140,202			-			146,250			(146,250	)		-
San Diego Tech Center		-			-			-			-			-			133,000			133,000			(133,000	)		-
Washington Mutual Irvine Campus		-			-			-			-			-			106,000			106,000			(106,000	)		-
Regents Square I & II		-			-			-			-			-			103,600			103,600			-			103,600
Park Place		-			-			-			-			-			100,000			100,000			-			100,000
Lantana Media Campus		-			-			-			-			98,000			-			98,000			-			98,000
Cerritos		-			-			-			-			-			-			-			95,000			95,000
Glendale Center (5)		-			-			-			-			-			80,000			80,000			-			80,000
801 North Brand		-			-			-			-			-			75,540			75,540			-			75,540
Wateridge Plaza		-			62,880			-			-			-			-			62,880			-			62,880
Mission City Corporate Center		-			-			-			-			-			52,000			52,000			-			52,000
700 North Central		-			-			-			-			-			27,460			27,460			-			27,460
Secured Credit Facility		-			-			-			83,000			-			-			83,000			(83,000	)		-
Total	$	1,513		$	66,947		$	286,807		$	244,940		$	892,707		$	1,860,320		$	3,353,234		$	(699,250	)	$	2,653,984

Weighted Average Rate		4.68	%		6.05	%		5.91	%		5.34	%		5.40	%		5.24	%		5.36	%		0.00	%		5.44	%

__________

(1)	Assumes exercise of extension option.
(2)	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.
(3)	Includes scheduled annual principal debt payments
(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)	The company has obtained a commitment to refinance this debt in June 2006 with a new $125 million, 10-year fixed rate, interest-only loan at 5.83%, including the cost of the forward commitment.
(6)	Upon the January 5, 2006 closing of the joint venture with Macquarie Office Trust, consolidated debt will decrease to $2,653,984 as a result of the following transactions. The company repaid the secured credit facility balance of $83.0 million and $50.0 million of the Term Loan with the closing proceeds. As a result of contributing Wells Fargo Center - Denver ($276.0 million), San Diego Tech Center ($133.0 million), One California Plaza ($146.3 million) and Washington Mutual Irvine Campus ($106.0 million) to the joint venture, the loan amounts for these properties will be deconsolidated. The company's share of this debt is now 20%, or $132.3 million, which is not included in the consolidated debt balance. In addition, upon closing of the joint venture, a ten-year, $95.0 million mortgage loan (fixed interest rate of 5.54%) was taken out on Cerritos, a joint venture property. This loan will be included in the company's consolidated debt balance because the company is the guarantor on the loan through January 4, 2009.

Table of Contents

Maguire Properties, Inc.

Fourth Quarter 2005

Portfolio Data

Table of Contents

Maguire Properties, Inc.

Fourth Quarter 2005

Same Store Analysis

(unaudited and in thousands)

	Twelve Months Ended December 31, (1)
	2005			2004			% Change

Total Same Store Portfolio
Number of properties		9			9
Square Feet (2)		10,396,577			10,375,701
Percent of Total Portfolio		41.7	%		64.8	%
Weighted Average Occupancy (3)		91.0	%		91.7	%

GAAP
Breakdown of Net Operating Income:
Operating Revenues	$	261,986		$	267,447			(2.0	)%	(4)
Operating Expenses		84,160			88,906			(5.3	)%	(5)
Other Expenses		2,371			2,363			0.3	%
Net Operating Income	$	175,455		$	176,178			(0.4	)%

CASH BASIS
Breakdown of Net Operating Income:
Operating Revenues	$	250,723		$	257,017			(2.4	)%	(4)
Operating Expenses		84,160			88,906			(5.3	)%	(5)
Other Expenses		1,557			1,549			0.5	%
Net Operating Income	$	165,006		$	166,562			(0.9	)%

__________

(1)	Properties included in same store year-to-date 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)	YTD property square footage increased in 2005 compared to 2004 due to BOMA '96 remeasurement. QTD property square footage increased in 2005 compared to 2004 primarily due to a change in Park Place parking square footage.
(3)	Represents weighted average occupancy for the years ended December 31, 2005 and 2004 for the same store portfolio.
(4)	Decrease primarily due to lower escalation revenue resulting from lower real estate taxes and insurance premiums.
(5)	Decrease primarily due to a reduction in real estate taxes and insurance premiums.

Table of Contents

Fourth Quarter 2005

Portfolio Overview - Square Footage

OFFICE PROPERTIES	RSF
LOS ANGELES COUNTY
Los Angeles Central Business District Submarket
Gas Company Tower & 808 South Olive		1,335,971
US Bank Tower		1,390,097
Wells Fargo Tower		1,382,337
KPMG Tower		1,138,850
777 Tower		1,006,412
One California Plaza		984,318
Total Los Angeles Central Business District Submarket		7,237,985

Tri-Cities Submarket
Glendale Center		382,888
801 North Brand		280,122
Plaza Las Fuentes		189,947
700 North Central		143,510
Total Tri-Cities Submarket		996,467

Santa Monica Professional and Entertainment Submarket
Lantana Media Campus		328,042
Total Santa Monica Professional and Entertainment Submarket		328,042

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		8,889,029

ORANGE COUNTY
John Wayne Airport Submarket
Park Place		1,893,821
Washington Mutual Irvine Campus		414,595
Total John Wayne Airport Submarket		2,308,416

Costa Mesa Submarket
Pacific Arts Plaza		785,122
Total Costa Mesa Submarket		785,122

TOTAL ORANGE COUNTY		3,093,538

SAN DIEGO COUNTY
UTC (University Town Center)
Regents Square I & II		310,512
Total UTC		310,512

Sorrento Mesa
Wateridge Plaza		267,579
San Diego Tech Center		644,572
Total Sorrento Mesa		912,151

Mission Valley
Mission City Corporate Center		190,747
Total Mission Valley		190,747

TOTAL SAN DIEGO COUNTY		1,413,410

Table of Contents

Maguire Properties, Inc.

Fourth Quarter 2005

Portfolio Overview - Square Footage (continued)

OFFICE PROPERTIES			RSF
OTHER
Denver, CO - Downtown Submarket
Wells Fargo Center				1,201,380
TOTAL OTHER				1,201,380
TOTAL OFFICE PROPERTIES				14,597,357	(1), (2)

RETAIL PROPERTY			RSF
John Wayne Airport Submarket
Park Place				124,279
TOTAL RETAIL PROPERTY				124,279

	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		26,107		7,985,784
Off-Site Garages		5,970		1,946,750
TOTAL PARKING PROPERTIES		32,077		9,932,534

TOTAL PORTFOLIO				24,920,170

________

(1)	Decreased from 14,652,558 square feet at September 30, 2005 primarily due to a reduction of Pacific Arts Plaza net rentable square footage located in buildings that is expected to be razed as part of the planned 400,000 square feet of new office development.
(2)	Total square footage includes 372,067 square feet of retail space located within the office properties.

Table of Contents

Maguire Properties, Inc.

Fourth Quarter 2005

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Table of Contents

Maguire Properties, Inc.

Fourth Quarter 2005

Portfolio Overview - Leased Percentage 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		1,335,971		96.8	%	$	32,774,946	$	25.35
US Bank Tower	Los Angeles Central Business District		1,390,097		83.9	%		30,251,690		25.94
Wells Fargo Tower	Los Angeles Central Business District		1,382,337		88.7	%		23,414,133		19.10
KPMG Tower	Los Angeles Central Business District		1,138,850		89.0	%		20,617,664		20.34
777 Tower	Los Angeles Central Business District		1,006,412		91.6	%		17,658,785		19.16
One California Plaza	Los Angeles Central Business District		984,318		85.9	%		14,422,900		17.06
Subtotal LACBD			7,237,985		89.3	%		139,140,118		21.52

Glendale Center	Tri-Cities		382,888		100.0	%		8,026,751		20.97
801 North Brand	Tri-Cities		280,122		87.7	%		4,384,061		17.85
Plaza Las Fuentes	Tri-Cities		189,947		99.7	%		3,612,891		19.08
700 North Central	Tri-Cities		143,510		80.6	%		2,014,229		17.42
Subtotal Tri-Cities			996,467		93.7	%		18,037,932		19.32

Lantana Media Campus	Santa Monica Professional & Entertainment		328,042		94.6	%		9,876,734		31.82
Subtotal Santa Monica Professional & Entertainment			328,042		94.6	%		9,876,734		31.82

Cerritos - Phase I	Cerritos Office		221,968		100.0	%		5,666,843		25.53
Cerritos - Phase II	Cerritos Office		104,567		100.0	%		2,141,371		20.48
Subtotal Cerritos			326,535		100.0	%		7,808,214		23.91

Subtotal Los Angeles County			8,889,029		90.4	%		174,862,998		21.76

Park Place	John Wayne Airport		1,893,821		91.8	%		23,727,275		13.65
Washington Mutual Irvine Campus	John Wayne Airport		414,595		100.0	%		8,631,398		20.82
Subtotal John Wayne Airport			2,308,416		93.2	%		32,358,673		15.03

Pacific Arts Plaza	Costa Mesa		785,122		89.0	%		13,540,784		19.37

Subtotal Orange County			3,093,538		92.2	%		45,899,457		16.10

Table of Contents

Maguire Properties, Inc.

Fourth Quarter 2005

Portfolio Overview - Leased Percentage 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)		310,512		87.9	%			6,444,577		23.60
Wateridge Plaza	Sorrento Mesa		267,579		100.0	%			4,407,156		16.47
Mission City Corporate Center	Mission Valley		190,747		93.5	%			3,766,085		21.11
San Diego Tech Center	Sorrento Mesa		644,572		97.7	%			10,557,202		16.77

Subtotal San Diego County			1,413,410		95.4	%			25,175,020		18.67

Wells Fargo Center - Denver	Denver, CO - Downtown		1,201,380		93.7	%			18,732,380		16.64

Subtotal Denver, CO-Downtown			1,201,380		93.7	%			18,732,380		16.64

Total/Weighted Average - Office Properties			14,597,357		91.5	%		$	264,669,855	$	19.81


Retail Property
Park Place	John Wayne Airport		124,279		98.2	%			3,425,719		28.08

Total/Weighted Average - Retail Property			124,279		98.2	%		$	3,425,719	$	28.08

Total/Weighted Average - Office & Retail Properties			14,721,636		91.6	%	(3)	$	268,095,574	$	19.88

Parking Revenue Schedule

Square Feet

Vehicle

Capacity

Annualized

Parking Revenue (4)

Annualized

Parking Revenue

Per Vehicle

Capacity(5)

Total On-Site

7,985,784

26,107

34,593,607

1,325

Total Off-Site

1,946,750

5,970

11,363,359

1,903

Total Parking

9,932,534

32,077

45,956,966

1,433

__________

(1)	Annualized rent represents the annualized monthly contractual rent under existing leases as of December 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)	Including leases signed after December 31, 2005 and pending lease transactions as of February 6, 2006, our portfolio lease percentage will increase to 92.0%, from actual leased percentage of 91.6% as of December 31, 2005. In addition, we agreed to a non-contractual termination fee from Cingular Wireless at our Park Place campus prior to year end. This fee represents one year’s rental income in exchange for the termination of approximately 60,000 square feet originally scheduled to expire in 2008. Excluding the lease termination, our leased percentage would have been 92.4%.
(4)	Annualized parking revenue represents the annualized quarterly parking revenue as of December 31, 2005.
(5)	Annualized parking revenue per vehicle capacity represents the annualized parking revenue as computed above, divided by the vehicle capacity.

Table of Contents

Maguire Properties, Inc.

Fourth Quarter 2005

Portfolio Overview - Leased Rates and Weighted Average Remaining Lease Term

	Weighted Average
	Remaining Lease Term	% Leased				% Leased			% Leased			% Leased			% Leased
	(in years)	Q4 2005				Q3 2005			Q2 2005			Q1 2005			Q4 2004

Gas Company Tower	5.0		96.8	%			98.6	%		98.5	%		98.5	%		98.5	%
US Bank Tower	4.8		83.9	%			83.4	%		83.6	%		84.0	%		89.1	%
Wells Fargo Tower	6.6		88.7	%			89.1	%		85.4	%		84.4	%		85.1	%
KPMG Tower	6.5		89.0	%			88.5	%		91.0	%		90.7	%		91.8	%
777 Tower	6.3		91.6	%			92.2	%		92.2	%		90.1	%		-
One California Plaza	5.2		85.9	%			88.1	%		90.5	%		94.6	%		92.4	%
Glendale Center	5.0		100.0	%			100.0	%		100.0	%		100.0	%		100.0	%
801 North Brand	4.5		87.7	%			85.3	%		83.1	%		81.2	%		-
Plaza Las Fuentes	8.7		99.7	%			99.7	%		99.7	%		99.7	%		99.7	%
700 North Central	2.5		80.6	%			77.1	%		77.0	%		73.9	%		-
Lantana Media Campus	3.2		94.6	%			94.0	%		89.8	%		89.6	%		88.8	%
Cerritos - Phase I	8.8		100.0	%			100.0	%		100.0	%		100.0	%		100.0	%
Cerritos - Phase II	5.4		100.0	%			100.0	%		100.0	%		100.0	%		100.0	%
Park Place	4.2		91.8	%			94.8	%		94.9	%		95.0	%		86.0	%
Washington Mutual Irvine Campus	6.0		100.0	%			100.0	%		100.0	%		100.0	%		100.0	%
Pacific Arts Plaza	5.3		89.0	%			86.2	%		86.1	%		85.2	%		-
Regents Square I & II	3.8		87.9	%			85.5	%		86.8	%		86.0	%		-
Wateridge Plaza	2.7		100.0	%			91.8	%		91.8	%		90.7	%		-
Mission City Corporate Center	4.1		93.5	%			92.3	%		92.2	%		86.1	%		-
San Diego Tech Center	3.6		97.7	%			94.6	%		91.7	%		-			-
Wells Fargo Center - Denver	6.1		93.7	%			87.2	%		85.2	%		83.8	%		-
Park Place - Retail	7.9		98.2	%			95.3	%		92.8	%		93.7	%		93.7	%

Total Portfolio	5.3		91.6	%	(1)		91.1	%		90.7	%		90.4	%		91.3	%

__________

(1)

Including leases signed after December 31, 2005 and pending lease transactions as of February 6, 2006, our portfolio lease percentage will increase to 92.0%, from actual leased percentage of 91.6% as of December 31, 2005. In addition, we agreed to a non-contractual termination fee from Cingular Wireless at our Park Place campus prior to year end. This fee represents one year’s rental income in exchange for the termination of approximately 60,000 square feet originally scheduled to expire in 2008. Excluding the lease termination, our leased percentage would have been 92.4%.

Table of Contents

Maguire Properties, Inc.

Fourth 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 (2)

	Rated
1	Southern California Gas Company	1	$	16,807,927	6.3%		576,516	4.3%		70	A
2	Wells Fargo Bank	2		11,580,971	4.3%		706,447	5.2%		83	AA
3	Washington Mutual, FA	4		9,431,283	3.5%		446,562	3.3%		71	A
5	Sempra (Pacific Enterprises)	1		8,504,539	3.2%		225,756	1.7%		54	A
4	New Cingular Wireless Services, Inc.	1		7,808,214	2.9%		326,535	2.4%		92	A
6	Los Angeles Unified School District	1		5,476,897	2.0%		260,498	1.9%		6	AAA
7	ConAgra, Inc.	1		5,411,330	2.0%		393,317	2.9%		56	BBB+
8	Bank of America	2		4,332,732	1.6%		199,978	1.5%		67	AA
9	US Bank, National Association	1		3,437,099	1.3%		154,872	1.1%		114	AA-
10	Disney Enterprises	1		3,085,885	1.2%		156,215	1.2%		66	A-

	Total Rated / Weighted Average (3)			75,876,877	28.3%		3,446,696	25.5%		69

	*Total Investment Grade Tenants*			*124,459,273*	*47.4%*		*6,249,153*	*47.4%*

	Unrated - Nationally Recognized
11	Latham & Watkins	2	$	9,723,372	3.5%		361,524	2.7%		60	3rd Largest US Law Firm
12	Gibson Dunn & Crutcher	1		6,103,475	2.3%		268,268	2.0%		143	18th Largest US Law Firm
13	Morrison & Foerster	1		5,329,600	2.0%		192,775	1.4%		70	24th Largest US Law Firm
14	Jones, Day, Reavis & Pogue	1		4,982,380	1.9%		152,166	1.1%		10	4th Largest US Law Firm
15	Munger Tolles & Olson	1		3,961,089	1.5%		186,890	1.4%		194	131st Largest US Law Firm
16	Bingham McCutchen	2		3,672,579	1.4%		182,393	1.4%		50	26th Largest US Law Firm
17	KPMG	1		2,965,080	1.1%		175,525	1.3%		102	4th Largest US Accounting Firm
19	Skadden, Arps, Slate, Meagher & Flom	1		2,415,376	0.9%		152,576	1.1%		71	Largest US Law Firm
18	Sidley Austin Brown & Wood	1		2,408,376	0.9%		147,237	1.1%		36	5th Largest US Law Firm
20	Kirkland & Ellis	1		2,135,353	0.8%		106,523	0.8%		50	9th Largest US Law Firm

	Total Unrated / Weighted Average (3)			43,696,680	16.3%		1,925,877	14.3%		83

	*Total Nationally Recognized Tenants*			*66,449,342*	*23.8%*		*3,212,505*	*22.7%*

	Total / Weighted Average (3)		$	119,573,557	44.6%		5,372,573	39.8%		74

	*Total Investment Grade or* *Nationally Recognized Tenants*		$	*190,908,615*	*71.2%*		*9,461,658*	*70.1%*

__________

(1)	Annualized base rent is calculated as monthly contractual base rent under existing leases as of December 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)	S&P credit ratings are as of December 31, 2005, and rankings of law firms are based on total gross revenue in 2004 as reported by American Lawyer Media's LAW.com.
(3)	The weighted average calculation is based on the net rentable square feet leased by each tenant.

Table of Contents

Maguire Properties, Inc.

Fourth Quarter 2005

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Table of Contents

Maguire Properties, Inc.

Fourth 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		1,237,998		8.4	%
2006		1,264,083		8.6	%	$	25,979,523		9.7	%	$	20.55	$	20.63
2007		930,134		6.3	%		19,058,952		7.1	%		20.49		21.01
2008		1,188,794		8.1	%		21,064,408		7.9	%		17.72		20.05
2009		1,447,293		9.8	%		30,034,624		11.2	%		20.75		22.23
2010		2,025,202		13.8	%		40,064,176		15.0	%		19.78		22.00
2011		1,932,019		13.1	%		41,075,739		15.3	%		21.26		25.49
2012		633,133		4.3	%		11,525,784		4.3	%		18.20		21.40
2013		1,756,147		11.9	%		33,290,471		12.4	%		18.96		20.67
2014		941,284		6.4	%		16,676,943		6.2	%		17.72		23.92
2015		487,469		3.3	%		11,075,015		4.1	%		22.72		27.47
Thereafter		878,080		6.0	%		18,249,939		6.8	%		20.78		22.78
Total		14,721,636		100.0	%	$	268,095,574		100.0	%	$	19.88	$	22.47

Leases Expiring in the Next 4 Quarters:

1st Quarter 2006	274,345	1.9	%	$	4,820,291	1.8	%	$	17.57	$	17.70
2nd Quarter 2006 (3)	541,441	3.7	%		10,617,475	4.0	%		19.61		19.62
3rd Quarter 2006	98,881	0.7	%		2,153,702	0.8	%		21.78		21.78
4th Quarter 2006	349,416	2.3	%		8,388,055	3.1	%		24.01		24.18
Total	1,264,083	8.6	%	$	25,979,523	9.7	%	$	20.55	$	20.63

__________

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

Table of Contents

Maguire Properties, Inc.

Fourth 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		852,980		9.6	%
2006		956,841		10.8	%	$	20,081,459		11.5	%	$	20.99	$	21.00
2007		526,747		5.9	%		11,698,485		6.8	%		22.21		22.75
2008		637,202		7.2	%		11,781,641		6.7	%		18.49		19.11
2009		521,729		5.9	%		12,882,175		7.4	%		24.69		25.22
2010		792,665		8.9	%		20,882,449		11.9	%		26.34		27.42
2011		1,341,718		15.1	%		30,789,688		17.6	%		22.95		27.59
2012		356,172		4.0	%		7,042,134		4.0	%		19.77		23.61
2013		1,123,865		12.6	%		22,308,991		12.7	%		19.85		21.62
2014		544,562		6.1	%		10,846,986		6.2	%		19.92		25.96
2015		425,572		4.8	%		9,800,086		5.6	%		23.03		28.55
Thereafter		808,976		9.1	%		16,748,904		9.6	%		20.70		22.59
Total		8,889,029		100.0	%	$	174,862,998		100.0	%	$	21.76	$	24.15

Leases Expiring in the Next 4 Quarters:

1st Quarter 2006	174,048	2.0	%	$	2,794,189	1.6	%	$	16.05	$	16.05
2nd Quarter 2006 (3)	501,297	5.6	%		9,902,481	5.7	%		19.75		19.77
3rd Quarter 2006	24,064	0.3	%		749,322	0.4	%		31.14		31.14
4th Quarter 2006	257,432	2.9	%		6,635,467	3.8	%		25.78		25.78
Total	956,841	10.8	%	$	20,081,459	11.5	%	$	20.99	$	21.00

__________

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

Table of Contents

Maguire Properties, Inc.

Fourth 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		244,436		7.6	%
2006		148,896		4.6	%	$	2,579,406		5.2	%	$	17.32	$	17.32
2007		180,049		5.6	%		3,331,725		6.7	%		18.50		18.89
2008		254,753		7.9	%		4,120,418		8.4	%		16.17		16.94
2009		388,480		12.1	%		7,537,277		15.3	%		19.40		21.58
2010		896,876		27.9	%		12,338,603		25.0	%		13.76		16.29
2011		455,867		14.2	%		7,623,944		15.5	%		16.72		20.61
2012		190,369		5.9	%		3,003,054		6.1	%		15.77		19.11
2013		228,011		7.1	%		3,994,823		8.1	%		17.52		20.91
2014		145,158		4.5	%		2,964,584		6.0	%		20.42		25.70
2015		28,920		0.9	%		594,158		1.2	%		20.54		11.05
Thereafter		56,002		1.7	%		1,237,184		2.5	%		22.09		23.89
Total		3,217,817		100.0	%	$	49,325,176		100.0	%	$	16.59	$	19.20

Leases Expiring in the Next 4 Quarters:

1st Quarter 2006	66,529	2.1	%	$	1,166,955	2.4	%	$	17.54	$	17.54
2nd Quarter 2006 (3)	10,438	0.3	%		154,647	0.3	%		14.82		14.82
3rd Quarter 2006	65,295	2.0	%		1,185,825	2.4	%		18.16		18.16
4th Quarter 2006	6,634	0.2	%		71,979	0.1	%		10.85		10.85
Total	148,896	4.6	%	$	2,579,406	5.2	%	$	17.32	$	17.32

__________

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

Table of Contents

Maguire Properties, Inc.

Fourth 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		64,766		4.6	%
2006		125,670		8.9	%	$	2,518,142		10.0	%	$	20.04	$	20.50
2007		123,673		8.7	%		2,446,568		9.7	%		19.78		20.82
2008		280,658		19.9	%		4,886,362		19.4	%		17.41		25.11
2009		456,011		32.3	%		8,146,098		32.4	%		17.86		19.92
2010		170,847		12.1	%		3,101,726		12.3	%		18.15		23.20
2011		108,313		7.7	%		2,327,539		9.2	%		21.49		26.20
2012		-		0.0	%		13,498		0.1	%		-		-
2013		47,049		3.3	%		921,678		3.7	%		19.59		24.18
2014		-		0.0	%		-		0.0	%		-		-
2015		23,321		1.6	%		549,558		2.2	%		23.56		32.08
Thereafter		13,102		0.9	%		263,851		1.0	%		20.14		29.74
Total		1,413,410		100.0	%	$	25,175,020		100.0	%	$	18.67	$	22.54

Leases Expiring in the Next 4 Quarters:

1st Quarter 2006	10,277	0.7	%	$	202,436	0.8	%	$	19.70	$	19.70
2nd Quarter 2006 (3)	22,351	1.6	%		444,209	1.7	%		19.87		19.87
3rd Quarter 2006	9,522	0.7	%		218,555	0.9	%		22.95		22.95
4th Quarter 2006	83,520	5.9	%		1,652,942	6.6	%		19.79		20.49
Total	125,670	8.9	%	$	2,518,142	10.0	%	$	20.04	$	20.50

__________

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

Table of Contents

Maguire Properties, Inc.

Fourth Quarter 2005

Leasing Activity - Total Portfolio

	For the
	Three Months Ended
	December 31, 2005			% Leased

Leased Square Feet as of September 30, 2005 (1)		13,464,786			91.5	%
Expirations		(321,013	)		(2.2	)%
New Leases		278,083			1.9	%
Renewals		61,782			0.4	%
Leased Square Feet as of December 31, 2005		13,483,638			91.6	%

Cash Rent Growth (2), (3)
Expiring Rate per Square Foot				$	19.62
New / Renewed Rate per Square Foot				$	20.41
Percentage Change					4.0	%

GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot				$	18.68
New / Renewed Rate per Square Foot				$	22.26
Percentage Change					19.1	%

Weighted Average Lease Term - New (in months)					64
Weighted Average Lease Term - Renewal (in months)					34

__________

(1)	Includes the reduction of 58,586 square feet of vacant space at Pacific Arts Plaza that is expected to be razed as part of the planned 400,000 square feet of new office development.
(2)	Represents the difference between (i) initial market rents on new and renewed leases and (ii) the cash rents on those spaces immediately prior to the expiration or termination. Excludes new and renewed leases for spaces with more than six months of downtime.
(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.
(4)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.

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Maguire Properties, Inc.

Fourth Quarter 2005

Leasing Activity - Los Angeles Central Business District

	For the
	Three Months Ended
	December 31, 2005			% Leased

Leased Square Feet as of September 30, 2005, Los Angeles Central Business District		6,510,483			90.0	%
Expirations		(127,872	)		(1.8	)%
New Leases		67,309			0.9	%
Renewals		15,755			0.2	%
Leased Square Feet as of December 31, 2005, Los Angeles Central Business District		6,465,675			89.3	%

Cash Rent Growth (1), (3)
Expiring Rate per Square Foot				$	17.17
New / Renewed Rate per Square Foot				$	18.74
Percentage Change					9.1	%

GAAP Rent Growth (2), (3)
Expiring Rate per Square Foot				$	16.35
New / Renewed Rate per Square Foot				$	21.30
Percentage Change					30.2	%

Weighted Average Lease Term - New (in months)					33
Weighted Average Lease Term - Renewal (in months)					22

__________

(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.

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Maguire Properties, Inc.

Fourth Quarter 2005

Leasing Activity - Orange County

	For the
	Three Months Ended
	December 31, 2005			% Leased

Leased Square Feet as of September 30, 2005, Orange County (1)		3,054,972			95.0	%
Expirations		(105,955	)		(3.3	)%
New Leases		14,381			0.4	%
Renewals		9,983			0.3	%
Leased Square Feet as of December 31, 2005, Orange County		2,973,381			92.4	%

Cash Rent Growth (2), (3)
Expiring Rate per Square Foot				$	14.47
New / Renewed Rate per Square Foot				$	13.12
Percentage Change					(9.3	)%

GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot				$	14.42
New / Renewed Rate per Square Foot				$	13.55
Percentage Change					(6.0	)%

Weighted Average Lease Term - New (in months)					75
Weighted Average Lease Term - Renewal (in months)					56

__________

(1)	Includes the reduction of 58,586 square feet of vacant space at Pacific Arts Plaza that is expected to be razed as part of the planned 400,000 square feet of new office development.
(2)	Represents the difference between (i) initial market rents on new and renewed leases and (ii) the cash rents on those spaces immediately prior to the expiration or termination.
	Excludes new and renewed leases for spaces with more than six months of downtime.
(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.
(4)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.

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Maguire Properties, Inc.

Fourth Quarter 2005

Leasing Activity - San Diego County

	For the
	Three Months Ended
	December 31, 2005			% Leased

Leased Square Feet as of September 30, 2005, San Diego County		1,295,910			91.8	%
Expirations		(65,354	)		(4.6	)%
New Leases		93,800			6.6	%
Renewals		24,288			1.6	%
Leased Square Feet as of December 31, 2005, San Diego County		1,348,644			95.4	%

Cash Rent Growth (1), (3)
Expiring Rate per Square Foot				$	21.39
New / Renewed Rate per Square Foot				$	22.46
Percentage Change					5.0	%

GAAP Rent Growth (2), (3)
Expiring Rate per Square Foot				$	20.67
New / Renewed Rate per Square Foot				$	24.37
Percentage Change					17.9	%

Weighted Average Lease Term - New (in months)					68
Weighted Average Lease Term - Renewal (in months)					37

__________

(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.

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Maguire Properties, Inc.

Fourth Quarter 2005

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

	Q4 2005		Q3 2005		Q2 2005		Q1 2005		2005		2004		2003

Renewals (4)
Number of Leases		15		28		23		1		67		29		14
Square Feet		61,782		354,540		300,624		23,429		740,375		296,203		120,022
Tenant Improvement Costs per Square Foot (3)	$	3.94	$	7.90	$	14.09	$	44.69	$	11.25	$	15.49	$	30.66
Leasing Commission Costs per Square Foot (5)	$	1.82	$	4.16	$	2.88	$	10.32	$	3.64	$	5.98	$	2.36
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	5.76	$	12.06	$	16.97	$	55.01	$	14.89	$	21.47	$	33.02
Costs per Square Foot per Year	$	2.01	$	2.34	$	5.50	$	5.32	$	3.46	$	4.31	$	6.24

New / Modified Leases (6)
Number of Leases		39		38		36		25		138		48		36
Square Feet		272,399		339,912		211,746		223,577		1,047,634		453,301		851,316
Tenant Improvement Costs per Square Foot (3)	$	19.69	$	26.15	$	21.59	$	35.97	$	24.29	$	36.28	$	48.26
Leasing Commission Costs per Square Foot (5)	$	4.62	$	4.96	$	5.54	$	8.13	$	5.41	$	9.28	$	4.78
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	24.31	$	31.11	$	27.13	$	44.10	$	29.70	$	45.56	$	53.04
Costs per Square Foot per Year	$	4.44	$	5.05	$	4.44	$	5.91	$	4.78	$	4.26	$	7.95

Total
Number of Leases		54		66		59		26		205		77		50
Square Feet		334,181		694,452		512,370		247,006		1,788,009		749,504		971,338
Tenant Improvement Costs per Square Foot (3)	$	16.78	$	16.83	$	17.19	$	36.80	$	18.89	$	28.06	$	46.09
Leasing Commission Costs per Square Foot (5)	$	4.10	$	4.55	$	3.98	$	8.34	$	4.68	$	7.97	$	4.48
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	20.88	$	21.38	$	21.17	$	45.14	$	23.57	$	36.03	$	50.57
Costs per Square Foot per Year	$	4.29	$	3.80	$	4.87	$	5.84	$	4.36	$	4.20	$	7.77

__________

(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.

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Maguire Properties, Inc.

Fourth Quarter 2005

Historical Capital Expenditures

Office Properties (1), (2), (3) ,(4), (5,) (6), (7)

	Q4 2005		Q3 2005		Q2 2005		Q1 2005		2005		2004		2003

Non-recoverable Capital Expenditures (11)	$	1,166,488	$	988,888	$	418,826	$	306,942	$	2,881,144	$	1,046,178	$	151,512
Total Square Feet(8), (9)		13,980,506		14,035,707		13,384,203		9,145,247		50,545,663		6,783,532		5,783,068
Non-recoverable Capital Expenditures per Square Foot	$	0.08	$	0.07	$	0.03	$	0.03	$	0.06	$	0.15	$	0.03

Recoverable Capital Expenditures (10)	$	599,384	$	353,071	$	400,415	$	707,185	$	2,060,054	$	3,009,186	$	1,956,984
Total Square Feet (8), (9)		13,980,506		14,035,707		13,384,203		9,145,247		50,545,663		6,783,532		5,783,068
Recoverable Capital Expenditures per Square Foot	$	0.04	$	0.03	$	0.03	$	0.08	$	0.04	$	0.44	$	0.34

__________

(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 their 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 is 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.
(11)	Non-recoverable capital expenditures in Q4 2005 exclude $2.2 million of renovation costs at the Lantana Media Campus.

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Maguire Properties, Inc.

Fourth Quarter 2005

Hotel Performance

Westin Hotel, Pasadena, CA (1)	Q4 2005			Q4 2004			Percent Change			YTD December 31, 2005			YTD December 31, 2004			Percent Change

Occupancy		76.4	%		78.3	%		(2.4	)%		81.2	%		74.0	%		9.8	%
Average Daily Rate	$	165.74		$	147.95			12.0	%	$	155.89		$	142.00			9.8	%
Revenue Per Available Room (REVPAR)	$	126.63		$	115.82			9.3	%	$	126.61		$	105.03			20.5	%
Hotel Net Operating Income (2)	$	2,190,835		$	1,895,412			15.6	%	$	7,838,248		$	5,657,958			38.5	%

Hotel Historical Capital Expenditures

													For the Year Ended December 31,
Westin Hotel, Pasadena, CA (1)	Q4 2005			Q3 2005			Q2 2005			Q1 2005			2005			2004			2003

Hotel Improvements and Equipment Replacements	$	11,816		$	187,934		$	98,199		$	15,062		$	313,011		$	20,436		$	440,341
Total Hotel Revenue	$	6,527,427		$	5,831,812		$	5,762,901		$	5,915,285		$	24,037,425		$	20,518,964		$	18,449,302
Hotel Improvements as a Percentage of Hotel Revenue		0.2	%		3.2	%		1.7	%		0.3	%		1.3	%		0.1	%		2.4	%
Renovation and Upgrade Costs (3)	$	253,655		$	1,813,759		$	892,809		$	501,557		$	3,461,780		$	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 underwent a $12.2 million renovation from December 2002 through August 2005 of which $3.5 million has been funded by Westin.

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Maguire Properties, Inc.

Fourth Quarter 2005

Development Pipeline

As of December 31, 2005

Percentage

Developed / Developable

Type of

Property

Location

Pre-Leased

Acreage

Square Feet (1)

Planned Development

Park Place - Residential

Irvine, CA

N/A

1,700,000

Residential

Park Place - Office, Retail & Hotel

Irvine, CA

N/A

1,360,000

Office, Retail & Hotel

San Diego Tech Center

San Diego, CA

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 (2)

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

194,000

Office

200 Burchett

Glendale, CA

N/A

0.8

187,000

Office

Wateridge Plaza

Sorrento Mesa, CA

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

102,000

Office

Total Net Rentable Area

7,273,000

Park Place - Structured Parking

Irvine, CA

N/A

3,575,000

Parking

Total

10,848,000

__________

(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.
(2)	The Company is in discussions with the city of Costa Mesa for the potential development of 175 residential units totaling approximately 300,000 square feet at Pacifica Arts Plaza. This development would be in addition to the 400,000 square feet of office entitlements.

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Maguire Properties, Inc.

Fourth Quarter 2005

Option Properties (1)

As of December 31, 2005

Percentage

Developed / Developable

Property

Location

Leased

Acreage

Square Feet

Status

1733 Ocean Avenue

Santa Monica, CA

87%

N/A

91,398

Complete

Western Asset Plaza

Pasadena, CA

94%

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

(3)

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.
(3)	The amount shown represents the Company's estimate of the square footage that can be developed.

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Maguire Properties, Inc.

Fourth 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 (including capitalized leasing expenses, tenant allowances or improvements and 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).

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Maguire Properties, Inc.

Fourth 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 and non-recurring capital expenditures required to maintain and re-tenant our properties, (iv) regular principal payments required to service our debt and (v) 2^nd Generation tenant improvement and leasing commissions. Management uses AFFO as a supplemental liquidity measure because, when compared year over year, it assesses our ability to fund our dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the liquidity of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs.

However, because AFFO may exclude certain non-recurring capital expenditures and leasing costs, the utility of AFFO as a measure of our liquidity is limited. Additionally, other equity REITs may not calculate AFFO 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 not be considered an alternative to cash flows from operating activities (computed in accordance with GAAP) as a measure of our liquidity. EBITDA should not be considered as an alternative to net income as an indicator of our operating performance. Other equity REITs may calculate EBITDA differently than we do; accordingly, our EBITDA may not 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.

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Maguire Properties, Inc.

Fourth 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 not be considered as an alternative to cash flows from operating activities (computed in accordance with GAAP) as a measure of our liquidity.

MPG Office Trust Inactive 8-K/AMaguire Properties Reports Fourth Quarter 2005