MPG Office Trust 8K Maguire Properties Reports First Quarter 2006 | SEC 3 May 06

Exhibit 99.2

Maguire Properties, Inc.

First Quarter 2006

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 Statement of Operations	10
	MMO Joint Venture Statement of 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
	MMO Joint Venture Debt Summary	17
	Pro Forma Debt Maturities	18
	MMO Joint Venture Debt Maturities	19
Portfolio Data
	Same Store Analysis	21
	Portfolio Overview - Square Footage	22
	Portfolio Geographic Distribution	24
	Portfolio Listing - Leased Percentage and In-Place Rents	25
	Portfolio Overview - Leased Rates and Weighted Average Remaining Lease Term	27
	Major Tenants - Office Properties	28
	Portfolio Tenant Classification Description	29
	Consolidated Lease Expirations - Total Portfolio	30
	Consolidated Lease Expirations - Los Angeles County	31
	Consolidated Lease Expirations - Orange County	32
	Consolidated Lease Expirations - San Diego County	33
	Lease Expirations - MMO Joint Venture Portfolio	34
	Total and Effective Leasing Activity - Total Portfolio	35
	Total and Effective Leasing Activity - Los Angeles Central Business District	36
	Total and Effective Leasing Activity - Orange County	37
	Total and Effective Leasing Activity - San Diego County	38
	Tenant Improvements and Leasing Commissions	39
	Historical Capital Expenditures	40
	Hotel Performance and Hotel Historical Capital Expenditures	41
	Development Pipeline	42
	Management Statements on Non-GAAP Supplemental Measures	43

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.

First Quarter 2006

Corporate Data

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Maguire Properties, Inc.

First Quarter 2006

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 March 31, 2006, the Company had an office portfolio comprised of whole or partial interests in 23 properties with approximately 15.4 million net rentable square feet, one 350-room hotel with 266,000 square feet and total on- and off-site structured parking of approximately 10.0 million square feet, plus surface parking, which in total accommodates over 32,500 vehicles. The Company 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 acquired Pacific Center, a 6.4-acre office campus with two 10-story buildings located in San Diego, California, for $149.0 million.

We sold 808 South Olive Garage in downtown Los Angeles, California for $26.5 million.

On January 5, 2006, we closed on the joint venture with Macquarie Office Trust to own, operate and acquire office properties principally located in Southern California. The new venture, Maguire-Macquarie Office, LLC (“MMO Joint Venture”) initially owns six premier office properties located primarily in Southern California and Denver, Colorado featuring nearly 3.85 million square feet and an average portfolio occupancy of 93.4%.

Debt:

In connection with the closing of the joint venture, we repaid $50.0 million of our term loan and $83.0 million of our secured credit facility.

We have entered into a $121.2 million ten-year fixed rate interest-only mortgage loan at 5.76% secured by Pacific Center.

In addition, upon closing of the joint venture, Maguire Macquarie-Cerritos I, LLC, a wholly owned subsidiary of the joint venture, completed a $95.0 million mortgage financing, bearing interest at a fixed rate of 5.54% with a maturity date of February 1, 2016. Cerritos is a joint venture property and monthly debt service payments will be made by the joint venture. Our Operating Partnership is the guarantor on the mortgage through January 5, 2009.

Development Activities:

In the first quarter we continued site development 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 mid 2007 for the office building.

During the first quarter we continued development activities at San Diego Tech Center, Lantana Media Campus, Washington Mutual Irvine Campus and Mission City Corporate Center, Glendale North and commenced activities at Wateridge Plaza, Pac Arts Plaza and 755 Figueroa.

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Maguire Properties, Inc.

First Quarter 2006

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, 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
		Peter Johnston	Senior Vice President, Leasing

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

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Maguire Properties, Inc.

First Quarter 2006

Common Stock Data (NYSE: MPG)

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

	1st Quarter 2006			4th Quarter 2005			3rd Quarter 2005			2nd Quarter 2005			1st Quarter 2005
High Price	$	36.60		$	32.43		$	30.37		$	28.39		$	27.40
Low Price	$	30.15		$	27.33		$	25.92		$	23.07		$	23.19
Closing Price	$	36.50		$	30.90		$	30.05		$	28.34		$	23.88
Dividends per share - Annualized	$	1.60		$	1.60		$	1.60		$	1.60		$	1.60
Closing Dividend Yield - Annualized		4.38	%		5.18	%		5.32	%		5.65	%		6.70	%
Closing Common Shares and Limited Partnership Units Outstanding (in thousands)		53,706			53,808			53,804			53,791			53,789
Closing Market Value of Common Shares and Limited Partnership Units Outstanding (in thousands)	$	1,960,258		$	1,662,680		$	1,616,801		$	1,524,439		$	1,284,477

Dividends per Share

1st Quarter 2006

4th Quarter 2005

3rd Quarter 2005

2nd Quarter 2005

1st Quarter 2005

Common Stock

Amount

0.4000

Declared

March 22, 2006

December 15, 2005

September 20, 2005

June 21, 2005

March 17, 2005

Record

March 31, 2006

December 30, 2005

September 30, 2005

June 30, 2005

March 31, 2005

Paid

April 28, 2006

January 31, 2006

October 28, 2005

July 29, 2005

April 29, 2005

Preferred Stock

Amount

0.4766

Declared

March 22, 2006

December 15, 2005

September 20, 2005

June 21, 2005

March 17, 2005

Record

March 31, 2006

December 30, 2005

September 30, 2005

June 30, 2005

March 31, 2005

Paid

April 28, 2006

January 31, 2006

October 28, 2005

July 29, 2005

April 29, 2005

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Maguire Properties, Inc.

First Quarter 2006

Consolidated Financial Results

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Maguire Properties, Inc.

First Quarter 2006

Financial Highlights

(unaudited and in thousands, except per share amounts)

	Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended
	March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005
Income Items:
Revenue including discontinued operations (1)	$	109,282		$	134,254		$	128,809		$	131,332		$	97,468
Straight line rent including discontinued operations	$	3,214		$	3,364		$	3,283		$	3,362		$	3,655
Fair value lease revenue including discontinued operations (2)	$	2,819		$	2,517		$	2,416		$	2,217		$	750
Lease termination fees	$	-		$	3,969		$	127		$	295		$	43
Office property operating margin (3)		66.1	%		65.5	%		65.5	%		66.1	%		66.4	%
Net income (loss) available to common shareholders	$	84,797		$	(12,091	)	$	(16,133	)	$	(12,055	)	$	(2,603	)

Funds from operations (FFO) available
to common shareholders (4)	$	23,636		$	25,787		$	24,109		$	22,847		$	20,191
FFO per common share - diluted (4)	$	0.51		$	0.58		$	0.55		$	0.53		$	0.47
FFO per common share before loss from early extinguishment of debt - diluted (4)	$	0.53		$	0.58		$	0.55		$	0.55		$	0.49
Net income (loss) per common share - diluted	$	1.84		$	(0.27	)	$	(0.37	)	$	(0.28	)	$	(0.06	)
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)		4.74			1.77			1.75			1.73			2.13
Interest coverage ratio before loss from early extinguishment of debt and gain on sale of real estate (7)		1.84			1.77			1.75			1.76			2.18
Fixed-charge coverage ratio (8)		4.17			1.59			1.57			1.56			1.79
Fixed-charge coverage ratio before loss from early extinguishment of debt and gain on sale of real estate (9)		1.62			1.59			1.57			1.58			1.83
FFO payout ratio (10)		78.4	%		68.4	%		72.7	%		75.5	%		85.1	%
AFFO payout ratio (11)		163.5	%		134.9	%		149.1	%		131.5	%		128.1	%

Capitalization:
Total consolidated debt (12)	$	2,559,016		$	3,353,234		$	3,345,201		$	3,334,730		$	3,371,330
Preferred stock @ quarter end	$	250,000		$	250,000		$	250,000		$	250,000		$	250,000
Common stock price @ quarter end	$	36.50		$	30.90		$	30.05		$	28.34		$	23.88
Common equity value @ quarter end (13)	$	1,960,258		$	1,662,680		$	1,616,801		$	1,524,439		$	1,284,477
Total consolidated market capitalization	$	4,769,274		$	5,265,914		$	5,212,002		$	5,109,169		$	4,905,807
Company portion of joint venture debt	$	161,650		$	-		$	-		$	-		$	-
Combined market capitalization	$	4,930,924		$	5,265,914		$	5,212,002		$	5,109,169		$	4,905,807

Consolidated debt / total market capitalization		53.7	%		63.7	%		64.2	%		65.3	%		68.7	%
Combined debt / total market capitalization		55.2	%		63.7	%		64.2	%		65.3	%		68.7	%
Consolidated debt plus preferred stock / total market capitalization		58.9	%		68.4	%		69.0	%		70.2	%		73.8	%
Combined debt plus preferred stock / total market capitalization		60.2	%		68.4	%		69.0	%		70.2	%		73.8	%

_________

(1)	Includes gross revenue from hotel operations of $6,676, $6,527, $5,832, $5,763, and $5,915 for the three months ended March 31, 2006, December 31, 2005, September 30, 2005, June 30, 2005, and March 31, 2005, 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 43. For a quantitative reconciliation of the differences between FFO and net income, see page 12.
(5)	Preferred dividend declared for three months ended April 30, 2006, January 31, 2006, October 31, 2005, July 31, 2005 and April 30, 2005.
(6)	Calculated as earnings before interest, taxes and depreciation and amortization and preferred dividends, or EBITDA, of $176,136, $80,723, $78,218, $78,442 and $55,688, respectively, divided by cash interest expense of $37,140, $45,604, $44,780, $45,381 and $26,101, respectively. For a definition of cash interest expense, see page 16. For a discussion of EBITDA, see page 44. 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 and gain on sale of real estate entities, of $68,309, $80,842, $78,218, $79,556 and $56,896, respectively divided by cash interest expense of $37,140, $45,604, $44,780, $45,381 and $26,101, respectively.
(8)	Calculated as EBITDA of $176,136, $80,723, $78,218, $78,442 and $55,688, respectively divided by fixed charges of $42,238, $50,689, $49,858, $50,452 and $31,165. For a definition of fixed charges, see page 16.
(9)	Calculated as EBITDA before loss from early extinguishment of debt and gain on sale of real estate entities of $68,309, $80,842, $78,218, $79,556 and $56,896, respectively divided by fixed charges of $42,238, $50,689, $49,858, $50,452 and $31,165.
(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 $21,482, $21,523, $21,521, $21,516 and $21,516, respectively divided by AFFO of $13,138, $15,953, $14,430, $16,360 and $16,792, respectively. For a definition of AFFO, see page 44. For a quantitative reconciliation of the differences between AFFO and FFO, see page 13.
(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.

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Maguire Properties, Inc.

First Quarter 2006

Consolidated Balance Sheets

(in thousands)

	March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005
	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)

Assets
Investments in real estate	$	3,190,004		$	3,897,893		$	3,901,528		$	3,885,973		$	3,636,549
Less: accumulated depreciation and amortization		(284,235	)		(309,270	)		(277,952	)		(245,234	)		(217,308	)
		2,905,769			3,588,623			3,623,576			3,640,739			3,419,241
Assets associated with discontinued operations		-			-			-			-			186,577
		2,905,769			3,588,623			3,623,576			3,640,739			3,605,818
Cash and cash equivalents including restricted cash		133,814			114,054			155,868			166,697			223,026
Rents, deferred rents and other receivables		57,515			55,997			48,726			46,055			40,568
Deferred charges, net		189,037			241,887			253,344			261,970			290,545
Other assets		58,366			68,630			63,053			66,093			61,000
Investment in unconsolidated joint venture		34,210			-			-			-			-
Total assets	$	3,378,711		$	4,069,191		$	4,144,567		$	4,181,554		$	4,220,957

Liabilities, minority interests and stockholders' equity
Loans payable	$	2,559,016		$	3,353,234		$	3,390,401		$	3,379,930		$	3,270,930
Obligations associated with discontinued operations		-			-			-			-			150,392
Dividends and distributions payable		24,660			24,701			24,699			24,694			24,693
Accounts payable, accrued interest payable and other liabilities		153,371			114,965			119,744			121,326			91,609
Acquired lease obligations, net		83,699			99,584			104,749			116,201			96,525
Total liabilities		2,820,746			3,592,484			3,639,593			3,642,151			3,634,149

Minority interests		44,532			40,070			47,329			53,332			67,282

Stockholders' equity
Common and preferred stock and additional paid in capital		668,327			666,182			659,322			659,309			654,115
Accumulated deficit and dividends		(167,213	)		(233,481	)		(202,658	)		(168,684	)		(138,968	)
Accumulated other comprehensive (loss) income, net		12,319			3,936			981			(4,554	)		4,379
Total stockholders' equity		513,433			436,637			457,645			486,071			519,526
Total liabilities, minority interests and stockholders' equity	$	3,378,711		$	4,069,191		$	4,144,567		$	4,181,554		$	4,220,957

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Maguire Properties, Inc.

First Quarter 2006

Consolidated Statements of Operations (1)

(in thousands, except for per share amounts)

(unaudited)

	Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended
	March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005

Revenue:
Rental	$	67,780		$	80,220		$	80,396		$	79,435		$	58,525
Tenant reimbursements		22,068			30,298			28,569			28,669			21,665
Hotel operations		6,676			6,527			5,832			5,763			5,915
Parking		10,323			11,643			12,003			11,417			9,640
Management, leasing and development services to affiliates		1,655			563			1,147			1,001			261
Interest and other		780			5,003			862			1,137			716
Total revenue		109,282			134,254			128,809			127,422			96,722

Expenses:
Rental property operating and maintenance		21,731			26,598			28,069			25,865			19,383
Hotel operating and maintenance		4,185			4,247			3,827			3,821			3,844
Real estate taxes		9,366			12,308			10,702			11,207			8,113
Parking expenses		2,879			3,208			2,971			3,140			2,647
General and administrative and other		6,134			6,385			4,356			5,293			5,658
Ground lease		268			666			666			666			666
Depreciation and amortization		34,608			46,075			49,123			43,254			28,426
Interest		33,084			44,558			43,982			43,373			25,371
Loss from early extinguishment of debt		642			119			-			442			1,208
Total expenses		112,897			144,164			143,696			137,061			95,316

(Loss) income from continuing operations before equity in net
income of unconsolidated joint venture and minority interests		(3,615	)		(9,910	)		(14,887	)		(9,639	)		1,406
Equity in net loss of unconsolidated joint venture		(825	)		-			-			-			-
Gain on sale of real estate		108,469			-			-			-			-
Minority interests attributable to continuing operations		(14,466	)		2,585			3,520			2,755			656
Income (loss) from continuing operations		89,563			(7,325	)		(11,367	)		(6,884	)		2,062

Income (loss) from discontinued operations		-			-			-			(500	)		125
Minority interests attributable to discontinued operations		-			-			-			95			(24	)
Net income (loss)		89,563			(7,325	)		(11,367	)		(7,289	)		2,163

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

Net income (loss) allocable to common shareholders	$	84,797		$	(12,091	)	$	(16,133	)	$	(12,055	)	$	(2,603	)
Net income (loss) per common share - basic	$	1.85		$	(0.27	)	$	(0.37	)	$	(0.28	)	$	(0.06	)
Net income (loss) per common share - diluted	$	1.84		$	(0.27	)	$	(0.37	)	$	(0.28	)	$	(0.06	)

Weighted-average shares outstanding - basic		45,723,233			44,066,753			43,901,117			43,146,500			42,924,061
Weighted-average shares outstanding - diluted		46,054,880			44,066,753			43,901,117			43,146,500			42,924,061
Weighted-average diluted shares and units		53,881,456			53,856,915			53,538,625			53,434,447			53,427,803

__________

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

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Maguire Properties, Inc.

First Quarter 2006

MMO Unconsolidated Joint Venture Statement of Operations

(in thousands, except for per share amounts)

(unaudited)

	Period from
	January 5, 2006
	to March 31, 2006

Revenue:
Rental	$	18,142
Tenant reimbursements		6,403
Parking		1,791
Interest and other		62
Total revenue		26,398

Expenses:
Rental property operating and maintenance		4,941
Real estate taxes		2,623
Parking expenses		366
Depreciation and amortization		11,763
Interest		10,309
Other		522
Total expenses		30,524

Net loss	$	(4,126	)

Company share	$	(825	)

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Maguire Properties, Inc.

First Quarter 2006

Funds from Operations (1)

(in thousands, except for per share amounts)

(unaudited)

	Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended
	March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005

Reconciliation of net income (loss) to funds from operations:
Net income (loss) available to common shareholders	$	84,797		$	(12,091	)	$	(16,133	)	$	(12,055	)	$	(2,603	)
Adjustments:
Minority interests		14,466			(2,585	)		(3,520	)		(2,850	)		(632	)
Gain from sale of real estate		(108,469	)		-			-			-			-
Real estate depreciation and amortization		34,521			45,976			49,024			43,155			28,326
Company share of real estate depreciation and amortization
from unconsolidated joint venture		2,353			-			-			-			-
Funds from operations available to common shareholders
and unit holders (FFO)	$	27,668		$	31,300		$	29,371		$	28,250		$	25,091
Company share of FFO (2)	$	23,636		$	25,787		$	24,109		$	22,847		$	20,191

FFO per share - basic	$	0.52		$	0.59		$	0.55		$	0.53		$	0.47
FFO per share - diluted	$	0.51		$	0.58		$	0.55		$	0.53		$	0.47

Weighted-average shares outstanding - basic		45,723,233			44,066,753			43,901,117			43,146,500			42,924,061
Weighted-average shares outstanding - diluted		46,054,880			44,380,207			44,183,460			43,336,808			43,162,860


Reconciliation of FFO to FFO before loss from early extinguishment
of debt:
FFO available to common shareholders and unit holders (FFO)	$	27,668		$	31,300		$	29,371		$	28,250		$	25,091
Add: loss from early extinguishment of debt		642			119			-			442			1,208
Add: loss from early extinguishment of debt (discontinued operations)		-			-			-			672			-
FFO before loss from early extinguishment of debt	$	28,310		$	31,419		$	29,371		$	29,364		$	26,299

Company share of FFO before loss from early extinguishment
of debt (2)	$	24,184		$	25,885		$	24,109		$	23,748		$	21,163

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

_________

(1)	For the definition and discussion of FFO, see page 43.
(2)	Based on a weighted average interest in our operating partnership of 85.4%, 82.4%, 82.1%, 80.9% and 80.5% for the three months ended March 31, 2006, December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively.

Table of Contents

Maguire Properties, Inc.

First Quarter 2006

Adjusted Funds from Operations (1)

(unaudited and in thousands)

	Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended
	March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005

FFO	$	27,668		$	31,300		$	29,371		$	28,250		$	25,091
Non-real estate depreciation		87			99			99			99			99
Amortization of deferred financing costs		1,264			1,325			1,268			1,613			1,101
Accretion of interest rate swap sold		(953	)		(953	)		(953	)		(953	)		(953	)
Non-cash stock compensation		1,048			1,009			965			1,028			583
Loss from early extinguishment of debt		642			119			-			1,114			1,208
Straight line rents		(3,214	)		(3,364	)		(3,283	)		(3,362	)		(3,655	)
Fair value lease revenue		(2,819	)		(2,517	)		(2,416	)		(2,217	)		(750	)
Capitalized payments (2)		(4,549	)		(3,551	)		(3,052	)		(1,440	)		(1,593	)
Non-recoverable capital expenditures (3)		(815	)		(1,166	)		(989	)		(419	)		(307	)
Recoverable capital expenditures		(52	)		(592	)		(353	)		(400	)		(707	)
Hotel improvements, equipment upgrades and replacements (4)		(136	)		(12	)		(188	)		(98	)		(15	)
2nd generation tenant improvements and leasing commissions (5), (6), (7)		(4,509	)		(5,744	)		(6,039	)		(6,855	)		(3,310	)
MMO Joint venture AFFO adjustments		(520	)		-			-			-			-

Adjusted funds from operations (AFFO)	$	13,138		$	15,953		$	14,430		$	16,360		$	16,792

__________

(1)	For the definition and computation method of AFFO, see page 44. 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 $2.2 million of renovation costs at Lantana Media Campus.
(4)	Excludes $0.0 million, $0.3 million, $1.8 million, $0.9 million and $0.5 million of expenditures for the three months ended March 31, 2006, December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively, related to the renovation of the hotel.
(5)	Excludes 2nd generation tenant improvements and leasing commissions of $0.0 million, $0.5 million, $0.1 million, $0.0 million and $0.2 million for the three months ended March 31, 2006, December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively, related to leases executed prior to and fully reserved ($35.2 million) at our initial public offering. As of March 31, 2006, $2.3 million of this reserve remains.
(6)	Excludes 1st generation tenant improvements and leasing commissions of $1.0 million, $5.6 million, $2.4 million, $1.1 million and $0.9 million for the three months ended March 31, 2006, December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively.
(7)	Excludes tenant improvements and leasing commissions of $5.0 million, $4.1 million, $7.0 million and $3.2 million for the three months ended March 31, 2006, 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. At March 31, 2006, $17.3 million of this reserve remains.

Table of Contents

Maguire Properties, Inc.

First Quarter 2006

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
	March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005

Reconciliation of net income to earnings before interest, taxes and depreciation and amortization (EBITDA):
Net (Loss) Income	$	89,563		$	(7,325	)	$	(11,367	)	$	(7,289	)	$	2,163
Add: Minority interests		14,466			(2,585	)		(3,520	)		(2,850	)		(632	)
Interest expense, including discontinued operations		33,084			44,558			43,982			45,327			25,731
Company share of interest expense included in unconsolidated joint venture		2,062			-			-			-			-
Depreciation and amortization, including discontinued operations		34,608			46,075			49,123			43,254			28,426
Company share of depreciation and amortization included in unconsolidated joint venture		2,353			-			-			-			-
EBITDA	$	176,136		$	80,723		$	78,218		$	78,442		$	55,688

EBITDA	$	176,136		$	80,723		$	78,218		$	78,442		$	55,688
Add: loss from early extinguishment of debt		642			119			-			442			1,208
Add: loss from early extinguishment of debt included in discontinued operations		-			-			-			672			-
Less: gain on sale of real estate		(108,469	)		-			-			-			-
EBITDA before loss from early extinguishment of debt and gain on sale of real estate	$	68,309		$	80,842		$	78,218		$	79,556		$	56,896

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

Cash flows from operating activities	$	16,720		$	17,674		$	19,993		$	44,248		$	22,902
Changes in other assets and liabilities		1,930			5,793			2,006			(20,116	)		(1,771	)
Non-recoverable capital expenditures		(815	)		(1,166	)		(989	)		(419	)		(307	)
Recoverable capital expenditures		(52	)		(592	)		(353	)		(400	)		(707	)
Hotel improvements, equipment upgrades and replacements (3)		(136	)		(12	)		(188	)		(98	)		(15	)
2nd generation tenant improvements and leasing commissions (4), (5), (6)		(4,509	)		(5,744	)		(6,039	)		(6,855	)		(3,310	)
AFFO	$	13,138		$	15,953		$	14,430		$	16,360		$	16,792

__________

(1)	For the definition and discussion of EBITDA, see page 44.
(2)	For the definition and discussion of AFFO, see page 44.
(3)	Excludes $0.0 million, $0.3 million, $1.8 million, $0.9 million and $0.5 million of expenditures for the three months ended March 31, 2006, December 31, 2005, September 30, 2005, June 30, 2005, and March 31, 2005, respectively, related to the renovation of the hotel. See page 41.
(4)	Excludes 2nd generation tenant improvements and leasing commissions of $0.0 million, $0.5 million, $0.1 million, $0.0 million and $0.2 million for the three months ended March 31, 2006, December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively, related to leases executed prior to and fully reserved ($35.2 million) at our initial public offering. As of March 31, 2006, $2.3 million of this reserve remains.
(5)	Excludes 1st generation tenant improvements and leasing commissions of $1.0 million, $5.6 million, $2.4 million, $1.1 million and $0.9 million for the three months ended March 31, 2006, December 31, 2005, September 30, 2005, June 30, 2005 and March 31, 2005, respectively.
(6)	Excludes tenant improvements and leasing commissions of $5.0 million, $4.1 million, $7.0 million and $3.2 million for the three months ended March 31, 2006, 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.

Table of Contents

Maguire Properties, Inc.

First Quarter 2006

Capital Structure

Consolidated Debt

(in thousands)

Debt
(in thousands)

	Aggregate Principal
	March 31, 2006

Mortgage and Other Secured Loans Payable	$	2,559,016
Secured Credit Facility		-
Total Consolidated Debt		2,559,016
Company share of MMO joint venture debt		161,650
Total Combined Debt	$	2,720,666

Equity
(in thousands)

	Shares Outstanding		Total Liquidation Preference

Preferred Stock		10,000		250,000

	Shares & Units Outstanding		Market Value (1)

Common Stock		46,300	$	1,689,943
Operating Partnership Units		7,406		270,315
Total Common Equity		53,706		1,960,258
Total Consolidated Market Capitalization			$	4,769,274
Total Combined Market Capitalization (2)			$	4,930,924

__________

(1)	Value based on the New York Stock Exchange closing price of $36.50 on March 31, 2006.
(2)	Includes Company share of MMO Joint Venture debt.

Table of Contents

Maguire Properties, Inc.

First Quarter 2006

Debt Summary

Outstanding Debt

(in thousands)

	Maturity Date		Principal Balance as of March 31, 2006			% of Debt				Interest Rate as of March 31, 2006 ⁽¹⁾

Floating Rate Debt
Term Loan	March 15, 2010		$	365,000			14.26	%			6.58	%
Gas Company Tower				280,000			10.94	%			6.38	%
Senior Mezzanine	July 7, 2008	(2)		30,000			1.17	%			10.50	%
Mortgage and Junior Mezzanine	July 6, 2007	(2), (3)		250,000			9.78	%			5.89	%
Wateridge Plaza	April 9, 2007	(4), (5)		62,880			2.46	%			6.58	%
777 Tower	September 10, 2009	(6)		40,000			1.56	%			5.73	%
Total Floating Rate Debt				747,880			29.23	%	(7)		6.46	%

Fixed Rate Debt
Pacific Arts Plaza	April 1, 2012			270,000			10.55	%			5.15	%
US Bank Tower	July 1, 2013			260,000			10.16	%			4.66	%
Wells Fargo Tower (Los Angeles, CA)	July 1, 2010			250,000			9.77	%			4.68	%
KPMG Tower	November 1, 2011			210,000			8.21	%			5.14	%
Park Place	November 1, 2014			170,000			6.64	%			5.64	%
777 Tower	September 10, 2009	(6)		114,536	(8)		4.48	%			4.81	%
Regents Square I & II	April 1, 2012			103,600			4.05	%			5.13	%
Park Place	March 12, 2012			100,000			3.91	%			5.39	%
Lantana Media Campus	January 6, 2010			98,000			3.83	%			4.94	%
Glendale Center	November 1, 2013	(9)		80,000			3.13	%			5.73	%
801 North Brand	April 6, 2015			75,540			2.95	%			5.73	%
Mission City Corporate Center	April 1, 2012			52,000			2.03	%			5.09	%
700 North Central	April 6, 2015			27,460			1.07	%			5.73	%
Total Fixed Rate Debt				1,811,136			70.77	%	(7)		5.10	%

Total Consolidated Debt			$	2,559,016			100.00	%			5.49	%

__________

(1)	To calculate the variable interest rates, the one-month LIBOR rate of 4.83% at March 31, 2006 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)	After the Gas Company Tower, 777 Tower and Glendale Center loan refinancings described in notes (2), (6) and (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.
(8)	Net of loan discount.
(9)	The company has obtained terms 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.

Credit Facility

(in thousands)

		Maximum Available				Currently Available				Drawn
Secured Line of Credit as of March 31, 2006		$	100,000			$	100,000			$	-

Financial Ratios

		Consolidated			Combined (a)
Interest coverage (b)			N/A			4.74
Interest coverage before loss from early extinguishment of debt (c)			N/A			1.84
Fixed-charge coverage (d)			N/A			4.17
Fixed-charge coverage before loss from early extinguishment of debt (e)			N/A			1.62
Debt to total market capitalization at quarter-end (f)			53.7	%		55.2	%
Debt plus preferred stock to total market capitalization at quarter-end (g)			58.9	%		60.2	%
(a)	Includes the company's pro-rata share of MMO joint venture debt
(b)	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.
(c)	EBITDA before loss on early extinguishment of debt and gain on sale of real estate divided by cash interest expense.
(d)	Same as (b) except denominator includes scheduled debt principal payments, capital lease principal payments and preferred dividends.
(e)	Same as (c) except denominator includes scheduled debt principal payments, capital lease principal payments and preferred dividends.
(f)	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.
(g)	Same as (e) except numerator includes preferred stock.

Table of Contents

Maguire Properties, Inc.

First Quarter 2006

MMO Joint Venture Debt Summary

(in thousands)

Outstanding Debt

(in thousands)

	Maturity Date	Principal Balance as of March 31, 2006		% of Debt			Interest Rate as of March 31, 2006

Fixed Rate Debt
Wells Fargo Center (Denver, CO)	April 6, 2015	$	276,000		34.15	%		5.26	%
One California Plaza	December 1, 2010		146,250		18.09	%		4.73	%
San Diego Tech Center	April 11, 2015		133,000		16.46	%		5.70	%
Washington Mutual Irvine Campus	December 11, 2011		106,000		13.11	%		5.07	%
Cerritos Corporate Center (1)	February 1, 2016		95,000		11.75	%		5.54	%
Stadium Gateway	February 1, 2016		52,000		6.43	%		5.66	%
Total Fixed Rate Debt			808,250		100.00	%		5.27	%

Total Joint Venture Debt		$	808,250		100.00	%		5.27	%

Company portion of joint venture debt (2)		$	161,650

(1)	Cerritos is a joint venture property and all monthly debt service payments will be made by the joint venture. The Company is the guarantor on the loan through January 4, 2009.
(2)	The company owns twenty percent of the joint venture.

Table of Contents

Maguire Properties, Inc.

First Quarter 2006

Pro Forma Debt Maturities (1)

(in thousands)

Property	2006			2007			2008			2009			2010			Thereafter			Total

Term Loan	$	-		$	-		$	-		$	-		$	365,000		$	-		$	365,000
Gas Company Tower (1), (2)		-			-			280,000			-			-			-			280,000
Pacific Arts Plaza		-			-			-			-			-			270,000			270,000
US Bank Tower		-			-			-			-			-			260,000			260,000
Wells Fargo Tower (Los Angeles, CA) (3)		1,513			3,828			3,982			4,206			236,471			-			250,000
KPMG Tower (3)		-			-			-			246			3,034			206,720			210,000
Park Place		-			-			-			-			-			170,000			170,000
777 Tower (4)		-			-			-			154,536			-			-			154,536
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		-			-			-			-			-			75,540			75,540
Wateridge Plaza		-			62,880			-			-			-			-			62,880
Mission City Corporate Center		-			-			-			-			-			52,000			52,000
700 North Central		-			-			-			-			-			27,460			27,460
Total	$	1,513		$	66,708		$	283,982		$	158,988		$	702,505		$	1,345,320		$	2,559,016

Weighted Average Interest Rate		4.68	%		6.47	%		6.36	%		5.04	%		5.71	%		5.21	%		5.49	%
Pro Forma (6)	$	1,513		$	66,708		$	3,982		$	4,452		$	361,041		$	2,121,320		$	2,559,016

__________

(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%, current loan balance is net of $464 thousand purchase discount.
(5)	The company has obtained terms 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)	Assumes the Gas Company Tower, 777 Tower and Glendale Center loan refinancings described above in notes (2), (4) and (5), and the expected repayments of the term loan with the net proceeds of these financings.

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Maguire Properties, Inc.

First Quarter 2006

MMO Joint Venture Debt Maturities (1)

(in thousands)

Property	2006		2007			2008			2009			2010			Thereafter			Total

Wells Fargo Center (Denver, CO)	$	-	$	-		$	-		$	-		$	-		$	276,000		$	276,000
One California Plaza (1)		-		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
Cerritos Corporate Center		-		-			-			-			-			95,000			95,000
Stadium Gateway		-		-			-			-			-			52,000			52,000
Total	$	-	$	239		$	2,825		$	2,984		$	140,202		$	662,000		$	808,250
Weighted Average Rate		N/A		4.73	%		4.73	%		4.73	%		4.73	%		5.39	%		5.27	%

__________

(1)	Includes scheduled annual principal debt payments.

Table of Contents

Maguire Properties, Inc.

First Quarter 2006

Portfolio Data

Table of Contents

Maguire Properties, Inc.

First Quarter 2006

Same Store Analysis

(unaudited and in thousands)

	Three Months Ended March 31, (1)
	2006			2005			% Change

Total Same Store Portfolio
Number of properties		9			9
Square Feet (2)		12,601,812			12,771,503
Percent of Total Consolidated Portfolio		50.6	%		52.0	%
Weighted Average Leased Rates (3)		90.9	%		90.9	%

GAAP
Breakdown of Net Operating Income:
Operating Revenues	$	72,838		$	70,936			2.7	%	(4)
Operating Expenses		24,576			23,931			2.7	%
Other Expenses		62			62			0.0	%
Net Operating Income	$	48,200		$	46,943			2.7	%

CASH BASIS
Breakdown of Net Operating Income:
Operating Revenues	$	69,751		$	67,825			2.8	%	(4)
Operating Expenses		24,576			23,931			2.7	%
Other Expenses		62			62			0.0	%
Net Operating Income	$	45,113		$	43,832			2.9	%

__________

(1)	Wholly owned properties included in same store analysis are KPMG Tower, Gas Company Tower, Plaza Las Fuentes, Park Place I, Park Place II, US Bank Tower, Wells Fargo Tower, Glendale Center, and Lantana.
(2)	Property square footage decreased in 2006 compared to 2005 due to a change in Park Place parking square footage.
(3)	Represents weighted average occupancy for the three months ended March 31, 2006 and 2005 for the same store portfolio.
(4)	Increase primarily due to increased occupancy and a significant lease commencement at Park Place offset by lost rents due to a tenant lease expiration at US Bank Tower.

Table of Contents

First Quarter 2006

Portfolio Overview - Square Footage

OFFICE PROPERTIES			OWNERSHIP			EFFECTIVE
	RSF		PERCENTAGE			RSF

LOS ANGELES COUNTY
Los Angeles Central Business District Submarket
Gas Company Tower		1,312,232		100	%		1,312,232
US Bank Tower		1,392,445		100	%		1,392,445
Wells Fargo Tower		1,382,666		100	%		1,382,666
KPMG Tower		1,138,850		100	%		1,138,850
777 Tower		1,006,520		100	%		1,006,520
One California Plaza		988,914		20	%		197,783
Total Los Angeles Central Business District Submarket		7,221,627					6,430,496

Tri-Cities Submarket
Glendale Center		382,888		100	%		382,888
801 North Brand		281,199		100	%		281,199
Plaza Las Fuentes		189,947		100	%		189,947
700 North Central		143,730		100	%		143,730
Total Tri-Cities Submarket		997,764					997,764

Santa Monica Professional and Entertainment Submarket
Lantana Media Campus		328,042		100	%		328,042
Total Santa Monica Professional and Entertainment Submarket		328,042					328,042

Cerritos Office Submarket
Cerritos Corporate Center - Phase I		221,968		20	%		44,394
Cerritos Corporate Center - Phase II		104,567		20	%		20,913
Total Cerritos Office Submarket		326,535					65,307

TOTAL LOS ANGELES COUNTY		8,873,968					7,821,609

ORANGE COUNTY
John Wayne Airport Submarket
Park Place		1,893,817		100	%		1,893,817
Washington Mutual Irvine Campus		414,595		20	%		82,919
Total John Wayne Airport Submarket		2,308,412					1,976,736

Costa Mesa Submarket
Pacific Arts Plaza		785,123		100	%		785,123
Total Costa Mesa Submarket		785,123					785,123

Anaheim Submarket
Stadium Gateway		272,826		20	%		54,565
Total Anaheim Submarket		272,826					54,565
TOTAL ORANGE COUNTY		3,366,361					2,816,424

SAN DIEGO COUNTY
UTC (University Town Center)
Regents Square I & II		310,614		100	%		310,614
Total UTC		310,614					310,614

Sorrento Mesa
Wateridge Plaza		267,579		100	%		267,579
San Diego Tech Center		644,572		20	%		128,914
Total Sorrento Mesa		912,151					396,493

Mission Valley
Mission City Corporate Center		190,747		100	%		190,747
Pacific Center		438,960		100	%		438,960
Total Mission Valley		629,707					629,707

TOTAL SAN DIEGO COUNTY		1,852,472					1,336,814

Table of Contents

Maguire Properties, Inc.

First Quarter 2006

Portfolio Overview - Square Footage (continued)

OFFICE PROPERTIES

RSF

OTHER

Denver, CO - Downtown Submarket

Wells Fargo Center

1,202,403

240,481

TOTAL OTHER

1,202,403

240,481

TOTAL OFFICE PROPERTIES

15,295,204

(1), (2)

12,215,328

RETAIL PROPERTY

RSF

John Wayne Airport Submarket

Park Place

124,279

100

124,279

TOTAL RETAIL PROPERTY

124,279

HOTEL PROPERTY

Number of

Rooms

Westin Hotel, Pasadena, CA

350

266,000

100

266,000

TOTAL HOTEL PROPERTY

266,000

PARKING PROPERTIES

Vehicle

Capacity

Effective

Vehicle Capacity

Effective

On-Site Parking

27,518

8,372,784

21,009

6,451,430

Off-Site Garages

5,040

1,600,817

5,040

1,600,817

TOTAL PARKING PROPERTIES

32,558

9,973,601

26,049

8,052,247

TOTAL PORTFOLIO

25,659,084

20,657,854

________

(1)

Increased from 14,597,357 square feet at December 31, 2005 primarily due to the acquisitions of Stadium Gateway as of January 5, 2006 for 272,826 net rentable square feet and Pacific Center as of February 6, 2006 for 438,960 net rentable square feet. Also, on March 28, 2006, there was a disposition of the 808 South Olive Garage, which had 28,761 net rentable square feet of office and retail space.

(2)

Total square footage includes 343,345 square feet of retail space located within the office properties.

Table of Contents

Maguire Properties, Inc.

First Quarter 2006

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Table of Contents

Maguire Properties, Inc.

First Quarter 2006

Portfolio Overview - Leased Percentage and In-Place Rents

									Ownership
							Annualized		Interest			MP % of		Annualized Rent
Property	Submarket	Square Feet		% Leased			Rent (1)		( % )			Annualized Rent (1)		$/RSF (2)

Office Properties
Gas Company Tower	Los Angeles Central Business District		1,312,232		96.9	%	$	32,674,683		100	%	$	32,674,683	$	25.69
US Bank Tower	Los Angeles Central Business District		1,392,445		83.0	%		30,138,693		100	%		30,138,693		26.08
Wells Fargo Tower	Los Angeles Central Business District		1,382,666		89.7	%		23,728,391		100	%		23,728,391		19.13
KPMG Tower	Los Angeles Central Business District		1,138,850		89.0	%		20,811,536		100	%		20,811,536		20.53
777 Tower	Los Angeles Central Business District		1,006,520		91.6	%		17,762,165		100	%		17,762,165		19.27
One California Plaza	Los Angeles Central Business District		988,914		86.3	%		15,434,446		20	%		3,086,889		18.10
Subtotal LACBD			7,221,627		89.4	%		140,549,914					128,202,357		21.77

Glendale Center	Tri-Cities		382,888		100.0	%		8,026,751		100	%		8,026,751		20.97
801 North Brand	Tri-Cities		281,199		87.7	%		4,391,540		100	%		4,391,540		17.80
Plaza Las Fuentes	Tri-Cities		189,947		99.7	%		3,612,891		100	%		3,612,891		19.08
700 North Central	Tri-Cities		143,730		80.6	%		1,980,764		100	%		1,980,764		17.09
Subtotal Tri-Cities			997,764		93.7	%		18,011,946					18,011,946		19.27

Lantana Media Campus	Santa Monica Professional & Entertainment		328,042		94.6	%		9,895,576		100	%		9,895,576		31.88
Subtotal Santa Monica Professional & Entertainment			328,042		94.6	%		9,895,576					9,895,576		31.88

Cerritos - Phase I	Cerritos Office		221,968		100.0	%		5,666,843		20	%		1,133,369		25.53
Cerritos - Phase II	Cerritos Office		104,567		100.0	%		2,141,371		20	%		428,274		20.48
Subtotal Cerritos			326,535		100.0	%		7,808,214					1,561,643		23.91


Subtotal Los Angeles County			8,873,968		90.5	%		176,265,650					157,671,522		21.96

Park Place	John Wayne Airport		1,893,817		91.9	%		24,349,990		100	%		24,349,990		13.99
Washington Mutual Irvine Campus	John Wayne Airport		414,595		100.0	%		8,631,398		20	%		1,726,280		20.82
Subtotal John Wayne Airport			2,308,412		93.4	%		32,981,388					26,076,270		15.30

Pacific Arts Plaza	Costa Mesa		785,123		89.0	%		13,765,890		100	%		13,765,890		19.70
Stadium Gateway	Anaheim		272,826		100.0	%		5,297,883		20	%		1,059,577		19.42

Subtotal Orange County			3,366,361		92.9	%		52,045,161					40,901,736		16.64

Table of Contents

Maguire Properties, Inc.

First Quarter 2006

Portfolio Overview - Leased Percentage and In-Place Rents (continued)

									Ownership
							Annualized		Interest			MP % of		Annualized Rent
Property	Submarket	Square Feet		% Leased			Rent (1)		( % )			Annualized Rent (1)		$/RSF (2)

Office Properties
Regents Square I & II	UTC (University Town Center)		310,614		90.6	%		6,685,741		100	%		6,685,741		23.75
Wateridge Plaza	Sorrento Mesa		267,579		100.0	%		6,252,266		100	%		6,252,266		23.37
Mission City Corporate Center	Mission Valley		190,747		95.2	%		3,850,429		100	%		3,850,429		21.20
San Diego Tech Center	Sorrento Mesa		644,572		96.5	%		10,480,705		20	%		2,096,141		16.85
Pacific Center	Mission Valley		438,960		85.3	%		8,068,434		100	%		8,068,434		21.54

Subtotal San Diego County			1,852,472		93.2	%		35,337,575					26,953,011		20.46

Wells Fargo Center - Denver	Denver, CO - Downtown		1,202,403		92.2	%		18,379,789		20	%		3,675,958		16.58

Subtotal Denver, CO-Downtown			1,202,403		92.2	%		18,379,789					3,675,958		16.58

Total/Weighted Average - Office Properties			15,295,204		91.5	%	$	282,028,175				$	229,202,227	$	20.16

Retail Property
Park Place	John Wayne Airport		124,279		96.8	%		3,505,036		100	%		3,505,036		29.15

Total/Weighted Average - Retail Property			124,279		96.8	%	$	3,505,036				$	3,505,036	$	29.15


Total/Weighted Average - Office & Retail Properties			15,419,483		91.5	%	$	285,533,211				$	232,707,263	$	20.23

Effective Portfolio (3)			12,339,607		91.0	%								$	20.72

Parking Revenue Schedule

Square Feet

Total

Vehicle

Capacity

Effective

Square Feet

Effective

Vehicle

Capacity

Annualized

Parking Revenue (4)

Effective

Annualized

Parking Revenue (5)

Effective

Annualized

Parking Revenue

Per Vehicle

Capacity(6)

Total On-Site

8,372,784

27,518

6,451,430

21,009

35,884,690

29,938,689

1,425

Total Off-Site

1,600,817

5,040

1,600,817

5,040

10,411,170

2,066

Total Parking

9,973,601

32,558

8,052,246

26,049

46,295,860

40,349,859

1,549

__________

(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)	Includes 100% of our consolidated portfolio and 20% of our MMO joint venture portfolio.
(4)	Annualized parking revenue represents the annualized quarterly parking revenue as of March 31, 2006.
(5)	Effective annualized parking revenue represents the annualized quarterly parking revenue as of March 31, 2006 adjusted to include 100% of our consolidated portfolio and 20% of our MMO joint venture portfolio.
(6)	Effective 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.

First Quarter 2006

Portfolio Overview - Leased Rates and Weighted Average Remaining Lease Term

	Ownership	Weighted Average
	Interest	Remaining Lease Term	% Leased			% Leased			% Leased			% Leased			% Leased
	( % )	(in years)	Q1 2006			Q4 2005			Q3 2005			Q2 2005			Q1 2005

Gas Company Tower	100%	7.0		96.9	%		96.8	%		98.6	%		98.5	%		98.5	%
US Bank Tower	100%	4.7		83.0	%		83.9	%		83.4	%		83.6	%		84.0	%
Wells Fargo Tower	100%	6.4		89.7	%		88.7	%		89.1	%		85.4	%		84.4	%
KPMG Tower	100%	6.3		89.0	%		89.0	%		88.5	%		91.0	%		90.7	%
777 Tower	100%	6.1		91.6	%		91.6	%		92.2	%		92.2	%		90.1	%
One California Plaza	20%	5.7		86.3	%		85.9	%		88.1	%		90.5	%		94.6	%
Glendale Center	100%	4.7		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
801 North Brand	100%	4.5		87.7	%		87.7	%		85.3	%		83.1	%		81.2	%
Plaza Las Fuentes	100%	8.5		99.7	%		99.7	%		99.7	%		99.7	%		99.7	%
700 North Central	100%	2.8		80.6	%		80.6	%		77.1	%		77.0	%		73.9	%
Lantana Media Campus	100%	4.1		94.6	%		94.6	%		94.0	%		89.8	%		89.6	%
Cerritos - Phase I	20%	8.5		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cerritos - Phase II	20%	5.2		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Park Place	100%	4.0		91.9	%		91.8	%		94.8	%		94.9	%		95.0	%
Washington Mutual Irvine Campus	20%	5.8		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Pacific Arts Plaza	100%	5.2		89.0	%		89.0	%		86.2	%		86.1	%		85.2	%
Stadium Gateway	20%	4.1		100.0	%		-			-			-			-
Regents Square I & II	100%	3.8		90.6	%		87.9	%		85.5	%		86.8	%		86.0	%
Wateridge Plaza	100%	2.5		100.0	%		100.0	%		91.8	%		91.8	%		90.7	%
Mission City Corporate Center	100%	3.9		95.2	%		93.5	%		92.3	%		92.2	%		86.1	%
San Diego Tech Center	20%	3.3		96.5	%		97.7	%		94.6	%		91.7	%		-
Pacific Center	100%	3.5		85.3	%
Wells Fargo Center - Denver	20%	6.0		92.2	%		93.7	%		87.2	%		85.2	%		83.8	%
Park Place - Retail	100%	7.9		96.8	%		98.2	%		95.3	%		92.8	%		93.7	%
Total Portfolio		5.6		91.5	%		91.6	%		91.1	%		90.7	%		90.4	%
Effective Portfolio (1)		5.4		91.0	%		91.6	%		91.1	%		90.7	%		90.4	%

__________

(1)	Includes 100% of our consolidated portfolio and 20% of our MMO Joint Venture portfolio

Table of Contents

Maguire Properties, Inc.

First Quarter 2006

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	$	16,807,929		7.2	%		576,516		5.1	%		67	A
2	Sempra (Pacific Enterprises)	1		8,504,539		3.7	%		225,756		2.0	%		51	A
3	Wells Fargo Bank (3)	2		6,084,094		2.6	%		381,021		3.4	%		82	AA
4	Los Angeles Unified School District	1		5,476,897		2.4	%		260,498		2.3	%		3	AAA
5	ConAgra, Inc.	1		5,411,330		2.3	%		393,317		3.5	%		53	BBB+
6	Cardinal Health	1		4,751,027		2.0	%		185,982		1.7	%		23	BBB
7	Bank of America	2		3,945,519		1.7	%		179,904		1.6	%		69	AA
8	US Bank, National Association	1		3,437,099		1.5	%		154,872		1.4	%		111	AA-
9	Disney Enterprises	1		3,085,885		1.3	%		156,215		1.4	%		63	A-
10	Washington Mutual, FA (4)	4		2,526,164		1.1	%		114,886		1.0	%		65	A

	Total Rated / Weighted Average (5)			60,030,483		25.8	%		2,628,967		23.4	%		56

	*Total Investment Grade Tenants*			*107,727,511*		*46.3*	%		*5,281,028*		*47.0*	%

	Unrated - Nationally Recognized
11	Latham & Watkins	2	$	9,723,372		4.2	%		361,524		3.1	%		57	3rd Largest US Law Firm
12	Gibson Dunn & Crutcher	1		6,103,475		2.6	%		268,268		2.4	%		140	18th Largest US Law Firm
13	Morrison & Foerster	1		5,329,600		2.3	%		192,775		1.7	%		67	24th Largest US Law Firm
14	Jones, Day, Reavis & Pogue	1		4,982,380		2.1	%		152,166		1.4	%		7	4th Largest US Law Firm
15	Munger Tolles & Olson	1		4,086,534		1.8	%		186,890		1.7	%		191	131st Largest US Law Firm
16	Marsh USA, Inc.	1		3,683,505		1.6	%		210,486		1.9	%		131	Prominent Risk Management Firm
17	Bingham McCutchen	1		2,745,321		1.2	%		104,712		0.9	%		81	26th Largest US Law Firm
18	KPMG	1		2,965,080		1.3	%		175,525		1.6	%		99	4th Largest US Accounting Firm
19	Sidley Austin Brown & Wood	1		2,408,485		1.0	%		152,413		1.4	%		180	5th Largest US Law Firm
20	Kirkland & Ellis	1		2,135,353		0.9	%		106,523		0.9	%		47	9th Largest US Law Firm

	Total Unrated / Weighted Average (5)			44,163,105		19.0	%		1,911,282		17.0	%		101

	*Total Nationally Recognized Tenants*			*59,784,579*		*25.7*	%		*2,757,800*		*24.6*	%

	Total / Weighted Average (5)		$	104,193,588		44.8	%		4,540,249		40.4	%		77

	*Total Investment Grade or* *Nationally Recognized Tenants*		$	*167,512,090*		*72.0*	%		*8,038,828*		*71.6*	%

__________

(1)	Annualized base rent is calculated as monthly contractual base rent under existing leases as of March 31, 2006, multiplied by 12; for those leases where rent has not yet commenced, the first month in which rent is to be received is used to determine annualized base rent.
(2)	S&P credit ratings are as of March 31, 2006, and rankings of law firms are based on total gross revenue in 2004 as reported by American Lawyer Media's LAW.com.
(3)	Includes 20% of annualized rent and leased square footage for WFC-Denver, one of our MMO joint venture properties.
(4)	Includes 20% of annualized rent and leased square footage for Washington Mutual Irvine Campus, one of our MMO joint venture properties.
(5)	The weighted average calculation is based on the net rentable square feet leased by each tenant.

Table of Contents

Maguire Properties, Inc.

First Quarter 2006

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Table of Contents

Maguire Properties, Inc.

First Quarter 2006

Consolidated Lease Expirations - Total Portfolio

								Percentage
	Total Area in		Percentage					of Total					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		1,055,852		9.1	%
2006		824,105		7.1	%	$	18,233,452		8.3	%	$	22.13	$	22.91
2007		825,206		7.1	%		17,726,098		8.1	%		21.48		22.00
2008		900,276		7.8	%		18,324,612		8.3	%		20.35		21.62
2009		1,069,819		9.3	%		23,860,347		10.8	%		22.30		23.77
2010		1,761,913		15.3	%		34,598,678		15.8	%		19.64		21.73
2011		1,604,742		13.9	%		35,558,657		16.2	%		22.16		26.51
2012		497,898		4.3	%		9,534,442		4.3	%		19.15		22.54
2013		1,254,345		10.8	%		25,000,595		11.4	%		19.93		21.91
2014		301,759		2.6	%		4,779,046		2.2	%		15.84		21.93
2015		454,607		3.9	%		10,667,695		4.9	%		23.47		29.43
Thereafter		1,019,116		8.8	%		21,217,154		9.7	%		20.82		23.62
Total		11,569,638		100.0	%	$	219,500,776		100.0	%	$	20.88	$	23.46


Leases Expiring in the Next 4 Quarters:
2nd Quarter 2006		396,095		3.4	%		8,519,355		3.9	%		21.51		21.52
3rd Quarter 2006 (3)		189,717		1.6	%		3,880,835		1.8	%		20.46		20.46
4th Quarter 2006		238,293		2.1	%		5,833,262		2.6	%		24.48		24.53
1st Quarter 2007		191,846		1.7	%		3,425,319		1.6	%		17.85		18.02
Total		1,015,951		8.8	%	$	21,658,771		9.9	%	$	21.32	$	21.37

__________

(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.

First Quarter 2006

Consolidated Lease Expirations - Los Angeles County

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

Available		709,916		9.4	%
2006		671,401		8.9	%	$	15,214,704		9.9	%	$	22.66	$	23.57
2007		523,632		6.9	%		11,673,644		7.6	%		22.29		22.84
2008		366,978		4.9	%		7,148,871		4.7	%		19.48		21.34
2009		531,190		7.0	%		13,140,093		8.6	%		24.74		25.35
2010		711,028		9.4	%		18,981,726		12.4	%		26.70		27.82
2011		1,137,703		15.0	%		27,213,209		17.8	%		23.92		28.61
2012		254,827		3.4	%		5,319,196		3.5	%		20.87		24.39
2013		1,026,334		13.6	%		20,986,675		13.7	%		20.45		22.13
2014		299,293		4.0	%		4,733,179		3.1	%		15.81		21.92
2015		376,205		5.0	%		8,895,571		5.8	%		23.65		29.37
Thereafter		950,012		12.5	%		19,716,122		12.9	%		20.75		23.51
Total		7,558,519		100.0	%	$	153,022,990		100.0	%	$	22.34	$	24.99


Leases Expiring in the Next 4 Quarters:
2nd Quarter 2006		370,913		4.9	%		7,984,423		5.2	%		21.53		21.53
3rd Quarter 2006 (3)		105,488		1.4	%		2,309,489		1.5	%		21.89		21.89
4th Quarter 2006		195,000		2.6	%		4,920,792		3.2	%		25.23		25.23
1st Quarter 2007		146,339		1.9	%		2,694,547		1.8	%		18.41		18.62
Total		817,740		10.8	%	$	17,909,251		11.7	%	$	21.90	$	21.94

__________

(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.

First Quarter 2006

Consolidated Lease Expirations - Orange County

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

Available		243,196		8.7	%
2006		102,970		3.7	%	$	1,746,042		4.2	%	$	16.96	$	16.96
2007		128,565		4.6	%		2,303,645		5.5	%		17.92		18.00
2008		266,149		9.5	%		4,479,665		10.8	%		16.83		17.18
2009		322,000		11.5	%		6,189,098		14.9	%		19.22		21.45
2010		899,632		32.1	%		12,430,834		29.8	%		13.82		16.23
2011		334,939		11.9	%		5,484,671		13.2	%		16.38		19.79
2012		190,369		6.8	%		3,012,014		7.2	%		15.82		19.16
2013		228,011		8.1	%		3,994,824		9.6	%		17.52		20.91
2014		2,466		0.1	%		45,868		0.1	%		18.60		23.40
2015		28,920		1.0	%		697,073		1.7	%		24.10		29.19
Thereafter		56,002		2.0	%		1,237,182		3.0	%		22.09		24.04
Total		2,803,219		100.0	%	$	41,620,916		100.0	%	$	16.26	$	18.62


Leases Expiring in the Next 4 Quarters:
2nd Quarter 2006		9,421		0.3	%		133,025		0.3	%		14.12		14.12
3rd Quarter 2006 (3)		71,830		2.6	%		1,255,089		3.0	%		17.47		17.47
4th Quarter 2006		21,719		0.8	%		357,928		0.9	%		16.48		16.48
1st Quarter 2007		42,141		1.5	%		644,213		1.5	%		15.29		15.33
Total		145,111		5.2	%	$	2,390,255		5.7	%	$	16.47	$	16.49

__________

(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.

First Quarter 2006

Consolidated Lease Expirations - San Diego County

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

Available		102,740		8.5	%
2006		49,734		4.1	%	$	1,272,706		5.1	%	$	25.59	$	26.43
2007		173,009		14.3	%		3,748,808		15.1	%		21.67		22.42
2008		267,149		22.2	%		6,696,076		27.0	%		25.06		26.44
2009		216,629		17.9	%		4,531,155		18.2	%		20.92		23.37
2010		151,253		12.5	%		3,186,118		12.8	%		21.06		25.76
2011		132,100		10.9	%		2,860,777		11.5	%		21.66		25.48
2012		52,702		4.4	%		1,203,232		4.8	%		22.83		25.79
2013		-		0.0	%		19,096		0.1	%		-		-
2014		-		0.0	%		-		0.0	%		-		-
2015		49,482		4.1	%		1,075,051		4.3	%		21.73		30.08
Thereafter		13,102		1.1	%		263,851		1.1	%		20.14		29.74
Total		1,207,900		100.0	%	$	24,856,870		100.0	%	$	22.49	$	25.19


Leases Expiring in the Next 4 Quarters:
2nd Quarter 2006		15,761		1.3	%		401,907		1.6	%		25.50		25.50
3rd Quarter 2006 (3)		12,399		1.0	%		316,257		1.3	%		25.51		25.51
4th Quarter 2006		21,574		1.8	%		554,542		2.2	%		25.70		26.29
1st Quarter 2007		3,366		0.3	%		86,559		0.4	%		25.72		25.72
Total		53,100		4.4	%	$	1,359,265		5.5	%	$	25.60	$	25.84

__________

(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.

First Quarter 2006

Lease Expirations - MMO Joint Venture Portfolio

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

Available		252,235		6.6	%		-
2006		130,881		3.4	%	$	2,198,373		3.3	%	$	16.80	$	16.79
2007		271,250		7.0	%		4,838,952		7.3	%		17.84		18.14
2008		268,797		7.0	%		5,013,311		7.6	%		18.65		19.24
2009		489,765		12.7	%		8,442,747		12.8	%		17.24		18.78
2010		394,851		10.3	%		8,578,099		13.0	%		21.72		24.44
2011		436,442		11.3	%		8,058,784		12.2	%		18.46		21.69
2012		279,596		7.3	%		5,068,231		7.7	%		18.13		19.99
2013		522,913		13.6	%		8,727,193		13.2	%		16.69		17.69
2014		639,525		16.6	%		11,926,731		18.1	%		18.65		24.85
2015		104,189		2.7	%		2,182,201		3.3	%		20.94		22.29
Thereafter		59,401		1.5	%		997,813		1.5	%		16.80		25.84
Total		3,849,845		100.0	%	$	66,032,435		100.0	%	$	18.35	$	23.44


Leases Expiring in the Next 4 Quarters:
2nd Quarter 2006		44,328		1.2	%		394,119		0.6	%		8.89		8.89
3rd Quarter 2006 (3)		6,038		0.2	%		174,493		0.3	%		28.90		28.68
4th Quarter 2006		80,515		2.0	%		1,629,761		2.4	%		20.24		20.24
1st Quarter 2007		47,219		1.2	%		848,715		1.3	%		17.97		18.67
Total		178,100		4.6	%	$	3,047,088		4.6	%	$	17.11	$	16.53

__________

(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.

First Quarter 2006

Total and Effective Leasing Activity - Total Portfolio

	Total Portfolio						Effective Portfolio (1)
	For the						For the
	Three Months Ended						Three Months Ended
	March 31, 2006			% Leased			March 31, 2006			% Leased

Leased Square Feet as of December 31, 2005		13,483,638			91.6	%		13,483,638			91.6	%
Recent Acquisition: Stadium Gateway		272,826						54,565
Recent Acquisition: Pacific Center		374,494						374,494
Recent Disposition: 808 South Olive Street Garage		(28,761	)					(28,761	)
Contribution of properties to MMO joint venture		-						(2,673,341	)
Leased Square Feet including recent acquisitions/dispositions		14,102,197			91.5	%		11,210,595			90.9	%
Expirations		(420,158	)		(2.7	)%		(325,536	)		(2.6	)%
New Leases		238,356			1.5	%		157,248			1.3	%
Renewals		191,001			1.2	%		191,001			1.4	%
Leased Square Feet as of March 31, 2006		14,111,396			91.5	%		11,233,308			91.0	%

Cash Rent Growth (2), (3)
Expiring Rate per Square Foot										$	15.97
New / Renewed Rate per Square Foot										$	19.82
Percentage Change											24.1	%

GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	14.81
New / Renewed Rate per Square Foot										$	22.15
Percentage Change											49.5	%

Weighted Average Lease Term - New (in months)											53
Weighted Average Lease Term - Renewal (in months)											134

__________

(1)	Includes 100% of our consolidated portfolio and 20% of our MMO joint venture properties.
(2)	Represents the difference between (i) initial market rents on new and renewed leases and (ii) the cash rents on those spaces immediately prior to the expiration or termination.
	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.

Table of Contents

Maguire Properties, Inc.

First Quarter 2006

Total and Effective Leasing Activity - Los Angeles Central Business District

	Total Portfolio						Effective Portfolio (1)

	For the						For the
	Three Months Ended						Three Months Ended
	March 31, 2006			% Leased			March 31, 2006			% Leased

Leased Square Feet as of December 31, 2005, Los Angeles Central Business District		6,465,675			89.3	%		6,465,675			89.3	%
Recent Disposition: 808 South Olive Street Garage		(28,761	)					(28,761	)
Contribution of property to MMO joint venture: One California Plaza		-						(676,289	)
Leased Square Feet excluding 808 South Olive Street Garage		6,436,914			89.3	%		5,760,625			89.6	%
Expirations		(288,040	)		(4.1	)%		(218,964	)		(3.4	)%
New Leases		141,485			1.9	%		66,336			1.0	%
Renewals		166,061			2.3	%		166,061			2.6	%
Leased Square Feet as of March 31, 2006, Los Angeles Central Business District		6,456,420			89.4	%		5,774,058			89.8	%

Cash Rent Growth (2), (3)
Expiring Rate per Square Foot										$	14.08
New / Renewed Rate per Square Foot										$	19.21
Percentage Change											36.4	%

GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	12.25
New / Renewed Rate per Square Foot										$	22.16
Percentage Change											80.9	%

Weighted Average Lease Term - New (in months)											57
Weighted Average Lease Term - Renewal (in months)											149

__________

(1)	Includes 100% of our consolidated portfolio and 20% of our MMO joint venture properties.
(2)	Represents the difference between (i) initial market rents on new and renewed leases and (ii) the cash rents on those spaces immediately prior to the expiration or termination.
	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.

Table of Contents

Maguire Properties, Inc.

First Quarter 2006

Total and Effective Leasing Activity - Orange County

	Total Portfolio						Effective Portfolio (1)

	For the						For the
	Three Months Ended						Three Months Ended
	March 31, 2006			% Leased			March 31, 2006			% Leased

Leased Square Feet as of December 31, 2005, Orange County		2,973,381			92.4	%		2,973,381			92.4	%
Recent Acquisition: Stadium Gateway		272,826						54,565
Contribution of property to MMO joint venture: Washington Mutual		-						(331,676	)
Leased Square Feet including Stadium Gateway		3,246,207			93.0	%		2,696,270			91.7	%
Expirations		(57,431	)		(1.6	)%		(57,431	)		(2.0	)%
New Leases		40,056			1.1	%		40,056			1.4	%
Renewals		18,612			0.5	%		18,612			0.6	%
Leased Square Feet as of March 31, 2006, Orange County		3,247,444			93.0	%		2,697,507			91.7	%

Cash Rent Growth (2), (3)
Expiring Rate per Square Foot										$	19.67
New / Renewed Rate per Square Foot										$	23.10
Percentage Change											17.4	%

GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	20.24
New / Renewed Rate per Square Foot										$	23.86
Percentage Change											17.9	%

Weighted Average Lease Term - New (in months)											36
Weighted Average Lease Term - Renewal (in months)											28

__________

(1)	Includes 100% of our consolidated portfolio and 20% of our MMO joint venture properties.
(2)	Represents the difference between (i) initial market rents on new and renewed leases and (ii) the cash rents on those spaces immediately prior to the expiration or termination.
	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.

Table of Contents

Maguire Properties, Inc.

First Quarter 2006

Total and Effective Leasing Activity - San Diego County

	Total Portfolio						Effective Portfolio (1)

	For the						For the
	Three Months Ended						Three Months Ended
	March 31, 2006			% Leased			March 31, 2006			% Leased

Leased Square Feet as of December 31, 2005, San Diego County		1,348,644			95.4	%		1,348,644			95.4	%
Recent Acquisition: Pacific Center		374,494						374,494
Contribution of property to MMO joint venture: San Diego Tech Center		-						(503,697	)
Leased Square Feet including Pacific Center		1,723,138			93.0	%		1,219,441			91.2	%
Expirations		(21,754	)		(1.2	)%		(15,750	)		(1.2	)%
New Leases		24,838			1.3	%		24,838			1.9	%
Renewals		1,054			0.1	%		1,054			0.1	%
Leased Square Feet as of March 31, 2006, San Diego County		1,727,276			93.2	%		1,229,583			92.0	%

Cash Rent Growth (2), (3)
Expiring Rate per Square Foot										$	28.46
New / Renewed Rate per Square Foot										$	28.79
Percentage Change											1.2	%

GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	28.74
New / Renewed Rate per Square Foot										$	29.33
Percentage Change											2.1	%

Weighted Average Lease Term - New (in months)											65
Weighted Average Lease Term - Renewal (in months)											12

__________

(1)	Includes 100% of our consolidated portfolio and 20% of our MMO joint venture properties.
(2)	Represents the difference between (i) initial market rents on new and renewed leases and (ii) the cash rents on those spaces immediately prior to the expiration or termination.
	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.

Table of Contents

Maguire Properties, Inc.

First Quarter 2006

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

	Q1 2006		2005		2004		2003

Renewals (4)
Number of Leases		12		67		29		14
Square Feet		186,800		740,375		296,203		120,022
Tenant Improvement Costs per Square Foot (3)	$	30.65	$	11.25	$	15.49	$	30.66
Leasing Commission Costs per Square Foot (5)	$	10.74	$	3.64	$	5.98	$	2.36
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	41.39	$	14.89	$	21.47	$	33.02
Costs per Square Foot per Year	$	3.63	$	3.46	$	4.31	$	6.24

New / Modified Leases (5)
Number of Leases		36		138		48		36
Square Feet		234,737		1,047,634		453,301		851,316
Tenant Improvement Costs per Square Foot (3)	$	17.13	$	24.29	$	36.28	$	48.26
Leasing Commission Costs per Square Foot (5)	$	5.40	$	5.41	$	9.28	$	4.78
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	22.53	$	29.70	$	45.56	$	53.04
Costs per Square Foot per Year	$	4.48	$	4.78	$	4.26	$	7.95

Total
Number of Leases		48		205		77		50
Square Feet		421,537		1,788,009		749,504		971,338
Tenant Improvement Costs per Square Foot (3)	$	23.12	$	18.89	$	28.06	$	46.09
Leasing Commission Costs per Square Foot (5)	$	7.77	$	4.68	$	7.97	$	4.48
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	30.89	$	23.57	$	36.03	$	50.57
Costs per Square Foot per Year	$	3.94	$	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, San Diego Tech Center, Pacific Center, and Stadium Gateway 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, April 6, 2005, February 6, 2006, and January 6, 2006, 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)	Includes retained tenants that have relocated or expanded into new space and lease modifications.

Table of Contents

Maguire Properties, Inc.

First Quarter 2006

Historical Capital Expenditures

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

	Q1 2006		2005		2004		2003

Consolidated
Non-recoverable Capital Expenditures	$	815,417	$	4,502,547	$	1,046,178	$	151,512
Total Square Feet		11,569,638		9,150,550		6,783,532		5,783,068
Non-recoverable Capital Expenditures per Square Foot	$	0.07	$	0.49	$	0.15	$	0.03
Unconsolidated
Non-recoverable Capital Expenditures (8)	$	28,422
Total Square Feet(9)		621,743
Non-recoverable Capital Expenditures per Square Foot	$	0.05

Consolidated
Recoverable Capital Expenditures (10)	$	51,965	$	1,553,935	$	3,009,186	$	1,956,984
Total Square Feet		11,569,638		9,150,550		6,783,532		5,783,068
Recoverable Capital Expenditures per Square Foot	$	0.00	$	0.17	$	0.44	$	0.34
Unconsolidated
Recoverable Capital Expenditures (8), (10)	$	-
Total Square Feet (9)		621,743
Recoverable Capital Expenditures per Square Foot	$	-

__________

(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 portfolio acquisition assets were acquired March 15, 2005 and had recoverable capital expenditures of $506,119 and non-recoverable capital expenditures of $524,474 during the remainder of 2005 following their acquisition.
(7)	San Diego Tech Center was acquired April 6, 2005 and had non-recoverable capital expenditures of $94,416 and no recoverable capital expenditures in 2005 following its acquisition.
(8)	Includes 20% of our MMO joint venture.
(9)	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.
(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.

Table of Contents

Maguire Properties, Inc.

First Quarter 2006

Hotel Performance

							Percent
Westin Hotel, Pasadena, CA	Q1 2006			Q1 2005			Change

Occupancy		79.6	%		84.9	%		(6.1	)%
Average Daily Rate	$	184.27		$	150.24			22.7	%
Revenue Per Available Room (REVPAR)	$	146.76		$	127.50			15.1	%
Hotel Net Operating Income	$	2,400,932		$	1,971,377			21.8	%



Hotel Historical Capital Expenditures

							For the Year Ended December 31,
Westin Hotel, Pasadena, CA	Q1 2006			Q12005			2005			2004			2003
Hotel Improvements and Equipment Replacements	$	135,520		$	15,062		$	313,011		$	20,436		$	440,341
Total Hotel Revenue	$	6,676,106		$	5,915,285		$	24,037,425		$	20,518,964		$	18,449,302
Hotel Improvements as a Percentage of Hotel Revenue		2.0	%		0.3	%		1.3	%		0.1	%		2.4	%
Renovation and Upgrade Costs (1)	$	6,716		$	501,557		$	3,461,780		$	7,037,822		$	953,257

__________

(1)	The Westin Hotel underwent a $12.2 million renovation from December 2002 through August 2005 of which $3.5 million was funded by Westin.

Table of Contents

Maguire Properties, Inc.

First Quarter 2006

Development Pipeline

As of March 31, 2006

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

1,404,000

Office, Retail & Hotel

San Diego Tech Center (3)

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

531,000

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 (3)

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 Pacific Arts Plaza. This development would be in addition to the 400,000 square feet of office entitlements.
(3)	Land held for development was not contributed to the MMO joint venture.

Table of Contents

Maguire Properties, Inc.

First Quarter 2006

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.

First Quarter 2006

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.

First Quarter 2006

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-KMaguire Properties Reports First Quarter 2006