MPG Office Trust 8K Maguire Properties Reports Second Quarter 2006 | SEC 1 Aug 06

Exhibit 99.2

Maguire Properties, Inc.

Second`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
	Leasing Activity - Total Portfolio	35
	Leasing Activity - Los Angeles Central Business District	36
	Leasing Activity - Orange County	37
	Leasing Activity - San Diego County	38
	Tenant Improvements and Leasing Commissions	39
	Historical Capital Expenditures	40
	Hotel Performance and Hotel Historical Capital Expenditures	41
	Construction in Progress	42
	Development Pipeline	43
	Management Statements on Non-GAAP Supplemental Measures	44

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.

Second Quarter 2006

Corporate Data

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Maguire Properties, Inc.

Second 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 June 30, 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 32,000 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:

No properties were sold or acquired during the second quarter.

Executive Changes

On June 30, 2006, we hired Paul S. Rutter and Martin A. Griffiths to serve as the Company’s Executive Vice President, Major Transactions and Executive Vice President, Operations, respectively, and Mark T. Lammas was promoted to Executive Vice President, Development.

Debt:

On April 20, 2006 we completed a $121.2 million interest-only ten-year mortgage financing bearing interest at a fixed rate of 5.76% with a maturity date of May 6, 2016.

On June 27, 2006 we completed a $125.0 million interest-only ten-year mortgage financing bearing interest at a fixed rate of 5.82% with a maturity date of July 11, 2016.

In connection with the completion of the Glendale Center financing, we repaid $33.0 million of our term loan and $80.0 million of our previous loan secured by the property.

Development Activities:

Construction is in progress at Park Place, at 3161 Michelson, for a 531,000 square foot office building and two parking garages with a parking capacity of approximately 5,000 vehicles. Completion is targeted for the second quarter of 2007 for the parking garages and third quarter 2007 for the office building.

During the second quarter we continued development activities at San Diego Tech Center, Lantana Media Campus, 17885 Von Karman Avenue at the Washington Mutual Irvine Campus, Mission City Corporate Center, Glendale North, Wateridge Plaza, Pacific Arts Plaza and 755 Figueroa.

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Maguire Properties, Inc.

Second Quarter 2006

Investor Information

	1733 Ocean Avenue	333 South Grand Avenue, Suite 400
	Santa Monica, CA 90401	Los Angeles, CA 90071
	Tel. (310) 857-1100	Tel. (213) 613-4503
	Fax (310) 857-1198	Fax (213) 533-5103

- 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
Paul S. Rutter	Executive Vice President, Major Transactions	Ted J. Bischak	Senior Vice President, Asset Management
Martin A. Griffiths	Executive Vice President, Operations	Peggy M. Moretti	Senior Vice President, Investor and Public Relations
Mark T. Lammas	Executive Vice President, Development	Peter Johnston	Senior Vice President, Leasing
Javier F. Bitar	Senior Vice President, Investments

- Corporate -

Investor Relations Contact: Peggy M. Moretti (310) 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
Goldman Sachs	Jay Haberman	(917) 343-4260
Merrill Lynch	Steve Sakwa	(212) 449-0335
Credit Suisse	John Stewart	(212) 538-3183
Raymond James & Associates	Paul Puryear	(727) 567-3800
Citigroup	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:
	Third Quarter 2006	Early November
	Fourth Quarter 2006	Early February 2007
	First Quarter 2007	Early May 2007

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Maguire Properties, Inc.

Second 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):

	2nd Quarter 2006			1st Quarter 2006			4th Quarter 2005			3rd Quarter 2005			2nd Quarter 2005

High Price	$	36.47		$	36.60		$	32.43		$	30.37		$	28.39
Low Price	$	30.98		$	30.15		$	27.33		$	25.92		$	23.07
Closing Price	$	35.17		$	36.50		$	30.90		$	30.05		$	28.34
Dividends per share - Annualized	$	1.60		$	1.60		$	1.60		$	1.60		$	1.60
Closing Dividend Yield - Annualized		4.55	%		4.38	%		5.18	%		5.32	%		5.65	%
Closing Common Shares and Limited Partnership Units Outstanding (in thousands)		54,368			53,706			53,808			53,804			53,791
Closing Market Value of Common Shares and Limited Partnership Units Outstanding (in thousands)	$	1,912,130		$	1,960,258		$	1,662,680		$	1,616,801		$	1,524,439

Dividends per Share

	2nd Quarter 2006			1st Quarter 2006			4th Quarter 2005			3rd Quarter 2005			2nd Quarter 2005

Common Stock
Amount	$	0.4000		$	0.4000		$	0.4000		$	0.4000		$	0.4000
Declared	June 21, 2006			March 22, 2006			December 15, 2005			September 20, 2005			June 21, 2005
Record	June 30, 2006			March 31, 2006			December 30, 2005			September 30, 2005			June 30, 2005
Paid	July 31, 2006			April 28, 2006			January 31, 2006			October 28, 2005			July 29, 2005

Preferred Stock
Amount	$	0.4766		$	0.4766		$	0.4766		$	0.4766		$	0.4766
Declared	June 21, 2006			March 22, 2006			December 15, 2005			September 20, 2005			June 21, 2005
Record	June 30, 2006			March 31, 2006			December 30, 2005			September 30, 2005			June 30, 2005
Paid	July 31, 2006			April 28, 2006			January 31, 2006			October 28, 2005			July 29, 2005

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Maguire Properties, Inc.

Second Quarter 2006

Consolidated Financial Results

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Maguire Properties, Inc.

Second 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
	June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005			June 30, 2005
Income Items:
Revenue including discontinued operations (1)	$	109,467		$	109,282		$	134,254		$	128,809		$	131,332
Straight line rent including discontinued operations	$	2,347		$	3,214		$	3,364		$	3,283		$	3,362
Fair value lease revenue including discontinued operations (2)	$	2,199		$	2,819		$	2,517		$	2,416		$	2,217
Lease termination fees	$	295		$	-		$	3,969		$	127		$	295
Office property operating margin (3)		66.4	%		66.1	%		65.5	%		65.5	%		66.1	%
Net (loss) income available to common shareholders	$	(14,522	)	$	84,797		$	(12,091	)	$	(16,133	)	$	(12,055	)

Funds from operations (FFO) available
to common shareholders (4)	$	18,750		$	23,636		$	25,787		$	24,109		$	22,847
FFO per common share - diluted (4)	$	0.41		$	0.51		$	0.58		$	0.5457		$	0.53
FFO per common share before loss from early extinguishment of debt - diluted (4)	$	0.48		$	0.53		$	0.58		$	0.5457		$	0.55
Net (loss) income per common share - diluted	$	(0.31	)	$	1.84		$	(0.27	)	$	(0.37	)	$	(0.28	)
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)		1.58			4.74			1.77			1.75			1.73
Interest coverage ratio before loss from early extinguishment of debt and gain on sale of real estate (7)		1.69			1.84			1.77			1.75			1.76
Fixed-charge coverage ratio (8)		1.40			4.17			1.59			1.57			1.56
Fixed-charge coverage ratio before loss from early extinguishment of debt and gain on sale of real estate (9)		1.49			1.62			1.59			1.57			1.58
FFO payout ratio (10)		97.6	%		78.4	%		68.4	%		72.7	%		75.5	%
FFO payout ratio before loss from early extinguishment of debt (11)		83.1	%		76.2	%		68.6	%		72.7	%		72.7	%
AFFO payout ratio (12)		256.7	%		163.5	%		134.9	%		149.1	%		131.5	%

Capitalization:
Total consolidated debt (13)	$	2,688,131		$	2,559,016		$	3,353,234		$	3,345,201		$	3,334,730
Preferred stock @ quarter end	$	250,000		$	250,000		$	250,000		$	250,000		$	250,000
Common stock price @ quarter end	$	35.17		$	36.50		$	30.90		$	30.05		$	28.34
Common equity value @ quarter end (14)	$	1,912,130		$	1,960,258		$	1,662,680		$	1,616,801		$	1,524,439
Total consolidated market capitalization	$	4,850,261		$	4,769,274		$	5,265,914		$	5,212,002		$	5,109,169
Company portion of joint venture debt	$	161,650		$	161,650		$	-		$	-		$	-
Combined market capitalization	$	5,011,911		$	4,930,924		$	5,265,914		$	5,212,002		$	5,109,169

Consolidated debt / total market capitalization		55.4	%		53.7	%		63.7	%		64.2	%		65.3	%
Combined debt / total market capitalization		56.9	%		55.2	%		63.7	%		64.2	%		65.3	%
Consolidated debt plus preferred stock / total market capitalization		60.6	%		58.9	%		68.4	%		69.0	%		70.2	%
Combined debt plus preferred stock / total market capitalization		61.8	%		60.2	%		68.4	%		69.0	%		70.2	%

_________

(1)	Includes gross revenue from hotel operations of $6,888, $6,676, $6,527, $5,832 and $5,763 for the three months ended June 30, 2006, March 31, 2006, December 31, 2005, September 30, 2005, and June 30, 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 44. For a quantitative reconciliation of the differences between FFO and net income, see page 12.
(5)	Preferred dividend declared for three months ended July 31, 2006, April 30, 2006, January 31, 2006, October 31, 2005 and July 31, 2005.
(6)	Calculated as earnings before interest, taxes and depreciation and amortization and preferred dividends, or EBITDA, of $63,076, $176,136, $80,723, $78,218 and $78,442, respectively, divided by cash interest expense of $39,841, $37,140, $45,604, $44,780 and $45,381, respectively. For a definition of cash interest expense, see page 16. For a discussion of EBITDA, see page 45. 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 $67,183, $68,309, $80,842, $78,218 and $79,556, respectively divided by cash interest expense of $39,841, $37,140, $45,604, $44,780 and $45,381, respectively.
(8)	Calculated as EBITDA of $63,076, $176,136, $80,723, $78,218 and $78,442, respectively divided by fixed charges of $44,941, $42,238, $50,689, $49,858 and $50,452. 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 $67,183, $68,309, $80,842, $78,218 and $79,556, respectively divided by fixed charges of $44,941, $42,238, $50,689, $49,858 and $50,452.
(10)	Calculated as dividend declared per common share divided by FFO per common share - diluted.
(11)	Calculated as dividend declared per common share divided by FFO per common share before loss from early extinguishment of debt - diluted
(12)	Calculated as common stock dividends and distributions declared of $21,747, $21,482, $21,523, $21,521 and $21,516, respectively divided by AFFO of $8,472, $13,138, $15,953, $14,430 and $16,360, respectively. For a definition of AFFO, see page 45. For a quantitative reconciliation of the differences between AFFO and FFO, see page 13.
(13)	Excludes the Washington Mutual Irvine Campus note of $45.2 million, which was paid in November 2005.
(14)	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.

Second Quarter 2006

Consolidated Balance Sheets

(in thousands)

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

Assets
Investments in real estate	$	3,221,003		$	3,190,004		$	3,897,893		$	3,901,528		$	3,885,973
Less: accumulated depreciation and amortization		(308,450	)		(284,235	)		(309,270	)		(277,952	)		(245,234	)
		2,912,553			2,905,769			3,588,623			3,623,576			3,640,739
Cash and cash equivalents including restricted cash		231,570			133,814			114,054			155,868			166,697
Rents, deferred rents and other receivables		61,645			57,515			55,997			48,726			46,055
Deferred charges, net		181,592			189,037			241,887			253,344			261,970
Other assets		60,395			58,366			68,630			63,053			66,093
Investment in unconsolidated joint venture		28,431			34,210			-			-			-
Total assets	$	3,476,186		$	3,378,711		$	4,069,191		$	4,144,567		$	4,181,554

Liabilities, minority interests and stockholders' equity
Loans payable	$	2,688,131		$	2,559,016		$	3,353,234		$	3,390,401		$	3,379,930
Dividends and distributions payable		24,925			24,660			24,701			24,699			24,694
Accounts payable, accrued interest payable and other liabilities		156,107			153,371			114,965			119,744			121,326
Acquired lease obligations, net		79,955			83,699			99,584			104,749			116,201
Total liabilities		2,949,118			2,820,746			3,592,484			3,639,593			3,642,151

Minority interests		38,975			44,532			40,070			47,329			53,332

Stockholders' equity
Common and preferred stock and additional paid in capital		671,437			668,327			666,182			659,322			659,309
Accumulated deficit and dividends		(200,520	)		(167,213	)		(233,481	)		(202,658	)		(168,684	)
Accumulated other comprehensive income (loss), net		17,176			12,319			3,936			981			(4,554	)
Total stockholders' equity		488,093			513,433			436,637			457,645			486,071
Total liabilities, minority interests and stockholders' equity	$	3,476,186		$	3,378,711		$	4,069,191		$	4,144,567		$	4,181,554

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Maguire Properties, Inc.

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

Revenue:
Rental	$	67,587		$	67,780		$	80,220		$	80,396		$	79,435
Tenant reimbursements		20,810			22,068			30,298			28,569			28,669
Hotel operations		6,888			6,676			6,527			5,832			5,763
Parking		10,176			10,323			11,643			12,003			11,417
Management, leasing and development services to affiliates		1,462			1,655			563			1,147			1,001
Interest and other		2,544			780			5,003			862			1,137
Total revenue		109,467			109,282			134,254			128,809			127,422

Expenses:
Rental property operating and maintenance		21,240			21,731			26,598			28,069			25,865
Hotel operating and maintenance		4,262			4,185			4,247			3,827			3,821
Real estate taxes		8,819			9,366			12,308			10,702			11,207
Parking expenses		3,071			2,879			3,208			2,971			3,140
General and administrative and other		8,568			6,134			6,385			4,356			5,293
Ground lease		17			268			666			666			666
Depreciation and amortization		35,170			34,608			46,075			49,123			43,254
Interest		34,306			33,084			44,558			43,982			43,373
Loss from early extinguishment of debt		4,107			642			119			-			442
Total expenses		119,560			112,897			144,164			143,696			137,061

Loss from continuing operations before equity in net
loss of unconsolidated joint venture and minority interests		(10,093	)		(3,615	)		(9,910	)		(14,887	)		(9,639	)
Equity in net loss of unconsoldiated joint venture		(1,985	)		(825	)		-			-			-
Gain on sale of real estate		-			108,469			-			-			-
Minority interests attributable to continuing operations		2,322			(14,466	)		2,585			3,520			2,755
(Loss) income from continuing operations		(9,756	)		89,563			(7,325	)		(11,367	)		(6,884	)

Loss from discontinued operations		-			-			-			-			(500	)
Minority interests attributable to discontinued operations		-			-			-			-			95
Net (loss) income		(9,756	)		89,563			(7,325	)		(11,367	)		(7,289	)

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

Net (loss) income allocable to common shareholders	$	(14,522	)	$	84,797		$	(12,091	)	$	(16,133	)	$	(12,055	)
Net (loss) income per common share - basic	$	(0.31	)	$	1.85		$	(0.27	)	$	(0.37	)	$	(0.28	)
Net (loss) income per common share - diluted	$	(0.31	)	$	1.84		$	(0.27	)	$	(0.37	)	$	(0.28	)

Weighted-average shares outstanding - basic		46,156,438			45,723,233			44,066,753			43,901,117			43,146,500
Weighted-average shares outstanding - diluted		46,156,438			46,054,880			44,066,753			43,901,117			43,146,500

__________

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

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Maguire Properties, Inc.

Second Quarter 2006

MMO Unconsolidated Joint Venture Statement of Operations

(in thousands, except for per share amounts)

(unaudited)

				Period from
	Three Months Ended			January 5, 2006
	June 30, 2006			to March 31, 2006

Revenue:
Rental	$	19,178		$	18,142
Tenant reimbursements		6,967			6,403
Parking		1,869			1,791
Interest and other		4,895			62
Total revenue		32,909			26,398

Expenses:
Rental property operating and maintenance		6,065			4,941
Real estate taxes		3,699			2,623
Parking expenses		391			366
Depreciation and amortization		17,487			11,763
Interest		10,907			10,309
Other		1,204			522
Total expenses		39,753			30,524

Net loss	$	(6,844	)	$	(4,126	)

Company share		(1,369	)		(825	)
Intercompany eliminations		(616	)		-
Equity in net loss of unconsolidated joint venture	$	(1,985	)	$	(825	)

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Maguire Properties, Inc.

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

Reconciliation of net (loss) income to funds from operations:
Net (loss) income available to common shareholders	$	(14,522	)	$	84,797		$	(12,091	)	$	(16,133	)	$	(12,055	)
Adjustments:
Minority interests		(2,322	)		14,466			(2,585	)		(3,520	)		(2,850	)
Gain from sale of real estate		-			(108,469	)		-			-			-
Real estate depreciation and amortization		35,095			34,521			45,976			49,024			43,155
Company share of real estate depreciation and amortization
from unconsolidated joint venture		3,497			2,353			-			-			-
Funds from operations available to common shareholders
and unit holders (FFO)	$	21,748		$	27,668		$	31,300		$	29,371		$	28,250
Company share of FFO (2)	$	18,750		$	23,636		$	25,787		$	24,109		$	22,847

FFO per share - basic	$	0.41		$	0.52		$	0.59		$	0.55		$	0.53
FFO per share - diluted	$	0.41		$	0.51		$	0.58		$	0.55		$	0.53

Weighted-average shares outstanding - basic		46,156,438			45,723,233			44,066,753			43,901,117			43,146,500
Weighted-average shares outstanding - diluted		46,290,201			46,054,880			44,380,207			44,183,460			43,336,808
Weighted-average diluted shares and units		53,696,117			53,881,456			53,856,915			53,538,625			53,434,447

Reconciliation of FFO to FFO before loss from early extinguishment
of debt:
FFO available to common shareholders and unit holders (FFO)	$	21,748		$	27,668		$	31,300		$	29,371		$	28,250
Add: loss from early extinguishment of debt		4,107			642			119			-			442
Add: loss from early extinguishment of debt (discontinued operations)		-			-			-			-			672
FFO before loss from early extinguishment of debt	$	25,855		$	28,310		$	31,419		$	29,371		$	29,364

Company share of FFO before loss from early extinguishment
of debt (2)	$	22,290		$	24,184		$	25,885		$	24,109		$	23,748

FFO per share before loss from early extinguishment of
debt - basic	$	0.48		$	0.53		$	0.59		$	0.55		$	0.55
debt - diluted	$	0.48		$	0.53		$	0.58		$	0.55		$	0.55

_________

(1)	For the definition and discussion of FFO, see page 44.
(2)	Based on a weighted average interest in our operating partnership of 86.2%, 85.4%, 82.4%, 82.1% and 80.9% for the three months ended June 30, 2006, March 31, 2006, December 31, 2005, September 30, 2005 and June 30, 2005, respectively.

Table of Contents

Maguire Properties, Inc.

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

FFO	$	21,748		$	27,668		$	31,300		$	29,371		$	28,250
Non-real estate depreciation		75			87			99			99			99
Amortization of deferred financing costs		1,246			1,264			1,325			1,268			1,613
Accretion of interest rate swap sold		(1,023	)		(953	)		(953	)		(953	)		(953	)
Non-cash stock compensation		2,097			1,044			1,009			965			1,028
Loss from early extinguishment of debt(2)		4,107			642			119			-			1,114
Straight line rents		(2,347	)		(3,214	)		(3,364	)		(3,283	)		(3,362	)
Fair value lease revenue		(2,199	)		(2,819	)		(2,517	)		(2,416	)		(2,217	)
Capitalized payments (3)		(6,005	)		(4,549	)		(3,551	)		(3,052	)		(1,440	)
Non-recoverable capital expenditures (4)		(1,052	)		(815	)		(1,166	)		(989	)		(419	)
Recoverable capital expenditures		(716	)		(52	)		(592	)		(353	)		(400	)
Hotel improvements, equipment upgrades and replacements (5)		(421	)		(136	)		(12	)		(188	)		(98	)
2nd generation tenant improvements and leasing commissions (6), (7), (8)		(6,331	)		(4,509	)		(5,744	)		(6,039	)		(6,855	)
MMO Joint venture AFFO adjustments		(707	)		(520	)		-			-			-

Adjusted funds from operations (AFFO)	$	8,472		$	13,138		$	15,953		$	14,430		$	16,360

__________

(1)	For the definition and computation method of AFFO, see page 45. For a quantitative reconciliation of the differences between AFFO and cash flow from operating activities, see page 14.
(2)	Includes $3.1 million in cash defeasance costs funded from the net proceeds of our $125.0 million Glendale Center refinancing.
(3)	Includes capital lease principal payments, capitalized leasing and development payroll, and capitalized interest.
(4)	Excludes $2.2 million of renovation costs at Lantana Media Campus.
(5)	Excludes $0.0 million, $0.0 million, $0.3 million, $1.8 million and $0.9 million of expenditures for the three months ended June 30, 2006, March 31, 2006, December 31, 2005, September 30, 2005, and June 30, 2005, respectively, related to the renovation of the hotel.
(6)	Excludes 2nd generation tenant improvements and leasing commissions of $0.0 million, $0.0 million, $0.5 million, $0.1 million and $0.0 million for the three months ended June 30, 2006, March 31, 2006, December 31, 2005, September 30, 2005 and June 30, 2005, respectively, related to leases executed prior to and fully reserved ($35.2 million) at our initial public offering. As of June 30, 2006, $2.3 million of this reserve remains.
(7)	Excludes 1st generation tenant improvements and leasing commissions of $0.6 million, $1.0 million, $5.6 million, $2.4 million and $1.1 million for the three months ended June 30, 2006, March 31, 2006, December 31, 2005, September 30, 2005 and June 30, 2005, respectively.
(8)	Excludes tenant improvements and leasing commissions of $3.1 million, $5.0 million, $4.1 million, $7.0 million and $3.2 million for the three months ended June 30, 2006, March 31, 2006, December 31, 2005, September 30, 2005 and June 30, 2005 respectively, related to leasing costs fully reserved ($37.6 million) at the closing of the CommonWealth Portfolio, San Diego Tech Center and Pacific Center acquisitions. At June 30, 2006, $14.2 million of this reserve remains.

Table of Contents

Maguire Properties, Inc.

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

Reconciliation of net (loss) income to earnings before interest, taxes and depreciation and amortization (EBITDA):
Net (Loss) Income	$	(9,756	)	$	89,563		$	(7,325	)	$	(11,367	)	$	(7,289	)
Add: Minority interests		(2,322	)		14,466			(2,585	)		(3,520	)		(2,850	)
Interest expense, including discontinued operations		34,306			33,084			44,558			43,982			45,327
Company share of interest expense included in unconsolidated joint venture		2,181			2,062			-			-			-
Depreciation and amortization, including discontinued operations		35,170			34,608			46,075			49,123			43,254
Company share of depreciation and amortization included in unconsolidated joint venture		3,497			2,353			-			-			-
EBITDA	$	63,076		$	176,136		$	80,723		$	78,218		$	78,442

EBITDA	$	63,076		$	176,136		$	80,723		$	78,218		$	78,442
Add: loss from early extinguishment of debt		4,107			642			119			-			442
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	$	67,183		$	68,309		$	80,842		$	78,218		$	79,556


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

Cash flows from operating activities	$	23,750		$	16,720		$	17,674		$	19,993		$	44,248
Changes in other assets and liabilities		(6,758	)		1,930			5,793			2,006			(20,116	)
Non-recoverable capital expenditures		(1,052	)		(815	)		(1,166	)		(989	)		(419	)
Recoverable capital expenditures		(716	)		(52	)		(592	)		(353	)		(400	)
Hotel improvements, equipment upgrades and replacements (3)		(421	)		(136	)		(12	)		(188	)		(98	)
2nd generation tenant improvements and leasing commissions (4), (5), (6)		(6,331	)		(4,509	)		(5,744	)		(6,039	)		(6,855	)
AFFO	$	8,472		$	13,138		$	15,953		$	14,430		$	16,360

__________

(1)	For the definition and discussion of EBITDA, see page 45.
(2)	For the definition and discussion of AFFO, see page 45.
(3)	Excludes $0.0 million, $0.0 million, $0.3 million, $1.8 million and $0.9 million of expenditures for the three months ended June 30, 2006, March 31, 2006, December 31, 2005, September 30, 2005, and June 30, 2005, respectively, related to the renovation of the hotel.
(4)	Excludes 2nd generation tenant improvements and leasing commissions of $0.0 million, $0.0 million, $0.5 million, $0.1 million and $0.0 million for the three months ended June 30, 2006, March 31, 2006, December 31, 2005, September 30, 2005 and June 30, 2005, respectively, related to leases executed prior to and fully reserved ($35.2 million) at our initial public offering. As of June 30, 2006, $2.3 million of this reserve remains.
(5)	Excludes 1st generation tenant improvements and leasing commissions of $0.6 million, $1.0 million, $5.6 million, $2.4 million and $1.1 million for the three months ended June 30, 2006, March 31, 2006, December 31, 2005, September 30, 2005 and June 30, 2005, respectively.
(6)	Excludes tenant improvements and leasing commissions of $3.1 million, $5.0 million, $4.1 million, $7.0 million and $3.2 million for the three months ended June 30, 2006, March 31, 2006, December 31, 2005, September 30, 2005 and June 30, 2005 respectively, related to leasing costs fully reserved ($37.6 million) at the closing of the CommonWealth Portfolio, San Diego Tech Center and Pacific Center acquisitions. At June 30, 2006, $14.2 million of this reserve remains.

Table of Contents

Maguire Properties, Inc.

Second Quarter 2006

Capital Structure

Consolidated Debt

(in thousands)

Debt
(in thousands)

	Aggregate Principal
	June 30, 2006

Mortgage and Other Secured Loans Payable	$	2,688,131
Secured Credit Facility		-
Total Consolidated Debt		2,688,131
Company share of MMO joint venture debt		161,650
Total Combined Debt	$	2,849,781

Equity
(in thousands)

	Shares Outstanding		Total Liquidation Preference

Preferred Stock		10,000		250,000
	Shares Outstanding		Market Value(1)

Common Stock		46,962	$	1,651,664
Operating Partnership Units		7,406		260,466
Total Common Equity		54,368		1,912,130
Total Consolidated Market Capitalization			$	4,850,261
Total Combined Market Capitalization (2)			$	5,011,911

__________

(1)	Value based on the New York Stock Exchange closing price of $35.17 June 30, 2006.
(2)	Includes Company share of MMO Joint Venture debt.

Table of Contents

Maguire Properties, Inc.

Second Quarter 2006

Debt Summary

Outstanding Debt

(in thousands)

	Maturity Date		Principal Balance as of June 30, 2006			% of Debt				Interest Rate as of June 30, 2006 ⁽¹⁾

Floating Rate Debt
Term Loan	March 15, 2010		$	332,000			12.35	%			7.08	%
Gas Company Tower				280,000			10.42	%			6.89	%
Senior Mezzanine	July 7, 2008	(2)		30,000			1.12	%			11.00	%
Mortgage and Junior Mezzanine	July 6, 2007	(2), (3)		250,000			9.31	%			6.39	%
Wateridge Plaza	April 9, 2007	(4), (5)		62,880			2.34	%			6.50	%
777 Tower	September 10, 2009	(6)		40,000			1.49	%			6.23	%
Total Floating Rate Debt				714,880			26.59	%	(7)		6.91	%

Fixed Rate Debt
Pacific Arts Plaza	April 1, 2012			270,000			10.04	%			5.15	%
US Bank Tower	July 1, 2013			260,000			9.67	%			4.66	%
Wells Fargo Tower (Los Angeles, CA)	July 1, 2010			250,000			9.30	%			4.68	%
KPMG Tower	November 1, 2011			210,000			7.81	%			5.14	%
Park Place	November 1, 2014			170,000			6.32	%			5.64	%
Glendale Center	July 11, 2016			125,000			4.65	%			5.82	%
Pacific Center	May 6, 2016			117,082	(8)		4.36	%			5.76	%
777 Tower	September 10, 2009	(6)		114,569	(9)		4.26	%			4.81	%
Regents Square I & II	April 1, 2012			103,600			3.85	%			5.13	%
Park Place	March 12, 2012			100,000			3.72	%			5.39	%
Lantana Media Campus	January 6, 2010			98,000			3.65	%			4.94	%
801 North Brand	April 6, 2015			75,540			2.81	%			5.73	%
Mission City Corporate Center	April 1, 2012			52,000			1.93	%			5.09	%
700 North Central	April 6, 2015			27,460			1.02	%			5.73	%
Total Fixed Rate Debt				1,973,251			73.41	%	(7)		5.16	%
Total Consolidated Debt			$	2,688,131			100.00	%			5.62	%

__________

(1)	To calculate the variable interest rates, the one-month LIBOR rate of 5.33%% at June 30, 2006 was used.
(2)	Maturity accelerated to 2007 if the $250 million Gas Company Tower 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 and 777 Tower loan refinancings described in notes (2) and (6), 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. The weighted average interest rate of our debt would be 5.20%.
(8)	Net of loan discount of $4.1 million.
(9)	Net of loan discount of $0.4 million.

Credit Facility

(in thousands)

		Maximum Available				Currently Available				Drawn
Secured Line of Credit as of June 30, 2006		$	100,000			$	100,000			$	-

Financial Ratios

		Consolidated	Combined (a)
Interest coverage (b)		N/A	1.58
Interest coverage before loss from early extinguishment of debt and gain on sale of real estate(c)		N/A	1.69
Fixed-charge coverage (d)		N/A	1.40
Fixed-charge coverage before loss from early extinguishment of debt and gain on sale of real estate (e)		N/A	1.49
Debt to total market capitalization at quarter-end (f)		55.4%	56.9%
Debt plus preferred stock to total market capitalization at quarter-end (g)		60.6%	61.8%
(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.

Second Quarter 2006

MMO Joint Venture Debt Summary

(in thousands)

Outstanding Debt

(in thousands)

		Maturity Date	Principal Balance as of June 30, 2006		% of Debt			Interest Rate as of June 30, 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.

Second Quarter 2006

Pro Forma Debt Maturities

(in thousands)

Property	2006			2007			2008			2009			2010			Thereafter			Total

Term Loan	$	-		$	-		$	-		$	-		$	332,000		$	-		$	332,000
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		-			-			-			-			2,232			167,768			170,000
777 Tower (4)		-			-			-			154,569			-			-			154,569
Glendale Center		-			-			-			-			-			125,000			125,000
Pacific Center		-			-			-			-			-			117,082			117,082
Regents Square I & II		-			-			-			-			-			103,600			103,600
Park Place		-			-			-			-			-			100,000			100,000
Lantana Media Campus		-			-			-			-			98,000			-			98,000
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		$	159,021		$	671,737		$	1,505,170		$	2,688,131

Weighted Average Interest Rate		4.68	%		6.40	%		6.86	%		5.17	%		5.91	%		5.27	%		5.62	%
Pro Forma (5)	$	1,513		$	66,708		$	3,982		$	4,452		$	375,306		$	2,236,170		$	2,688,131

__________

(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 $431 thousand purchase discount.
(5)	Assumes the Gas Company Tower and 777 Tower loan refinancings described above in notes (2) and (4) and the expected repayments of the term loan with the net proceeds of these financings.

Table of Contents

Maguire Properties, Inc.

Second Quarter 2006

MMO Joint Venture Debt Maturities

(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.

Second Quarter 2006

Portfolio Data

Table of Contents

Maguire Properties, Inc.

Second Quarter 2006

Same Store Analysis

(unaudited and in thousands)

	Three Months Ended June 30, (1)										Six Months Ended June 30, (2)
	2006			2005			% Change				2006			2005			% Change

Total Same Store Portfolio
Number of properties		16			16							9			9
Square Feet (3)		17,969,895			18,154,925							12,608,231			12,742,634
Percent of Total Effective Portfolio		87.0	%		72.3	%						61.0	%		50.7	%
Weighted Average Leased Rate (4)		89.8	%		90.6	%						90.3	%		91.2	%

GAAP
Breakdown of Net Operating Income:
Operating Revenues	$	96,821		$	95,205			1.7	%	(5)	$	145,613		$	142,435			2.2	%	(6)
Operating Expenses		33,384			32,791			1.8	%			49,516			48,124			2.9	%	(7)
Other Expenses		62			62			0.0	%			125			125			0.0	%
Net Operating Income	$	63,375		$	62,352			1.6	%		$	95,972		$	94,186			1.9	%

CASH BASIS
Breakdown of Net Operating Income:
Operating Revenues	$	92,885		$	91,471			1.5	%	(5)	$	139,458		$	137,798			1.2	%	(6)
Operating Expenses		33,384			32,791			1.8	%			49,516			48,124			2.9	%	(7)
Other Expenses		62			62			0.0	%			125			125			0.0	%
Net Operating Income	$	59,439		$	58,618			1.4	%		$	89,817		$	89,549			0.3	%

__________

(1)	Wholly owned properties included in the quarterly 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, Lantana, 777 Tower, 801 N Brand, 700 N Central, Pacific Arts Plaza, Regents Square, Wateridge Plaza, and Mission City Corporate Center.
(2)	Wholly-owned properties included in the year-to-date 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.
(3)	Property square footage year-to-date and quarterly analyses decreased in 2006 compared to 2005 due to a change in Park Place parking square footage. In addition, for the quarterly property square footage, there was a remeasurement at Pacific Arts Plaza during the fourth quarter of 2005.
(4)	Represents weighted average occupancy for the same store portfolio.
(5)	Increase primarily due to a significant lease commencement at Park Place and increased rents on a significant tenant at Wateridge Plaza offset by lost rents due to a tenant lease expiration at US Bank Tower and a decrease in parking revenue due to a loss of parking spaces in connection with ongoing construction activity at Park Place.
(6)	Increase primarily due to a significant lease commencement at Park Place offset by lost rents due to a tenant lease expiration at US Bank Tower and a decrease in parking revenue due to a loss of parking spaces in connection with ongoing construction activity at Park Place.
(7)	Increase primarily due to additional costs incurred related to a significant lease commencement at Park Place and an increase in property tax assessments at Glendale Center, Wells Fargo Tower and KPMG Tower.

Table of Contents

Second Quarter 2006

Portfolio Overview - Square Footage

OFFICE PROPERTIES	RSF		OWNERSHIP PERCENTAGE			EFFECTIVE RSF
LOS ANGELES COUNTY
Los Angeles Central Business District Submarket
Gas Company Tower		1,313,409		100	%		1,313,409
US Bank Tower		1,393,280		100	%		1,393,280
Wells Fargo Tower		1,382,666		100	%		1,382,666
KPMG Tower		1,139,730		100	%		1,139,730
777 Tower		1,007,651		100	%		1,007,651
One California Plaza		990,076		20	%		198,015
Total Los Angeles Central Business District Submarket		7,226,812					6,434,751

Tri-Cities Submarket
Glendale Center		386,365		100	%		386,365
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		1,001,241					1,001,241

Santa Monica Professional and Entertainment Submarket
Lantana Media Campus		328,092		100	%		328,092
Total Santa Monica Professional and Entertainment Submarket		328,092					328,092

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		8,882,680					7,829,391

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		310,713		100	%		310,713
Total UTC		310,713					310,713

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		438,858		100	%		438,858
Total Mission Valley		629,605					629,605

TOTAL SAN DIEGO COUNTY		1,852,469					1,336,811

Table of Contents

Maguire Properties, Inc.

Second Quarter 2006

Portfolio Overview - Square Footage (continued)

OFFICE PROPERTIES

RSF

OTHER

Denver, CO - Downtown Submarket

Wells Fargo Center

1,202,385

240,477

TOTAL OTHER

1,202,385

240,477

TOTAL OFFICE PROPERTIES

15,303,895

(1)

12,223,103

RETAIL PROPERTY

RSF

John Wayne Airport Submarket

Park Place

124,279

100

124,279

TOTAL RETAIL PROPERTY

124,279

Number of

HOTEL PROPERTY

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

27,053

8,372,784

20,544

6,451,430

Off-Site Garages

5,040

1,600,817

5,040

1,600,817

TOTAL PARKING PROPERTIES

32,093

9,973,601

25,584

8,052,247

TOTAL PORTFOLIO

25,667,775

20,665,629

________

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

Table of Contents

Maguire Properties, Inc.

Second Quarter 2006

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Table of Contents

Maguire Properties, Inc.

Second Quarter 2006

Portfolio Overview - Leased Percentage and In-Place Rents

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

Office Properties
Gas Company Tower	Los Angeles Central Business District		1,313,409		96.5	%	$	32,598,097		100	%	$	32,598,097	$	25.71
US Bank Tower	Los Angeles Central Business District		1,393,280		85.0	%		31,175,240		100	%		31,175,240		26.33
Wells Fargo Tower	Los Angeles Central Business District		1,382,666		90.6	%		24,003,848		100	%		24,003,848		19.17
KPMG Tower	Los Angeles Central Business District		1,139,730		65.4	%		15,226,684		100	%		15,226,684		20.42
777 Tower	Los Angeles Central Business District		1,007,651		88.1	%		17,187,308		100	%		17,187,308		19.36
One California Plaza	Los Angeles Central Business District		990,076		86.2	%		15,453,089		20	%		3,090,618		18.11
Subtotal LACBD			7,226,812		85.7	%		135,644,266					123,281,795		21.91

Glendale Center	Tri-Cities		386,365		80.9	%		6,373,202		100	%		6,373,202		20.38
801 North Brand	Tri-Cities		281,199		90.7	%		4,489,980		100	%		4,489,980		17.61
Plaza Las Fuentes	Tri-Cities		189,947		99.7	%		3,619,911		100	%		3,619,911		19.12
700 North Central	Tri-Cities		143,730		80.6	%		1,981,859		100	%		1,981,859		17.10
Subtotal Tri-Cities			1,001,241		87.2	%		16,464,952					16,464,952		18.86

Lantana Media Campus	Santa Monica Professional & Entertainment		328,092		93.6	%		9,810,334		100	%		9,810,334		31.95
Subtotal Santa Monica Professional & Entertainment			328,092		93.6	%		9,810,334					9,810,334		31.95

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	%		2,482,421		20	%		496,484		23.74
Subtotal Cerritos			326,535		100.0	%		8,149,264					1,629,853		24.96

Subtotal Los Angeles County			8,882,680		86.7	%		170,068,816					151,186,934		22.09

Park Place	John Wayne Airport		1,893,817		92.5	%		24,463,917		100	%		24,463,917		13.97
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		93.8	%		33,095,315					26,190,197		15.28

Pacific Arts Plaza	Costa Mesa		785,123		89.0	%		14,083,173		100	%		14,083,173		20.15
Stadium Gateway	Anaheim		272,826		100.0	%		5,297,883		20	%		1,059,577		19.42

Subtotal Orange County			3,366,361		93.2	%		52,476,371					41,332,947		16.73

Table of Contents

Maguire Properties, Inc.

Second Quarter 2006

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

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

Office Properties
Regents Square I & II	UTC (University Town Center)		310,713		87.1	%		6,420,375		100	%		6,420,375		23.72
Wateridge Plaza	Sorrento Mesa		267,579		100.0	%		6,253,953		100	%		6,253,953		23.37
Mission City Corporate Center	Mission Valley		190,747		97.7	%		3,992,670		100	%		3,992,670		21.42
San Diego Tech Center	Sorrento Mesa		644,572		93.2	%		10,207,298		20	%		2,041,460		16.99
Pacific Center	Mission Valley		438,858		88.6	%		8,472,256		100	%		8,472,256		21.79

Subtotal San Diego County			1,852,469		92.6	%		35,346,552					27,180,714		20.62

Wells Fargo Center - Denver	Denver, CO - Downtown		1,202,385		92.2	%		18,728,452		20	%		3,745,690		16.89

Subtotal Denver, CO-Downtown			1,202,385		92.2	%		18,728,452					3,745,690		16.89

Total/Weighted Average - Office Properties			15,303,895		89.2	%	$	276,620,191				$	223,446,285	$	20.25
Retail Property
Park Place	John Wayne Airport		124,279		96.8	%		3,752,673		100	%		3,752,673		31.21

Total/Weighted Average - Retail Property			124,279		96.8	%	$	3,752,673				$	3,752,673	$	31.21


Total/Weighted Average - Office & Retail Properties			15,428,174		89.3	%	$	280,372,864				$	227,198,958	$	20.35

Effective Portfolio (3)			12,347,382		88.4	%								$	20.81

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		27,053		6,451,430			20,544	$	37,764,769		$	31,996,320	$	1,557
Total Off-Site	1,600,817		5,040		1,600,817			5,040		10,275,549			10,275,549		2,039

Total Parking	9,973,601		32,093		8,052,247			25,584	$	48,040,318		$	42,271,869	$	1,652

__________

(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 June 30, 2006
(5)	Annualized parking revenue represents the annualized quarterly parking revenue as of June 30, 2006 adjusted to include 100% of our consolidated portfolio and 20% of our MMO joint venture portfolio.
(6)	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.

Second Quarter 2006

Portfolio Overview - Leased Rates and Weighted Average Remaining Lease Term

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

Gas Company Tower	100%	6.8		96.5	%		96.9	%		96.8	%		98.6	%		98.5	%
US Bank Tower	100%	4.7		85.0	%		83.0	%		83.9	%		83.4	%		83.6	%
Wells Fargo Tower	100%	6.2		90.6	%		89.7	%		88.7	%		89.1	%		85.4	%
KPMG Tower	100%	8.3		65.4	%		89.0	%		89.0	%		88.5	%		91.0	%
777 Tower	100%	6.8		88.1	%		91.6	%		91.6	%		92.2	%		92.2	%
One California Plaza	20%	5.6		86.2	%		86.3	%		85.9	%		88.1	%		90.5	%
Glendale Center	100%	5.5		80.9	%		100.0	%		100.0	%		100.0	%		100.0	%
801 North Brand	100%	4.4		88.7	%		87.7	%		87.7	%		85.3	%		83.1	%
Plaza Las Fuentes	100%	8.4		99.7	%		99.7	%		99.7	%		99.7	%		99.7	%
700 North Central	100%	2.6		80.6	%		80.6	%		80.6	%		77.1	%		77.0	%
Lantana Media Campus	100%	3.9		93.6	%		94.6	%		94.6	%		94.0	%		89.8	%
Cerritos - Phase I	20%	8.3		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cerritos - Phase II	20%	4.9		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Park Place	100%	3.8		92.5	%		91.9	%		91.8	%		94.8	%		94.9	%
Washington Mutual Irvine Campus	20%	5.5		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Pacific Arts Plaza	100%	5.0		89.0	%		89.0	%		89.0	%		86.2	%		86.1	%
Stadium Gateway	20%	3.8		100.0	%		100.0	%		-			-			-
Regents Square I & II	100%	3.7		87.1	%		90.6	%		87.9	%		85.5	%		86.8	%
Wateridge Plaza	100%	2.2		100.0	%		100.0	%		100.0	%		91.8	%		91.8	%
Mission City Corporate Center	100%	4.1		97.7	%		95.2	%		93.5	%		92.3	%		92.2	%
San Diego Tech Center	20%	3.1		93.2	%		96.5	%		97.7	%		94.6	%		91.7	%
Pacific Center	100%	3.4		88.6	%		85.3	%		-			-			-
Wells Fargo Center - Denver	20%	5.8		92.2	%		92.2	%		93.7	%		87.2	%		85.2	%
Park Place - Retail	100%	7.7		96.8	%		96.8	%		98.2	%		95.3	%		92.8	%

Total Portfolio		5.3		89.3	%		91.5	%		91.6	%		91.1	%		90.7	%

Effective Portfolio (1)		5.2		88.4	%		91.0	%		91.6	%		91.1	%		90.7	%

__________

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

Table of Contents

Maguire Properties, Inc.

Second 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		7.4	%		576,516		5.3	%	64	A
2	Sempra (Pacific Enterprises)	1		8,504,539		3.7	%		225,756		2.1	%	48	A
3	Wells Fargo Bank (3)	2		6,084,094		2.7	%		381,021		3.5	%	79	AA
4	ConAgra, Inc.	1		5,411,330		2.4	%		393,317		3.6	%	50	BBB+
5	Cardinal Health	1		4,751,027		2.1	%		185,982		1.7	%	20	BBB
6	Bank of America	2		4,000,864		1.8	%		182,617		1.7	%	65	AA
7	US Bank, National Association	1		3,437,099		1.5	%		154,872		1.4	%	108	AA
8	Disney Enterprises	1		3,085,885		1.4	%		156,215		1.4	%	60	A-
9	GMAC Mortgage Corporation	1		2,706,138		1.2	%		150,341		1.4	%	90	AAA
10	Washington Mutual, FA (4)	4		2,526,164		1.1	%		114,886		1.1	%	62	A

	Total Rated / Weighted Average (5)			57,315,069		25.3	%		2,521,523		23.2	%	63

	*Total Investment Grade Tenants*			*100,406,974*		*44.2*	%		*4,935,446*		*45.2*	%

	Unrated - Nationally Recognized
11	Latham & Watkins	2	$	9,723,372		4.3	%		361,524		3.2	%	54	3rd Largest US Law Firm
12	Gibson Dunn & Crutcher	1		6,103,475		2.7	%		268,268		2.5	%	137	18th Largest US Law Firm
13	Morrison & Foerster	1		5,329,600		2.3	%		192,775		1.8	%	64	24th Largest US Law Firm
14	Jones, Day, Reavis & Pogue	1		4,982,380		2.2	%		152,166		1.4	%	4	4th Largest US Law Firm
15	Munger Tolles & Olson	1		4,086,534		1.8	%		186,890		1.7	%	188	131st Largest US Law Firm
16	Marsh USA, Inc.	1		3,311,788		1.5	%		189,245		1.7	%	142	Prominent Risk Management Firm
17	KPMG	1		2,965,080		1.3	%		175,525		1.6	%	96	4th Largest US Accounting Firm
18	Bingham McCutchen	1		2,745,321		1.2	%		104,712		1.0	%	79	26th Largest US Law Firm
19	Sidley Austin Brown & Wood	1		2,458,370		1.1	%		156,570		1.4	%	178	5th Largest US Law Firm
20	Kirkland & Ellis	1		2,135,353		0.9	%		106,523		1.0	%	44	9th Largest US Law Firm

	Total Unrated / Weighted Average (5)			43,841,273		19.3	%		1,894,198		17.3	%	100

	*Total Nationally Recognized Tenants*			*62,959,592*		*27.7*	%		*2,881,119*		*26.4*	%

	Total / Weighted Average (5)		$	101,156,342		44.6	%		4,415,721		40.5	%	79

	*Total Investment Grade or* *Nationally Recognized Tenants*		$	*163,366,567*		*71.9*	%		*7,816,564*		*71.6*	%

__________

(1)	Annualized base rent is calculated as monthly contractual base rent under existing leases as of June 30, 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 June 30, 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.

Second Quarter 2006

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Table of Contents

Maguire Properties, Inc.

Second Quarter 2006

Consolidated Lease Expirations - Total 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		1,376,096		11.9	%
2006		434,737		3.8	%	$	9,939,982		4.7	%	$	22.86	$	22.95
2007		721,792		6.2	%		15,757,656		7.4	%		21.83		22.26
2008		863,983		7.6	%		17,843,115		8.3	%		20.65		21.52
2009		1,058,557		9.1	%		24,051,958		11.2	%		22.72		23.78
2010		1,758,810		15.2	%		34,687,946		16.2	%		19.72		21.72
2011		1,730,627		14.9	%		38,195,043		17.9	%		22.07		26.77
2012		544,673		4.7	%		10,431,404		4.9	%		19.15		21.04
2013		1,254,345		10.8	%		25,061,905		11.7	%		19.98		21.91
2014		301,759		2.6	%		4,779,046		2.2	%		15.84		21.93
2015		453,761		3.9	%		10,661,160		5.0	%		23.50		29.44
Thereafter		1,078,045		9.3	%		22,496,265		10.5	%		20.87		23.81

Total		11,577,185		100.0	%	$	213,905,480		100.0	%	$	20.97	$	23.61

Leases Expiring in the Next 4 Quarters:
3rd Quarter 2006		112,853		1.0	%		2,460,417		1.2	%		21.80		22.01
4th Quarter 2006 (3)		321,884		2.8	%		7,479,565		3.5	%		23.24		23.28
1st Quarter 2007		122,783		1.0	%		1,996,375		0.9	%		16.26		16.26
2nd Quarter 2007		176,822		1.5	%		3,613,775		1.7	%		20.44		20.60

Total		734,342		6.3	%	$	15,550,132		7.3	%	$	21.18	$	21.27

__________

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

Table of Contents

Maguire Properties, Inc.

Second 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		1,048,659		13.8	%
2006		299,764		4.0	%	$	7,368,242		5.0	%	$	24.58	$	24.67
2007		420,218		5.5	%		9,656,044		6.6	%		22.98		23.50
2008		330,685		4.4	%		6,642,304		4.5	%		20.09		21.04
2009		536,172		7.1	%		13,296,125		9.1	%		24.80		25.32
2010		711,028		9.4	%		18,981,726		13.0	%		26.70		27.82
2011		1,208,014		16.0	%		28,673,763		19.6	%		23.74		28.82
2012		301,602		4.0	%		6,197,716		4.2	%		20.55		21.33
2013		1,026,334		13.6	%		21,047,985		14.4	%		20.51		22.13
2014		299,293		3.9	%		4,733,179		3.2	%		15.81		21.92
2015		375,359		5.0	%		8,874,147		6.1	%		23.64		29.37
Thereafter		1,008,941		13.3	%		20,995,232		14.3	%		20.81		23.72

Total		7,566,069		100.0	%	$	146,466,463		100.0	%	$	22.47	$	25.28

Leases Expiring in the Next 4 Quarters:
3rd Quarter 2006		37,847		0.5	%		1,048,975		0.7	%		27.72		28.33
4th Quarter 2006 (3)		261,917		3.5	%		6,319,267		4.3	%		24.13		24.14
1st Quarter 2007		77,276		1.0	%		1,216,229		0.8	%		15.74		15.74
2nd Quarter 2007		51,044		0.7	%		983,696		0.7	%		19.27		19.24

Total		428,084		5.7	%	$	9,568,167		6.5	%	$	22.35	$	22.41

__________

(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.

Second 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		233,101		8.3	%
2006		100,460		3.6	%	$	1,698,541		4.0	%	$	16.91	$	16.91
2007		128,565		4.6	%		2,315,686		5.5	%		18.01		18.00
2008		266,149		9.5	%		4,495,041		10.6	%		16.89		17.18
2009		328,400		11.7	%		6,616,973		15.8	%		20.15		21.45
2010		899,632		32.1	%		12,570,024		29.7	%		13.97		16.23
2011		341,144		12.2	%		5,616,538		13.3	%		16.46		19.88
2012		190,369		6.8	%		3,012,014		7.1	%		15.82		19.16
2013		228,011		8.1	%		3,994,823		9.4	%		17.52		20.91
2014		2,466		0.1	%		45,868		0.1	%		18.60		23.40
2015		28,920		1.0	%		697,073		1.6	%		24.10		29.19
Thereafter		56,002		2.0	%		1,237,182		2.9	%		22.09		24.05

Total		2,803,219		100.0	%	$	42,299,763		100.0	%	$	16.46	$	18.64

Leases Expiring in the Next 4 Quarters:
3rd Quarter 2006		62,607		2.2	%		1,097,585		2.6	%		17.53		17.53
4th Quarter 2006 (3)		37,853		1.4	%		600,956		1.4	%		15.88		15.88
1st Quarter 2007		42,141		1.5	%		693,588		1.7	%		16.46		16.46
2nd Quarter 2007		38,883		1.4	%		632,615		1.5	%		16.27		16.29

Total		181,484		6.5	%	$	3,024,744		7.2	%	$	16.67	$	16.67

__________

(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.

Second 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		94,336		7.8	%
2006		34,513		2.9	%	$	873,199		3.5	%	$	25.30	$	25.60
2007		173,009		14.3	%		3,785,926		15.1	%		21.88		22.42
2008		267,149		22.1	%		6,705,769		26.6	%		25.10		26.44
2009		193,985		16.0	%		4,138,861		16.5	%		21.34		23.45
2010		148,150		12.3	%		3,136,197		12.5	%		21.17		25.80
2011		181,469		15.0	%		3,904,742		15.5	%		21.52		26.12
2012		52,702		4.4	%		1,221,673		4.9	%		23.18		26.19
2013		-		0.0	%		19,096		0.1	%		-		-
2014		-		0.0	%		-		0.0	%		-		-
2015		49,482		4.1	%		1,089,940		4.3	%		22.03		30.08
Thereafter		13,102		1.1	%		263,851		1.0	%		20.14		29.74

Total		1,207,897		100.0	%	$	25,139,254		100.0	%	$	22.58	$	25.34
Leases Expiring in the Next 4 Quarters:

3rd Quarter 2006		12,399		1.0	%		313,857		1.3	%		25.31		25.31
4th Quarter 2006 (3)		22,114		1.9	%		559,342		2.2	%		25.29		25.87
1st Quarter 2007		3,366		0.3	%		86,559		0.4	%		25.72		25.72
2nd Quarter 2007		86,895		7.2	%		1,997,463		7.9	%		22.99		23.32

Total		124,774		10.4	%	$	2,957,221		11.8	%	$	23.70	$	24.04

__________

(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.

Second 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		274,255		7.1	%		-
2006		99,625		2.6	%	$	1,959,353		2.9	%	$	19.67	$	19.65
2007		257,513		6.7	%		4,618,947		6.9	%		17.94		18.13
2008		282,534		7.3	%		5,279,810		7.9	%		18.69		19.20
2009		463,291		12.1	%		8,030,896		12.2	%		17.33		18.87
2010		419,106		10.9	%		8,710,774		13.1	%		20.78		24.31
2011		436,442		11.3	%		8,399,834		12.6	%		19.25		21.69
2012		292,213		7.6	%		5,311,451		8.0	%		18.18		20.08
2013		522,895		13.6	%		8,753,431		13.2	%		16.74		17.85
2014		639,525		16.6	%		12,222,874		18.4	%		19.11		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		3,850,989		100.0	%	$	66,467,384		100.0	%	$	18.58	$	23.77
Leases Expiring in the Next 4 Quarters:

3rd Quarter 2006		4,221		0.1	%		90,779		0.2	%		21.51		21.51
4th Quarter 2006 (3)		95,404		2.5	%		1,868,574		2.7	%		19.59		19.57
1st Quarter 2007		33,482		0.9	%		628,710		1.0	%		18.78		18.78
2nd Quarter 2007		76,583		1.9	%		1,157,923		1.7	%		15.12		15.12

Total		209,690		5.4	%	$	3,745,986		5.6	%	$	17.86	$	17.86

__________

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

Table of Contents

Maguire Properties, Inc.

Second Quarter 2006

Leasing Activity - Total Portfolio

	Total Portfolio						Effective Portfolio (1)

	For the Three Months Ended June 30, 2006			% Leased			For the Three Months Ended June 30, 2006			% Leased

Leased Square Feet as of March 31, 2006		14,111,396			91.5	%		11,233,308			91.0	%
Expirations		(684,831	)		(4.4	)%		(637,168	)		(5.2	)%
New Leases		199,119			1.2	%		193,445			1.6	%
Renewals		152,139			1.0	%		126,851			1.0	%
Leased Square Feet as of June 30, 2006		13,777,823			89.3	%		10,916,436			88.4	%

Cash Rent Growth (2), (3)
Expiring Rate per Square Foot										$	20.87
New / Renewed Rate per Square Foot										$	21.67
Percentage Change											3.9	%

GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	20.58
New / Renewed Rate per Square Foot										$	21.57
Percentage Change											4.8	%

Weighted Average Lease Term - New (in months)											58
Weighted Average Lease Term - Renewal (in months)											76

__________

(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.

Second Quarter 2006

Leasing Activity - Los Angeles Central Business District

	Total Portfolio						Effective Portfolio (1)

	For the Three Months Ended June 30, 2006			% Leased			For the Three Months Ended June 30, 2006			% Leased

Leased Square Feet as of March 31, 2006, Los Angeles Central Business District		6,456,420			89.4	%		5,774,058			89.7	%
Expirations		(477,641	)		(6.7	)%		(457,056	)		(7.1	)%
New Leases		98,934			1.4	%		97,469			1.5	%
Renewals		113,037			1.6	%		93,633			1.5	%
Leased Square Feet as of June 30, 2006, Los Angeles Central Business District		6,190,750			85.7	%		5,508,104			85.6	%

Cash Rent Growth (2), (4)
Expiring Rate per Square Foot										$	19.72
New / Renewed Rate per Square Foot										$	19.66
Percentage Change											(0.3	)%

GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	19.98
New / Renewed Rate per Square Foot										$	21.57
Percentage Change											8.0	%

Weighted Average Lease Term - New (in months)											59
Weighted Average Lease Term - Renewal (in months)											90

__________

(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.

Second Quarter 2006

Leasing Activity - Orange County

	Total Portfolio						Effective Portfolio (1)

	For the Three Months Ended June 30, 2006			% Leased			For the Three Months Ended June 30, 2006			% Leased

Leased Square Feet as of March 31, 2006 Orange County		3,247,444			93.0	%		2,697,507			91.7	%
Expirations		(13,537	)		(0.4	)%		(13,537	)		(0.5	)%
New Leases		23,632			0.7	%		23,632			0.9	%
Renewals		-			0.0	%		-			0.0	%
Leased Square Feet as of June 30, 2006, Orange County		3,257,539			93.3	%		2,707,602			92.1	%

Cash Rent Growth (2), (3)
Expiring Rate per Square Foot											N/A
New / Renewed Rate per Square Foot											N/A
Percentage Change											N/A

GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot											N/A
New / Renewed Rate per Square Foot											N/A
Percentage Change											N/A

Weighted Average Lease Term - New (in months)											42
Weighted Average Lease Term - Renewal (in months)											N/A

__________

(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.

Second Quarter 2006

Leasing Activity - San Diego County

	Total Portfolio						Effective Portfolio (1)

	For the Three Months Ended June 30, 2006			% Leased			For the Three Months Ended June 30, 2006			% Leased

Leased Square Feet as of March 31, 2006, San Diego County		1,727,276			93.2	%		1,229,583			92.0	%
Expirations		(62,720	)		(3.4	)%		(45,750	)		(3.4	)%
New Leases		24,162			1.4	%		24,162			1.8	%
Renewals		25,747			1.4	%		25,747			1.9	%
Leased Square Feet as of June 30, 2006, San Diego County		1,714,465			92.6	%		1,233,742			92.3	%

Cash Rent Growth (2), (4)
Expiring Rate per Square Foot										$	22.80
New / Renewed Rate per Square Foot										$	27.77
Percentage Change											21.8	%

GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	20.06
New / Renewed Rate per Square Foot										$	28.26
Percentage Change											40.9	%

Weighted Average Lease Term - New (in months)											59
Weighted Average Lease Term - Renewal (in months)											23

__________

(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.

Second Quarter 2006

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

	Q2 2006		Q1 2006		2005		2004		2003

Renewals (4)
Number of Leases		14		12		67		29		14
Square Feet		152,139		186,800		740,375		296,203		120,022
Tenant Improvement Costs per Square Foot (3)	$	21.11	$	30.65	$	11.25	$	15.49	$	30.66
Leasing Commission Costs per Square Foot (5)	$	6.71	$	10.74	$	3.64	$	5.98	$	2.36
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	27.82	$	41.39	$	14.89	$	21.47	$	33.02
Costs per Square Foot per Year	$	4.37	$	3.63	$	3.46	$	4.31	$	6.24

New / Modified Leases (5)
Number of Leases		28		36		138		48		36
Square Feet		159,560		234,737		1,047,634		453,301		851,316
Tenant Improvement Costs per Square Foot (3)	$	13.50	$	17.13	$	24.29	$	36.28	$	48.26
Leasing Commission Costs per Square Foot (5)	$	4.79	$	5.40	$	5.41	$	9.28	$	4.78
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	18.29	$	22.53	$	29.70	$	45.56	$	53.04
Costs per Square Foot per Year	$	3.75	$	4.48	$	4.78	$	4.26	$	7.95

Total
Number of Leases		42		48		205		77		50
Square Feet		311,699		421,537		1,788,009		749,504		971,338
Tenant Improvement Costs per Square Foot (3)	$	17.21	$	23.12	$	18.89	$	28.06	$	46.09
Leasing Commission Costs per Square Foot (5)	$	5.73	$	7.77	$	4.68	$	7.97	$	4.48
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	22.94	$	30.89	$	23.57	$	36.03	$	50.57
Costs per Square Foot per Year	$	4.09	$	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.

Second Quarter 2006

Historical Capital Expenditures

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

	Q2 2006		Q1 2006		2005		2004		2003

Consolidated
Non-recoverable Capital Expenditures	$	1,051,519	$	815,417	$	4,502,547	$	1,046,178	$	151,512
Total Square Feet		11,577,185		11,569,638		9,150,550		6,783,532		5,783,068
Non-recoverable Capital Expenditures per Square Foot	$	0.09	$	0.07	$	0.49	$	0.15	$	0.03
Unconsolidated
Non-recoverable Capital Expenditures (8)	$	59,447	$	28,422
Total Square Feet(9)		621,972		621,743
Non-recoverable Capital Expenditures per Square Foot	$	0.10	$	0.05

Consolidated
Recoverable Capital Expenditures (10)	$	715,996	$	51,965	$	1,553,935	$	3,009,186	$	1,956,984
Total Square Feet		11,577,185		11,569,638		9,150,550		6,783,532		5,783,068
Recoverable Capital Expenditures per Square Foot	$	0.06	$	0.00	$	0.17	$	0.44	$	0.34
Unconsolidated
Recoverable Capital Expenditures (8), (10)	$	101,602	$	-
Total Square Feet (9)		621,972		621,743
Recoverable Capital Expenditures per Square Foot	$	0.16	$	-

__________

(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.

Second Quarter 2006

Hotel Performance

							Percent			YTD			YTD
Westin Hotel, Pasadena, CA	Q2 2006			Q2 2005			Change			June 30, 2006			June 30, 2005

Occupancy		84.6	%		81.8	%		3.4	%		82.1	%		83.3	%
Average Daily Rate	$	169.44		$	152.96			10.8	%	$	176.59		$	151.58
Revenue Per Available Room (REVPAR)	$	143.30		$	125.15			14.5	%	$	145.02		$	126.32
Hotel Net Operating Income	$	2,536,975		$	1,761,371			44.0	%	$	4,937,907		$	3,732,748

Hotel Historical Capital Expenditures

							For the Year Ended December 31,
Westin Hotel, Pasadena, CA	Q2 2006			Q1 2006			2005			2004			2003

Hotel Improvements and Equipment Replacements	$	421,461		$	135,520		$	313,011		$	20,436		$	440,341
Total Hotel Revenue	$	6,887,800		$	6,676,106		$	24,037,425		$	20,518,964		$	18,449,302
Hotel Improvements as a Percentage of Hotel Revenue		6.1	%		2.0	%		1.3	%		0.1	%		2.4	%
Renovation and Upgrade Costs (1)	$	18,982		$	6,716		$	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.

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Maguire Properties, Inc.

Second Quarter 2006

Construction in Progress

					As of June 30, 2006


Property	Location	Percentage Pre-Leased			Acreage		Estimated Cost of Development		Construction Costs Incurred		Developed / Developable Square Feet ⁽¹⁾		Projected Stabilized NOI	Estimated Date of Completion
							($ in millions)		($ in millions)				($ in millions)


Los Angeles County

Lantana Media Campus	Santa Monica, CA		0	%		4.0	$	76.0	$	2.0		194,000	$12.0 - $13.0	Fourth Quarter 2007/
								Total Los Angeles County				194,000		First Quarter 2008

Orange County

Park Place - 3161 Michelson	Irvine, CA		52	%		0.7		157.0		44.1		531,000	25.0 - 26.0	Third Quarter 2007
Park Place - Structured Parking	Irvine, CA		0	%		4.3		79.0		19.1		1,350,000		Second Quarter 2007


17885 Von Karman Avenue⁽²⁾
at Washington Mutual Irvine Campus	Irvine, CA		0	%		3.7		40.0		2.9		145,000	5.0 - 5.5	Fourth Quarter 2007
								Total Orange County				2,026,000
San Diego

Mission City Corporate Center	San Diego, CA		0	%		3.3		27.0		0.6		92,000	2.5 - 3.0	Fourth Quarter 2007
							Total San Diego County					92,000

							Total Portfolio Net Rentable Area					2,312,000

__________

(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)	Land held for development was not contributed to the MMO joint venture.

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Maguire Properties, Inc.

Second Quarter 2006

Development Pipeline

			As of June 30, 2006

				Developed / Developable		Type of
Property		Location	Acreage	Square Feet (1)		Planned Development



	Los Angeles County
	755 Figueroa	Los Angeles, CA	1.3		840,000	Office/Residential
	Glendale Center - Phase II	Glendale, CA	2.0		400,000	Office & Retail
	207 Good formerly
	known as 200 Burchett	Glendale, CA	0.9		181,000	Office
			Total Los Angeles County		1,421,000
	Orange County
	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
	Pacific Arts Plaza (2)	Costa Mesa, CA	3.2		400,000	Office
			Total Orange County		3,504,000

	San Diego
	Wateridge Plaza	Sorrento Mesa, CA	N/A		170,000	Office
	San Diego Tech Center (3)	San Diego, CA	4.5		1,200,000	Office

			Total San Diego		1,370,000

			Total Net Rentable Area		6,295,000
	Orange County
	Park Place - Structured Parking	Irvine, CA	N/A		2,225,000	Parking

			Total Portfolio		8,520,000

(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.

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Maguire Properties, Inc.

Second 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.

Second 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.

Second 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 Second Quarter 2006