MPG Office Trust 8-K Maguire Properties Reports Third Quarter 2006

Exhibit 99.2

Maguire Properties, Inc.

Third 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.

2

Maguire Properties, Inc.

Third Quarter 2006

Corporate Data

3

Maguire Properties, Inc.

Third 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 September 30, 2006, the office portfolio was comprised of whole or partial interests in 24 properties with approximately 15.6 million net rentable square feet, one 350-room hotel with 266,000 square feet and total on- and off-site structured parking of approximately 9.9 million square feet, plus surface parking, which in total accommodates approximately 32,000 vehicles. The Company owns undeveloped land that it believes could support up to 6.7 million square feet of office, retail and residential uses and an additional 6.1 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:

On September 22, 2006, the building located at 701 North Brand and a 50% interest in an adjacent 1,608 car garage (Maguire acquired the initial 50% interest in the garage as part of the CommonWealth portfolio acquisition) in Glendale was purchased for $45.0 million. The purchase was funded with a $33.75 million ten year, interest only loan from California Credit Union that bears interest at a fixed rate of 5.871%.  With this acquisition, the Company now controls the entire project, comprised of 734,000 square feet of office space at 701 North Brand, 700 North Central, 801 North Brand and 207 Goode Street (new development project) and a 2,160 car parking garage.

Debt:

On August 7, 2006, the Company completed a $458.0 million mortgage refinancing with Nomura Credit & Capital, Inc. for the Gas Company Tower and World Trade Center Garage properties. The new mortgage is a ten year, interest only, fixed rate loan that bears interest at 5.102% and matures on August 11, 2016. The proceeds were used to pay off the existing mortgage of $280.0 million and pay down the term loan in the amount of $165.0 million.

On September 29, 2006, the Company completed a $240.0 million construction loan financing among Eurohypo AG, New York Branch, as Administrative Agent and certain lenders signatory thereto for the purpose of funding costs pertaining to the construction of a 531,000 square foot office building and two parking garages with a parking capacity of 5,000 vehicles at the Park Place campus at 3161 Michelson Drive, Irvine, California. The construction loan will bear interest at a rate of LIBOR + 2.25%, and will mature on September 30, 2008, with three one-year extension options.

As of September 30, 2006, there were no borrowings outstanding on the Company’s $100.0 million revolving line of credit. The Company’s ratio of consolidated debt to market capitalization was 53.1% and our ratio of consolidated debt plus preferred stock to market capitalization was 57.8% as of September 30, 2006.

On October 10, the Company completed a $273.0 million refinancing with Bank of America, N.A. for the property located at 777 South Figueroa Street, Los Angeles, California.  The mortgage loan is an interest-only, seven-year mortgage, which bears interest at a fixed rate of 5.844% and matures on November 1, 2013.  On October 13, 2006, $104.0 million of the proceeds from this refinancing and $63.0 million of available cash on hand were used to repay the remaining $167.0 million outstanding on the Company’s Term Loan.

As a result of the 777 Tower refinancing and the repayment of our term loan in October 2006, approximately 99% of our outstanding debt is now fixed (including hedges) at a weighted average interest rate of 5.3% for a weighted average remaining term of approximately 6.8 years . The Company anticipates approximately $12.0 million in annual interest savings due to the conversion of approximately $685.0 million of variable rate debt to fixed rate debt through the refinancing transactions completed since June 2006.

Development Activities:

Construction activities continued during the quarter at Park Place - 3161 Michelson with the topping of the steel structure achieved on the office building in October. Completion is targeted for the second quarter of 2007 for the parking garages and third quarter 2007 for the office building. 3161 Michelson is a 530,380 square foot office building and two parking garages with a parking capacity of approximately 6,200 vehicles.

The parking structure at Mission City Corporate Center is underway and is scheduled to be completed by December 31, 2006. Construction on the 90,000 square foot office building is anticipated to commence shortly with targeted completion set for the fourth quarter of 2007.

Construction commenced on 17885 Von Karman Avenue at the Washington Mutual Irvine Campus. During the quarter, all surface parking demolition work was completed and the foundation work commenced. Construction is scheduled to be completed by the third quarter of 2007.

During the third quarter, development activities continued at Park Place, San Diego Tech Center, Lantana Media Campus, Glendale North, Wateridge Plaza, Pacific Arts Plaza and 755 Figueroa.

Leasing Activities:

Completed new leases and renewals totaling 538,761 square feet (includes joint venture properties), including an early renewal and expansion through 2017 with Oaktree Capital for 129,645 square feet at Wells Fargo Tower in Downtown Los Angeles and an early renewal with Fannie Mae through 2018 for 61,755 square feet at Plaza Las Fuentes in Pasadena.  Cash rent growth and GAAP rent growth on leases executed during the third quarter increased 17.8% and 41.1%, respectively, primarily due to the Oaktree Capital early renewal of 104,464 square feet commencing on April 1, 2009, the Fannie Mae early renewal of 61,655 square feet commencing on April 1, 2008 and a 48,000 square foot renewal at Park Place which commenced September 1, 2006. Cash rent growth and GAAP rent growth on leases executed during the quarter in Downtown Los Angeles increased by 11.9% and 35.2%.

Since September 30, the Company has completed and signed additional new leases of vacant space and lease renewals in our total portfolio for approximately 151,000 rentable square feet (115,000 rentable square feet on an effective portfolio basis).  Additionally, the Company has signed letters of intent and is under negotiations for new leases and renewals in our total portfolio for approximately 174,000 rentable square feet (112,000 rentable square feet on an effective portfolio basis).

4

Maguire Properties, Inc.

Third 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
RBC Capital Markets	Srikath Nagarajan	(212) 428-2360
KeyBanc Capital Markets	Jordan Sadler	(917) 368-2280

Transfer Agent

Continental Stock Transfer and Trust Company

17 Battery Place

8^th Floor

New York, NY 10004

(212) 845-3215

Timing

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

5

Maguire Properties, Inc.

Third 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):

	3rd Quarter 2006			2nd Quarter 2006			1st Quarter 2006			4th Quarter 2005			3rd Quarter 2005
High Price	$	41.53		$	36.47		$	36.60		$	32.43		$	30.37
Low Price	$	34.70		$	30.98		$	30.15		$	27.33		$	25.92
Closing Price	$	40.74		$	35.17		$	36.50		$	30.90		$	30.05
Dividends per share - Annualized	$	1.60		$	1.60		$	1.60		$	1.60		$	1.60
Closing Dividend Yield - Annualized		3.93	%		4.55	%		4.38	%		5.18	%		5.32	%
Closing Common Shares and Limited Partnership        Units Outstanding (in thousands)		54,391			54,368			53,706			53,808			53,804
Closing Market Value of Common Shares and       Limited Partnership Units Outstanding (in thousands)	$	2,215,893		$	1,912,130		$	1,960,258		$	1,662,680		$	1,616,801

Dividends per Share
	3rd Quarter 2006		2nd Quarter 2006		1st Quarter 2006		4th Quarter 2005		3rd Quarter 2005
Common Stock
Amount	$	0.4000	$	0.4000	$	0.4000	$	0.4000	$	0.4000
Declared	September 26, 2006		June 21, 2006		March 22, 2006		December 15, 2005		September 20, 2005
Record	Septembe10r 29, 2006		June 30, 2006		March 31, 2006		December 30, 2005		September 30, 2005
Paid	October 31, 2006		July 31, 2006		April 28, 2006		January 31, 2006		October 28, 2005
Preferred Stock
Amount	$	0.4766	$	0.4766	$	0.4766	$	0.4766	$	0.4766
Declared	September 26, 2006		June 21, 2006		March 22, 2006		December 15, 2005		September 20, 2005
Record	September 29, 2006		June 30, 2006		March 31, 2006		December 30, 2005		September 30, 2005
Paid	October 31, 2006		July 31, 2006		April 28, 2006		January 31, 2006		October 28, 2005

6

Maguire Properties, Inc.

Third Quarter 2006

Consolidated Financial Results

7

Maguire Properties, Inc.

Third 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
	September 30, 2006			June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005
Income Items:
Revenue	$	113,505		$	109,467		$	109,282		$	134,254		$	128,809
Straight line rent	$	1,478		$	2,347		$	3,214		$	3,364		$	3,283
Fair value lease revenue (1)	$	1,761		$	2,199		$	2,819		$	2,517		$	2,416
Lease termination fees	$	669		$	295		$	-		$	3,969		$	127
Office property operating margin (2)		64.2	%		66.4	%		66.1	%		65.5	%		65.5	%
Net (loss) income available to common shareholders	$	(10,243	)	$	(14,522	)	$	84,797		$	(12,091	)	$	(16,133	)
Funds from operations (FFO) available
to common shareholders (3)	$	21,071		$	18,750		$	23,636		$	25,787		$	24,109
FFO per common share - diluted (3)	$	0.44		$	0.41		$	0.51		$	0.58		$	0.5457
FFO per common share before loss from early extinguishment of debt - diluted (3)	$	0.51		$	0.48		$	0.53		$	0.58		$	0.5457
Net (loss) income per common share - diluted	$	(0.22	)	$	(0.31	)	$	1.84		$	(0.27	)	$	(0.37	)
Dividends declared per common share	$	0.40		$	0.40		$	0.40		$	0.40		$	0.40
Dividends declared per preferred share (4)	$	0.48		$	0.48		$	0.48		$	0.48		$	0.48
Ratios:
Interest coverage ratio (5)		1.65			1.58			4.74			1.77			1.75
Interest coverage ratio before loss from early extinguishment of debt and gain on sale of            real estate (6)		1.74			1.69			1.84			1.77			1.75
Fixed-charge coverage ratio (7)		1.46			1.40			4.17			1.59			1.57
Fixed-charge coverage ratio before loss from early extinguishment of debt and gain on            sale of real estate (8)		1.54			1.49			1.62			1.59			1.57
FFO payout ratio (9)		90.9	%		97.6	%		78.4	%		68.4	%		72.7	%
FFO payout ratio before loss from early extinguishment of debt (10)		77.8	%		83.1	%		76.2	%		68.6	%		72.7	%
AFFO payout ratio (11)		155.8	%		256.7	%		163.5	%		134.9	%		149.1	%
Capitalization:
Total consolidated debt (12)	$	2,790,631		$	2,688,131		$	2,559,016		$	3,353,234		$	3,345,201
Preferred stock @ quarter end	$	250,000		$	250,000		$	250,000		$	250,000		$	250,000
Common stock price @ quarter end	$	40.74		$	35.17		$	36.50		$	30.90		$	30.05
Common equity value @ quarter end (13)	$	2,215,893		$	1,912,130		$	1,960,258		$	1,662,680		$	1,616,801
Total consolidated market capitalization	$	5,256,524		$	4,850,261		$	4,769,274		$	5,265,914		$	5,212,002
Company portion of joint venture debt	$	161,650		$	161,650		$	161,650		$	-		$	-
Combined market capitalization	$	5,418,174		$	5,011,911		$	4,930,924		$	5,265,914		$	5,212,002
Consolidated debt / total market capitalization		53.1	%		55.4	%		53.7	%		63.7	%		64.2	%
Combined debt / total market capitalization		54.5	%		56.9	%		55.2	%		63.7	%		64.2	%
Consolidated debt plus preferred stock / total market capitalization		57.8	%		60.6	%		58.9	%		68.4	%		69.0	%
Combined debt plus preferred stock / total market capitalization		59.1	%		61.8	%		60.2	%		68.4	%		69.0	%

_________ 

(1)	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.
(2)	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.
(3)	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.
(4)	Preferred dividend declared for three months ended October 31, 2006, July 31, 2006, April 30, 2006, January 31, 2006 and October 31, 2005.
(5)	Calculated as earnings before interest, taxes and depreciation and amortization and preferred dividends, or EBITDA, of $66,034, $63,076, $176,136, $80,723, and $78,218, respectively, divided by cash interest expense of $40,075, $39,841, $37,140, $45,604 and $44,780, 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.
(6)	Calculated as EBITDA before loss from early extinguishment of debt and gain on sale of real estate entities, of $69,863, $67,183, $68,309, $80,842 and $78,218, respectively divided by cash interest expense of $40,075, $39,841, $37,140, $45,604 and $44,780, respectively.
(7)	Calculated as EBITDA of $66,034, $63,076, $176,136, $80,723, and $78,218, respectively divided by fixed charges of $45,345, $44,941, $42,238, $50,689 and $49,858. For a definition of fixed charges, see page 16.
(8)	Calculated as EBITDA before loss from early extinguishment of debt and gain on sale of real estate entities of $69,863, $67,183, $68,309, $80,842 and $78,218, respectively divided by fixed charges of $45,345, $44,941, $42,238, $50,689 and $49,858.
(9)	Calculated as dividend declared per common share divided by FFO per common share - diluted.
(10)	Calculated as dividend declared per common share divided by FFO per common share before loss from early extinguishment of debt - diluted
(11)	Calculated as common stock dividends and distributions declared of $21,756, $21,747, $21,482, $21,523 and $21,521, respectively divided by AFFO of $13,962, $8,472, $13,138, $15,953 and $14,430, respectively. For a definition of AFFO, see page 45. For a quantitative reconciliation of the differences between AFFO and FFO, see page 13.
(12)	Excludes the Washington Mutual Irvine Campus note of $45.2 million, which was paid in November 2005.
(13)	Assuming 100% conversion of the limited partnership units in the operating partnership into shares of our common stock.

8

Maguire Properties, Inc.

Third Quarter 2006

Consolidated Balance Sheets

(in thousands)

	September 30, 2006			June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005
	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)
Assets
Investments in real estate	$	3,329,188		$	3,221,003		$	3,190,004		$	3,897,893		$	3,901,528
Less: accumulated depreciation and amortization		(338,518	)		(308,450	)		(284,235	)		(309,270	)		(277,952	)
		2,990,670			2,912,553			2,905,769			3,588,623			3,623,576
Cash and cash equivalents including restricted cash		246,830			231,570			133,814			114,054			155,868
Rents, deferred rents and other receivables		62,221			61,645			57,515			55,997			48,726
Deferred charges, net		181,240			181,592			189,037			241,887			253,344
Other assets		43,136			60,395			58,366			68,630			63,053
Investment in unconsolidated joint venture		26,190			28,431			34,210			-			-
Total assets	$	3,550,287		$	3,476,186		$	3,378,711		$	4,069,191		$	4,144,567
Liabilities, minority interests and stockholders' equity
Loans payable	$	2,790,631		$	2,688,131		$	2,559,016		$	3,353,234		$	3,390,401
Dividends and distributions payable		24,934			24,925			24,660			24,701			24,699
Accounts payable, accrued interest payable and other liabilities		167,887			156,107			153,371			114,965			119,744
Acquired lease obligations, net		76,218			79,955			83,699			99,584			104,749
Total liabilities		3,059,670			2,949,118			2,820,746			3,592,484			3,639,593
Minority interests		33,991			38,975			44,532			40,070			47,329
Stockholders' equity
Common and preferred stock and additional paid in capital		678,189			671,437			668,327			666,182			659,322
Accumulated deficit and dividends		(229,399	)		(200,520	)		(167,213	)		(233,481	)		(202,658	)
Unearned and accrued stock compensation, net		-			-			-			-			-
Accumulated other comprehensive income (loss), net		7,836			17,176			12,319			3,936			981
Total stockholders' equity		456,626			488,093			513,433			436,637			457,645
Total liabilities, minority interests and stockholders' equity	$	3,550,287		$	3,476,186		$	3,378,711		$	4,069,191		$	4,144,567

9

Maguire Properties, Inc.

Third 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
	September 30, 2006			June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005
Revenue:
Rental	$	66,321		$	67,587		$	67,780		$	80,220		$	80,396
Tenant reimbursements		21,734			20,810			22,068			30,298			28,569
Hotel operations		6,551			6,888			6,676			6,527			5,832
Parking		9,345			10,176			10,323			11,643			12,003
Management, leasing and development services to affiliates		2,901			1,462			1,655			563			1,147
Interest and other		6,653			2,544			780			5,003			862
Total revenue		113,505			109,467			109,282			134,254			128,809
Expenses:
Rental property operating and maintenance		23,687			21,240			21,731			26,598			28,069
Hotel operating and maintenance		4,243			4,262			4,185			4,247			3,827
Real estate taxes		8,018			8,819			9,366			12,308			10,702
Parking expenses		3,164			3,071			2,879			3,208			2,971
General and administrative and other		8,559			8,568			6,134			6,385			4,356
Ground lease		136			17			268			666			666
Depreciation and amortization		34,252			35,170			34,608			46,075			49,123
Interest		34,560			34,306			33,084			44,558			43,982
Loss from early extinguishment of debt		3,829			4,107			642			119			-
Total expenses		120,448			119,560			112,897			144,164			143,696
Loss before equity in net loss of unconsolidated joint venture,
gain on sale of real estate and minority interests		(6,943	)		(10,093	)		(3,615	)		(9,910	)		(14,887	)
Equity in net loss of unconsoldiated joint venture		(149	)		(1,985	)		(825	)		-			-
Gain on sale of real estate		-			-			108,469			-			-
Minority interests		1,615			2,322			(14,466	)		2,585			3,520
Net (loss) income		(5,477	)		(9,756	)		89,563			(7,325	)		(11,367	)
Preferred stock dividends		(4,766	)		(4,766	)		(4,766	)		(4,766	)		(4,766	)
Net (loss) income allocable to common shareholders	$	(10,243	)	$	(14,522	)	$	84,797		$	(12,091	)	$	(16,133	)
Net (loss) income per common share - basic	$	(0.22	)	$	(0.31	)	$	1.85		$	(0.27	)	$	(0.37	)
Net (loss) income per common share - diluted	$	(0.22	)	$	(0.31	)	$	1.84		$	(0.27	)	$	(0.37	)
Weighted-average shares outstanding - basic		46,565,959			46,156,438			45,723,233			44,066,753			43,901,117
Weighted-average shares outstanding - diluted		46,565,959			46,156,438			46,054,880			44,066,753			43,901,117

__________

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

10

Maguire Properties, Inc.

Third Quarter 2006

MMO Unconsolidated Joint Venture Statement of Operations

(in thousands, except for per share amounts)

(unaudited)

							Period from
	Three Months Ended			Three Months Ended			January 5, 2006
	September 30, 2006			June 30, 2006			to March 31, 2006
Revenue:
Rental	$	19,683		$	19,178		$	18,142
Tenant reimbursements		7,555			6,967			6,403
Parking		2,008			1,869			1,791
Interest and other		2,337			4,895			62
Total revenue		31,583			32,909			26,398
Expenses:
Rental property operating and maintenance		6,281			6,065			4,941
Real estate taxes		3,160			3,699			2,623
Parking expenses		387			391			366
Depreciation and amortization		10,477			17,487			11,763
Interest		11,095			10,907			10,309
Other		1,325			1,204			522
Total expenses		32,725			39,753			30,524
Net loss	$	(1,142	)	$	(6,844	)	$	(4,126	)
Company share		(228	)		(1,369	)		(825	)
Intercompany eliminations		79			(616	)		-
Equity in net loss of unconsolidated joint venture	$	(149	)	$	(1,985	)	$	(825	)

11

Maguire Properties, Inc.

Third 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
	September 30, 2006			June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005
Reconciliation of net (loss) income to funds from operations:
Net (loss) income available to common shareholders	$	(10,243	)	$	(14,522	)	$	84,797		$	(12,091	)	$	(16,133	)
Adjustments:
Minority interests		(1,615	)		(2,322	)		14,466			(2,585	)		(3,520	)
Gain from sale of real estate		-			-			(108,469	)		-			-
Real estate depreciation and amortization		34,156			35,095			34,521			45,976			49,024
Company share of real estate depreciation and amortization
from unconsolidated joint venture		2,095			3,497			2,353			-			-
Funds from operations available to common shareholders
and unit holders (FFO)	$	24,393		$	21,748		$	27,668		$	31,300		$	29,371
Company share of FFO (2)	$	21,071		$	18,750		$	23,636		$	25,787		$	24,109
FFO per share - basic	$	0.45		$	0.41		$	0.52		$	0.59		$	0.55
FFO per share - diluted	$	0.44		$	0.41		$	0.51		$	0.58		$	0.55
Weighted-average shares outstanding - basic		46,565,959			46,156,438			45,723,233			44,066,753			43,901,117
Weighted-average shares outstanding - diluted		47,441,336			46,290,201			46,054,880			44,380,207			44,183,460
Weighted-average diluted shares and units		54,847,252			53,696,117			53,881,456			53,856,915			53,538,625
Reconciliation of FFO to FFO before loss from early extinguishment
of debt:
FFO available to common shareholders and unit holders (FFO)	$	24,393		$	21,748		$	27,668		$	31,300		$	29,371
Add: loss from early extinguishment of debt		3,829			4,107			642			119			-
FFO before loss from early extinguishment of debt	$	28,222		$	25,855		$	28,310		$	31,419		$	29,371
Company share of FFO before  loss from early extinguishment
of debt (2)	$	24,379		$	22,290		$	24,184		$	25,885		$	24,109
FFO per share before loss from early extinguishment of
debt - basic	$	0.52		$	0.48		$	0.53		$	0.59		$	0.55
debt - diluted	$	0.51		$	0.48		$	0.53		$	0.58		$	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 86.4%, 86.2%, 85.4%, 82.4% and 82.1% for the three months ended September 30, 2006, June 30, 2006, March 31, 2006, December 31, 2005 and September 30, 2005, respectively.

12

Maguire Properties, Inc.

Third 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
	September 30, 2006			June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005
FFO	$	24,393		$	21,748		$	27,668		$	31,300		$	29,371
Non-real estate depreciation		96			75			87			99			99
Amortization of deferred financing costs		1,307			1,246			1,264			1,325			1,268
Accretion of interest rate swap sold		(3,722	)		(1,023	)		(953	)		(953	)		(953	)
Non-cash stock compensation		2,417			2,097			1,044			1,009			965
Loss from early extinguishment of debt (2)		3,829			4,107			642			119			-
Straight line rents		(1,478	)		(2,347	)		(3,214	)		(3,364	)		(3,283	)
Fair value lease revenue		(1,761	)		(2,199	)		(2,819	)		(2,517	)		(2,416	)
Capitalized payments (3)		(5,471	)		(6,005	)		(4,549	)		(3,551	)		(3,052	)
Non-recoverable capital expenditures (4)		(147	)		(1,052	)		(815	)		(1,166	)		(989	)
Recoverable capital expenditures		(237	)		(716	)		(52	)		(592	)		(353	)
Hotel improvements, equipment upgrades and replacements (5)		(56	)		(421	)		(136	)		(12	)		(188	)
2nd generation tenant improvements and leasing commissions (6), (7), (8)		(4,570	)		(6,331	)		(4,509	)		(5,744	)		(6,039	)
MMO Joint venture AFFO adjustments		(638	)		(707	)		(520	)		-			-
Adjusted funds from operations (AFFO)	$	13,962		$	8,472		$	13,138		$	15,953		$	14,430

__________

(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)	The three months ended June 30, 2006 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 $18.0 million and $2.2 million of expenditures for the three months ended September 30, 2006 and December 31, 2005, respectively, related to the renovation at Lantana Media Campus.
(5)	Excludes $0.3 million and $1.8 million of expenditures for the three months ended December 31, 2005 and September 30, 2005, respectively, related to the renovation of the hotel.
(6)	Excludes 2nd generation tenant improvements and leasing commissions of $0.5 million and $0.1 million for the three months ended December 31, 2005 and September 30, 2005, respectively, related to leases executed prior to and fully reserved ($35.2 million) at our initial public offering. As of September 30, 2006, $2.3 million of this reserve remains.
(7)	Excludes 1st generation tenant improvements and leasing commissions of $1.2 million, $0.6 million, $1.0 million, $5.6 million and $2.4 million for the three months ended September 30, 2006, June 30, 2006, March 31, 2006, December 31, 2005, and September 30, 2005, respectively.
(8)	Excludes tenant improvements and leasing commissions of $1.1 million, $3.1 million, $5.0 million, $4.1 million, and $7.0 million for the three months ended September 30, 2006, June 30, 2006, March 31, 2006, December 31, 2005, and September 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 September 30, 2006, $13.1 million of this reserve remains.

13

Maguire Properties, Inc.

Third 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
	September 30, 2006			June 30, 2006			March 31, 2006			December 31, 2005			September 30, 2005
Reconciliation of net (loss) income to earnings before interest, taxes and depreciation and
amortization (EBITDA):
Net (Loss) Income	$	(5,477	)	$	(9,756	)	$	89,563		$	(7,325	)	$	(11,367	)
Add:  Minority interests		(1,615	)		(2,322	)		14,466			(2,585	)		(3,520	)
Interest expense		34,560			34,306			33,084			44,558			43,982
Company share of interest expense included in                 unconsolidated joint venture		2,219			2,181			2,062			-			-
Depreciation and amortization		34,252			35,170			34,608			46,075			49,123
Company share of depreciation and amortization included in                 unconsolidated joint venture		2,095			3,497			2,353			-			-
EBITDA	$	66,034		$	63,076		$	176,136		$	80,723		$	78,218
EBITDA	$	66,034		$	63,076		$	176,136		$	80,723		$	78,218
Add: loss from early extinguishment of debt		3,829			4,107			642			119			-
Less: gain on sale of real estate		-			-			(108,469	)		-			-
EBITDA before loss from early extinguishment of debt and gain on sale of real estate	$	69,863		$	67,183		$	68,309		$	80,842		$	78,218
Reconciliation of cash flows from operating activities to adjusted funds from operations (AFFO):
Cash flows from operating activities	$	35,866		$	23,750		$	16,720		$	17,674		$	19,993
Changes in other assets and liabilities		(16,894	)		(6,758	)		1,930			5,793			2,006
Non-recoverable capital expenditures		(147	)		(1,052	)		(815	)		(1,166	)		(989	)
Recoverable capital expenditures		(237	)		(716	)		(52	)		(592	)		(353	)
Hotel improvements, equipment upgrades and replacements (3)		(56	)		(421	)		(136	)		(12	)		(188	)
2nd generation tenant improvements and leasing commissions (4), (5), (6)		(4,570	)		(6,331	)		(4,509	)		(5,744	)		(6,039	)
AFFO	$	13,962		$	8,472		$	13,138		$	15,953		$	14,430

 __________ 

(1)	For the definition and discussion of EBITDA, see page 45.
(2)	For the definition and discussion of AFFO, see page 45.
(3)	Excludes $0.3 million and $1.8 million of expenditures for the three months ended December 31, 2005 and September 30, 2005, respectively, related to the renovation of the hotel.
(4)	Excludes 2nd generation tenant improvements and leasing commissions of $0.5 million and $0.1 million for the three months ended December 31, 2005 and September 30, 2005, respectively, related to leases executed prior to and fully reserved ($35.2 million) at our initial public offering. As of September 30, 2006, $2.3 million of this reserve remains.
(5)	Excludes 1st generation tenant improvements and leasing commissions of $1.2 million, $0.6 million, $1.0 million, $5.6 million and $2.4 million for the three months ended September 30, 2006, June 30, 2006, March 31, 2006, December 31, 2005, and September 30, 2005, respectively.
(6)	Excludes tenant improvements and leasing commissions of $1.1 million, $3.1 million, $5.0 million, $4.1 million, and $7.0 million for the three months ended September 30, 2006, June 30, 2006, March 31, 2006, December 31, 2005, and September 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 September 30, 2006, $13.1 million of this reserve remains.

 

14

Maguire Properties, Inc.

Third Quarter 2006

Capital Structure

Consolidated Debt

(in thousands)

Debt 

(in thousands)

	Aggregate Principal
	September 30, 2006
Mortgage and Other Secured Loans Payable	$	2,790,631
Secured Credit Facility		-
Total Consolidated Debt		2,790,631
Company share of MMO joint venture debt		161,650
Total Combined Debt	$	2,952,281

Equity

(in thousands)

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

	Shares &  Units  Outstanding		Market  Value(1)
Common Stock		46,985	$	1,914,177
Operating Partnership Units		7,406		301,716
Total Common Equity		54,391		2,215,893
Total Consolidated Market Capitalization			$	5,256,524
Total Combined Market Capitalization (2)			$	5,418,174

 

__________

(1)	Value based on the New York Stock Exchange closing price of $40.74 on September 30, 2006.
(2)	Includes Company share of MMO Joint Venture debt.

15

Maguire Properties, Inc.

Third Quarter 2006

Debt Summary

Outstanding Debt

(in thousands)

	Maturity Date		Principal  Balance as of  September 30, 2006			% of  Debt				Interest  Rate as of   September 30, 2006 (1)
Floating Rate Debt
Term Loan	March 15, 2010	(2)	$	167,000			5.98	%			7.07	%
Wateridge Plaza (3)	April 9, 2007	(4)		62,880			2.25	%			6.50	%
Park Place Construction Loan (5)	September 30, 2008	(6)		56,476			2.02	%			7.57	%
777 Tower	September 10, 2009	(7)		40,000			1.43	%			6.22	%
Total Floating Rate Debt				326,356			11.69	%	(8)		6.94	%
Fixed Rate Debt
Gas Company Tower	August 11, 2016			458,000			16.41	%			5.10	%
Pacific Arts Plaza	April 1, 2012			270,000			9.68	%			5.15	%
US Bank Tower	July 1, 2013			260,000			9.32	%			4.66	%
Wells Fargo Tower (Los Angeles, CA)	July 1, 2010			249,136			8.93	%			4.68	%
KPMG Tower	November 1, 2011			210,000			7.53	%			5.14	%
Park Place	November 1, 2014			170,000			6.09	%			5.64	%
Glendale Center	July 11, 2016			125,000			4.48	%			5.82	%
Pacific Center	May 6, 2016			117,187	(9)		4.20	%			5.76	%
777 Tower	September 10, 2009	(7)		114,602	(10)		4.11	%			4.81	%
Regents Square I & II	April 1, 2012			103,600			3.71	%			5.13	%
Park Place	March 12, 2012			100,000			3.58	%			5.39	%
Lantana Media Campus	January 6, 2010			98,000			3.51	%			4.94	%
801 North Brand	April 6, 2015			75,540			2.71	%			5.73	%
Mission City Corporate Center	April 1, 2012			52,000			1.86	%			5.09	%
701 North Brand	October 1, 2016			33,750			1.21	%			5.87	%
700 North Central	April 6, 2015			27,460			0.98	%			5.73	%
Total Fixed Rate Debt				2,464,275			88.31	%	(8)		5.16	%
Total Consolidated Debt			$	2,790,631			100.00	%			5.36	%

_________  

(1)	To calculate the variable interest rates, the one-month LIBOR rate of 5.32%% at September 30, 2006 was used.
(2)	The company repaid the balance of this loan in October 2006 with the refinancing proceeds described in note (7).
(3)	We have entered into an interest rate cap agreement with respect to this loan that limits the LIBOR portion of the interest rate to 4.75% during the term of this loan, excluding extension periods.
(4)	A two-year extension available at our option.
(5)	We have entered into an interest rate cap agreement with respect to this loan that limits 75% of the outstanding balance to an interest rate of 5.50% during the term of this loan, excluding extension periods.
(6)	Three one-year extensions available at our option.
(7)	The company refinanced this debt in October 2006 with a new $273 million, 7-year fixed rate, interest-only loan at 5.844%.
(8)	After the 777 Tower loan refinancing described in note (7), and the repayment of the term loan with the net proceeds of this financing, approximately 99% of our outstanding debt is now fixed (including hedges) at a weighted average rate of 5.3% for a weighted average remaining term of approximately 6.8 years.
(9)	Net of loan discount of $4.0 million.
(10)	Net of loan discount of $0.4 million.

Credit Facility

(in thousands)

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

Financial Ratios

Interest coverage (b)		N/A	1.65
Interest coverage before loss from early extinguishment of debt(c)		N/A	1.74
Fixed-charge coverage (d)		N/A	1.46
Fixed-charge coverage before loss from early extinguishment of debt (e)		N/A	1.54
Debt to total market capitalization at quarter-end (f)		53.1%	54.5%
Debt plus preferred stock to total market capitalization at quarter-end (g)		57.8%	59.1%
(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 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 un
(g)	Same as (e) except numerator includes preferred stock.

16

Maguire Properties, Inc.

Third Quarter 2006

MMO Joint Venture Debt Summary

(in thousands)

Outstanding Debt

(in thousands)

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

17

Maguire Properties, Inc.

Third Quarter 2006

Pro Forma Debt Maturities

(in thousands)

Property	2006			2007				2008				2009			2010			Thereafter			Total
Gas Company Tower	$	-		$	-			$	-			$	-		$	-		$	458,000		$	458,000
Pacific Arts Plaza		-			-				-				-			-			270,000			270,000
US Bank Tower		-			-				-				-			-			260,000			260,000
Wells Fargo Tower (Los Angeles, CA) (1)		649			3,828				3,982				4,206			236,471			-			249,136
KPMG Tower (1)		-			-				-				246			3,034			206,720			210,000
Park Place		-			-				-				-			2,232			167,768			170,000
Term Loan (2)		-			-				-				-			167,000			-			167,000
777 Tower (3)		-			-				-				154,602			-			-			154,602
Glendale Center		-			-				-				-			-			125,000			125,000
Pacific Center		-			-				-				-			-			117,187			117,187
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		(4)		-				-			-			-			62,880
Park Place Construction Loan		-			-				56,476		(5)		-			-			-			56,476
Mission City Corporate Center		-			-				-				-			-			52,000			52,000
701 North Brand		-			-				-				-			-			33,750			33,750
700 North Central		-			-				-				-			-			27,460			27,460
Total	$	649		$	66,708			$	60,458			$	159,054		$	506,737		$	1,997,025		$	2,790,631
Weighted Average Interest Rate		4.68	%		6.40	%			7.38	%			5.16	%		5.53	%		5.24	%		5.36	%
Pro Forma (6)	$	649		$	66,708			$	60,458			$	4,452		$	339,737		$	2,318,627		$	2,790,631

 __________ 

(1)	Includes scheduled annual principal debt payments.
(2)	The company repaid the balance of this loan in October 2006 with the refinancing proceeds described in note (3).
(3)	The company refinanced this debt in October 2006 with a new $273 million, 7-year fixed rate, interest-only loan at 5.844%. Current loan balance is net of $398 thousand purchase discount.
(4)	A two-year extension available at our option.
(5)	Three one-year extensions available at our option.
(6)	Assumes the 777 Tower loan refinancing described above in note (3) and the expected repayment of the term loan with the net proceeds of this financing.

18

Maguire Properties, Inc.

Third 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.

19

Maguire Properties, Inc.

Third Quarter 2006

Portfolio Data

20

Maguire Properties, Inc.

Third Quarter 2006

Same Store Analysis

(unaudited and in thousands)

	Three Months Ended September 30, (1)										Nine Months Ended September 30, (2)
	2006			2005			% Change				2006			2005			% Change
Total Same Store Portfolio
Number of properties		17			17							9			9
Square Feet (3)		18,337,363			18,516,295							12,621,152			12,746,692
Percent of Total Effective Portfolio		88.1	%		73.7	%						60.6	%		50.7	%
Weighted Average Leased Rate (4)		88.2	%		90.7	%						89.4	%		91.3	%
GAAP
Breakdown of Net Operating Income:
Operating Revenues	$	95,696		$	96,390			(0.7	)%	(5)	$	215,803		$	214,836			0.5	%	(6)
Operating Expenses		34,623			34,288			1.0	%			74,279			72,968			1.8	%	(7)
Other Expenses		62			62			0.0	%			187			187			0.0	%
Net Operating Income	$	61,011		$	62,040			(1.7	)%		$	141,337		$	141,681			(0.2	)%
CASH BASIS
Breakdown of Net Operating Income:
Operating Revenues	$	92,792		$	92,894			(0.1	)%		$	207,436		$	208,115			(0.3	)%
Operating Expenses		34,623			34,288			1.0	%			74,279			72,968			1.8	%	(7)
Other Expenses		62			62			0.0	%			187			187			0.0	%
Net Operating Income	$	58,107		$	58,544			(0.7	)%		$	132,970		$	134,960			(1.5	)%

__________

(1)	Wholly owned properties included in the quarterly same store analysis are KPMG Tower, Gas Company Tower & World Trade Center Garage, 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)	Decrease primarily due to two significant lease expirations at KPMG Tower and Glendale Center in the second quarter 2006.
(6)	Increase primarily due to a significant lease commencement at Park Place offset by two significant lease expirations at KPMG Tower and Glendale Center in the second quarter 2006.
(7)	Increase primarily due to higher parking costs, insurance and property tax expense.

21

Maguire Properties, Inc.

Third Quarter 2006

Portfolio Overview - Square Footage

	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		1,395,073			100	%		1,395,073
Wells Fargo Tower		1,387,952			100	%		1,387,952
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		7,233,891						6,441,830
Tri-Cities Submarket
Glendale Center		386,365			100	%		386,365
801 North Brand		282,526			100	%		282,526
701 North Brand		131,129	(1)		100	%		131,129
Plaza Las Fuentes		192,530			100	%		192,530
700 North Central		133,203			100	%		133,203
Total Tri-Cities Submarket		1,125,753						1,125,753
Santa Monica Professional and Entertainment Submarket
Lantana Media Campus		331,142			100	%		331,142
Total Santa Monica Professional and Entertainment Submarket		331,142						331,142
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		9,017,321						7,964,032
ORANGE COUNTY
John Wayne Airport Submarket
Park Place		1,894,026			100	%		1,894,026
Washington Mutual Irvine Campus		414,595			20	%		82,919
Total John Wayne Airport Submarket		2,308,621						1,976,945
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		3,366,570						2,816,633
SAN DIEGO COUNTY
UTC (University Town Center)
Regents Square I & II		310,593			100	%		310,593
Total UTC		310,593						310,593
Sorrento Mesa
Wateridge Plaza		267,579			100	%		267,579
San Diego Tech Center		644,529			20	%		128,906
Total Sorrento Mesa		912,108						396,485
Mission Valley
Mission City Corporate Center		190,747			100	%		190,747
Pacific Center		438,851			100	%		438,851
Total Mission Valley		629,598						629,598
TOTAL SAN DIEGO COUNTY		1,852,299						1,336,676

22

Maguire Properties, Inc.

Third Quarter 2006

Portfolio Overview - Square Footage (continued)

OTHER	RSF			OWNERSHIP PERCENTAGE			EFFECTIVE RSF
Denver, CO - Downtown Submarket
Wells Fargo Center		1,202,385			20	%		240,477
TOTAL OTHER		1,202,385						240,477
TOTAL OFFICE PROPERTIES		15,438,575	(2)					12,357,818

RETAIL PROPERTY	RSF
John Wayne Airport Submarket
Park Place		122,533	100	%	122,533
TOTAL RETAIL PROPERTY		122,533			122,533

	Number of
HOTEL PROPERTY	Rooms		SF
Westin Hotel, Pasadena, CA		350		266,000	100	%	266,000
TOTAL HOTEL PROPERTY				266,000			266,000

PARKING PROPERTIES		Vehicle Capacity		SF		Effective  Vehicle Capacity		Effective   SF
	On-Site Parking		26,230		8,038,950		19,632		6,117,596
	Off-Site Garages		5,563		1,815,452		5,563		1,815,451
TOTAL PARKING PROPERTIES			31,793		9,854,402		25,195		7,933,047
TOTAL PORTFOLIO					25,681,510				20,679,398

________

(1)	701 North Brand was acquired on September 22, 2006.
(2)	Total square footage includes 343,345 square feet of retail space located within the office properties.

23

Maguire Properties, Inc.

Third Quarter 2006

-----

24

Maguire Properties, Inc.

Third Quarter 2006

Portfolio Overview - Leased Percentage and In-Place Rents

									Ownership
							Annualized		Interest			MP % of		Annualized Rent
Property	Submarket	Square Feet		% Leased			Rent (1)		( % )			Annualized Rent (1)		$/RSF (2)
Office Properties
Gas Company Tower	Los Angeles Central Business District		1,313,409		97.4	%	$	32,862,417		100	%	$	32,862,417	$	25.69
US Bank Tower	Los Angeles Central Business District		1,395,073		84.7	%		31,305,117		100	%		31,305,117		26.49
Wells Fargo Tower	Los Angeles Central Business District		1,387,952		91.1	%		24,132,942		100	%		24,132,942		19.08
KPMG Tower	Los Angeles Central Business District		1,139,730		65.4	%		15,227,157		100	%		15,227,157		20.42
777 Tower	Los Angeles Central Business District		1,007,651		88.2	%		17,393,615		100	%		17,393,615		19.58
One California Plaza	Los Angeles Central Business District		990,076		87.0	%		15,600,829		20	%		3,120,166		18.12
Subtotal LACBD			7,233,891		86.0	%		136,522,077					124,041,414		21.95
Glendale Center	Tri-Cities		386,365		80.9	%		7,003,304		100	%		7,003,304		22.40
801 North Brand	Tri-Cities		282,526		84.0	%		4,151,977		100	%		4,151,977		17.50
701 North Brand	Tri-Cities		131,129		98.8	%		2,084,553		100	%		2,084,553		16.09
Plaza Las Fuentes	Tri-Cities		192,530		100.0	%		3,626,310		100	%		3,626,310		18.84
700 North Central	Tri-Cities		133,203		94.2	%		2,259,593		100	%		2,259,593		18.01
Subtotal Tri-Cities			1,125,753		88.6	%		19,125,737					19,125,737		19.17
Lantana Media Campus	Santa Monica Professional & Entertainment		331,142		93.5	%		9,944,935		100	%		9,944,935		32.11
Subtotal Santa Monica Professional & Entertainment			331,142		93.5	%		9,944,935					9,944,935		32.11
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			9,017,321		87.1	%		173,742,013					154,741,939		22.12
Park Place	John Wayne Airport		1,894,026		92.2	%		24,837,458		100	%		24,837,458		14.23
Washington Mutual Irvine Campus	John Wayne Airport		414,595		100.0	%		8,631,398		20	%		1,726,280		20.82
Subtotal John Wayne Airport			2,308,621		93.6	%		33,468,856					26,563,738		15.49
Pacific Arts Plaza	Costa Mesa		785,123		89.0	%		14,143,916		100	%		14,143,916		20.24
Stadium Gateway	Anaheim		272,826		100.0	%		5,297,883		20	%		1,059,577		19.42
Subtotal Orange County			3,366,570		93.0	%		52,910,655					41,767,231		16.89

25

Maguire Properties, Inc.

Third Quarter 2006

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

									Ownership
							Annualized		Interest	MP % of		Annualized Rent
Property	Submarket	Square Feet		% Leased			Rent (1)		( % )	Annualized Rent (1)		$/RSF (2)
Office Properties
Regents Square I & II	UTC (University Town Center)		310,593		88.4	%		6,554,502	100%		6,554,502		23.88
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	%		4,072,314	100%		4,072,314		21.85
San Diego Tech Center	Sorrento Mesa		644,529		95.6	%		10,538,484	20%		2,107,697		17.11
Pacific Center	Mission Valley		438,851		93.1	%		8,994,351	100%		8,994,351		22.03
Subtotal San Diego County			1,852,299		94.6	%		36,413,604			27,982,817		20.78
Wells Fargo Center - Denver	Denver, CO - Downtown		1,202,385		93.7	%		19,320,511	20%		3,864,102		17.15
Subtotal Denver, CO-Downtown			1,202,385		93.7	%		19,320,511			3,864,102		17.15
Total/Weighted Average - Office Properties			15,438,575		89.8	%	$	282,386,783		$	228,356,089	$	20.37
Retail Property
Park Place	John Wayne Airport		122,533		98.1	%		3,554,786	100%		3,554,786		29.56
Total/Weighted Average - Retail Property			122,533		98.1	%	$	3,554,786		$	3,554,786	$	29.56
Total/Weighted Average - Office & Retail Properties			15,561,108		89.9	%	$	285,941,569		$	231,910,875	$	20.44
Effective Portfolio (3)			12,480,351		88.9	%						$	20.91

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		8,038,950		26,230		6,117,596		19,632	$	36,452,795	$	30,031,696	$	1,530
Total Off-Site		1,815,451		5,563		1,815,451		5,563		9,696,746		9,696,746		1,743
Total Parking		9,854,401		31,793		7,933,047		25,195	$	46,149,541	$	39,728,442	$	1,577

__________

(1)	Annualized rent represents the annualized monthly contractual rent under existing leases as of September 30, 2006. 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 September 30, 2006.
(5)	Effective annualized parking revenue represents the annualized quarterly parking revenue as of September 30, 2006 adjusted to include 100% of our consolidated portfolio and 20% of our MMO joint venture portfolio.
(6)	Effective annualized parking revenue per vehicle capacity represents the annualized parking revenue as computed above, divided by the vehicle capacity.

26

Maguire Properties, Inc.

Third Quarter 2006

Portfolio Overview - Leased Rates and Weighted Average Remaining Lease Term

	Ownership Interest ( % )	Weighted Average Remaining Lease Term (in years)	% Leased Q3 2006			% Leased Q2 2006			% Leased Q1 2006			% Leased Q4 2005			% Leased Q3 2005
Gas Company Tower	100%	6.5		97.4	%		96.5	%		96.9	%		96.8	%		98.6	%
US Bank Tower	100%	4.5		84.7	%		85.0	%		83.0	%		83.9	%		83.4	%
Wells Fargo Tower	100%	6.9		91.1	%		90.6	%		89.7	%		88.7	%		89.1	%
KPMG Tower	100%	8.0		65.4	%		65.4	%		89.0	%		89.0	%		88.5	%
777 Tower	100%	6.5		88.2	%		88.1	%		91.6	%		91.6	%		92.2	%
One California Plaza	20%	5.4		87.0	%		86.2	%		86.3	%		85.9	%		88.1	%
Glendale Center	100%	5.3		80.9	%		80.9	%		100.0	%		100.0	%		100.0	%
801 North Brand	100%	4.4		84.0	%		88.7	%		87.7	%		87.7	%		85.3	%
701 North Brand	100%	7.2		98.8	%		-			-			-			-
Plaza Las Fuentes	100%	8.2		100.0	%		99.7	%		99.7	%		99.7	%		99.7	%
700 North Central	100%	3.0		94.2	%		80.6	%		80.6	%		80.6	%		77.1	%
Lantana Media Campus	100%	3.8		93.5	%		93.6	%		94.6	%		94.6	%		94.0	%
Cerritos - Phase I	20%	8.0		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cerritos - Phase II	20%	4.7		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Park Place	100%	3.7		92.2	%		92.5	%		91.9	%		91.8	%		94.8	%
Washington Mutual Irvine Campus	20%	5.3		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Pacific Arts Plaza	100%	4.8		89.0	%		89.0	%		89.0	%		89.0	%		86.2	%
Stadium Gateway	20%	3.5		100.0	%		100.0	%		100.0	%		-			-
Regents Square I & II	100%	3.0		88.4	%		87.1	%		90.6	%		87.9	%		85.5	%
Wateridge Plaza	100%	2.0		100.0	%		100.0	%		100.0	%		100.0	%		91.8	%
Mission City Corporate Center	100%	3.8		97.7	%		97.7	%		95.2	%		93.5	%		92.3	%
San Diego Tech Center	20%	2.9		95.6	%		93.2	%		96.5	%		97.7	%		94.6	%
Pacific Center	100%	3.4		93.1	%		88.6	%		85.3	%		-			-
Wells Fargo Center - Denver	20%	5.5		93.7	%		92.2	%		92.2	%		93.7	%		87.2	%
Park Place - Retail	100%	7.5		98.1	%		96.8	%		96.8	%		98.2	%		95.3	%
Total Portfolio		5.2		89.9	%		89.3	%		91.5	%		91.6	%		91.1	%
Effective Portfolio (1)		5.4		88.9	%		88.4	%		91.0	%		91.6	%		91.1	%

__________

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

27

Maguire Properties, Inc.

Third 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		7.3	%		576,516		5.2	%		61	A
2	Sempra (Pacific Enterprises)	1		8,504,539		3.8	%		225,756		2.0	%		45	A
3	Wells Fargo Bank (3)	2		6,091,330		2.6	%		381,021		3.4	%		76	AA+
4	ConAgra, Inc.	1		5,411,330		2.3	%		393,317		3.5	%		47	BBB+
5	Cardinal Health	1		4,751,027		2.0	%		185,982		1.7	%		17	BBB
6	Bank of America	3		4,000,864		1.7	%		182,617		1.6	%		62	AA
8	Disney Enterprises	1		3,706,960		1.6	%		156,215		1.5	%		57	A-
7	US Bank, National Association	1		3,523,540		1.5	%		154,872		1.4	%		105	AA
9	GMAC Mortgage Corporation	1		2,706,138		1.2	%		150,341		1.4	%		87	AAA
10	Washington Mutual, FA (4)	3		2,433,226		1.0	%		112,487		1.0	%		61	A
	Total Rated / Weighted Average (5)			57,936,883		25.0	%		2,519,124		22.7	%		61
	Total Investment Grade Tenants			101,133,535		43.6	%		4,914,016		44.3	%
	Unrated - Nationally Recognized
11	Latham & Watkins	2	$	9,762,892		4.3	%		361,524		3.3	%		51	2rd Largest US Law Firm
12	Gibson Dunn & Crutcher	1		6,103,475		2.6	%		268,268		2.4	%		134	19th Largest US Law Firm
13	Jones, Day, Reavis & Pogue	1		4,982,380		2.1	%		152,166		1.4	%		1	4th Largest US Law Firm
14	Munger Tolles & Olson	1		4,086,534		1.8	%		186,890		1.7	%		185	129th Largest US Law Firm
15	Morrison & Foerster	1		3,817,628		1.6	%		138,776		1.2	%		84	22th Largest US Law Firm
16	Marsh USA, Inc.	1		3,351,848		1.4	%		191,244		1.7	%		139	Prominent Risk Management Firm
17	KPMG	1		2,987,844		1.3	%		175,525		1.6	%		93	4th Largest US Accounting Firm
18	Bingham McCutchen	1		2,745,321		1.2	%		104,712		0.9	%		76	27th Largest US Law Firm
19	Sidley Austin Brown & Wood	1		2,683,170		1.2	%		167,810		1.5	%		164	5th Largest US Law Firm
20	Oaktree Capital Management	2		2,168,671		0.9	%		130,338		1.2	%		125	Prominent International Investment Firm
	Total Unrated / Weighted Average (5)			42,689,763		18.4	%		1,877,253		16.9	%		104
	Total Nationally Recognized Tenants			64,083,861		27.6	%		2,962,985		26.7	%
	Total / Weighted Average (5)		$	100,626,646		43.4	%		4,396,377		39.6	%		79
	Total Investment Grade or       Nationally Recognized Tenants		$	165,217,396		71.2	%		7,877,001		71.0	%

__________ 

(1)	Annualized base rent is calculated as monthly contractual base rent under existing leases as of September 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 September 30, 2006, and rankings of law firms are based on total gross revenue in 2005 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 effective net rentable square feet leased by each tenant, which reflects our pro-rata share of the MMO joint venture.

28

Maguire Properties, Inc.

Third Quarter 2006

-----

 

29

Maguire Properties, Inc.

Third 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		1,341,775		11.4	%
2006		227,697		1.9	%	$	5,678,347		2.6	%	$	24.94	$	24.94
2007		709,796		6.1	%		15,797,510		7.2	%		22.26		22.64
2008		876,218		7.5	%		18,211,960		8.3	%		20.78		21.45
2009		968,632		8.3	%		22,772,638		10.4	%		23.51		24.45
2010		1,706,766		14.6	%		34,039,531		15.6	%		19.94		21.76
2011		1,898,605		16.2	%		41,943,893		19.2	%		22.09		26.37
2012		577,902		4.9	%		11,083,590		5.1	%		19.18		21.07
2013		1,300,851		11.1	%		26,313,843		12.1	%		20.23		22.04
2014		313,132		2.7	%		5,047,904		2.3	%		16.12		21.90
2015		453,108		3.9	%		10,749,468		4.9	%		23.72		29.45
Thereafter		1,335,680		11.4	%		26,764,516		12.3	%		20.04		23.86
Total		11,710,162		100.0	%	$	218,403,200		100.0	%	$	21.06	$	23.74

Leases Expiring in the Next 4 Quarters:

4th Quarter 2006	227,697	1.9	%		5,678,347	2.6	%		24.94		24.94
1st Quarter 2007 (3)	186,598	1.6	%		3,536,520	1.6	%		18.95		18.97
2nd Quarter 2007	186,243	1.6	%		3,642,815	1.7	%		19.56		19.61
3rd Quarter 2007	134,909	1.2	%		2,861,881	1.3	%		21.21		21.64
Total	735,447	6.3	%	$	15,719,563	7.2	%	$	21.37	$	21.47

 __________

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

30

Maguire Properties, Inc.

Third Quarter 2006

Consolidated Lease Expirations - Los Angeles County

								Percentage
	Total Area in		Percentage					of Total					Rent per
	Square Feet Covered		of Aggregate			Annualized		Annualized			Current Rent		Square Foot
Year	by Expiring Leases		Square Feet			Rent		Rent			per Square Foot (1)		at Expiration (2)
Available		1,034,180		13.4	%
2006		186,588		2.4	%	$	4,805,895		3.2	%	$	25.76	$	25.76
2007		386,939		5.0	%		9,355,070		6.2	%		24.18		24.75
2008		342,920		4.5	%		6,992,706		4.7	%		20.39		20.87
2009		439,847		5.7	%		11,655,675		7.8	%		26.50		27.09
2010		724,227		9.4	%		19,226,977		12.8	%		26.55		27.85
2011		1,248,876		16.2	%		30,186,902		20.1	%		24.17		28.59
2012		334,831		4.3	%		6,812,623		4.5	%		20.35		21.36
2013		1,050,354		13.7	%		21,734,917		14.5	%		20.69		22.07
2014		310,666		4.0	%		5,000,557		3.3	%		16.10		21.89
2015		374,706		4.9	%		8,957,116		6.0	%		23.90		29.39
Thereafter		1,266,576		16.5	%		25,263,482		16.9	%		19.95		23.79
Total		7,700,710		100.0	%	$	149,991,920		100.0	%	$	22.50	$	25.37

Leases Expiring in the Next 4 Quarters:

4th Quarter 2006	186,588	2.4	%		4,805,895	3.2	%		25.76		25.76
1st Quarter 2007 (3)	130,035	1.7	%		2,604,946	1.7	%		20.03		20.06
2nd Quarter 2007	51,044	0.7	%		983,697	0.7	%		19.27		19.46
3rd Quarter 2007	95,122	1.2	%		2,142,504	1.4	%		22.52		23.06
Total	462,789	6.0	%	$	10,537,042	7.0	%	$	22.77	$	22.91

 __________

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

31

Maguire Properties, Inc.

Third Quarter 2006

Consolidated Lease Expirations - Orange County

								Percentage
	Total Area in		Percentage					of Total					Rent per
	Square Feet Covered		of Aggregate			Annualized		Annualized			Current Rent		Square Foot
Year	by Expiring Leases		Square Feet			Rent		Rent			per Square Foot (1)		at Expiration (2)
Available		236,629		8.4	%
2006		21,856		0.8	%	$	357,928		0.8	%	$	16.38	$	16.38
2007		145,600		5.2	%		2,566,849		6.0	%		17.63		17.70
2008		266,149		9.5	%		4,495,162		10.6	%		16.89		17.18
2009		328,400		11.7	%		6,777,119		15.9	%		20.64		21.45
2010		829,020		29.6	%		11,537,222		27.1	%		13.92		15.67
2011		468,260		16.8	%		7,776,159		18.3	%		16.61		20.53
2012		190,369		6.8	%		3,049,294		7.2	%		16.02		19.16
2013		228,011		8.1	%		3,994,823		9.4	%		17.52		20.91
2014		2,466		0.1	%		47,347		0.1	%		19.20		23.40
2015		28,920		1.0	%		697,073		1.7	%		24.10		29.19
Thereafter		56,002		2.0	%		1,237,184		2.9	%		22.09		24.05
Total		2,801,682		100.0	%	$	42,536,160		100.0	%	$	16.58	$	18.72

Leases Expiring in the Next 4 Quarters:

4th Quarter 2006	21,856	0.8	%		357,928	0.8	%		16.38		16.38
1st Quarter 2007 (3)	49,755	1.8	%		805,376	1.9	%		16.19		16.19
2nd Quarter 2007	48,304	1.7	%		632,615	1.5	%		13.10		13.11
3rd Quarter 2007	38,013	1.3	%		666,694	1.6	%		17.54		17.71
Total	157,928	5.6	%	$	2,462,613	5.8	%	$	15.59	$	15.64

 __________

(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.

32

Maguire Properties, Inc.

Third Quarter 2006

Consolidated Lease Expirations- San Diego County

								Percentage
	Total Area in		Percentage					of Total					Rent per
	Square Feet Covered		of Aggregate			Annualized		Annualized			Current Rent		Square Foot
Year	by Expiring Leases		Square Feet			Rent		Rent			per Square Foot (1)		at Expiration (2)
Available		70,966		5.9	%
2006		19,253		1.6	%	$	514,524		2.0	%	$	26.72	$	26.74
2007		177,257		14.6	%		3,875,592		15.0	%		21.86		22.22
2008		267,149		22.1	%		6,724,092		26.0	%		25.17		26.44
2009		200,385		16.6	%		4,339,844		16.7	%		21.66		23.57
2010		153,519		12.7	%		3,275,330		12.7	%		21.34		25.89
2011		181,469		15.0	%		3,980,831		15.4	%		21.94		26.14
2012		52,702		4.4	%		1,221,673		4.7	%		23.18		26.19
2013		22,486		1.9	%		584,103		2.3	%		25.98		32.00
2014		-		0.0	%		-		0.0	%		-		-
2015		49,482		4.1	%		1,095,280		4.2	%		22.13		30.08
Thereafter		13,102		1.1	%		263,851		1.0	%		20.14		29.74
Total		1,207,770		100.0	%	$	25,875,120		100.0	%	$	22.76	$	25.47

Leases Expiring in the Next 4 Quarters:

4th Quarter 2006	19,253	1.6	%		514,524	2.0	%		26.72		26.74
1st Quarter 2007 (3)	6,808	0.6	%		126,198	0.5	%		18.54		18.54
2nd Quarter 2007	86,895	7.2	%		2,026,503	7.8	%		23.32		23.32
3rd Quarter 2007	1,774	0.1	%		52,682	0.2	%		29.70		29.70
Total	114,730	9.5	%	$	2,719,907	10.5	%	$	23.71	$	23.71

_________

(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.

33

Maguire Properties, Inc.

Third Quarter 2006

Lease Expirations - MMO Joint Venture Portfolio

								Percentage
	Total Area in		Percentage					of Total						Rent per
	Square Feet Covered		of Aggregate			Annualized		Annualized			Current Rent			Square Foot
Year	by Expiring Leases		Square Feet			Rent		Rent			per Square Foot (1)			at Expiration (2)
Available		233,270		6.1	%		-
2006		80,515		2.1	%	$	1,629,761		2.4	%	$	20.24		$	20.24
2007		273,820		7.1	%		4,878,874		7.2	%		17.82			18.01
2008		281,420		7.3	%		5,254,542		7.8	%		18.67			19.15
2009		463,341		12.0	%		8,043,139		11.9	%		17.36			18.86
2010		414,025		10.8	%		9,012,199		13.3	%		21.77			24.44
2011		460,697		12.0	%		8,534,780		12.6	%		18.53			21.72
2012		303,018		7.9	%		5,564,136		8.2	%		18.36			20.18
2013		536,901		14.0	%		9,019,545		13.3	%		16.80			18.01
2014		639,525		16.6	%		12,404,942		18.4	%		19.40	��		24.85
2015		105,013		2.7	%		2,198,638		3.3	%		20.94			22.26
Thereafter		59,401		1.5	%		997,813		1.5	%		16.80			25.84
Total		3,850,946		100.0	%	$	67,538,369		100.0	%	$	18.67		$	21.11

Leases Expiring in the Next 4 Quarters:

4th Quarter 2006	80,515	2.1	%		1,629,761	2.4	%		20.24		20.24
1st Quarter 2007 (3)	46,240	1.2	%		819,397	1.2	%		17.72		17.85
2nd Quarter 2007	76,583	2.0	%		1,157,923	1.7	%		15.12		15.12
3rd Quarter 2007	68,536	1.8	%		1,253,407	1.9	%		18.29		18.43
Total	271,874	7.1	%	$	4,860,488	7.2	%	$	17.88	$	17.93

 __________ 

(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.

34

Maguire Properties, Inc.

Third Quarter 2006

Leasing Activity - Total Portfolio

	For the						For the
	Three Months Ended						Three Months Ended
	September 30, 2006			% Leased			September 30, 2006			% Leased
Leased Square Feet as of June 30, 2006		13,777,823			89.3	%		10,916,436			88.4	%
Recent Acquisition:  701 N. Brand		129,586						129,586
Leased Square Feet including 701 N. Brand		13,907,409			89.4	%		11,046,022			88.5	%
Expirations		(460,107	)		(3.0	)%		(451,422	)		(3.6	)%
New Leases		230,968			1.5	%		189,769			1.5	%
Renewals		307,793			2.0	%		307,553			2.5	%
Leased Square Feet as of  September 30, 2006		13,986,063			89.9	%		11,091,922			88.9	%
Cash Rent Growth (2), (3)
Expiring Rate per Square Foot										$	17.87
New / Renewed Rate per Square Foot										$	21.06
Percentage Change											17.8	%
GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	16.73
New / Renewed Rate per Square Foot										$	23.61
Percentage Change											41.1	%
Weighted Average Lease Term - New  (in months)											72
Weighted Average Lease Term - Renewal  (in months)											73

__________

(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.

35

Maguire Properties, Inc.

Third Quarter 2006

Leasing Activity - Los Angeles Central Business District

	Total Portfolio						Effective Portfolio (1)
	For the						For the
	Three Months Ended						Three Months Ended
	September 30, 2006			% Leased			September 30, 2006			% Leased
Leased Square Feet as of June 30, 2006, Los Angeles Central Business District		6,190,750			85.7	%		5,508,104		85.6 %
Expirations		(212,008	)		(3.1	)%		(206,939	)		(3.3	)%
New Leases		121,434			1.7	%		110,229			1.7	%
Renewals		120,074			1.7	%		120,074			1.9	%
Leased Square Feet as of September 30, 2006, Los Angeles Central Business District		6,220,250			86.0	%		5,531,468			85.9	%
Cash Rent Growth (2), (4)
Expiring Rate per Square Foot										$	17.71
New / Renewed Rate per Square Foot										$	19.81
Percentage Change											11.9	%
GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	16.25
New / Renewed Rate per Square Foot										$	21.97
Percentage Change											35.2	%
Weighted Average Lease Term - New  (in months)											83
Weighted Average Lease Term - Renewal  (in months)											91

__________

(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.

36

Maguire Properties, Inc.

Third Quarter 2006

Leasing Activity - Orange County

	Total Portfolio						Effective Portfolio (1)
	For the						For the
	Three Months Ended						Three Months Ended
	September 30, 2006			% Leased			September 30, 2006			% Leased
Leased Square Feet as of June 30, 2006 Orange County		3,257,539			93.3	%		2,707,602			92.1	%
Expirations		(132,181	)		(3.7	)%		(132,181	)		(4.5	)%
New Leases		3,673			0.1	%		3,673			0.1	%
Renewals		123,443			3.5	%		123,443			4.2	%
Leased Square Feet as of  September 30, 2006, Orange County		3,252,474			93.2	%		2,702,537			91.9	%
Cash Rent Growth (2), (3)
Expiring Rate per Square Foot										$	17.04
New / Renewed Rate per Square Foot										$	18.42
Percentage Change											8.1	%
GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	16.53
New / Renewed Rate per Square Foot										$	19.68
Percentage Change											19.1	%
Weighted Average Lease Term - New  (in months)											54
Weighted Average Lease Term - Renewal  (in months)											150

__________

(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.

37

Maguire Properties, Inc.

Third Quarter 2006

Leasing Activity - San Diego County

	Total Portfolio						Effective Portfolio (1)
	For the						For the
	Three Months Ended						Three Months Ended
	September 30, 2006			% Leased			September 30, 2006			% Leased
Leased Square Feet as of June 30, 2006, San Diego County		1,714,465			92.6	%		1,233,742			92.3	%
Expirations		(16,339	)		(0.9	)%		(12,723	)		(0.9	)%
New Leases		51,964			2.8	%		36,585			2.7	%
Renewals		2,621			0.1	%		2,381			0.2	%
Leased Square Feet as of September 30, 2006, San Diego County		1,752,711			94.6	%		1,259,985			94.3	%
Cash Rent Growth (2), (4)
Expiring Rate per Square Foot										$	22.48
New / Renewed Rate per Square Foot										$	24.51
Percentage Change											9.0	%
GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	21.58
New / Renewed Rate per Square Foot										$	27.02
Percentage Change											25.2	%
Weighted Average Lease Term - New  (in months)											60
Weighted Average Lease Term - Renewal  (in months)											33

__________

(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.

38

Maguire Properties, Inc.

Third Quarter 2006

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

	Q3 2006		Q2 2006		Q1 2006		2005		2004		2003
Renewals (4)
Number of Leases		19		14		12		67		29		14
Square Feet		307,793		152,139		186,800		740,375		296,203		120,022
Tenant Improvement Costs per Square Foot (3)	$	19.82	$	21.11	$	30.65	$	11.25	$	15.49	$	30.66
Leasing Commission Costs per Square Foot (5)	$	7.39	$	6.71	$	10.74	$	3.64	$	5.98	$	2.36
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	27.21	$	27.82	$	41.39	$	14.89	$	21.47	$	33.02
Costs per Square Foot per Year	$	4.45	$	4.37	$	3.63	$	3.46	$	4.31	$	6.24
New / Modified Leases (5)
Number of Leases		27		28		36		138		48		36
Square Feet		167,979		159,560		234,737		1,047,634		453,301		851,316
Tenant Improvement Costs per Square Foot (3)	$	25.17	$	13.50	$	17.13	$	24.29	$	36.28	$	48.26
Leasing Commission Costs per Square Foot (5)	$	5.91	$	4.79	$	5.40	$	5.41	$	9.28	$	4.78
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	31.08	$	18.29	$	22.53	$	29.70	$	45.56	$	53.04
Costs per Square Foot per Year	$	5.41	$	3.75	$	4.48	$	4.78	$	4.26	$	7.95
Total
Number of Leases		46		42		48		205		77		50
Square Feet		475,772		311,699		421,537		1,788,009		749,504		971,338
Tenant Improvement Costs per Square Foot (3)	$	21.71	$	17.21	$	23.12	$	18.89	$	28.06	$	46.09
Leasing Commission Costs per Square Foot (5)	$	6.87	$	5.73	$	7.77	$	4.68	$	7.97	$	4.48
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	28.58	$	22.94	$	30.89	$	23.57	$	36.03	$	50.57
Costs per Square Foot per Year	$	4.77	$	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.

39

Maguire Properties, Inc.

Third Quarter 2006

Historical Capital Expenditures

Office Properties (1)

	Q3 2006		Q2 2006		Q1 2006		2005		2004		2003
Consolidated
Non-recoverable Capital Expenditures (2)	$	146,933	$	1,051,519	$	815,417	$	4,502,547	$	1,046,178	$	151,512
Total Square Feet		11,722,435		11,577,185		11,569,638		9,150,550		6,783,532		5,783,068
Non-recoverable Capital Expenditures per Square Foot	$	0.01	$	0.09	$	0.07	$	0.49	$	0.15	$	0.03
Unconsolidated
Non-recoverable Capital Expenditures (3)	$	5,787	$	59,447	$	28,422
Total Square Feet(4)		621,963		621,972		621,743
Non-recoverable Capital Expenditures per Square Foot	$	0.01	$	0.10	$	0.05
Consolidated
Recoverable Capital Expenditures (5), (6)	$	237,246	$	715,996	$	51,965	$	1,553,935	$	3,009,186	$	1,956,984
Total Square Feet		11,722,435		11,577,185		11,569,638		9,150,550		6,783,532		5,783,068
Recoverable Capital Expenditures per Square Foot	$	0.02	$	0.06	$	0.00	$	0.17	$	0.44	$	0.34
Unconsolidated
Recoverable Capital Expenditures (3), (5)	$	19,009	$	101,602	$	-
Total Square Feet (4)		621,963		621,972		621,743
Recoverable Capital Expenditures per Square Foot	$	0.03	$	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)	Excludes $65,000 and $619,000 of non-recoverable capital expenditures for the years ended 2004 and 2005, respectively, incurred at acquired properties following their acquisition.
(3)	Includes 20% of our MMO joint venture.
(4)	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.
(5)	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.
(6)	Excludes $506,000 of recoverable capital expenditures for the year ended 2005 incurred at acquired properties following their acquisition.

40

Maguire Properties, Inc.

Third Quarter 2006

Hotel Performance

							Percent			YTD			YTD
Westin Hotel, Pasadena, CA	Q3 2006			Q3 2005			Change			September 30, 2006			September 30,2005
Occupancy		82.3	%		81.9	%		0.5	%		82.2	%		82.8	%
Average Daily Rate	$	167.73		$	155.35			8.0	%	$	173.60		$	152.83
Revenue Per Available Room (REVPAR)	$	137.97		$	127.15			8.5	%	$	142.65		$	126.60
Hotel Net Operating Income	$	2,218,211		$	1,914,665			15.9	%	$	7,156,118		$	5,647,413

Hotel Historical Capital Expenditures

										For the Year Ended December 31,
Westin Hotel, Pasadena, CA	Q3 2006			Q2 2006			Q1 2006			2005			2004			2003
Hotel Improvements and Equipment Replacements	$	55,967		$	421,461		$	135,520		$	313,011		$	20,436		$	440,341
Total Hotel Revenue	$	6,550,756		$	6,887,800		$	6,676,106		$	24,037,425		$	20,518,964		$	18,449,302
Hotel Improvements as a Percentage of Hotel Revenue		0.9	%		6.1	%		2.0	%		1.3	%		0.1	%		2.4	%
Renovation and Upgrade Costs (1)	$	(18,772	)	$	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.

 

41

Maguire Properties, Inc.

Third Quarter 2006

Construction in Progress

			As of September 30, 2006
Property	Location	Percentage Pre-Leased	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%						198,000		First Quarter 2008
Lantana Media Campus - Structured Parking	Santa Monica, CA	0%						223,000
	Total Lantana Media Campus			84.0		2.2		421,000	12.0 - 13.0
	Total Los Angeles County			84.0		2.2		421,000
Orange County
Park Place - 3161 Michelson	Irvine, CA	52%						530,000		Third Quarter 2007
Park Place - Structured Parking	Irvine, CA	0%						1,338,000		Second Quarter 2007
	Total Park Place			244.1		96.1		1,868,000	24.0 - 25.0
17885 Von Karman Avenue
at Washington Mutual Irvine Campus	Irvine, CA	0%		40.0		3.0		150,000	5.0 - 5.5	Third Quarter 2007
	Total Orange County			284.1		99.1		2,018,000
San Diego
Mission City Corporate Center	San Diego, CA	0%						90,000		Fourth Quarter 2007
Mission City Corporate Center - Structured Parking	San Diego, CA	0%						131,000		First Quarter 2007
	Total Mission City Corporate Center			27.0		1.2		221,000	2.5 - 3.0
	Total San Diego County			27.0		1.2		221,000
			Total Portfolio Net Rentable Area					2,660,000

__________

(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.

42

Maguire Properties, Inc.

Third Quarter 2006

Development Pipeline

		Developable		Type of
Property	Location	Square Feet (1)		Planned Development
Los Angeles County
755 Figueroa	Los Angeles, CA		930,000	Office
755 Figueroa - Structured Parking	Los Angeles, CA		266,000	Parking
Glendale Center - Phase II	Glendale, CA		264,000	Office & Retail
Glendale Center - Phase II - Structured Parking	Glendale, CA		158,000	Parking
207 Goode (formerly
known as 200 Burchett)	Glendale, CA		187,000	Office
	Total Los Angeles County		1,805,000
Orange County
Park Place - Residential	Irvine, CA		1,052,000	Residential
Park Place - Office, Retail & Hotel	Irvine, CA		1,285,000	Office, Retail & Hotel
Park Place - Structured Parking	Irvine, CA		2,225,000	Parking
Pacific Arts Plaza (2)	Costa Mesa, CA		468,000	Office
Pacific Arts Plaza - Structured Parking	Costa Mesa, CA		208,000	Parking
	Total Orange County		5,238,000
San Diego
Wateridge Plaza	Sorrento Mesa, CA		170,000	Office
Wateridge Plaza - Structured Parking (3)	Sorrento Mesa, CA		153,000	Parking
San Diego Tech Center (4), (5)	Sorrento Mesa, CA		1,320,000	Office
San Diego Tech Center - Structured Parking	Sorrento Mesa, CA		1,433,000	Parking
	Total San Diego County		3,076,000
	Total Portfolio		10,119,000

__________

(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 180 residential units totaling approximately 300,000 square feet at Pacific Arts Plaza. This development would be in addition to the 468,000 square feet of office entitlements.
(3)	Replaced existing structured parking.
(4)	Land held for development was not contributed to the MMO joint venture.
(5)	The third phase contemplates the demolition of 120,000 square feet of existing space.

43

Maguire Properties, Inc.

Third 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).

44

Maguire Properties, Inc.

Third 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.

45

Maguire Properties, Inc.

Third 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.

46