MPG Office Trust 8-K Maguire Properties Reports First Quarter 2007

Exhibit 99.2

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

 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 Unconsolidated 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 Outstanding Debt Summary	17
	Debt Maturities	18
	MMO Joint Venture Debt Maturities	19
Portfolio Data
	Same Store Analysis	21
	Portfolio Overview	22
	Portfolio Geographic Distribution	25
	Portfolio Overview - Leased Rates and Weighted Average Remaining Lease Term	26
	Major Tenants - Office Properties	27
	Portfolio Tenant Classification Description	28
	Consolidated Lease Expirations - Total Portfolio	29
	Consolidated Lease Expirations - Los Angeles County	30
	Consolidated Lease Expirations - Orange County	31
	Consolidated Lease Expirations - San Diego County	32
	Lease Expirations - MMO Joint Venture Portfolio	33
	Leasing Activity - Total Portfolio	34
	Leasing Activity - Los Angeles Central Business District	35
	Leasing Activity - Orange County	36
	Leasing Activity - San Diego County	37
	Tenant Improvements and Leasing Commissions	38
	Historical Capital Expenditures	39
	Hotel Performance and Hotel Historical Capital Expenditures	40
	Construction in Progress	41
	Development Pipeline	42
	Management Statements on Non-GAAP Supplemental Measures	43

This supplemental package contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, you should exercise caution in interpreting and relying on these statements as they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, the uncertainties of real estate development and acquisition activity, the ability to effectively integrate acquisitions, the costs and availability of financing, the effects of local economic and market conditions, regulatory and tax law changes and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission.

2

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Corporate Data

3

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Quarterly Highlights

Maguire Properties, Inc. (the “Company”), a self-administered and self-managed real estate investment trust, is one of the largest owners, managers and developers of first-class office properties in the Los Angeles metropolitan area and has a significant presence in nine submarkets, located in Los Angeles County, Orange County, and San Diego County. The Company’s predecessor was founded in 1965 and developed and managed over 30 million square feet of office properties nationally.

As of March 31, 2007, the office portfolio was comprised of whole or partial interests in 24 properties with approximately 15.5 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.

Change in Executive Officers: On February 27th, we announced that Martin A. Griffiths has been appointed to Chief Financial Officer, replacing Dallas Lucas, who resigned to pursue other interests. Mr. Lucas will continue to advise the Company on various financial transactions through May 2007. Mr. Griffiths has served as Executive Vice President, Operations since July 2006. Prior to joining Maguire Properties, Mr. Griffiths was most recently a partner at Deloitte Tax, LLP, where he ran the real estate tax group for the Pacific Southwest. Mr. Griffiths has worked closely with the Maguire organization for over 20 years.
EOP Portfolio Acquisition Update: In February, we announced the agreement with Blackstone Real Estate Advisors to acquire all of the real property assets in Orange County and Downtown Los Angeles that were part of the former Blackstone/ Equity Office Properties portfolio (“EOP Portfolio”) for a purchase price of approximately $2.875 billion (excluding closing costs and lenders reserves). This portfolio consists of 24 office buildings totaling approximately 7.7 million square feet. On April 24, 2007, the transaction closed as planned. In connection with the closing, the Company completed multiple financings with various lenders including Greenwich Financial Products, Inc. (“Greenwich”), Credit Suisse (“CS”) and Nomura Credit & Capital, Inc. (“Nomura”). These financings include $2.28 billion in mortgage loans, a $223.0 million bridge mortgage loan and a $530.0 million corporate credit facility, comprised of a $400.0 million term loan (fully drawn at closing) and a $130.0 million revolving, swing-line and letter of credit facility.
In April, we announced an agreement to sell Wateridge Plaza and Pacific Center for $298.0 million, both located in San Diego, California. We also announced the agreement to sell five office properties that were acquired in the EOP Portfolio acquisition located in Orange County to Bixby Land Company for approximately $345.0 million. These properties include Redstone Plaza, 1201 Dove Street, Fairchild Corporate Center, Inwood Park, in Irvine; a 3.5 acre development site at Inwood Park, and, Bixby Ranch, in Seal Beach, California. Both dispositions are expected to close in the second quarter of 2007.
Debt: As of March 31, 2007, approximately 98.9% of our outstanding debt is fixed (including hedges) at a weighted average interest rate of 5.35% with a weighted average remaining term of approximately 6.43 years. As of March 31, 2007, 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 56.4% and our ratio of consolidated debt plus preferred stock to market capitalization was 61.4% as of March 31, 2007.
In April, we completed a new $550.0 million, 10-year fixed rate, 5.68% interest only loan on the Wells Fargo Tower in downtown Los Angeles. Approximately $175.0 million of the excess loan proceeds were used to partially fund the EOP Portfolio acquisition (including closing costs and reserves). Development Activities: Construction activities for 3161 Michelson Building continued with the installation of the curtainwall and commencement of the construction of the ground floor lobby, including mechanical, electrical and drywall framing. Construction activities for Parking Structure #2 continued with the installation of the elevator equipment as well as the glass curtainwall for the elevator towers. Construction activities for Parking Structure #5 continued with installation of the cladding of the structural steel members. Sitework activities commenced with landscape activities around the perimeter of the structure. Completion is targeted for the second quarter of 2007 for the parking garages and the third quarter of 2007 for the office building. 3161 Michelson is a 530,000 square foot office building located in Irvine, California and two parking garages totaling approximately 1,338,000 square feet with a capacity of approximately 5,100 vehicles.
During the first quarter of 2007, the slab on grade was poured and the steel was topped out at 17885 Von Karman at the Washington Mutual Irvine Campus. The project is still on schedule to be completed in the fourth quarter of 2007. 17855 Von Karman is a 150,000 square foot office building located in Irvine, California.
The building foundation is now 50% done at Lantana - East, which is estimated to be completed in the first quarter of 2008. The south building mass excavation and shoring is now done and the project is estimated to be completed in the third quarter of 2008. The Lantana Media Campus is a 198,000 square foot office building with 223,000 square feet of structured parking located in Santa Monica, California.
At the Mission City Corporate Center in San Diego, California the foundation work for the office building is nearing completion and the estimated completion date is December 2007. Mission City Corporate Center is a 92,000 square foot office building with 128,000 square feet of structured parking.
Leasing Activities: During the first quarter, new leases and renewals were executed for approximately 262,000 square feet and approximately 147,000 square feet expired. Cash rent on leases executed during the first quarter decreased 16.4%. GAAP rent growth decreased 10.6% for the quarter. Cash rent growth and GAAP rent growth on leases executed during the quarter in the Downtown Los Angeles portfolio decreased by 18.7% and 11.5%, respectively.
On April 2, New Century Financial of Irvine filed for bankruptcy protection and announced it is cutting 54 percent of its workforce, or 3,200 employees, including 500 in Orange County. New Century currently occupies approximately 267,000 square feet at our Park Place property. New Century had signed a lease for approximately 190,000 square feet at our 3161 Michelson development project and was expected to take occupancy when the building is completed in the third quarter of 2007.

4

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

 Investor Information

1733 Ocean Avenue, Suite 400	355 South Grand Avenue, Suite 3300
Santa Monica, CA 90401	Los Angeles, CA 90071
Tel. (310) 857-1100	Tel. (213) 626-3300
Fax (310) 857-1198	Fax (213) 687-4758

Senior Management
Robert F. Maguire III	Chairman of the Board and Chief Executive Officer	William H. Flaherty	Senior Vice President, Marketing
Martin A. Griffiths	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
Mark T. Lammas	Executive Vice President, Development	Peggy M. Moretti	Senior Vice President, Investor and Public Relations
Javier F. Bitar	Senior Vice President, Investments	Peter Johnston	Senior Vice President, Leasing

Corporate

Investor Relations Contact: Peggy M. Moretti (213) 626-3300

Please visit our corporate website at: www.maguireproperties.com

Equity Research Coverage
	A.G. Edwards & Sons	David AuBuchon	(314) 955-5452
	Banc of America Securities	Ross Nussbaum	(212) 847-5677
	Deutsche Bank	Louis Taylor	(212) 250-4912
	Friedman Billings Ramsey	Wilkes J. Graham	(703) 312-9737
	Green Street Advisors	Michael Knott	(949) 640-8780
	Steifel Nicholas	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	Timing
Continental Stock Transfer and Trust Company	Quarterly results will be announced according to the following anticipated schedule:
17 Battery Place, 8th Floor	Second Quarter 2007	Early August 2007
New York, NY 10004	Third Quarter 2007	Early November 2007
(212) 845-3215	Fourth Quarter 2007	Early February 2008

5

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

 Common Stock Data (NYSE:  MPG)

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

	1st Quarter 2007			4th Quarter 2006			3rd Quarter 2006			2nd Quarter 2006			1st Quarter 2006
High Price	$	44.69		$	44.12		$	41.53		$	36.47		$	36.60
Low Price	$	34.81		$	39.32		$	34.70		$	30.98		$	30.15
Closing Price	$	35.56		$	40.00		$	40.74		$	35.17		$	36.50
Dividends per share - Annualized	$	1.60		$	1.60		$	1.60		$	1.60		$	1.60
Closing Dividend Yield - Annualized		4.50	%		4.00	%		3.93	%		4.55	%		4.38	%
Closing Common Shares and Limited Partnership        Units Outstanding (in thousands)		54,405			54,391			54,391			54,368			53,706
Closing Market Value of Common Shares and       Limited Partnership Units Outstanding (in thousands)	$	1,934,642		$	2,175,644		$	2,215,893		$	1,912,130		$	1,960,258
Dividends per Share

	1st Quarter 2007		4th Quarter 2006		3rd Quarter 2006		2nd Quarter 2006		1st Quarter 2006
Common Stock
Amount	$	0.4000	$	0.4000	$	0.4000	$	0.4000	$	0.4000
Declared	March 21, 2007		December 13, 2006		September 26, 2006		June 21, 2006		March 22, 2006
Record	March 30, 2007		December 29, 2006		September 29, 2006		June 30, 2006		March 31, 2006
Paid	April 30, 2007		January 31, 2007		October 31, 2006		July 31, 2006		April 28, 2006
Preferred Stock
Amount	$	0.4766	$	0.4766	$	0.4766	$	0.4766	$	0.4766
Declared	March 21, 2007		December 13, 2006		September 26, 2006		June 21, 2006		March 22, 2006
Record	March 30, 2007		December 29, 2006		September 29, 2006		June 30, 2006		March 31, 2006
Paid	April 30, 2007		January 31, 2007		October 31, 2006		July 31, 2006		April 28, 2006

6

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Consolidated Financial Results

7

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Financial Highlights

(unaudited and in thousands, except per share amounts)

	Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended
	March 31, 2007			December 31, 2006			September 30, 2006			June 30, 2006			March 31, 2006
Income Items:
Revenue	$	106,594		$	129,952		$	113,505		$	109,467		$	109,282
Straight line rent	$	1,779		$	315		$	1,478		$	2,347		$	3,214
Fair value lease revenue (1)	$	1,871		$	963		$	1,761		$	2,199		$	2,819
Lease termination fees	$	-		$	20,353		$	669		$	295		$	-
Office property operating margin (2)		62.2	%		62.4	%		64.2	%		66.4	%		66.1	%
Net (loss) income available to common shareholders	$	(12,587	)	$	(8,770	)	$	(10,243	)	$	(14,522	)	$	84,797
Funds from operations (FFO) available
to common shareholders (3)	$	17,664		$	28,459		$	21,071		$	18,750		$	23,636
FFO per common share - diluted (3)	$	0.38		$	0.60		$	0.44		$	0.41		$	0.51
FFO per common share before loss from early            extinguishment of debt - diluted (3)	$	0.38		$	0.65		$	0.51		$	0.48		$	0.53
Net (loss) income per common share - diluted	$	(0.27	)	$	(0.19	)	$	(0.22	)	$	(0.31	)	$	1.84
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)		1.53			1.85			1.65			1.58			4.74
Interest coverage ratio before loss from early extinguishment of debt            and gain on sale of real estate (6)		1.53			1.92			1.74			1.69			1.84
Fixed-charge coverage ratio (7)		1.32			1.61			1.46			1.40			4.17
Fixed-charge coverage ratio before loss from early extinguishment            of debt and gain on sale of real estate (8)		1.32			1.67			1.54			1.49			1.62
FFO payout ratio (9)		105.3	%		66.7	%		90.9	%		97.6	%		78.4	%
FFO payout ratio before loss from early extinguishment of debt (10)		105.3	%		61.2	%		77.8	%		83.1	%		76.2	%
AFFO payout ratio (11)		1,493.2	%		89.9	%		155.8	%		256.7	%		163.5	%
Capitalization:
Total consolidated debt	$	2,830,837		$	2,794,349		$	2,790,631		$	2,688,131		$	2,559,016
Preferred stock @ quarter end	$	250,000		$	250,000		$	250,000		$	250,000		$	250,000
Common stock price @ quarter end	$	35.56		$	40.00		$	40.74		$	35.17		$	36.50
Common equity value @ quarter end (12)	$	1,934,642		$	2,175,644		$	2,215,893		$	1,912,130		$	1,960,258
Total consolidated market capitalization	$	5,015,479		$	5,219,993		$	5,256,524		$	4,850,261		$	4,769,274
Company portion of joint venture debt	$	161,650		$	161,650		$	161,650		$	161,650		$	161,650
Combined market capitalization	$	5,177,129		$	5,381,643		$	5,418,174		$	5,011,911		$	4,930,924
Consolidated debt / total market capitalization		56.4	%		53.5	%		53.1	%		55.4	%		53.7	%
Combined debt / total market capitalization		57.8	%		54.9	%		54.5	%		56.9	%		55.2	%
Consolidated debt plus preferred stock / total market capitalization		61.4	%		58.3	%		57.8	%		60.6	%		58.9	%
Combined debt plus preferred stock / total market capitalization		62.6	%		59.6	%		59.1	%		61.8	%		60.2	%

 __________

(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 (Lease termination fees are included in interest and other.)
(3)	For a definition and discussion of FFO, see page 43. For a quantitative reconciliation of the differences between FFO and net income, see page 12.
(4)	Preferred dividend declared for three months ended April 30, 2007, January 31, 2007, October 31, 2006, July 31, 2006, and April 30, 2006.
(5)	Calculated as earnings before interest, taxes and depreciation and amortization and preferred dividends, or EBITDA, of $61,837, $75,228, $66,034, $63,076, and $176,136, respectively, divided by cash interest expense of $40,448, $40,568, $40,075, $39,841, and $37,140, respectively. For a definition of cash interest expense, see page 16. For a discussion of EBITDA, see page 44. For a quantitative reconciliation of the differences between EBITDA and net income, see page 14.
(6)	Calculated as EBITDA before loss from early extinguishment of debt and gain on sale of real estate, of $61,837, $78,090, $69,863, $67,183, and $68,309, respectively divided by cash interest expense of $40,448, $40,568, $40,075, $39, 841, and $37,140, respectively.
(7)	Calculated as EBITDA of $61,837, $75,228, $66,034, $63,076 and $176,136, respectively divided by fixed charges of $46,783, $46,646, $45,345, $44,941 and $42,238. 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 of $61,837, $78,090, $69,863, $67,183 and $68,309, respectively divided by fixed charges of $46,783, $46,646, $45,345, $44,941, and$42,238.
(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, $21,756, $21,756, $21,747, and $21,482, respectively divided by AFFO of $1,457, $24,194, $13,962, $8,472, and $13,138, respectively. For a definition of AFFO, see page 44. For a quantitative reconciliation of the differences between AFFO and FFO, see page 13.
(12)	Assuming 100% conversion of the limited partnership units in the operating partnership into shares of our common stock.

8

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Consolidated Balance Sheets

(unaudited and in thousands)

	March 31, 2007			December 31, 2006			September 30, 2006			June 30, 2006			March 31, 2006
Assets
Investments in real estate	$	3,444,923		$	3,374,671		$	3,329,188		$	3,221,003		$	3,190,004
Less: accumulated depreciation		(381,617	)		(357,422	)		(338,518	)		(308,450	)		(284,235	)
		3,063,306			3,017,249			2,990,670			2,912,553			2,905,769
Cash and cash equivalents including restricted cash		152,628			200,273			246,830			231,570			133,814
Rents, deferred rents and other receivables		69,111			67,245			62,221			61,645			57,515
Deferred charges, net		176,421			170,330			181,240			181,592			189,037
Other assets		36,706			32,254			43,136			60,395			58,366
Investment in unconsolidated joint venture		22,859			24,378			26,190			28,431			34,210
Total assets	$	3,521,031		$	3,511,729		$	3,550,287		$	3,476,186		$	3,378,711
Liabilities, minority interests and stockholders' equity
Loans payable	$	2,830,837		$	2,794,349		$	2,790,631		$	2,688,131		$	2,559,016
Dividends and distributions payable		24,934			24,934			24,934			24,925			24,660
Accounts payable, accrued interest payable and other liabilities		157,870			159,042			167,887			156,107			153,371
Acquired lease obligations, net		69,281			72,821			76,218			79,955			83,699
Total liabilities		3,082,922			3,051,146			3,059,670			2,949,118			2,820,746
Minority interests		25,606			28,671			33,991			38,975			44,532
Stockholders' equity
Common and preferred stock and additional paid in capital		683,061			681,550			678,189			671,437			668,327
Accumulated deficit and dividends		(288,505	)		(257,124	)		(229,399	)		(200,520	)		(167,213	)
Unearned and accrued stock compensation, net		-			-			-			-			-
Accumulated other comprehensive income, net		17,947			7,486			7,836			17,176			12,319
Total stockholders' equity		412,503			431,912			456,626			488,093			513,433
Total liabilities, minority interests and stockholders' equity	$	3,521,031		$	3,511,729		$	3,550,287		$	3,476,186		$	3,378,711

9

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Consolidated Statements of Operations

(unaudited and in thousands, except per share amounts)

	Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended
	March 31, 2007			December 31, 2006			September 30, 2006			June 30, 2006			March 31, 2006
Revenue:
Rental	$	65,126		$	65,195		$	66,321		$	67,587		$	67,780
Tenant reimbursements		21,715			23,942			21,734			20,810			22,068
Hotel operations		6,188			6,939			6,551			6,888			6,676
Parking		10,437			10,045			9,345			10,176			10,323
Management, leasing and development services to affiliates		1,467			1,927			2,901			1,462			1,655
Interest and other		1,661			21,904			6,653			2,544			780
Total revenue		106,594			129,952			113,505			109,467			109,282
Expenses:
Rental property operating and maintenance		25,130			25,060			23,687			21,240			21,731
Hotel operating and maintenance		3,999			4,633			4,243			4,262			4,185
Real estate taxes		8,595			8,978			8,018			8,819			9,366
Parking expenses		3,041			3,254			3,164			3,071			2,879
General and administrative and other		7,763			13,755			8,559			8,568			6,134
Ground lease		136			122			136			17			268
Depreciation and amortization		32,689			40,660			34,252			35,170			34,608
Interest		34,338			35,228			34,560			34,306			33,084
Loss from early extinguishment of debt		-			2,862			3,829			4,107			642
Total expenses		115,691			134,552			120,448			119,560			112,897
Loss before equity in net loss of unconsolidated joint venture,
gain on sale of real estate and minority interests		(9,097	)		(4,600	)		(6,943	)		(10,093	)		(3,615	)
Equity in net loss of unconsoldated joint venture		(707	)		(787	)		(149	)		(1,985	)		(825	)
Gain on sale of real estate		-			-			-			-			108,469
Minority interests		1,983			1,383			1,615			2,322			(14,466	)
Net (loss) income		(7,821	)		(4,004	)		(5,477	)		(9,756	)		89,563
Preferred stock dividends		(4,766	)		(4,766	)		(4,766	)		(4,766	)		(4,766	)
Net (loss) income allocable to common shareholders	$	(12,587	)	$	(8,770	)	$	(10,243	)	$	(14,522	)	$	84,797
Net (loss) income per common share - basic	$	(0.27	)	$	(0.19	)	$	(0.22	)	$	(0.31	)	$	1.85
Net (loss) income per common share - diluted	$	(0.27	)	$	(0.19	)	$	(0.22	)	$	(0.31	)	$	1.84
Weighted-average shares outstanding - basic		46,578,064			46,572,219			46,565,959			46,156,438			45,723,233
Weighted-average shares outstanding - diluted		46,578,064			46,572,219			46,565,959			46,156,438			46,054,880

10

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

 MMO Unconsolidated Joint Venture Statements of Operations

(unaudited and in thousands, except for per share amounts)

	Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended			Period from January 5, 2006
	March 31, 2007			December 31, 2006			September 30, 2006			June 30, 2006			to March 31, 2006
Revenue:
Rental	$	19,581		$	18,979		$	19,683		$	19,178		$	18,142
Tenant reimbursements		7,574			7,724			7,555			6,967			6,403
Parking		2,177			1,998			2,008			1,869			1,791
Interest and other		75			789			126			1,813			62
Total revenue		29,407			29,490			29,372			29,827			26,398
Expenses:
Rental property operating and maintenance		6,260			6,522			6,281			6,065			4,941
Real estate taxes		3,333			3,047			3,160			3,699			2,623
Parking expenses		401			459			387			391			366
Depreciation and amortization		12,257			12,595			10,477			17,487			11,763
Interest		10,814			11,039			11,095			10,907			10,309
Other		1,098			1,176			1,325			1,204			522
Total expenses		34,163			34,838			32,725			39,753			30,524
Net loss	$	(4,756	)	$	(5,348	)	$	(3,353	)	$	(9,926	)	$	(4,126	)
Company share		(951	)		(1,070	)		(671	)		(1,985	)		(825	)
Intercompany eliminations		244			283			522			-			-
Equity in net loss of unconsolidated joint venture	$	(707	)	$	(787	)	$	(149	)	$	(1,985	)	$	(825	)

11

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Funds from Operations

(unaudited and in thousands, except for per share amounts)

 

	Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended
	March 31, 2007			December 31, 2006			September 30, 2006			June 30, 2006			March 31, 2006
Reconciliation of net (loss) income to funds from operations:
Net (loss) income available to common shareholders	$	(12,587	)	$	(8,770	)	$	(10,243	)	$	(14,522	)	$	84,797
Adjustments:
Minority interests		(1,983	)		(1,383	)		(1,615	)		(2,322	)		14,466
Gain from sale of real estate		-			-			-			-			(108,469	)
Real estate depreciation and amortization		32,566			40,578			34,156			35,095			34,521
Company share of real estate depreciation and amortization
from unconsolidated joint venture		2,451			2,519			2,095			3,497			2,353
Funds from operations available to common shareholders
and unit holders (FFO) (1)	$	20,447		$	32,944		$	24,393		$	21,748		$	27,668
Company share of FFO (2)	$	17,664		$	28,459		$	21,071		$	18,750		$	23,636
FFO per share - basic	$	0.38		$	0.61		$	0.45		$	0.41		$	0.52
FFO per share - diluted	$	0.38		$	0.60		$	0.44		$	0.41		$	0.51
Weighted-average shares outstanding - basic		46,578,064			46,572,219			46,565,959			46,156,438			45,723,233
Weighted-average shares outstanding - diluted		47,000,722			47,304,274			47,441,336			46,290,201			46,054,880
Weighted-average diluted shares and units		54,406,638			54,710,190			54,847,252			53,696,117			53,881,456
Reconciliation of FFO to FFO before loss from early extinguishment
of debt:
FFO available to common shareholders and unit holders (FFO)	$	20,447		$	32,944		$	24,393		$	21,748		$	27,668
Add: loss from early extinguishment of debt		-			2,862			3,829			4,107			642
FFO before loss from early extinguishment of debt	$	20,447		$	35,806		$	28,222		$	25,855		$	28,310
Company share of FFO before  loss from early extinguishment
of debt (2)	$	17,664		$	30,931		$	24,379		$	22,290		$	24,184
FFO per share before loss from early extinguishment of
debt - basic	$	0.38		$	0.66		$	0.52		$	0.48		$	0.53
debt - diluted	$	0.38		$	0.65		$	0.51		$	0.48		$	0.53

_________ 

(1)	For the definition and discussion of FFO, see page 43.
(2)	Based on a weighted average interest in our operating partnership of 86.4%, 86.4%, 86.4%, 86.2% and 85.4% for the three months ended March 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006 and March 31, 2006, respectively.

12

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

 Adjusted Funds from Operations

(unaudited and in thousands, except for per share amounts)

	Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended
	March 31, 2007			December 31, 2006			September 30, 2006			June 30, 2006			March 31, 2006
FFO	$                       20,447			$                       32,944			$                       24,393			$                       21,748			$                       27,668
Non-real estate depreciation		123			82			96			75			87
Amortization of deferred financing costs		1,141			1,137			1,307			1,246			1,264
Accretion of interest rate swap sold		(122	)		(122	)		(3,722	)		(1,023	)		(953	)
Non-cash stock compensation		1,732			1,957			2,417			2,097			1,044
Loss from early extinguishment of debt(2)		-			2,862			3,829			4,107			642
Straight line rents		(1,779	)		(315	)		(1,478	)		(2,347	)		(3,214	)
Fair value lease revenue		(1,871	)		(963	)		(1,761	)		(2,199	)		(2,819	)
Capitalized payments (3)		(7,679	)		(5,711	)		(5,471	)		(6,005	)		(4,549	)
Non-recoverable capital expenditures (4), (5)		(1,638	)		(440	)		(147	)		(1,052	)		(815	)
Recoverable capital expenditures		(560	)		(324	)		(237	)		(716	)		(52	)
Hotel improvements, equipment upgrades and replacements		(237	)		(118	)		(56	)		(421	)		(136	)
2nd generation tenant improvements and leasing commissions (6), (7)		(7,743	)		(5,994	)		(4,570	)		(6,331	)		(4,509	)
MMO Joint Venture AFFO adjustments		(357	)		(801	)		(638	)		(707	)		(520	)
Adjusted funds from operations (AFFO)	$	1,457		$	24,194		$	13,962		$	8,472		$	13,138

__________

(1)	For the definition and computation method of AFFO, see page 44. For a quantitative reconciliation of the differences between AFFO and cash flow from operating activities, see page 14.
(2)	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 $0.7 million, $2.0 million, $1.0 million, $0.9 million and $0.7 million of expenditures for the three months ended March 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006 and March 31, 2006 respectively, related to the renovation at Lantana Media Campus.
(5)	Excludes $1.5 million and $0.1 million of expenditures for the three months ended March 31, 2007 and December 31, 2006, respectively, related to the renovation at Pacific Center.
(6)	Excludes 1st generation tenant improvements and leasing commissions of $2.2 million, $5.0 million, $1.2 million, $0.6 million and $1.0 million for the three months ended March, 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006 and March 31, 2006, respectively.
(7)	Excludes tenant improvements and leasing commissions of $4.1 million, $2.0 million, $1.1 million, $3.1 million, $5.0 million and $4.1 million for the three months ended March 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006 and March 31, 2006, respectively, related to reserves ($37.6 million) funded with loan proceeds at the closing of the CommonWealth Portfolio, San Diego Tech Center and Pacific Center acquisitions. At March 31, 2007, $7.0 million of these reserves remain.

13

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Reconciliation of Earnings Before Interest, Taxes and Depreciation and Amortization ⁽¹⁾ and Adjusted Funds From Operations ⁽²⁾

(unaudited and in thousands)

	Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended			Three Months Ended
	March 31, 2007			December 31, 2006			September 30, 2006			June 30, 2006			March 31, 2006
Reconciliation of net (loss) income to earnings before interest, taxes and
depreciation and amortization (EBITDA):
Net (Loss) Income	$	(7,821	)	$	(4,004	)	$	(5,477	)	$	(9,756	)	$	89,563
Add:  Minority interests		(1,983	)		(1,383	)		(1,615	)		(2,322	)		14,466
Interest expense		34,338			35,228			34,560			34,306			33,084
Company share of interest expense included in unconsolidated joint venture		2,163			2,208			2,219			2,181			2,062
Depreciation and amortization		32,689			40,660			34,252			35,170			34,608
Company share of depreciation and amortization included in unconsolidated joint venture		2,451			2,519			2,095			3,497			2,353
EBITDA	$	61,837		$	75,228		$	66,034		$	63,076		$	176,136
EBITDA	$	61,837		$	75,228		$	66,034		$	63,076		$	176,136
Add: loss from early extinguishment of debt		-			2,862			3,829			4,107			642
Less: gain on sale of real estate		-			-			-			-			(108,469	)
EBITDA before loss from early extinguishment of debt and gain on sale of real estate	$	61,837		$	78,090		$	69,863		$	67,183		$	68,309
Reconciliation of cash flows from operating activities to adjusted funds       from operations (AFFO):
Cash flows from operating activities	$	9,288		$	31,262		$	35,866		$	23,750		$	16,720
Changes in other assets and liabilities		2,347			(192	)		(16,894	)		(6,758	)		1,930
Non-recoverable capital expenditures		(1,638	)		(440	)		(147	)		(1,052	)		(815	)
Recoverable capital expenditures		(560	)		(324	)		(237	)		(716	)		(52	)
Hotel improvements, equipment upgrades and replacements		(237	)		(118	)		(56	)		(421	)		(136	)
2nd generation tenant improvements and leasing commissions (3), (4)		(7,743	)		(5,994	)		(4,570	)		(6,331	)		(4,509	)
AFFO	$	1,457		$	24,194		$	13,962		$	8,472		$	13,138

__________

(1)	For the definition and discussion of EBITDA, see page 44.
(2)	For the definition and discussion of AFFO, see page 44.
(3)	Excludes 1st generation tenant improvements and leasing commissions of $2.2 million, $5.0 million, $1.2 million, $0.6 million and $1.0 million for the three months ended March, 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006 and March 31, 2006, respectively.
(4)	Excludes tenant improvements and leasing commissions of $4.1 million, $2.0 million, $1.1 million, $3.1 million, $5.0 million and $4.1 million for the three months ended March 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006 and March 31, 2006, respectively, related to reserves ($37.6 million) funded with loan proceeds at the closing of the CommonWealth Portfolio, San Diego Tech Center and Pacific Center acquisitions. At March 31, 2007, $7.0 million of this reserve remains.

 

14

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Capital Structure

Debt

(in thousands)

	Aggregate Principal
	March 31, 2007
Mortgage and Other Secured Loans Payable	$	2,830,837
Secured Credit Facility		-
Total Consolidated Debt		2,830,837
Company share of MMO Joint Venture debt		161,650
Total Combined Debt	$	2,992,487

Equity

(in thousands)

	Shares Outstanding		Total Liquidation  Preference
Preferred Stock		10,000		250,000
	Shares &  Units  Outstanding		Market Value(1)
Common Stock		46,999	$	1,671,288
Operating Partnership Units		7,406		263,354
Total Common Equity		54,405		1,934,642
Total Consolidated Market Capitalization			$	5,015,479
Total Combined Market Capitalization (2)			$	5,177,129

__________

(1)	Value based on the New York Stock Exchange closing price of $35.56 on March 31, 2007.
(2)	Includes Company share of MMO Joint Venture debt.

15

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Debt Summary

Outstanding Debt

(in thousands)

	Maturity Date		Principal  Balance as of  March 31, 2007			% of  Debt			Interest  Rate as of   March 31, 2007 (1)
Floating Rate Debt
Park Place Construction Loan (2)	September 30, 2008	(3)	$	143,252			5.06	%		7.57	%
Wateridge Plaza (4), (5)	April 9, 2008	(6)		62,880			2.22	%		6.50	%
WAMU Construction Loan	December 30, 2008	(7)		7,538			0.27	%		7.12	%
Mission City Construction Loan	February 22, 2009	(7)		384			0.01	%		7.12	%
Total Floating Rate Debt				214,054			7.56	%		7.24	%
Fixed Rate Debt
Gas Company Tower	August 11, 2016			458,000			16.18	%		5.10	%
Pacific Arts Plaza	April 1, 2012			270,000			9.54	%		5.15	%
777 Tower	November 1, 2013			268,685	(8)		9.49	%		5.84	%
US Bank Tower	July 1, 2013			260,000			9.18	%		4.66	%
Wells Fargo Tower (Los Angeles, CA) (9)	July 1, 2010			247,352			8.74	%		4.68	%
KPMG Tower	November 1, 2011			210,000			7.42	%		5.14	%
Park Place	November 1, 2014			170,000			6.01	%		5.64	%
Glendale Center	July 11, 2016			125,000			4.42	%		5.82	%
Pacific Center (5)	May 6, 2016			117,396	(10)		4.15	%		5.76	%
Regents Square I & II	April 1, 2012			103,600			3.66	%		5.13	%
Park Place	March 12, 2012			100,000			3.53	%		5.39	%
Lantana Media Campus	January 6, 2010			98,000			3.46	%		4.94	%
801 North Brand	April 6, 2015			75,540			2.67	%		5.73	%
Mission City Corporate Center	April 1, 2012			52,000			1.84	%		5.09	%
701 North Brand	October 1, 2016			33,750			1.19	%		5.87	%
700 North Central	April 6, 2015			27,460			0.97	%		5.73	%
Total Fixed Rate Debt				2,616,783			92.44	%		5.24	%
Total Consolidated Debt			$	2,830,837			100.00	%		5.39	%

__________

(1)	To calculate the variable interest rates, the one-month LIBOR rate of 5.32% at March 31, 2007 was used.
(2)	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.
(3)	Three one-year extensions available at our option.
(4)	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.
(5)	On April 5, 2007, we entered into an agreement to sell these properties. The buyer will be assuming the loan encumbering Pacific Center and the loan encumbering Wateridge Plaza will be repaid with the proceeds of the sale. The sale is expected to close during the second quarter 2007.
(6)	On April 9, 2007, we exercised our option to extend the loan to April 9, 2008.  One one-year extension remains available at our option.
(7)	One one-year extension available at our option.
(8)	Net of loan discount of $4.3 million.
(9)	The company refinanced this debt in April 2007 with a new $550 million, 10-year fixed rate, interest-only loan at 5.6755%.
(10)	Net of loan discount of $3.8 million.

Credit Facility

(in thousands)

	Maximum Available		Currently Available		Drawn
Secured Line of Credit as of March 31, 2007	$	100,000	$	100,000	$	-

Financial Ratios

		Consolidated	Combined (a)
Interest coverage (b)		N/A	1.53
Interest coverage before loss from early extinguishment of debt (c)		N/A	1.53
Fixed-charge coverage (d)		N/A	1.32
Fixed-charge coverage before loss from early extinguishment of debt (e)		N/A	1.32
Debt to total market capitalization at quarter-end (f)		56.4%	57.8%
Debt plus preferred stock to total market capitalization at quarter-end (g)		61.4%	62.6%
(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.

Supplemental Operating and Financial Data

First Quarter 2007

MMO Joint Venture Outstanding Debt Summary

	Maturity Date	Principal  Balance as of  March 31, 2007		% of  Debt			Interest  Rate as of   March 31, 2007
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 MMO Joint Venture.

17

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

 

Debt Maturities

(in thousands)

Property	2007			2008				2009			2010			2011			Thereafter			Total
Gas Company Tower	$	-		$	-			$	-		$	-		$	-		$	458,000		$	458,000
Pacific Arts Plaza		-			-				-			-			-			270,000			270,000
777 Tower		-			-				-			-			-			268,685			268,685
US Bank Tower		-			-				-			-			-			260,000			260,000
Wells Fargo Tower (Los Angeles, CA) (1)		2,844			3,975				4,201			236,332			-			-			247,352
KPMG Tower(2)		-			-				246			3,034			206,720			-			210,000
Park Place (2)		-			-				-			2,232			2,361			165,407			170,000
Park Place Construction Loan		-			143,252		(3)		-			-			-			-			143,252
Glendale Center		-			-				-			-			-			125,000			125,000
Pacific Center (4)		-			-				-			-			-			117,396			117,396
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(4)		-			62,880	(5)			-			-			-			-			62,880
Mission City Corporate Center		-			-				-			-			-			52,000			52,000
701 North Brand		-			-				-			-			-			33,750			33,750
700 North Central		-			-				-			-			-			27,460			27,460
WAMU Construction Loan		-			7,538	(6)			-			-			-			-			7,538
Mission City Construction Loan		-			384	(6)			-			-			-			-			384
Total	$	2,844		$	218,029			$	4,447		$	339,598		$	209,081		$	2,056,838		$	2,830,837
Weighted Average Interest Rate		4.68	%		7.19	%			4.71	%		4.77	%		5.15	%		5.33	%		5.39	%

__________ 

(1)	The company refinanced this debt in April 2007 with a new $550.0 million, 10-year fixed rate, interest-only loan at 5.6755%.
(2)	Includes scheduled annual principal debt payments.
(3)	Three one-year extensions available at our option.
(4)	On April 5, 2007, we entered into an agreement to sell these properties. The buyer will be assuming the loan encumbering Pacific Center and the loan encumbering Wateridge Plaza will be repaid with the proceeds of the sale. The sale is expected to close during the second quarter 2007.
(5)	On April 9, 2007, we exercised our option to extend the loan to April 9, 2008. One one-year extension remains available at our option.
(6)	One one-year extension available at our option.

18

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

MMO Joint Venture Debt Maturities

(in thousands)

Property	2007			2008			2009			2010			2011			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		$	106,000		$	556,000		$	808,250
Weighted Average Rate		4.73	%		4.73	%		4.73	%		4.73	%		5.07	%		5.45	%		5.27	%

________

(1) Includes scheduled annual principal debt payments.

19

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Portfolio Data

20

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Same Store Analysis

(unaudited and in thousands)

	Three Months Ended March 31, (1)
	2007			2006			% Change
Total Same Store Portfolio
Number of properties		17			17
Square Feet (2)		17,961,974			18,315,586
Percent of Total Effective Portfolio		88.1	%		89.8	%
Weighted Average Leased Percentage (3)		87.0	%		90.9	%
GAAP
Breakdown of Net Operating Income:
Operating Revenues	$	93,804		$	97,756			(4.0	)%	(4)
Operating Expenses		36,457			34,385			6.0	%	(5)
Other Expenses		62			62			0.0	%
Net Operating Income	$	57,285		$	63,309			(9.5	)%
CASH BASIS
Breakdown of Net Operating Income:
Operating Revenues	$	90,712		$	92,102			(1.5	)%	(4)
Operating Expenses		36,457			34,385			6.0	%	(5)
Other Expenses		62			62			0.0	%
Net Operating Income	$	54,192		$	57,655			(6.0	)%

__________ 

(1)	Wholly owned properties included in the same store analysis are all the properties in our portfolio with the exception of Pacific Center and 701 North Brand.
(2)	Property square footage year-to-date and quarterly analyses decreased in 2007 compared to 2006 due to changes in Park Place parking and property square footage.
(3)	Represents weighted average occupancy for the same store portfolio.
(4)	Decrease primarily due to lower occupancy and large tenants that moved out in 2006 from KPMG Tower, Gas Company Tower and Park Place whose spaces have not been re-leased yet.
(5)	Increase primarily due to higher insurance premiums and parking costs.

21

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Portfolio Overview

Property by Submarket							Ownership			Square Feet							Leased % and In-Place Rents
Property	Number of  Buildings		Number of  Tenants		Year Built /  Renovated		%			Net      Building    Rentable		Effective (1)		% of Net  Rentable			% Leased			Total  Annualized  Rents (2)		Effective   Annualized   Rents (2)		Annualized  Rent $/RSF (3)
Office Properties
Los Angeles County
Los Angeles Central Business District:
Gas Company Tower		1		15		1991		100	%		1,322,211		1,322,211		8.54	%		92.2	%	$	32,890,011	$	32,890,011	$	26.98
US Bank Tower		1		44		1989		100	%		1,395,231		1,395,231		9.01	%		85.5	%		31,457,799		31,457,799		26.38
Wells Fargo Tower		2		70		1982		100	%		1,390,611		1,390,611		8.98	%		91.6	%		24,816,982		24,816,982		19.48
KPMG Tower		1		21		1983		100	%		1,139,835		1,139,835		7.36	%		66.2	%		14,820,531		14,820,531		19.64
777 Tower		1		33		1991		100	%		1,008,439		1,008,439		6.51	%		90.3	%		17,706,912		17,706,912		19.44
One California Plaza		1		37		1985		20	%		990,319		198,064		6.40	%		87.9	%		16,212,514		3,242,503		18.63
Total LACBD Submarket		7		220							7,246,646		6,454,391		46.81	%		85.9	%		137,904,749		124,934,738		22.17
Tri-Cities Submarket
Glendale Center		2		4		1973/1996		100	%		386,318		386,318		2.50	%		100.0	%		8,417,372		8,417,372		21.79
801 North Brand		1		32		1987		100	%		282,498		282,498		1.82	%		86.8	%		4,500,724		4,500,724		18.36
701 North Brand		1		13		1978		100	%		131,129		131,129		0.85	%		100.0	%		2,149,806		2,149,806		16.39
700 North Central		1		22		1979		100	%		134,168		134,168		0.87	%		92.2	%		1,861,708		1,861,708		15.05
Plaza Las Fuentes		3		9		1989		100	%		192,958		192,958		1.25	%		100.0	%		3,712,430		3,712,430		19.24
Total Tri-Cities Submarket		8		80							1,127,071		1,127,071		7.29	%		95.8	%		20,642,040		20,642,040		19.13
Santa Monica Professional and       Entertainment Submarket
Lantana Media Campus		3		20		1989/2001		100	%		331,188		331,188		2.14	%		94.4	%		10,263,262		10,263,262		32.84
Total Submarket		3		20							331,188		331,188		2.14	%		94.4	%		10,263,262		10,263,262		32.84
Cerritos Office Submarket
Cerritos - Phase I		1		1		1999		20	%		221,968		44,394		1.43	%		100.0	%		5,666,843		1,133,369		25.53
Cerritos - Phase II		1		-		2001		20	%		104,567		20,913		0.68	%		100.0	%		2,482,421		496,484		23.74
Total Cerritos Submarket		2		1							326,535		65,307		2.11	%		100.0	%		8,149,264		1,629,853		24.96
Total Los Angeles County		20		321							9,031,440		7,977,957		58.34	%		87.9	%	$	176,959,315	$	157,469,893	$	22.29

22

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Portfolio Overview (conntinued)

Property by Submarket							Ownership			Square Feet							Leased % and In-Place Rents
Property	Number of  Buildings		Number of  Tenants		Year Built /  Renovated		%			Net      Building    Rentable		Effective (1)		% of Net  Rentable			%Leased			Total  Annualized  Rents (2)		Effective   Annualized   Rents (2)		Annualized  Rent $/RSF (3)
Office Properties
Orange County
John Wayne Airport Submarket
Park Place		8		48		1977/2002		100	%		1,792,215		1,792,215		11.58	%		84.9	%	$	22,076,410	$	22,076,410	$	14.51
Washington Mutual Irvine Campus		4		1		1989/2004		20	%		414,595		82,919		2.68	%		100.0	%		8,887,052		1,777,410		21.44
Total Airport Submarket		12		49							2,206,810		1,875,134		14.26	%		87.7	%		30,963,462		23,853,820		15.99
Costa Mesa Submarket
Pacific Arts Plaza		8		49		1982		100	%		785,123		785,123		5.07	%		90.1	%		14,782,174		14,782,174		20.90
Total Costa Mesa Submarket		8		49							785,123		785,123		5.07	%		90.1	%		14,782,174		14,782,174		20.90
Anaheim Submarket
Stadium Gateway		1		8		2001		20	%		272,826		54,565		1.76	%		100.0	%		5,351,402		1,070,280		19.61
Total Submarket		1		8							272,826		54,565		1.76	%		100.0	%		5,351,402		1,070,280		19.61
Total Orange County		21		106							3,264,759		2,714,822		21.09	%		89.3	%	$	51,097,038	$	39,706,275	$	17.52
San Diego County
UTC (University Town Center) Submarket
Regents Square I & II		3		57		1986		100	%		311,755		311,755		2.01	%		92.3	%	$	7,235,521	$	7,235,521	$	25.14
Total UTC Submarket		3		57							311,755		311,755		2.01	%		92.3	%		7,235,521		7,235,521		25.14
Sorrento Mesa Submarket
Wateridge Plaza		3		5		1984		100	%		267,579		267,579		1.73	%		100.0	%		6,485,929		6,485,929		24.24
San Diego Tech Center		11		33		1984/1986		20	%		646,630		129,326		4.18	%		98.7	%		11,663,764		2,332,753		18.27
Total Sorento Mesa Submarket		14		38							914,209		396,905		5.91	%		99.1	%		18,149,693		8,818,682		20.04
Mission Valley Submarket
Mission City Corporate Center		3		13		1990		100	%		190,807		190,807		1.23	%		97.7	%		4,109,637		4,109,637		22.05
Pacific Center		2		27		1988		100	%		439,484		439,484		2.84	%		91.1	%		9,020,239		9,020,239		22.53
Total Mission Valley Submarket		5		40							630,291		630,291		4.07	%		93.1	%		13,129,876		13,129,876		22.37
Total San Diego County		22		135							1,856,255		1,338,951		11.99	%		95.9	%	$	38,515,090	$	29,184,079	$	21.63
Other
Denver, CO - Downtown Submarket
Wells Fargo Center - Denver		1		42		1983		20	%		1,203,275		240,655		7.77	%		96.1	%		19,995,414		3,999,083		17.30
Total Other		1		42							1,203,275		240,655		7.77	%		96.1	%		19,995,414		3,999,083		17.30
Total Office Properties		64		604							15,355,729		12,272,385		99.20	%		89.8	%	$	286,566,857	$	230,359,329	$	20.78

23

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Portfolio Overview (conntinued)

Property by Submarket							Ownership			Square Feet							Leased % and In-Place Rents
Property	Number of  Buildings		Number of  Tenants		Year Built /  Renovated		%			Net      Building    Rentable		Effective (1)		%  of Net  Rentable			% Leased			Total  Annualized  Rents (2)		Effective   Annualized   Rents (2)		Annualized  Rent $/RSF (3)
Retail Property
John Wayne Airport Submarket
Park Place		8		27		1981		100	%		124,103		124,103		0.80	%		98.2	%	$	3,654,116	$	3,654,116	$	30.00
Total Retail Properties		8		27							124,103		124,103		0.80	%		98.2	%		3,654,116		3,654,116		30.00
Total  Office and Retail Properties		72		631							15,479,832		12,396,488		100.00	%		89.9	%	$	290,220,973	$	234,013,445	$	20.86
Effective Office and Retail Properties											12,396,488							88.5	%					$	21.33
Hotel Property										SQFT		Effective SQFT		Number of Rooms
Westin Hotel, Pasadena, CA								100	%		266,000		266,000		350
Total Hotel Property											266,000		266,000		350
Total - Office, Retail and Hotel Properties											15,745,832		12,662,488
Parking Properties										SQFT		Effective SQFT		Vehicle Capacity			Effective Vehicle Capacity			Annualized Parking Revene(4)		Effective Annualized Parking Revenue (5)		Annualized Parking Revenue per Vehicle Capacity
On-Site Parking											8,094,810		6,173,456		26,377			19,779		$	40,028,045	$	33,065,880	$	1,672
Off-Site Garages			��								1,815,453		1,815,453		5,542			5,542			10,422,606		10,422,606		1,881
Total Parking Properties											9,910,263		7,988,909		31,919			25,321		$	50,450,651	$	43,488,486	$	1,717
Total - Office, Retail, Hotel and Parking Properties											25,656,095		20,651,397

__________

(1)	Includes 100% of our consolidated portfolio and 20% of our MMO Joint Venture portfolio.
(2)	Annualized rent represents the annualized monthly contractual rent under existing leases as of March 31, 2007. 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.
(3)	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.
(4)	Annualized parking revenue represents the annualized quarterly parking revenue as of March 31, 2007.
(5)	Effective annualized parking revenue represents the annualized quarterly parking revenue as of March 31, 2007 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.

24

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Portfolio Geographic Distribution

25

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Portfolio Overview - Leased Rates and Weighted Average Remaining Lease Term

	Ownership			Weighted Average
	Interest			Remaining Lease Term		% Leased			% Leased			% Leased			% Leased			% Leased
	( % )			(in years)		Q1 2007			Q4 2006			Q3 2006			Q2 2006			Q1 2006
Gas Company Tower		100	%		6.4		92.2	%		91.6	%		97.4	%		96.5	%		96.9	%
US Bank Tower		100	%		4.1		85.5	%		85.5	%		84.7	%		85.0	%		83.0	%
Wells Fargo Tower		100	%		6.7		91.6	%		91.0	%		91.1	%		90.6	%		89.7	%
KPMG Tower		100	%		7.6		66.2	%		67.1	%		65.4	%		65.4	%		89.0	%
777 Tower		100	%		6.1		90.3	%		88.7	%		88.2	%		88.1	%		91.6	%
One California Plaza		20	%		4.8		87.9	%		87.9	%		87.0	%		86.2	%		86.3	%
Glendale Center		100	%		4.9		100.0	%		80.9	%		80.9	%		80.9	%		100.0	%
801 North Brand		100	%		4.0		86.8	%		87.2	%		84.0	%		88.7	%		87.7	%
701 North Brand		100	%		6.7		100.0	%		100.0	%		98.8	%		-			-
700 North Central		100	%		4.9		92.2	%		90.9	%		94.2	%		80.6	%		80.6	%
Plaza Las Fuentes		100	%		11.0		100.0	%		100.0	%		100.0	%		99.7	%		99.7	%
Lantana Media Campus		100	%		3.4		94.4	%		94.4	%		93.5	%		93.6	%		94.6	%
Cerritos - Phase I		20	%		7.5		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cerritos - Phase II		20	%		4.2		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Park Place		100	%		3.3		84.9	%		84.7	%		92.2	%		92.5	%		91.9	%
Washington Mutual Irvine Campus		20	%		4.8		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Pacific Arts Plaza		100	%		6.1		90.1	%		88.8	%		89.0	%		89.0	%		89.0	%
Stadium Gateway		20	%		4.1		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Regents Square I & II		100	%		3.1		92.3	%		91.1	%		88.4	%		87.1	%		90.6	%
Wateridge Plaza		100	%		1.5		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Mission City Corporate Center		100	%		3.3		97.7	%		97.7	%		97.7	%		97.7	%		95.2	%
San Diego Tech Center		20	%		3.1		98.7	%		98.7	%		95.6	%		93.2	%		96.5	%
Pacific Center		100	%		3.8		91.1	%		91.1	%		93.1	%		88.6	%		85.3	%
Wells Fargo Center - Denver		20	%		5.2		96.1	%		95.9	%		93.7	%		92.2	%		92.2	%
Park Place - Retail		100	%		7.0		98.2	%		98.1	%		98.1	%		96.8	%		96.8	%
Total Portfolio					5.1		89.9	%		89.1	%		89.9	%		89.3	%		91.5	%
Effective Portfolio (1)					4.7		88.5	%		87.6	%		88.9	%		88.4	%		91.0	%

__________

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

26

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

 

Major Tenants - Office Properties

					% of Total			% of Aggregate	Weighted Average
		Number of	Annualized		Annualized	Total Leased		Leased Square Feet	Remaining Lease	S & P Credit Rating /
	Tenant	Locations	Rent (1)		Rent	Square Feet		of Existing Portfolio	Term in Months	National Recognition (2)
	Rated
1	Southern California Gas Company	1	$	21,283,883	9.1%		576,516	5.2%	55	A
2	Sempra (Pacific Enterprises)	1		8,504,539	3.6%		225,756	2.1%	39	A
3	Wells Fargo Bank (3)	2		6,091,330	2.6%		381,021	3.5%	70	AA+
4	Cardinal Health	1		4,925,575	2.1%		185,982	1.7%	11	BBB
5	Bank of America (4)	3		4,001,142	1.7%		182,617	1.6%	56	AA
6	Disney Enterprises	1		3,706,960	1.6%		156,215	1.4%	51	A-
7	US Bank, National Association	1		3,502,858	1.5%		154,304	1.4%	99	AA
8	State Farm Mutual Auto Insurance Company	3		2,546,578	1.1%		171,497	1.6%	33	AA
9	Washington Mutual, FA (5)	3		2,489,381	1.1%		112,487	1.0%	55	A
10	GMAC Mortgage Corporation	1		2,342,898	1.0%		130,161	1.2%	81	AAA
	Total Rated / Weighted Average (6)			59,395,144	25.4%		2,276,556	20.7%	55
	Total Investment Grade Tenants			99,896,683	42.7%		4,469,833	40.7%
	Unrated - Nationally Recognized
11	Latham & Watkins	2	$	9,762,892	4.2%		361,524	3.3%	45	2nd Largest US Law Firm
12	Gibson Dunn & Crutcher	1		6,157,493	2.6%		268,268	2.4%	128	19th Largest US Law Firm
13	Munger Tolles & Olson	1		3,374,323	1.4%		186,890	1.7%	179	129th Largest US Law Firm
14	Morrison & Foerster	1		3,469,400	1.5%		138,776	1.3%	78	22nd Largest US Law Firm
15	Marsh USA, Inc.	1		3,351,848	1.4%		191,244	1.7%	133	Prominent Risk Management Firm
16	KPMG	1		2,987,844	1.3%		175,525	1.6%	87	4th Largest US Accounting Firm
17	Sidley Austin Brown & Wood	1		2,978,404	1.3%		223,376	2.0%	170	5th Largest US Law Firm
18	Bingham McCutchen	1		2,799,537	1.2%		104,712	1.0%	70	27th Largest US Law Firm
19	Kirkland & Ellis	1		2,348,399	1.0%		106,523	1.0%	35	9th Largest US Law Firm
20	Oaktree Capital Management	1		2,168,671	0.9%		130,338	1.2%	119	Prominent International Investment Firm
	Total Unrated / Weighted Average (6)			39,398,811	16.8%		1,887,176	17.2%	106
	Total Nationally Recognized Tenants			59,413,167	25.4%		2,929,957	26.7%
	Total / Weighted Average (6)		$	98,793,955	42.2%		4,163,732	37.9%	78
	Total Investment Grade or  Nationally Recognized Tenants		$	159,309,850	68.1%		7,399,790	67.4%

__________  

(1)	Annualized base rent is calculated as monthly contractual base rent under existing leases as of March 31, 2007, 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 first month in which rent is to be received is used to determine annualized base rent.
(2)	S&P credit ratings are as of March 31, 2007, and rankings of law firms are based on total gross revenue in 2006 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 One California Plaza, one of our MMO Joint Venture properties.
(5)	Includes 20% of annualized rent and leased square footage for Washington Mutual Irvine Campus, one of our MMO Joint Venture properties.
(6)	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.

27

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

-

Portfolio Tenant Classification Description ^{(1), (2)}

 

28

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Lease Expirations - Wholly Owned Portfolio

								Percentage
	Total Area in		Percentage					of Total					Rent per
	Square Feet Covered		of Aggregate			Annualized		Annualized			Current Rent		Square Foot
Year	by Expiring Leases		Square Feet			Rent		Rent			per Square Foot (1)		at Expiration (2)
Available		1,389,096		11.9	%
2007		663,867		5.7	%		14,359,880		6.5	%		21.63		21.66
2008		917,421		7.9	%		19,627,656		8.9	%		21.39		21.69
2009		892,193		7.7	%		20,821,867		9.5	%		23.34		24.10
2010		1,449,725		12.5	%		31,019,206		14.1	%		21.40		23.24
2011		1,939,302		16.7	%		47,479,673		21.6	%		24.48		26.57
2012		752,644		6.5	%		14,972,980		6.8	%		19.89		23.21
2013		1,277,448		11.0	%		24,980,065		11.4	%		19.55		22.17
2014		313,132		2.7	%		5,053,670		2.3	%		16.14		21.90
2015		459,568		3.9	%		11,041,264		5.0	%		24.03		29.44
2016		117,323		1.0	%		2,047,998		0.9	%		17.46		23.69
Thereafter		1,453,933		12.5	%		28,557,304		13.0	%		19.64		25.04
Total		11,625,652		100.0	%	$	219,961,563		100.0	%	$	21.49	$	23.70
Leases Expiring in the Next 4 Quarters:
2nd Quarter 2007		172,708		1.5	%		3,522,829		1.6	%		20.40		20.40
3rd Quarter 2007 (3)		273,265		2.3	%		4,590,259		2.1	%		16.80		16.80
4th Quarter 2007		217,894		1.9	%		6,246,792		2.8	%		28.67		28.75
1st Quarter 2008		362,338		3.1	%		8,852,144		4.1	%		24.43		24.71
Total		1,026,205		8.8	%	$	23,212,024		10.6	%	$	22.62	$	22.74

__________

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

29

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

 

Lease Expirations - Wholly Owned Portfolio

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		971,189		12.6	%
2007		390,630		5.1	%		8,935,004		5.9	%		22.87		22.90
2008		354,446		4.6	%		7,299,109		4.8	%		20.59		20.98
2009		454,351		5.9	%		12,005,994		7.9	%		26.42		26.77
2010		731,808		9.5	%		19,500,217		12.8	%		26.65		28.06
2011		1,282,802		16.6	%		35,601,001		23.3	%		27.75		29.00
2012		443,989		5.7	%		9,026,096		5.9	%		20.33		24.01
2013		1,047,131		13.6	%		20,760,716		13.6	%		19.83		22.21
2014		310,666		4.0	%		5,006,323		3.3	%		16.11		21.89
2015		375,444		4.9	%		9,064,751		5.9	%		24.14		29.37
2016		89,249		1.1	%		1,505,593		1.0	%		16.87		23.41
Thereafter		1,262,881		16.4	%		23,892,733		15.6	%		18.92		23.97
Total		7,714,586		100.0	%	$	152,597,537		100.0	%	$	22.63	$	25.38
Leases Expiring in the Next 4 Quarters:
2nd Quarter 2007		78,358		1.0	%		1,566,833		1.0	%		20.00		20.00
3rd Quarter 2007 (3)		184,280		2.4	%		3,177,838		2.1	%		17.24		17.24
4th Quarter 2007		127,992		1.7	%		4,190,333		2.8	%		32.74		32.81
1st Quarter 2008		102,338		1.3	%		2,186,070		1.4	%		21.36		22.28
Total		492,968		6.4	%	$	11,121,074		7.3	%	$	22.56	$	22.77

__________

(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.

Supplemental Operating and Financial Data

First Quarter 2007

Lease Expirations - Wholly Owned Portfolio

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		350,540		13.0	%
2007		155,207		5.7	%		2,860,486		7.1	%		18.43		18.43
2008		283,092		10.5	%		4,919,868		12.1	%		17.38		17.59
2009		237,543		8.8	%		4,341,418		10.7	%		18.28		19.24
2010		561,336		20.8	%		8,019,000		19.8	%		14.29		16.14
2011		470,525		17.4	%		7,770,778		19.2	%		16.52		20.01
2012		195,521		7.2	%		3,188,398		7.9	%		16.31		18.65
2013		207,831		7.7	%		3,637,398		9.0	%		17.50		20.85
2014		2,466		0.1	%		47,347		0.1	%		19.20		23.40
2015		34,642		1.3	%		881,852		2.2	%		25.46		29.32
2016		11,686		0.4	%		181,585		0.4	%		15.54		15.54
Thereafter		191,052		7.1	%		4,664,570		11.5	%		24.42		32.13
Total		2,701,441		100.0	%	$	40,512,700		100.0	%	$	17.23	$	18.21
Leases Expiring in the Next 4 Quarters:
2nd Quarter 2007		59,008		2.2	%		1,176,591		2.9	%		19.94		19.94
3rd Quarter 2007 (3)		86,671		3.2	%		1,352,263		3.4	%		15.60		15.60
4th Quarter 2007		9,528		0.3	%		331,632		0.8	%		34.81		34.81
1st Quarter 2008		33,571		1.3	%		587,239		1.4	%		17.49		17.57
Total		188,778		7.0	%	$	3,447,725		8.5	%	$	18.26	$	18.28

_________

(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.

Supplemental Operating and Financial Data

First Quarter 2007

Lease Expirations - Wholly Owned Portfolio

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		67,367		5.6	%
2007		118,030		9.8	%		2,564,391		9.6	%		21.73		21.81
2008		279,883		23.1	%		7,408,679		27.6	%		26.47		26.73
2009		200,299		16.5	%		4,474,454		16.7	%		22.34		23.79
2010		156,581		12.9	%		3,499,989		13.0	%		22.35		26.14
2011		185,975		15.4	%		4,107,896		15.3	%		22.09		26.37
2012		113,134		9.3	%		2,758,486		10.2	%		24.38		27.97
2013		22,486		1.9	%		581,951		2.2	%		25.88		32.73
2014		-		0.0	%		-		0.0	%		-		-
2015		49,482		4.1	%		1,094,661		4.1	%		22.12		30.06
2016		16,388		1.4	%		360,819		1.3	%		22.02		30.98
Thereafter		-		0.0	%		-		0.0	%		-		-
Total		1,209,625		100.0	%	$	26,851,326		100.0	%	$	23.51	$	26.02
Leases Expiring in the Next 4 Quarters:
2nd Quarter 2007		35,342		2.9	%		779,406		2.9	%		22.05		22.05
3rd Quarter 2007 (3)		2,314		0.2	%		60,158		0.2	%		26.00		26.00
4th Quarter 2007		80,374		6.7	%		1,724,827		6.5	%		21.46		21.58
1st Quarter 2008		226,429		18.7	%		6,078,834		22.6	%		26.85		26.86
Total		344,459		28.5	%	$	8,643,225		32.2	%	$	25.09	$	25.13

__________

(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.

Supplemental Operating and Financial Data

First Quarter 2007

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		176,024		4.6	%		-
2007		239,707		6.2	%	$	4,458,134		6.3	%	$	18.60	$	18.61
2008		284,277		7.4	%		5,298,476		7.5	%		18.64		19.05
2009		541,976		14.1	%		9,827,993		14.0	%		18.13		19.23
2010		422,101		11.0	%		9,633,469		13.7	%		22.82		24.56
2011		460,697		11.9	%		8,988,868		12.8	%		19.51		21.71
2012		303,717		7.9	%		5,657,704		8.1	%		18.63		17.16
2013		536,901		13.9	%		9,026,642		12.9	%		16.81		17.99
2014		656,449		17.0	%		12,951,396		18.4	%		19.73		24.82
2015		105,013		2.7	%		2,198,818		3.1	%		20.94		22.26
2016		81,033		2.1	%		1,317,084		1.9	%		16.25		23.08
Thereafter		46,285		1.2	%		900,826		1.3	%		19.46		30.33
Total		3,854,180		100.0	%	$	70,259,410		100.0	%	$	19.10	$	21.35
Leases Expiring in the Next 4 Quarters:
2nd Quarter 2007		72,297		1.9	%		1,164,332		1.6	%		16.10		16.10
3rd Quarter 2007 (3)		88,353		2.3	%		1,616,080		2.3	%		18.29		18.32
4th Quarter 2007		79,057		2.1	%		1,677,722		2.4	%		21.22		21.22
1st Quarter 2008		72,038		1.8	%		1,364,774		2.0	%		18.95		19.12
Total		311,745		8.1	%	$	5,822,908		8.3	%	$	18.68	$	18.73

 __________ 

(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.

Supplemental Operating and Financial Data

First Quarter 2007

Leasing Activity - Total Portfolio and Effective Portfolio

	Total Portfolio						Effective Portfolio (1)
	For the						For the
	Three Months Ended						Three Months Ended
	March 31, 2007			% Leased			March 31, 2007			% Leased
Leased Square Feet as of December 31, 2006		13,799,028			89.1	%		10,857,904			87.6	%
Expirations		(147,325	)		(1.0	)%		(145,861	)		(1.2	)%
New Leases		161,349			1.1	%		159,948			1.3	%
Renewals		101,660			0.7	%		100,196			0.8	%
Leased Square Feet as of  March 31, 2007		13,914,712			89.9	%		10,972,187			88.5	%
Cash Rent Growth (2), (3)
Expiring Rate per Square Foot										$	21.22
New / Renewed Rate per Square Foot										$	17.73
Percentage Change											(16.4	)%
GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	21.19
New / Renewed Rate per Square Foot										$	18.95
Percentage Change											(10.6	)%
Weighted Average Lease Term - New  (in months)											58
Weighted Average Lease Term - Renewal  (in months)											35

__________

(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)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.
(4)	For newly acquired properties, cash and GAAP rent growth is excluded for spaces that expired prior to our ownership and were re-leased after acquisition.

34

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Leasing Activity - Los Angeles Central Business District

	Total Portfolio						Effective Portfolio (1)
	For the						For the
	Three Months Ended						Three Months Ended
	March 31, 2007			% Leased			March 31, 2007			% Leased
Leased Square Feet as of December 31, 2006, Los Angeles Central Business District		6,198,983			85.6	%		5,503,094			85.3	%
Expirations		(30,257	)		(0.4	)%		(30,257	)		(0.5	)%
New Leases		52,931			0.7	%		52,737			0.8	%
Renewals		-			0.0	%		-			0.0	%
Leased Square Feet as of March 31, 2007, Los Angeles Central Business District		6,221,657			85.9	%		5,525,574			85.6	%
Cash Rent Growth (2), (3)
Expiring Rate per Square Foot										$	24.60
New / Renewed Rate per Square Foot										$	20.01
Percentage Change											(18.7	)%
GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	25.44
New / Renewed Rate per Square Foot										$	22.52
Percentage Change											(11.5	)%
Weighted Average Lease Term - New  (in months)											76
Weighted Average Lease Term - Renewal  (in months)											-

__________

(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)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.
(4)	For newly acquired properties, cash and GAAP rent growth is excluded for spaces that expired prior to our ownership and were re-leased after acquisition.

35

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Leasing Activity - Orange County

	For the						For the
	Three Months Ended						Three Months Ended
	March 31, 2007			% Leased			March 31, 2007			% Leased
Leased Square Feet as of December 31, 2006, Orange County		3,025,004			89.3	%		2,475,067			87.2	%
Expirations		(32,899	)		(1.0	)%		(32,899	)		(1.2	)%
New Leases		25,509			0.8	%		25,509			1.0	%
Renewals		20,708			0.6	%		20,708			0.7	%
Leased Square Feet as of  March 31, 2007, Orange County		3,038,322			89.7	%		2,488,385			87.7	%
Cash Rent Growth (2), (3)
Expiring Rate per Square Foot										$	8.69
New / Renewed Rate per Square Foot										$	8.69
Percentage Change											0.0	%
GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	8.69
New / Renewed Rate per Square Foot										$	8.69
Percentage Change											(0.0	)%
Weighted Average Lease Term - New  (in months)											8
Weighted Average Lease Term - Renewal  (in months)											6

__________

(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)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.
(4)	For newly acquired properties, cash and GAAP rent growth is excluded for spaces that expired prior to our ownership and were re-leased after acquisition.

36

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Leasing Activity - San Diego County

	Total Portfolio						Effective Portfolio (1)
	For the						For the
	Three Months Ended						Three Months Ended
	March 31, 2007			% Leased			March 31, 2007			% Leased
Leased Square Feet as of  December 31, 2006 San Diego County		1,776,441			95.7	%		1,265,795			94.6	%
Expirations		(77,241	)		(4.2	)%		(77,241	)		(5.8	)%
New Leases		4,751			0.3	%		4,751			0.4	%
Renewals		76,614			4.1	%		76,614			5.6	%
Leased Square Feet as of March 31, 2007, San Diego County		1,780,565			95.9	%		1,269,919			94.8	%
Cash Rent Growth (2), (3)
Expiring Rate per Square Foot										$	23.98
New / Renewed Rate per Square Foot										$	19.69
Percentage Change											(17.9	)%
GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	23.72
New / Renewed Rate per Square Foot										$	20.92
Percentage Change											(11.8	)%
Weighted Average Lease Term - New  (in months)											42
Weighted Average Lease Term - Renewal  (in months)											44

__________

(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)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.
(4)	For newly acquired properties, cash and GAAP rent growth is excluded for spaces that expired prior to our ownership and were re-leased after acquisition.

37

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

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

	Q1 2007		2006		2005		2004
Number of Leases		10		74		67		29
Square Feet		101,660		824,516		740,375		296,203
Tenant Improvement Costs per Square Foot (3)	$	7.34	$	29.22	$	11.25	$	15.49
Leasing Commission Costs per Square Foot (5)	$	3.31	$	8.18	$	3.64	$	5.98
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	10.65	$	37.40	$	14.89	$	21.47
Costs per Square Foot per Year	$	3.63	$	4.78	$	3.46	$	4.31
Number of Leases		19		147		138		48
Square Feet		140,971		1,015,192		1,047,634		453,301
Tenant Improvement Costs per Square Foot (3)	$	32.99	$	20.93	$	24.29	$	36.28
Leasing Commission Costs per Square Foot (5)	$	7.00	$	6.34	$	5.41	$	9.28
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	39.99	$	27.27	$	29.70	$	45.56
Costs per Square Foot per Year	$	6.32	$	4.33	$	4.78	$	4.26
Number of Leases		29		221		205		77
Square Feet		242,631		1,839,708		1,788,009		749,504
Tenant Improvement Costs per Square Foot (3)	$	22.24	$	24.64	$	18.89	$	28.06
Leasing Commission Costs per Square Foot (5)	$	5.46	$	7.16	$	4.68	$	7.97
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	27.70	$	31.80	$	23.57	$	36.03
Costs per Square Foot per Year	$	5.64	$	4.55	$	4.36	$	4.20

__________

(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, Stadium Gateway and 701 North Brand 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, January 6, 2006 and September 22, 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.

38

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Historical Capital Expenditures - Office Properties(1)

	Q1 2007		2006		2005		2004
Consolidated
Non-recoverable Capital Expenditures (2)	$	1,637,897	$	2,454,126	$	4,502,547	$	1,046,178
Total Square Feet		11,625,652		11,625,028		9,150,550		6,783,532
Non-recoverable Capital Expenditures per Square Foot	$	0.14	$	0.21	$	0.49	$	0.15
Unconsolidated
Non-recoverable Capital Expenditures (3)	$	20,197	$	153,069
Total Square Feet(4)		622,610		622,561
Non-recoverable Capital Expenditures per Square Foot	$	0.03	$	0.25
Consolidated
Recoverable Capital Expenditures (5), (6)	$	560,157	$	1,553,935	$	1,553,935	$	3,009,186
Total Square Feet		11,625,652		11,625,028		9,150,550		6,783,532
Recoverable Capital Expenditures per Square Foot	$	0.05	$	0.13	$	0.17	$	0.44
Unconsolidated
Recoverable Capital Expenditures (3), (5)	$	-	$	122,149
Total Square Feet (4)		622,610		622,561
Recoverable Capital Expenditures per Square Foot	$	-	$	0.20

__________

(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, $619,000 and $507,000 of non-recoverable capital expenditures for the years ended 2004, 2005 and 2006, respectively, incurred at acquired properties following their acquisition.
(3)	Includes 20% of our MMO Joint Venture properties.
(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.

39

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Hotel Performance and Hotel Historical Capital Expenditures

Hotel Performance

							Percent
Westin Hotel, Pasadena, CA	Q1 2007			Q1 2006			Change
Occupancy		74.9	%		79.6	%		(6.0	)%
Average Daily Rate	$	178.51		$	184.27			(3.1	)%
Revenue Per Available Room (REVPAR)	$	133.69		$	146.76			(8.9	)%
Hotel Net Operating Income	$	2,098,548		$	2,400,932			(12.6	)%
Hotel Historical Capital Expenditures
							For the Year Ended March 31,
Westin Hotel, Pasadena, CA		Q1 2007			Q1 2006			2006			2005			2004
Hotel Improvements and Equipment Replacements	$	236,577		$	135,520		$	730,531		$	313,011		$	20,436
Total Hotel Revenue	$	6,187,549		$	6,676,106		$	27,053,648		$	24,037,425		$	20,518,964
Hotel Improvements as a Percentage of Hotel Revenue		3.8	%		2.0	%		2.7	%		1.3	%		0.1	%
Renovation and Upgrade Costs (1)	$	-		$	6,716		$	164,072		$	3,461,780		$	7,037,822

__________

(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.

 

40

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

Construction in Progress

					As of March 31, 2007
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%		$	64.0	$	6.2		198,000		2008 (2)
	Lantana Media Campus - Structured Parking	Santa Monica, CA				22.0		-		223,000
		Total Los Angeles County				86.0		6.2		421,000	12.0 - 13.0
	Orange County
	Park Place - 3161 Michelson	Irvine, CA	55.5%	(3)		174.1		110.0		530,000		Third Quarter 2007
	Park Place - Structured Parking	Irvine, CA				70.0		63.5		1,338,000		Second Quarter 2007
		Total Park Place				244.1		173.5		1,868,000	24.0 - 25.0
	17885 Von Karman Avenue
	at Washington Mutual Irvine Campus	Irvine, CA	0%			40.0		10.1		150,000	5.0 - 5.5	Fourth Quarter 2007
		Total Orange County				284.1		183.6		2,018,000
	San Diego
	Mission City Corporate Center	San Diego, CA	0%			21.2		2.8		92,000		Fourth Quarter 2007
	Mission City Corporate Center - Structured Parking	San Diego, CA				5.4		5.1		128,000		First Quarter 2007
		Total San Diego County				26.6		7.9		220,000.0	2.5 - 3.0
		Total			$	396.7	$	197.7		2,659,000

__________

(1)	The developable square feet numbers represent the office, retail, residential and parking footages that the Company estimates can be developed on the referenced property.
(2)	Estimated completion date is the first quarter 2008 for the East building, and the third quarter 2008 for the South building.
(3)	Includes the New Century lease for 194,000 square feet.

41

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

 Development Pipeline

		As of March 31, 2007
		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 (3)	Sorrento Mesa, CA		170,000	Office
Wateridge Plaza - Structured Parking (3), (4)	Sorrento Mesa, CA		153,000	Parking
San Diego Tech Center (5), (6)	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)	Currently under sales contract.
(4)	Replaced existing structured parking.
(5)	Land held for development was not contributed to the MMO Joint Venture.
(6)	The third phase contemplates the demolition of 120,000 square feet of existing space.

42

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

 

 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).

43

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

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.

44

Maguire Properties, Inc.

Supplemental Operating and Financial Data

First Quarter 2007

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.

45