MPG Office Trust 8K Maguire Properties Reports Fourth Quarter 2007 | SEC 5 Feb 08

Exhibit 99.2

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Table of Contents

Corporate Data		PAGE
	Quarterly Highlights	2
	Investor Information	4
	Common Stock Data	6
Consolidated Financial Results
	Financial Highlights	8
	Consolidated Balance Sheets	9
	Consolidated Statements of Operations	10
	Consolidated Statements of Discontinued Operations	11
	MMO Unconsolidated Joint Venture Statements of Operations	12
	Funds from Operations	13
	Adjusted Funds from Operations	14
	Reconciliation of Earnings Before Interest, Taxes and Depreciation and Amortization and Adjusted Funds From Operations	15
	Capital Structure	16
	Debt Summary	17
	MMO Joint Venture Debt Summary	18
	Debt Maturities	19
	MMO Joint Venture Debt Maturities	20
Portfolio Data
	Same Store Analysis	22
	Portfolio Overview	23
	Portfolio Geographic Distribution	27
	Portfolio Overview — Leased Rates and Weighted Average Remaining Lease Term 60;	28
	Major Tenants — Office Properties 60;	29
	Portfolio Tenant Classification Description	30
	Lease Expirations — Wholly Owned Portfolio 0;	31
	Lease Expirations — Wholly Owned Portfolio (Los Angeles County)	32
	Lease Expirations — Wholly Owned Portfolio (Orange County)	33
	Lease Expirations — Wholly Owned Portfolio (San Diego County)	34
	Lease Expirations — MMO Joint Venture Portfolio 0;	35
	Leasing Activity — Total Portfolio and Effective Portfolio 0;	36
	Leasing Activity — Los Angeles Central Business District ;	37
	Leasing Activity — Orange County & #160;	38
	Leasing Activity — San Diego County & #160;	39
	Tenant Improvements and Leasing Commissions	40
	Historical Capital Expenditures — Office Properties 60;	41
	Hotel Performance and Hotel Historical Capital Expenditures	42
	Construction in Progress	43
	Development Pipeline	44
	Management Statements on Non-GAAP Supplemental Measures	45

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 management’s control and could materially affect actual results, performance or achievements. These factors include, without limitation: risks associated with our consideration of strategic alternatives; general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases at favorable rates, dependence on tenants’ financial condition, and competition from other developers, owners and operators of real estate); risks associated with the availability and terms of financing and the use of debt to fund acquisitions and developments; risks associated with the potential failure to manage effectively the Company’s growth and expansion into new markets, to identify properties to acquire, to complete acquisitions or to integrate acquisitions successfully; risks and uncertainties affecting property development and construction; risks associated with downturns in the national and local economies, increases in interest rates, and volatility in the securities markets; risks associated with joint ventures; potential liability for uninsured losses and environmental contamination; risks associated with our Company’s potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and possible adverse changes in tax and environmental laws; and risks associated with the Company’s dependence on key personnel whose continued service is not guaranteed.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Corporate Data

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Quarterly Highlights

Maguire Properties, Inc. (the “Company”), a self-administered and self-managed real estate investment trust, is the largest owner and operator of Class A office properties in the Los Angeles central business district and is primarily focused on owning and operating high-quality office properties in the Southern California market. We are a full-service real estate company with substantial in-house expertise and resources in property management, marketing, leasing, acquisitions, development and financing. The Company’s predecessor was founded in 1965 and developed and managed over 30 million square feet of office properties nationally.

As of December 31, 2007, our office portfolio was comprised of whole or partial interests in 37 properties with approximately 21 million net rentable square feet, one 350-room hotel with 266,000 square feet, and on- and off-site structured parking plus surface parking totaling approximately 14 million square feet, which accommodates almost 47,000 vehicles. We have four projects under development that total approximately 629,000 square feet of office space and approximately 351,000 square feet of structured parking. We also own undeveloped land that we believe can support up to approximately 17 million square feet of office, hotel, retail, residential and structured parking.

This Supplemental Operating and Financial Data package supplements the information provided in our quarterly reports on Form 10-Q and annual report on Form 10-K filed with the Securities and Exchange Commission (SEC). For more information on Maguire Properties, visit our website at www.maguireproperties.com.

Disposition:

On October 26, 2007, we contributed our office property located at 18301 Von Karman in Irvine, California to a joint venture for an agreed upon value of approximately $112 million, less approximately $2 million of credits and the transfer of loan reserves of approximately $7 million in connection with the joint venture’s assumption of the $95.0 million mortgage loan. Additionally, we entered into a master lease with the joint venture for approximately 41,000 square feet of vacant space in the building at a market rental rate from the date of the contribution for a period of up to 12 months, resulting in a contingent obligation of approximately $2 million. We retain a 1% equity interest and a 2% preferred interest in the joint venture.

Debt:

During the fourth quarter, we paid down $10.0 million on our City Plaza mortgage loan. Additionally, we entered into a variable rate construction loan for our development project at 207 Goode. As of December 31, 2007, we have drawn approximately $0.5 million of the $64.5 million available under this loan. This loan bears interest at LIBOR plus 1.80% and matures in May 2010. The first $25.0 million of this loan has been hedged using a forward-starting interest rate swap agreement that effectively fixes the LIBOR rate at 5.564%.

As of December 31, 2007 and through the date of this report, we have approximately $119.7 million available to be drawn under our $130.0 million revolving credit facility. Approximately $10.3 million of the facility has been used to secure standby letters of credit, none of which have been drawn through the date of this report.

As of year end, approximately 86% of our outstanding debt is fixed (or swapped to a fixed rate) at a weighted average interest rate of approximately 5.6% on an interest-only basis with a weighted average remaining term of approximately eight years.

Development Activities:

At 17885 Von Karman, all of the major building construction was completed, with site work and landscaping substantially complete by quarter end. On January 18, 2008, we received a temporary certificate of occupancy. 17885 Von Karman is a 150,000 square foot office building located in Irvine, California.

At the Mission City Corporate Center in San Diego, California, the building façade and core are now nearly complete. We received a final inspection report on January 4, 2008. Mission City Corporate Center is a 92,000 square foot office building with 128,000 square feet of structured parking.

At Lantana – East, which we estimate to be completed in the first quarter of 2008, the superstructure is now 100% complete. Building façade work and core buildout is now 90% complete. At Lantana – South, which we estimate to be completed in the second quarter of 2008, the superstructure is complete, and building façade work has begun. Our development project at the Lantana Media Campus is comprised of two office buildings totaling 198,000 square feet with 223,000 square feet of structured parking located in Santa Monica, California.

We began construction at 207 Goode during the fourth quarter of 2007. We expect to complete construction late in the second quarter of 2009. The demolition of an existing one-story office building has been completed, and grading and foundation activities have commenced. 207 Goode is a 189,000 square foot office building located in Glendale, California.

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Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Quarterly Highlights (continued)

Leasing Activities:

During the fourth quarter, new leases and renewals were executed for approximately 605,000 square feet (including our pro rata share of the Joint Venture properties). Cash rent on leases executed during the quarter increased 35%, while GAAP rent increased 39% during the same period, primarily driven by significant increases in the Orange County market for both cash and GAAP rents. Within the Los Angeles Central Business District, cash rent growth was 32% while GAAP rent growth was 55%.

Leases totaling approximately 1.2 million square feet expired during the fourth quarter, mainly as a result of the termination of leases with New Century Financial at Park Place and 3161 Michelson per the terms of a stipulation agreement (described below). Occupancy in our Brea submarket also decreased during the fourth quarter due to the expiration of leases with a tenant who occupied space in multiple buildings.

During the second quarter of 2007, New Century filed for bankruptcy protection and began the process of discontinuing operations and selling assets under the provisions of Chapter 11 of the federal bankruptcy code. On October 26, 2007, we entered into a stipulation agreement with New Century that was filed with the United States Bankruptcy Court in the District of Delaware.

The Bankruptcy Court approved the stipulation agreement by an order dated November 6, 2007. Pursuant to the stipulation agreement, Maguire Properties and New Century agreed to bifurcate the leases at Park Place with the result that New Century would continue to lease certain space through January 31, 2008 but would reject the balance of the space effective September 1, 2007. The lease space continued at Park Place totals approximately 95,000 square feet, while the lease space rejected totals approximately 172,000 square feet. New Century is current in paying its rent through December 31, 2007 on its Park Place leases per the terms of the stipulation agreement. In addition, the stipulation agreement provides for the rejection of the lease at 3161 Michelson, covering approximately 194,000 square feet, effective as of September 1, 2007. We also reached agreement with New Century as to the amount of our rejection damage claims associated with the Park Place leases and the 3161 Michelson lease.

On February 2, 2008, the New Century Debtors and the Official Creditors Committee filed a proposed plan of reorganization and disclosure statement, along with a notice scheduling a hearing on March 5, 2008 for the Bankruptcy Court to consider the adequacy of the disclosure statement. Under the proposed plan, our lease claims, which are against New Century Financial Corporation, are classified in “Class HC3b” as “Other Unsecured Claims Against NCFC.” As such, we will share in distributions from “Holding Company Debtor Net Distributable Assets” and “Holding Company Debtor Portion of the Litigation Proceeds,” in accordance with the terms of the plan. The disclosure statement as filed does not contain an estimate of the likely percentage recovery to be received by Class HC3b, but such an estimate is likely to be provided before the disclosure statement is approved by the Bankruptcy Court. Pending approval of the disclosure statement, it is possible that both the plan and the disclosure statement will be modified. Once the disclosure statement is approved, the plan will be submitted for a vote by creditors. If accepted by the requisite creditors, the plan will be considered for approval by the Bankruptcy Court at a confirmation hearing. The plan will not become effective unless and untilapproved by the Bankruptcy Court and the conditions precedent to its effectiveness are satisfied.

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Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth 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	Peggy M. Moretti	Senior Vice President, Investor and Public Relations
Martin A. Griffiths	Executive Vice President and Chief Financial Officer	Peter K. Johnston	Senior Vice President, Leasing
Mark T. Lammas	Executive Vice President, Development	Robert P. Goodwin	Senior Vice President, Construction and Development
Paul S. Rutter	Executive Vice President, Major Transactions	Shant Koumriqian	Senior Vice President, Finance and Accounting
Javier F. Bitar	Senior Vice President, Investments	Ted J. Bischak	Senior Vice President, Asset Management
Jonathan L. Abrams	Senior Vice President, General Counsel and Secretary	William H. Flaherty	Senior Vice President, Marketing

Corporate

Investor Relations Contact: Peggy M. Moretti at (213) 613-4558

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

Transfer Agent American Stock Transfer & Trust Company	Timing Quarterly results for 2008 will be announced according to the following schedule:
59 Maiden Lane	First Quarter	Early May 2008
New York, NY 10038	Second Quarter	Early August 2008
(718) 921-8201	Third Quarter	Early November 2008
www.amstock.com	Fourth Quarter	Early February 2009

Effective as of the close of business on October 31, 2007, American Stock Transfer & Trust Company was appointed as the Transfer Agent and Registrar for our Common Stock and 7.625% Series A Cumulative Redeemable Preferred Stock.

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Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Investor Information (continued)

Equity Research Coverage

Banc of America Securities	Mitchell Germain	(212) 847-5794
Citigroup Global Markets Inc.	Jonathan Litt	(212) 816-0231
Credit Suisse	John Stewart	(212) 538-3183
Deutsche Bank Securities	Louis Taylor	(212) 250-4912
Friedman, Billings, Ramsey Group, Inc.	Wilkes J. Graham	(703) 312-9737
Goldman Sachs & Co.	Jay Haberman	(917) 343-4260
Green Street Advisors	Michael Knott	(949) 640-8780
KeyBanc Capital Markets	Jordan Sadler	(917) 368-2280
Lehman Brothers	David Harris	(212) 526-1790
Merrill Lynch	Steve Sakwa	(212) 449-0335
Raymond James & Associates	Paul Puryear	(727) 567-2253
Robert W. Baird & Company	David Loeb	(414) 765-7063
Stifel, Nicolaus & Co., Inc.	John Guinee	(443) 224-1307
Wachovia Securities	Christopher Haley	(443) 263-6773

Maguire Properties, Inc. is currently followed by the sell-side analysts listed above, with the exception of Green Street Advisors, which is an independent research firm. This list may not be complete and is subject to change as firms add or delete coverage of our company. Please note that any opinions, estimates or forecasts regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Maguire Properties, Inc. or its management. We are providing this listing as a service to our stockholders and do not by listing these firms imply our endorsement of or concurrence with such information, conclusions or recommendations. Interested persons may obtain copies of analysts’ reports on their own; we do not distribute these reports. Various of these firms may from time-to-time own our stock and/or hold other long or short positions in our stock, and may provide compensated services to us.

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Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Common Stock Data

Our common stock is traded on the New York Stock Exchange under the symbol MPG. Selected information about our common stock for the past five quarters (based on NYSE prices) is as follows:

	2007												2006
	4th Quarter			3rd Quarter			2nd Quarter			1st Quarter			4th Quarter
High price	$	30.73		$	36.00		$	38.08		$	44.69		$	44.12
Low price	$	23.84		$	21.95		$	33.26		$	34.81		$	39.32
Closing price	$	29.47		$	25.83		$	34.33		$	35.56		$	40.00
Dividends per share - annualized	$	1.60		$	1.60		$	1.60		$	1.60		$	1.60
Closing dividend yield - annualized		5.43	%		6.19	%		4.66	%		4.50	%		4.00	%
Closing common shares and limited partnership units outstanding (in thousands)		54,592			54,589			54,617			54,405			54,391
Closing market value of common shares and limited partnership units outstanding (in thousands)	$	1,608,813		$	1,410,022		$	1,875,005		$	1,934,642		$	2,175,644


Dividend Information:

Common Stock
Dividend amount per share	$	0.4000		$	0.4000		$	0.4000		$	0.4000		$	0.4000
Declaration date	December 17, 2007			September 18, 2007			June 11, 2007			March 21, 2007			December 13, 2006
Record date	December 31, 2007			September 28, 2007			June 29, 2007			March 30, 2007			December 29, 2006
Payment date	January 31, 2008			October 31, 2007			July 31, 2007			April 30, 2007			January 31, 2007

Series A Preferred Stock
Dividend amount per share	$	0.4766		$	0.4766		$	0.4766		$	0.4766		$	0.4766
Declaration date	December 17, 2007			September 18, 2007			June 11, 2007			March 21, 2007			December 13, 2006
Record date	December 31, 2007			September 28, 2007			June 29, 2007			March 30, 2007			December 29, 2006
Payment date	January 31, 2008			October 31, 2007			July 31, 2007			April 30, 2007			January 31, 2007

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Consolidated Financial Results

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Financial Highlights

(unaudited and in thousands, except share, per share, percentage and ratio amounts)

	For the Three Months Ended
	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006
Income Items:
Revenue (1)	$	155,432		$	152,926		$	141,760		$	97,917		$	121,159
Straight line rent		2,907			3,619			3,544			1,629			547
Fair value lease revenue (2)		9,749			9,810			7,903			1,576			710
Lease termination fees		342			2,884			-			-			20,353
Office property operating margin (3)		60.0	%		60.9	%		63.8	%		61.8	%		62.2	%

Net (loss) income available to common stockholders	$	(44,462	)	$	81,734		$	(24,430	)	$	(12,587	)	$	(8,770	)
Net (loss) income available to common stockholders - basic		(0.95	)		1.74			(0.52	)		(0.27	)		(0.19	)
Net (loss) income available to common stockholders - diluted		(0.95	)		1.74			(0.52	)		(0.27	)		(0.19	)

Funds from operations (FFO) available to common stockholders (4)	$	6,715		$	(2,727	)	$	(2,426	)	$	17,664		$	28,459
FFO per common share - basic (4)		0.14			(0.06	)		(0.05	)		0.38			0.61
FFO per common share - diluted (4)		0.14			(0.06	)		(0.05	)		0.38			0.60
FFO per common share before loss from early extinguishment of debt - basic (4)		0.16			0.19			0.27			0.38			0.66
FFO per common share before loss from early extinguishment of debt - diluted (4)		0.16			0.19			0.27			0.38			0.65

Dividends declared per common share	$	0.4000		$	0.4000		$	0.4000		$	0.4000		$	0.4000
Dividends declared per preferred share (5)		0.4766			0.4766			0.4766			0.4766			0.4766

Ratios:
Interest coverage ratio (6)		1.07			2.96			1.40			1.53			1.85
Interest coverage ratio before loss from early extinguishment of debt and gain on sale of real estate (7)		1.09			1.11			1.19			1.53			1.92
Fixed-charge coverage ratio (8)		1.01			2.79			1.31			1.32			1.61
Fixed-charge coverage ratio before loss from early extinguishment of debt and gain on sale of real estate (9)		1.02			1.04			1.11			1.32			1.67
FFO payout ratio (10)		279.4	%		-666.7	%		-800.0	%		105.3	%		66.7	%
FFO payout ratio before loss from early extinguishment of debt (11)		250.9	%		210.5	%		148.1	%		105.3	%		61.5	%
AFFO payout ratio (12)		-104.3	%		-144.1	%		-242.7	%		1466.6	%		89.3	%

Capitalization:
Common stock price @ quarter end	$	29.47		$	25.83		$	34.33		$	35.56		$	40.00

Total consolidated debt	$	5,003,341		$	5,066,116		$	5,350,470		$	2,830,837		$	2,794,349
Preferred stock liquidation preference		250,000			250,000			250,000			250,000			250,000
Common equity value @ quarter end (13)		1,608,813			1,410,022			1,875,005			1,934,642			2,175,644
Total consolidated market capitalization	$	6,862,154		$	6,726,138		$	7,475,475		$	5,015,479		$	5,219,993

Company share of MMO Joint Venture debt		161,987			162,035			161,650			161,650			161,650
Total combined market capitalization	$	7,024,141		$	6,888,173		$	7,637,125		$	5,177,129		$	5,381,643

Total consolidated debt / total consolidated market capitalization		72.9	%		75.3	%		71.6	%		56.4	%		53.5	%
Total combined debt / total combined market capitalization		73.5	%		75.9	%		72.2	%		57.8	%		54.9	%
Total consolidated debt plus liquidation preference / total consolidated market capitalization		76.6	%		79.0	%		74.9	%		61.4	%		58.3	%
Total combined debt plus liquidation preference / total combined market capitalization		77.1	%		79.5	%		75.4	%		62.6	%		59.6	%

__________

(1)	Excludes revenue from discontinued operations of approximately $3 million, $13 million, $9 million and $9 million for the three months ended September 30, June 30 and March 31, 2007, and December 31, 2006, respectively.
(2)	Represents the net adjustment for above and below market leases, which are being amortized over the remaining term of the respective leases from the date of acquisition.
(3)	Calculated as follows: (rental, tenant reimbursement and parking revenues - rental property operating and maintenance, real estate taxes and parking expenses) / (rental, tenant reimbursement and parking revenues). Lease termination fees are reported as part of interest and other revenue in the consolidated statements of operations.
(4)	For a definition and discussion of FFO, see page 45. For a quantitative reconciliation of the differences between FFO and net income, see page 13.
(5)	Preferred dividends were declared for the three months ended January 31, 2008, and October 31, July 31, April 30 and January 31, 2007, respectively.
(6)	Calculated as earnings before interest, taxes and depreciation and amortization and preferred dividends, or EBITDA, of $86,573, $236,789, $108,230, $61,837 and $75,228, respectively, divided by cash interest expense of $80,577, $79,977, $77,166, $40,448 and $40,571, respectively. For a discussion of EBITDA, see page 46. For a quantitative reconciliation of the differences between EBITDA and net income, see page 15.
(7)	Calculated as EBITDA before loss from early extinguishment of debt and gain on sale of real estate, of $87,459, $88,723, $91,567, $61,837 and $78,089, respectively, divided by cash interest expense of $80,577, $79,977, $77,166, $40,448 and $40,571, respectively.
(8)	Calculated as EBITDA of $86,573, $236,789, $108,230, $61,837 and $75,228, respectively, divided by fixed charges of $85,823, $84,978, $82,503, $46,783 and $46,830, respectively.
(9)	Calculated as EBITDA before loss from early extinguishment of debt and gain on sale of real estate of $87,459, $88,723, $91,567, $61,837 and $78,089, respectively, divided by fixed charges of $85,823, $84,978, $82,503, $46,783 and $46,830, respectively.
(10)	Calculated as dividends declared per common share divided by FFO per common share - diluted.
(11)	Calculated as dividends declared per common share divided by FFO per common share before loss from early extinguishment of debt – diluted.
(12)	Calculated as common stock dividends and operating partnership distributions declared of $21,710, $21,715, $21,715, $21,603 and $21,603 for the three months ended December 31, September 30, June 30, and March 31, 2007, and December 31, 2006, respectively, divided by AFFO of ($20,822), ($15,073), ($8,947), $1,473 and $24,193 for the three months ended December 31, September 30, June 30 and March 31, 2007, and December 31, 2006, respectively. For a definition of AFFO, see page 46. For a quantitative reconciliation of the differences between AFFO and FFO, see page 14.
(13)	Assuming 100% conversion of the limited partnership units in the operating partnership into shares of our common stock.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Consolidated Balance Sheets

(unaudited and in thousands)

	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006

Assets
Investments in real estate	$	5,439,044		$	5,464,836		$	5,507,161		$	3,444,923		$	3,374,671
Less: accumulated depreciation		(476,337	)		(441,026	)		(408,610	)		(381,617	)		(357,422	)
		4,962,707			5,023,810			5,098,551			3,063,306			3,017,249
Assets associated with real estate held for sale		–			–			148,754			–			–
		4,962,707			5,023,810			5,247,305			3,063,306			3,017,249
Cash, cash equivalents and restricted cash		414,092			474,889			459,269			152,628			200,273
Rents, deferred rents and other receivables, net		81,454			75,890			77,433			69,111			67,245
Deferred charges, net		230,994			276,575			289,681			176,421			170,330
Other assets		42,206			41,270			41,426			36,706			32,254
Investment in unconsolidated joint ventures		18,325			19,557			21,399			22,859			24,378
Total assets	$	5,749,778		$	5,911,991		$	6,136,513		$	3,521,031		$	3,511,729

Liabilities, minority interests and stockholders' equity
Loans payable	$	5,003,341		$	5,066,116		$	5,232,969		$	2,830,837		$	2,794,349
Dividends and distributions payable		24,888			24,892			24,934			24,934			24,934
Accounts payable, accrued interest payable and other liabilities		207,741			199,952			180,858			157,870			159,042
Acquired below market leases, net		155,824			174,680			188,225			69,281			72,821
Obligations associated with real estate held for sale		–			–			119,774			–			–
Total liabilities		5,391,794			5,465,640			5,746,760			3,082,922			3,051,146

Minority interests		14,670			26,624			18,981			25,606			28,671

Stockholders' equity
Common and preferred stock and additional paid-in capital		692,090			690,411			688,454			683,061			681,550
Accumulated deficit and dividends		(331,735	)		(268,830	)		(331,730	)		(288,505	)		(257,124	)
Accumulated other comprehensive (loss) income, net		(17,041	)		(1,854	)		14,048			17,947			7,486
Total stockholders' equity		343,314			419,727			370,772			412,503			431,912
Total liabilities, minority interests and stockholders' equity	$	5,749,778		$	5,911,991		$	6,136,513		$	3,521,031		$	3,511,729

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Consolidated Statements of Operations

(unaudited and in thousands, except share and per share data)

	For the Three Months Ended
	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006
Revenue:
Rental	$	96,115		$	98,313		$	88,425		$	57,748		$	58,043
Tenant reimbursements		29,161			27,782			27,709			20,665			22,535
Hotel operations		7,260			6,705			7,061			6,188			6,939
Parking		13,965			12,889			11,785			10,250			9,901
Management, leasing and development services		2,510			1,716			3,403			1,467			1,926
Interest and other		6,421			5,521			3,377			1,599			21,815
Total revenue		155,432			152,926			141,760			97,917			121,159

Expenses:
Rental property operating and maintenance		35,434			35,625			29,919			23,135			22,881
Hotel operating and maintenance		4,548			4,208			4,391			3,999			4,634
Real estate taxes		14,653			14,467			12,699			7,736			8,111
Parking		5,565			4,239			3,667			3,005			3,219
General and administrative		9,789			8,973			11,152			7,763			13,754
Other expense		2,050			1,949			1,042			136			122
Depreciation and amortization		56,856			60,421			54,919			28,977			36,835
Interest		71,708			70,081			62,103			29,998			30,803
Loss from early extinguishment of debt		886			12,440			8,336			–			2,861
Total expenses		201,489			212,403			188,228			104,749			123,220

Loss from continuing operations before equity in net
loss of unconsolidated joint ventures and minority interests		(46,057	)		(59,477	)		(46,468	)		(6,832	)		(2,061	)
Equity in net loss of unconsolidated joint ventures		(426	)		(485	)		(531	)		(707	)		(787	)
Minority interests allocated to continuing operations		6,935			8,777			7,034			1,675			1,037
Loss from continuing operations		(39,548	)		(51,185	)		(39,965	)		(5,864	)		(1,811	)

Discontinued Operations:
Loss from discontinued operations before gain on sale of real estate and minority interests		(171	)		(2,214	)		(10,395	)		(2,265	)		(2,539	)
Gain on sale of real estate		–			161,497			33,890			–			–
Minority interests allocated to discontinued operations		23			(21,598	)		(3,194	)		308			346
(Loss) income from discontinued operations		(148	)		137,685			20,301			(1,957	)		(2,193	)

Net (loss) income		(39,696	)		86,500			(19,664	)		(7,821	)		(4,004	)

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

Net (loss) income available to common stockholders	$	(44,462	)	$	81,734		$	(24,430	)	$	(12,587	)	$	(8,770	)


Basic income (loss) per common share:
Loss from continuing operations available to common stockholders	$	(0.95	)	$	(1.20	)	$	(0.95	)	$	(0.23	)	$	(0.14	)
Income (loss) from discontinued operations		–			2.94			0.43			(0.04	)		(0.05	)
Net (loss) income available to common stockholders	$	(0.95	)	$	1.74		$	(0.52	)	$	(0.27	)	$	(0.19	)
Weighted average number of common shares outstanding		46,870,622			46,870,588			46,678,583			46,578,064			46,572,219

Diluted income (loss) per common share:
Loss from continuing operations available to common stockholders	$	(0.95	)	$	(1.19	)	$	(0.95	)	$	(0.23	)	$	(0.14	)
Income (loss) from discontinued operations		–			2.93			0.43			(0.04	)		(0.05	)
Net (loss) income available to common stockholders	$	(0.95	)	$	1.74		$	(0.52	)	$	(0.27	)	$	(0.19	)
Weighted average number of common and common equivalent shares outstanding		46,870,622			46,893,916			46,678,583			46,578,064			46,572,219

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Consolidated Statements of Discontinued Operations

(unaudited and in thousands)

	For the Three Months Ended
	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006
Revenue:
Rental	$	21		$	2,544		$	11,150		$	7,378		$	7,153
Tenant reimbursements		(4	)		271			1,276			1,050			1,408
Parking		1			191			302			187			143
Interest and other		(14	)		25			64			62			89
Total revenue		4			3,031			12,792			8,677			8,793

Expenses:
Rental property operating and maintenance		140			1,635			2,504			1,995			2,179
Real estate taxes		30			233			1,650			859			868
Parking		5			63			44			36			35
Depreciation and amortization		–			1,023			2,124			3,712			3,825
Interest		–			1,300			7,974			4,340			4,425
Loss from early extinguishment of debt		–			991			8,891			–			–
Total expenses		175			5,245			23,187			10,942			11,332

Loss from discontinued operations before gain on sale of real estate and minority interests		(171	)		(2,214	)		(10,395	)		(2,265	)		(2,539	)
Gain on sale of real estate		–			161,497			33,890			–			–
Minority interest allocated to discontinued operations		23			(21,598	)		(3,194	)		308			346

Income (loss) from discontinued operations	$	(148	)	$	137,685		$	20,301		$	(1,957	)	$	(2,193	)

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

MMO Unconsolidated Joint Venture Statements of Operations

(unaudited and in thousands)

	For the Three Months Ended
	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006

Revenue:
Rental	$	21,458		$	21,925		$	20,144		$	19,581		$	18,979
Tenant reimbursements		7,857			6,892			7,777			7,574			7,724
Parking		2,426			2,099			2,222			2,177			1,998
Interest and other		67			50			290			75			789
Total revenue		31,808			30,966			30,433			29,407			29,490

Expenses:
Rental property operating and maintenance		6,563			6,046			6,113			6,260			6,522
Real estate taxes		3,797			3,738			3,629			3,333			3,047
Parking		411			504			441			401			459
Depreciation and amortization		12,250			12,172			12,140			12,257			12,595
Interest		11,061			11,046			10,928			10,814			11,039
Other		1,195			1,277			1,038			1,098			1,176
Total expenses		35,277			34,783			34,289			34,163			34,838

Net loss	$	(3,469	)	$	(3,817	)	$	(3,856	)	$	(4,756	)	$	(5,348	)

Company share	$	(694	)	$	(764	)	$	(771	)	$	(951	)	$	(1,070	)
Intercompany eliminations		268			279			240			244			283

Equity in net loss of unconsolidated joint venture	$	(426	)	$	(485	)	$	(531	)	$	(707	)	$	(787	)

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Funds from Operations

(unaudited and in thousands, except share and per share data)

	For the Three Months Ended
	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006

Reconciliation of net (loss) income to funds from operations:

Net (loss) income available to common stockholders	$	(44,462	)	$	81,734		$	(24,430	)	$	(12,587	)	$	(8,770	)

Add: Depreciation and amortization of real estate assets		56,733			61,353			56,925			32,566			40,578
Depreciation and amortization of real estate assets - unconsolidated joint ventures (2)		2,451			2,434			2,428			2,451			2,519
Minority interests		(6,958	)		12,821			(3,840	)		(1,983	)		(1,383	)

Deduct: Gain on sale of real estate		–			161,497			33,890			–			–

Funds from operations available to common stockholders and unit holders (FFO) (1)	$	7,764		$	(3,155	)	$	(2,807	)	$	20,447		$	32,944

Company share of FFO (3)	$	6,715		$	(2,727	)	$	(2,426	)	$	17,664		$	28,459

FFO per share - basic	$	0.14		$	(0.06	)	$	(0.05	)	$	0.38		$	0.61
FFO per share - diluted	$	0.14		$	(0.06	)	$	(0.05	)	$	0.38		$	0.60

Weighted average number of common shares outstanding - basic		46,870,622			46,870,588			46,678,583			46,578,064			46,572,219
Weighted average number of common and common equivalent shares outstanding - diluted		46,899,660			46,893,916			46,891,402			47,000,722			47,304,274
Weighted average diluted shares and units		54,305,576			54,299,832			54,297,318			54,406,638			54,710,190

Reconciliation of FFO to FFO before loss from early extinguishment of debt:

FFO available to common stockholders and unit holders (FFO)	$	7,764		$	(3,155	)	$	(2,807	)	$	20,447		$	32,944
Add: Loss from early extinguishment of debt included in continuing operations		886			12,440			8,336			–			2,861
Loss from early extinguishment of debt included in discontinued operations		–			991			8,891			–			–
FFO before loss from early extinguishment of debt	$	8,650		$	10,276		$	14,420		$	20,447		$	35,805

Company share of FFO before loss from early extinguishment of debt (3)	$	7,477		$	8,883		$	12,461		$	17,664		$	30,931

FFO per share before loss from early extinguishment of debt - basic	$	0.16		$	0.19		$	0.27		$	0.38		$	0.66
FFO per share before loss from early extinguishment of debt - diluted	$	0.16		$	0.19		$	0.27		$	0.38		$	0.65

__________

(1)	For the definition and discussion of FFO, see page 45.
(2)	Amount represents our 20% ownership interest in the MMO Joint Venture.
(3)	Based on a weighted average interest in our operating partnership of approximately 86.4% for all periods presented.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Adjusted Funds from Operations (1)

(unaudited and in thousands)

	For the Three Months Ended
	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007		December 31, 2006

FFO	$	7,764		$	(3,155	)	$	(2,807	)	$	20,447	$	32,944
Add: Non-real estate depreciation		123			91			118			123		82
Straight line ground lease expense		609			1,015			–			–		–
Amortization of deferred financing costs		3,321			1,523			1,436			1,141		1,137
Non-cash stock compensation		1,653			2,232			2,236			1,732		1,957
Loss from early extinguishment of debt (2)		886			13,431			17,227			–		2,861

Deduct: Accretion of interest rate swap sold		–			81			122			122		122
Straight line rent		2,907			3,561			3,709			1,779		315
Fair value lease revenue		9,749			9,900			8,144			1,871		963
Capitalized payments (3)		12,173			9,711			7,537			7,679		5,711
Non-recoverable capital expenditures (4)		3,413			3,287			2,989			1,638		440
Recoverable capital expenditures		1,133			532			633			560		324
Hotel improvements, equipment upgrades and replacements		172			156			148			237		118
2nd generation tenant improvements and leasing commissions (5), (6)		5,048			2,292			2,957			7,743		5,994
MMO Joint Venture AFFO adjustments		583			690			918			341		801

Adjusted funds from operations (AFFO)	$	(20,822	)	$	(15,073	)	$	(8,947	)	$	1,473	$	24,193

__________

(1)	For the definition and computation method of AFFO, see page 46. For a quantitative reconciliation of the differences between AFFO and cash flows from operating activities, see page 15.
(2)	The three months ended September 30, 2007 includes approximately $8 million of prepayment costs related to the refinancing of the KPMG Tower and approximately $1 million in losses from early extinguishment of debt attributable to discontinued operations. The three months ended June 30, 2007 includes approximately $9 million in losses from early extinguishment of debt attributable to discontinued operations and $2.3 million in cash defeasance costs funded from the net proceeds of the Wells Fargo Tower refinancing.
(3)	Includes capital lease principal payments, capitalized leasing and development payroll, and capitalized interest.
(4)	Excludes $1.9 million of non-recoverable capital expenditures for the three months ended December 31, 2007 at KPMG Tower as a result of discretionary renovation costs and $9.4 million of non-recoverable capital expenditures at 3161 Michelson as a result of on-going improvements made to the building until it is leased to stabilization. Excludes $0.2 million, $0.7 million, $0.3 million, $0.7 million and $2.0 million of expenditures for the three months ended December 31, September 30, June 30, and March 31, 2007, and December 31, 2006, respectively, related to planned renovation at Lantana Media Campus.
(5)	Excludes 1st generation tenant improvements and leasing commissions of $1.1 million, $8.0 million, $1.8 million, $2.2 million and $5.0 million for the three months ended December 31, September 30, June 30 and March 31, 2007, and December 31, 2006, respectively.
(6)	Excludes tenant improvements and leasing commissions paid using cash reserves that were funded through loan proceeds upon acquisition or debt refinancing of $14.0 million, $8.2 million, $4.4 million, $4.1 million and $2.0 million for the three months ended December 31, September 30, June 30 and March 31, 2007, and December 31, 2006, respectively.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

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

(unaudited and in thousands)

	For the Three Months Ended
	December 31, 2007			September 30, 2007			June 30, 2007			March 31, 2007			December 31, 2006
Reconciliation of net (loss) income to earnings before interest, taxes and
depreciation and amortization (EBITDA):

Net (loss) income	$	(39,696	)	$	86,500		$	(19,664	)	$	(7,821	)	$	(4,004	)
Add: Minority interests		(6,958	)		12,821			(3,840	)		(1,983	)		(1,383	)
Interest expense (3)		71,708			71,381			70,077			34,338			35,228
Company share of interest expense included in unconsolidated joint ventures		2,212			2,209			2,186			2,163			2,208
Depreciation and amortization (4)		56,856			61,444			57,043			32,689			40,660
Company share of depreciation and amortization included in unconsolidated joint ventures		2,451			2,434			2,428			2,451			2,519

EBITDA	$	86,573		$	236,789		$	108,230		$	61,837		$	75,228

EBITDA	$	86,573		$	236,789		$	108,230		$	61,837		$	75,228
Add: Loss from early extinguishment of debt included in continuing operations		886			12,440			8,336			–			2,861
Loss from early extinguishment of debt included in discontinued operations		–			991			8,891			–			–
Deduct: Gain on sale of real estate		–			161,497			33,890			–			–

EBITDA before loss from early extinguishment of debt and gain on sale of real estate	$	87,459		$	88,723		$	91,567		$	61,837		$	78,089


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

Cash flows from operating activities	$	29,850		$	23,523		$	24,769		$	9,288		$	29,656
Changes in other assets and liabilities		(40,906	)		(32,329	)		(26,989	)		2,363			1,413
Non-recoverable capital expenditures		(3,413	)		(3,287	)		(2,989	)		(1,638	)		(440	)
Recoverable capital expenditures		(1,133	)		(532	)		(633	)		(560	)		(324	)
Hotel improvements, equipment upgrades and replacements		(172	)		(156	)		(148	)		(237	)		(118	)
2nd generation tenant improvements and leasing commissions (5), (6)		(5,048	)		(2,292	)		(2,957	)		(7,743	)		(5,994	)

AFFO	$	(20,822	)	$	(15,073	)	$	(8,947	)	$	1,473		$	24,193

__________

(1)	For the definition and discussion of EBITDA, see page 46.
(2)	For the definition and discussion of AFFO, see page 46.
(3)	Includes interest expense of $1.3 million, $8.0 million, $4.3 million and $4.4 million for the three months ended September 30, June 30 and March 31, 2007, and December 31, 2006, respectively, related to discontinued operations.
(4)	Includes depreciation and amortization of $1.0 million, $2.1 million, $3.7 million and $3.8 million for the three months ended September 30, June 30 and March 31, 2007, and December 31, 2006, respectively, related to discontinued operations.
(5)	Excludes 1st generation tenant improvements and leasing commissions of $1.1 million, $8.0 million, $1.8 million, $2.2 million and $5.0 million for the three months ended December 31, September 30, June 30 and March 31, 2007, and December 31, 2006, respectively.
(6)	Excludes tenant improvements and leasing commissions paid by cash reserves that were funded through loan proceeds upon acquisition or debt refinancing of $14.0 million, $8.2 million, $4.4 million, $4.1 million and $2.0 million for the three months ended December 31, September 30, June 30 and March 31, 2007, and December 31, 2006, respectively.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Capital Structure

Debt
(in thousands)

			Balance as of
			December 31, 2007

Mortgage and other secured loans payable			$	5,003,341
Revolving credit facility				–
Total consolidated debt				5,003,341
Company share of MMO Joint Venture debt				161,987
Total combined debt			$	5,165,328

Equity
(in thousands)


	Shares Outstanding		Total Liquidation Preference

Preferred stock		10,000	$	250,000

	Shares & Units Outstanding		Market Value (1)

Common stock		47,186	$	1,390,561

Operating partnership units		7,406		218,252
Total common equity		54,592	$	1,608,813

Total consolidated market capitalization			$	6,862,154

Total combined market capitalization ⁽²⁾			$	7,024,141

__________

(1)	Value based on the New York Stock Exchange closing price of $29.47 on December 31, 2007.
(2)	Includes our share of MMO Joint Venture debt.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Debt Summary

(in thousands, except percentages)

	Maturity Date	Principal Balance as of December 31, 2007		% of Debt			Interest Rate as of December 31, 2007 (1)
Floating Rate Debt

Construction Loans:
3161 Michelson (2), (3)	September 28, 2008	$	210,325		4.20	%		7.10	%
Lantana Media Campus (4)	June 13, 2009		40,639		0.81	%		6.10	%
WAMU (4)	December 30, 2008		25,935		0.52	%		6.40	%
Mission City (4)	February 22, 2009		17,568		0.35	%		6.50	%
207 Goode (4), (5)	May 1, 2010		476		0.01	%		7.36	%
Total construction loans			294,943		5.89	%		6.87	%

Variable Rate Mortgage Loans:
Griffin Towers (6)	May 1, 2008		200,000		4.00	%		6.50	%
500-600 City Parkway (7)	May 9, 2009		97,750		1.95	%		5.95	%
Brea Corporate Place (8)	May 1, 2009		70,468		1.41	%		6.55	%
Brea Financial Commons (8)	May 1, 2009		38,532		0.77	%		6.55	%
Total variable rate mortgage loans			406,750		8.13	%		6.38	%

Variable Rate Swapped to Fixed Rate:
KPMG Tower (9)	October 9, 2012		368,370		7.36	%		7.16	%
Total variable rate swapped to fixed rate loan			368,370		7.36	%		7.16	%

Total floating rate debt			1,070,063		21.38	%		6.78	%

Fixed Rate Debt
Wells Fargo Tower (Los Angeles, CA)	April 6, 2017		550,000		10.99	%		5.68	%
Two California Plaza (10)	May 6, 2017		465,762		9.31	%		5.50	%
Gas Company Tower	August 11, 2016		458,000		9.15	%		5.10	%
Pacific Arts Plaza	April 1, 2012		270,000		5.40	%		5.15	%
777 Tower (10)	November 1, 2013		269,180		5.38	%		5.84	%
US Bank Tower	July 1, 2013		260,000		5.20	%		4.66	%
550 South Hope Street (10)	May 6, 2017		198,257		3.96	%		5.67	%
Park Place I	November 1, 2014		170,000		3.40	%		5.64	%
City Tower (10)	May 10, 2017		139,814		2.79	%		5.85	%
Glendale Center	August 11, 2016		125,000		2.50	%		5.82	%
500 Orange Tower (10)	May 6, 2017		109,022		2.18	%		5.88	%
2600 Michelson (10)	May 10, 2017		108,993		2.18	%		5.69	%
Park Place II	March 11, 2012		100,000		2.00	%		5.39	%
City Plaza (10)	May 10, 2017		99,984		2.00	%		5.80	%
Stadium Towers Plaza (10)	May 11, 2017		99,119		1.98	%		5.78	%
Lantana Media Campus	January 6, 2010		98,000		1.96	%		4.94	%
1920 Main Plaza (10)	May 10, 2017		80,135		1.60	%		5.51	%
2010 Main Plaza (10)	May 10, 2017		79,072		1.58	%		5.51	%
801 North Brand	April 6, 2015		75,540		1.51	%		5.73	%
Mission City Corporate Center	April 1, 2012		52,000		1.04	%		5.09	%
The City - 3800 Chapman	May 6, 2017		44,370		0.89	%		5.93	%
701 North Brand	October 1, 2016		33,750		0.67	%		5.87	%
700 North Central	April 6, 2015		27,460		0.55	%		5.73	%
18581 Teller (10)	May 6, 2017		19,820		0.40	%		5.65	%

Total fixed rate debt			3,933,278		78.62	%		5.48	%

Total consolidated debt		$	5,003,341		100.00	%		5.76	%

__________

(1)	The December 31, 2007 one-month LIBOR rate of 4.60% was used to calculate interest on the variable rate loans.
(2)	We have entered into an interest rate cap agreement with respect to this loan that limits the LIBOR rate to a maximum rate of 5.50% for 75.0% of the outstanding balance, excluding extension periods.
(3)	Three one-year extensions are available at our option, subject to certain conditions.
(4)	One one-year extension is available at our option, subject to certain conditions.
(5)	This loan bears interest at a rate of LIBOR plus 1.80%. We have entered into a forward-starting interest rate swap agreement to hedge this loan up to $25.0 million, which effectively fixes the LIBOR rate at 5.564%.
(6)	As required by the loan agreement, we have entered into an interest rate cap agreement with respect to this loan that limits the LIBOR portion of the interest rate to 6.50% during the loan term, excluding extension period. One one-year extension is available at our option, subject to certain conditions.
(7)	As required by the loan agreement, we have entered into an interest rate cap agreement with respect to this loan that limits the LIBOR portion of the interest rate to 6.00% during the loan term, excluding extension periods. Three one-year extensions are available at our option, subject to certain conditions.
(8)	As required by the loan agreement, we have entered into an interest rate cap agreement with respect to this loan that limits the LIBOR portion of the interest rate to 6.50% during the loan term, excluding extension periods. Three one-year extensions are available at our option, subject to certain conditions.
(9)	This loan bears interest at a rate of LIBOR plus 1.60%. We have entered into a forward-starting interest rate swap agreement to hedge this loan, which effectively fixes the LIBOR rate at 5.564%.
(10)	These loans are reflected net of the related debt discount. At December 31, 2007, the discount for all loans referenced totals approximately $16 million.

Revolving Credit Facility (maturing on April 24, 2011)
(in thousands)

	Maximum Available		Currently Available (1)		Drawn
As of December 31, 2007	$	130,000	$	119,718	$	–

__________

(1)	Amount available under this facility has been reduced by $10,282,000 to secure standby letters of credit, none of which have been drawn through the date of this report. As of December 31, 2007, there were no outstanding borrowings under our revolving credit facility.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

MMO Joint Venture Debt Summary

(in thousands, except percentages)

	Maturity Date	Principal Balance as of December 31, 2007		% of Debt			Interest Rate as of December 31, 2007

Fixed Rate Debt
Wells Fargo Center (Denver, CO)	April 6, 2015	$	276,000		34.08	%		5.26	%
One California Plaza (1)	December 1, 2010		144,830		17.88	%		4.73	%
San Diego Tech Center (2)	April 11, 2015		136,228		16.82	%		5.70	%
Washington Mutual Irvine Campus (1)	December 11, 2011		105,877		13.07	%		5.07	%
Cerritos Corporate Center (3)	February 1, 2016		95,000		11.73	%		5.54	%
Stadium Gateway	February 1, 2016		52,000		6.42	%		5.66	%
Total fixed rate debt			809,935		100.00	%		5.27	%

Total Joint Venture debt		$	809,935		100.00	%		5.27	%

Our portion of Joint Venture debt (4)		$	161,987

__________

(1)	These loans are reflected net of the related discount. At December 31, 2007, the total discount for all loans referenced totals approximately $1 million.
(2)	This loan includes the related premium of approximately $3 million as of December 31, 2007.
(3)	All monthly debt service payments are made by the Joint Venture. We are the guarantor on the loan through January 4, 2009.
(4)	We own 20% of the MMO Joint Venture.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Debt Maturities

(in thousands, except percentages)

2008

2009

2010

2011

2012

Thereafter

Total

Floating Rate Debt

Construction Loans:

3161 Michelson (1)

210,325

–

210,325

Lantana Media Campus (2)

–

40,639

–

40,639

WAMU (2)

25,935

–

25,935

Mission City (2)

–

17,568

–

17,568

207 Goode (2)

–

476

–

476

Total construction loans

236,260

58,207

476

–

294,943

Variable Rate Mortgage Loans:

Griffin Towers (2)

200,000

–

200,000

500-600 City Parkway (1)

–

97,750

–

97,750

Brea Corporate Place (1)

–

70,468

–

70,468

Brea Financial Commons (1)

–

38,532

–

38,532

Total variable rate mortgage loans

200,000

206,750

–

406,750

Variable Rate Swapped to Fixed Rate:

KPMG Tower

–

368,370

–

368,370

Total variable rate swapped to fixed rate loan

–

368,370

–

368,370

Total floating rate debt

436,260

264,957

476

–

368,370

–

1,070,063

Fixed Rate Debt

Wells Fargo Tower (Los Angeles, CA)

–

550,000

Two California Plaza

–

470,000

Gas Company Tower

–

458,000

Pacific Arts Plaza

–

270,000

–

270,000

777 Tower

–

273,000

US Bank Tower

–

260,000

550 South Hope Street

–

200,000

Park Place I

–

2,232

2,361

2,498

162,909

170,000

City Tower

–

140,000

Glendale Center

–

125,000

500 Orange Tower

–

110,000

2600 Michelson

–

110,000

City Plaza

–

101,000

Park Place II

–

100,000

–

100,000

Stadium Towers Plaza

–

100,000

Lantana Media Campus

–

98,000

–

98,000

1920 Main Plaza

–

80,875

2010 Main Plaza

–

79,803

801 North Brand

–

75,540

Mission City Corporate Center

–

52,000

–

52,000

The City - 3800 Chapman

–

44,370

701 North Brand

–

33,750

700 North Central

–

27,460

18581 Teller

–

20,000

Total fixed rate debt

–

100,232

2,361

424,498

3,421,707

3,948,798

Total consolidated debt

436,260

264,957

100,708

2,361

792,868

3,421,707

5,018,861

Debt discount

–

(15,520

)

(15,520

)

Total consolidated debt, net of discount

436,260

264,957

100,708

2,361

792,868

3,406,187

5,003,341

Weighted average interest rate

6.78

6.26

4.96

5.64

6.11

5.53

5.76

__________

(1)	Three one-year extensions are available at our option, subject to certain conditions.
(2)	One one-year extension is available at our option, subject to certain conditions.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

MMO Joint Venture Debt Maturities

(in thousands, except percentages)

Property	2008			2009			2010			2011			2012			Thereafter			Total

Wells Fargo Center (Denver, CO)	$	–		$	–		$	–		$	–		$	–		$	276,000		$	276,000
One California Plaza		2,825			2,984			140,202			–			–			–			146,011
San Diego Tech Center		–			–			–			–			–			133,000			133,000
Washington Mutual Irvine Campus		–			–			–			106,000			–			–			106,000
Cerritos Corporate Center		–			–			–			1,054			1,330			92,616			95,000
Stadium Gateway		–			–			–			–			–			52,000			52,000
		2,825			2,984			140,202			107,054			1,330			553,616			808,011

Debt premium, net of discount		–			–			(1,181	)		(123	)		–			3,228			1,924

Total JV debt	$	2,825		$	2,984		$	139,021		$	106,931		$	1,330		$	556,844		$	809,935

Weighted average interest rate		4.73	%		4.73	%		4.73	%		5.07	%		5.54	%		5.45	%		5.27	%

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Portfolio Data

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Same Store Analysis

(unaudited and in thousands, except percentages)

	For the Three Months Ended December 31, (1)										For the Year Ended December 31, (2)
	2007			2006			% Change				2007			2006			% Change
Total Same Store Portfolio
Number of properties		14			14							13			13
Square feet as of December 31 (3)		10,257,681			10,251,064							10,126,552			10,119,935
Percentage of Wholly Owned Office Portfolio		60.6	%		89.1	%						59.9	%		88.0	%
Weighted average leased percentage (4)		87.7	%		87.0	%						86.8	%		88.7	%

GAAP
Breakdown of Net Operating Income:
Operating revenues	$	91,880		$	111,103			(17.3	)%	(5)	$	354,324		$	385,005			(8.0	)%	(6)
Operating expenses		36,887			34,084			8.2	%	(7)		135,344			126,708			6.8	%	(7)
Other expenses		62			62			0.0	%			249			249			0.0	%
Net operating income	$	54,931		$	76,957			(28.6	)%		$	218,731		$	258,048			(15.2	)%

CASH BASIS
Breakdown of Net Operating Income:
Operating revenues	$	89,753		$	109,847			(18.3	)%	(5)	$	342,465		$	371,135			(7.7	)%	(6)
Operating expenses		36,894			34,091			8.2	%	(7)		135,371			126,735			6.8	%	(7)
Other expenses		62			62			0.0	%			249			249			0.0	%
Net operating income	$	52,797		$	75,694			(30.2	)%		$	206,845		$	244,151			(15.3	)%

__________

(1)	Properties included in the quarterly same store analysis are all the properties in our office portfolio, with the exception of our JV properties, properties acquired in the Blackstone Transaction in April 2007, the Wateridge Plaza, Pacific Center and Regents Square properties that were disposed of during 2007 and 130 State College which was acquired in third quarter 2007.
(2)	Properties included in the full year same store analysis are all the properties in our office portfolio, with the exception of our JV properties, properties acquired in the Blackstone Transaction in April 2007, the Wateridge Plaza, Pacific Center and Regents Square properties that were disposed of during 2007, 701 North Brand which was acquired in third quarter 2006 and 130 State College which was acquired in third quarter 2007.
(3)	Property square footage increases are a result of remeasurement during 2007.
(4)	Represents weighted average leased amounts for the same store portfolio.
(5)	Decrease primarily due to a $20.3 million termination fee received during fourth quarter 2006 from a tenant at Park Place. Excluding the termination fee, GAAP basis operating revenues for the three months ended December 31, 2006 would have been approximately $91 million and cash basis operating revenues for the three months ended December 31, 2006 would have been approximately $90 million.
(6)	Decrease primarily due to lower occupancy and large tenants that moved out in 2006 from Park Place and KPMG Tower whose spaces have not been re-leased yet and a significant lease termination fee at Park Place in fourth quarter 2006. Excluding the $20.3 million termination fee, GAAP basis operating revenues for the twelve months ended December 31, 2006 would have been approximately $364 million and cash basis operating revenues would have been approximately $350 million.
(7)	Increase primarily due to higher building maintenance costs, and parking costs related to the two Park Place parking structures placed in service in 2007.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth 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		16	1991		100	%		1,325,017		1,325,017		6.34	%		89.4	%	$	32,745,053	$	32,745,053	$	27.65
US Bank Tower		1		47	1989		100	%		1,396,177		1,396,177		6.68	%		85.4	%		32,083,530		32,083,530		26.90
Wells Fargo Tower		2		68	1982		100	%		1,394,671		1,394,671		6.67	%		92.8	%		25,712,369		25,712,369		19.88
Two California Plaza		1		62	1992		100	%		1,328,275		1,328,275		6.35	%		93.1	%		23,899,487		23,899,487		19.32
KPMG Tower		1		21	1983		100	%		1,139,835		1,139,835		5.45	%		69.0	%		16,189,316		16,189,316		20.58
777 Tower		1		37	1991		100	%		1,009,602		1,009,602		4.83	%		94.1	%		19,135,796		19,135,796		20.14
550 South Hope Street		1		46	1991		100	%		565,738		565,738		2.71	%		91.0	%		8,427,539		8,427,539		16.37
One California Plaza		1		32	1985		20	%		992,899		198,580		4.75	%		89.3	%		16,906,892		3,381,378		19.06
Total LACBD Submarket		9		329						9,152,214		8,357,895		43.78	%		87.9	%		175,099,982		161,574,468		21.76

Tri-Cities Submarket
Glendale Center		2		4	1973/1996		100	%		386,318		386,318		1.85	%		100.0	%		8,495,724		8,495,724		21.99
801 North Brand		1		31	1987		100	%		284,889		284,889		1.36	%		85.8	%		4,572,978		4,572,978		18.71
701 North Brand		1		13	1978		100	%		131,129		131,129		0.63	%		100.0	%		2,176,581		2,176,581		16.60
700 North Central		1		22	1979		100	%		134,168		134,168		0.64	%		92.2	%		1,986,458		1,986,458		16.06
Plaza Las Fuentes		3		9	1989		100	%		192,958		192,958		0.92	%		100.0	%		3,765,372		3,765,372		19.51
Total Tri-Cities Submarket		8		79						1,129,462		1,129,462		5.40	%		95.5	%		20,997,113		20,997,113		19.47

Santa Monica Professional and Entertainment Submarket
Lantana Media Campus		3		22	1989/2001		100	%		331,572		331,572		1.59	%		85.8	%		9,732,277		9,732,277		34.19
Total Entertainment Submarket		3		22						331,572		331,572		1.59	%		85.8	%		9,732,277		9,732,277		34.19

Cerritos Office Submarket
Cerritos - Phase I		1		1	1999		20	%		221,968		44,394		1.06	%		100.0	%		5,982,037		1,196,407		26.95
Cerritos - Phase II		1		-	2001		20	%		104,567		20,913		0.50	%		100.0	%		2,482,421		496,485		23.74
Total Cerritos Submarket		2		1						326,535		65,307		1.56	%		100.0	%		8,464,458		1,692,892		25.92

Total Los Angeles County		22		431						10,939,783		9,884,236		52.33	%		89.0	%	$	214,293,830	$	193,996,750	$	22.01

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Portfolio Overview (continued)

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		41	1977/2002		100	%		1,786,041		1,786,041		8.54	%		71.0	%	$	18,971,017	$	18,971,017	$	14.96
3161 Michelson		1		3	2007		100	%		532,141		532,141		2.55	%		32.4	%		5,086,346		5,086,346		29.49
2600 Michelson		1		32	1986		100	%		307,286		307,286		1.47	%		85.1	%		4,689,010		4,689,010		17.94
1920 Main Plaza		3		34	1988		100	%		304,935		304,935		1.46	%		81.7	%		5,117,030		5,117,030		20.55
2010 Main Plaza		1		29	1988		100	%		280,680		280,680		1.34	%		71.1	%		3,474,323		3,474,323		17.40
18581 Teller		1		3	1983		100	%		86,087		86,087		0.41	%		100.0	%		1,362,066		1,362,066		15.82
Washington Mutual Irvine Campus		4		2	1989/2004		20	%		414,595		82,919		1.98	%		100.0	%		9,078,994		1,815,799		21.90
Total Airport Submarket		19		144						3,711,765		3,380,089		17.75	%		71.4	%		47,778,786		40,515,591		18.02

Costa Mesa Submarket
Griffin Towers		2		41	1987		100	%		543,205		543,205		2.60	%		77.1	%		6,625,459		6,625,459		15.83
Pacific Arts Plaza		8		44	1982		100	%		785,225		785,225		3.76	%		85.0	%		14,079,617		14,079,617		21.09
Total Costa Mesa Submarket		10		85						1,328,430		1,328,430		6.36	%		81.8	%		20,705,076		20,705,076		19.06

Central Orange Submarket
3800 Chapman		1		1	1984		100	%		157,231		157,231		0.75	%		100.0	%		2,143,143		2,143,143		13.63
500-600 Parkway		3		7	1978		100	%		457,069		457,069		2.19	%		13.6	%		959,511		959,511		15.39
City Tower		1		30	1988		100	%		410,068		410,068		1.96	%		90.2	%		7,033,738		7,033,738		19.01
City Plaza		1		38	1969/1999		100	%		327,003		327,003		1.56	%		56.6	%		2,810,281		2,810,281		15.19
500 Orange Tower		3		47	1987		100	%		333,505		333,505		1.60	%		94.4	%		5,852,308		5,852,308		18.58
Stadium Towers Plaza		1		31	1988		100	%		257,321		257,321		1.23	%		79.4	%		3,777,805		3,777,805		18.48
Stadium Gateway		1		9	2001		20	%		272,826		54,565		1.31	%		91.8	%		4,912,677		982,535		19.63
Total Central Orange Submarket		11		163						2,215,023		1,996,762		10.60	%		69.7	%		27,489,463		23,559,321		17.80

Other
Brea Corporate Place		2		17	1987		100	%		328,305		328,305		1.57	%		66.8	%		2,699,605		2,699,605		12.30
Brea Financial Commons Portfolio		3		4	1987		100	%		164,490		164,490		0.79	%		49.1	%		1,563,746		1,563,746		19.35
130 State College		1		-	1983		100	%		43,449		43,449		0.21	%		0.0	%		-		-		-
Total Other		6		21						536,244		536,244		2.57	%		56.0	%		4,263,351		4,263,351		14.20

Total Orange County		46		413						7,791,462		7,241,525		37.28	%		71.6	%	$	100,236,676	$	89,043,339	$	17.96

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Portfolio Overview (continued)

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)

San Diego County

Sorrento Mesa Submarket
San Diego Tech Center		11		32		1984/1986		20	%		645,872		129,174		3.09	%		98.6	%	$	12,063,357	$	2,412,671	$	18.95
Total Sorento Mesa Submarket		11		32							645,872		129,174		3.09	%		98.6	%		12,063,357		2,412,671		18.95

Mission Valley Submarket
Mission City Corporate Center		3		13	1990			100	%		190,634		190,634		0.91	%		84.6	%		3,873,805		3,873,805		24.02
Total Mission Valley Submarket		3		13							190,634		190,634		0.91	%		84.6	%		3,873,805		3,873,805		24.02

Total San Diego County		14		45							836,506		319,808		4.00	%		95.4	%	$	15,937,162	$	6,286,476	$	19.97

Other
Denver, CO - Downtown Submarket
Wells Fargo Center - Denver		1		41	1983			20	%		1,211,773		242,355		5.80	%		95.2	%		21,612,583		4,322,517		18.74
Total Other		1		41							1,211,773		242,355		5.80	%		95.2	%		21,612,583		4,322,517		18.74


Total Office Properties		83		930							20,779,524		17,687,924		99.41	%		83.1	%	$	352,080,251	$	293,649,083	$	20.39

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Portfolio Overview (continued)

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		25	1981		100	%		122,533		122,533		0.59	%		95.1	%	$	3,527,833	$	3,527,833	$	30.26
Total Retail Properties		8		25						122,533		122,533		0.59	%		95.1	%		3,527,833		3,527,833		30.26

Total Office and Retail Properties		91		955						20,902,057		17,810,457		100.00	%		83.2	%	$	355,608,084	$	297,176,916	$	20.45
Effective Office and Retail Properties										17,810,457							81.1	%					$	20.56


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										21,168,057		18,076,457
Parking Properties									SQFT		Effective SQFT		Vehicle Capacity			Effective Vehicle Capacity			Annualized Parking Revenue (4)		Effective Annualized Parking Revenue (5)		Effective Annualized Parking Revenue per Vehicle Capacity (6)
On-Site Parking										12,052,893		10,131,539		40,863			34,265		$	55,295,414	$	47,535,202	$	1,387
Off-Site Garages										1,815,453		1,815,453		5,729			5,729			11,229,264		11,229,264		1,960
Total Parking Properties										13,868,346		11,946,992		46,592			39,994		$	66,524,678	$	58,764,465	$	1,469

Total - Office, Retail, Hotel and Parking Properties										35,036,403		30,023,449

__________

(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 December 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 December 31, 2007.
(5)	Effective annualized parking revenue represents the annualized quarterly parking revenue as of December 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.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Portfolio Geographic Distribution (1)

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Portfolio Overview - Leased Rates and Weighted Average Remaining Lease Term

	Ownership Interest ( % )			Weighted Average Remaining Lease Term (in years)		% Leased Q4 2007			% Leased Q3 2007			% Leased Q2 2007			% Leased Q1 2007			% Leased Q4 2006

Gas Company Tower		100	%		6.7		89.4	%		86.5	%		90.1	%		92.2	%		91.6	%
US Bank Tower		100	%		4.2		85.4	%		85.3	%		85.3	%		85.5	%		85.5	%
Wells Fargo Tower		100	%		6.2		92.8	%		92.2	%		93.1	%		91.6	%		91.0	%
KPMG Tower		100	%		7.3		69.0	%		67.9	%		68.1	%		66.2	%		67.1	%
777 Tower		100	%		5.4		94.1	%		93.5	%		92.4	%		90.3	%		88.7	%
One California Plaza		20	%		5.0		89.3	%		86.2	%		88.1	%		87.9	%		87.9	%
Glendale Center		100	%		4.2		100.0	%		100.0	%		100.0	%		100.0	%		80.9	%
801 North Brand		100	%		3.5		85.8	%		86.3	%		86.9	%		86.8	%		87.2	%
701 North Brand		100	%		5.9		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
700 North Central		100	%		4.1		92.2	%		92.2	%		92.2	%		92.2	%		90.9	%
Plaza Las Fuentes		100	%		10.2		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Lantana Media Campus		100	%		4.0		85.8	%		93.1	%		94.8	%		94.4	%		94.4	%
Cerritos - Phase I		20	%		3.4		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cerritos - Phase II		20	%		6.8		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Park Place		100	%		2.8		71.0	%		80.9	%		83.0	%		84.9	%		84.7	%
3161 Michelson		100	%		11.5		32.4	%		59.9	%		–			–			–
Washington Mutual Irvine Campus		20	%		4.9		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Pacific Arts Plaza		100	%		5.9		85.0	%		84.9	%		87.3	%		90.1	%		88.8	%
Stadium Gateway		20	%		4.5		91.8	%		91.8	%		100.0	%		100.0	%		100.0	%
Mission City Corporate Center		100	%		3.9		84.6	%		99.0	%		97.7	%		97.7	%		97.7	%
San Diego Tech Center		20	%		2.7		98.6	%		98.7	%		99.2	%		98.7	%		98.7	%
Wells Fargo Center - Denver		20	%		7.5		95.2	%		95.2	%		97.2	%		96.1	%		95.9	%
Park Place - Retail		100	%		6.6		95.1	%		98.7	%		97.4	%		98.2	%		98.1	%
Two California Plaza		100	%		5.8		93.1	%		90.9	%		90.9	%		–			–
550 South Hope Street		100	%		5.4		91.0	%		91.0	%		90.4	%		–			–
2600 Michelson		100	%		2.6		85.1	%		95.0	%		94.3	%		–			–
1920 Main Plaza		100	%		2.9		81.7	%		87.6	%		88.6	%		–			–
2010 Main Plaza		100	%		1.9		71.1	%		72.0	%		70.9	%		–			–
3800 Chapman		100	%		3.6		100.0	%		100.0	%		100.0	%		–			–
18581 Teller		100	%		2.5		100.0	%		79.6	%		100.0	%		–			–
Griffin Towers		100	%		3.0		77.1	%		78.1	%		79.2	%		–			–
500-600 Parkway		100	%		2.5		13.6	%		13.6	%		96.7	%		–			–
City Tower		100	%		3.3		90.2	%		81.8	%		98.2	%		–			–
City Plaza		100	%		2.0		56.6	%		56.5	%		88.5	%		–			–
500 Orange Tower		100	%		3.5		94.4	%		94.0	%		93.8	%		–			–
Stadium Towers Plaza		100	%		2.3		79.4	%		92.0	%		93.1	%		–			–
Brea Corporate Place		100	%		2.1		66.8	%		98.6	%		99.0	%		–			–
Brea Financial Commons Portfolio		100	%		6.5		49.1	%		100.0	%		100.0	%		–			–
130 State College		100	%		0.0		0.0	%		100.0	%		–			–			–

Total Portfolio					5.0		83.2	%		85.6	%		90.0	%		89.9	%		89.1	%

Effective Portfolio (1)					5.0		81.1	%		84.2	%		89.0	%		88.5	%		87.6	%

__________

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

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Major Tenants - Office Properties

	Tenant	Number of Locations		Annualized Rent (1)		% of Total Annualized Rent			Total Leased Square Feet		% of Aggregate Leased Square Feet of Existing Portfolio			Weighted Average Remaining Lease Term in Months		S & P Credit Rating / National Recognition (2)
	Rated
1	Southern California Gas Company		1	$	21,283,883		7.1	%		576,516		4.0	%		46	A
2	Sempra (Pacific Enterprises)		1		8,504,539		2.9	%		225,756		1.6	%		30	A
3	Wells Fargo Bank (3)		4		6,609,560		2.2	%		393,765		2.7	%		81	AA+
4	Bank of America (3)		4		4,175,636		1.4	%		189,338		1.3	%		46	AA
5	Disney Enterprises		1		3,706,960		1.2	%		156,215		1.1	%		42	A
6	US Bank, National Association		2		3,784,704		1.3	%		162,090		1.1	%		87	AA+
7	State Farm Mutual Auto Insurance Company		3		2,618,861		0.9	%		171,497		1.2	%		24	AA
8	Washington Mutual, FA (3)		1		2,271,661		0.8	%		100,136		0.7	%		52	A-
9	GMAC Mortgage Corporation		1		2,342,898		0.8	%		130,161		0.9	%		72	AAA
10	Home Depot		1		2,143,142		0.7	%		157,231		1.1	%		43	BBB+

	Total Rated / Weighted Average (3), (4)				57,441,844		19.3	%		2,262,705		15.7	%		53

	*Total Investment Grade Tenants (3)*				*107,547,847*		36.2	%		*4,976,164*		34.4	%

	Unrated - Nationally Recognized
11	Latham & Watkins		2		9,813,441		3.3	%		382,716		2.6	%		182	2nd Largest US Law Firm
12	Gibson Dunn & Crutcher		2		8,843,741		3.0	%		354,721		2.5	%		118	19th Largest US Law Firm
13	Deloitte & Touche		1		5,216,904		1.8	%		342,094		2.4	%		87	Largest US Accounting Firm
14	Marsh USA, Inc.		1		3,727,695		1.3	%		212,721		1.5	%		124	World's Largest Insurance Broker
15	KPMG		1		3,612,487		1.2	%		175,971		1.2	%		78	4th Largest US Accounting Firm
16	Morrison & Foerster		1		3,469,400		1.2	%		138,776		1.0	%		69	22nd Largest US Law Firm
17	Munger Tolles & Olson		1		3,374,322		1.1	%		160,682		1.1	%		170	129th Largest US Law Firm
18	PricewaterhouseCoopers		1		2,988,225		1.0	%		160,784		1.1	%		65	3rd Largest US Accounting Firm
19	Bingham McCutchen, LLP		1		2,799,537		0.9	%		104,712		0.7	%		61	27th Largest US Law Firm
20	Sidley & Austin		1		2,456,316		0.8	%		187,362		1.3	%		192	5th Largest US Law Firm

	Total Unrated / Weighted Average (3), (4)				46,302,068		15.6	%		2,220,539		15.4	%		122

	*Total Nationally Recognized Tenants (3)*				*73,962,833*		24.9	%		*3,629,961*		25.1	%

	Total / Weighted Average (3), (4)			$	103,743,912		34.9	%		4,483,244		31.1	%		87

	*Total Investment Grade or Nationally* *Recognized Tenants (3)*			$	*181,510,681*		61.1	%		*8,606,125*		59.6	%

__________

(1)	Annualized base rent is calculated as monthly contractual base rent under existing leases as of December 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 determine annualized base rent.
(2)	S&P credit ratings are as of December 31, 2007. 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 our MMO Joint Venture properties.
(4)	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.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Portfolio Tenant Classification Description (1), (2)

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Lease Expirations - Wholly Owned Portfolio

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

Available		3,320,266		19.5	%
2008		1,461,849		8.6	%	$	25,600,296		9.1	%	$	17.51	$	17.56
2009		1,039,125		6.1	%		18,938,193		6.7	%		18.23		18.81
2010		1,701,200		10.0	%		37,080,527		13.1	%		21.80		23.01
2011		2,443,010		14.3	%		57,111,451		20.2	%		23.38		25.10
2012		1,129,858		6.6	%		23,404,931		8.3	%		20.71		23.32
2013		1,993,011		11.7	%		37,537,173		13.3	%		18.83		23.07
2014		524,562		3.1	%		10,277,426		3.6	%		19.59		23.82
2015		834,083		4.9	%		16,899,878		6.0	%		20.26		24.36
2016		136,881		0.8	%		2,605,850		0.9	%		19.04		25.57
2017		1,194,258		7.0	%		24,307,819		8.6	%		20.35		24.47
Thereafter		1,259,454		7.4	%		28,805,579		10.2	%		22.87		30.38
Total		17,037,557		100.0	%	$	282,569,123		100.0	%	$	20.60	$	23.33

Leases Expiring in the Next 4 Quarters:

1st Quarter 2008		322,568		1.9	%	$	5,258,842		1.9	%	$	16.30	$	16.31
2nd Quarter 2008		572,344		3.4	%		10,097,064		3.6	%		17.64		17.69
3rd Quarter 2008 (3)		265,824		1.5	%		4,966,923		1.7	%		18.69		18.73
4th Quarter 2008		301,113		1.8	%		5,277,467		1.9	%		17.53		19.86
Total		1,461,849		8.6	%	$	25,600,296		9.1	%	$	17.51	$	17.56

__________

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

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Lease Expirations - Wholly Owned Portfolio

Los Angeles County

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

Available	1,097,887	11.4	%
2008	445,499	4.6	%	$	9,147,815	4.8	%	$	20.53	$	20.58
2009	319,817	3.3	%		5,992,106	3.2	%		18.74		19.06
2010	944,142	9.8	%		24,765,712	13.1	%		26.23		27.41
2011	1,369,713	14.3	%		38,199,246	20.2	%		27.89		28.85
2012	747,292	7.8	%		15,768,088	8.3	%		21.10		23.71
2013	1,343,587	14.0	%		26,457,469	14.0	%		19.69		22.71
2014	434,648	4.5	%		8,574,262	4.6	%		19.73		24.22
2015	747,491	7.8	%		14,890,095	7.9	%		19.92		23.94
2016	135,887	1.4	%		2,588,849	1.4	%		19.05		25.63
2017	1,002,302	10.4	%		20,016,330	10.6	%		19.97		23.64
Thereafter	1,032,084	10.7	%		22,522,508	11.9	%		21.82		28.02
Total	9,620,349	100.0	%	$	188,922,480	100.0	%	$	22.17	$	24.82

Leases Expiring in the Next 4 Quarters:

1st Quarter 2008	63,777	0.7	%	$	1,522,401	0.8	%	$	23.87	$	23.87
2nd Quarter 2008	167,903	1.7	%		3,434,734	1.8	%		20.46		20.49
3rd Quarter 2008 (3)	122,929	1.3	%		2,396,781	1.3	%		19.50		19.52
4th Quarter 2008	90,890	0.9	%		1,793,899	0.9	%		19.74		19.86
Total	445,499	4.6	%	$	9,147,815	4.8	%	$	20.53	$	20.58

__________

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

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Lease Expirations - Wholly Owned Portfolio

Orange County

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

Available		2,193,036		30.3	%
2008		1,016,350		14.1	%	$	16,446,899		18.3	%	$	16.18	$	16.23
2009		678,282		9.4	%		11,988,543		13.4	%		17.67		18.36
2010		742,960		10.3	%		11,945,926		13.3	%		16.08		17.32
2011		1,012,915		14.0	%		17,501,917		19.5	%		17.28		19.85
2012		360,102		5.0	%		7,113,942		7.9	%		19.76		22.25
2013		649,424		9.0	%		11,059,445		12.3	%		17.03		23.81
2014		89,914		1.2	%		1,703,164		1.9	%		18.94		21.86
2015		63,271		0.9	%		1,421,441		1.6	%		22.47		26.56
2016		994		0.0	%		17,001		0.0	%		17.10		17.10
2017		191,956		2.7	%		4,291,489		4.8	%		22.36		28.76
Thereafter		227,370		3.1	%		6,283,071		7.0	%		27.63		41.07
Total		7,226,574		100.0	%	$	89,772,838		100.0	%	$	17.83	$	20.68

Leases Expiring in the Next 4 Quarters:

1st Quarter 2008		258,791		3.6	%	$	3,736,442		4.2	%	$	14.44	$	14.44
2nd Quarter 2008		404,441		5.6	%		6,656,746		7.4	%		16.46		16.50
3rd Quarter 2008 (3)		142,895		2.0	%		2,570,142		2.8	%		17.99		18.05
4th Quarter 2008		210,223		2.9	%		3,483,569		3.9	%		16.57		16.77
Total		1,016,350		14.1	%	$	16,446,899		18.3	%	$	16.18	$	16.23

__________

(1)	Current rent per leased square foot represents current base rent, divided by total square footage under lease as of the same date.

(2)	Rent per leased square foot at expiration represents base rent including any future rent steps, and thus represents the base rent that will be in place at lease expiration.

(3)	Includes tenants leasing on a month-to-month basis.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Lease Expirations - Wholly Owned Portfolio

San Diego County

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

Available		29,343		15.4	%
2008		–		0.0	%	$	5,583		0.1	%	$	–	$	–
2009		41,026		21.5	%		957,544		24.7	%		23.34		24.32
2010		14,098		7.4	%		368,889		9.6	%		26.17		28.33
2011		60,382		31.7	%		1,410,287		36.4	%		23.36		27.96
2012		22,464		11.8	%		522,901		13.5	%		23.28		27.35
2013		–		0.0	%		20,259		0.5	%		–		–
2014		–		0.0	%		–		0.0	%		–		–
2015		23,321		12.2	%		588,342		15.2	%		25.23		32.05
2016		–		0.0	%		–		0.0	%		–		–
2017		–		0.0	%		–		0.0	%		–		–
Thereafter		–		0.0	%		–		0.0	%		–		–
Total		190,634		100.0	%	$	3,873,805		100.0	%	$	24.02	$	27.75

Leases Expiring in the Next 4 Quarters:

1st Quarter 2008		–		0.0	%	$	–		0.0	%	$	–	$	–
2nd Quarter 2008		–		0.0	%		5,583		0.1	%		–		–
3rd Quarter 2008 (3)		–		0.0	%		–		0.0	%		–		–
4th Quarter 2008		–		0.0	%		–		0.0	%		–		–
Total		–		0.0	%	$	5,583		0.1	%	$	–	$	–

__________

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

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Lease Expirations - MMO Joint Venture Portfolio

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

Available	196,188	5.1	%	$	–
2008	185,401	4.8	%		3,573,015	4.9	%	$	19.27	$	19.34
2009	541,976	14.0	%		9,980,901	13.7	%		18.42		19.23
2010	446,469	11.6	%		10,240,529	14.0	%		22.94		25.16
2011	470,990	12.2	%		9,331,980	12.8	%		19.81		21.77
2012	349,286	9.0	%		6,775,917	9.3	%		19.40		21.64
2013	242,204	6.3	%		4,307,918	5.9	%		17.79		21.68
2014	726,799	18.8	%		15,149,034	20.7	%		20.84		24.85
2015	105,013	2.7	%		1,912,811	2.6	%		18.21		22.26
2016	81,033	2.1	%		1,378,696	1.9	%		17.01		23.08
2017	37,787	1.0	%		732,423	1.0	%		19.38		28.52
Thereafter	481,354	12.4	%		9,655,737	13.2	%		20.06		28.34
Total	3,864,500	100.0	%	$	73,038,961	100.0	%	$	19.91	$	22.92

Leases Expiring in the Next 4 Quarters:

1st Quarter 2008	6,489	0.2	%	$	106,656	0.1	%	$	16.44	$	16.44
2nd Quarter 2008	38,903	0.9	%		688,495	0.9	%		17.70		17.85
3rd Quarter 2008 (3)	87,326	2.3	%		1,658,929	2.4	%		19.00		19.02
4th Quarter 2008	52,683	1.4	%		1,118,935	1.5	%		21.24		21.33
Total	185,401	4.8	%	$	3,573,015	4.9	%	$	19.27	$	19.34

__________

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

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Leasing Activity - Total Portfolio and Effective Portfolio

	Total Portfolio						Effective Portfolio (1)
	For the Three Months Ended						For the Three Months Ended
	December 31, 2007			% Leased			December 31, 2007			% Leased

Leased Square Feet as of September 30, 2007		18,096,557			85.6	%		15,185,635			84.2	%
Disposition - 18301 Von Karman		(181,804	)					(181,804	)
Revised Leased Square Feet		17,914,753			85.7	%		15,003,831			84.2	%
Expirations		(1,241,675	)		(6.0	)%		(1,157,589	)		(6.5	)%
New Leases		429,995			2.1	%		332,453			1.9	%
Renewals		282,530			1.4	%		272,258			1.5	%
Leased Square Feet as of December 31, 2007		17,385,603			83.2	%		14,450,953			81.1	%




Cash Rent Growth (2), (3)
Expiring Rate per Square Foot										$	19.23
New / Renewed Rate per Square Foot										$	25.89
Percentage Change											34.6	%

GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	19.60
New / Renewed Rate per Square Foot										$	27.28
Percentage Change											39.2	%

Weighted Average Lease Term - New (in months)											81
Weighted Average Lease Term - Renewal (in months)											43

__________

(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 and early renewals commencing after December 31, 2008.
(3)	For newly acquired properties, cash and GAAP rent growth is excluded for spaces that expired prior to our ownership and were re-leased after acquisition.
(4)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.

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Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Leasing Activity - Los Angeles Central Business District

	Total Portfolio						Effective Portfolio (1)
	For the Three Months Ended						For the Three Months Ended
	December 31, 2007			% Leased			December 31, 2007			% Leased

Leased Square Feet as of September 30, 2007, Los Angeles Central Business District		7,917,760			86.5	%		7,233,512			86.6	%
Expirations		(126,318	)		(1.4	)%		(118,804	)		(1.5	)%
New Leases		199,953			2.2	%		167,187			2.0	%
Renewals		54,734			0.6	%		54,734			0.7	%
Leased Square Feet as of December 31, 2007, Los Angeles Central Business District		8,046,129			87.9	%		7,336,629			87.8	%

Cash Rent Growth (2), (3)
Expiring Rate per Square Foot										$	17.23
New / Renewed Rate per Square Foot										$	22.81
Percentage Change											32.4	%

GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	17.11
New / Renewed Rate per Square Foot										$	26.46
Percentage Change											54.7	%

Weighted Average Lease Term - New (in months)											87
Weighted Average Lease Term - Renewal (in months)											49

__________

(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 and early renewals commencing after December 31, 2008.
(3)	For newly acquired properties, cash and GAAP rent growth is excluded for spaces that expired prior to our ownership and were re-leased after acquisition.
(4)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.

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Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Leasing Activity - Orange County

	Total Portfolio						Effective Portfolio (1)
	For the Three Months Ended						For the Three Months Ended
	December 31, 2007			% Leased			December 31, 2007			% Leased

Leased Square Feet as of September 30, 2007, Orange County		6,482,695			79.6	%		5,950,763			78.4	%
Disposition - 18301 Von Karman		(181,804	)					(181,804	)
Revised Leased Square Feet		6,300,891			79.6	%		5,768,959			78.3	%
Expirations		(958,423	)		(12.1	)%		(914,943	)		(12.4	)%
New Leases		166,760			2.1	%		123,280			1.7	%
Renewals		189,225			2.4	%		189,225			2.6	%
Leased Square Feet as of December 31, 2007, Orange County		5,698,453			72.0	%		5,166,521			70.2	%


Cash Rent Growth (2), (3)
Expiring Rate per Square Foot										$	16.90
New / Renewed Rate per Square Foot										$	24.81
Percentage Change											46.8	%

GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	16.78
New / Renewed Rate per Square Foot										$	25.33
Percentage Change											51.0	%

Weighted Average Lease Term - New (in months)											33
Weighted Average Lease Term - Renewal (in months)											40

___________

(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 and early renewals commencing after December 31, 2008.
(3)	For newly acquired properties, cash and GAAP rent growth is excluded for spaces that expired prior to our ownership and were re-leased after acquisition.
(4)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.

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Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Leasing Activity - San Diego County

	Total Portfolio						Effective Portfolio (1)
	For the Three Months Ended						For the Three Months Ended
	December 31, 2007			% Leased			December 31, 2007			% Leased

Leased Square Feet as of September 30, 2007, San Diego County		827,536			98.8	%		316,667			98.9	%
Expirations		(75,363	)		(8.9	)%		(48,478	)		(15.1	)%
New Leases		40,717			4.9	%		19,422			6.1	%
Renewals		5,081			0.6	%		1,016			0.3	%
Leased Square Feet as of December 31, 2007, San Diego County		797,971			95.4	%		288,627			90.2	%

Cash Rent Growth (2), (3)
Expiring Rate per Square Foot										$	20.13
New / Renewed Rate per Square Foot										$	23.99
Percentage Change											19.2	%

GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	19.61
New / Renewed Rate per Square Foot										$	24.97
Percentage Change											27.4	%

Weighted Average Lease Term - New (in months)											35
Weighted Average Lease Term - Renewal (in months)											33

__________

(1)	Includes 100% of our consolidated portfolio and 20% of our MMO Joint Venture properties.
(2)	Represents the difference between (i) initial market rents on new and renewed leases and (ii) the cash rents on those spaces immediately prior to the expiration or termination. Excludes new and renewed leases for spaces with more than six months of downtime and early renewals commencing after December 31, 2008.
(3)	For newly acquired properties, cash and GAAP rent growth is excluded for spaces that expired prior to our ownership and were re-leased after acquisition.
(4)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.

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Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

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

	Q4 2007		Q3 2007		Q2 2007		Q1 2007		2007		2006		2005
Renewals (5)
Number of Leases		34		51		57		10		152		74		67
Square Feet		192,419		263,217		325,574		100,196		881,406		824,516		740,375
Tenant Improvement Costs per Square Foot (4)	$	17.67	$	6.33	$	13.79	$	7.44	$	11.69	$	29.22	$	11.25
Leasing Commission Costs per Square Foot (6)	$	5.74	$	4.24	$	6.07	$	3.36	$	5.14	$	8.18	$	3.64
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	23.41	$	10.57	$	19.86	$	10.80	$	16.83	$	37.40	$	14.89
Costs per Square Foot per Year	$	4.82	$	3.34	$	2.82	$	3.68	$	3.41	$	4.78	$	3.46

New / Modified Leases (5)
Number of Leases		49		42		31		19		141		147		138
Square Feet		282,015		254,729		216,151		140,738		893,634		1,015,192		1,047,634
Tenant Improvement Costs per Square Foot (4)	$	23.90	$	12.37	$	27.35	$	33.04	$	22.89	$	20.93	$	24.29
Leasing Commission Costs per Square Foot (6)	$	7.11	$	3.38	$	9.15	$	7.01	$	6.52	$	6.34	$	5.41
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	31.01	$	15.75	$	36.50	$	40.05	$	29.41	$	27.27	$	29.70
Costs per Square Foot per Year	$	5.20	$	3.37	$	5.29	$	6.33	$	5.00	$	4.33	$	4.78

Total
Number of Leases		83		93		88		29		293		221		205
Square Feet		474,434		517,946		541,725		240,934		1,775,040		1,839,708		1,788,009
Tenant Improvement Costs per Square Foot (4)	$	21.37	$	9.30	$	19.20	$	22.40	$	17.33	$	24.64	$	18.89
Leasing Commission Costs per Square Foot (6)	$	6.56	$	3.82	$	7.30	$	5.49	$	5.84	$	7.16	$	4.68
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	27.93	$	13.12	$	26.50	$	27.89	$	23.17	$	31.80	$	23.57
Costs per Square Foot per Year	$	5.07	$	3.36	$	3.79	$	5.68	$	4.28	$	4.55	$	4.36

__________

(1)	Based on leases executed during the period. Excludes leases to related parties, short-term leases less than six months, and leases for raw space.
(2)	Tenant Improvements and Leasing Commission information are included from the date of acquisition.
(3)	Tenant Improvements and Leasing Commission information in 2007 reflects 100% of the consolidated portfolio and 20% of the MMO Joint Venture properties. Information for years prior to 2007 reflects 100% of the consolidated portfolio and 100% of the MMO Joint Venture properties.
(4)	Tenant Improvements include improvements and lease concessions.
(5)	Does not include retained tenants that have relocated to new space or expanded into new space.
(6)	Includes retained tenants that have relocated or expanded into new space and lease modifications.

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Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Historical Capital Expenditures - Office Properties (1)

	Q4 2007		Q3 2007		Q2 2007		Q1 2007		2007		2006		2005

Consolidated
Non-recoverable capital expenditures (2), (3)	$	3,412,741	$	3,287,053	$	2,989,109	$	1,637,897	$	11,326,800	$	2,454,126	$	4,502,547
Total square feet		16,051,311		16,235,902		12,396,488		11,625,652		16,051,311		11,625,028		9,150,550
Non-recoverable capital expenditures per square foot	$	0.21	$	0.20	$	0.24	$	0.14	$	0.71	$	0.21	$	0.49
Unconsolidated
Non-recoverable capital expenditures (4)	$	5,906	$	13,736	$	10,567	$	20,197	$	50,406	$	153,069
Total square feet(5)		624,674		624,654		622,610		622,610		624,674		622,561
Non-recoverable capital expenditures per square foot	$	0.01	$	0.02	$	0.02	$	0.03	$	0.08	$	0.25

Consolidated
Recoverable capital expenditures (6), (7)	$	1,132,990	$	531,567	$	632,769	$	560,157	$	2,857,483	$	1,553,935	$	1,553,935
Total square feet		16,051,311		16,235,902		12,396,488		11,625,652		16,051,311		11,625,028		9,150,550
Recoverable capital expenditures per square foot	$	0.07	$	0.03	$	0.05	$	0.05	$	0.18	$	0.13	$	0.17
Unconsolidated
Recoverable capital expenditures (4), (6)	$	–	$	–	$	5,779	$	–	$	5,779	$	122,149
Total square feet (5)		624,674		624,654		622,610		622,610		624,674		622,561
Recoverable capital expenditures per square foot	$	–	$	–	$	0.01	$	–	$	0.01	$	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 $507,000 and $619,000 of non-recoverable capital expenditures for the years ended 2006 and 2005, respectively, incurred at acquired properties following their acquisition.
(3)	Excludes $1.9 million of non-recoverable capital expenditures for the three months ended December 31, 2007 at KPMG Tower as a result of discretionary renovation costs and $9.4 million of non-recoverable capital expenditures at 3161 Michelson as a result of on-going improvements made to the building until it is leased to stabilization. Excludes $0.2 million, $0.7 million, $0.3 million, $0.7 million and $2.0 million of expenditures for the three months ended December 31, September 30, June 30, and March 31, 2007, and December 31, 2006, respectively, related to planned renovation at Lantana Media Campus.
(4)	Includes our 20% share of the MMO Joint Venture properties.
(5)	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 tenants pay for all capital expenditures.
(6)	Recoverable capital improvements, such as equipment upgrades, are generally financed through capital leases. 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.
(7)	Excludes $506,000 of recoverable capital expenditures for the year ended 2005 incurred at acquired properties following their acquisition.

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Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Hotel Performance and Hotel Historical Capital Expenditures

Hotel Performance

Westin Hotel, Pasadena, CA	Q4 2007			Q4 2006			Percent Change			YTD December 31, 2007			YTD December 31, 2006


Occupancy		79.9	%		79.9	%		(0.0	)%		80.2	%		81.6	%

Average Daily Rate	$	177.25		$	174.91			1.3	%	$	173.78		$	173.92

Revenue Per Available Room (REVPAR)	$	141.59		$	139.75			1.3	%	$	139.38		$	141.92

Hotel Net Operating Income	$	2,621,864		$	2,215,716			18.3	%	$	9,708,924		$	9,371,834

Hotel Historical Capital Expenditures


													For the Year Ended December 31,
Westin Hotel, Pasadena, CA	Q4 2007			Q3 2007			Q2 2007			Q1 2007			2007			2006			2005

Hotel Improvements and Equipment Replacements	$	172,373		$	155,827		$	148,178		$	236,577		$	712,955		$	730,531		$	313,011

Total Hotel Revenue	$	7,259,541		$	6,705,497		$	7,061,569		$	6,187,549		$	27,214,156		$	27,053,648		$	24,037,425

Hotel Improvements as a Percentage of Hotel Revenue		2.4	%		2.3	%		2.1	%		3.8	%		2.6	%		2.7	%		1.3	%

Renovation and Upgrade Costs (1)	$	–		$	–		$	–		$	–		$	–		$	164,072		$	3,461,780

__________

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

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Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Construction in Progress

					As of December 31, 2007


Property	Location	Percentage Pre-Leased			Land Value (1)		Construction Costs Incurred		Estimated Cost of Development (2)		Developed / Developable Square Feet (3)		Projected Stabilized NOI		Estimated Date of Completion
					($ in millions)		($ in millions)		($ in millions)				($ in millions)


Los Angeles County

Lantana Media Campus	Santa Monica, CA		31	%	$	17.6	$	47.9	$	66.0		198,000			2008 (4)
Lantana Media Campus - Structured Parking						–		–		22.0		223,000
						17.6		47.9		88.0		421,000		12.0 - 13.0

207 Goode Avenue	Glendale, CA		0	%		19.2		4.7		64.5		189,000		7.5 - 8.0	Second Quarter 2009

Orange County

17885 Von Karman Avenue
at Washington Mutual Irvine Campus	Irvine, CA		0	%		7.3		27.9		40.0		150,000		5.0 - 5.5	First Quarter 2008

San Diego

Mission City Corporate Center	San Diego, CA		0	%		4.2		14.1		20.5		92,000
Mission City Corporate Center - Structured Parking						–		4.5		5.4		128,000
						4.2		18.6		25.9		220,000		2.5 - 3.0	First Quarter 2008

	Total				$	48.3	$	99.1	$	218.4		980,000

__________

(1)	Land value represents the total land cost attributable to the entire project, including building and parking structure, and includes amounts capitalized for interest in excess of construction loan interest reserves and property taxes totaling approximately $2 million for 207 Goode Avenue, $3 million for Lantana Media Campus, $1 million for 17885 Von Karman Avenue, and $0.7 million for Mission City Corporate Center.
(2)	The estimated cost of development excludes land.
(3)	The developable square feet represent the office, retail, residential and parking square footages that we estimate can be developed on the referenced property.
(4)	Estimated completion date is first quarter 2008 for the East building (66,000 sq ft), and second quarter 2008 for the South building (132,000 sq ft).

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Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Development Pipeline

		As of December 31, 2007
		Developable		Type of
Property	Location	Square Feet (1)		Planned Development

Los Angeles County
755 South Figueroa	Los Angeles, CA		930,000	Office
			266,000	Structured Parking

Glendale Center - Phase II	Glendale, CA		264,000	Mixed Use
			158,000	Structured Parking

	Total Los Angeles County		1,618,000

Orange County

Stadium Tower II	Anaheim, CA		282,000	Office
			367,000	Structured Parking

Brea Financial Commons/Brea Corporate Place (3)	Brea, CA		550,000	Office, Mixed-Use
			784,000	Structured Parking

Pacific Arts Plaza	Costa Mesa, CA		468,000	Office
			225,000	Residential (4)
			260,000	Structured Parking

Park Place	Irvine, CA		1,285,000	Office, Retail & Hotel
			1,052,000	Residential
			2,376,000	Structured Parking

2600 Michelson (5)	Irvine, CA		270,000	Office
			154,000	Structured Parking

500 Orange Center (2)	Orange, CA		900,000	Office
			960,000	Structured Parking

605 City Parkway	Orange, CA		200,000	Office
			228,000	Structured Parking

City Plaza II	Orange, CA		360,000	Office
			387,000	Structured Parking

City Tower II (6)	Orange, CA		465,000	Office
			696,000	Structured Parking
	Total Orange County		12,269,000

San Diego
San Diego Tech Center (7), (8)	Sorrento Mesa, CA		1,320,000	Office
			1,674,000	Structured Parking
	Total San Diego County		2,994,000

	Total Portfolio		16,881,000

__________

(1)	The developable square feet presented represents the office, retail, hotel, residential and parking footages that we estimate can be developed on the referenced property. Management’s estimate of the development potential for certain properties has changed from the estimates presented in the second quarter 2007 supplemental package, including with respect to the addition of estimated square footage of parking for certain assets as to which parking estimates had not been included prior to the third quarter of 2007. The basis for each revised estimate is indicated in the corresponding footnote.
(2)	The developable square feet presented represents management’s estimate of the development potential for the referenced property based on the allowed density under current zoning. Approximately 60,000 square feet of the estimated development potential will require the consolidation of an adjacent remnant parcel in cooperation with the City of Orange.
(3)	The developable square feet presented represents management’s estimate of the development potential for the referenced property based on the allowed density under current zoning and capacity considerations for the site still under planning review.
(4)	The developable square feet presented represents management’s estimate of the development potential for the referenced property based on the construction of 180 residential units as contemplated under a Program EIR completed by the City of Costa Mesa for this and other surrounding properties. This residential development would replace an existing 67,450 square foot office building at Pacific Arts Plaza.
(5)	The developable square feet presented represents management’s estimate of the development potential for the referenced property based on an allocation of excess trips reserved from our disposition of Inwood Park, which we are currently in discussion with the City of Irvine over securing, and the potential utilization of excess trips from our other assets in the Irvine Business Complex (i.e. Park Place).
(6)	The developable square feet presented represents management’s estimate of the development potential for the referenced property based on the allowed density under a Conditional Use Permit obtained for the property in 2001, which has since expired.
(7)	Land held for development was not contributed to the MMO Joint Venture.
(8)	The third phase contemplates the demolition of 120,000 square feet of existing space.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2007

Management Statements on Non-GAAP Supplemental Measures

Funds from Operations:

Funds from Operations, or FFO, is a widely recognized measure of REIT performance. We calculate FFO as defined by the National Association of Real Estate Investment Trusts, or NAREIT. FFO represents net income (loss) (as computed in accordance with accounting principles generally accepted in the United States of America, or GAAP), excluding gains (or losses) from disposition 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 regarding 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 (for example, a floating interest rate instead of a 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 disposed of, 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 of 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. As a result, 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 meet 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 flows from operating activities (as computed in accordance with GAAP).

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth 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) 2nd generation tenant improvements 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 using the method we do. As a result, 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 (as computed in accordance with GAAP) as a measure of our liquidity.

EBITDA:

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 (as 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. As a result, our EBITDA may not be comparable to such other Equity 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 (for example, a floating interest rate instead of a 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 disposed of, 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.

Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth 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 (as computed in accordance with GAAP) as a measure of our liquidity.

MPG Office Trust Inactive 8-KMaguire Properties Reports Fourth Quarter 2007