MPG Office Trust 8-K Maguire Properties Reports Fourth Quarter 2008

Exhibit 99.2

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

Table of Contents

 

		PAGE
Corporate Data		1
	Quarterly Highlights	2
	Investor Information	3
	Common Stock Data	5
Consolidated Financial Results		6
	Financial Highlights	7
	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	19
	Debt Maturities	20
	MMO Joint Venture Debt Maturities	21
Portfolio Data		22
	Same Store Analysis	23
	Portfolio Overview	24
	Portfolio Geographic Distribution	28
	Portfolio Overview — Leased Rates and Weighted Average Remaining Lease Term	29
	Major Tenants — Office Properties	30
	Portfolio Tenant Classification Description	32
	Lease Expirations — Wholly Owned Portfolio	33
	Lease Expirations — Wholly Owned Portfolio (Los Angeles County)	34
	Lease Expirations — Wholly Owned Portfolio (Orange County)	35
	Lease Expirations — MMO Joint Venture Portfolio	36
	Leasing Activity — Total Portfolio and Effective Portfolio	37
	Leasing Activity — Los Angeles Central Business District	38
	Leasing Activity — Orange County	39
	Tenant Improvements and Leasing Commissions	40
	Historical Capital Expenditures — Office Properties	41
	Hotel Performance and Hotel Historical Capital Expenditures	42
	Construction in Progress	43
	Development Pipeline	44
	Management Statements on Non-GAAP Supplemental Measures	46

This supplemental package contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  We caution investors that any forward-looking statements presented herein are based on management’s beliefs and assumptions made by, and information currently available to management.  Such statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control.  Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected.  These factors include, without limitation: 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 our ability to dispose of properties, if and when we decide to do so, at prices or terms set by or acceptable to us; risks associated with the potential failure to effectively manage our 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, volatility in the securities markets, and contraction in the credit markets affecting our ability to refinance existing loans as they come due; risks associated with joint ventures; potential liability for uninsured losses and environmental contamination; risks associated with our 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 our dependence on key personnel whose continued service is not guaranteed.

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

Corporate Data

1

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

 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.

As of December 31, 2008, our office portfolio was comprised of whole or partial interests in 36 properties totaling approximately 20 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 45,000 vehicles.  We have two projects under development that total approximately 255,000 square feet of office space.  We also own undeveloped land that we believe can support up to approximately 8 million square feet of office, hotel, retail and residential development and approximately 8 million square feet of structured parking.

This Supplemental Operating and Financial Data package should be read in conjunction with our consolidated financial statements for the year ended December 31, 2008 that will subsequently be reported in our Annual Report on Form 10-K to be filed with the Securities and Exchange Commission (SEC) on or before March 16, 2009.  For more information on Maguire Properties, visit our website at www.maguireproperties.com.

Debt:
During October 2008, we extended our City Parkway mortgage loan for one year to May 9, 2010. We have two one-year extensions available at our option that would allow us to extend the maturity of this loan to May 9, 2012, subject to certain conditions.
During November 2008, we also extended our Brea Corporate Place and Brea Financial Commons mortgage loan for one year to May 1, 2010.  We have two one-year extensions available at our option that would allow us to extend the maturity of this loan to May 1, 2012, subject to certain conditions.
As of December 31, 2008, approximately 84% of our outstanding debt is fixed (or swapped to a fixed rate) at a weighted average interest rate of approximately 5.7% with a weighted average remaining term of approximately six years.
Leasing Activities:
During the fourth quarter, new leases and renewals were executed for approximately 0.6 million square feet (including our pro rata share of our joint venture properties).  Cash rent on new leases completed during the quarter increased 8% in our Effective Portfolio, compared to cash rents on those spaces immediately prior to their expiration, and GAAP rent increased 24% compared to prior GAAP rents.  Leases totaling approximately 0.5 million square feet expired during the fourth quarter (including our pro rata share of our joint venture properties).   Development Activities:
We placed the Lantana South building in service during the fourth quarter of 2008.  The Lantana South building is a 132,976 square foot office building and is approximately 72% leased as of December 31, 2008.
Tenant improvement work at Lantana East began in fourth quarter 2008.  Tenant improvements are scheduled according to our tenants’ expected move-in dates.  The Lantana East building is a 66,000 square foot office building located, along with Lantana South, in Santa Monica, California.  As of the date of this report, 100% of Lantana East has been pre-leased.
Construction activities continued at 207 Goode during the fourth quarter of 2008.  Roofing activities are 50% complete, and interior work is 50% complete in common areas.  Installation of the elevator cabs has begun and is approximately 65% complete.  We expect to complete construction of the building in mid-2009.  207 Goode is an eight-story, 189,000 square foot office building located in Glendale, California.     Orange County Asset Disposition Program:
In December 2008, we made the decision to dispose of our property at 3161 Michelson located in Irvine, California and have classified this property as held for sale in our consolidated financial statements.  We recorded a non-cash impairment charge totaling $50.0 million during the fourth quarter of 2008 pursuant to Statement of Financial Accounting Standards No. 144, Accounting for Impairment or Disposal of Long-Lived Assets, related to the writedown of 3161 Michelson to its estimated fair value, less estimated costs to sell, as of December 31, 2008.

2

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

 Investor Information

355 South Grand Avenue, Suite 3300

Los Angeles, CA 90071

Tel.  (213) 626-3300

Fax  (213) 687-4758

Senior Management

Nelson C. Rising	President and Chief Executive Officer	Ted J. Bischak	Senior Vice President, Asset Management
Douglas J. Gardner	Executive Vice President, Operations	Robert P. Goodwin	Senior Vice President, Construction and Development
Mark T. Lammas	Executive Vice President, Investments	Peter K. Johnston	Senior Vice President, Leasing
Shant Koumriqian	Executive Vice President, Chief Financial Officer	Peggy M. Moretti	Senior Vice President, Investor and Public Relations
Jonathan L. Abrams	Senior Vice President, General Counsel and Secretary	Christopher C. Rising	Senior Vice President, Strategic Initiatives

Corporate

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

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

Transfer Agent	Timing
American Stock Transfer & Trust Company 59 Maiden Lane New York, NY  10038 (718) 921-8201 www.amstock.com	Quarterly results for 2009 will be announced according to the following schedule:
	First Quarter	May 2009
	Second Quarter	August 2009
	Third Quarter	November 2009
	Fourth Quarter	March 2010

3

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

 Investor Information (continued)

Equity Research Coverage

Citigroup Global Markets Inc.	Michael Bilerman	(212) 816-1383
Credit Suisse	Steven Benyik	(212) 538-0239
Deutsche Bank Securities, Inc.	Louis Taylor	(212) 250-4912
Friedman, Billings, Ramsey & Co., 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
Merrill Lynch & Co., Inc.	Steve Sakwa	(212) 449-0335
Raymond James Financial, Inc.	Paul Puryear	(727) 567-2253
RBC Capital Markets	Dave Rodgers	(440) 715-2647
Robert W. Baird & Company	David Aubuchon	(314) 863-4235
Stifel, Nicolaus & Co., Inc.	John Guinee	(443) 224-1307
Wachovia Securities, LLC	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.

4

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

  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:

	2008												2007
	4th Quarter			3rd Quarter			2nd Quarter			1st Quarter			4th Quarter
High price	$	6.79		$	16.32		$	17.65		$	29.90		$	30.73
Low price	$	1.03		$	4.75		$	11.83		$	12.42		$	23.84
Closing price	$	1.46		$	5.96		$	12.17		$	14.31		$	29.47
Dividends per share - annualized	$	–		$	–		$	–		$	–		$	1.60
Closing dividend yield - annualized		(1	)		(1	)		(1	)		(1	)		5.43	%
Closing common shares and Operating Partnership      units outstanding (in thousands)		54,650			54,559			54,655			54,610			54,592
Closing market value of common shares and      Operating Partnership units outstanding      (in thousands)	$	79,788		$	325,173		$	665,152		$	781,457		$	1,608,813
Dividend Information:
Common Stock
Dividend amount per share		(1	)		(1	)		(1	)		(1	)	$	0.4000
Declaration date													December 17, 2007
Record date													December 31, 2007
Payment date													January 31, 2008
Series A Preferred Stock
Dividend amount per share		(2	)	$	0.4766		$	0.4766		$	0.4766		$	0.4766
Declaration date				September 18, 2008			June 24, 2008			April 1, 2008			December 17, 2007
Record date				October 10, 2008			July 11, 2008			April 11, 2008			December 31, 2007
Payment date				October 31, 2008			July 31, 2008			April 30, 2008			January 31, 2008

__________

(1)	The Board of Directors did not declare a dividend on our common stock for the quarters ended December 31, September 30, June 30 and March 31, 2008.  There can be no assurance given that we will continue to make distributions on our common stock at historical levels or at all.
(2)	The Board of Directors did not declare a dividend on our Series A Preferred Stock for the quarter ended December 31, 2008. Dividends on our Series A Preferred Stock are cumulative, and therefore, will continue to accrue at an annual rate of $1.9064 per share.

5

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

Consolidated Financial Results

6

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

  Financial Highlights

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

	For the Three Months Ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007
Income Items:
Revenue (1)	$	137,914		$	133,687		$	135,999		$	139,433		$	146,192
Straight line rent		3,011			3,944			3,805			3,320			2,540
Fair value lease revenue (2)		5,643			5,930			6,985			7,200			8,374
Lease termination fees		590			13			86			416			342
Office property operating margin (3)		60.1	%		60.2	%		61.3	%		61.5	%		60.9	%
Loss income available to common stockholders	$	(96,305	)	$	(72,524	)	$	(110,628	)	$	(48,591	)	$	(44,462	)
Loss income available to common stockholders -           basic and diluted		(2.02	)		(1.52	)		(2.32	)		(1.03	)		(0.95	)
Funds from operations (FFO) available to           common stockholders (4)	$	(42,180	)	$	(20,158	)	$	(56,383	)	$	(678	)	$	6,715
FFO per share - basic (4)		(0.88	)		(0.42	)		(1.18	)		(0.01	)		0.14
FFO per share - diluted (4)		(0.88	)		(0.42	)		(1.18	)		(0.01	)		0.14
FFO per share before specified items - basic (4)		0.04			0.04			0.10			0.10			0.16
FFO per share before specified items - diluted (4)		0.04			0.04			0.09			0.10			0.16
Dividends declared per common share	$	–		$	–		$	–		$	–		$	0.4000
Dividends declared per preferred share (5)		–			0.4766			0.4766			0.4766			0.4766
Ratios:
Interest coverage ratio (6)		0.40			0.70			0.14			1.01			1.07
Interest coverage ratio before specified items (7)		1.08			1.05			1.08			1.10			1.09
Fixed-charge coverage ratio (8)		0.37			0.65			0.13			0.94			1.01
Fixed-charge coverage ratio before specified items (9)		1.00			0.97			1.00			1.02			1.02
FFO payout ratio (10)		–			–			–			–			279.4	%
FFO payout ratio before specified items (11)		–			–			–			–			250.9	%
AFFO payout ratio (12)		–			–			–			–			-104.3	%
Capitalization:
Common stock price @ quarter end	$	1.46		$	5.96		$	12.17		$	14.31		$	29.47
Total consolidated debt	$	4,882,809		$	4,874,471		$	5,052,546		$	5,033,505		$	5,003,341
Preferred stock liquidation preference		250,000			250,000			250,000			250,000			250,000
Common equity value @ quarter end (13)		79,788			325,173			665,152			781,457			1,608,813
Total consolidated market capitalization	$	5,212,597		$	5,449,644		$	5,967,698		$	6,064,962		$	6,862,154
Company share of MMO joint venture debt		161,420			161,566			161,707			161,846			161,987
Total combined market capitalization	$	5,374,017		$	5,611,210		$	6,129,405		$	6,226,808		$	7,024,141
Total consolidated debt / total consolidated           market capitalization		93.7	%		89.4	%		84.7	%		83.0	%		72.9	%
Total combined debt / total combined           market capitalization		93.9	%		89.7	%		85.1	%		83.4	%		73.5	%
Total consolidated debt plus liquidation           preference / total consolidated           market capitalization		98.5	%		94.0	%		88.9	%		87.1	%		76.6	%
Total combined debt plus liquidation           preference / total combined           market capitalization		98.5	%		94.2	%		89.1	%		87.5	%		77.1	%

7

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

  Financial Highlights (continued)

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

(1)	Excludes revenue from discontinued operations of approximately $2 million, $6 million, $8 million, $8 million and $9 million for the three months ended December 31, September 30, June 30, March 31, 2008 and December 31, 2007, 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 46.  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 October 31, July 31, April 30 and January 31, 2008, respectively.
(6)	Calculated as earnings before interest, taxes and depreciation and amortization and preferred dividends, or EBITDA, of $28,970, $51,839, $10,806, $76,028 and $86,573, respectively, divided by cash paid for interest of $73,055, $73,547, $74,570, $75,084 and $80,577, respectively.  For a discussion of EBITDA, see page 48.  For a quantitative reconciliation of the differences between EBITDA and net income, see page 15.
(7)	Calculated as Adjusted EBITDA of $78,970, $76,899, $80,194, $82,430 and $87,459, respectively, divided by cash paid for interest of $73,055, $73,547, $74,570, $75,084 and $80,577, respectively.  For a discussion of Adjusted EBITDA, see page 48.
(8)	Calculated as EBITDA of $28,970, $51,839, $10,806, $76,028 and $86,573, respectively, divided by fixed charges of $79,166, $79,342, $80,150, $80,529 and $85,870, respectively.
(9)	Calculated as Adjusted EBITDA of $78,970, $76,899, $80,194, $82,430 and $87,459, respectively, divided by fixed charges of $79,166, $79,342, $80,150, $80,529 and $85,870, respectively.
(10)	Calculated as dividends declared per common share divided by FFO per share - diluted.
(11)	Calculated as dividends declared per common share divided by FFO per share before specified items – diluted.
(12)	Calculated as common stock dividends and Operating Partnership distributions declared of $21,710 for the three months ended December 31, 2007 divided by AFFO of ($20,822) for the three months ended December 31, 2007.  The Board of Directors did not declare a dividend on our common stock for the quarters ended December 31, September 30, June 30 and March 31, 2008.  There can be no assurance given that we will continue to make distributions on our common stock at historical levels or at all.  For a definition of AFFO, see page 47.  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.  Our limited partners have the right to redeem all or part of their Operating Partnership units at any time.  At the time of redemption, we have the right to determine whether to redeem the Operating Partnership units for cash, based upon the fair market value of an equivalent number of shares of our common stock at the time of redemption, or exchange them for shares of our common stock on a one-for-one basis, subject to adjustment in the event of stock splits, stock dividends, issuance of stock rights, specified extraordinary distribution and similar events.

8

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

  Consolidated Balance Sheets

(unaudited and in thousands)

	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007
Assets
Investments in real estate	$	5,026,688		$	5,219,538		$	5,492,942		$	5,490,807		$	5,439,044
Less: accumulated depreciation		(604,302	)		(576,329	)		(552,300	)		(514,454	)		(476,337	)
		4,422,386			4,643,209			4,940,642			4,976,353			4,962,707
Cash, cash equivalents and restricted cash		280,166			351,246			308,382			345,384			414,092
Rents, deferred rents and other receivables, net		86,519			85,778			87,576			85,116			81,454
Deferred charges, net		184,156			193,384			207,202			217,291			230,994
Other assets		31,585			36,096			33,486			46,903			42,206
Investment in unconsolidated joint ventures		11,606			13,326			14,886			16,759			18,325
Assets associated with real estate held for sale		182,597			–			–			–			–
Total assets	$	5,199,015		$	5,323,039		$	5,592,174		$	5,687,806		$	5,749,778
Liabilities, minority interests and stockholders' (deficit) equity
Mortgage and other secured loans	$	4,714,090		$	4,874,471		$	5,052,546		$	5,033,505		$	5,003,341
Dividends and distributions payable		–			3,177			3,177			–			24,888
Accounts payable, accrued interest payable and other liabilities		221,066			214,119			212,558			215,632			207,741
Acquired below-market leases, net		112,173			119,895			135,268			145,365			155,824
Obligations associated with real estate held for sale		171,348			–			–			–			–
Total liabilities		5,218,677			5,211,662			5,403,549			5,394,502			5,391,794
Minority interests		–			–			–			4,904			14,670
Stockholders' (deficit) equity
Common and preferred stock and additional paid-in capital		696,840			695,361			695,206			695,235			692,090
Accumulated deficit and dividends		(656,606	)		(563,478	)		(490,954	)		(377,149	)		(331,735	)
Accumulated other comprehensive loss, net		(59,896	)		(20,506	)		(15,627	)		(29,686	)		(17,041	)
Total stockholders' (deficit) equity		(19,662	)		111,377			188,625			288,400			343,314
Total liabilities, minority interests and stockholders' (deficit) equity	$	5,199,015		$	5,323,039		$	5,592,174		$	5,687,806		$	5,749,778

   

9

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

  Consolidated Statements of Operations

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

	For the Three Months Ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007
Revenue:
Rental	$	84,587		$	82,869		$	84,615		$	85,163		$	88,573
Tenant reimbursements		29,875			27,929			26,058			28,230			28,786
Hotel operations		6,448			6,301			6,986			6,881			7,260
Parking		13,382			12,914			13,263			13,687			13,319
Management, leasing and development services		1,305			1,518			1,857			1,957			2,510
Interest and other		2,317			2,156			3,220			3,515			5,744
Total revenue		137,914			133,687			135,999			139,433			146,192
Expenses:
Rental property operating and maintenance		33,539			32,665			30,901			32,287			32,957
Hotel operating and maintenance		4,021			4,102			4,567			4,415			4,548
Real estate taxes		13,314			12,499			13,462			12,888			13,571
Parking		4,210			4,125			3,616			3,787			4,588
General and administrative		8,038			9,052			27,071			16,674			9,789
Other expense		1,359			1,574			1,405			1,528			2,050
Depreciation and amortization		44,502			45,087			46,030			47,681			50,040
Interest		67,621			63,697			62,602			64,214			66,114
Loss from early extinguishment of debt		–			1,463			–			–			886
Total expenses		176,604			174,264			189,654			183,474			184,543
Loss from continuing operations before equity in net
loss of unconsolidated joint venture      and minority interests		(38,690	)		(40,577	)		(53,655	)		(44,041	)		(38,351	)
Equity in net loss of unconsolidated joint venture		(330	)		(98	)		(388	)		(276	)		(426	)
Minority interests allocated to continuing operations		–			–			3,436			6,555			5,892
Loss from continuing operations		(39,020	)		(40,675	)		(50,607	)		(37,762	)		(32,885	)
Discontinued Operations:
Loss from discontinued operations      before minority interests		(52,519	)		(27,083	)		(58,683	)		(6,998	)		(7,877	)
Minority interests allocated to      discontinued operations		–			–			3,428			935			1,066
Loss from discontinued operations		(52,519	)		(27,083	)		(55,255	)		(6,063	)		(6,811	)
Net loss		(91,539	)		(67,758	)		(105,862	)		(43,825	)		(39,696	)
Preferred stock dividends		(4,766	)		(4,766	)		(4,766	)		(4,766	)		(4,766	)
Net loss available to common stockholders	$	(96,305	)	$	(72,524	)	$	(110,628	)	$	(48,591	)	$	(44,462	)
Basic and diluted loss per common share:
Loss from continuing operations available to      common stockholders	$	(0.92	)	$	(0.95	)	$	(1.16	)	$	(0.90	)	$	(0.80	)
Loss from discontinued operations		(1.10	)		(0.57	)		(1.16	)		(0.13	)		(0.15	)
Net loss available to common stockholders	$	(2.02	)	$	(1.52	)	$	(2.32	)	$	(1.03	)	$	(0.95	)
Weighted average number of common      shares outstanding		47,777,101			47,773,575			47,615,421			46,982,531			46,870,622

10

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

 Consolidated Statements of Discontinued Operations

(unaudited and in thousands)

	For the Three Months Ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007
Revenue:
Rental	$	1,911		$	4,452		$	6,620		$	6,995		$	7,563
Tenant reimbursements		(30	)		718			558			536			371
Parking		113			392			632			523			647
Interest and other		270			51			95			222			177
Total revenue		2,264			5,613			7,905			8,276			8,758
Expenses:
Rental property operating and maintenance		448			1,629			2,326			2,478			2,617
Real estate taxes		(98	)		1,018			1,414			1,356			1,112
Parking		453			517			608			478			496
Depreciation and amortization		1,649			1,880			4,997			5,427			6,816
Impairment of long-lived assets		50,000			21,796			51,898			–			–
Interest		2,331			4,055			5,345			5,535			5,594
Loss from early extinguishment of debt		–			1,801			–			–			–
Total expenses		54,783			32,696			66,588			15,274			16,635
Loss from discontinued operations before minority interests		(52,519	)		(27,083	)		(58,683	)		(6,998	)		(7,877	)
Minority interests allocated to discontinued operations		–			–			3,428			935			1,066
Loss from discontinued operations	$	(52,519	)	$	(27,083	)	$	(55,255	)	$	(6,063	)	$	(6,811	)

11

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

MMO Unconsolidated Joint Venture Statements of Operations

(unaudited and in thousands)

 

	For the Three Months Ended
	December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007
Revenue:
Rental	$	21,445		$	22,562		$	21,888		$	22,110		$	21,458
Tenant reimbursements		6,579			6,684			5,148			6,972			7,857
Parking		2,041			2,210			2,318			2,232			2,426
Interest and other		85			2,422			48			66			67
Total revenue		30,150			33,878			29,402			31,380			31,808
Expenses:
Rental property operating and maintenance		7,049			6,467			6,309			6,119			6,563
Real estate taxes		2,419			3,298			2,034			3,815			3,797
Parking		445			422			424			449			411
Depreciation and amortization		11,018			13,375			11,884			11,514			12,250
Interest		11,008			11,014			10,907			10,917			11,061
Other		1,370			1,359			1,566			1,255			1,195
Total expenses		33,309			35,935			33,124			34,069			35,277
Net loss	$	(3,159	)	$	(2,057	)	$	(3,722	)	$	(2,689	)	$	(3,469	)
Company share	$	(631	)	$	(412	)	$	(744	)	$	(538	)	$	(694	)
Intercompany eliminations		301			314			356			262			268
Equity in net loss of unconsolidated joint venture	$	(330	)	$	(98	)	$	(388	)	$	(276	)	$	(426	)

12

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

 Funds from Operations

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

		For the Three Months Ended
		December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007
Reconciliation of net loss to funds from operations:
Net loss available to common stockholders		$	(96,305	)	$	(72,524	)	$	(110,628	)	$	(48,591	)	$	(44,462	)
Add:	Depreciation and amortization of real      estate assets		46,052			46,881			50,888			52,995			56,733
	Depreciation and amortization of real estate         assets - unconsolidated joint venture (1)		2,204			2,675			2,377			2,303			2,451
	Minority interests		–			–			(6,864	)		(7,490	)		(6,958	)
Funds from operations available to common      stockholders and unit holders (FFO) (2)		$	(48,049	)	$	(22,968	)	$	(64,227	)	$	(783	)	$	7,764
Company share of FFO (3)		$	(42,180	)	$	(20,158	)	$	(56,383	)	$	(678	)	$	6,715
FFO per share - basic		$	(0.88	)	$	(0.42	)	$	(1.18	)	$	(0.01	)	$	0.14
FFO per share - diluted		$	(0.88	)	$	(0.42	)	$	(1.18	)	$	(0.01	)	$	0.14
Weighted average number of common shares      outstanding - basic			47,777,101			47,773,575			47,615,421			46,982,531			46,870,622
Weighted average number of common and common      equivalent shares outstanding - diluted			47,777,868			47,778,955			47,875,984			47,026,291			46,899,660
Weighted average diluted shares and units			54,452,441			54,453,528			54,550,557			54,319,693			54,305,576
Reconciliation of FFO to FFO before specified       items: (2)
FFO available to common stockholders and      unit holders (FFO)		$	(48,049	)	$	(22,968	)	$	(64,227	)	$	(783	)	$	7,764
Add:	Loss from early extinguishment of debt      included in continuing operations		–			1,463			–			–			886
	Loss from early extinguishment of debt      included in discontinued operations		–			1,801			–			–			–
	Impairment of long-lived assets included      in discontinued operations		50,000			21,796			51,898			–			–
	Costs associated with strategic alternatives       and management changes		–			–			17,490			6,402			–
FFO before specified items		$	1,951		$	2,092		$	5,161		$	5,619		$	8,650
Company share of FFO before specified items (3)		$	1,713		$	1,836		$	4,531		$	4,869		$	7,477
FFO per share before specified items - basic		$	0.04		$	0.04		$	0.10		$	0.10		$	0.16
FFO per share before specified items - diluted		$	0.04		$	0.04		$	0.09		$	0.10		$	0.16

__________  

(1)	Amount represents our 20% ownership interest in the MMO joint venture.
(2)	For the definition and discussion of FFO and FFO before specified items, see page 46.
(3)	Based on a weighted average interest in our Operating Partnership of approximately 87.8% for the three months ended December 31, September 30 and June 30, 2008, 86.6% for the three months ended March 31, 2008 and 86.4% for the three months ended December 31, 2007.

13

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

 Adjusted Funds from Operations (1)

(unaudited and in thousands) 

 

		For the Three Months Ended
		December 31, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007
FFO		$	(48,049	)	$	(22,968	)	$	(64,227	)	$	(783	)	$	7,764
Add:	Non-real estate depreciation		99			86			1,711			113			123
	Straight line ground lease expense		51			620			582			609			609
	Amortization of deferred financing costs		2,243			1,790			2,085			3,597			3,321
	Non-cash stock compensation		1,443			1,385			(93	)		2,266			1,653
	Impairment of long-lived assets		50,000			21,796			51,898			–			–
	Loss from early extinguishment of debt (2)		–			3,264			–			–			886
Deduct:	Straight line rent		3,784			4,909			4,281			3,713			2,907
	Fair value lease revenue		5,643			6,457			7,972			8,267			9,749
	Capitalized payments (3)		5,520			7,137			8,664			8,852			12,173
	Non-recoverable capital expenditures (4), (5)		620			2,959			2,523			4,470			3,413
	Recoverable capital expenditures		704			145			56			292			1,133
	Hotel improvements, equipment upgrades       and replacements		290			254			111			45			172
	2nd generation tenant improvements and       leasing commissions (6), (7)		7,878			3,614			6,617			3,530			5,048
	MMO joint venture AFFO adjustments		532			638			610			418			583
Adjusted funds from operations (AFFO)		$	(19,184	)	$	(20,140	)	$	(38,878	)	$	(23,785	)	$	(20,822	)

__________  

(1)	For the definition and computation method of AFFO, see page 47.  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, 2008 includes approximately $2 million in losses from early extinguishment of debt attributable to discontinued operations and approximately $1 million related to the termination of the $130.0 million revolving credit facility.
(3)	Includes capital lease principal payments, regular principal payments required to service our debt, capitalized leasing and development payroll, and capitalized interest.
(4)	Excludes $2.8 million and $3.3 million of non-recoverable capital expenditures for the three months ended June 30 and March 31, 2008, respectively, as a result of discretionary renovation costs at KPMG Tower.  Excludes $0.3 million of non-recoverable capital expenditures for the three months ended March 31, 2008 as a result of planned renovation at Lantana Media Campus.
(5)	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.  Excludes $0.2 million of expenditures for the three months ended December 31, 2007 related to planned renovation at Lantana Media Campus.
(6)	Excludes 1st generation tenant improvements and leasing commissions of $6.2 million, $0.4 million, $0.4 million, $1.1 million and $1.1 million for the three months ended December 31, September 30, June 30 and March 31, 2008, and December 31, 2007, respectively.
(7)	Excludes tenant improvements and leasing commissions paid using cash reserves that were funded through loan proceeds upon acquisition or debt refinancing of $6.2 million, $5.5 million, $12.7 million, $11.3 million and $14.0 million for the three months ended December 31, September 30, June 30 and March 31, 2008, and December 31, 2007, respectively.

14

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

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, 2008			September 30, 2008			June 30, 2008			March 31, 2008			December 31, 2007
Reconciliation of net loss to earnings before interest,      taxes and depreciation and amortization (EBITDA):
Net loss		$	(91,539	)	$	(67,758	)	$	(105,862	)	$	(43,825	)	$	(39,696	)
Add:	Minority interests		–			–			(6,864	)		(7,490	)		(6,958	)
	Interest expense (3)		69,952			67,752			67,947			69,749			71,708
	Company share of interest expense included in      unconsolidated joint venture		2,202			2,203			2,181			2,183			2,212
	Depreciation and amortization (4)		46,151			46,967			51,027			53,108			56,856
	Company share of depreciation and amortization      included in unconsolidated joint venture		2,204			2,675			2,377			2,303			2,451
EBITDA		$	28,970		$	51,839		$	10,806		$	76,028		$	86,573
EBITDA		$	28,970		$	51,839		$	10,806		$	76,028		$	86,573
Add:	Loss from early extinguishment of debt      included in continuing operations		–			1,463			–			–			886
	Loss from early extinguishment of debt      included in discontinued operations		–			1,801			–			–			–
	Impairment of long-lived assets included in         discontinued operations		50,000			21,796			51,898			–			–
	Costs associated with strategic alternatives      and management changes		–			–			17,490			6,402			–
Adjusted EBITDA		$	78,970		$	76,899		$	80,194		$	82,430		$	87,459
Reconciliation of cash flows from operating activities to      adjusted funds from operations (AFFO):
Cash flows from operating activities		$	(26,978	)	$	(7,588	)	$	4,109		$	(12,201	)	$	(11,838	)
Changes in other assets and liabilities			17,286			(5,580	)		(33,680	)		(3,247	)		782
Non-recoverable capital expenditures			(620	)		(2,959	)		(2,523	)		(4,470	)		(3,413	)
Recoverable capital expenditures			(704	)		(145	)		(56	)		(292	)		(1,133	)
Hotel improvements, equipment upgrades and replacements			(290	)		(254	)		(111	)		(45	)		(172	)
2nd generation tenant improvements and leasing            commissions (5), (6)			(7,878	)		(3,614	)		(6,617	)		(3,530	)		(5,048	)
AFFO		$	(19,184	)	$	(20,140	)	$	(38,878	)	$	(23,785	)	$	(20,822	)

__________ 

(1)	For the definition and discussion of EBITDA and Adjusted EBITDA, see page 48.
(2)	For the definition and discussion of AFFO, see page 47.
(3)	Includes interest expense of $2.3 million, $4.1 million, $5.3 million, $5.5 million and $5.6 million for the three months ended December 31, September 30, June 30, March 31, 2008, and December 31, 2007, respectively, related to discontinued operations.
(4)	Includes depreciation and amortization of $1.6 million, $1.9 million, $5.0 million, $5.4 million and $6.8 million for the three months ended December 31, September 30, June 30 and March 31, 2008, and December 31, 2007, respectively, related to discontinued operations.
(5)	Excludes 1st generation tenant improvements and leasing commissions of $6.2 million, $0.4 million, $0.4 million, $1.1 million and $1.1 million for the three months ended December 31, September 30, June 30 and March 31, 2008, and December 31, 2007, respectively.
(6)	Excludes tenant improvements and leasing commissions paid by cash reserves that were funded through loan proceeds upon acquisition or debt refinancing of $6.2 million, $5.5 million, $12.7 million, $11.3 million and $14.0 million for the three months ended December 31, September 30, June 30 and March 31, 2008, and December 31, 2007, respectively.

15

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

Capital Structure

Debt
(in thousands)
			Balance as of
			December 31, 2008
Mortgage and other secured loans (including mortgage associated with real estate held for sale)			$	4,882,809
Company share of MMO joint venture debt				161,420
Total combined debt			$	5,044,229
Equity
(in thousands)
	Shares Outstanding		Total Liquidation Preference
Preferred stock		10,000	$	250,000
	Shares & Units Outstanding		Market Value (1)
Common stock		47,975	$	70,043
Operating Partnership units		6,675		9,745
Total common equity		54,650	$	79,788
Total consolidated market capitalization			$	5,212,597
Total combined market capitalization (2)			$	5,374,017

__________ 

(1)	Value based on the New York Stock Exchange closing price of $1.46 on December 31, 2008.
(2)	Includes our share of Maguire Macquarie Office ("MMO") joint venture debt.

16

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

Debt Summary

(in thousands, except percentages)

	Maturity Date	Principal Balance as of December 31, 2008			% of Debt			Interest Rate as of December 31, 2008 (1)
Floating-Rate Debt
Repurchase facility (2)	May 1, 2011	$	35,000			0.72	%		2.19	%
Construction Loans:
3161 Michelson (3)	September 28, 2009		168,719			3.46	%		3.44	%
Lantana Media Campus (4)	June 13, 2009		79,953			1.64	%		3.44	%
17885 Von Karman	June 30, 2010		24,145			0.49	%		5.50	%
2385 Northside Drive	August 6, 2010		13,991			0.29	%		5.50	%
207 Goode (5)	May 1, 2010		9,133			0.19	%		2.24	%
Total construction loans			295,941			6.07	%		3.67	%
Variable-Rate Mortgage Loans:
Griffin Towers (6)	May 1, 2010		125,000			2.56	%		6.50	%
Plaza Las Fuentes (7)	September 29, 2010		99,800			2.04	%		3.69	%
500-600 City Parkway (8)	May 9, 2010		98,751			2.02	%		1.79	%
Brea Corporate Place (9)	May 1, 2010		70,469			1.44	%		2.39	%
Brea Financial Commons (9)	May 1, 2010		38,532			0.79	%		2.39	%
Total variable-rate mortgage loans			432,552			8.85	%		3.74	%
Variable-Rate Swapped to Fixed-Rate:
KPMG Tower (10)	October 9, 2012		399,318			8.18	%		7.16	%
207 Goode (5)	May 1, 2010		25,000			0.51	%		7.36	%
Total variable-rate swapped to fixed-rate loans			424,318			8.69	%		7.18	%
Total floating-rate debt			1,187,811			24.33	%		4.90	%
Fixed-Rate Debt
Wells Fargo Tower	April 6, 2017		550,000			11.26	%		5.68	%
Two California Plaza (11)	May 6, 2017		466,217			9.55	%		5.50	%
Gas Company Tower	August 11, 2016		458,000			9.38	%		5.10	%
Pacific Arts Plaza	April 1, 2012		270,000			5.53	%		5.15	%
777 Tower (11)	November 1, 2013		269,835			5.53	%		5.84	%
US Bank Tower	July 1, 2013		260,000			5.32	%		4.66	%
550 South Hope Street (11)	May 6, 2017		198,444			4.07	%		5.67	%
Park Place I	November 1, 2014		170,000			3.48	%		5.64	%
City Tower (11)	May 10, 2017		139,834			2.86	%		5.85	%
Glendale Center	August 11, 2016		125,000			2.56	%		5.82	%
500 Orange Tower (11)	May 6, 2017		109,127			2.23	%		5.88	%
2600 Michelson (11)	May 10, 2017		109,101			2.23	%		5.69	%
Park Place II	March 11, 2012		99,268			2.03	%		5.39	%
Stadium Towers Plaza (11)	May 11, 2017		99,213			2.03	%		5.78	%
Lantana Media Campus	January 6, 2010		98,000			2.01	%		4.94	%
801 North Brand	April 6, 2015		75,540			1.55	%		5.73	%
Mission City Corporate Center	April 1, 2012		52,000			1.07	%		5.09	%
The City - 3800 Chapman	May 6, 2017		44,370			0.91	%		5.93	%
701 North Brand	October 1, 2016		33,750			0.69	%		5.87	%
700 North Central	April 6, 2015		27,460			0.56	%		5.73	%
Griffin Towers Senior Mezzanine	May 1, 2011		20,000			0.41	%		13.00	%
18581 Teller (11)	May 6, 2017		19,839			0.41	%		5.65	%
Total fixed-rate debt			3,694,998			75.67	%		5.51	%
Total consolidated debt			4,882,809			100.00	%		5.37	%
Less: mortgage loan associated with real estate held for sale			(168,719	)
Total debt - continuing operations		$	4,714,090

17

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

Debt Summary (continued)

(in thousands, except percentages)

__________ 

(1)	The December 31, 2008 one-month LIBOR rate of 0.44% was used to calculate interest on the variable-rate loans, except for the 17885 Von Karman and 2385 Northside Drive construction loans which were calculated using the prime rate of 3.25% as of December 31, 2008.
(2)	This loan bears interest at a variable rate of (i) LIBOR plus 1.75% for the first year, (ii) LIBOR plus 2.75% for the second year and (iii) LIBOR plus 3.75% for the third year.
(3)	As required by the loan agreement, we have entered into an interest rate cap agreement that limits the LIBOR portion of the interest rate to 5.50% for 75.0% of the maximum loan balance during the loan term, excluding extension periods.  Two one-year extensions are available at our option, subject to certain conditions. As of December 31, 2008, our 3161 Michelson property is classified as held for sale.
(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 an interest rate swap agreement to hedge this loan up to $25.0 million, which effectively fixes the LIBOR rate at 5.564%.  One one-year extension is available at our option, subject to certain conditions.
(6)	This loan bears interest at a rate of the greater of LIBOR or 3.00%, plus 3.50%.  As required by the loan agreement, we have entered into an interest rate cap agreement that limits the LIBOR portion of the interest rate to 5.00% during the loan term, excluding the 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 that limits the LIBOR portion of the interest rate to 4.75% 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 that limits the LIBOR portion of the interest rate to 6.00% during the loan term, excluding extension periods.  Two one-year extensions are available at our option, subject to certain conditions.
(9)	As required by the loan agreement, we have entered into an interest rate cap agreement that limits the LIBOR portion of the interest rate to 6.50% during the loan term, excluding extension periods.  Two one-year extensions are available at our option, subject to certain conditions.
(10)	This loan bears interest at a rate of LIBOR plus 1.60%.  We have entered into an interest rate swap agreement to hedge this loan, which effectively fixes the LIBOR rate at 5.564%.
(11)	These loans are reflected net of the related debt discount.  At December 31, 2008, the discount for all loans referenced totals approximately $11 million.

18

Maguire Properties, Inc.

Washington Mutual IrvineSupplemental Operating and Financial Data

Fourth Quarter 2008

MMO Joint Venture Debt Summary

(in thousands, except percentages)

	Maturity Date	Principal Balance as of December 31, 2008		% of Debt			Interest Rate as of December 31, 2008
Fixed-Rate Debt
Wells Fargo Center (Denver, CO)	April 6, 2015	$	276,000		34.20	%		5.26	%
One California Plaza (1)	December 1, 2010		142,410		17.65	%		4.73	%
San Diego Tech Center (2)	April 11, 2015		135,782		16.82	%		5.70	%
Quintana Campus (1)	December 11, 2011		105,909		13.12	%		5.07	%
Cerritos Corporate Center (3)	February 1, 2016		95,000		11.77	%		5.54	%
Stadium Gateway	February 1, 2016		52,000		6.44	%		5.66	%
Total fixed-rate debt			807,101		100.00	%		5.27	%
Total joint venture debt		$	807,101		100.00	%		5.27	%
Our portion of joint venture debt (4)		$	161,420

__________ 

(1)	These loans are reflected net of the related discount.  At December 31, 2008, 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, 2008.
(3)	All monthly debt service payments are made by the joint venture.  We were the guarantor on the loan through January 4, 2009.
(4)	We own 20% of the MMO joint venture.

19

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

Debt Maturities

(in thousands, except percentages)

	2009			2010			2011			2012			2013			Thereafter			Total
Floating-Rate Debt
Repurchase facility	$	10,000		$	10,000		$	15,000		$	–		$	–		$	–		$	35,000
Construction Loans:
3161 Michelson (1), (2)		168,719			–			–			–			–			–			168,719
Lantana Media Campus (3)		79,953			–			–			–			–			–			79,953
17885 Von Karman		–			24,145			–			–			–			–			24,145
2385 Northside Drive		–			13,991			–			–			–			–			13,991
207 Goode (3)		–			9,133			–			–			–			–			9,133
Total construction loans		248,672			47,269			–			–			–			–			295,941
Variable-Rate Mortgage Loans:
Griffin Towers (3)		–			125,000			–			–			–			–			125,000
Plaza Las Fuentes (4)		1,200			98,600			–			–			–			–			99,800
500-600 City Parkway (1)		–			98,751			–			–			–			–			98,751
Brea Corporate Place (1)		–			70,469			–			–			–			–			70,469
Brea Financial Commons (1)		–			38,532			–			–			–			–			38,532
Total variable-rate mortgage loans		1,200			431,352			–			–			–			–			432,552
Variable-Rate Swapped to Fixed-Rate:
KPMG Tower		–			–			–			399,318			–			–			399,318
207 Goode (3)		–			25,000			–			–			–			–			25,000
Total variable-rate swapped to                fixed-rate loans		–			25,000			–			399,318			–			–			424,318
Total floating-rate debt		259,872			513,621			15,000			399,318			–			–			1,187,811
Fixed-Rate Debt
Wells Fargo Tower (Los Angeles, CA)		–			–			–			–			–			550,000			550,000
Two California Plaza		–			–			–			–			–			470,000			470,000
Gas Company Tower		–			–			–			–			–			458,000			458,000
777 Tower		–			–			–			–			273,000			–			273,000
Pacific Arts Plaza		–			–			–			270,000			–			–			270,000
US Bank Tower		–			–			–			–			260,000			–			260,000
550 South Hope Street		–			–			–			–			–			200,000			200,000
Park Place I		–			2,232			2,361			2,498			2,642			160,267			170,000
City Tower		–			–			–			–			–			140,000			140,000
Glendale Center		–			–			–			–			–			125,000			125,000
500 Orange Tower		–			–			–			–			–			110,000			110,000
2600 Michelson		–			–			–			–			–			110,000			110,000
Stadium Towers Plaza		–			–			–			–			–			100,000			100,000
Park Place II		1,266			1,266			1,266			95,470			–			–			99,268
Lantana Media Campus		–			98,000			–			–			–			–			98,000
801 North Brand		–			–			–			–			–			75,540			75,540
Mission City Corporate Center		–			–			–			52,000			–			–			52,000
The City - 3800 Chapman		–			–			–			–			–			44,370			44,370
701 North Brand		–			–			–			–			–			33,750			33,750
700 North Central		–			–			–			–			–			27,460			27,460
Griffin Towers Senior Mezzanine		–			–			20,000			–			–			–			20,000
18581 Teller		–			–			–			–			–			20,000			20,000
Total fixed-rate debt		1,266			101,498			23,627			419,968			535,642			2,624,387			3,706,388
Total consolidated debt		261,138			615,119			38,627			819,286			535,642			2,624,387			4,894,199
Debt discount		–			–			–			–			(3,165	)		(8,225	)		(11,390	)
Total consolidated debt, net of discount		261,138			615,119			38,627			819,286			532,477			2,616,162			4,882,809
Less: mortgage loan associated with real            estate held for sale		(168,719	)		–			–			–			–			–			(168,719	)
Total debt - continuing operations	$	92,419		$	615,119		$	38,627		$	819,286		$	532,477		$	2,616,162		$	4,714,090
Weighted average interest rate		3.40	%		4.15	%		8.10	%		6.16	%		5.27	%		5.58	%		5.37	%

__________

(1)	Two one-year extensions are available at our option, subject to certain conditions.
(2)	As of December 31, 2008, our 3161 Michelson property is classified as held for sale.
(3)	One one-year extension is available at our option, subject to certain conditions.
(4)	Three one-year extensions are available at our option, subject to certain conditions.

20

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

 MMO Joint Venture Debt Maturities

(in thousands, except percentages)

	2009			2010			2011			2012			2013			Thereafter			Total
Fixed-Rate Debt
Wells Fargo Center (Denver, CO)	$	–		$	–		$	–		$	–		$	–		$	276,000		$	276,000
One California Plaza		2,984			140,202			–			–			–			–			143,186
San Diego Tech Center		–			–			–			–			–			133,000			133,000
Quintana Campus		–			–			106,000			–			–			–			106,000
Cerritos Corporate Center		–			–			1,054			1,330			1,406			91,210			95,000
Stadium Gateway		–			–			–			–			–			52,000			52,000
		2,984			140,202			107,054			1,330			1,406			552,210			805,186
Debt premium, net of discount		–			(775	)		(91	)		–			–			2,781			1,915
Total joint venture debt	$	2,984		$	139,427		$	106,963		$	1,330		$	1,406		$	554,991		$	807,101
Weighted average interest rate		4.73	%		4.73	%		5.07	%		5.54	%		5.54	%		5.45	%		5.27	%

21

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

Portfolio Data

22

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

 Same Store Analysis

(unaudited and in thousands, except percentages)

	For the Three Months Ended December 31, (1)										For the Year Ended December 31, (2)
	2008			2007			% Change				2008			2007			% Change
Total Same Store Portfolio
Number of properties		27			27							14			14
Square feet as of December 31		15,257,886			15,236,317							10,268,465			10,254,288
Percentage of wholly-owned Office Portfolio		94.4	%		96.6	%						63.5	%		65.0	%
Weighted average leased percentage (3)		80.9	%		84.0	%						84.7	%		86.3	%
GAAP
Breakdown of Net Operating Income:
Operating revenue	$	129,251		$	134,209			(3.7	)%	(4)	$	358,518		$	359,311			(0.2	)%
Operating expenses		50,614			51,031			(0.8	)%			136,339			135,630			0.5	%
Other expense		804			1,440			(44.2	)%	(5)		223			223
Net operating income	$	77,833		$	81,738			(4.8	)%		$	221,956		$	223,458			(0.7	)%
CASH BASIS
Breakdown of Net Operating Income:
Operating revenue	$	120,321		$	123,392			(2.5	)%		$	346,960		$	347,047
Operating expenses		50,614			51,031			(0.8	)%			136,340			135,630			0.5	%
Other expense		743			838			(11.4	)%	(5)		249			249
Net operating income	$	68,964		$	71,523			(3.6	)%		$	210,371		$	211,168			(0.4	)%

__________ 

(1)	Properties included in the Same Store analysis are the properties in our Office Portfolio, with the exception of our joint venture properties, the 1920 and 2010 Main Plaza and City Plaza properties that were disposed of during 2008, 2385 Northside Drive and the Lantana South building, which were placed in service in fourth quarter 2008, and 3161 Michelson, which was classified as held for sale as of December 31, 2008.
(2)	Properties included in the Same Store analysis are the properties in our Office Portfolio, with the exception of our joint venture properties, the Wateridge Plaza, Pacific Center and Regents Square properties that were disposed of during 2007, properties acquired in the Blackstone Transaction in April 2007, 130 State College which was acquired in July 2007, 3161 Michelson which was placed in service in September 2007, and 2385 Northside Drive and the Lantana South building, which were placed in service in fourth quarter 2008.
(3)	Represents weighted average leased amounts for the Same Store portfolio.
(4)	Decrease primarily due to lower fair value lease revenue and interest income during 2008.
(5)	Decrease due to lower ground lease expense during 2008.

23

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

 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		18	1991	100%		1,323,651		1,323,651		6.50	%		92.1	%	$	33,946,252	$	33,946,252	$	27.86
US Bank Tower		1		51	1989	100%		1,412,351		1,412,351		6.93	%		65.6	%		24,392,936		24,392,936		26.33
Wells Fargo Tower		2		64	1982	100%		1,396,121		1,396,121		6.85	%		93.9	%		27,350,771		27,350,771		20.85
Two California Plaza		1		65	1992	100%		1,328,275		1,328,275		6.51	%		94.0	%		24,961,679		24,961,679		19.98
KPMG Tower		1		20	1983	100%		1,143,654		1,143,654		5.61	%		92.5	%		23,826,900		23,826,900		22.54
777 Tower		1		36	1991	100%		1,010,123		1,010,123		4.95	%		91.9	%		19,139,555		19,139,555		20.61
550 South Hope Street		1		42	1991	100%		565,738		565,738		2.77	%		87.3	%		8,402,809		8,402,809		17.01
One California Plaza		1		31	1985	20%		993,469		198,694		4.87	%		77.3	%		15,638,157		3,127,631		20.37
Total LACBD Submarket		9		327				9,173,382		8,378,607		44.99	%		86.7	%		177,659,059		165,148,533		22.34
Tri-Cities Submarket:
Glendale Center		2		4	1973/1996	100%		387,545		387,545		1.90	%		100.0	%		8,649,073		8,649,073		22.32
801 North Brand		1		31	1987	100%		282,770		282,770		1.39	%		88.8	%		4,782,164		4,782,164		19.05
701 North Brand		1		13	1978	100%		131,129		131,129		0.64	%		100.0	%		2,267,347		2,267,347		17.29
700 North Central		1		18	1979	100%		134,168		134,168		0.66	%		92.0	%		1,927,596		1,927,596		15.62
Plaza Las Fuentes		3		9	1989	100%		192,958		192,958		0.94	%		100.0	%		5,081,285		5,081,285		26.33
Total Tri-Cities Submarket		8		75				1,128,570		1,128,570		5.53	%		96.2	%		22,707,465		22,707,465		20.91
Santa Monica Professional and      Entertainment Submarket:
Lantana Media Campus		4		25	1989/2001/2008	100%		464,475		464,475		2.28	%		82.8	%		15,734,321		15,734,321		40.89
Total Entertainment Submarket		4		25				464,475		464,475		2.28	%		82.8	%		15,734,321		15,734,321		40.89
Cerritos Office Submarket:
Cerritos - Phase I		1		1	1999	20%		221,968		44,394		1.09	%		100.0	%		5,982,037		1,196,408		26.95
Cerritos - Phase II		1		-	2001	20%		104,567		20,913		0.51	%		100.0	%		2,482,421		496,484		23.74
Total Cerritos Submarket		2		1				326,535		65,307		1.60	%		100.0	%		8,464,458		1,692,892		25.92
Total Los Angeles County		23		428				11,092,962		10,036,959		54.40	%		87.9	%	$	224,565,303	$	205,283,211	$	23.03

24

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

 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		36	1977/2002	100%		1,787,440		1,787,440		8.77	%		60.3	%	$	17,241,952	$	17,241,952	$	15.99
3161 Michelson (4)		1		5	2007	100%		532,141		532,141		2.61	%		61.9	%		10,044,441		10,044,441		30.51
2600 Michelson		1		29	1986	100%		308,109		308,109		1.51	%		76.1	%		4,822,474		4,822,474		20.58
18581 Teller		1		3	1983	100%		86,087		86,087		0.42	%		100.0	%		1,382,426		1,382,426		16.06
Quintana Campus		4		2	1989/2004	20%		414,595		82,919		2.03	%		100.0	%		9,314,466		1,862,893		22.47
17885 Von Karman Avenue		1		-	2008	100%		151,370		151,370		0.74	%		0.0	%		-		-		-
Total Airport Submarket		16		75				3,279,742		2,948,066		16.08	%		65.3	%		42,805,759		35,354,186		19.98
Costa Mesa Submarket:
Griffin Towers		2		36	1987	100%		543,988		543,988		2.67	%		64.3	%		5,805,217		5,805,217		16.59
Pacific Arts Plaza		8		42	1982	100%		785,173		785,173		3.85	%		80.1	%		14,022,970		14,022,970		22.30
Total Costa Mesa Submarket		10		78				1,329,161		1,329,161		6.52	%		73.6	%		19,828,187		19,828,187		20.26
Central Orange Submarket:
3800 Chapman		1		1	1984	100%		157,231		157,231		0.77	%		63.4	%		2,159,701		2,159,701		21.66
500-600 Parkway		3		12	1978	100%		457,475		457,475		2.24	%		28.7	%		2,119,332		2,119,332		16.13
City Tower		1		25	1988	100%		411,843		411,843		2.02	%		78.1	%		7,128,670		7,128,670		22.15
500 Orange Tower		3		35	1987	100%		334,998		334,998		1.64	%		79.6	%		5,346,266		5,346,266		20.06
Stadium Towers Plaza		1		26	1988	100%		258,257		258,257		1.27	%		63.1	%		3,317,963		3,317,963		20.36
Stadium Gateway		1		7	2001	20%		272,826		54,565		1.34	%		79.0	%		4,633,088		926,618		21.48
Total Central Orange Submarket		10		106				1,892,630		1,674,369		9.28	%		63.3	%		24,705,020		20,998,550		20.62
Other:
Brea Corporate Place		2		16	1987	100%		328,996		328,996		1.62	%		48.6	%		2,935,767		2,935,767		18.34
Brea Financial Commons		3		2	1987	100%		165,540		165,540		0.81	%		90.7	%		2,845,219		2,845,219		18.96
130 State College		1		1	1983	100%		42,884		42,884		0.21	%		100.0	%		614,956		614,956		14.34
Total Other		6		19				537,420		537,420		2.64	%		65.7	%		6,395,942		6,395,942		18.12
Total Orange County		42		278				7,038,953		6,489,016		34.52	%		66.4	%	$	93,734,908	$	82,576,865	$	20.06

25

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

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
San Diego County
Sorrento Mesa Submarket:
San Diego Tech Center		11		29	1984/1986	20%		645,934		129,187		3.17	%		96.8	%	$	12,680,555	$	2,536,111	$	20.29
Total Sorento Mesa Submarket		11		29				645,934		129,187		3.17	%		96.8	%		12,680,555		2,536,111		20.29
Mission Valley Submarket:
Mission City Corporate Center		3		14	1990	100%		190,634		190,634		0.93	%		86.9	%		4,081,007		4,081,007		24.63
2385 Northside Drive		1		1	2008	100%		88,795		88,795		0.44	%		51.7	%		798,288		798,288		17.37
Total Mission Valley Submarket		4		15				279,429		279,429		1.37	%		75.7	%		4,879,295		4,879,295		23.06
Total San Diego County		15		44				925,363		408,616		4.54	%		90.4	%	$	17,559,850	$	7,415,406	$	20.99
Other
Denver, CO - Downtown Submarket:
Wells Fargo Center - Denver		1		41	1983	20%		1,211,773		242,354		5.94	%		95.9	%	$	22,744,849	$	4,548,970	$	19.56
Total Other		1		41				1,211,773		242,354		5.94	%		95.9	%		22,744,849		4,548,970		19.56
Total Office Properties		81		791				20,269,051		17,176,945		99.40	%		81.0	%	$	358,604,910	$	299,824,452	$	21.84

26

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

 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		0.60	%		91.8	%	$	3,409,080	$	3,409,080	$	30.30
Total Retail Properties		8		25				122,533		122,533		0.60	%		91.8	%		3,409,080		3,409,080		30.30
Total Office and Retail Properties		89		816				20,391,584		17,299,478		100.00	%		81.1	%	$	362,013,990	$	303,233,532	$	21.89
Effective Office and           Retail Properties								17,299,478							79.3	%					$	22.09
Hotel Property							SQFT		Effective SQFT		Number of Rooms
Westin Hotel, Pasadena, CA						100%		266,000		266,000		350
Total Hotel Property								266,000		266,000		350
Total Office, Retail and           Hotel Properties								20,657,584		17,565,478
Parking Properties							SQFT		Effective SQFT		Vehicle Capacity			Effective Vehicle Capacity			Annualized Parking Revenue (5)		Effective Annualized Parking Revenue (6)		Effective Annualized Parking Revenue per Vehicle Capacity (7)
On-Site Parking								11,772,172		9,955,174		38,867			32,988		$	50,747,924	$	44,215,752	$	1,340
Off-Site Garages								1,714,435		1,714,435		5,729			5,729			12,305,545		12,305,545		2,148
Total Parking Properties								13,486,607		11,669,609		44,596			38,717		$	63,053,469	$	56,521,297		1,460
Total  Office, Retail, Hotel       and Parking Properties								34,144,191		29,235,087

__________ 

(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, 2008. 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)	As of December 31, 2008, our 3161 Michelson property is classified as held for sale.
(5)	Annualized parking revenue represents the annualized quarterly parking revenue as of December 31, 2008.
(6)	Effective annualized parking revenue represents the annualized quarterly parking revenue as of December 31, 2008 adjusted to include 100% of our consolidated portfolio and 20% of our MMO joint venture portfolio.
(7)	Effective annualized parking revenue per vehicle capacity represents the effective annualized parking revenue divided by the effective vehicle capacity.

27

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

Portfolio Geographic Distribution (1)

28

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

Portfolio Overview - Leased Rates and Weighted Average Remaining Lease Term

	Ownership Interest ( % )	Weighted Average Remaining Lease Term (in years)	% Leased Q4 2008			% Leased Q3 2008			% Leased Q2 2008			% Leased Q1 2008			% Leased Q4 2007
Gas Company Tower	100%	5.8		92.1	%		92.0	%		91.8	%		90.1	%		89.4	%
US Bank Tower	100%	4.0		65.6	%		65.1	%		64.8	%		85.0	%		85.4	%
Wells Fargo Tower	100%	5.6		93.9	%		93.8	%		93.9	%		94.0	%		92.8	%
KPMG Tower	100%	9.2		92.5	%		92.5	%		92.5	%		68.9	%		69.0	%
777 Tower	100%	5.0		91.9	%		94.1	%		94.5	%		94.7	%		94.1	%
One California Plaza	20%	4.7		77.3	%		81.2	%		89.0	%		88.9	%		89.3	%
Glendale Center	100%	3.3		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
801 North Brand	100%	3.1		88.8	%		91.0	%		90.1	%		85.2	%		85.8	%
701 North Brand	100%	5.4		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
700 North Central	100%	3.5		92.0	%		91.1	%		94.3	%		94.3	%		92.2	%
Plaza Las Fuentes	100%	9.2		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Lantana Media Campus	100%	5.3		82.8	%		88.8	%		86.5	%		86.5	%		85.8	%
Cerritos - Phase I	20%	5.8		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cerritos - Phase II	20%	2.4		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Park Place	100%	2.9		60.3	%		64.9	%		65.0	%		66.4	%		71.0	%
3161 Michelson	100%	10.6		61.9	%		51.9	%		32.4	%		32.4	%		32.4	%
Quintana Campus	20%	1.2		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
17885 Von Karman Avenue	100%	0.0		0.0	%		0.0	%		0.0	%		0.0	%
Pacific Arts Plaza	100%	5.6		80.1	%		79.7	%		81.2	%		84.4	%		85.0	%
Stadium Gateway	20%	4.4		79.0	%		77.5	%		94.7	%		90.2	%		91.8	%
Mission City Corporate Center	100%	3.0		86.9	%		82.8	%		82.8	%		82.8	%		84.6	%
2385 Northside Drive	100%	11.3		51.7	%		0.0	%		0.0	%		0.0	%
San Diego Tech Center	20%	1.8		96.8	%		96.8	%		96.8	%		97.3	%		98.6	%
Wells Fargo Center - Denver	20%	6.6		95.9	%		95.5	%		95.2	%		95.2	%		95.2	%
Park Place - Retail	100%	6.3		91.8	%		91.8	%		91.8	%		91.8	%		95.1	%
Two California Plaza	100%	5.0		94.0	%		93.2	%		93.2	%		94.2	%		93.1	%
550 South Hope Street	100%	5.5		87.3	%		88.3	%		90.3	%		91.0	%		91.0	%
2600 Michelson	100%	2.5		76.1	%		82.0	%		84.9	%		88.0	%		85.1	%
3800 Chapman	100%	4.4		63.4	%		63.4	%		63.4	%		100.0	%		100.0	%
18581 Teller	100%	1.5		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Griffin Towers	100%	4.5		64.3	%		62.6	%		65.0	%		62.8	%		77.1	%
500-600 Parkway	100%	2.4		28.7	%		26.6	%		21.7	%		14.0	%		13.6	%
City Tower	100%	3.2		78.1	%		78.9	%		81.1	%		89.9	%		90.2	%
500 Orange Tower	100%	4.2		79.6	%		80.2	%		80.9	%		86.9	%		94.4	%
Stadium Towers Plaza	100%	3.1		63.1	%		61.0	%		74.4	%		79.4	%		79.4	%
Brea Corporate Place	100%	2.8		48.6	%		47.7	%		47.9	%		46.7	%		66.8	%
Brea Financial Commons	100%	5.3		90.7	%		90.7	%		90.7	%		49.1	%		49.1	%
130 State College	100%	5.8		100.0	%		0.0	%		0.0	%		0.0	%		0.0	%
Total Portfolio		5.0		81.1	%		81.0	%		80.6	%		81.1	%		83.2	%
Effective Portfolio (1)		5.1		79.3	%		79.1	%		78.2	%		78.8	%		81.1	%

__________ 

(1) Includes 100% of our consolidated portfolio and 20% of our MMO joint venture portfolio.

29

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

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 Effective 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	7.0%		576,516	4.2%	34	A
2	Sempra (Pacific Enterprises)	1		8,189,591	2.7%		217,413	1.6%	18	A
3	Wells Fargo Bank (3), (4)	5		7,202,745	2.4%		415,057	3.0%	68	AAA
4	AT&T (3)	5		4,810,836	1.6%		202,813	1.5%	48	A
5	Bank of America (3), (5)	6		4,651,768	1.5%		220,515	1.6%	37	AA-
6	US Bank, National Association (6)	3		4,295,815	1.4%		164,561	1.3%	74	AA+
7	Disney Enterprises	1		3,706,960	1.2%		156,215	1.1%	30	A
8	JP Morgan Chase & Co. (3), (7)	3		3,029,151	1.0%		126,447	0.9%	12	A+
9	State Farm Mutual Auto Insurance Company	3		2,702,753	0.9%		172,170	1.3%	62	AA
10	GMAC Mortgage Corporation	1		2,499,091	0.8%		130,161	0.9%	60	AA
	Total Rated / Weighted Average (3), (8)			62,372,593	20.5%		2,381,868	17.4%	45
	Total Investment Grade Tenants (3)		$	103,139,357	34.0%		4,411,114	32.1%
	Unrated - Nationally Recognized
11	Latham & Watkins LLP	2		8,941,649	3.0%		397,991	2.9%	167	2nd Largest US Law Firm
12	Gibson, Dunn & Crutcher LLP	2		8,903,257	2.9%		354,721	2.6%	106	20th Largest US Law Firm
13	Deloitte & Touche LLP	1		5,216,904	1.7%		342,094	2.5%	75	Largest US Accounting Firm
14	Marsh USA, Inc.	1		3,727,695	1.2%		212,721	1.5%	112	World's Largest Insurance Broker
15	KPMG LLP	1		3,636,822	1.2%		175,971	1.3%	66	4th Largest US Accounting Firm
16	Morrison & Foerster LLP	1		3,469,400	1.2%		138,776	1.0%	57	21st Largest US Law Firm
17	Munger, Tolles & Olson LLP	1		3,374,322	1.1%		160,682	1.2%	158	125th Largest US Law Firm
18	PricewaterhouseCoopers LLP	1		2,988,225	1.0%		160,784	1.2%	53	3rd Largest US Accounting Firm
19	Sidley Austin LLP	1		2,984,193	1.0%		187,362	1.4%	180	5th Largest US Law Firm
20	Bingham McCutchen LLP	1		2,442,677	0.8%		104,712	0.7%	49	30th Largest US Law Firm
	Total Unrated / Weighted Average (3), (8)			45,685,144	15.1%		2,235,814	16.3%	110
	Total Nationally Recognized Tenants (3)			81,420,718	26.9%		3,875,849	28.2%
	Total / Weighted Average (3), (8)		$	108,057,737	35.6%		4,617,682	33.7%	76
	Total Investment Grade or Nationally       Recognized Tenants (3)		$	184,560,075	60.9%		8,286,963	60.4%

30

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

Major Tenants - Office Properties (continued)

(1)	Annualized base rent is calculated as monthly contractual base rent under existing leases as of December 31, 2008, 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, 2008.  Rankings of law firms are based on total gross revenue in 2007 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)	Amounts shown for Wells Fargo Bank include leases with Wachovia, which was acquired by Wells Fargo on December 31, 2008.
(5)	Amounts shown for Bank of America include leases with Countrywide Home Loans, which was acquired by Bank of America on July 1, 2008.
(6)	Amounts shown for US Bank include leases with Downey Savings and Loan, which was acquired by US Bank on November 21, 2008.
(7)	On September 25, 2008, JP Morgan Chase entered into an agreement with the FDIC to purchase substantially all of the assets and assume certain of the liabilities of Washington Mutual Bank.  As part of this agreement, JP Morgan Chase had the right to assume or reject our leases with Washington Mutual.  During December 2008, we were notified by JP Morgan Chase that they had rejected all but one of the Washington Mutual leases.  We will continue to receive rent on the spaces that were rejected by JP Morgan Chase until the earlier of the move-out date or March 31, 2009.  As of December 31, 2008, leases totaling 102,335 effective square feet have been rejected.  The effective annualized rent associated with the rejected leases totals approximately $2.6 million.  We have entered into a new lease with JP Morgan Chase for 24,112 effective square feet for a term ending in 2010 with a one-year renewal option.  One of the rejected leases totaling 26,311 effective square feet is currently occupied by a subtenant.  We are currently negotiating a direct lease with the subtenant.
(8)	The weighted average calculation is based on the effective net rentable square feet leased by each tenant, which reflects our pro-rata share of our MMO joint venture.

31

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

Portfolio Tenant Classification Description (1), (2)

  

32

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

 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		3,503,645		21.2	%
2009		794,421		4.8	%	$	16,534,691		5.7	%	$	20.81	$	20.84
2010		1,531,638		9.3	%		35,040,169		12.2	%		22.88		23.61
2011		2,416,713		14.6	%		58,221,234		20.2	%		24.09		25.35
2012		1,096,713		6.6	%		23,398,420		8.1	%		21.34		23.14
2013		2,337,973		14.2	%		48,183,691		16.7	%		20.61		23.43
2014		814,778		4.9	%		15,370,103		5.3	%		18.86		22.87
2015		813,015		4.9	%		16,219,711		5.6	%		19.95		23.50
2016		177,243		1.1	%		3,689,929		1.3	%		20.82		26.74
2017		1,060,769		6.4	%		22,800,250		7.9	%		21.49		24.83
2018		701,680		4.3	%		19,316,861		6.7	%		27.53		37.66
Thereafter		1,277,864		7.7	%		29,763,358		10.3	%		23.29		35.00
Total		16,526,452		100.0	%	$	288,538,417		100.0	%	$	22.16	$	25.69
Leases Expiring in the Next 4 Quarters:
1st Quarter 2009		131,150		0.8	%	$	2,568,235		0.9	%	$	19.58	$	19.60
2nd Quarter 2009 (3)		320,239		1.9	%		6,534,175		2.3	%		20.40		20.58
3rd Quarter 2009		123,262		0.8	%		3,017,036		1.0	%		24.48		24.56
4th Quarter 2009		219,770		1.3	%		4,415,245		1.5	%		20.09		19.86
Total		794,421		4.8	%	$	16,534,691		5.7	%	$	20.81	$	20.84

__________ 

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

33

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

 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		1,116,855		11.4	%
2009		362,585		3.7	%	$	7,289,847		3.6	%	$	20.11	$	20.33
2010		915,426		9.4	%		24,735,201		12.3	%		27.02		27.70
2011		1,425,053		14.6	%		40,114,701		20.0	%		28.15		28.85
2012		760,551		7.8	%		16,573,712		8.3	%		21.79		24.00
2013		1,502,976		15.4	%		30,833,913		15.4	%		20.52		23.15
2014		461,644		4.7	%		9,536,836		4.8	%		20.66		24.94
2015		712,488		7.3	%		13,943,240		7.0	%		19.57		23.08
2016		176,249		1.8	%		3,672,928		1.8	%		20.84		26.79
2017		868,813		8.9	%		18,332,472		9.1	%		21.10		23.70
2018		615,704		6.3	%		17,461,107		8.7	%		28.36		38.47
Thereafter		854,614		8.7	%		17,968,731		9.0	%		21.03		32.63
Total		9,772,958		100.0	%	$	200,462,688		100.0	%	$	23.16	$	26.78
Leases Expiring in the Next 4 Quarters:
1st Quarter 2009		39,736		0.4	%	$	651,900		0.3	%	$	16.41	$	16.47
2nd Quarter 2009 (3)		161,382		1.6	%		3,252,252		1.6	%		20.15		20.49
3rd Quarter 2009		44,937		0.5	%		1,065,866		0.5	%		23.72		23.72
4th Quarter 2009		116,530		1.2	%		2,319,829		1.2	%		19.91		20.13
Total		362,585		3.7	%	$	7,289,847		3.6	%	$	20.11	$	20.33

__________ 

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

34

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

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		2,318,982		35.8	%
2009		390,810		6.0	%	$	8,251,762		9.9	%	$	21.11	$	20.92
2010		602,114		9.3	%		9,920,853		11.9	%		16.48		17.28
2011		934,753		14.5	%		16,716,962		20.1	%		17.88		19.85
2012		313,698		4.9	%		6,280,017		7.6	%		20.02		20.77
2013		834,997		12.9	%		17,328,913		20.8	%		20.75		23.94
2014		345,275		5.3	%		5,695,315		6.9	%		16.50		20.15
2015		77,206		1.2	%		1,665,741		2.0	%		21.58		24.72
2016		994		0.0	%		17,001		0.0	%		17.10		17.10
2017		191,956		3.0	%		4,467,779		5.4	%		23.28		29.95
2018		85,976		1.3	%		1,855,754		2.2	%		21.58		31.86
Thereafter		377,304		5.8	%		10,996,337		13.2	%		29.14		41.79
Total		6,474,065		100.0	%	$	83,196,434		100.0	%	$	20.02	$	23.36
Leases Expiring in the Next 4 Quarters:
1st Quarter 2009		91,414		1.4	%	$	1,916,335		2.3	%	$	20.96	$	20.96
2nd Quarter 2009 (3)		158,857		2.4	%		3,273,941		3.9	%		20.61		20.63
3rd Quarter 2009		78,325		1.2	%		1,896,640		2.3	%		24.22		24.22
4th Quarter 2009		62,214		1.0	%		1,164,846		1.4	%		18.72		17.46
Total		390,810		6.0	%	$	8,251,762		9.9	%	$	21.11	$	20.92

__________ 

(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.

35

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

Lease Expirations - MMO Joint Venture Portfolio

Year	Total Area in Square Feet Covered by Expiring Leases		Perc    entage 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		353,119		9.1	%
2009		708,107		18.3	%	$	13,936,571		19.0	%	$	19.68	$	20.65
2010		573,574		14.9	%		13,697,064		18.6	%		23.88		24.87
2011		341,252		8.8	%		6,536,498		9.0	%		19.15		20.83
2012		330,990		8.6	%		6,943,816		9.5	%		20.98		22.11
2013		230,514		6.0	%		5,013,992		6.8	%		21.75		25.48
2014		593,913		15.4	%		12,508,619		17.0	%		21.06		24.71
2015		117,650		3.0	%		2,350,833		3.2	%		19.98		23.44
2016		81,033		2.1	%		1,394,978		1.9	%		17.21		23.08
2017		1,164		0.0	%		30,264		0.0	%		26.00		30.00
2018		81,744		2.1	%		1,640,924		2.2	%		20.07		29.50
Thereafter		452,072		11.7	%		9,422,014		12.8	%		20.84		30.42
Total		3,865,132		100.0	%	$	73,475,573		100.0	%	$	20.92	$	22.95
Leases Expiring in the Next 4 Quarters:
1st Quarter 2009		277,106		7.2	%	$	6,003,537		8.2	%	$	21.67	$	23.51
2nd Quarter 2009 (3)		45,807		1.2	%		989,322		1.4	%		21.60		21.60
3rd Quarter 2009		63,310		1.6	%		1,280,843		1.7	%		20.23		20.24
4th Quarter 2009		321,884		8.3	%		5,662,869		7.7	%		17.59		18.14
Total		708,107		18.3	%	$	13,936,571		19.0	%	$	19.68	$	20.65

__________ 

(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.

36

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

 Leasing Activity - Total Portfolio and Effective Portfolio

	Total Portfolio						Effective Portfolio (1)
	For the Three Months Ended December 31, 2008			% Leased			For the Three Months Ended December 31, 2008			% Leased
Leased Square Feet as of September 30, 2008, as reported		16,407,643			81.0	%		13,574,510			79.1	%
Property Placed in Service - Lantana South (2)		95,304						95,304
Leased Square Feet as of September 30, 2008, as adjusted		16,502,947			80.9	%		13,669,814			79.0	%
Expirations		(586,743	)		(2.9	)%		(544,844	)		(3.2	)%
New Leases		334,783			1.7	%		322,586			1.9	%
Renewals		283,833			1.4	%		277,654			1.6	%
Leased Square Feet as of December 31, 2008		16,534,820			81.1	%		13,725,210			79.3	%
Cash Rent Growth (3), (4)
Expiring Rate per Square Foot										$	15.65
New / Renewed Rate per Square Foot										$	16.88
Percentage Change											7.9	%
GAAP Rent Growth (4), (5)
Expiring Rate per Square Foot										$	14.27
New / Renewed Rate per Square Foot										$	17.72
Percentage Change											24.2	%
Weighted Average Lease Term - New  (in months)											84
Weighted Average Lease Term - Renewal  (in months)											51

__________  

(1)	Includes 100% of our consolidated portfolio and 20% of our MMO joint venture properties.
(2)	During the fourth quarter of 2008, we placed the Lantana South building (132,976 SF) in service.
(3)	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.
(4)	For newly acquired properties, cash and GAAP rent growth is excluded for spaces that expired prior to our ownership and were re-leased after acquisition.
	Excludes new and renewed leases for spaces with more than twelve months of downtime and early renewals commencing after December 31, 2009.
(5)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.

37

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

 Leasing Activity - Los Angeles Central Business District

	Total Portfolio						Effective Portfolio (1)
	For the Three Months Ended December 31, 2008			% Leased			For the Three Months Ended December 31, 2008			% Leased
Leased Square Feet as of September 30, 2008, Los Angeles Central Business District		7,999,661			87.2	%		7,354,481			87.8	%
Expirations		(159,043	)		(1.8	)%		(127,969	)		(1.5	)%
New Leases		35,996			0.5	%		35,996			0.4	%
Renewals		76,223			0.8	%		76,223			0.9	%
Leased Square Feet as of December 31, 2008, Los Angeles Central Business District		7,952,837			86.7	%		7,338,731			87.6	%
Cash Rent Growth (2), (3)
Expiring Rate per Square Foot										$	21.37
New / Renewed Rate per Square Foot										$	25.97
Percentage Change											21.5	%
GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	20.46
New / Renewed Rate per Square Foot										$	26.48
Percentage Change											29.4	%
Weighted Average Lease Term - New  (in months)											71
Weighted Average Lease Term - Renewal  (in months)											50

__________ 

(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.
(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.
	Excludes new and renewed leases for spaces with more than twelve months of downtime and early renewals commencing after December 31, 2009.
(4)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.

38

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

Leasing Activity - Orange County 

	Total Portfolio						Effective Portfolio (1)
	For the Three Months Ended December 31, 2008			% Leased			For the Three Months Ended December 31, 2008			% Leased
Leased Square Feet as of September 30, 2008, Orange County		4,757,065			66.4	%		4,256,248			64.4	%
Expirations		(374,759	)		(5.3	)%		(374,758	)		(5.7	)%
New Leases		204,400			2.9	%		201,018			3.1	%
Renewals		198,625			2.8	%		198,625			3.0	%
Leased Square Feet as of December 31, 2008, Orange County		4,785,331			66.8	%		4,281,133			64.8	%
Cash Rent Growth (2), (3)
Expiring Rate per Square Foot										$	13.64
New / Renewed Rate per Square Foot										$	12.69
Percentage Change											(7.0	)%
GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	12.17
New / Renewed Rate per Square Foot										$	13.73
Percentage Change											12.8	%
Weighted Average Lease Term - New  (in months)											36
Weighted Average Lease Term - Renewal  (in months)											51

___________ 

(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.
(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.
	Excludes new and renewed leases for spaces with more than twelve months of downtime and early renewals commencing after December 31, 2009.
(4)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.

39

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

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

	For the Three Months Ended								For the Year Ended December 31,
	December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008		2008		2007		2006
Renewals (3)
Number of Leases		42		20		28		40		130		152		74
Square Feet		277,654		70,505		149,651		166,714		664,524		881,406		824,516
Tenant Improvement Costs           per Square Foot (4)	$	13.38	$	9.28	$	11.39	$	19.17	$	13.95	$	11.69	$	29.22
Leasing Commission Costs           per Square Foot	$	5.92	$	4.60	$	4.50	$	6.21	$	5.53	$	5.14	$	8.18
Total Tenant Improvements and           Leasing Commissions
Costs per Square Foot	$	19.30	$	13.88	$	15.89	$	25.38	$	19.48	$	16.83	$	37.40
Costs per Square Foot per Year	$	4.57	$	3.84	$	3.42	$	4.98	$	4.36	$	3.41	$	4.78
New / Modified Leases (5)
Number of Leases		44		32		42		45		163		141		147
Square Feet		220,474		103,587		598,209		192,785		1,115,055		893,634		1,015,192
Tenant Improvement Costs            per Square Foot (4)	$	33.13	$	11.71	$	55.55	$	26.20	$	41.97	$	22.89	$	20.93
Leasing Commission Costs           per Square Foot	$	6.45	$	4.22	$	13.55	$	6.81	$	10.11	$	6.52	$	6.34
Total Tenant Improvements and           Leasing Commissions
Costs per Square Foot	$	39.58	$	15.93	$	69.10	$	33.01	$	52.08	$	29.41	$	27.27
Costs per Square Foot per Year	$	7.16	$	4.16	$	5.92	$	5.75	$	5.98	$	5.00	$	4.33
Total
Number of Leases		86		52		70		85		293		293		221
Square Feet		498,128		174,092		747,860		359,499		1,779,579		1,775,040		1,839,708
Tenant Improvement Costs           per Square Foot (4)	$	22.12	$	10.73	$	46.72	$	22.94	$	31.51	$	17.33	$	24.64
Leasing Commission Costs           per Square Foot	$	6.15	$	4.37	$	11.74	$	6.53	$	8.40	$	5.84	$	7.16
Total Tenant Improvements and           Leasing Commissions
Costs per Square Foot	$	28.27	$	15.10	$	58.46	$	29.47	$	39.91	$	23.17	$	31.80
Costs per Square Foot per Year	$	5.89	$	4.03	$	5.69	$	5.41	$	5.60	$	4.28	$	4.55

__________ 

(1)	Based on leases executed during the period. Excludes leases to related parties, short-term leases of less than six months, and leases for raw space.
(2)	Tenant improvements and leasing commission information for 2008 and 2007 reflects 100% of the consolidated portfolio and 20% of the MMO joint venture properties.  Information for 2006 reflects 100% of the consolidated portfolio and 100% of the MMO joint venture properties.
(3)	Does not include retained tenants that have relocated to new space or expanded into new space.
(4)	Tenant improvements include improvements and lease concessions.
(5)	Includes retained tenants that have relocated or expanded into new space and lease modifications.

40

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

Historical Capital Expenditures - Office Properties (1) 

	For the Three Months Ended								For the Year Ended December 31,
	December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008		2008		2007		2006
Consolidated
Non-recoverable capital      expenditures (2), (3)	$	620,399	$	2,958,753	$	2,522,826	$	4,469,765	$	10,571,743	$	11,326,800	$	2,454,126
Total square feet		15,498,637		15,495,673		16,080,783		16,054,577		15,498,637		16,051,311		11,625,028
Non-recoverable capital expenditures per      square foot	$	0.04	$	0.19	$	0.16	$	0.28	$	0.68	$	0.71	$	0.21
Unconsolidated
Non-recoverable capital expenditures (4)	$	22,177	$	87,288	$	83,172	$	28,309	$	220,946	$	50,406	$	153,069
Total square feet(5)		635,670		635,670		635,581		635,556		635,670		624,674		622,561
Non-recoverable capital expenditures per      square foot	$	0.03	$	0.14	$	0.13	$	0.04	$	0.35	$	0.08	$	0.25
Consolidated
Recoverable capital expenditures (6)	$	704,188	$	145,145	$	56,406	$	291,527	$	1,197,266	$	2,857,483	$	1,329,624
Total square feet		15,498,637		15,495,673		16,080,783		16,054,577		15,498,637		16,051,311		11,625,028
Recoverable capital expenditures per      square foot	$	0.05	$	0.01	$	–	$	0.02	$	0.08	$	0.18	$	0.11
Unconsolidated
Recoverable capital expenditures (4), (6)	$	30,524	$	–	$	–	$	–	$	30,524	$	5,779	$	122,149
Total square feet (5)		635,670		635,670		635,581		635,556		635,670		624,674		622,561
Recoverable capital expenditures per      square foot	$	0.05	$	–	$	–	$	–	$	0.05	$	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 during the period of acquisition or disposition will be footnoted separately.
(2)	Excludes approximately $2.8 million of non-recoverable capital expenditures for the three months ended June 30, 2008 as a result of discretionary renovation costs at KPMG Tower.  Excludes approximately $3.6 million of non-recoverable capital expenditures for the three months ended March 31, 2008 as a result of discretionary renovation costs totaling $3.3 million at KPMG Tower and $0.3 million of planned renovation costs at Lantana Media Campus.
(3)	Excludes approximately $3.8 million of non-recoverable capital expenditures for 2007 as a result of discretionary renovation costs of $1.9 million at KPMG Tower and $1.9 million of planned renovation costs at Lantana Media Campus.  For 2006, excludes $0.5 million of non-recoverable capital expenditures incurred at acquired properties following their acquisition.
(4)	Amount represents our 20% ownership interest in our joint venture with Macquarie Office Trust.
(5)	The square footages of Cerritos Corporate Center Phases I and II and a portion of the Quintana 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.

41

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

 Hotel Performance and Hotel Historical Capital Expenditures

Hotel Performance

	For the Three Months Ended December 31,									For the Year Ended December 31,
							Percent
Westin Hotel, Pasadena, CA	2008			2007			Change			2008			2007
Occupancy		71.1	%		79.9	%		(11.0	)%		79.2	%		80.2	%
Average daily rate	$	185.28		$	177.25			4.5	%	$	178.47		$	173.78
Revenue per available room (REVPAR)	$	131.75		$	141.59			(6.9	)%	$	141.37		$	139.38
Hotel net operating income	$	2,426,398		$	2,621,864			(7.5	)%	$	9,510,547		$	9,708,924
Hotel Historical Capital Expenditures
	For the Three Months Ended December 31,						For the Year Ended December 31,
Westin Hotel, Pasadena, CA	2008			2007			2008			2007			2006
Hotel improvements and equipment replacements	$	290,323		$	172,373		$	699,531		$	712,955		$	730,531
Total hotel revenue	$	6,448,044		$	7,259,541		$	26,615,726		$	27,214,156		$	27,053,648
Hotel improvements as a percentage of hotel revenue		4.5	%		2.4	%		2.6	%		2.6	%		2.7	%
Renovation and upgrade costs	$	–		$	–		$	–		$	–		$	164,072

42

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

 Construction in Progress

			As of December 31, 2008
Property	Location	Percentage Pre-Leased	Land Value (1)		Construction Costs Incurred		Estimated Cost of Development (2)		Developed / Developable Square Feet (3)		Estimated Date of Completion
			(in millions)		(in millions)		(in millions)
Los Angeles County
Lantana Media Campus (East building)	Santa Monica, CA	100%	$	6.3	$	34.1	$	36.0		66,000	2008 (4)
207 Goode Avenue	Glendale, CA	0%		14.3		39.4		64.5		189,000	2009
	Total		$	20.6	$	73.5	$	100.5		255,000
Property placed in service during fourth      quarter 2008:
Los Angeles County
Lantana Media Campus (South building)	Santa Monica, CA									132,000
Lantana Media Campus - structured parking										223,000
			$	12.2	$	46.5	$	52.0		355,000

__________ 

(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 $3 million for 207 Goode Avenue and $4 million for Lantana Media Campus.
(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)	The East building was completed during the first quarter of 2008.  Tenant improvement work started during the fourth quarter of 2008 and will be completed in March 2009.  Tenant improvements are scheduled according to our tenants’ expected move-in dates.

43

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

  Development Pipeline

		As of December 31, 2008
Property	Location	Developable Square Feet (1)		Structured Parking Square Feet		Type of Planned Development
Los Angeles County
755 South Figueroa	Los Angeles, CA		930,000		266,000	Office
Glendale Center - Phase II	Glendale, CA		264,000		158,000	Mixed Use
	Total Los Angeles County		1,194,000		424,000
Orange County
Stadium Tower II	Anaheim, CA		282,000		367,000	Office
Brea Financial Commons/Brea Corporate Place (2)	Brea, CA		550,000		784,000	Office, Mixed Use
Pacific Arts Plaza	Costa Mesa, CA		468,000		260,000	Office
			225,000			Residential (3)
Park Place	Irvine, CA		1,237,000		2,376,000	Office, Retail & Hotel
			1,048,000			Residential
2600 Michelson (4)	Irvine, CA		270,000		154,000	Office
500 Orange Center (5)	Orange, CA		900,000		960,000	Office
605 City Parkway	Orange, CA		200,000		228,000	Office
City Tower II (6)	Orange, CA		465,000		696,000	Office
	Total Orange County		5,645,000		5,825,000
San Diego
San Diego Tech Center (7), (8)	Sorrento Mesa, CA		1,320,000		1,674,000	Office
	Total San Diego County		1,320,000		1,674,000
	Total Portfolio		8,159,000		7,923,000

44

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

  Development Pipeline (continued)

(1)	The developable square feet presented represents the office, retail, hotel and residential footages that we estimate can be developed on the referenced property.
(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 and capacity considerations for the site still under planning review.
(3)	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.
(4)	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 have been 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).
(5)	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.
(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.

45

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

Management Statements on Non-GAAP Supplemental Measures

Funds from Operations:

Fund 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 from disposition of property (but including impairments and provisions for losses on property held for sale), plus real estate-related depreciation and amortization (including capitalized leasing costs and tenant allowances or improvements).  Adjustments for our unconsolidated joint venture are calculated to reflect FFO on the same basis.

Management uses FFO as a supplemental performance measure because, in excluding real estate-related depreciation and amortization and gains from property dispositions, 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.

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).

FFO before specified items:

Management also uses FFO before specified items as a supplemental performance measure because losses from early extinguishment of debt and the impairment of long-lived assets create significant earnings volatility which in turn results in less comparability between reporting periods and less predictability regarding future earnings potential.

Losses from early extinguishment of debt 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 variable 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 property or corporate-level financing to accommodate property acquisitions.  Consequently, management views these losses as costs to complete the respective acquisition or disposition of properties.

46

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

Management Statements on Non-GAAP Supplemental Measures (continued)

 

FFO before specified items: (continued)

Impairment of long-lived assets represents non-cash charges taken to write down depreciable real estate assets to fair value estimated when events or changes in circumstances indicate that the carrying amount may not be recoverable.  Per the NAREIT definition of FFO, gains from property dispositions are excluded from the calculation of FFO; however, impairment losses are required to be included.  Management excludes both gains on disposal and impairment losses from the calculation of FFO because they both relate to the financial statement impact of decisions made to dispose of property, whether in the period of disposition or in advance of disposition.  These types of gains or losses create volatility in our earnings and make it difficult for investors to determine the funds generated by our ongoing business operations.

Additionally, during the first and second quarters of 2008, we have excluded from the calculation of FFO costs associated with our review of strategic alternatives and management changes, primarily contractual separation obligations for our former senior executives, and exit costs and tenant improvement writeoffs related to the 1733 Ocean lease.  These costs are associated with the Special Committee’s review of strategic alternatives, including the potential sale of our company, and the resulting management changes made after the Special Committee concluded its review.  Management views these costs as non-recurring and believes that including these costs in the calculation of FFO would make it difficult for investors to determine the funds generated by our ongoing business operations.

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 and development 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.

47

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

Management Statements on Non-GAAP Supplemental Measures (continued)

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; accordingly, our EBITDA may not be comparable to such other Equity REITs’ EBITDA.

Adjusted EBITDA:

Management also uses Adjusted EBITDA as a supplemental performance measure because losses from early extinguishment of debt and the impairment of long-lived assets create significant earnings volatility which in turn results in less comparability between reporting periods and less predictability regarding future earnings potential.

Losses from early extinguishment of debt 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 variable 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 property or corporate-level financing to accommodate property acquisitions.  Consequently, management views these losses as costs to complete the respective acquisition or disposition of properties.

Impairment of long-lived assets represents non-cash charges taken to write down depreciable real estate assets to fair value estimated when events or changes in circumstances indicate that the carrying amount may not be recoverable.  Management excludes both gains on disposal and impairment losses from the calculation of EBITDA because they both relate to the financial statement impact of decisions made to dispose of property, whether in the period of disposition or in advance of disposition.  These types of gains or losses create volatility in our earnings and make it difficult for investors to determine the earnings generated by our ongoing business operations.

48

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2008

Management Statements on Non-GAAP Supplemental Measures (continued)

Adjusted EBITDA: (continued)

Additionally, during the first and second quarters of 2008, we have excluded from the calculation of EBITDA costs associated with our review of strategic alternatives and management changes, primarily contractual separation obligations for our former senior executives, and exit costs and tenant improvement writeoffs related to the 1733 Ocean lease.  These costs are associated with the Special Committee’s review of strategic alternatives, including the potential sale of our company, and the resulting management changes made after the Special Committee concluded its review.  Management views these costs as non-recurring and believes that including these costs in the calculation of EBITDA would make it difficult for investors to determine the earnings generated by our ongoing business operations.

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.

49