MPG Office Trust 8-K Third Quarter 2009 Financial Results

Exhibit 99.2

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

Table of Contents

 

		PAGE
Corporate Data		1
	Forward-Looking Statement	2
	Quarterly Highlights	3
	Investor Information	4
	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
	Consolidated Statement of Operations Related to Properties in Default	12
	MMO Unconsolidated Joint Venture Statements of Operations	13
	Funds from Operations	14
	Adjusted Funds from Operations	15
	Adjusted Funds from Operations Related to Properties in Default	16
	Reconciliation of Earnings before Interest, Taxes and Depreciation and Amortization and Adjusted Funds From Operations	17
	Capital Structure	18
	Debt Summary	19
	MMO Joint Venture Debt Summary	21
	Debt Maturities	22
	MMO Joint Venture Debt Maturities	23
Portfolio Data		24
	Same Store Analysis	25
	Portfolio Overview	26
	Portfolio Geographic Distribution (Excluding Properties in Default)	30
	Portfolio Overview — Leased Rates and Weighted Average Remaining Lease Term	31
	Major Tenants — Office Properties (Excluding Properties in Default)	32
	Portfolio Tenant Classification Description (Excluding Properties in Default)	33
	Lease Expirations — Wholly Owned Portfolio	34
	Lease Expirations — Wholly Owned Portfolio (Los Angeles County)	35
	Lease Expirations — Wholly Owned Portfolio (Orange County)	36
	Lease Expirations — Properties in Default	37
	Lease Expirations — MMO Joint Venture Portfolio	38
	Leasing Activity — Total Portfolio and Effective Portfolio	39
	Leasing Activity — Los Angeles Central Business District	40
	Leasing Activity — Orange County	41
	Tenant Improvements and Leasing Commissions	42
	Historical Capital Expenditures — Office Properties	43
	Hotel Performance and Hotel Historical Capital Expenditures	44
	Construction in Progress	45
	Development Pipeline	46
	Management Statements on Non–GAAP Supplemental Measures	48

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

Corporate Data

1

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

 Forward-Looking Statement

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 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: risks associated with management’s focus on asset dispositions, loan defaults, cash generation and general strategic matters; risks associated with the timing and consequences of loan defaults and related asset dispositions; risks associated with contingent guarantees by our Operating Partnership; risks associated with our liquidity situation; risks associated with the negative impact of the current credit crisis and economic slowdown; 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 and uncertainties affecting property development and construction; risks associated with increases in interest rates, volatility in the securities markets and contraction in the credit markets affecting our ability to extend or 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.

For a further list and description of such risks and uncertainties, see our Annual Report on Form 10-K/A filed on April 30, 2009 and our Quarterly Report on Form 10-Q filed on August 10, 2009 with the Securities and Exchange Commission.  We do not update forward-looking statements and disclaim any intention or obligation to update or revise them, whether as a result of new information, future events or otherwise.

2

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

 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 September 30, 2009, our office portfolio was comprised of whole or partial interests in 33 properties totaling approximately 18 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 12 million square feet, which accommodates approximately 38,000 vehicles.  We have one recently completed development project that totals approximately 188,000 square feet of office space.  We also own undeveloped land that we believe can support up to approximately 4 million square feet of office and mixed-use development and approximately 5 million square feet of structured parking, excluding development sites that will be disposed of along with our Stadium Towers Plaza, 2600 Michelson and Pacific Arts Plaza properties.

This Supplemental Operating and Financial Data package should be read in conjunction with our consolidated financial statements for the year ended December 31, 2008 in our Annual Report on Form 10-K/A filed with the Securities and Exchange Commission (SEC) on April 30, 2009.  For more information on Maguire Properties, visit our website at www.maguireproperties.com.

Asset Disposition Program:   During the second quarter of 2009, our board of directors approved management’s plan to cease funding cash shortfalls at the following properties: (1) Park Place I in Irvine, California, (2) Stadium Towers Plaza in Central Orange County, California, (3) Park Place II in Irvine, California, (4) 2600 Michelson in Irvine, California, (5) Pacific Arts Plaza in Costa Mesa, California, (6) 550 South Hope in Los Angeles, California and (7) 500 Orange Tower in Central Orange County, California.  In this Supplemental Operating and Financial Data package, we refer to the properties listed above, excluding Park Place I which has been disposed of, as “Properties in Default.”   With the exception of 500 Orange Tower, special purpose property-owning subsidiaries defaulted on the mortgage loans encumbering Park Place I, Stadium Towers Plaza, Park Place II, 2600 Michelson, Pacific Arts Plaza and 550 South Hope by not making the required debt service payments during the third quarter of 2009.   On August 11, 2009, we completed a deed-in-lieu of foreclosure with the lender to dispose of Park Place I.  Additionally, we closed the sale of certain parking areas together with related development rights associated with the Park Place campus for $17.0 million.  We received net proceeds of $16.5 million, which we intend to use for general corporate purposes.   Our mortgage loans at Stadium Towers Plaza, Park Place II, 2600 Michelson, Pacific Arts Plaza and 550 South Hope continue to be in default as of November 2, 2009.  We are working with the special servicers to dispose of these assets.  We are accruing additional default interest at a rate of 5% per annum on these loans.  During the third quarter, we accrued default interest totaling $4.6 million as well as $7.3 million of regular scheduled interest that was unpaid as of September 30, 2009 related to these properties.   On September 15, 2009, we entered into an agreement to sell 130 State College located in Orange County for $6.5 million.  This transaction closed on October 30, 2009.  We received net proceeds totaling approximately $6 million, which we intend to use for general corporate purposes.     Debt:   During the third quarter, we extended the maturity date of our Lantana Media Campus construction loan to June 13, 2010.  Additionally, we entered into loan modification agreements to amend the financial covenants of our Plaza Las Fuentes mortgage and Lantana Media Campus construction loan.  We made certain principal paydowns and agreed to other changes to the loan agreements in connection with these modifications.   As of September 30, 2009, excluding mortgages encumbering the Properties in Default, approximately 69% 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.   Impairment:   During the third quarter, we recorded impairment charges totaling $10.1 million, of which $5.9 million has been recorded in continuing operations and $4.2 million in discontinued operations.   The $5.9 million impairment charge recorded in continuing operations was related to the writedown of 130 State College to its estimated fair value, less estimated costs to sell, as of September 30, 2009.  The $4.2 million impairment charge recorded in discontinued operations was related to the disposition of Park Place I.   Leasing Activities:   During the third quarter, new leases and renewals were executed for approximately 0.3 million square feet (including our pro rata share of our joint venture properties).  Cash rent on new leases completed during the quarter decreased 16.5% in our Effective Portfolio, compared to cash rents on those spaces immediately prior to their expiration, and GAAP rent decreased 19.3% compared to prior GAAP rents.  Leases totaling approximately 0.3 million square feet expired during the third quarter (including our pro rata share of our joint venture properties).   Development Activities:   Construction activities are complete at 207 Goode, and we received a certificate of occupancy in September 2009.  207 Goode is an eight-story, 187,974 square foot office building located in Glendale, California.

3

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

 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	Jonathan L. Abrams	Senior Vice President, General Counsel and Secretary
Shant Koumriqian	Executive Vice President, Chief Financial Officer	Robert P. Goodwin	Senior Vice President, Construction and Development
Peggy M. Moretti	Senior Vice President, Investor and Public Relations	Peter K. Johnston	Senior Vice President, Leasing
	& Chief Administrative Officer	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:
	Fourth Quarter	March 2010

Equity Research Coverage

Credit Suisse	Steven Benyik	(212) 538-0239
Deutsche Bank Securities, Inc.	Vincent Chao	(212) 250-6799
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
Raymond James Associates	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

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

Third Quarter 2009

  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:

	2009									2008
	3rd Quarter			2nd Quarter			1st Quarter			4th Quarter			3rd Quarter
High price	$	3.09		$	2.05		$	3.12		$	6.79		$	16.32
Low price	$	0.51		$	0.66		$	0.33		$	1.03		$	4.75
Closing price	$	2.10		$	0.85		$	0.72		$	1.46		$	5.96
Dividends per share - annualized	$	–		$	–		$	–		$	–		$	–
Closing dividend yield - annualized		(1	)		(1	)		(1	)		(1	)		(1	)
Closing common shares and Operating Partnership      units outstanding (in thousands)		54,620			54,642			54,656			54,650			54,559
Closing market value of common shares and      Operating Partnership units outstanding      (in thousands)	$	114,702		$	46,446		$	39,352		$	79,788		$	325,173
Dividend Information:
Common Stock
Dividend amount per share		(1	)		(1	)		(1	)		(1	)		(1	)
Declaration date
Record date
Payment date
Series A Preferred Stock
Dividend amount per share		(2	)		(2	)		(2	)		(2	)	$	0.4766
Declaration date													September 18, 2008
Record date													October 10, 2008
Payment date													October 31, 2008

__________

(1)	The Board of Directors did not declare a dividend on our common stock for the quarters ended September 30,  June 30 and March 31, 2009 and December 31 and September 30, 2008.  There can be no assurance that we will 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 during the three months ended October 31, July 31, April 30 and January 31, 2009. 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

Third Quarter 2009

Consolidated Financial Results

6

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

  Financial Highlights

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

	For the Three Months Ended
	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Income Items:
Revenue (1)	$	126,329		$	127,351		$	124,384		$	128,543		$	123,868
Straight line rent		3,909			4,827			3,799			2,964			3,902
Fair value lease revenue (2)		4,488			5,672			4,660			5,200			5,480
Lease termination fees		11			1,152			81			860			13
Office property operating margin (3)		63.2	%		62.9	%		63.3	%		62.0	%		62.3	%
Net loss available to common stockholders	$	(46,829	)	$	(380,450	)	$	(53,890	)	$	(96,305	)	$	(72,524	)
Net loss available to common stockholders -           basic and diluted		(0.97	)		(7.95	)		(1.13	)		(2.02	)		(1.52	)
Funds from operations (FFO) available to common           stockholders (4)	$	(11,699	)	$	(339,712	)	$	(30,786	)	$	(42,180	)	$	(20,158	)
FFO per share - basic (4)		(0.24	)		(7.10	)		(0.64	)		(0.88	)		(0.42	)
FFO per share - diluted (4)		(0.24	)		(7.10	)		(0.64	)		(0.88	)		(0.42	)
FFO per share before specified items - basic (4)		0.06			0.08			0.07			0.04			0.04
FFO per share before specified items - diluted (4)		0.06			0.08			0.07			0.04			0.04
Dividends declared per common share	$	–		$	–		$	–		$	–		$	–
Dividends declared per preferred share (5)		–			–			–			–			0.4766
Ratios:
Interest coverage ratio (6)		0.95			(4.66	)		1.11			0.40			0.70
Interest coverage ratio before specified items (7)		1.13			1.14			1.13			1.08			1.05
Fixed-charge coverage ratio (8)		0.87			(4.29	)		1.02			0.37			0.65
Fixed-charge coverage ratio before specified items (9)		1.04			1.05			1.04			1.00			0.97
Capitalization:
Common stock price @ quarter end	$	2.10		$	0.85		$	0.72		$	1.46		$	5.96
Total consolidated debt	$	4,421,913		$	4,600,771		$	4,869,916		$	4,882,809		$	4,874,471
Preferred stock liquidation preference		250,000			250,000			250,000			250,000			250,000
Common equity value @ quarter end (10)		114,702			46,446			39,352			79,788			325,173
Total consolidated market capitalization	$	4,786,615		$	4,897,217		$	5,159,268		$	5,212,597		$	5,449,644
Company share of MMO joint venture debt		160,975			161,123			161,268			161,420			161,566
Total combined market capitalization	$	4,947,590		$	5,058,340		$	5,320,536		$	5,374,017		$	5,611,210
Total consolidated debt / total consolidated           market capitalization		92.4	%		93.9	%		94.4	%		93.7	%		89.4	%
Total combined debt / total combined market capitalization		92.6	%		94.1	%		94.6	%		93.9	%		89.7	%
Total consolidated debt plus liquidation preference / total           consolidated market capitalization		97.6	%		99.1	%		99.2	%		98.5	%		94.0	%
Total combined debt plus liquidation preference / total           combined market capitalization		97.7	%		99.1	%		99.3	%		98.5	%		94.2	%

7

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

  Financial Highlights (continued)

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

__________

(1)	Excludes revenue from discontinued operations of approximately $3 million, $10 million, $12 million, $12 million and $15 million for the three months ended September 30, June 30 and March 31, 2009 and December 31 and September 30, 2008, 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 48.  For a quantitative reconciliation of the differences between FFO and net income, see page 14.
(5)	A preferred dividend was declared for the three months ended October 31, 2008.
(6)	Calculated as earnings before interest, taxes and depreciation and amortization and preferred dividends, or EBITDA, of $62,637, $(317,416), $76,027, $28,970 and $51,839, respectively, divided by cash paid for interest of $66,005, $68,159, $68,288, $73,055 and $73,547, respectively.  Cash paid for interest excludes default interest that was accrued during third quarter 2009 totaling $4.6 million for Properties in Default.  For a discussion of EBITDA, see page 50.  For a quantitative reconciliation of the differences between EBITDA and net income, see page 17.
(7)	Calculated as Adjusted EBITDA of $74,557, $77,684, $77,218, $78,970 and $76,899, respectively, divided by cash paid for interest of $66,005, $68,159, $68,288, $73,055 and $73,547, respectively.  For a discussion of Adjusted EBITDA, see page 50.
(8)	Calculated as EBITDA of $62,637, $(317,416), $76,027, $28,970 and $51,839, respectively, divided by fixed charges of $71,989, $74,033, $74,371, $79,166 and $79,342, respectively.
(9)	Calculated as Adjusted EBITDA of $74,557, $77,684, $77,218, $78,970 and $76,899, respectively, divided by fixed charges of $71,989, $74,033, $74,371, $79,166 and $79,342, respectively.
(10)	Assumes 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

Third Quarter 2009

  Consolidated Balance Sheets

(unaudited and in thousands)

	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Assets
Investments in real estate	$	4,337,009		$	4,559,872		$	5,024,534		$	5,026,688		$	5,219,538
Less: accumulated depreciation		(647,581	)		(666,092	)		(638,343	)		(604,302	)		(576,329	)
		3,689,428			3,893,780			4,386,191			4,422,386			4,643,209
Cash, cash equivalents and restricted cash		222,109			223,223			256,558			280,166			351,246
Rents, deferred rents and other receivables, net		83,593			84,206			82,024			78,938			78,242
Deferred charges, net		154,488			165,696			176,916			184,156			193,384
Other assets		22,287			25,396			43,601			39,166			43,632
Investment in unconsolidated joint ventures		–			–			9,428			11,606			13,326
Assets associated with real estate held for sale		–			–			161,668			182,597			–
Total assets	$	4,171,905		$	4,392,301		$	5,116,386		$	5,199,015		$	5,323,039
Liabilities and Deficit
Liabilities:
Mortgage and other secured loans	$	4,421,913		$	4,600,771		$	4,704,696		$	4,714,090		$	4,874,471
Dividends and distributions payable		–			–			–			–			3,177
Accounts payable, accrued interest payable and other liabilities		188,709			174,467			194,062			221,066			214,119
Acquired below-market leases, net		84,013			91,015			104,359			112,173			119,895
Obligations associated with real estate held for sale		–			–			169,929			171,348			–
Total liabilities		4,694,635			4,866,253			5,173,046			5,218,677			5,211,662
Deficit:
Stockholders' Deficit:
Common and preferred stock and additional paid-in capital		701,110			699,931			698,377			696,840			695,361
Accumulated deficit and dividends		(1,125,223	)		(1,082,577	)		(705,730	)		(656,606	)		(563,478	)
Accumulated other comprehensive loss, net		(36,659	)		(35,451	)		(44,020	)		(59,896	)		(20,506	)
Total stockholders' deficit		(460,772	)		(418,097	)		(51,373	)		(19,662	)		111,377
Noncontrolling Interests:
Common units of our Operating Partnership		(61,958	)		(55,855	)		(5,287	)		–			–
Total deficit		(522,730	)		(473,952	)		(56,660	)		(19,662	)		111,377
Total liabilities and deficit	$	4,171,905		$	4,392,301		$	5,116,386		$	5,199,015		$	5,323,039

9

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

  Consolidated Statements of Operations

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

	For the Three Months Ended
	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Revenue:
Rental	$	78,528		$	79,924		$	76,350		$	76,561		$	74,596
Tenant reimbursements		28,483			26,395			27,582			29,748			27,359
Hotel operations		4,916			5,148			4,994			6,448			6,301
Parking		12,422			12,193			12,588			12,806			12,354
Management, leasing and development services		1,550			1,747			2,030			1,305			1,518
Interest and other		430			1,944			840			1,675			1,740
Total revenue		126,329			127,351			124,384			128,543			123,868
Expenses:
Rental property operating and maintenance		29,509			28,589			27,227			29,522			28,166
Hotel operating and maintenance		3,371			3,481			3,449			4,021			4,102
Real estate taxes		10,908			11,782			11,551			11,616			10,912
Parking		3,529			3,646			3,943			4,137			4,002
General and administrative		8,603			7,914			8,264			8,038			9,052
Other expense		1,556			1,639			1,504			1,359			1,574
Depreciation and amortization		37,729			42,472			41,082			39,870			40,475
Impairment of long-lived assets		5,900			236,557			–			–			–
Interest		68,114			58,606			76,835			63,766			59,859
Loss from early extinguishment of debt		–			–			–			–			1,463
Total expenses		169,219			394,686			173,855			162,329			159,605
Loss from continuing operations before equity in net
loss of unconsolidated joint venture and gain on sale      of real estate		(42,890	)		(267,335	)		(49,471	)		(33,786	)		(35,737	)
Equity in net loss of unconsolidated joint venture		229			(9,120	)		(1,739	)		(330	)		(98	)
Gain on sale of real estate		–			–			20,350			–			–
Loss from continuing operations		(42,661	)		(276,455	)		(30,860	)		(34,116	)		(35,835	)
Discontinued Operations:
Loss from discontinued operations before gain on sale of real estate		(5,919	)		(152,153	)		(27,930	)		(57,423	)		(31,923	)
Gain on sale of real estate		–			–			2,170			–			–
Loss from discontinued operations		(5,919	)		(152,153	)		(25,760	)		(57,423	)		(31,923	)
Net loss		(48,580	)		(428,608	)		(56,620	)		(91,539	)		(67,758	)
Net loss attributable to common units of our Operating Partnership		6,517			52,924			7,496			–			–
Net loss attributable to Maguire Properties, Inc.		(42,063	)		(375,684	)		(49,124	)		(91,539	)		(67,758	)
Preferred stock dividends		(4,766	)		(4,766	)		(4,766	)		(4,766	)		(4,766	)
Net loss available to common stockholders	$	(46,829	)	$	(380,450	)	$	(53,890	)	$	(96,305	)	$	(72,524	)
Basic and diluted loss per common share:
Loss from continuing operations	$	(0.86	)	$	(5.16	)	$	(0.66	)	$	(0.82	)	$	(0.85	)
Loss from discontinued operations		(0.11	)		(2.79	)		(0.47	)		(1.20	)		(0.67	)
Net loss available to common stockholders per share	$	(0.97	)	$	(7.95	)	$	(1.13	)	$	(2.02	)	$	(1.52	)
Weighted average number of common shares outstanding		48,285,111			47,836,591			47,788,028			47,777,101			47,773,575

10

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

Consolidated Statements of Discontinued Operations

(unaudited and in thousands)

	For the Three Months Ended
	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Revenue:
Rental	$	2,178		$	8,901		$	10,238		$	9,937		$	12,725
Tenant reimbursements		145			242			257			97			1,288
Parking		78			611			670			689			952
Interest and other		125			458			455			912			467
Total revenue		2,526			10,212			11,620			11,635			15,432
Expenses:
Rental property operating and maintenance		1,234			4,056			4,238			4,465			6,128
Real estate taxes		411			1,557			1,820			1,600			2,605
Parking		109			542			525			526			640
Depreciation and amortization		1,393			3,795			4,528			6,281			6,492
Impairment of long-lived assets		4,231			148,116			23,500			50,000			21,796
Interest		804			3,922			4,728			6,186			7,893
Loss from early extinguishment of debt		263			377			211			–			1,801
Total expenses		8,445			162,365			39,550			69,058			47,355
Loss from discontinued operations before gain on sale of real estate		(5,919	)		(152,153	)		(27,930	)		(57,423	)		(31,923	)
Gain on sale of real estate		–			–			2,170			–			–
Loss from discontinued operations	$	(5,919	)	$	(152,153	)	$	(25,760	)	$	(57,423	)	$	(31,923	)

11

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

 Consolidated Statements of Operations Related to Properties in Default (1)

(unaudited and in thousands)

	For the Three Months Ended September 30, 2009
Revenue:
Rental	$	13,028
Tenant reimbursements		3,610
Parking		1,421
Interest and other		106
Total revenue		18,165
Expenses:
Rental property operating and maintenance		4,915
Real estate taxes		1,910
Parking		445
Depreciation and amortization		5,900
Interest (2)		17,350
Total expenses		30,520
Loss from operations related to Properties in Default	$	(12,355	)

__________

(1)	Properties in Default include the following: Stadium Towers Plaza, Park Place II, 2600 Michelson, Pacific Arts Plaza, 550 South Hope and 500 Orange Tower.  As of November 2, 2009, the mortgage loans on these properties are in default, with the exception of 500 Orange Tower.
(2)	Includes default interest totaling $4.6 million as well as regular scheduled interest totaling $7.3 million, both of which are unpaid as of September 30, 2009.

12

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

MMO Unconsolidated Joint Venture Statements of Operations

(unaudited and in thousands)

	For the Three Months Ended
	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Revenue:
Rental	$	19,532		$	19,848		$	20,389		$	21,445		$	22,562
Tenant reimbursements		6,920			5,885			6,439			6,579			6,684
Parking		1,532			1,655			2,035			2,041			2,210
Interest and other		20			21			27			85			2,422
Total revenue		28,004			27,409			28,890			30,150			33,878
Expenses:
Rental property operating and maintenance		6,565			6,329			6,305			7,049			6,467
Real estate taxes		4,078			4,061			3,441			2,419			3,298
Parking		428			519			422			445			422
Depreciation and amortization		10,705			10,039			16,560			11,018			13,375
Impairment of long-lived assets		–			50,254			–			–			–
Interest		10,981			10,872			10,809			11,008			11,014
Other		1,302			1,257			1,247			1,370			1,359
Total expenses		34,059			83,331			38,784			33,309			35,935
Net loss	$	(6,055	)	$	(55,922	)	$	(9,894	)	$	(3,159	)	$	(2,057	)
Company share	$	(1,211	)	$	(11,184	)	$	(1,979	)	$	(631	)	$	(412	)
Intercompany eliminations		280			279			240			301			314
Unallocated losses		1,160			1,785			–			–			–
Equity in net loss of unconsolidated joint venture	$	229		$	(9,120	)	$	(1,739	)	$	(330	)	$	(98	)

13

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

 Funds from Operations

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

		For the Three Months Ended
		September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Reconciliation of net loss available to common stockholders to funds from operations:
Net loss available to common stockholders		$	(46,829	)	$	(380,450	)	$	(53,890	)	$	(96,305	)	$	(72,524	)
Add:	Depreciation and amortization of real estate assets		39,038			46,183			45,526			46,052			46,881
	Depreciation and amortization of real estate assets -      unconsolidated joint venture (1)		2,141			2,008			3,312			2,204			2,675
	Net loss attributable to common units of our      Operating Partnership		(6,517	)		(52,924	)		(7,496	)		–			–
	Unallocated losses - unconsolidated joint venture (1)		(1,160	)		(1,785	)		–			–			–
Deduct:	Gains on sale of real estate		–			–			22,520			–			–
Funds from operations available to common stockholders and       unit holders (FFO) (2)		$	(13,327	)	$	(386,968	)	$	(35,068	)	$	(48,049	)	$	(22,968	)
Company share of FFO (3)		$	(11,699	)	$	(339,712	)	$	(30,786	)	$	(42,180	)	$	(20,158	)
FFO per share - basic		$	(0.24	)	$	(7.10	)	$	(0.64	)	$	(0.88	)	$	(0.42	)
FFO per share - diluted		$	(0.24	)	$	(7.10	)	$	(0.64	)	$	(0.88	)	$	(0.42	)
Weighted average number of common shares outstanding - basic			48,285,111			47,836,591			47,788,028			47,777,101			47,773,575
Weighted average number of common and common equivalent      shares outstanding - diluted			48,592,128			47,837,083			47,788,795			47,777,868			47,778,955
Weighted average diluted shares and units			55,266,701			54,511,656			54,463,368			54,452,441			54,453,528
Reconciliation of FFO to FFO before specified items: (2)
FFO available to common stockholders and unit holders (FFO)		$	(13,327	)	$	(386,968	)	$	(35,068	)	$	(48,049	)	$	(22,968	)
Add:	Loss from early extinguishment of debt included in      continuing operations		–			–			–			–			1,463
	Loss from early extinguishment of debt included in      discontinued operations		263			377			211			–			1,801
	Unrealized loss on forward-starting interest rate swap		–			(15,255	)		15,255			–			–
	Realized loss on forward-starting interest rate swap		–			11,340			–			–			–
	Default interest accrued on Properties in Default		4,561			–			–			–			–
	Severance-related charges		1,526			–			–			–			–
	Impairment of long-lived assets included in      continuing operations		5,900			236,557			–			–			–
	Impairment of long-lived assets included in      discontinued operations		4,231			148,116			23,500			50,000			21,796
	Impairment of long-lived assets included in unconsolidated      joint venture (1)		–			10,050			–			–			–
FFO before specified items		$	3,154		$	4,217		$	3,898		$	1,951		$	2,092
Company share of FFO before specified items (3)		$	2,769		$	3,702		$	3,422		$	1,713		$	1,836
FFO per share before specified items - basic		$	0.06		$	0.08		$	0.07		$	0.04		$	0.04
FFO per share before specified items - diluted		$	0.06		$	0.08		$	0.07		$	0.04		$	0.04

__________  

(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 48.
(3)	Based on a weighted average interest in our Operating Partnership of approximately 87.8% for all periods presented.

14

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

 Adjusted Funds from Operations (1)

(unaudited and in thousands) 

		For the Three Months Ended
		September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
FFO		$	(13,327	)	$	(386,968	)	$	(35,068	)	$	(48,049	)	$	(22,968	)
Add:	Non-real estate depreciation		84			84			84			99			86
	Straight line ground lease expense		511			511			511			51			620
	Amortization of deferred financing costs		1,901			1,955			2,259			2,243			1,790
	Unrealized loss on forward-starting interest rate swap		–			(15,255	)		15,255			–			–
	Realized loss on forward-starting interest rate swap		–			11,340			–			–			–
	Default interest accrued on Properties in Default		4,561			–			–			–			–
	Non-cash stock compensation		1,182			1,539			1,500			1,443			1,385
	Impairment of long-lived assets included in      continuing operations		5,900			236,557			–			–			–
	Impairment of long-lived assets included in       discontinued operations		4,231			148,116			23,500			50,000			21,796
	Impairment of long-lived assets included in       unconsolidated joint venture		–			10,050			–			–			–
	Loss from early extinguishment of debt		263			377			211			–			3,264
Deduct:	Straight line rent		3,758			5,023			4,094			3,784			4,909
	Fair value lease revenue		4,532			5,900			5,057			5,643			6,457
	Capitalized payments (2)		4,196			3,550			4,877			5,520			7,137
	Non-recoverable capital expenditures		614			923			1,077			620			2,959
	Recoverable capital expenditures		390			320			90			704			145
	Hotel improvements, equipment upgrades and      replacements		62			251			113			290			254
	2nd generation tenant improvements and leasing      commissions (3), (4)		1,348			1,664			2,336			7,878			3,614
	MMO joint venture AFFO adjustments		439			1,294			611			532			638
Adjusted funds from operations (AFFO)		$	(10,033	)	$	(10,619	)	$	(10,003	)	$	(19,184	)	$	(20,140	)

__________ 

(1)	For the definition and computation method of AFFO, see page 49.  For a quantitative reconciliation of the differences between AFFO and cash flows from operating activities, see page 17.
(2)	Includes capital lease principal payments, regular principal payments required to service our debt, capitalized leasing and development payroll, and capitalized interest.
(3)	Excludes 1st generation tenant improvements and leasing commissions of $5.4 million, $4.9 million, $1.4 million, $6.2 million and $0.4 million for the three months ended September 30, June 30 and March 31, 2009 and December 31 and September 30, 2008, respectively.
(4)	Excludes tenant improvements and leasing commissions paid using cash reserves that were funded through loan proceeds upon acquisition or debt refinancing of $0.2 million, $0.7 million, $4.7 million, $6.2 million and $5.5 million for the three months ended September 30, June 30 and March 31, 2009 and December 31 and September 30, 2008, respectively.

15

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

 Adjusted Funds from Operations Related to Properties in Default (1)

(unaudited and in thousands) 

		For the Three Months Ended September 30, 2009
FFO		$	(6,455	)
Add:	Amortization of deferred financing costs		166
	Default interest accrued		4,561
Deduct:	Straight line rent		1,035
	Fair value lease revenue		1,491
	Capitalized payments (2)		326
	Non-recoverable capital expenditures		1
	Recoverable capital expenditures		32
	2nd generation tenant improvements and leasing commissions		5
Adjusted funds from operations related to Properties in Default		$	(4,618	)

__________ 

(1)	Properties in Default include the following: Stadium Towers Plaza, Park Place II, 2600 Michelson, Pacific Arts Plaza, 550 South Hope and 500 Orange Tower.  As of November 2, 2009, the mortgage loans on these properties are in default, with the exception of 500 Orange Tower.
(2)	Includes regular principal payments related to the Park Place II mortgage loan.

16

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

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
		September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008			September 30, 2008
Reconciliation of net loss to earnings before interest, taxes and      depreciation and amortization (EBITDA):
Net loss		$	(48,580	)	$	(428,608	)	$	(56,620	)	$	(91,539	)	$	(67,758	)
Add:	Interest expense (3)		68,918			62,528			81,563			69,952			67,752
	Company share of interest expense included in      unconsolidated joint venture		2,196			2,174			2,162			2,202			2,203
	Depreciation and amortization (4)		39,122			46,267			45,610			46,151			46,967
	Company share of depreciation and amortization      included in unconsolidated joint venture		2,141			2,008			3,312			2,204			2,675
Deduct:	Unallocated losses from unconsolidated joint venture		1,160			1,785			–			–			–
EBITDA		$	62,637		$	(317,416	)	$	76,027		$	28,970		$	51,839
EBITDA		$	62,637		$	(317,416	)	$	76,027		$	28,970		$	51,839
Add:	Loss from early extinguishment of debt included in      continuing operations		–			–			–			–			1,463
	Loss from early extinguishment of debt included in      discontinued operations		263			377			211			–			1,801
	Severance-related charges		1,526			–			–			–			–
	Impairment of long-lived assets included in       continuing operations		5,900			236,557			–			–			–
	Impairment of long-lived assets included in      discontinued operations		4,231			148,116			23,500			50,000			21,796
	Impairment of long-lived assets included in      unconsolidated joint venture		–			10,050			–			–			–
Deduct:	Gain on sale of real estate included in      continuing operations		–			–			20,350			–			–
	Gain on sale of real estate included in      discontinued operations		–			–			2,170			–			–
Adjusted EBITDA		$	74,557		$	77,684		$	77,218		$	78,970		$	76,899
Reconciliation of cash flows from operating activities to      adjusted funds from operations (AFFO):
Cash flows from operating activities		$	11,029		$	(248	)	$	(8,254	)	$	(26,978	)	$	(7,588	)
Changes in other assets and liabilities			(18,648	)		(7,213	)		1,867			17,286			(5,580	)
Non-recoverable capital expenditures			(614	)		(923	)		(1,077	)		(620	)		(2,959	)
Recoverable capital expenditures			(390	)		(320	)		(90	)		(704	)		(145	)
Hotel improvements, equipment upgrades and           replacements			(62	)		(251	)		(113	)		(290	)		(254	)
2nd generation tenant improvements and leasing            commissions (5), (6)			(1,348	)		(1,664	)		(2,336	)		(7,878	)		(3,614	)
AFFO		$	(10,033	)	$	(10,619	)	$	(10,003	)	$	(19,184	)	$	(20,140	)

__________ 

(1)	For the definition and discussion of EBITDA and Adjusted EBITDA, see page 50.
(2)	For the definition and discussion of AFFO, see page 49.
(3)	Includes interest expense of $0.8 million $3.9  million, $4.7 million, $6.2 million and $7.9 million for the three months ended September 30, June 30 and March 31, 2009 and December 31 and September 30, 2008, respectively, related to discontinued operations.
(4)	Includes depreciation and amortization of $1.4 million, $3.8 million, $4.5 million, $6.3 million and $6.5 million for the three months ended September 30, June 30 and March 31, 2009 and December 31 and September 30, 2008, respectively, related to discontinued operations.
(5)	Excludes 1st generation tenant improvements and leasing commissions of $5.4 million, $4.9 million, $1.4 million, $6.2 million and $0.4 million for the three months ended September 30, June 30 and March 31, 2009 and December 31 and September 30, 2008, respectively.
(6)	Excludes tenant improvements and leasing commissions paid using cash reserves that were funded through loan proceeds upon acquisition or debt refinancing of $0.2 million, $0.7 million, $4.7 million, $6.2 million and $5.5 million for the three months ended September 30, June 30 and March 31, 2009 and December 31 and September 30, 2008, respectively.

17

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

Capital Structure

Debt
(in thousands)
			Balance as of
			September 30, 2009
Mortgage and other secured loans			$	4,421,913
Company share of MMO joint venture debt				160,975
Total combined debt			$	4,582,888
Equity
(in thousands)
	Shares Outstanding		Total Liquidation Preference
Preferred stock		10,000	$	250,000
	Shares & Units Outstanding		Market Value (1)
Common stock		47,945	$	100,685
Noncontrolling common units of our Operating Partnership		6,675		14,017
Total common equity		54,620	$	114,702
Total consolidated market capitalization			$	4,786,615
Total combined market capitalization (2)			$	4,947,590

__________ 

(1)	Value based on the New York Stock Exchange closing price of  $2.10 on September 30, 2009.
(2)	Includes our share of Maguire Macquarie Office ("MMO") joint venture debt.

18

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

Debt Summary

(in thousands, except percentages)

	Maturity Date	Principal Amount as of September 30, 2009			% of Debt			Interest Rate as of September 30, 2009 (1)
Floating-Rate Debt
Repurchase facility (2)	May 1, 2011	$	22,743			0.51	%		3.00	%
Construction Loans:
Lantana Media Campus	June 13, 2010		77,829			1.76	%		4.25	%
17885 Von Karman	June 30, 2010		24,154			0.55	%		5.00	%
207 Goode (3)	May 1, 2010		21,426			0.48	%		2.05	%
2385 Northside Drive	August 6, 2010		16,770			0.38	%		5.00	%
Total construction loans			140,179			3.17	%		4.13	%
Variable-Rate Mortgage Loans:
Griffin Towers (4)	May 1, 2010		125,000			2.82	%		6.50	%
Plaza Las Fuentes (5)	September 29, 2010		94,400			2.13	%		3.50	%
Brea Corporate Place (6)	May 1, 2010		70,468			1.59	%		2.20	%
Brea Financial Commons (6)	May 1, 2010		38,532			0.87	%		2.20	%
Total variable-rate mortgage loans			328,400			7.41	%		4.21	%
Variable-Rate Swapped to Fixed-Rate:
KPMG Tower (7)	October 9, 2012		400,000			9.03	%		7.16	%
207 Goode (3)	May 1, 2010		25,000			0.56	%		7.36	%
Total variable-rate swapped to fixed-rate loans			425,000			9.59	%		7.18	%
Total floating-rate debt			916,322			20.68	%		5.54	%
Fixed-Rate Debt
Wells Fargo Tower	April 6, 2017		550,000			12.41	%		5.68	%
Two California Plaza	May 6, 2017		470,000			10.61	%		5.50	%
Gas Company Tower	August 11, 2016		458,000			10.34	%		5.10	%
777 Tower	November 1, 2013		273,000			6.16	%		5.84	%
US Bank Tower	July 1, 2013		260,000			5.87	%		4.66	%
City Tower	May 10, 2017		140,000			3.16	%		5.85	%
Glendale Center	August 11, 2016		125,000			2.82	%		5.82	%
Lantana Media Campus	January 6, 2010		98,000			2.21	%		4.94	%
801 North Brand	April 6, 2015		75,540			1.70	%		5.73	%
Mission City Corporate Center	April 1, 2012		52,000			1.17	%		5.09	%
The City - 3800 Chapman	May 6, 2017		44,370			1.00	%		5.93	%
701 North Brand	October 1, 2016		33,750			0.76	%		5.87	%
700 North Central	April 6, 2015		27,460			0.62	%		5.73	%
Griffin Towers Senior Mezzanine	May 1, 2011		20,000			0.45	%		13.00	%
Total fixed-rate debt			2,627,120			59.28	%		5.50	%
Total debt, excluding Properties in Default			3,543,442			79.96	%		5.51	%
Properties in Default
Pacific Arts Plaza (8)	April 1, 2012		270,000			6.09	%		9.15	%
550 South Hope Street (9)	May 6, 2017		200,000			4.51	%		10.67	%
500 Orange Tower	May 6, 2017		110,000			2.48	%		5.88	%
2600 Michelson (10)	May 10, 2017		110,000			2.48	%		10.69	%
Stadium Towers Plaza (11)	May 11, 2017		100,000			2.26	%		10.78	%
Park Place II (12)	March 11, 2012		98,482			2.22	%		10.39	%
Total Properties in Default			888,482			20.04	%		9.60	%
Total consolidated debt			4,431,924			100.00	%		6.33	%
Debt discount			(10,011	)
Total consolidated debt, net of discount		$	4,421,913

19

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

Debt Summary (continued)

(in thousands, except percentages)

__________ 

(1)	The September 30, 2009 one-month LIBOR rate of 0.25% 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 floor interest rate under the loan agreements of 5.00%.
(2)	This loan currently bears interest at a variable rate of LIBOR plus 2.75% and increasing to LIBOR plus 3.75% in May 2010.
(3)	This loan bears interest at 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, some of which we may be unable to fulfill.
(4)	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, some of which we may be unable to fulfill.
(5)	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, some of which we may be unable to fulfill.
(6)	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, some of which we may be unable to fulfill.
(7)	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%.
(8)	Our special purpose property-owning subsidiary that owns the Pacific Arts Plaza property failed to make the debt service payments under this loan that were due on September 1, October 1 and November 1, 2009.  The interest rate shown for this loan is the default rate as defined in the loan agreement.
(9)	Our special purpose property-owning subsidiary that owns the 550 South Hope property failed to make the debt service payments under this loan that were due on August 6, September 6 and October 6, 2009.  The interest rate shown for this loan is the default rate as defined in the loan agreement.
(10)	Our special purpose property-owning subsidiary that owns the 2600 Michelson property failed to make the debt service payments under this loan that were due on August 11, September 11 and October 11, 2009.  The interest rate shown for this loan is the default rate as defined in the loan agreement.
(11)	Our special purpose property-owning subsidiary that owns the Stadium Towers Plaza property failed to make the debt service payments under this loan that were due on August 11, September 11 and October 11, 2009.  The interest rate shown for this loan is the default rate as defined in the loan agreement.
(12)	Our special purpose property-owning subsidiary that owns the Park Place II property failed to make the debt service payments under this loan that were due on August 11, September 11 and October 11, 2009.  The interest rate shown for this loan is the default rate as defined in the loan agreement.

20

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

MMO Joint Venture Debt Summary

 (in thousands, except percentages)

	Maturity Date	Principal Amount as of September 30, 2009		% of Debt			Interest Rate as of September 30, 2009
Fixed-Rate Debt
Wells Fargo Center (Denver, CO)	April 6, 2015	$	276,000		34.37	%		5.26	%
One California Plaza	December 1, 2010		140,966		17.56	%		4.73	%
San Diego Tech Center	April 11, 2015		133,000		16.56	%		5.70	%
Quintana Campus (2)	December 11, 2011		106,000		13.20	%		5.07	%
Cerritos Corporate Center	February 1, 2016		95,000		11.83	%		5.54	%
Stadium Gateway	February 1, 2016		52,000		6.48	%		5.66	%
Total fixed-rate debt			802,966		100.00	%		5.27	%
Debt premium, net of discount			1,910
Total joint venture debt, net		$	804,876
Our portion of joint venture debt (1)		$	160,975

__________ 

(1)	We own 20% of the MMO joint venture.
(2)	The MMO joint venture defaulted on its Quintana mortgage loan by failing to make its required debt service payments.

21

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

Debt Maturities

(in thousands, except percentages)

	2009			2010			2011			2012			2013			Thereafter			Total
Floating-Rate Debt
Repurchase facility	$	494		$	11,971		$	10,278		$	–		$	–		$	–		$	22,743
Construction Loans:
Lantana Media Campus		–			77,829			–			–			–			–			77,829
17885 Von Karman		–			24,154			–			–			–			–			24,154
207 Goode (1)		–			21,426			–			–			–			–			21,426
2385 Northside Drive		–			16,770			–			–			–			–			16,770
Total construction loans		–			140,179			–			–			–			–			140,179
Variable-Rate Mortgage Loans:
Griffin Towers (1)		–			125,000			–			–			–			–			125,000
Plaza Las Fuentes (2)		1,800			92,600			–			–			–			–			94,400
Brea Corporate Place (3)		–			70,468			–			–			–			–			70,468
Brea Financial Commons (3)		–			38,532			–			–			–			–			38,532
Total variable-rate mortgage loans		1,800			326,600			–			–			–			–			328,400
Variable-Rate Swapped to Fixed-Rate:
KPMG Tower		–			–			–			400,000			–			–			400,000
207 Goode (1)		–			25,000			–			–			–			–			25,000
Total variable-rate swapped to fixed-rate loans		–			25,000			–			400,000			–			–			425,000
Total floating-rate debt		2,294			503,750			10,278			400,000			–			–			916,322
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
US Bank Tower		–			–			–			–			260,000			–			260,000
City Tower		–			–			–			–			–			140,000			140,000
Glendale Center		–			–			–			–			–			125,000			125,000
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
Total fixed-rate debt		–			98,000			20,000			52,000			533,000			1,924,120			2,627,120
Total debt, excluding Properties in Default		2,294			601,750			30,278			452,000			533,000			1,924,120			3,543,442
Debt discount		–			–			–			–			(2,675	)		(3,593	)		(6,268	)
Total debt, excluding Properties in Default, net		2,294			601,750			30,278			452,000			530,325			1,920,527			3,537,174
Properties in Default
Pacific Arts Plaza		–			–			–			270,000			–			–			270,000
550 South Hope Street		–			–			–			–			–			200,000			200,000
500 Orange Tower		–			–			–			–			–			110,000			110,000
2600 Michelson		–			–			–			–			–			110,000			110,000
Stadium Towers Plaza		–			–			–			–			–			100,000			100,000
Park Place II		480			1,266			1,266			95,470			–			–			98,482
Total Properties in Default		480			1,266			1,266			365,470			–			520,000			888,482
Debt discount		–			–			–			–			–			(3,743	)		(3,743	)
Total Properties in Default, net		480			1,266			1,266			365,470			–			516,257			884,739
Total consolidated debt, net	$	2,774		$	603,016		$	31,544		$	817,470		$	530,325		$	2,436,784		$	4,421,913
Weighted average interest rate, excluding      Properties in Default		3.39	%		4.42	%		9.60	%		6.93	%		5.27	%		5.53	%		5.51	%
Weighted average interest rate, Properties in Default		10.39	%		10.39	%		10.39	%		9.48	%		–			9.68	%		9.60	%
Weighted average interest rate, consolidated		4.60	%		4.43	%		9.64	%		8.07	%		5.27	%		6.41	%		6.33	%

__________

(1)	One one-year extension is available at our option, subject to certain conditions, some of which we may be unable to fulfill.
(2)	Three one-year extensions are available at our option, subject to certain conditions, some of which we may be unable to fulfill.
(3)	Two one-year extensions are available at our option, subject to certain conditions, some of which we may be unable to fulfill.

22

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

 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		764			140,202			–			–			–			–			140,966
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
		764			140,202			107,054			1,330			1,406			552,210			802,966
Debt premium, net of discount		–			(473	)		(67	)		–			–			2,450			1,910
Total joint venture debt, net	$	764		$	139,729		$	106,987		$	1,330		$	1,406		$	554,660		$	804,876
Weighted average interest rate		4.73	%		4.73	%		5.07	%		5.54	%		5.54	%		5.45	%		5.27	%

23

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

Portfolio Data

24

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

 Same Store Analysis

(unaudited and in thousands, except percentages)

	For the Three Months Ended September 30, (1)									For the Nine Months Ended September 30, (2)
	2009			2008			% Change			2009			2008			% Change
Total Same Store Portfolio
Number of properties		21			21						19			19
Square feet as of September 30		11,078,248			11,063,767						10,838,083			10,823,602
Percentage of wholly-owned Office Portfolio		98.2	%		100.0	%					96.1	%		97.8	%
Weighted average leased percentage (3)		83.4	%		83.5	%					84.8	%		85.5	%
GAAP
Breakdown of Net Operating Income:
Operating revenue	$	98,047		$	95,181			3.0	%	$	291,983		$	288,687			1.1	%
Operating expenses		35,349			35,069			0.8	%		103,765			104,369			(0.6	)%
Other expense		1,264			1,372			(7.9	)%		3,792			4,030			(5.9	)%
Net operating income	$	61,434		$	58,740			4.6	%	$	184,426		$	180,288			2.3	%
CASH BASIS
Breakdown of Net Operating Income:
Operating revenue	$	93,593		$	88,156			6.2	%	$	276,270		$	266,395			3.7	%
Operating expenses		35,349			35,069			0.8	%		103,765			104,369			(0.6	)%
Other expense		743			743			-			2,229			2,223			0.3	%
Net operating income	$	57,501		$	52,344			9.9	%	$	170,276		$	159,803			6.6	%

__________ 

(1)	Properties included in the Same Store analysis are the properties in our Office Portfolio, with the exception of the Properties in Default, our joint venture properties and the Lantana South and East buildings.
(2)	Properties included in the Same Store analysis are the properties in our Office Portfolio, with the exception of the Properties in Default, our joint venture properties, 2385 Northside Drive, 17885 Von Karman and the Lantana South and East buildings.
(3)	Represents weighted average leased amounts for the Same Store portfolio.

25

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

 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		17	1991	100%		1,323,651		1,323,651		8.69	%		92.5	%	$	34,719,445	$	34,719,445	$	28.36
US Bank Tower		1		43	1989	100%		1,414,070		1,414,070		9.28	%		61.7	%		23,656,153		23,656,153		27.12
Wells Fargo Tower		2		63	1982	100%		1,396,198		1,396,198		9.16	%		94.6	%		28,197,126		28,197,126		21.35
Two California Plaza		1		63	1992	100%		1,327,607		1,327,607		8.71	%		83.5	%		21,888,027		21,888,027		19.75
KPMG Tower		1		22	1983	100%		1,143,654		1,143,654		7.51	%		93.8	%		24,653,814		24,653,814		22.97
777 Tower		1		36	1991	100%		1,010,206		1,010,206		6.63	%		92.0	%		19,737,269		19,737,269		21.23
One California Plaza		1		28	1985	20%		1,004,486		200,898		6.59	%		76.9	%		16,069,351		3,213,870		20.80
Total LACBD Submarket		8		272				8,619,872		7,816,284		56.57	%		84.7	%		168,921,185		156,065,704		23.14
Tri-Cities Submarket:
Glendale Center		2		4	1973/1996	100%		387,545		387,545		2.54	%		100.0	%		8,729,622		8,729,622		22.53
801 North Brand		1		29	1987	100%		282,770		282,770		1.86	%		82.8	%		4,648,611		4,648,611		19.86
701 North Brand		1		13	1978	100%		131,129		131,129		0.86	%		97.2	%		2,224,518		2,224,518		17.46
700 North Central		1		14	1979	100%		134,168		134,168		0.88	%		75.5	%		1,692,198		1,692,198		16.70
Plaza Las Fuentes		3		9	1989	100%		192,958		192,958		1.27	%		100.0	%		5,184,263		5,184,263		26.87
Total Tri-Cities Submarket		8		69				1,128,570		1,128,570		7.41	%		92.4	%		22,479,212		22,479,212		21.55
Santa Monica Professional and      Entertainment Submarket:
Lantana Media Campus		5		26	1989/2001/2008/2009	100%		531,225		531,225		3.49	%		77.3	%		17,766,862		17,766,862		43.29
Total Entertainment Submarket		5		26				531,225		531,225		3.49	%		77.3	%		17,766,862		17,766,862		43.29
Cerritos Office Submarket:
Cerritos - Phase I		1		1	1999	20%		221,968		44,394		1.46	%		100.0	%		5,982,038		1,196,408		26.95
Cerritos - Phase II		1		–	2001	20%		104,567		20,913		0.68	%		100.0	%		2,482,421		496,484		23.74
Total Cerritos Submarket		2		1				326,535		65,307		2.14	%		100.0	%		8,464,459		1,692,892		25.92
Total Los Angeles County		23		368				10,606,202		9,541,386		69.61	%		85.6	%	$	217,631,718	$	198,004,670	$	23.96

26

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

 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:
Quintana Campus		4		2	1989/2004	20%		414,595		82,919		2.72	%		39.6	%	$	2,614,977	$	522,995	$	15.92
17885 Von Karman Avenue		1		–	2008	100%		151,370		151,370		0.99	%		0.0	%		–		–		–
Total Airport Submarket		5		2				565,965		234,289		3.71	%		29.0	%		2,614,977		522,995		15.92
Costa Mesa Submarket:
Griffin Towers		2		39	1987	100%		546,996		546,996		3.59	%		76.8	%		6,480,535		6,480,535		15.42
Total Costa Mesa Submarket		2		39				546,996		546,996		3.59	%		76.8	%		6,480,535		6,480,535		15.42
Central Orange Submarket:
3800 Chapman		1		2	1984	100%		158,767		158,767		1.04	%		75.9	%		2,558,711		2,558,711		21.25
City Tower		1		27	1988	100%		412,427		412,427		2.71	%		82.6	%		7,404,692		7,404,693		21.74
Stadium Gateway		1		9	2001	20%		272,826		54,565		1.79	%		89.5	%		5,269,467		1,053,893		21.58
Total Central Orange Submarket		3		38				844,020		625,759		5.54	%		83.6	%		15,232,870		11,017,297		21.60
Other:
Brea Corporate Place		2		19	1987	100%		329,025		329,025		2.16	%		56.3	%		3,223,665		3,223,665		17.40
Brea Financial Commons		3		2	1987	100%		165,540		165,540		1.09	%		90.7	%		2,825,419		2,825,419		18.83
130 State College		1		1	1983	100%		42,884		42,884		0.28	%		100.0	%		614,957		614,957		14.34
Total Other		6		22				537,449		537,449		3.53	%		70.4	%		6,664,041		6,664,041		17.62
Total Orange County		16		101				2,494,430		1,944,493		16.37	%		66.9	%	$	30,992,423	$	24,684,868	$	18.58

27

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

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		25	1984/1986	20%		646,082		129,216		4.24	%		93.8	%	$	12,370,546	$	2,474,109	$	20.42
Total Sorento Mesa Submarket		11		25				646,082		129,216		4.24	%		93.8	%		12,370,546		2,474,109		20.42
Mission Valley Submarket:
Mission City             Corporate Center		3		12	1990	100%		190,634		190,634		1.25	%		86.9	%		4,191,442		4,191,442		25.30
2385 Northside Drive		1		2	2008	100%		88,795		88,795		0.58	%		71.8	%		906,326		906,326		14.22
Total Mission                     Valley Submarket		4		14				279,429		279,429		1.83	%		82.1	%		5,097,768		5,097,768		22.22
Total San Diego County		15		39				925,511		408,645		6.07	%		90.2	%	$	17,468,314	$	7,571,877	$	20.92
Other
Denver, CO -       Downtown Submarket:
Wells Fargo Center - Denver		1		39	1983	20%		1,211,746		242,349		7.95	%		92.2	%	$	22,709,477	$	4,541,895	$	20.34
Total Other		1		39				1,211,746		242,349		7.95	%		92.2	%		22,709,477		4,541,895		20.34
Total Office Properties		55		547				15,237,889		12,136,873		100.00	%		83.4	%	$	288,801,932	$	234,803,310	$	22.74
Effective Office Properties								12,136,873							83.4	%					$	23.21

28

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

 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)
Properties in Default
550 South Hope Street		1		40	1991	100%		565,738		565,738				87.3	%	$	8,856,054	$	8,856,054	$	17.92
2600 Michelson		1		24	1986	100%		308,329		308,329				68.1	%		4,302,557		4,302,557		20.49
Stadium Towers Plaza		1		24	1988	100%		258,358		258,358				57.4	%		3,036,387		3,036,387		20.49
500 Orange Tower		3		31	1987	100%		335,347		335,347				69.8	%		4,490,476		4,490,476		19.19
Park Place Office (3121)		1		6	1977/2002	100%		150,585		150,585				79.5	%		1,505,900		1,505,900		12.59
Park Place II (Retail -           The Shops)		8		23	1981	100%		122,533		122,533				88.1	%		3,289,190		3,289,190		30.45
Pacific Arts Plaza		8		41	1982	100%		787,016		787,016				77.8	%		13,714,710		13,714,710		22.40
Total Properties in Default		23		189				2,527,906		2,527,906				76.2	%	$	39,195,274	$	39,195,274	$	20.35
Total Office and            Properties in Default								17,765,795		14,664,779				82.3	%
Effective Office and           Properties in Default								14,664,779						82.1	%
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, Properties       in Default and Hotel       Properties								18,031,795		14,930,779
Parking Properties							SQFT		Effective SQFT		Vehicle Capacity		Effective Vehicle Capacity			Annualized Parking Revenue (4)		Effective Annualized Parking Revenue (5)		Effective Annualized Parking Revenue per Vehicle Capacity (6)
On-Site Parking								7,696,001		5,879,003		24,434		18,555		$	38,530,733	$	33,629,541	$	1,812
Off-Site Garages								1,714,435		1,714,435		5,729		5,729			12,334,773		12,334,773		2,153
Properties in Default								2,322,080		2,322,080		8,185		8,185			5,337,079		5,337,079		652
Total Parking Properties								11,732,516		9,915,518		38,348		32,469		$	56,202,585	$	51,301,393		1,580
Total Office, Properties          in Default, Hotel          and Parking Properties								29,764,311		24,846,297

__________ 

(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 September 30, 2009. This amount reflects total base rent before any one-time or non-recurring rent abatements but after annually recurring rent credits and is shown on a net basis; thus, for any tenant under a partial gross lease, the expense stop, or under a fully gross lease, the current year operating expenses (which may be estimates as of such date), are subtracted from gross rent.
(3)	Annualized rent per rentable square foot represents annualized rent as computed above, divided by the total square footage under lease as of the same date.
(4)	Annualized parking revenue represents the annualized quarterly parking revenue as of September 30, 2009.
(5)	Effective annualized parking revenue represents the annualized quarterly parking revenue as of September 30, 2009 adjusted to include 100% of our consolidated portfolio and 20% of our MMO joint venture portfolio.
(6)	Effective annualized parking revenue per vehicle capacity represents the effective annualized parking revenue divided by the effective vehicle capacity.

29

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

Portfolio Geographic Distribution (Excluding Properties in Default) (1)

30

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

Portfolio Overview — Leased Rates and Weighted Average Remaining Lease Term

		Weighted Average
	Ownership	Remaining Lease	% Leased
	Interest ( % )	Term (in years)		Q3 2009		Q2 2009		Q1 2009		Q4 2008		Q3 2008
Gas Company Tower	100%	5.4		92.5	%	92.4	%	92.1	%	92.1	%	92.0	%
US Bank Tower	100%	4.0		61.7	%	62.6	%	65.1	%	65.6	%	65.1	%
Wells Fargo Tower	100%	4.9		94.6	%	93.6	%	93.7	%	93.9	%	93.8	%
KPMG Tower	100%	8.4		93.8	%	93.8	%	93.8	%	92.5	%	92.5	%
777 Tower	100%	4.3		92.0	%	92.0	%	91.9	%	91.9	%	94.1	%
One California Plaza	20%	4.6		76.9	%	76.7	%	77.1	%	77.3	%	81.2	%
Glendale Center	100%	2.6		100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
801 North Brand	100%	2.8		82.8	%	83.9	%	83.1	%	88.8	%	91.0	%
701 North Brand	100%	4.8		97.2	%	97.2	%	100.0	%	100.0	%	100.0	%
700 North Central	100%	3.7		75.5	%	75.5	%	96.7	%	92.0	%	91.1	%
Plaza Las Fuentes	100%	8.5		100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Lantana Media Campus	100%	6.7		77.3	%	83.6	%	84.4	%	82.8	%	88.8	%
Cerritos - Phase I	20%	5.0		100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Cerritos - Phase II	20%	1.7		100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Quintana Campus (1)	20%	2.0		39.6	%	39.6	%	42.2	%	100.0	%	100.0	%
17885 Von Karman Avenue	100%	0.0		0.0	%	0.0	%	0.0	%	0.0	%	0.0	%
Stadium Gateway	20%	4.4		89.5	%	87.6	%	79.0	%	79.0	%	77.5	%
Mission City Corporate Center	100%	3.3		86.9	%	86.9	%	86.9	%	86.9	%	82.8	%
2385 Northside Drive	100%	9.5		71.8	%	51.7	%	51.7	%	51.7	%	0.0	%
San Diego Tech Center	20%	2.9		93.8	%	93.7	%	93.7	%	96.8	%	96.8	%
Wells Fargo Center - Denver	20%	7.5		92.2	%	94.0	%	95.2	%	95.9	%	95.5	%
Two California Plaza	100%	4.8		83.5	%	83.7	%	92.6	%	94.0	%	93.2	%
3800 Chapman	100%	5.6		75.9	%	63.4	%	63.4	%	63.4	%	63.4	%
Griffin Towers	100%	4.4		76.8	%	68.8	%	64.7	%	64.3	%	62.6	%
City Tower	100%	3.1		82.6	%	81.8	%	78.9	%	78.1	%	78.9	%
Brea Corporate Place	100%	2.6		56.3	%	55.7	%	55.0	%	48.6	%	47.7	%
Brea Financial Commons	100%	4.6		90.7	%	90.7	%	90.7	%	90.7	%	90.7	%
130 State College	100%	5.0		100.0	%	100.0	%	100.0	%	100.0	%	0.0	%
Total Office Properties		5.1		83.4	%	83.1	%	82.5	%	85.9	%	85.6	%
Effective Office Properties (2)		5.1		83.4	%	83.0	%	82.1	%	84.6	%	84.0	%
Properties in Default
550 South Hope Street	100%	4.9		87.3	%	87.3	%	87.7	%	87.3	%	88.3	%
Park Place II	100%	7.4		83.4	%	82.8	%	52.9	%	54.4	%	47.7	%
2600 Michelson	100%	2.5		68.1	%	72.5	%	76.4	%	76.1	%	82.0	%
500 Orange Tower	100%	4.6		69.8	%	68.6	%	78.5	%	79.6	%	80.2	%
Stadium Towers Plaza	100%	3.0		57.4	%	59.7	%	59.0	%	63.1	%	61.0	%
Pacific Arts Plaza	100%	5.3		77.8	%	77.8	%	76.0	%	80.1	%	79.7	%
Total Properties in Default		4.9		76.2	%	76.7	%	74.7	%	76.6	%	76.6	%
Total Office Properties and
Properties in Default		5.0		82.3	%	80.6	%	79.4	%	81.1	%	81.0	%
Total Effective Office Properties
and Properties in Default		5.0		82.1	%	80.0	%	78.7	%	79.3	%	79.1	%

__________ 

(1)	Reduction in leased percentage between Q4 2008 and Q1 2009 reflects space vacated by Washington Mutual in Q1 2009 pursuant to the rejection of leases by JP Morgan Chase.
(2)	Includes 100% of our consolidated portfolio and 20% of our MMO joint venture portfolio.

31

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

Major Tenants — Office Properties (Excluding Properties in Default)

	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	9.1%		576,516	5.7%	25	A
2	Sempra (Pacific Enterprises)	1		8,189,591	3.5%		217,413	2.1%	9	A
3	Wells Fargo Bank (3)	3		6,813,737	2.9%		392,665	3.9%	60	AA-
4	Bank of America (3)	5		5,556,395	2.4%		258,461	2.6%	35	A+
5	AT&T (3)	5		4,906,037	2.1%		202,813	2.0%	39	A
6	US Bank, National Association	2		3,911,640	1.7%		157,488	1.6%	68	AA-
7	Disney Enterprises	1		3,706,960	1.6%		156,215	1.5%	21	A
8	Home Depot	1		2,243,454	1.0%		99,706	1.0%	44	BBB+
9	St. Paul Fire and Marine	1		2,233,402	1.0%		76,860	0.8%	43	AA-
10	FNMA (Fannie Mae)	1		2,228,663	0.9%		61,655	0.6%	101	AAA
	Total Rated / Weighted Average (3), (4)			61,073,762	26.2%		2,199,792	21.8%	39
	Total Investment Grade Tenants (3)		$	84,352,872	35.9%		3,350,414	33.1%
	Nationally Recognized
11	Latham & Watkins LLP	2		9,178,964	3.9%		397,991	3.9%	158	3rd Largest US Law Firm
12	Gibson, Dunn & Crutcher LLP	1		6,410,038	2.7%		268,268	2.7%	98	20th Largest US Law Firm
13	Deloitte & Touche LLP	1		5,216,904	2.2%		342,094	3.4%	66	Largest US Accounting Firm
14	Marsh USA, Inc.	1		3,727,695	1.6%		212,721	2.1%	103	World's Largest Insurance Broker
15	KPMG LLP	1		3,662,464	1.6%		175,971	1.7%	57	4th Largest US Accounting Firm
16	Sidley Austin LLP	1		3,638,360	1.5%		192,457	1.9%	171	5th Largest US Law Firm
17	Morrison & Foerster LLP	1		3,469,400	1.5%		138,776	1.4%	48	23rd Largest US Law Firm
18	Munger, Tolles & Olson LLP	1		3,374,322	1.4%		160,682	1.6%	149	129th Largest US Law Firm
19	PricewaterhouseCoopers LLP	1		2,990,625	1.3%		160,784	1.6%	44	3rd Largest US Accounting Firm
20	Bingham McCutchen LLP	1		2,442,677	1.0%		104,712	1.0%	40	32nd Largest US Law Firm
	Total Nationally Recognized /      Weighted Average (3), (4)			44,111,449	18.7%		2,154,456	21.3%	101
	Total Nationally Recognized       Tenants (3)			80,752,402	34.4%		3,829,184	37.8%
	Total / Weighted Average (3), (4)		$	105,185,211	44.9%		4,354,248	43.1%	70
	Total Investment Grade or      Nationally Recognized Tenants (3)		$	165,105,274	70.3%		7,179,598	70.9%

__________

(1)	Annualized base rent is calculated as monthly contractual base rent under existing leases as of September 30, 2009, multiplied by 12.  For those leases where rent has not yet commenced, the first month in which rent is to be received is used to determine annualized base rent.
(2)	S&P credit ratings are as of September 30, 2009.  Rankings of law firms are based on total gross revenue in 2008 as reported by American Lawyer Media's LAW.com.
(3)	Includes 20% of annualized rent and leased square footage for our MMO joint venture properties.
(4)	The weighted average calculation is based on the effective net rentable square feet leased by each tenant, which reflects our pro-rata share of our MMO joint venture.

32

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

Portfolio Tenant Classification Description (Excluding Properties in Default) (1), (2)

  

33

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

 Lease Expirations — Wholly Owned Portfolio

								Percentage
	Total Area in		Percentage					of Total					Rent per
	Square Feet Covered		of Aggregate			Annualized		Annualized			Current Rent		Square Foot
Year	by Expiring Leases		Square Feet			Rent		Rent			per Square Foot (1)		at Expiration (2)
Available		2,492,110		17.9	%
2009		107,132		0.8	%	$	2,041,024		0.8	%	$	19.05	$	19.20
2010		1,272,032		9.2	%		32,373,928		12.4	%		25.45		25.69
2011		1,941,059		14.0	%		50,908,420		19.5	%		26.23		26.68
2012		787,560		5.7	%		17,624,807		6.8	%		22.38		24.61
2013		2,318,889		16.7	%		48,857,379		18.8	%		21.07		23.49
2014		822,900		5.9	%		16,295,110		6.3	%		19.80		23.32
2015		903,961		6.5	%		17,923,316		6.9	%		19.83		23.15
2016		256,783		1.8	%		4,379,691		1.7	%		17.06		22.17
2017		947,976		6.8	%		20,435,610		7.8	%		21.56		23.67
2018		663,136		4.8	%		17,839,511		6.8	%		26.90		36.57
Thereafter		1,375,987		9.9	%		31,820,133		12.2	%		23.13		33.54
		13,889,525		100.0	%	$	260,498,929		100.0	%	$	22.86	$	26.32
Leases Expiring in the Next 4 Quarters:
4th Quarter 2009		107,132		0.8	%	$	2,041,024		0.8	%	$	19.05	$	19.20
1st Quarter 2010  (3)		422,859		3.0	%		10,026,055		3.8	%		23.71		23.73
2nd Quarter 2010		389,104		2.8	%		11,576,344		4.5	%		29.75		29.84
3rd Quarter 2010		65,079		0.5	%		1,277,672		0.5	%		19.63		19.88
		984,174		7.1	%	$	24,921,095		9.6	%	$	25.32	$	25.40

__________ 

(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

Third Quarter 2009

 Lease Expirations — Wholly Owned Portfolio

Los Angeles County

								Percentage
	Total Area in		Percentage					of Total					Rent per
	Square Feet Covered		of Aggregate			Annualized		Annualized			Current Rent		Square Foot
Year	by Expiring Leases		Square Feet			Rent		Rent			per Square Foot (1)		at Expiration (2)
Available		1,364,441		13.9	%
2009		81,081		0.8	%	$	1,596,472		0.8	%	$	19.69	$	19.87
2010		963,949		9.8	%		26,281,681		13.0	%		27.26		27.46
2011		1,381,629		14.0	%		39,612,253		19.6	%		28.67		29.02
2012		642,371		6.5	%		14,225,393		7.0	%		22.15		24.13
2013		1,469,825		14.9	%		30,845,783		15.3	%		20.99		23.27
2014		534,382		5.4	%		11,398,999		5.6	%		21.33		24.81
2015		716,428		7.3	%		14,146,840		7.0	%		19.75		23.06
2016		176,577		1.8	%		3,732,144		1.9	%		21.14		26.79
2017		891,059		9.1	%		19,276,546		9.6	%		21.63		23.77
2018		577,160		5.9	%		15,933,002		7.9	%		27.61		37.19
Thereafter		1,042,017		10.6	%		24,904,849		12.3	%		23.90		36.12
		9,840,919		100.0	%	$	201,953,962		100.0	%	$	23.83	$	27.46
Leases Expiring in the Next 4 Quarters:
4th Quarter 2009		81,081		0.8	%	$	1,596,472		0.8	%	$	19.69	$	19.87
1st Quarter 2010  (3)		374,499		3.8	%		8,934,546		4.4	%		23.86		23.88
2nd Quarter 2010		326,324		3.3	%		10,480,365		5.2	%		32.12		32.22
3rd Quarter 2010		14,026		0.2	%		341,793		0.2	%		24.37		24.68
		795,930		8.1	%	$	21,353,176		10.6	%	$	26.83	$	26.90

__________ 

(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

Third Quarter 2009

Lease Expirations — Wholly Owned Portfolio

Orange County

								Percentage
	Total Area in		Percentage					of Total					Rent per
	Square Feet Covered		of Aggregate			Annualized		Annualized			Current Rent		Square Foot
Year	by Expiring Leases		Square Feet			Rent		Rent			per Square Foot (1)		at Expiration (2)
Available		1,077,637		28.6	%
2009		16,043		0.4	%	$	232,931		0.4	%	$	14.52	$	14.52
2010		293,985		7.8	%		5,705,734		10.7	%		19.41		19.75
2011		502,523		13.3	%		9,761,191		18.3	%		19.42		20.08
2012		122,725		3.3	%		2,854,723		5.3	%		23.26		26.61
2013		849,064		22.5	%		17,990,102		33.7	%		21.19		23.87
2014		280,659		7.5	%		4,758,158		8.9	%		16.95		20.54
2015		133,194		3.5	%		2,422,282		4.5	%		18.19		21.73
2016		62,430		1.7	%		539,508		1.0	%		8.64		15.39
2017		56,917		1.5	%		1,159,065		2.2	%		20.36		22.21
2018		85,976		2.3	%		1,906,510		3.6	%		22.17		32.46
Thereafter		288,024		7.6	%		6,116,995		11.4	%		21.24		25.82
		3,769,177		100.0	%	$	53,447,199		100.0	%	$	19.86	$	22.74
Leases Expiring in the Next 4 Quarters:
4th Quarter 2009		16,043		0.4	%	$	232,931		0.4	%	$	14.52	$	14.52
1st Quarter 2010  (3)		48,360		1.3	%		1,089,109		2.0	%		22.52		22.55
2nd Quarter 2010		62,780		1.7	%		1,095,977		2.1	%		17.46		17.46
3rd Quarter 2010		51,053		1.3	%		935,880		1.8	%		18.33		18.56
		178,236		4.7	%	$	3,353,897		6.3	%	$	18.82	$	18.89

__________ 

(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

Third Quarter 2009

 Lease Expirations — Properties in Default (1)

								Percentage
	Total Area in		Percentage					of Total					Rent per
	Square Feet Covered		of Aggregate			Annualized		Annualized			Current Rent		Square Foot
Year	by Expiring Leases		Square Feet			Rent		Rent			per Square Foot (2)		at Expiration (3)
Available		601,742		23.8	%
2009		35,708		1.4	%	$	567,134		1.4	%	$	15.88	$	16.28
2010		217,082		8.6	%		3,855,878		9.8	%		17.76		17.26
2011		338,803		13.4	%		6,884,976		17.6	%		20.32		20.86
2012		124,642		4.9	%		2,868,789		7.3	%		23.02		25.11
2013		420,482		16.6	%		9,100,221		23.2	%		21.64		24.10
2014		152,310		6.0	%		2,849,765		7.3	%		18.71		21.31
2015		95,566		3.8	%		1,903,513		4.9	%		19.92		22.85
2016		–		–			–		–			–		–
2017		163,239		6.5	%		3,163,305		8.1	%		19.38		22.03
2018		78,991		3.1	%		1,579,285		4.0	%		19.99		27.01
Thereafter		299,341		11.9	%		6,422,408		16.4	%		21.46		28.34
		2,527,906		100.0	%	$	39,195,274		100.0	%	$	20.35	$	23.07
Leases Expiring in the Next 4 Quarters:
4th Quarter 2009		35,708		1.4	%	$	567,134		1.4	%	$	15.88	$	16.28
1st Quarter 2010  (4)		46,516		1.8	%		939,886		2.4	%		20.21		20.22
2nd Quarter 2010		76,054		3.0	%		1,271,526		3.3	%		16.72		16.72
3rd Quarter 2010		26,487		1.1	%		429,464		1.1	%		16.21		16.65
		184,765		7.3	%	$	3,208,010		8.2	%	$	17.36	$	17.51

__________ 

(1)	All Properties in Default are located in Orange County, except for 550 South Hope, which is located in the LACBD.  Currently, there are 71,571 square feet available for lease at 550 South Hope, with 32,909 square feet, 71,826 square feet, 55,017 square feet, 52,251 square feet, 19,279 square feet and 262,885 square feet scheduled to expire in 2009, 2010, 2011, 2012, 2013 and thereafter, respectively.
(2)	Current rent per leased square foot represents current base rent, divided by total square footage under lease as of the same date.
(3)	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.
(4)	Includes tenants leasing on a month-to-month basis.

37

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

Lease Expirations — MMO Joint Venture Portfolio

								Percentage
	Total Area in		Percentage					of Total					Rent per
	Square Feet Covered		of Aggregate			Annualized		Annualized			Current Rent		Square Foot
Year	by Expiring Leases		Square Feet			Rent		Rent			per Square Foot (1)		at Expiration (2)
Available		646,279		16.7	%
2009		98,806		2.5	%	$	2,079,627		3.1	%	$	21.05	$	21.05
2010		484,056		12.5	%		10,074,094		14.9	%		20.81		21.08
2011		343,530		8.9	%		6,619,645		9.8	%		19.27		20.81
2012		321,740		8.3	%		6,882,490		10.2	%		21.39		22.39
2013		229,643		5.9	%		5,142,080		7.6	%		22.39		25.59
2014		825,980		21.3	%		16,572,404		24.5	%		20.06		24.51
2015		141,274		3.6	%		2,820,170		4.2	%		19.96		23.38
2016		57,865		1.5	%		1,119,869		1.7	%		19.35		23.52
2017		11,450		0.3	%		237,823		0.4	%		20.77		27.32
2018		81,744		2.1	%		1,713,538		2.5	%		20.96		29.50
Thereafter		633,903		16.4	%		14,236,537		21.1	%		22.46		30.28
		3,876,270		100.0	%	$	67,498,277		100.0	%	$	20.90	$	24.57
Leases Expiring in the Next 4 Quarters:
4th Quarter 2009		98,806		2.5	%	$	2,079,627		3.1	%	$	21.05	$	21.05
1st Quarter 2010  (3)		172,643		4.5	%		2,405,860		3.5	%		13.94		13.96
2nd Quarter 2010		19,464		0.5	%		459,511		0.7	%		23.61		24.34
3rd Quarter 2010		186,161		4.8	%		4,469,887		6.6	%		24.01		24.05
		477,074		12.3	%	$	9,414,885		13.9	%	$	19.73	$	19.79

__________ 

(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.

38

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

 Leasing Activity — Total Portfolio and Effective Portfolio

	Total Portfolio						Effective Portfolio (1)
	For the						For the
	Three Months Ended						Three Months Ended
	September 30, 2009			% Leased			September 30, 2009			% Leased
Leased Square Feet as of June 30, 2009		15,636,850			80.6	%		13,042,171			80.0	%
Disposition - Park Place I		(1,036,754	)					(1,036,754	)
Revised Leased Square Feet		14,600,096			82.2	%		12,005,417			81.9	%
Expirations		(365,301	)		(2.1	)%		(258,235	)		(1.8	)%
New Leases		251,851			1.4	%		171,973			1.2	%
Renewals		140,760			0.8	%		124,258			0.8	%
Leased Square Feet as of September 30, 2009		14,627,406			82.3	%		12,043,413			82.1	%
Cash Rent Growth(2), (3)
Expiring Rate per Square Foot										$	21.52
New / Renewed Rate per Square Foot										$	17.97
Percentage Change											(16.5	)%
GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	21.60
New / Renewed Rate per Square Foot										$	17.44
Percentage Change											(19.3	)%
Weighted Average Lease Term - New  (in months)											89
Weighted Average Lease Term - Renewal  (in months)											57

__________ 

(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 September 30, 2010.
(4)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.

39

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

 Leasing Activity — Los Angeles Central Business District

	Total Portfolio						Effective Portfolio (1)
	For the						For the
	Three Months Ended						Three Months Ended
	September 30, 2009			% Leased			September 30, 2009			% Leased
Leased Square Feet as of June 30, 2009, Los Angeles Central Business District		7,790,750			84.8	%		7,175,596			85.6	%
Expirations		(159,250	)		(1.7	)%		(110,236	)		(1.3	)%
New Leases		92,539			1.0	%		40,965			0.5	%
Renewals		71,262			0.8	%		70,904			0.8	%
Leased Square Feet as of September 30, 2009, Los Angeles Central Business District		7,795,301			84.9	%		7,177,229			85.6	%
Cash Rent Growth(2), (3)
Expiring Rate per Square Foot										$	18.12
New / Renewed Rate per Square Foot										$	20.09
Percentage Change											10.8	%
GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	19.07
New / Renewed Rate per Square Foot										$	20.09
Percentage Change											5.3	%
Weighted Average Lease Term - New  (in months)											84
Weighted Average Lease Term - Renewal  (in months)											62

__________ 

(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 September 30, 2010.
(4)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.

40

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

Leasing Activity — Orange County

	Total Portfolio						Effective Portfolio (1)
	For the						For the
	Three Months Ended						Three Months Ended
	September 30, 2009			% Leased			September 30, 2009			% Leased
Leased Square Feet as of June 30, 2009, Orange County		4,072,785			66.9	%		3,750,310			67.7	%
Disposition - Park Place I		(1,036,754	)					(1,036,754	)
Revised Leased Square Feet		3,036,031			68.2	%		2,713,556			69.5	%
Expirations		(76,022	)		(1.7	)%		(60,671	)		(1.6	)%
New Leases		128,665			2.9	%		109,028			2.8	%
Renewals		11,317			0.2	%		11,317			0.3	%
Leased Square Feet as of September 30, 2009, Orange County		3,099,991			69.6	%		2,773,230			71.0	%
Cash Rent Growth(2), (3)
Expiring Rate per Square Foot										$	18.34
New / Renewed Rate per Square Foot										$	14.97
Percentage Change											(18.4	)%
GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	18.13
New / Renewed Rate per Square Foot										$	14.76
Percentage Change											(18.6	)%
Weighted Average Lease Term - New  (in months)											93
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 September 30, 2010.
(4)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.

41

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

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

	For the Three Months Ended						For the Year Ended December 31,
	September 30, 2009		June 30, 2009		March 31, 2009		2008		2007		2006
Renewals (3)
Number of Leases		15		26		25		130		152		74
Square Feet		120,222		143,204		146,677		664,524		881,406		824,516
Tenant Improvement Costs per Square Foot (4)	$	3.95	$	10.44	$	10.91	$	13.95	$	11.69	$	29.22
Leasing Commission Costs per Square Foot	$	5.24	$	5.28	$	6.05	$	5.53	$	5.14	$	8.18
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	9.19	$	15.72	$	16.96	$	19.48	$	16.83	$	37.40
Costs per Square Foot per Year	$	1.88	$	3.00	$	3.12	$	4.36	$	3.41	$	4.78
New / Modified Leases (5)
Number of Leases		24		31		23		163		141		147
Square Feet		164,682		281,409		116,771		1,115,055		893,634		1,015,192
Tenant Improvement Costs per Square Foot (4)	$	23.69	$	14.47	$	17.94	$	41.97	$	22.89	$	20.93
Leasing Commission Costs per Square Foot	$	4.68	$	6.20	$	4.70	$	10.11	$	6.52	$	6.34
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	28.37	$	20.67	$	22.64	$	52.08	$	29.41	$	27.27
Costs per Square Foot per Year	$	3.80	$	3.14	$	5.20	$	5.98	$	5.00	$	4.33
Total
Number of Leases		39		57		48		293		293		221
Square Feet		284,905		424,613		263,448		1,779,579		1,775,040		1,839,708
Tenant Improvement Costs per Square Foot (4)	$	15.36	$	13.11	$	14.02	$	31.51	$	17.33	$	24.64
Leasing Commission Costs per Square Foot	$	4.92	$	5.89	$	5.45	$	8.40	$	5.84	$	7.16
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	20.28	$	19.00	$	19.47	$	39.91	$	23.17	$	31.80
Costs per Square Foot per Year	$	3.18	$	3.10	$	3.93	$	5.60	$	4.28	$	4.55

__________ 

(1)	Based on leases executed during the period.  Excludes leases to related parties, short-term leases less than six months, and leases for raw space.
(2)	Tenant improvement and leasing commission information for 2009, 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.

42

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

Historical Capital Expenditures — Office Properties (1)

	For the Three Months Ended						For the Year Ended December 31,
	September 30, 2009		June 30, 2009		March 31, 2009		2008		2007		2006
Consolidated
Non-recoverable capital expenditures (2)	$	613,946	$	922,650	$	1,076,771	$	10,571,743	$	11,326,800	$	2,454,126
Total square feet		13,364,625		14,996,814		15,452,055		15,498,637		16,051,311		11,625,028
Non-recoverable capital expenditures per square foot	$	0.05	$	0.06	$	0.07	$	0.68	$	0.71	$	0.21
Unconsolidated
Non-recoverable capital expenditures (3)	$	42,754	$	20,784	$	197,799	$	220,946	$	50,406	$	153,069
Total square feet(4)		709,947		709,546		682,614		635,670		624,674		622,561
Non-recoverable capital expenditures per square foot	$	0.06	$	0.03	$	0.29	$	0.35	$	0.08	$	0.25
Consolidated
Recoverable capital expenditures (5)	$	389,609	$	320,148	$	89,670	$	1,197,266	$	2,857,483	$	1,329,624
Total square feet		13,364,625		14,996,814		15,452,055		15,498,637		16,051,311		11,625,028
Recoverable capital expenditures per square foot	$	0.03	$	0.02	$	0.01	$	0.08	$	0.18	$	0.11
Unconsolidated
Recoverable capital expenditures (3), (5)	$	–	$	792	$	17,128	$	30,524	$	5,779	$	122,149
Total square feet (4)		709,947		709,546		682,614		635,670		624,674		622,561
Recoverable capital expenditures per square foot	$	–	$	–	$	0.03	$	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)	For 2008, excludes $6.4 million of non-recoverable capital expenditures as a result of discretionary renovation costs of $6.1 million at KPMG Tower and $0.3 million of planned renovation costs at Lantana Media Campus. For 2007, excludes $3.8 million of non-recoverable capital expenditures 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.
(3)	Amount represents our 20% ownership interest in our joint venture with Macquarie Office Trust.
(4)	The square footages of Cerritos Corporate Center Phases I and II are deducted from the total square feet amount as the tenants pay for all capital expenditures.
(5)	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.

43

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

 Hotel Performance and Hotel Historical Capital Expenditures

Hotel Performance
	For the Three Months Ended September 30,									For the Nine Months Ended September 30,
							Percent
Westin Hotel, Pasadena, CA	2009			2008			Change			2009			2008
Occupancy		72.7	%		79.0	%		(8.0	)%		70.7	%		81.9	%
Average daily rate	$	146.48		$	173.02			(15.3	)%	$	156.14		$	176.49
Revenue per available room (REVPAR)	$	106.43		$	136.74			(22.2	)%	$	110.46		$	144.60
Hotel net operating income	$	1,545,608		$	2,199,438			(29.7	)%	$	4,758,115		$	7,084,149
Hotel Historical Capital Expenditures
	For the Three Months Ended September 30,						For the Year Ended December 31,
Westin Hotel, Pasadena, CA	2009			2008			2008			2007			2006
Hotel improvements and equipment replacements	$	62,034		$	253,887		$	699,531		$	712,955		$	730,531
Total hotel revenue	$	4,916,380		$	6,300,724		$	26,615,726		$	27,214,156		$	27,053,648
Hotel improvements as a percentage of hotel revenue		1.3	%		4.0	%		2.6	%		2.6	%		2.7	%
Renovation and upgrade costs	$	–		$	–		$	–		$	–		$	164,072

44

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

 Construction in Progress

		As of September 30, 2009
Property	Location	Land Value (1)		Construction Costs Incurred		Estimated Cost of Development (2)		Developed Square Feet		Date of Completion
		(in millions)		(in millions)		(in millions)
Los Angeles County
207 Goode Avenue	Glendale, CA	$	14.8	$	50.7	$	64.5		187,974		2009 (3)

__________ 

(1)	Land value represents the total land cost attributable to the entire project and includes amounts capitalized for interest in excess of construction loan interest reserves and property taxes totaling approximately $3 million.
(2)	The estimated cost of development excludes land.
(3)	This building was completed during the third quarter of 2009.

45

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

  Development Pipeline

		As of September 30, 2009
	Location	Developable Square Feet (1)		Structured Parking Square Feet		Type of Planned Development
Unencumbered Development Properties
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
Brea Financial Commons/Brea Corporate Place (2)	Brea, CA		550,000		784,000	Office, Mixed Use
500 Orange Center (3)	Orange, CA		900,000		960,000	Office
City Tower II (4)	Orange, CA		465,000		696,000	Office
	Total Orange County		1,915,000		2,440,000
San Diego
San Diego Tech Center (5), (6)	Sorrento Mesa, CA		1,320,000		1,674,000	Office
	Total		4,429,000		4,538,000
Development Properties Encumbered by Defaulted Mortgages
Stadium Tower II	Anaheim, CA		282,000		367,000	Office
Pacific Arts Plaza	Costa Mesa, CA		468,000		260,000	Office
			225,000			Residential (7)
2600 Michelson (8)	Irvine, CA		270,000		154,000	Office
	Total		1,245,000		781,000

46

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

  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 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.
(4)	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.
(5)	Land held for development was not contributed to the MMO joint venture.
(6)	The third phase contemplates the demolition of 120,000 square feet of existing space.
(7)	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.
(8)	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).

47

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

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, default interest 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.

48

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

Management Statements on Non-GAAP Supplemental Measures (continued)

 

FFO before specified items: (continued)

During the third quarter of 2009, we announced a plan to cease funding cash shortfalls at certain properties.  As a result, six special purpose property-owning subsidiaries are or will be in default on their mortgage loans: Stadium Towers in Central Orange County, Park Place II in Irvine, 2600 Michelson in Irvine, Pacific Arts Plaza in Costa Mesa, 550 South Hope in Downtown Los Angeles, and 500 Orange Tower in Central Orange County.  We are accruing interest on the defaulted mortgage loans at the default rate per the applicable loan agreements.  We have excluded default interest accrued on Properties in Default from the calculation of FFO before specified items since this charge is a direct result of management’s decision to dispose of property other than by sale.  Management views default interest as a cost to complete the disposition of the related 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.  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 before specified items 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.

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.

49

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

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 Adjusted 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.

50

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Third Quarter 2009

Management Statements on Non-GAAP Supplemental Measures (continued)

Coverage Ratios:

We present interest and fixed charge coverage ratios as supplemental liquidity measures.  Management uses these ratios as indicators of our financial flexibility to service current interest expense and debt amortization from current cash net operating income.  In addition, we believe that these coverage ratios represent common metrics used by securities analysts, investors and other interested parties to evaluate our ability to service fixed cash payments.  However, because these ratios are derived from EBITDA, their utility is limited by the same factors that limit the usefulness of EBITDA as a liquidity measure.  Accordingly, our interest coverage ratio should not be considered as an alternative to cash flows from operating activities (as computed in accordance with GAAP) as a measure of our liquidity.

51