MPG Office Trust 8-K Fourth Quarter 2009 Financial Results

Exhibit 99.2

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

Table of Contents

 

		PAGE
Corporate Data		1
	Forward-Looking Statement	2
	Quarterly Highlights	3
	Investor Information	5
	Common Stock Data	6
Consolidated Financial Results		7
	Financial Highlights	8
	Consolidated Balance Sheets	10
	Consolidated Statements of Operations	11
	Consolidated Statements of Discontinued Operations	12
	Consolidated Statement of Operations Related to Properties in Default	13
	MMO Unconsolidated Joint Venture Statements of Operations	14
	Funds from Operations	15
	Adjusted Funds from Operations	16
	Adjusted Funds from Operations Related to Properties in Default	17
	Reconciliation of Earnings before Interest, Taxes and Depreciation and Amortization and Adjusted Funds From Operations	18
	Capital Structure	19
	Debt Summary	20
	MMO Joint Venture Debt Summary	22
	Debt Maturities	23
	MMO Joint Venture Debt Maturities	24
Portfolio Data		25
	Same Store Analysis	26
	Portfolio Overview	27
	Portfolio Geographic Distribution (Excluding Properties in Default)	31
	Portfolio Overview — Leased Rates and Weighted Average Remaining Lease Term	32
	Major Tenants — Office Properties (Excluding Properties in Default)	33
	Portfolio Tenant Classification Description (Excluding Properties in Default)	34
	Lease Expirations — Wholly Owned Portfolio	35
	Lease Expirations — Wholly Owned Portfolio (Los Angeles County)	36
	Lease Expirations — Wholly Owned Portfolio (Orange County)	37
	Lease Expirations — Properties in Default	38
	Lease Expirations — MMO Joint Venture Portfolio	39
	Leasing Activity — Total Portfolio and Effective Portfolio	40
	Leasing Activity — Los Angeles Central Business District	41
	Leasing Activity — Orange County	42
	Tenant Improvements and Leasing Commissions (Excluding Properties in Default)	43
	Historical Capital Expenditures — Office Properties	44
	Hotel Performance and Hotel Historical Capital Expenditures	45
	Development Pipeline	46
	Management Statements on Non–GAAP Supplemental Measures	48

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

Corporate Data

1

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth 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 November 9, 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

Fourth 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 December 31, 2009, our office portfolio (including Properties in Default) was comprised of whole or partial interests in 31 properties totaling approximately 17 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 11 million square feet, which accommodates approximately 36,000 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 5 million square feet of office and mixed-use development and approximately 5 million square feet of structured parking, excluding development sites that are encumbered by the mortgage loans on our 2600 Michelson and Pacific Arts Plaza properties, which are in default.

As used in the “Consolidated Financial Results” section of this Supplemental Operating and Financial Data package, the term “Properties in Default” refers to our Stadium Towers Plaza, Park Place II, 2600 Michelson, Pacific Arts Plaza, 550 South Hope and 500 Orange Tower properties, whose mortgage loans are in default as of the date of this filing.  As used in the “Portfolio Data” section of this Supplemental Operating and Financial Data package, the term “Properties in Default” includes the properties previously mentioned, along with Quintana Campus (a joint venture property in which we have a 20% interest), whose mortgage loan is also in default as of the date of this filing.

This Supplemental Operating and Financial Data package should be read in conjunction with our consolidated financial statements for the year ended December 31, 2009 in our Annual Report on Form 10-K to be filed with the Securities and Exchange Commission (SEC) in March 2010.  For more information on Maguire Properties, visit our website at www.maguireproperties.com.

Asset Disposition Program: As previously announced, six special purpose property-owning subsidiaries are or will be in default on their mortgage loans.  These defaults occurred as result of the board of directors’ approval of management’s plan to cease funding cash shortfalls at these properties:  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.  Mortgage loans totaling $888.5 million are currently in default, and the Company is accruing default interest at a rate of 5% per annum on these loans. In October 2009, we completed the disposition of 130 State College located in Orange County, California.  We received net proceeds of $6.1 million from this transaction. In December 2009, we completed the disposition of the Lantana Media Campus located in Santa Monica, California.  We received proceeds of approximately $195 million, net of transaction costs, of which $175.8 million was used to repay  
 
 
 
         the balances outstanding under the mortgage and construction loans secured by the Lantana Media Campus. We have no further obligations with respect to the mortgage and construction loans on the property.  Additionally, our Operating Partnership has no further obligation to guarantee the repayment of the construction loan.  Net of debt repayment, we received net proceeds of approximately $19 million.    Debt:    As of December 31, 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 5.8% with a weighted average remaining term of approximately six years.      

3

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

 Quarterly Highlights (continued)

Impairment:

During the fourth quarter, we recorded impairment charges totaling $290.3 million, of which $264.3 million has been recorded as part of continuing operations and $26.0 million as part of discontinued operations.

Of the $264.3 million impairment charge recorded in continuing operations, $99.9 million was related to the writedown of Griffin Towers and 2385 Northside to their estimated fair value as of December 31, 2009.  The remaining $164.4 million impairment charge recorded in continuing operations was the result of an impairment analysis performed as of December 31, 2009 which resulted in certain properties being written down to fair value.  The $26.0 million impairment charge recorded in discontinued operations was related to the disposition of Lantana Media Campus.

Leasing Activities:

During the fourth quarter, new leases and renewals were executed for approximately 0.4 million square feet (including our pro rata share of our joint venture properties).  Cash rent on new leases completed during the quarter decreased 9.3% in our Effective Portfolio, compared to cash rents on those spaces immediately prior to their expiration, and GAAP rent decreased 3.9% compared to prior GAAP rents.  Leases totaling approximately 0.3 million square feet expired during the fourth quarter (including our pro rata share of our joint venture properties).

4

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth 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	Executive Vice President, Investor and Public Relations	Peter K. Johnston	Senior Vice President, Leasing
	& Chief Administrative Officer	Christopher C. Rising	Senior Vice President, Strategic Initiatives
Robert J. White	Executive Vice President

Corporate

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

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

Transfer Agent	Timing
	Quarterly results for 2010 will be announced according to the following schedule:
American Stock Transfer & Trust Company 59 Maiden Lane New York, NY  10038 (718) 921-8201 www.amstock.com
	First Quarter	May 2010
	Second Quarter	August 2010
	Third Quarter	November 2010
	Fourth Quarter	March 2011

Equity Research Coverage

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

5

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth 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
	4th Quarter			3rd Quarter			2nd Quarter			1st Quarter			4th Quarter
High price	$	3.24		$	3.09		$	2.05		$	3.12		$	6.79
Low price	$	1.20		$	0.51		$	0.66		$	0.33		$	1.03
Closing price	$	1.51		$	2.10		$	0.85		$	0.72		$	1.46
Dividends per share - annualized	$	–		$	–		$	–		$	–		$	–
Closing dividend yield - annualized		(1	)		(1	)		(1	)		(1	)		(1	)
Closing common shares and Operating Partnership      units outstanding (in thousands)		54,639			54,620			54,642			54,656			54,650
Closing market value of common shares and      Operating Partnership units outstanding      (in thousands)	$	82,505		$	114,702		$	46,446		$	39,352		$	79,788
Dividend Information:
Common Stock
Dividend amount per share		(1	)		(1	)		(1	)		(1	)		(1	)
Series A Preferred Stock
Dividend amount per share		(2	)		(2	)		(2	)		(2	)		(2	)

__________

(1)	The Board of Directors did not declare a dividend on our common stock for the quarters ended December 31, September 30, June 30 and March 31, 2009 and December 31, 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 January 31, 2010 and 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.

6

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

Consolidated Financial Results

7

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

  Financial Highlights

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

	For the Three Months Ended
	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008
Income Items:
Revenue (1)	$	119,391		$	118,855		$	119,853		$	118,649		$	124,122
Straight line rent		2,994			2,201			3,019			2,533			2,412
Fair value lease revenue (2)		4,360			4,434			5,617			4,605			5,145
Lease termination fees		120			11			1,152			81			860
Office property operating margin (3)		63.2	%		63.0	%		62.5	%		62.9	%		61.8	%
Net loss available to common stockholders	$	(299,052	)	$	(46,829	)	$	(380,450	)	$	(53,890	)	$	(96,305	)
Net loss available to common stockholders -           basic and diluted		(6.17	)		(0.97	)		(7.95	)		(1.13	)		(2.02	)
Funds from operations (FFO) available to           common stockholders (4)	$	(265,377	)	$	(11,699	)	$	(339,712	)	$	(30,786	)	$	(42,180	)
FFO per share - basic (4)		(5.48	)		(0.24	)		(7.10	)		(0.64	)		(0.88	)
FFO per share - diluted (4)		(5.48	)		(0.24	)		(7.10	)		(0.64	)		(0.88	)
FFO per share before specified items - basic (4)		0.03			0.06			0.08			0.07			0.04
FFO per share before specified items - diluted (4)		0.03			0.06			0.08			0.07			0.04
Ratios:
Interest coverage ratio (5)		(3.43	)		0.95			(4.66	)		1.11			0.40
Interest coverage ratio before specified items (6)		1.11			1.13			1.14			1.13			1.08
Fixed-charge coverage ratio (7)		(3.13	)		0.87			(4.29	)		1.02			0.37
Fixed-charge coverage ratio before specified items (8)		1.01			1.04			1.05			1.04			1.00
Capitalization:
Common stock price @ quarter end	$	1.51		$	2.10		$	0.85		$	0.72		$	1.46
Total consolidated debt	$	4,248,975		$	4,421,913		$	4,600,771		$	4,869,916		$	4,882,809
Preferred stock liquidation preference		250,000			250,000			250,000			250,000			250,000
Common equity value @ quarter end (9)		82,505			114,702			46,446			39,352			79,788
Total consolidated market capitalization	$	4,581,480		$	4,786,615		$	4,897,217		$	5,159,268		$	5,212,597
Company share of MMO joint venture debt		160,822			160,975			161,123			161,268			161,420
Total combined market capitalization	$	4,742,302		$	4,947,590		$	5,058,340		$	5,320,536		$	5,374,017
Total consolidated debt / total consolidated           market capitalization		92.7	%		92.4	%		93.9	%		94.4	%		93.7	%
Total combined debt / total combined market capitalization		93.0	%		92.6	%		94.1	%		94.6	%		93.9	%
Total consolidated debt plus liquidation preference / total           consolidated market capitalization		98.2	%		97.6	%		99.1	%		99.2	%		98.5	%
Total combined debt plus liquidation preference / total           combined market capitalization		98.3	%		97.7	%		99.1	%		99.3	%		98.5	%

8

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth 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 $6 million, $10 million, $18 million, $17 million and $16 million for the three months ended December 31, September 30, June 30 and March 31, 2009 and December 31, 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 loss, see page 15.
(5)	Calculated as earnings before interest, taxes and depreciation and amortization and preferred dividends, or EBITDA, of $(220,531), $62,637, $(317,416), $76,027 and $28,970, respectively, divided by cash paid for interest of $64,351, $66,005, $68,159, $68,288 and $73,055, respectively.  Cash paid for interest excludes default interest accrued totaling $9.3 million and $4.6 million related to Properties in Default for the three months ended December 31 and September 30, 2009, respectively.  For a discussion of EBITDA, see page 50.  For a quantitative reconciliation of the differences between EBITDA and net loss, see page 18.
(6)	Calculated as Adjusted EBITDA of $71,481, $74,557, $77,684, $77,218 and $78,970, respectively, divided by cash paid for interest of $64,351, $66,005, $68,159, $68,288 and $73,055, respectively.  For a discussion of Adjusted EBITDA, see page 50.
(7)	Calculated as EBITDA of $(220,531), $62,637, $(317,416), $76,027 and $28,970, respectively, divided by fixed charges of $70,562, $71,989, $74,033, $74,371 and $79,166, respectively.
(8)	Calculated as Adjusted EBITDA of $71,481, $74,557, $77,684, $77,218 and $78,970, respectively, divided by fixed charges of $70,562, $71,989, $74,033, $74,371 and $79,166, respectively.
(9)	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.

9

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

  Consolidated Balance Sheets

(unaudited and in thousands)

	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008
Assets
Investments in real estate	$	3,852,198		$	4,337,009		$	4,559,872		$	5,024,534		$	5,026,688
Less: accumulated depreciation		(659,753	)		(647,581	)		(666,092	)		(638,343	)		(604,302	)
		3,192,445			3,689,428			3,893,780			4,386,191			4,422,386
Cash, cash equivalents and restricted cash		242,718			222,109			223,223			256,558			280,166
Rents, deferred rents and other receivables, net		77,657			83,593			84,206			82,024			78,938
Deferred charges, net		134,952			154,488			165,696			176,916			184,156
Other assets		19,887			22,287			25,396			43,601			39,166
Investment in unconsolidated joint ventures		–			–			–			9,428			11,606
Assets associated with real estate held for sale		–			–			–			161,668			182,597
Total assets	$	3,667,659		$	4,171,905		$	4,392,301		$	5,116,386		$	5,199,015
Liabilities and Deficit
Liabilities:
Mortgage and other secured loans	$	4,248,975		$	4,421,913		$	4,600,771		$	4,704,696		$	4,714,090
Accounts payable, accrued interest payable and      other liabilities		198,052			188,709			174,467			194,062			221,066
Acquired below-market leases, net		77,609			84,013			91,015			104,359			112,173
Obligations associated with real estate held for sale		–			–			–			169,929			171,348
Total liabilities		4,524,636			4,694,635			4,866,253			5,173,046			5,218,677
Deficit:
Stockholders' Deficit:
Common and preferred stock and additional paid-in capital		702,361			701,110			699,931			698,377			696,840
Accumulated deficit and dividends		(1,420,092	)		(1,125,223	)		(1,082,577	)		(705,730	)		(656,606	)
Accumulated other comprehensive loss, net		(36,289	)		(36,659	)		(35,451	)		(44,020	)		(59,896	)
Total stockholders' deficit		(754,020	)		(460,772	)		(418,097	)		(51,373	)		(19,662	)
Noncontrolling Interests:
Common units of our Operating Partnership		(102,957	)		(61,958	)		(55,855	)		(5,287	)		–
Total deficit		(856,977	)		(522,730	)		(473,952	)		(56,660	)		(19,662	)
Total liabilities and deficit	$	3,667,659		$	4,171,905		$	4,392,301		$	5,116,386		$	5,199,015

10

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

  Consolidated Statements of Operations

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

	For the Three Months Ended
	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008
Revenue:
Rental	$	73,357		$	72,684		$	73,646		$	71,586		$	72,927
Tenant reimbursements		26,500			27,468			25,830			27,214			29,398
Hotel operations		5,565			4,916			5,148			4,994			6,448
Parking		11,839			11,808			11,540			11,988			12,373
Management, leasing and development services		1,567			1,550			1,747			2,030			1,305
Interest and other		563			429			1,942			837			1,671
Total revenue		119,391			118,855			119,853			118,649			124,122
Expenses:
Rental property operating and maintenance		29,543			27,955			27,203			26,377			28,783
Hotel operating and maintenance		3,763			3,371			3,481			3,449			4,021
Real estate taxes		8,313			10,196			11,057			11,057			11,072
Parking		3,268			3,254			3,381			3,704			3,917
General and administrative		10,325			8,603			7,914			8,264			8,038
Other expense		1,335			1,556			1,639			1,504			1,359
Depreciation and amortization		35,563			35,860			40,538			39,223			38,188
Impairment of long-lived assets		264,274			–			236,557			–			–
Interest		73,071			65,852			56,548			75,162			62,423
Total expenses		429,455			156,647			388,318			168,740			157,801
Loss from continuing operations before equity in net
loss of unconsolidated joint venture and gain on           sale of real estate		(310,064	)		(37,792	)		(268,465	)		(50,091	)		(33,679	)
Equity in net loss of unconsolidated joint venture		229			229			(9,120	)		(1,739	)		(330	)
Gain on sale of real estate		–			–			–			20,350			–
Loss from continuing operations		(309,835	)		(37,563	)		(277,585	)		(31,480	)		(34,009	)
Discontinued Operations:											��
Loss from discontinued operations before gain on           sale of real estate		(26,084	)		(11,017	)		(151,023	)		(27,310	)		(57,530	)
Gain on sale of real estate		–			–			–			2,170			–
Loss from discontinued operations		(26,084	)		(11,017	)		(151,023	)		(25,140	)		(57,530	)
Net loss		(335,919	)		(48,580	)		(428,608	)		(56,620	)		(91,539	)
Net loss attributable to common units of our      Operating Partnership		41,633			6,517			52,924			7,496			–
Net loss attributable to Maguire Properties, Inc.		(294,286	)		(42,063	)		(375,684	)		(49,124	)		(91,539	)
Preferred stock dividends		(4,766	)		(4,766	)		(4,766	)		(4,766	)		(4,766	)
Net loss available to common stockholders	$	(299,052	)	$	(46,829	)	$	(380,450	)	$	(53,890	)	$	(96,305	)
Basic and diluted loss per common share:
Loss from continuing operations	$	(5.70	)	$	(0.77	)	$	(5.18	)	$	(0.67	)	$	(0.81	)
Loss from discontinued operations		(0.47	)		(0.20	)		(2.77	)		(0.46	)		(1.21	)
Net loss available to common stockholders per share	$	(6.17	)	$	(0.97	)	$	(7.95	)	$	(1.13	)	$	(2.02	)
Weighted average number of common shares outstanding		48,463,476			48,285,111			47,836,591			47,788,028			47,777,101

11

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

Consolidated Statements of Discontinued Operations

(unaudited and in thousands)

	For the Three Months Ended
	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008
Revenue:
Rental	$	4,590		$	8,022		$	15,179		$	15,002		$	13,571
Tenant reimbursements		714			1,160			807			625			447
Parking		515			692			1,264			1,270			1,122
Interest and other		150			126			460			458			916
Total revenue		5,969			10,000			17,710			17,355			16,056
Expenses:
Rental property operating and maintenance		1,438			2,788			5,442			5,088			5,204
Real estate taxes		711			1,123			2,282			2,314			2,144
Parking		216			384			807			764			746
Depreciation and amortization		1,709			3,262			5,729			6,387			7,963
Impairment of long-lived assets		25,992			10,131			148,116			23,500			50,000
Interest		1,673			3,066			5,980			6,401			7,529
Loss from early extinguishment of debt		314			263			377			211			–
Total expenses		32,053			21,017			168,733			44,665			73,586
Loss from discontinued operations before gain on sale of real estate		(26,084	)		(11,017	)		(151,023	)		(27,310	)		(57,530	)
Gain on sale of real estate		–			–			–			2,170			–
Loss from discontinued operations	$	(26,084	)	$	(11,017	)	$	(151,023	)	$	(25,140	)	$	(57,530	)

12

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

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

(unaudited and in thousands)

	For the Three Months Ended
	December 31, 2009			September 30, 2009
Revenue:
Rental	$	13,368		$	13,028
Tenant reimbursements		2,679			3,610
Parking		1,374			1,421
Interest and other		247			106
Total revenue		17,668			18,165
Expenses:
Rental property operating and maintenance		4,553			4,915
Real estate taxes		1,715			1,910
Parking		393			445
Depreciation and amortization		5,020			5,900
Impairment of long-lived assets		2,094			–
Interest (2)		24,736			17,350
Total expenses		38,511			30,520
Loss from operations related to Properties in Default	$	(20,843	)	$	(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 the date of this report, the mortgage loans on these properties are in default.
(2)	Includes default interest totaling $9.3 million and writeoff of deferred financing costs totaling $2.8 million for the three months ended December 31, 2009 and default interest totaling $4.6 million for the three months ended September 30, 2009, respectively.

13

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

MMO Unconsolidated Joint Venture Statements of Operations

(unaudited and in thousands)

	For the Three Months Ended
	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008
Revenue:
Rental	$	20,130		$	19,532		$	19,848		$	20,389		$	21,445
Tenant reimbursements		6,613			6,920			5,885			6,439			6,579
Parking		1,586			1,532			1,655			2,035			2,041
Interest and other		824			20			21			27			85
Total revenue		29,153			28,004			27,409			28,890			30,150
Expenses:
Rental property operating and maintenance		7,207			6,565			6,329			6,305			7,049
Real estate taxes		3,759			4,078			4,061			3,441			2,419
Parking		375			428			519			422			445
Depreciation and amortization		11,254			10,705			10,039			16,560			11,018
Impairment of long-lived assets		–			–			50,254			–			–
Interest		10,975			10,981			10,872			10,809			11,008
Other		1,210			1,302			1,257			1,247			1,370
Total expenses		34,780			34,059			83,331			38,784			33,309
Net loss	$	(5,627	)	$	(6,055	)	$	(55,922	)	$	(9,894	)	$	(3,159	)
Company share	$	(1,126	)	$	(1,211	)	$	(11,184	)	$	(1,979	)	$	(631	)
Intercompany eliminations		281			280			279			240			301
Unallocated losses		1,074			1,160			1,785			–			–
Equity in net loss of unconsolidated joint venture	$	229		$	229		$	(9,120	)	$	(1,739	)	$	(330	)

14

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

 Funds from Operations

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

  

		For the Three Months Ended
		December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008
Reconciliation of net loss available to common stockholders      to funds from operations:
Net loss available to common stockholders		$	(299,052	)	$	(46,829	)	$	(380,450	)	$	(53,890	)	$	(96,305	)
Add:	Depreciation and amortization of real estate assets		37,186			39,038			46,183			45,526			46,052
	Depreciation and amortization of real estate assets -      unconsolidated joint venture (1)		2,251			2,141			2,008			3,312			2,204
	Net loss attributable to common units of our      Operating Partnership		(41,633	)		(6,517	)		(52,924	)		(7,496	)		–
	Unallocated losses - unconsolidated      joint venture (1)		(1,074	)		(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)		$	(302,322	)	$	(13,327	)	$	(386,968	)	$	(35,068	)	$	(48,049	)
Company share of FFO (3)		$	(265,377	)	$	(11,699	)	$	(339,712	)	$	(30,786	)	$	(42,180	)
FFO per share - basic		$	(5.48	)	$	(0.24	)	$	(7.10	)	$	(0.64	)	$	(0.88	)
FFO per share - diluted		$	(5.48	)	$	(0.24	)	$	(7.10	)	$	(0.64	)	$	(0.88	)
Weighted average number of common shares      outstanding - basic			48,463,476			48,285,111			47,836,591			47,788,028			47,777,101
Weighted average number of common and common      equivalent shares outstanding - diluted			49,108,575			48,592,128			47,837,083			47,788,795			47,777,868
Weighted average diluted shares and units			55,783,148			55,266,701			54,511,656			54,463,368			54,452,441
Reconciliation of FFO to FFO before specified items: (2)
FFO available to common stockholders and      unit holders (FFO)		$	(302,322	)	$	(13,327	)	$	(386,968	)	$	(35,068	)	$	(48,049	)
Add:	Loss from early extinguishment of debt		314			263			377			211			–
	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		9,342			4,561			–			–			–
	Writeoff of deferred financing costs related to      Properties in Default		2,769			–			–			–			–
	Severance-related charges		–			1,526			–			–			–
	1733 Ocean lease termination charge		1,342			–			–			–			–
	Impairment of long-lived assets		290,266			10,131			384,673			23,500			50,000
	Impairment of long-lived assets - unconsolidated       joint venture (1)		–			–			10,050			–			–
FFO before specified items		$	1,801		$	3,154		$	4,217		$	3,898		$	1,951
Company share of FFO before specified items (3)		$	1,581		$	2,769		$	3,702		$	3,422		$	1,713
FFO per share before specified items - basic		$	0.03		$	0.06		$	0.08		$	0.07		$	0.04
FFO per share before specified items - diluted		$	0.03		$	0.06		$	0.08		$	0.07		$	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.

15

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

 Adjusted Funds from Operations (1)

(unaudited and in thousands) 

		For the Three Months Ended
		December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008
FFO		$	(302,322	)	$	(13,327	)	$	(386,968	)	$	(35,068	)	$	(48,049	)
Add:	Non-real estate depreciation		86			84			84			84			99
	Straight line ground lease expense		512			511			511			511			51
	Amortization of deferred financing costs		1,726			1,901			1,955			2,259			2,243
	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		9,342			4,561			–			–			–
	Writeoff of deferred financing costs related      to Properties in Default		2,769			–			–			–			–
	Non-cash stock compensation		1,218			1,182			1,539			1,500			1,443
	Impairment of long-lived assets		290,266			10,131			384,673			23,500			50,000
	Impairment of long-lived assets -     unconsolidated joint venture (2)		–			–			10,050			–			–
	Loss from early extinguishment of debt		314			263			377			211			–
Deduct:	Straight line rent		4,148			3,758			5,023			4,094			3,784
	Fair value lease revenue		4,406			4,532			5,900			5,057			5,643
	Capitalized payments (3)		3,435			4,196			3,550			4,877			5,520
	Non-recoverable capital expenditures		338			614			923			1,077			620
	Recoverable capital expenditures		588			390			320			90			704
	Hotel improvements, equipment upgrades      and replacements		577			62			251			113			290
	2nd generation tenant improvements and      leasing commissions (4), (5)		1,290			1,348			1,664			2,336			7,878
	MMO joint venture AFFO adjustments (2)		925			439			1,294			611			532
Adjusted funds from operations (AFFO)		$	(11,796	)	$	(10,033	)	$	(10,619	)	$	(10,003	)	$	(19,184	)

__________ 

(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 18.
(2)	Amount represents our 20% ownership interest in the MMO joint venture.
(3)	Includes capital lease principal payments, regular principal payments required to service our debt, capitalized leasing and development payroll, and capitalized interest.
(4)	Excludes 1st generation tenant improvements and leasing commissions of $3.8 million, $5.4 million, $4.9 million, $1.4 million and $6.2 million for the three months ended December 31, September 30, June 30 and March 31, 2009 and December 31, 2008, respectively.
(5)	Excludes tenant improvements and leasing commissions paid using cash reserves that were funded through loan proceeds upon acquisition or debt refinancing of $0.3 million, $0.2 million, $0.7 million, $4.7 million and $6.2 million for the three months ended December 31, September 30, June 30 and March 31, 2009 and December 31, 2008, respectively.

16

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

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

(unaudited and in thousands) 

		For the Three Months Ended
		December 31, 2009			September 30, 2009
FFO		$	(15,823	)	$	(6,455	)
Add:	Amortization of deferred financing costs		166			166
	Writeoff of deferred financing costs		2,769			-
	Default interest accrued		9,342			4,561
	Impairment of long-lived assets		2,094			-
Deduct:	Straight line rent		1,998			1,035
	Fair value lease revenue		1,500			1,491
	Capitalized payments (2)		345			326
	Non-recoverable capital expenditures		1			1
	Recoverable capital expenditures		–			32
	2nd generation tenant improvements and leasing commissions		86			5
Adjusted funds from operations related to Properties in Default		$	(5,042	)	$	(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 the date of this report, the mortgage loans on these properties are in default.
(2)	Includes regular principal payments related to the Park Place II mortgage loan.

17

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth 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
		December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008
Reconciliation of net loss to earnings before interest, taxes       and depreciation and amortization (EBITDA):
Net loss		$	(335,919	)	$	(48,580	)	$	(428,608	)	$	(56,620	)	$	(91,539	)
Add:	Interest expense (3)		74,744			68,918			62,528			81,563			69,952
	Company share of interest expense included in      unconsolidated joint venture		2,195			2,196			2,174			2,162			2,202
	Depreciation and amortization (4)		37,272			39,122			46,267			45,610			46,151
	Company share of depreciation and amortization      included in unconsolidated joint venture		2,251			2,141			2,008			3,312			2,204
Deduct:	Unallocated losses from unconsolidated      joint venture		1,074			1,160			1,785			–			–
EBITDA		$	(220,531	)	$	62,637		$	(317,416	)	$	76,027		$	28,970
EBITDA		$	(220,531	)	$	62,637		$	(317,416	)	$	76,027		$	28,970
Add:	Loss from early extinguishment of debt		314			263			377			211			–
	Severance-related charges		–			1,526			–			–			–
	1733 Ocean lease termination charge		1,432			–			–			–			–
	Impairment of long-lived assets		290,266			10,131			384,673			23,500			50,000
	Company share of impairment of long-lived assets      included in unconsolidated joint venture		–			–			10,050			–			–
Deduct:	Gains on sale of real estate		–			–			–			22,520			–
Adjusted EBITDA		$	71,481		$	74,557		$	77,684		$	77,218		$	78,970
Reconciliation of cash flows from operating activities to      adjusted funds from operations (AFFO):
Cash flows from operating activities		$	4,456		$	11,029		$	(248	)	$	(8,254	)	$	(26,978	)
Changes in other assets and liabilities			(13,459	)		(18,648	)		(7,213	)		1,867			17,286
Non-recoverable capital expenditures			(338	)		(614	)		(923	)		(1,077	)		(620	)
Recoverable capital expenditures			(588	)		(390	)		(320	)		(90	)		(704	)
Hotel improvements, equipment upgrades and replacements			(577	)		(62	)		(251	)		(113	)		(290	)
2nd generation tenant improvements and leasing          commissions (5), (6)			(1,290	)		(1,348	)		(1,664	)		(2,336	)		(7,878	)
AFFO		$	(11,796	)	$	(10,033	)	$	(10,619	)	$	(10,003	)	$	(19,184	)

__________ 

(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 $1.7 million, $3.1 million, $6.0 million, $6.4 million and $7.5 million for the three months ended December 31, September 30, June 30 and March 31, 2009 and December 31, 2008, respectively, related to discontinued operations.
(4)	Includes depreciation and amortization of $1.7 million, $3.3 million, $5.7 million, $6.4 million and $8.0 million for the three months ended December 31, September 30, June 30 and March 31, 2009 and December 31, 2008, respectively, related to discontinued operations.
(5)	Excludes 1st generation tenant improvements and leasing commissions of $3.8 million, $5.4 million, $4.9 million, $1.4 million and $6.2 million for the three months ended December 31, September 30, June 30 and March 31, 2009 and December 31, 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 $0.3 million, $0.2 million, $0.7 million, $4.7 million and $6.2 million for the three months ended December 31, September 30, June 30 and March 31, 2009 and December 31, 2008, respectively.

18

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

Capital Structure

Debt
(in thousands)
			Balance as of
			December 31, 2009
Mortgage and other secured loans			$	4,248,975
Company share of MMO joint venture debt				160,822
Total combined debt			$	4,409,797
Equity
(in thousands)
	Shares Outstanding		Total Liquidation Preference
Preferred stock		10,000	$	250,000
	Shares & Units Outstanding		Market Value (1)
Common stock		47,964	$	72,426
Noncontrolling common units of our Operating Partnership		6,675		10,079
Total common equity		54,639	$	82,505
Total consolidated market capitalization			$	4,581,480
Total combined market capitalization (2)			$	4,742,302

__________ 

(1)	Value based on the NYSE closing price of  $1.51 on December 31, 2009.
(2)	Includes our share of Maguire Macquarie Office ("MMO") joint venture debt.

19

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

Debt Summary

(in thousands, except percentages)

	Maturity Date	Principal Amount as of December 31, 2009			% of Debt			Interest Rate as of December 31, 2009 (1)
Floating-Rate Debt
Repurchase facility (2)	May 1, 2011	$	22,420			0.53	%		2.98	%
Construction Loans:
17885 Von Karman	June 30, 2010		24,154			0.57	%		5.00	%
207 Goode (3)	May 1, 2010		22,444			0.53	%		2.03	%
2385 Northside Drive	August 6, 2010		17,506			0.41	%		5.00	%
Total construction loans			64,104			1.51	%		3.96	%
Variable-Rate Mortgage Loans:
Griffin Towers (4)	May 1, 2010		125,000			2.94	%		6.50	%
Plaza Las Fuentes (5)	September 29, 2010		92,600			2.17	%		3.48	%
Brea Corporate Place (6)	May 1, 2010		70,468			1.65	%		2.18	%
Brea Financial Commons (6)	May 1, 2010		38,532			0.91	%		2.18	%
Total variable-rate mortgage loans			326,600			7.67	%		4.20	%
Variable-Rate Swapped to Fixed-Rate Loans:
KPMG Tower (7)	October 9, 2012		400,000			9.40	%		7.16	%
207 Goode (3)	May 1, 2010		25,000			0.59	%		7.36	%
Total variable-rate swapped to fixed-rate loans			425,000			9.99	%		7.18	%
Total floating-rate debt			838,124			19.70	%		5.66	%
Fixed-Rate Debt
Wells Fargo Tower	April 6, 2017		550,000			12.92	%		5.68	%
Two California Plaza	May 6, 2017		470,000			11.04	%		5.50	%
Gas Company Tower	August 11, 2016		458,000			10.76	%		5.10	%
777 Tower	November 1, 2013		273,000			6.41	%		5.84	%
US Bank Tower	July 1, 2013		260,000			6.11	%		4.66	%
City Tower	May 10, 2017		140,000			3.29	%		5.85	%
Glendale Center	August 11, 2016		125,000			2.94	%		5.82	%
801 North Brand	April 6, 2015		75,540			1.78	%		5.73	%
Mission City Corporate Center	April 1, 2012		52,000			1.22	%		5.09	%
The City - 3800 Chapman	May 6, 2017		44,370			1.04	%		5.93	%
701 North Brand	October 1, 2016		33,750			0.79	%		5.87	%
700 North Central	April 6, 2015		27,460			0.65	%		5.73	%
Griffin Towers Senior Mezzanine	May 1, 2011		20,000			0.47	%		13.00	%
Total fixed-rate debt			2,529,120			59.42	%		5.52	%
Total debt, excluding Properties in Default			3,367,244			79.12	%		5.56	%
Properties in Default
Pacific Arts Plaza (8)	April 1, 2012		270,000			6.34	%		9.15	%
550 South Hope Street (9)	May 6, 2017		200,000			4.70	%		10.67	%
500 Orange Tower (10)	May 6, 2017		110,000			2.59	%		5.88	%
2600 Michelson (11)	May 10, 2017		110,000			2.59	%		10.69	%
Stadium Towers Plaza (12)	May 11, 2017		100,000			2.35	%		10.78	%
Park Place II (13)	March 11, 2012		98,482			2.31	%		10.39	%
Total Properties in Default			888,482			20.88	%		9.60	%
Total consolidated debt			4,255,726			100.00	%		6.40	%
Debt discount			(6,751	)
Total consolidated debt, net		$	4,248,975

20

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

Debt Summary (continued)

(in thousands, except percentages)

__________ 

(1)	The December 31, 2009 one-month LIBOR rate of 0.23% 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%, increasing to LIBOR plus 3.75% in June 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 beginning on September 1, 2009 and continuing through and including March 1, 2010.  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 beginning on August 6, 2009 and continuing through and including March 6, 2010.  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 500 Orange Tower property failed to make the debt service payments under this loan that were due beginning on January 6, 2010 and continuing through and including March 6, 2010.
(11)	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 beginning on August 11, 2009 and continuing through and including March 11, 2010.  The interest rate shown for this loan is the default rate as defined in the loan agreement.  This property was placed in receivership in November 2009.
(12)	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 beginning on August 11, 2009 and continuing through and including March 11, 2010.  The interest rate shown for this loan is the default rate as defined in the loan agreement.
(13)	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 beginning on August 11, 2009 and continuing through and including March 11, 2010.  The interest rate shown for this loan is the default rate as defined in the loan agreement.

21

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

MMO Joint Venture Debt Summary

 (in thousands, except percentages)

	Maturity Date	Principal Amount as of December 31, 2009		% of Debt			Interest Rate as of December 31, 2009
Fixed-Rate Debt
Wells Fargo Center (Denver, CO)	April 6, 2015	$	276,000		34.41	%		5.26	%
One California Plaza	December 1, 2010		140,202		17.48	%		4.73	%
San Diego Tech Center	April 11, 2015		133,000		16.58	%		5.70	%
Quintana Campus (1)	December 11, 2011		106,000		13.21	%		5.07	%
Cerritos Corporate Center	February 1, 2016		95,000		11.84	%		5.54	%
Stadium Gateway	February 1, 2016		52,000		6.48	%		5.66	%
Total fixed-rate debt			802,202		100.00	%		5.27	%
Debt premium, net of discount			1,908
Total joint venture debt, net		$	804,110
Our portion of joint venture debt (2)		$	160,822

__________ 

(1)	The MMO joint venture defaulted on its Quintana mortgage loan by failing to make its required debt service payments.  This property was placed in receivership in November 2009.
(2)	We own 20% of the MMO joint venture.

22

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

Debt Maturities

(in thousands, except percentages)

	2010			2011			2012			2013			2014		Thereafter			Total
Floating-Rate Debt
Repurchase facility	$	7,420		$	15,000		$	–		$	–		$	–	$	–		$	22,420
Construction Loans:
17885 Von Karman		24,154			–			–			–			–		–			24,154
207 Goode (1)		22,444			–			–			–			–		–			22,444
2385 Northside Drive		17,506			–			–			–			–		–			17,506
Total construction loans		64,104			–			–			–			–		–			64,104
Variable-Rate Mortgage Loans:
Griffin Towers (1)		125,000			–			–			–			–		–			125,000
Plaza Las Fuentes (2)		92,600			–			–			–			–		–			92,600
Brea Corporate Place (3)		70,468			–			–			–			–		–			70,468
Brea Financial Commons (3)		38,532			–			–			–			–		–			38,532
Total variable-rate mortgage loans		326,600			–			–			–			–		–			326,600
Variable-Rate Swapped to Fixed-Rate Loans:
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		423,124			15,000			400,000			–			–		–			838,124
Fixed-Rate Debt
Wells Fargo Tower		–			–			–			–			–		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
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		–			20,000			52,000			533,000			–		1,924,120			2,529,120
Total debt, excluding Properties in Default		423,124			35,000			452,000			533,000			–		1,924,120			3,367,244
Debt discount		–			–			–			(2,509	)		–		(3,474	)		(5,983	)
Total debt, excluding Properties in Default, net		423,124			35,000			452,000			530,491			–		1,920,646			3,361,261
Properties in Default (4)
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		1,746			1,266			95,470			–			–		–			98,482
Total Properties in Default		1,746			1,266			365,470			–			–		520,000			888,482
Debt discount		–			–			–			–			–		(768	)		(768	)
Total Properties in Default, net		1,746			1,266			365,470			–			–		519,232			887,714
Total consolidated debt, net	$	424,870		$	36,266		$	817,470		$	530,491		$	–	$	2,439,878		$	4,248,975
Weighted average interest rate, excluding Properties in Default		4.33	%		8.71	%		6.93	%		5.27	%		–		5.53	%		5.56	%
Weighted average interest rate, Properties in Default		10.39	%		10.39	%		9.48	%		–			–		9.68	%		9.60	%
Weighted average interest rate, consolidated		4.36	%		8.76	%		8.07	%		5.27	%		–		6.41	%		6.40	%

__________

(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.
(4)	The maturity dates shown above for the Properties in Default reflect the contractual maturity dates per the loan agreements.  The actual settlement dates for these loans will depend upon when the properties are disposed of either by the Company or the special servicer, as applicable.

23

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

 MMO Joint Venture Debt Maturities

(in thousands, except percentages)

	2010			2011			2012			2013			2014			Thereafter			Total
Fixed-Rate Debt
Wells Fargo Center (Denver, CO)	$	–		$	–		$	–		$	–		$	–		$	276,000		$	276,000
One California Plaza		140,202			–			–			–			–			–			140,202
San Diego Tech Center		–			–			–			–			–			133,000			133,000
Quintana Campus (1)		–			106,000			–			–			–			–			106,000
Cerritos Corporate Center		–			1,054			1,330			1,406			1,486			89,724			95,000
Stadium Gateway		–			–			–			–			–			52,000			52,000
		140,202			107,054			1,330			1,406			1,486			550,724			802,202
Debt premium, net of discount		(371	)		(59	)		–			–			–			2,338			1,908
Total joint venture debt, net	$	139,831		$	106,995		$	1,330		$	1,406		$	1,486		$	553,062		$	804,110
Weighted average interest rate		4.73	%		5.07	%		5.54	%		5.54	%		5.54	%		5.45	%		5.27	%

__________

(1) The MMO joint venture defaulted on its Quintana mortgage loan by failing to make its required debt service payments.  This property is currently in receivership.  The maturity date shown above reflects the contractual maturity date per the loan agreement.  The actual settlement date for this loan will depend upon when the property is disposed of by the special servicer.

24

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

Portfolio Data

25

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

 Same Store Analysis

(unaudited and in thousands, except percentages)

	For the Three Months Ended December 31, (1)										For the Year Ended December 31, (2)
	2009			2008			% Change				2009			2008			% Change
Total Same Store Portfolio
Number of properties		19			19							17			17
Square feet as of December 31		10,790,937			10,781,142							10,550,772			10,540,977
Percentage of wholly-owned Office Portfolio		100.0	%		100.0	%						97.8	%		97.8	%
Weighted average leased percentage (3)		84.5	%		84.1	%						85.3	%		85.6	%
GAAP
Breakdown of Net Operating Income:
Operating revenue	$	94,405		$	96,938			(2.6	)%		$	374,578		$	374,375			0.1	%
Operating expenses		34,316			35,590			(3.6	)%			133,354			135,398			(1.5	)%
Other expense		1,264			804			57.2	%	(4)		5,055			4,833			4.6	%
Net operating income	$	58,825		$	60,544			(2.8	)%		$	236,169		$	234,144			0.9	%
CASH BASIS
Breakdown of Net Operating Income:
Operating revenue	$	90,550		$	91,666			(1.2	)%		$	356,128		$	347,246			2.6	%
Operating expenses		34,316			35,590			(3.6	)%			133,354			135,398			(1.5	)%
Other expense		743			743			–				2,971			2,966			0.2	%
Net operating income	$	55,491		$	55,333			0.3	%		$	219,803		$	208,882			5.2	%

__________ 

(1)	Properties included in the Same Store analysis are the properties in our Office Portfolio, with the exception of the Properties in Default and our joint venture properties.
(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 and 17885 Von Karman buildings.
(3)	Represents weighted average leased amounts for the Same Store portfolio.
(4)	Increase due to higher ground lease expense during 2009.

26

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth 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		9.28	%		92.5	%	$	35,175,467	$	35,175,467	$	28.74
US Bank Tower		1		43	1989	100%			1,414,410		1,414,410		9.92	%		62.2	%		23,845,299		23,845,299		27.10
Wells Fargo Tower		2		61	1982	100%			1,396,941		1,396,941		9.80	%		94.5	%		28,289,616		28,289,616		21.43
Two California Plaza		1		62	1992		100%		1,327,663		1,327,663		9.31	%		84.3	%		22,135,683		22,135,683		19.79
KPMG Tower		1		21	1983	100%			1,143,646		1,143,646		8.03	%		94.0	%		24,721,196		24,721,196		23.00
777 Tower		1		36	1991	100%			1,011,124		1,011,124		7.09	%		92.0	%		19,910,852		19,910,852		21.40
One California Plaza		1		28	1985	20%			1,009,328		201,866		7.08	%		76.5	%		16,529,638		3,305,928		21.40
Total LACBD Submarket		8		268					8,626,763		7,819,301		60.51	%		84.9	%		170,607,751		157,384,041		23.31
Tri-Cities Submarket:
Glendale Center		2		4	1973/1996	100%			387,545		387,545		2.72	%		100.0	%		8,731,117		8,731,117		22.53
801 North Brand		1		28	1987	100%			282,788		282,788		1.98	%		82.3	%		4,630,566		4,630,566		19.91
701 North Brand		1		13	1978	100%			131,129		131,129		0.92	%		97.2	%		2,267,768		2,267,768		17.80
700 North Central		1		14	1979	100%			134,168		134,168		0.94	%		75.5	%		1,701,162		1,701,162		16.79
Plaza Las Fuentes		3		9	1989	100%			192,958		192,958		1.36	%		100.0	%		5,163,295		5,163,295		26.76
Total Tri-Cities Submarket		8		68					1,128,588		1,128,588		7.92	%		92.3	%		22,493,908		22,493,908		21.59
Cerritos Office Submarket:
Cerritos - Phase I		1		1	1999	20%			221,968		44,394		1.55	%		100.0	%		6,317,209		1,263,442		28.46
Cerritos - Phase II		1		–	2001	20%			104,567		20,913		0.73	%		100.0	%		2,482,421		496,484		23.74
Total Cerritos Submarket		2		1					326,535		65,307		2.28	%		100.0	%		8,799,630		1,759,926		26.95
Total Los Angeles County		18		337					10,081,886		9,013,196		70.71	%		86.2	%	$	201,901,289	$	181,637,875	$	23.24

27

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth 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:
17885 Von Karman Avenue		1		1	2008	100%		151,370		151,370		1.06	%		37.8	%	$	893,120	$	893,120	$	15.59
Total Airport Submarket		1		1				151,370		151,370		1.06	%		37.8	%		893,120		893,120		15.59
Costa Mesa Submarket:
Griffin Towers		2		41	1987	100%		547,432		547,432		3.84	%		80.1	%		6,813,656		6,813,656		15.54
Total Costa Mesa Submarket		2		41				547,432		547,432		3.84	%		80.1	%		6,813,656		6,813,656		15.54
Central Orange Submarket:
3800 Chapman		1		2	1984	100%		158,767		158,767		1.11	%		75.9	%		2,558,711		2,558,711		21.25
City Tower		1		23	1988	100%		412,427		412,427		2.89	%		82.2	%		7,385,313		7,385,314		21.78
Stadium Gateway		1		8	2001	20%		272,826		54,565		1.92	%		88.0	%		5,186,707		1,037,341		21.61
Total Central Orange Submarket		3		33				844,020		625,759		5.92	%		82.9	%		15,130,731		10,981,366		21.63
Other:
Brea Corporate Place		2		20	1987	100%		329,949		329,949		2.32	%		64.1	%		3,407,646		3,407,646		16.12
Brea Financial Commons		3		2	1987	100%		165,540		165,540		1.16	%		90.7	%		2,960,848		2,960,848		19.73
Total Other		5		22				495,489		495,489		3.48	%		73.0	%		6,368,494		6,368,494		17.62
Total Orange County		11		97				2,038,311		1,820,050		14.30	%		76.4	%	$	29,206,001	$	25,056,636	$	18.76

28

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth 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		23	1984/1986	20%		646,114		129,223		4.53	%		79.7	%	$	10,544,982	$	2,108,996	$	20.48
Total Sorento Mesa Submarket		11		23				646,114		129,223		4.53	%		79.7	%		10,544,982		2,108,996		20.48
Mission Valley Submarket:
Mission City Corporate Center		3		11	1990	100%		190,634		190,634		1.34	%		78.5	%		3,638,406		3,638,406		24.31
2385 Northside Drive		1		2	2008	100%		88,795		88,795		0.62	%		71.8	%		906,326		906,326		14.22
Total Mission Valley Submarket		4		13				279,429		279,429		1.96	%		76.4	%		4,544,732		4,544,732		21.30
Total San Diego County		15		36				925,543		408,652		6.49	%		78.7	%	$	15,089,714	$	6,653,728	$	20.72
Other
Denver, CO - Downtown Submarket:
Wells Fargo Center - Denver		1		39	1983	20%		1,211,746		242,349		8.50	%		92.2	%	$	22,727,632	$	4,545,526	$	20.35
Total Other		1		39				1,211,746		242,349		8.50	%		92.2	%		22,727,632		4,545,526		20.35
Total Office Properties		45		509				14,257,486		11,484.247		100.00	%		84.8	%	$	268,924,636	$	217,893,765	$	22.24
Effective Office Properties								11,484,247							84.6	%					$	22.43

29

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth 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		36	1991	100%		565,738		565,738				83.0	%	$	8,768,888	$	8,768,888	$	18.68
2600 Michelson		1		23	1986	100%		308,329		308,329				67.7	%		4,286,445		4,286,445		20.54
Stadium Towers Plaza		1		24	1988	100%		258,358		258,358				57.4	%		3,053,458		3,053,458		20.60
500 Orange Tower		3		32	1987	100%		335,507		335,507				69.9	%		4,476,738		4,476,738		19.08
Park Place Office (3121)		1		6	1977/2002	100%		150,585		150,585				79.5	%		1,519,127		1,519,127		12.70
Park Place II (Retail - The Shops)		8		23	1981	100%		122,533		122,533				88.1	%		3,301,396		3,301,396		30.56
Pacific Arts Plaza		8		41	1982	100%		787,016		787,016				78.3	%		13,778,809		13,778,809		22.37
Quintana Campus		4		2	1989/2004	20%		414,595		82,919				39.6	%		2,614,977		522,995		15.92
Total Properties in Default		27		187				2,942,661		2,610,985				70.3	%	$	41,799,838	$	39,707,856	$	20.20
Total Office and Properties in Default								17,200,147		14,095,232				82.3	%
Effective Office and Properties in Default								14,095,232						82.7	%
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								17,466,147		14,361,232
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								6,860,214		5,367,856		20,791		16,342		$	37,149,575	$	32,075,291	$	1,963
Off-Site Garages								1,714,435		1,714,435		5,729		5,729			11,934,539		11,934,539		2,083
Properties in Default								2,727,880		2,403,240		9,973		8,543			5,495,446		5,495,446		643
Total Parking Properties								11,302,529		9,485,531		36,493		30,614		$	54,579,560	$	49,505,276		1,617
Total Office, Properties in Default, Hotel     and Parking Properties								28,768,676		23,846,763

__________ 

(1)	Includes 100% of our consolidated portfolio and 20% of our MMO joint venture portfolio.
(2)	Annualized rent represents the annualized monthly contractual rent under existing leases as of December 31, 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 December 31, 2009.
(5)	Effective annualized parking revenue represents the annualized quarterly parking revenue as of December 31, 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.

30

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

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

31

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

Portfolio Overview — Leased Rates and Weighted Average Remaining Lease Term

	Ownership Interest	Weighted Average Remaining Lease Term	% Leased
	( % )	(in years)	Q4 2009			Q3 2009			Q2 2009			Q1 2009			Q4 2008
Office Properties
Gas Company Tower	100%	5.2		92.5	%		92.5	%		92.4	%		92.1	%		92.1	%
US Bank Tower	100%	4.2		62.2	%		61.7	%		62.6	%		65.1	%		65.6	%
Wells Fargo Tower	100%	4.7		94.5	%		94.6	%		93.6	%		93.7	%		93.9	%
KPMG Tower	100%	8.2		94.0	%		93.8	%		93.8	%		93.8	%		92.5	%
777 Tower	100%	4.4		92.0	%		92.0	%		92.0	%		91.9	%		91.9	%
One California Plaza	20%	5.6		76.5	%		76.9	%		76.7	%		77.1	%		77.3	%
Glendale Center	100%	2.3		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
801 North Brand	100%	2.6		82.3	%		82.8	%		83.9	%		83.1	%		88.8	%
701 North Brand	100%	4.6		97.2	%		97.2	%		97.2	%		100.0	%		100.0	%
700 North Central	100%	3.6		75.5	%		75.5	%		75.5	%		96.7	%		92.0	%
Plaza Las Fuentes	100%	8.2		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cerritos - Phase I	20%	4.8		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cerritos - Phase II	20%	1.4		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
17885 Von Karman Avenue	100%	7.0		37.8	%		0.0	%		0.0	%		0.0	%		0.0	%
Stadium Gateway	20%	4.2		88.0	%		89.5	%		87.6	%		79.0	%		79.0	%
Mission City Corporate Center	100%	3.1		78.5	%		86.9	%		86.9	%		86.9	%		86.9	%
2385 Northside Drive	100%	9.3		71.8	%		71.8	%		51.7	%		51.7	%		51.7	%
San Diego Tech Center	20%	3.4		79.7	%		93.8	%		93.7	%		93.7	%		96.8	%
Wells Fargo Center - Denver	20%	7.3		92.2	%		92.2	%		94.0	%		95.2	%		95.9	%
Two California Plaza	100%	5.0		84.3	%		83.5	%		83.7	%		92.6	%		94.0	%
3800 Chapman	100%	5.4		75.9	%		75.9	%		63.4	%		63.4	%		63.4	%
Griffin Towers	100%	4.3		80.1	%		76.8	%		68.8	%		64.7	%		64.3	%
City Tower	100%	2.8		82.2	%		82.6	%		81.8	%		78.9	%		78.1	%
Brea Corporate Place	100%	3.1		64.1	%		56.3	%		55.7	%		55.0	%		48.6	%
Brea Financial Commons	100%	4.3		90.7	%		90.7	%		90.7	%		90.7	%		90.7	%
Total Office Properties		5.1		84.8	%		84.8	%		84.3	%		85.3	%		85.5	%
Effective Office Properties (1)		5.0		84.6	%		83.9	%		83.2	%		84.4	%		84.5	%
Properties in Default
550 South Hope Street	100%	5.1		83.0	%		87.3	%		87.3	%		87.7	%		87.3	%
Park Place II	100%	7.2		83.4	%		83.4	%		82.8	%		52.9	%		54.4	%
2600 Michelson	100%	2.2		67.7	%		68.1	%		72.5	%		76.4	%		76.1	%
500 Orange Tower	100%	4.4		69.9	%		69.8	%		68.6	%		78.5	%		79.6	%
Stadium Towers Plaza	100%	2.7		57.4	%		57.4	%		59.7	%		59.0	%		63.1	%
Pacific Arts Plaza	100%	5.0		78.3	%		77.8	%		77.8	%		76.0	%		80.1	%
Quintana Campus	20%	1.7		39.6	%		39.6	%		39.6	%		42.2	%		100.0	%
Total Properties in Default		4.5		74.2	%		75.0	%		75.6	%		73.7	%		77.4	%
Total Office Properties and
Properties in Default		5.0		82.3	%		82.4	%		82.1	%		82.7	%		84.5	%
Total Effective Office Properties
and Properties in Default		4.9		82.7	%		82.3	%		81.8	%		82.4	%		83.2	%

__________ 

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

32

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth 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	9.8%		576,516	5.9%	22	A
2	Sempra (Pacific Enterprises)	1		8,189,591	3.8%		217,413	2.2%	6	A
3	Wells Fargo Bank (3)	3		6,818,967	3.1%		392,665	4.0%	57	AA-
4	Bank of America (3)	5		5,556,395	2.6%		258,461	2.7%	32	A+
5	AT&T (3)	5		4,995,314	2.3%		202,813	2.1%	36	A
6	US Bank, National Association	2		3,911,640	1.8%		157,488	1.6%	65	AA-
7	Disney Enterprises	1		3,706,960	1.7%		156,215	1.6%	18	A
8	Home Depot	1		2,243,454	1.0%		99,706	1.0%	41	BBB+
9	St. Paul Fire and Marine	1		2,233,402	1.0%		76,860	0.8%	40	AA-
10	FNMA (Fannie Mae)	1		2,228,663	1.0%		61,655	0.6%	98	AAA
	Total Rated / Weighted Average (3), (4)			61,168,269	28.1 %		2,199,792	22.5%	36
	Total Investment Grade Tenants (3)		$	84,976,946	39.0%		3,366,503	34.6%
	Nationally Recognized
11	Latham & Watkins LLP	2		9,178,964	4.2%		397,991	4.1%	155	3rd Largest US Law Firm
12	Gibson, Dunn & Crutcher LLP	1		6,464,056	3.0%		268,268	2.8%	95	20th Largest US Law Firm
13	Deloitte & Touche LLP	1		5,216,904	2.4%		342,094	3.5%	63	Largest US Accounting Firm
14	Morrison & Foerster LLP	1		3,885,728	1.8%		138,776	1.4%	45	23rd Largest US Law Firm
15	Marsh USA, Inc.	1		3,727,695	1.7%		212,721	2.2%	100	World's Largest Insurance Broker
16	KPMG LLP	1		3,662,464	1.7%		175,971	1.8%	54	4th Largest US Accounting Firm
17	Sidley Austin LLP	1		3,638,360	1.7%		192,457	2.0%	168	5th Largest US Law Firm
18	Munger, Tolles & Olson LLP	1		3,374,322	1.5%		160,682	1.7%	146	129th Largest US Law Firm
19	PricewaterhouseCoopers LLP	1		2,990,625	1.4%		160,784	1.7%	41	3rd Largest US Accounting Firm
20	Bingham McCutchen LLP	1		2,442,677	1.1%		104,712	1.1%	37	32nd Largest US Law Firm
	Total Nationally Recognized /       Weighted Average (3), (4)			44,581,795	20.5 %		2,154,456	22.3%	98
	Total Nationally Recognized Tenants (3)			82,321,212	37.8%		3,883,131	40.0%
	Total / Weighted Average (3), (4)		$	105,750,064	48.6%		4,354,248	44.8%	67
	Total Investment Grade or Nationally      Recognized Tenants (3)		$	167,298,158	76.8%		7,249,634	74.6%

__________

(1)	Annualized base rent is calculated as monthly contractual base rent under existing leases as of December 31, 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 December 31, 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.

33

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

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

34

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

 Lease Expirations — Wholly Owned Portfolio

Year	Total Area in Square Feet Covered by Expiring Leases		Percentage of Aggregate Square Feet			Annualized Rent		Percentage of Total Annualized Rent			Current Rent per Square Foot (1)		Rent per Square Foot at Expiration (2)
Available		2,294,264		17.2	%
2010		1,086,486		8.2	%	$	25,477,323		10.4	%	$	23.45	$	23.70
2011		1,922,897		14.4	%		50,145,311		20.5	%		26.08		26.42
2012		793,118		6.0	%		17,767,606		7.3	%		22.40		24.52
2013		2,253,815		16.9	%		47,587,881		19.5	%		21.11		23.21
2014		769,427		5.8	%		14,908,111		6.1	%		19.38		22.49
2015		932,391		7.0	%		18,531,091		7.6	%		19.87		22.47
2016		271,849		2.0	%		4,627,945		1.9	%		17.02		21.87
2017		1,005,264		7.5	%		21,461,590		8.8	%		21.35		23.49
2018		528,617		4.0	%		11,275,124		4.6	%		21.33		28.82
2019		366,395		2.8	%		6,973,641		2.8	%		19.03		26.10
Thereafter		1,094,480		8.2	%		25,565,285		10.5	%		23.36		32.16
		13,319,003		100.0	%	$	244,320,908		100.0	%	$	22.16	$	25.20
Leases Expiring in the Next 4 Quarters:
1st Quarter 2010		291,504		2.2	%	$	6,702,226		2.7	%	$	22.99	$	22.99
2nd Quarter 2010  (3)		394,289		3.0	%		10,753,633		4.4	%		27.27		27.36
3rd Quarter 2010		65,965		0.5	%		1,261,233		0.5	%		19.12		19.12
4th Quarter 2010		334,728		2.5	%		6,760,231		2.8	%		20.20		20.91
		1,086,486		8.2	%	$	25,477,323		10.4	%	$	23.45	$	23.70

__________ 

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

35

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

 Lease Expirations — Wholly Owned Portfolio

Los Angeles County

Year	Total Area in Square Feet Covered by Expiring Leases		Percentage of Aggregate Square Feet			Annualized Rent		Percentage of Total Annualized Rent			Current Rent per Square Foot (1)		Rent per Square Foot at Expiration (2)
Available		1,252,548		13.5	%
2010		773,864		8.3	%	$	19,295,433		10.4	%	$	24.93	$	25.03
2011		1,364,534		14.6	%		38,871,825		21.0	%		28.49		28.72
2012		646,601		6.9	%		14,307,359		7.7	%		22.13		24.04
2013		1,399,722		15.0	%		29,403,654		15.9	%		21.01		22.86
2014		519,320		5.6	%		10,466,594		5.7	%		20.15		23.22
2015		743,105		8.0	%		15,053,853		8.1	%		20.26		22.55
2016		176,249		1.9	%		3,783,460		2.0	%		21.47		26.79
2017		891,059		9.6	%		19,409,405		10.5	%		21.78		23.77
2018		417,854		4.5	%		9,138,517		4.9	%		21.87		28.90
2019		260,586		2.8	%		5,758,076		3.1	%		22.10		29.53
Thereafter		866,319		9.3	%		19,852,733		10.7	%		22.92		32.59
		9,311,761		100.0	%	$	185,340,909		100.0	%	$	23.00	$	25.92
Leases Expiring in the Next 4 Quarters:
1st Quarter 2010		253,623		2.7	%	$	5,919,639		3.2	%	$	23.34	$	23.34
2nd Quarter 2010 (3)		316,491		3.4	%		9,311,418		5.0	%		29.42		29.52
3rd Quarter 2010		14,912		0.2	%		313,745		0.2	%		21.04		21.04
4th Quarter 2010		188,838		2.0	%		3,750,631		2.0	%		19.86		20.10
		773,864		8.3	%	$	19,295,433		10.4	%	$	24.93	$	25.03

__________ 

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

36

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

Lease Expirations — Wholly Owned Portfolio

Orange County

Year	Total Area in Square Feet Covered by Expiring Leases		Percentage of Aggregate Square Feet			Annualized Rent		Percentage of Total Annualized Rent			Current Rent per Square Foot (1)		Rent per Square Foot at Expiration (2)
Available		975,661		26.2	%
2010		298,524		8.0	%	$	5,780,150		10.6	%	$	19.36	$	20.02
2011		501,456		13.4	%		9,735,471		17.9	%		19.41		19.96
2012		124,053		3.3	%		2,893,092		5.3	%		23.32		26.45
2013		854,093		22.9	%		18,162,733		33.4	%		21.27		23.79
2014		242,248		6.5	%		4,303,564		7.9	%		17.77		20.97
2015		140,962		3.8	%		2,505,189		4.6	%		17.77		21.31
2016		77,824		2.1	%		736,448		1.4	%		9.46		15.70
2017		114,205		3.1	%		2,052,185		3.8	%		17.97		21.30
2018		110,763		3.0	%		2,136,607		3.9	%		19.29		28.54
2019		105,809		2.8	%		1,215,566		2.2	%		11.49		17.67
Thereafter		182,215		4.9	%		4,914,262		9.0	%		26.97		32.33
		3,727,813		100.0	%	$	54,435,267		100.0	%	$	19.78	$	23.06
Leases Expiring in the Next 4 Quarters:
1st Quarter 2010		37,881		1.0	%	$	782,587		1.4	%	$	20.66	$	20.66
2nd Quarter 2010  (3)		77,798		2.1	%		1,439,815		2.7	%		18.51		18.51
3rd Quarter 2010		51,053		1.4	%		947,488		1.7	%		18.56		18.56
4th Quarter 2010		131,792		3.5	%		2,610,260		4.8	%		19.81		21.28
		298,524		8.0	%	$	5,780,150		10.6	%	$	19.36	$	20.02

__________ 

(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.

37

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

 Lease Expirations — Properties in Default (1)

Year	Total Area in Square Feet Covered by Expiring Leases		Percentage of Aggregate Square Feet			Annualized Rent		Percentage of Total Annualized Rent			Current Rent per Square Foot (2)		Rent per Square Foot at Expiration (3)
Available		623,395		24.7	%
2010		205,717		8.1	%	$	3,687,685		9.4	%	$	17.93	$	17.97
2011		337,885		13.4	%		6,864,467		17.5	%		20.32		20.75
2012		125,970		5.0	%		2,904,090		7.4	%		23.05		24.96
2013		422,861		16.7	%		9,179,534		23.4	%		21.71		24.03
2014		165,737		6.6	%		3,120,938		8.0	%		18.83		21.53
2015		104,930		4.1	%		2,057,531		5.3	%		19.61		22.57
2016		–		–			–		–			–		–
2017		163,239		6.5	%		3,163,305		8.1	%		19.38		22.03
2018		78,991		3.1	%		1,601,910		4.1	%		20.28		27.01
2019		137,853		5.4	%		2,006,396		5.1	%		14.55		21.06
Thereafter		161,488		6.4	%		4,599,005		11.7	%		28.48		34.55
		2,528,066		100.0	%	$	39,184,861		100.0	%	$	20.57	$	23.82
Leases Expiring in the Next 4 Quarters:
1st Quarter 2010		21,540		0.9	%	$	441,375		1.1	%	$	20.49	$	20.49
2nd Quarter 2010  (4)		89,665		3.5	%		1,588,070		4.1	%		17.71		17.71
3rd Quarter 2010		26,487		1.0	%		441,072		1.1	%		16.65		16.65
4th Quarter 2010		68,025		2.7	%		1,217,168		3.1	%		17.89		18.04
		205,717		8.1	%	$	3,687,685		9.4	%	$	17.93	$	17.97

__________ 

(1)	All Properties in Default are located in Orange County, except for 550 South Hope, which is located in the LACBD.  Currently, there are 96,320 square feet available for lease at 550 South Hope, with 61,668 square feet, 55,017 square feet, 52,251 square feet, 19,279  square feet, 63,435 square feet and 217,768 square feet scheduled to expire in 2010, 2011, 2012, 2013, 2014 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
(4)	Includes tenants leasing on a month-to-month basis.

38

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

Lease Expirations — MMO Joint Venture Portfolio (1)

Year	Total Area in Square Feet Covered by Expiring Leases		Percentage of Aggregate Square Feet			Annualized Rent		Percentage of Total Annualized Rent			Current Rent per Square Foot (2)		Rent per Square Foot at Expiration (3)
Available		746,332		19.2	%
2010		369,318		9.5	%	$	7,414,815		11.2	%	$	20.08	$	20.34
2011		345,509		8.9	%		7,090,059		10.7	%		20.52		20.73
2012		321,740		8.3	%		6,891,165		10.4	%		21.42		22.39
2013		229,643		5.9	%		5,184,117		7.8	%		22.57		25.59
2014		833,835		21.5	%		17,027,421		25.6	%		20.42		24.40
2015		160,237		4.1	%		3,222,016		4.8	%		20.11		23.47
2016		57,865		1.5	%		1,129,869		1.7	%		19.53		23.52
2017		11,450		0.3	%		237,823		0.4	%		20.77		27.32
2018		81,744		2.1	%		1,713,538		2.6	%		20.96		29.50
2019		–		–			–		–			–		–
Thereafter		723,471		18.7	%		16,492,743		24.8	%		22.80		30.03
		3,881,144		100.0	%	$	66,403,566		100.0	%	$	21.18	$	24.78
Leases Expiring in the Next 4 Quarters:
1st Quarter 2010		134,631		3.5	%	$	1,877,987		2.8	%	$	13.95	$	13.95
2nd Quarter 2010  (4)		31,691		0.8	%		615,926		0.9	%		19.44		19.44
3rd Quarter 2010		97,208		2.5	%		2,169,270		3.3	%		22.32		22.39
4th Quarter 2010		105,788		2.7	%		2,751,632		4.2	%		26.01		26.87
		369,318		9.5	%	$	7,414,815		11.2	%	$	20.08	$	20.34

__________ 

(1)	The Quintana Campus was placed in receivership in November 2009.  Currently, there are 250,378 square feet available for lease at the Quintana Campus, with 109,867 square feet and 54,350 square feet scheduled to expire in 2010 and 2014, 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.

39

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

 Leasing Activity — Total Portfolio and Effective Portfolio

	Total Portfolio						Effective Portfolio (1)
	For the Three Months Ended December 31, 2009			% Leased			For the Three Months Ended December 31, 2009			% Leased
Leased Square Feet as of September 30, 2009		14,627,406			82.3	%		12,043,413			82.1	%
Disposition - 130 State College		(42,884	)					(42,884	)
Disposition - Lantana Media Campus		(406,388	)					(406,388	)
Revised Leased Square Feet		14,178,134			82.5	%		11,594,141			82.3	%
Expirations		(462,754	)		(2.7	)%		(291,599	)		(2.1	)%
New Leases		187,084			1.0	%		179,217			1.3	%
Renewals		257,087			1.5	%		169,942			1.2	%
Leased Square Feet as of December 31, 2009		14,159,551			82.3	%		11,651,701			82.7	%
Cash Rent Growth (2), (3)
Expiring Rate per Square Foot										$	27.08
New / Renewed Rate per Square Foot										$	24.56
Percentage Change											(9.3	)%
GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	26.47
New / Renewed Rate per Square Foot										$	25.43
Percentage Change											(3.9	)%
Weighted Average Lease Term - New  (in months)											91
Weighted Average Lease Term - Renewal  (in months)											87

__________ 

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

Fourth Quarter 2009

 Leasing Activity — Los Angeles Central Business District

	Total Portfolio						Effective Portfolio (1)
	For the Three Months Ended December 31, 2009			% Leased			For the Three Months Ended December 31, 2009			% Leased
Leased Square Feet as of September 30, 2009, Los Angeles Central Business District		7,795,301			84.9	%		7,177,229			85.6	%
Expirations		(225,891	)		(2.6	)%		(152,541	)		(1.8	)%
New Leases		64,983			0.7	%		63,400			0.7	%
Renewals		155,432			1.7	%		83,778			1.0	%
Leased Square Feet as of December 31, 2009, Los Angeles Central Business District		7,789,825			84.7	%		7,171,866			85.5	%
Cash Rent Growth (2), (3)
Expiring Rate per Square Foot										$	23.17
New / Renewed Rate per Square Foot										$	20.34
Percentage Change											(12.2	)%
GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	22.15
New / Renewed Rate per Square Foot										$	21.60
Percentage Change											(2.5	)%
Weighted Average Lease Term - New  (in months)											120
Weighted Average Lease Term - Renewal  (in months)											96

__________ 

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

Fourth Quarter 2009

Leasing Activity — Orange County

	Total Portfolio						Effective Portfolio (1)
	For the Three Months Ended December 31, 2009			% Leased			For the Three Months Ended December 31, 2009			% Leased
Leased Square Feet as of September 30, 2009, Orange County		3,099,991			69.6	%		2,773,230			71.0	%
Disposition - 130 State College		(42,884	)					(42,884	)
Revised Leased Square Feet		3,057,107			69.3	%		2,730,346			70.7	%
Expirations		(28,323	)		(0.6	)%		(24,941	)		(0.7	)%
New Leases		112,765			2.6	%		112,765			2.9	%
Renewals		14,827			0.2	%		14,827			0.4	%
Leased Square Feet as of December 31, 2009, Orange County		3,156,376			71.5	%		2,832,997			73.3	%
Cash Rent Growth (2), (4)
Expiring Rate per Square Foot										$	15.95
New / Renewed Rate per Square Foot										$	11.56
Percentage Change											(27.5	)%
GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot										$	15.45
New / Renewed Rate per Square Foot										$	13.07
Percentage Change											(15.4	)%
Weighted Average Lease Term - New  (in months)											77
Weighted Average Lease Term - Renewal  (in months)											65

___________ 

(1)	Includes 100% of our consolidated portfolio and 20% of our MMO joint venture properties.
(2)	Represents the difference between (i) initial market rents on new and renewed leases and (ii) the cash rents on those spaces immediately prior to the expiration or termination.
(3)	For newly acquired properties, cash and GAAP rent growth is excluded for spaces that expired prior to our ownership and were re-leased after acquisition.
	Excludes new and renewed leases for spaces with more than twelve months of downtime and early renewals commencing after December 31, 2010.
(4)	Represents estimated cash rent growth adjusted for straight-line rents in accordance with GAAP.

42

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

Tenant Improvements and Leasing Commissions (Excluding Properties in Default) (1), (2), (3)

	For the Three Months Ended								For the Year Ended December 31,
	December 31, 2009		September 30, 2009		June 30, 2009		March 31, 2009		2009		2008		2007
Renewals (4)
Number of Leases		15		13		26		25		79		130		152
Square Feet		152,615		112,010		143,204		146,677		554,506		664,524		881,406
Tenant Improvement Costs per Square Foot (5)	$	10.07	$	3.67	$	10.44	$	10.91	$	9.09	$	13.95	$	11.69
Leasing Commission Costs per Square Foot	$	7.55	$	5.28	$	5.28	$	6.05	$	6.11	$	5.53	$	5.14
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	17.62	$	8.95	$	15.72	$	16.96	$	15.20	$	19.48	$	16.83
Costs per Square Foot per Year	$	2.34	$	1.84	$	3.00	$	3.12	$	2.60	$	4.36	$	3.41
New / Modified Leases (6)
Number of Leases		11		18		31		23		83		163		141
Square Feet		100,495		118,847		281,409		116,771		617,522		1,115,055		893,634
Tenant Improvement Costs per Square Foot (5)	$	29.39	$	23.86	$	14.47	$	17.94	$	19.36	$	41.97	$	22.89
Leasing Commission Costs per Square Foot	$	10.12	$	4.29	$	6.20	$	4.70	$	6.19	$	10.11	$	6.52
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	39.51	$	28.15	$	20.67	$	22.64	$	25.55	$	52.08	$	29.41
Costs per Square Foot per Year	$	4.41	$	3.44	$	3.14	$	5.20	$	3.73	$	5.98	$	5.00
Total
Number of Leases		26		31		57		48		162		293		293
Square Feet		253,110		230,857		424,613		263,448		1,172,028		1,779,579		1,775,040
Tenant Improvement Costs per Square Foot (5)	$	17.74	$	14.07	$	13.11	$	14.02	$	14.50	$	31.51	$	17.33
Leasing Commission Costs per Square Foot	$	8.57	$	4.77	$	5.89	$	5.45	$	6.15	$	8.40	$	5.84
Total Tenant Improvements and Leasing Commissions
Costs per Square Foot	$	26.31	$	18.84	$	19.00	$	19.47	$	20.65	$	39.91	$	23.17
Costs per Square Foot per Year	$	3.25	$	2.87	$	3.10	$	3.93	$	3.24	$	5.60	$	4.28

__________ 

(1)	Excludes activity related to Properties in Default for the three months ended December 31 and September 30, 2009.
(2)	Based on leases executed during the period. Excludes leases to related parties, short-term leases less than six months, and leases for raw space.
(3)	Tenant improvement and leasing commission information reflects 100% of the consolidated portfolio and 20% of the MMO joint venture properties.
(4)	Does not include retained tenants that have relocated to new space or expanded into new space.
(5)	Tenant improvements include improvements and lease concessions.
(6)	Includes retained tenants that have relocated or expanded into new space and lease modifications.

43

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

Historical Capital Expenditures — Office Properties (1)

	For the Three Months Ended								For the Year Ended December 31,
	December 31, 2009		September 30, 2009		June 30, 2009		March 31, 2009		2009		2008		2007
Consolidated
Non-recoverable capital expenditures (2)	$	338,779	$	613,946	$	922,650	$	1,076,771	$	2,952,146	$	10,571,743	$	11,326,800
Total square feet		12,956,305		13,364,625		14,996,814		15,452,055		12,956,305		15,498,637		16,051,311
Non-recoverable capital expenditures per square foot	$	0.03	$	0.05	$	0.06	$	0.07	$	0.23	$	0.68	$	0.71
Unconsolidated
Non-recoverable capital expenditures (3)	$	34,588	$	42,754	$	20,784	$	197,799	$	295,925	$	220,946	$	50,406
Total square feet(4)		710,922		709,947		709,546		682,614		710,922		635,670		624,674
Non-recoverable capital expenditures per square foot	$	0.05	$	0.06	$	0.03	$	0.29	$	0.42	$	0.35	$	0.08
Consolidated
Recoverable capital expenditures (5)	$	588,780	$	389,609	$	320,148	$	89,670	$	1,388,207	$	1,197,266	$	2,857,483
Total square feet		12,956,305		13,364,625		14,996,814		15,452,055		12,956,305		15,498,637		16,051,311
Recoverable capital expenditures per square foot	$	0.05	$	0.03	$	0.02	$	0.01	$	0.11	$	0.08	$	0.18
Unconsolidated
Recoverable capital expenditures (3), (5)	$	690	$	–	$	792	$	17,128	$	18,610	$	30,524	$	5,779
Total square feet (4)		710,922		709,947		709,546		682,614		710,922		635,670		624,674
Recoverable capital expenditures per square foot	$	–	$	–	$	–	$	0.03	$	0.03	$	0.05	$	0.01

__________ 

(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.
(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.

44

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

 Hotel Performance and Hotel Historical Capital Expenditures

Hotel Performance
	For the Three Months Ended December 31,									For the Year Ended December 31,
Westin Hotel, Pasadena, CA	2009			2008			Percent Change			2009			2008
Occupancy		69.8	%		71.1	%		(1.9	)%		70.5	%		79.2	%
Average daily rate	$	162.57		$	185.28			(12.3	)%	$	157.74		$	178.47
Revenue per available room (REVPAR)	$	113.44		$	131.75			(13.9	)%	$	111.21		$	141.37
Hotel net operating income	$	1,800,881		$	2,426,398			(25.8	)%	$	6,558,996		$	9,510,547
Hotel Historical Capital Expenditures
	For the Three Months Ended December 31,						For the Year Ended December 31,
Westin Hotel, Pasadena, CA	2009			2008			2009			2008			2007
Hotel improvements and equipment replacement	$	577,035		$	290,323		$	1,003,384		$	699,531		$	712,955
Total hotel revenue	$	5,563,913		$	6,448,044		$	20,622,570		$	26,615,726		$	27,214,156
Hotel improvements as a percentage of hotel revenue		10.4	%		4.5	%		4.9	%		2.6	%		2.6	%

45

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2009

  Development Pipeline

		As of December 31, 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
Stadium Tower II	Anaheim, CA		282,000		367,000	Office
Brea Financial Commons/Brea Corporate Place (2)	Brea, CA		550,000		784,000	Office, Mixed Use
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		2,197,000		2,807,000
San Diego County
San Diego Tech Center (5), (6)	Sorrento Mesa, CA		1,320,000		1,674,000	Office
	Total		4,711,000		4,905,000
Development Properties Encumbered by Defaulted Mortgages
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		963,000		414,000

46

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth 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).  This property is currently in receivership, along with the 2600 Michelson office building.

47

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth 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 loss 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

Fourth 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 as well as the writeoff of deferred financing costs related to the mortgage loans on these properties from the calculation of FFO before specified items since these charges are a direct result of management’s decision to dispose of property other than by sale.  Management views these charges as costs to complete the disposition of the related properties.

Impairment of long-lived assets represents 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

Fourth 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 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.

 

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Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth 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.

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