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Exhibit 99.2

   

 

 

 

 


Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2006

 

Table of Contents


 

 

Corporate Data  

 

PAGE

 

Quarterly Highlights

4

 

Investor Information

5

 

Common Stock Data

6

Consolidated Financial Results

 

 

Financial Highlights

8

 

Consolidated Balance Sheets

9

 

Consolidated Statement of Operations

10

 

MMO Unconsolidated Joint Venture Statement of Operations

11

 

Funds From Operations

12

 

Adjusted Funds From Operations

13

 

Reconciliation of Earnings Before Interest, Taxes and Depreciation and Amortization and Adjusted Funds From Operations

14

 

Capital Structure

15

 

Debt Summary

16

 

MMO Joint Venture Debt Summary

17

 

Debt Maturities

18

 

MMO Joint Venture Debt Maturities

19

Portfolio Data

 

 

Same Store Analysis

21

 

Portfolio Overview

22

 

Portfolio Geographic Distribution

25

 

Portfolio Overview - Leased Rates and Weighted Average Remaining Lease Term

26

 

Major Tenants - Office Properties

27

 

Portfolio Tenant Classification Description

28

 

Consolidated Lease Expirations - Total Portfolio

29

 

Consolidated Lease Expirations - Los Angeles County

30

 

Consolidated Lease Expirations - Orange County

31

 

Consolidated Lease Expirations - San Diego County

32

 

Lease Expirations - MMO Joint Venture Portfolio

33

 

Leasing Activity - Total Portfolio

34

 

Leasing Activity - Los Angeles Central Business District

35

 

Leasing Activity - Orange County

36

 

Leasing Activity - San Diego County

37

 

Tenant Improvements and Leasing Commissions

38

 

Historical Capital Expenditures

39

 

Hotel Performance and Hotel Historical Capital Expenditures

40

 

Construction in Progress

41

 

Development Pipeline

42

 

Management Statements on Non-GAAP Supplemental Measures

43

 

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

 

 

2


Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2006

 

 

 

 

Corporate Data

 

 

 

 

 

3


Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2006

 


  Quarterly Highlights


 

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

 

As of December 31, 2006, the office portfolio was comprised of whole or partial interests in 24 properties with approximately 15.5 million net rentable square feet, one 350-room hotel with 266,000 square feet and total on- and off-site structured parking of approximately 9.9 million square feet, plus surface parking, which in total accommodates approximately 32,000 vehicles. The Company owns undeveloped land that it believes could support up to 6.7 million square feet of office, retail and residential uses and an additional 6.1 million square feet of structured parking.

 

This Supplemental Operating and Financial Data package supplements the information provided in our quarterly and annual reports filed with the Securities and Exchange Commission (SEC). Additional information about us and our properties is also available at our website www.maguireproperties.com.

 

Acquisitions and Dispositions:

 

None

 

Debt:

 

On October 10, the Company completed a $273.0 million refinancing with Bank of America, N.A. for the property located at 777 South Figueroa Street, Los Angeles, California.  The mortgage loan is an interest-only, seven-year mortgage, which bears interest at a fixed rate of 5.844% and matures on November 1, 2013.  On October 13, 2006, $104.0 million of the proceeds from this refinancing and $63.0 million of available cash on hand were used to repay the remaining $167.0 million outstanding on the Company’s Term Loan.

 

As of December 31, 2006, approximately 99.0% of our outstanding debt is fixed (including hedges) at a weighted average interest rate of 5.4% for a weighted average remaining term of approximately 6.4 years .

 

As of December 31, 2006, there were no borrowings outstanding on the Company’s $100.0 million revolving line of credit. The Company’s ratio of consolidated debt to market capitalization was 53.5% and our ratio of consolidated debt plus preferred stock to market capitalization was 58.3% as of December 31, 2006.

 

Development Activities:

Construction activities continued with the build-out of the core and shell portion of the project at Park Place - 3161 Michelson. Parking Structure #5 was topped out in early December 2006. Completion is targeted for the second quarter of 2007 for the parking garages and third quarter 2007 for the office building. 3161 Michelson is a 530,380 square foot office building and two parking garages with a parking capacity of approximately 5,100 vehicles.

 

The parking structure at Mission City Corporate Center has been completed. Construction on the 92,000 square foot office building has commenced with targeted completion set for the fourth quarter of 2007.

 

During the fourth quarter, the majority of the foundation work was completed at 17885 Von Karman Avenue at the Washington Mutual Irvine Campus. The project is scheduled to be completed in the fourth quarter of 2007.

 

Construction at Lantana East commenced in November 2006 under a foundation permit and is scheduled to be complete in February, 2008. Receipt of the building permit for Lantana East and the foundation permit for Lantana South is expected to be received in February 2007. Construction at Lantana South is expected to commence upon issuance of the foundation permit with anticipated completion in July 2008.

 

Leasing Activities:

During the fourth quarter, new leases and renewals were executed totaling approximately 851,000 square feet including a new lease for 76,635 square feet at San Diego Tech Center with Qualcomm and an early renewal for 112,439 square feet to 2021with Rutan & Tucker at Pacific Arts Plaza in Orange County. Cash rent on leases executed during the fourth quarter decreased 11.9%. GAAP rent growth increased 4.1% for the quarter. Cash rent growth and GAAP rent growth on leases executed during the quarter in Downtown Los Angeles decreased by 16.2% and 3.1%, respectively.

 

In December, the lease with CONAGRA Foods, Inc (“ConAgra”) for approximately 393,000 square feet at the Park Place office building in Orange County, California was terminated. The agreement terminates the non-subleased portion of the premises and assigns the remaining subleased premises of approximately 126,000 to the Company. The subleased premises are currently leased to E*Trade Securities (approximately 48,000 square feet) and New Century Financial Corporation (approximately 78,000 square feet). ConAgra will continue to lease approximately 10,000 square feet on a month to month basis. In consideration of the termination agreement, ConAgra agreed to pay a termination fee in the amount of $20.3 million as follows: $18.5 million on December 31, 2006 and the remainder on a monthly basis through August 31, 2010.

 

4


Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2006

 


  Investor Information


 

 

1733 Ocean Avenue, Suite 400

355 South Grand Avenue, Suite 3300

 

 

Santa Monica, CA 90401

Los Angeles, CA 90071

 

 

Tel. (310) 899-2600

Tel. (213) 626-3300

 

 

Fax (310) 899-2601

Fax (213) 687-4758

 

 

Senior Management

 

Robert F. Maguire III

 

Chairman of the Board and Chief Executive Officer

 

William H. Flaherty

 

Senior Vice President, Marketing

Dallas E. Lucas  

Executive Vice President and Chief Financial Officer

Robert P. Goodwin

Senior Vice President, Construction and Development

Paul S. Rutter

Executive Vice President, Major Transactions

Ted J. Bischak

Senior Vice President, Asset Management

Martin A. Griffiths

Executive Vice President, Operations

Peggy M. Moretti  

Senior Vice President, Investor and Public Relations

Mark T. Lammas

Executive Vice President, Development

Peter Johnston

Senior Vice President, Leasing

Javier F. Bitar

Senior Vice President, Investments

 

 

 

Corporate

 

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

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

 

Equity Research Coverage

 

 

A.G. Edwards & Sons

 

 

David AuBuchon

 

(314) 955-5452

 

Banc of America Securities

 

Ross Nussbaum

(212) 847-5677

 

Deutsche Bank

 

Louis Taylor

(212) 250-4912

 

Friedman Billings Ramsey

 

Wilkes J. Graham

(703) 312-9737

 

Green Street Advisors

 

Jim Sullivan

(949) 640-8780

 

Steifel Nicholas

 

John Guinee

(410) 454-5018

 

Lehman Brothers

 

David Harris

(212) 526-1790

 

Goldman Sachs

 

Jay Haberman

(917) 343-4260

 

Merrill Lynch

 

Steve Sakwa

(212) 449-0335

 

Credit Suisse

 

John Stewart

(212) 538-3183

 

Raymond James & Associates

 

Paul Puryear

(727) 567-3800

 

Citigroup

 

Jonathan Litt

(212) 816-0231

 

Wachovia Securities

 

Christopher Haley

(443) 263-6773

 

RBC Capital Markets

 

Srikath Nagarajan

(212) 428-2360

 

KeyBanc Capital Markets

 

Jordan Sadler

(917) 368-2280

 

Transfer Agent

 

Timing

 

Continental Stock Transfer and Trust Company

 

 

Quarterly results will be announced according to the following anticipated schedule:

17 Battery Place, 8 th Floor

 

 

First Quarter 2007

Early May 2007

New York, NY 10004

 

 

Second Quarter 2007

Early August 2007

(212) 845-3215

 

 

Third Quarter 2007

Early November 2007

 

 

5


Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2006

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

 

 

 

4th Quarter 2006

 

3rd Quarter 2006

 

2nd Quarter 2006

 

1st Quarter 2006

 

4th Quarter 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

High Price

 

$

44.12

 

$

41.53

 

$

36.47

 

$

36.60

 

$

32.43

 

Low Price

 

$

39.32

 

$

34.70

 

$

30.98

 

$

30.15

 

$

27.33

 

Closing Price

 

$

40.00

 

$

40.74

 

$

35.17

 

$

36.50

 

$

30.90

 

Dividends per share - Annualized 

 

$

1.60

 

$

1.60

 

$

1.60

 

$

1.60

 

$

1.60

 

Closing Dividend Yield - Annualized

 

 

4.00

%

 

3.93

%

 

4.55

%

 

4.38

%

 

5.18

%

Closing Common Shares and Limited Partnership

Units Outstanding (in thousands)

 

 

54,391

 

 

54,391

 

 

54,368

 

 

53,706

 

 

53,808

 

Closing Market Value of Common Shares and

Limited Partnership Units Outstanding (in thousands)

 

$

2,175,644

 

$

2,215,893

 

$

1,912,130

 

$

1,960,258

 

$

1,662,680

 

 

Dividends per Share

 

 

4th Quarter 2006

 

3rd Quarter 2006

 

2nd Quarter 2006

 

1st Quarter 2006

 

4th Quarter 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount

 

$

0.4000

 

$

0.4000

 

$

0.4000

 

$

0.4000

 

$

0.4000

 

Declared

 

 

December 13, 2006

 

 

September 26, 2006

 

 

June 21, 2006

 

 

March 22, 2006

 

 

December 15, 2005

 

Record

 

 

December 29, 2006

 

 

September 29, 2006

 

 

June 30, 2006

 

 

March 31, 2006

 

 

December 30, 2005

 

Paid

 

 

January 31, 2007

 

 

October 31, 2006

 

 

July 31, 2006

 

 

April 28, 2006

 

 

January 31, 2006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount

 

$

0.4766

 

$

0.4766

 

$

0.4766

 

$

0.4766

 

$

0.4766

 

Declared

 

 

December 13, 2006

 

 

September 26, 2006

 

 

June 21, 2006

 

 

March 22, 2006

 

 

December 15, 2005

 

Record

 

 

December 29, 2006

 

 

September 29, 2006

 

 

June 30, 2006

 

 

March 31, 2006

 

 

December 30, 2005

 

Paid

 

 

January 31, 2007

 

 

October 31, 2006

 

 

July 31, 2006

 

 

April 28, 2006

 

 

January 31, 2006

 

 

 

6


Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2006

 

 

 

 

 

 

 

Consolidated Financial Results

 

 

 

7


Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2006

 


  Financial Highlights

(unaudited and in thousands, except per share amounts)


 

 

 

 

Three Months Ended

 

Three Months Ended

 

Three Months Ended

 

Three Months Ended

 

Three Months Ended

 

 

 

December 31, 2006

 

September 30, 2006

 

June 30, 2006

 

March 31, 2006

 

December 31, 2005

 

Income Items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Revenue 

 

$

129,952

 

$

113,505

 

$

109,467

 

$

109,282

 

$

134,254

 

     Straight line rent 

 

$

315

 

$

1,478

 

$

2,347

 

$

3,214

 

$

3,364

 

     Fair value lease revenue (1)

 

$

963

 

$

1,761

 

$

2,199

 

$

2,819

 

$

2,517

 

     Lease termination fees

 

$

20,353

 

$

669

 

$

295

 

$

-

 

$

3,969

 

     Office property operating margin (2)

 

 

%

 

64.2

%

 

66.4

%

 

66.1

%

 

65.5

%

     Net (loss) income available to common shareholders

 

$

(8,770

)

$

(10,243

)

$

(14,522

)

$

84,797

 

$

(12,091

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Funds from operations (FFO) available 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

          to common shareholders (3)

 

$

28,459

 

$

21,071

 

$

18,750

 

$

23,636

 

$

25,787

 

     FFO per common share - diluted (3)

 

$

0.60

 

$

0.44

 

$

0.41

 

$

0.51

 

$

0.58

 

     FFO per common share before loss from early extinguishment of debt - diluted (3)

 

$

0.65

 

$

0.51

 

$

0.48

 

$

0.53

 

$

0.58

 

     Net (loss) income per common share - diluted

 

$

(0.19

)

$

(0.22

)

$

(0.31

)

$

1.84

 

$

(0.27

)

     Dividends declared per common share

 

$

0.40

 

$

0.40

 

$

0.40

 

$

0.40

 

$

0.40

 

     Dividends declared per preferred share (4)

 

$

0.48

 

$

0.48

 

$

0.48

 

$

0.48

 

$

0.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Interest coverage ratio (5)

 

 

 

 

1.65

 

 

1.58

 

 

4.74

 

 

1.77

 

     Interest coverage ratio before loss from early extinguishment of debt 

     and gain on sale of real estate (6)

 

 

 

 

1.74

 

 

1.69

 

 

1.84

 

 

1.77

 

     Fixed-charge coverage ratio (7)

 

 

 

 

1.46

 

 

1.40

 

 

4.17

 

 

1.59

 

     Fixed-charge coverage ratio before loss from early 

     extinguishment of debt and gain on sale of real estate (8)

 

 

 

 

1.54

 

 

1.49

 

 

1.62

 

 

1.59

 

     FFO payout ratio (9)

 

 

%

 

90.9

%

 

97.6

%

 

78.4

%

 

68.4

%

     FFO payout ratio before loss from early extinguishment of debt (10)

 

 

%

 

77.8

%

 

83.1

%

 

76.2

%

 

68.6

%

     AFFO payout ratio (11)

 

 

%

 

155.8

%

 

256.7

%

 

163.5

%

 

134.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Total consolidated debt 

 

$

2,794,349

 

$

2,790,631

 

$

2,688,131

 

$

2,559,016

 

$

3,353,234

 

     Preferred stock @ quarter end

 

$

250,000

 

$

250,000

 

$

250,000

 

$

250,000

 

$

250,000

 

     Common stock price @ quarter end

 

$

40.00

 

$

40.74

 

$

35.17

 

$

36.50

 

$

30.90

 

     Common equity value @ quarter end (12)

 

$

2,175,644

 

$

2,215,893

 

$

1,912,130

 

$

1,960,258

 

$

1,662,680

 

     Total consolidated market capitalization

 

$

5,219,993

 

$

5,256,524

 

$

4,850,261

 

$

4,769,274

 

$

5,265,914

 

     Company portion of joint venture debt

 

$

161,650

 

$

161,650

 

$

161,650

 

$

161,650

 

$

-

 

     Combined market capitalization

 

$

5,381,643

 

$

5,418,174

 

$

5,011,911

 

$

4,930,924

 

$

5,265,914

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Consolidated debt / total market capitalization 

 

 

%

 

53.1

%

 

55.4

%

 

53.7

%

 

63.7

%

     Combined debt / total market capitalization 

 

 

%

 

54.5

%

 

56.9

%

 

55.2

%

 

63.7

%

     Consolidated debt plus preferred stock / total market capitalization

 

 

%

 

57.8

%

 

60.6

%

 

58.9

%

 

68.4

%

     Combined debt plus preferred stock / total market capitalization 

 

 

%

 

59.1

%

 

61.8

%

 

60.2

%

 

68.4

%

 __________

(1)  

Represents the net adjustment for above and below market leases, which are being amortized over the remaining term of the respective leases from the date of acquisition.

 

(2)  

Calculated as follows: (rental, tenant reimbursement and parking revenues - rental property operating and maintenance expense, real estate taxes and parking expenses) / rental, tenant reimbursement and parking revenues, including discontinued operations. (Lease termination fees are included in interest and other.)

 

(3)  

For a definition and discussion of FFO, see page 43. For a quantitative reconciliation of the differences between FFO and net income, see page 12.

 

(4)  

Preferred dividend declared for three months ended January 31, 2007, October 31, 2006, July 31, 2006, April 30, 2006 and January 31, 2006.

 

(5)  

Calculated as earnings before interest, taxes and depreciation and amortization and preferred dividends, or EBITDA, of $75,228, $66,034, $63,076, $176,136, and $80,723, respectively, divided by cash interest expense of $40,568, $40,075, $39,841, $37,140, and $45,604, respectively. For a definition of cash interest expense, see page 16. For a discussion of EBITDA, see page 44. For a quantitative reconciliation of the differences between EBITDA and net income, see page 14.

 

(6)  

Calculated as EBITDA before loss from early extinguishment of debt and gain on sale of real estate, of $78,090, $69,863, $67,183, $68,309 and $80,842, respectively divided by cash interest expense of $40,568, $40,075, $39,841, $37,140 and $45,604, respectively.

 

(7)  

Calculated as EBITDA of $75,228, $66,034, $63,076, $176,136, and $80,723, respectively divided by fixed charges of $46,646, $45,345, $44,941, $42,238 and $50,689. For a definition of fixed charges, see page 16.

 

(8)  

Calculated as EBITDA before loss from early extinguishment of debt and gain on sale of real estate of $78,090, $69,863, $67,183, $68,309, and $80,842, respectively divided by fixed charges of $46,646, $45,345, $44,941, $42,238 and $50,689.

 

(9)  

Calculated as dividend declared per common share divided by FFO per common share - diluted.

 

(10)  

Calculated as dividend declared per common share divided by FFO per common share before loss from early extinguishment of debt - diluted

 

(11)  

Calculated as common stock dividends and distributions declared of $21,756, $21,756, $21,747, $21,482 and $21,523, respectively divided by AFFO of $24,194, $13,962, $8,472, $13,138, and $15,953, respectively. For a definition of AFFO, see page 44. For a quantitative reconciliation of the differences between AFFO and FFO, see page 13.

 

(12)  

Assuming 100% conversion of the limited partnership units in the operating partnership into shares of our common stock.

 

8


Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2006

 


  Consolidated Balance Sheets

(in thousands)


 

 

 

December 31, 2006

 

September 30, 2006

 

June 30, 2006

 

March 31, 2006

 

December 31, 2005

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

     Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in real estate

 

$

3,374,671

 

$

3,329,188

 

$

3,221,003

 

$

3,190,004

 

$

3,897,893

 

     Less: accumulated depreciation and amortization

 

 

)

 

)

 

)

 

)

 

(309,270

)

 

 

 

 

 

 

 

 

 

 

 

3,588,623

 

Cash and cash equivalents including restricted cash

 

 

 

 

 

 

 

 

 

 

114,054

 

Rents, deferred rents and other receivables

 

 

 

 

 

 

 

 

 

 

55,997

 

Deferred charges, net

 

 

 

 

 

 

 

 

 

 

241,887

 

Other assets

 

 

 

 

 

 

 

 

 

 

68,630

 

Investment in unconsolidated joint venture

 

 

24,378

 

 

26,190

 

 

28,431

 

 

34,210

 

 

-

 

     Total assets

 

$

3,511,729

 

$

3,550,287

 

$

3,476,186

 

$

3,378,711

 

$

4,069,191

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Liabilities, minority interests and stockholders' equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans payable

 

$

2,794,349

 

$

2,790,631

 

$

2,688,131

 

$

2,559,016

 

$

3,353,234

 

Dividends and distributions payable

 

 

24,934

 

 

 

 

 

 

 

 

24,701

 

Accounts payable, accrued interest payable and other liabilities

 

 

 

 

 

 

 

 

 

 

114,965

 

Acquired lease obligations, net

 

 

 

 

 

 

 

 

 

 

99,584

 

     Total liabilities

 

 

 

 

 

 

 

 

 

 

3,592,484

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minority interests 

 

 

 

 

 

 

 

 

 

 

40,070

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Stockholders' equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common and preferred stock and additional paid in capital

 

 

 

 

 

 

 

 

 

 

664,986

 

Accumulated deficit and dividends

 

 

)

 

)

 

)

 

(167,213

)

 

(233,481

)

Accumulated other comprehensive income (loss), net

 

 

 

 

 

 

 

 

 

 

5,132

 

     Total stockholders' equity

 

 

 

 

 

 

 

 

 

 

436,637

 

     Total liabilities, minority interests and stockholders' equity

 

$

3,511,729

 

$

3,550,287

 

$

3,476,186

 

$

3,378,711

 

$

4,069,191

 

 

   

 

9


Table of Contents

Maguire Properties, Inc.

Supplemental Operating and Financial Data

Fourth Quarter 2006

 


  Consolidated Statements of Operations

(unaudited and in thousands, except per share amounts)


 

     

 

Three Months Ended 

 

Three Months Ended 

 

Three Months Ended 

 

Three Months Ended 

 

Three Months Ended 

 

     

 

December 31, 2006

 

September 30, 2006

 

June 30, 2006

 

March 31, 2006

 

December 31, 2005

 

     

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Rental

 

$

65,195

 

$

66,321

 

$

67,587

 

$

67,780

 

$

80,220

 

     Tenant reimbursements

 

 

23,942

 

 

21,734

 

 

20,810

 

 

 

 

 

     Hotel operations

 

 

6,939

 

 

6,551

 

 

6,888

 

 

 

 

 

     Parking

 

 

10,045

 

 

9,345

 

 

10,176

 

 

 

 

 

     Management, leasing and development services to affiliates

 

 

1,927

 

 

2,901

 

 

1,462

 

 

 

 

563

 

     Interest and other

 

 

21,904

 

 

6,653

 

 

2,544

 

 

780

 

 

 

     Total revenue

 

 

129,952

 

 

113,505

 

 

109,467

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Rental property operating and maintenance

 

 

 

 

 

 

 

 

 

 

 

     Hotel operating and maintenance

 

 

 

 

 

 

 

 

 

 

 

     Real estate taxes

 

 

8,978

 

 

8,018

 

 

8,819

 

 

 

 

 

     Parking expenses

 

 

3,254

 

 

3,164

 

 

3,071

 

 

 

 

 

     General and administrative and other

 

 

13,755

 

 

8,559

 

 

8,568

 

 

 

 

 

     Ground lease

 

 

122

 

 

136

 

 

17

 

 

268

 

 

666

 

     Depreciation and amortization

 

 

40,660

 

 

34,252

 

 

35,170

 

 

 

 

 

     Interest

 

 

35,228

 

 

34,560

 

 

34,306

 

 

 

 

 

     Loss from early extinguishment of debt

 

 

 

 

 

 

 

 

642

 

 

119

 

     Total expenses

 

 

134,552

 

 

120,448

 

 

119,560

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Loss before equity in net loss of unconsolidated joint venture, 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

          gain on sale of real estate and minority interests

 

 

(4,600

)

 

(6,943

)

 

(10,093

)

 

)

 

)

     Equity in net loss of unconsolidated joint venture

 

 

(787

)

 

(149

)

 

(1,985

)

 

)

 

-

 

     Gain on sale of real estate

 

 

-

 

 

-

 

 

-

 

 

 

 

-

 

     Minority interests

 

 

 

 

 

 

 

 

)

 

 

     Net (loss) income

 

 

)

 

)

 

)

 

 

 

)

     

 

 

 

 

 

 

 

 

&n