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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q


x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2005.
 
o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Transition Period From _____________________ to __________________.
 
Commission file number 1-31717
 
MAGUIRE PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
 
Maryland
  
04-3692625
(State or other jurisdiction of
Incorporation or organization)
 
  
(IRS employer identification number)
333 South Grand Avenue, Suite 400 
Los Angeles, CA 
  
90071
(Address of principal executive offices)
  
Zip Code
Registrant’s telephone number, including area code  (213) 626-3300
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
 
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes x No o
 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
 
Class
  
 
Outstanding at May 9, 2005 
 Common Stock, $.01 par value per share    43,331,332




MAGUIRE PROPERTIES, INC.
FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 2005
TABLE OF CONTENTS
 
 
PAGE
NO.
 
 
    Consolidated Balance Sheets as of March 31, 2005 and December 31, 2004 (both unaudited)
 1
 
2
 
3
 
4
 
6
19
35
36
37
37
37
37
37
37
38
41
Certifications    
  
Exhibit 31.1  
Exhibit 31.2  
Exhibit 31.3  
Exhibit 32.1  
Exhibit 32.2  
Exhibit 33.3  

 
 


FINANCIAL INFORMATION
   
CONSOLIDATED FINANCIAL STATEMENTS
   
MAGUIRE PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(unaudited)
 

               
 
 March 31, 2005
 
 December 31, 2004
  
               
              
ASSETS
              
Investments in real estate:
              
     Land
  
$
412,134
  
$
255,886
  
     Acquired ground lease 
    
30,425
    
30,425
  
     Buildings and improvements
    
2,549,539
    
1,820,347
  
     Land held for development and disposition
    
194,472
    
126,519
  
     Tenant improvements
    
223,571
    
173,569
  
     Furniture, fixtures and equipment
    
11,867
    
12,997
  
               
    
3,422,008
    
2,419,743
  
     Less: accumulated depreciation and amortization
    
(211,078
)
  
(199,078
)
               
    
3,210,930
    
2,220,665
  
Assets associated with real estate held for sale
    
417,907
    
-
  
               
    
3,628,837
    
2,220,665
  
               
    
   
 
Cash and cash equivalents
    
59,443
    
64,495
  
Restricted cash
    
163,583
    
71,123
  
Rents and other receivables
    
8,113
    
8,038
  
Deferred rents
    
26,076
    
24,734
  
Due from affiliates
    
3,449
    
3,913
  
Deferred leasing costs and value of in-place leases, net
    
245,479
    
152,528
  
Deferred loan costs, net
    
27,134
    
15,826
  
Acquired above market leases
    
41,287
    
37,207
  
Other assets
    
17,556
    
5,365
  
     Total assets
  
$
4,220,957
  
$
2,603,894
  
               
    
   
 
               
    
   
 
LIABILITIES, MINORITY INTERESTS AND STOCKHOLDERS' EQUITY
    
   
 
Mortgage loans
  
$
2,987,730
  
$
1,550,250
  
Other secured loans
    
100,200
    
255,200
  
Accounts payable and other liabilities
    
81,093
    
77,330
  
Dividends and distributions payable
    
24,693
    
24,692
  
Capital leases payable
    
7,297
    
5,408
  
Acquired lease obligations
    
89,399
    
81,449
  
Obligations associated with real estate held for sale
    
343,737
    
-
  
     Total liabilities
    
3,634,149
    
1,994,329
  
               
    
   
 
Minority interests
    
67,282
    
72,198
  
Stockholders' equity:
    
   
 
     Preferred stock, $0.01 par value, 50,000,000 shares authorized:
    
   
 
           7.625% Series A Cumulative Redeemable Preferred Stock, $25.00 
    
   
 
          liquidation preference, 10,000,000 shares issued and outstanding
    
   
 
          at March 31, 2005
    
100
    
100
  
     Common Stock, $0.01 par value, 100,000,000 shares authorized, 
    
   
 
          43,331,332 and 43,258,489 shares issued and outstanding at 
    
   
 
          March 31, 2005 and December 31, 2004, respectively
    
433
    
433
  
     Additional paid-in capital
    
653,582
    
653,099
  
     Unearned and accrued stock compensation, net
    
(4,723
)
  
(5,184
)
     Dividends in excess of earnings
    
(138,968
)
  
(119,033
)
     Accumulated other comprehensive income, net