MPG Office Trust, Inc. - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

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8-K - FORM 8-K - MPG Office Trust, Inc.	mpg201203318kbase.htm
EX-99.1 - EXHIBIT 99.1 - MPG Office Trust, Inc.	mpg20120331ex991.htm

Table of Contents

Exhibit 99.2

Supplemental Operating and Financial Data

For the Quarter Ended

March 31, 2012

MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012





Table of Contents



		PAGE
Corporate Data		1
	Forward-Looking Statements	2
	Quarterly Highlights	3
	Investor Information	5
	Common Stock Data	6
Consolidated Financial Results		7
	Financial Highlights	8
	Consolidated Balance Sheets	10
	Unconsolidated Joint Venture Condensed Balance Sheets	11
	Consolidated Statements of Operations	12
	Consolidated Statements of Discontinued Operations	14
	Consolidated Statements of Operations Related to Properties in Default	15
	Unconsolidated Joint Venture Statements of Operations	16
	Funds from Operations	17
	Adjusted Funds from Operations	19
	Adjusted Funds from Operations Related to Properties in Default	20
	Reconciliation of Earnings before Interest, Taxes and Depreciation and Amortization and Adjusted Funds from Operations	21
	Capital Structure	22
	Debt Summary	23
	Unconsolidated Joint Venture Debt Summary	25
	Debt Maturities	26
	Unconsolidated Joint Venture Debt Maturities	27
Portfolio Data		28
	Same Store Analysis	29
	Portfolio Overview — Los Angeles Central Business District	30
	Portfolio Overview — Other Properties	31
	Portfolio Overview — Properties in Default	32
	Portfolio Overview — Leased Percentages and Weighted Average Remaining Lease Term	33
	Major Tenants — Los Angeles Central Business District	34
	Portfolio Tenant Classification Description — Los Angeles Central Business District	35
	Lease Expirations — Los Angeles Central Business District	36
	Lease Expirations — Other Properties	37
	Lease Expirations — Properties in Default	38
	Leasing Activity — Los Angeles Central Business District	39
	Leasing Activity — Other Properties	40
	Tenant Improvements and Leasing Commissions — Los Angeles Central Business District	41
	Historical Capital Expenditures — Los Angeles Central Business District	42
	Management Statements on Non-GAAP Supplemental Measures	43

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012



Corporate Data

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012





Forward-Looking Statements

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 risks and uncertainties include, without limitation: risks associated with our liquidity situation, including our failure to obtain additional capital or extend or refinance debt maturities; risks associated with our failure to reduce our significant level of indebtedness; risks associated with the timing and consequences of loan defaults and non-core asset dispositions; risks associated with our loan modification and asset disposition efforts, including potential tax ramifications; risks associated with our ability to dispose of properties with potential value above the debt, if and when we decide to do so, at prices or terms set by or acceptable to us; 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 continued disruption of credit markets or a global economic slowdown; risks associated with the potential loss of key personnel (most importantly, members of senior management); risks associated with joint ventures; risks associated with our failure to maintain our status as a REIT under the Internal Revenue Code of 1986, as amended, and possible adverse changes in tax and environmental laws; and potential liability for uninsured losses and environmental contamination.

For a further list and description of such risks and uncertainties, see our Annual Report on Form 10-K filed on March 15, 2012 with the Securities and Exchange Commission (“SEC”). 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.

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012





Quarterly Highlights

MPG Office Trust, 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. We are a full-service real estate company with substantial in-house expertise and resources in property management, marketing, leasing and financing.

As of March 31, 2012, our office portfolio (excluding Properties in Default) was comprised of whole or partial interests in 12 properties totaling approximately 9 million net rentable square feet, and on- and off-site structured parking plus surface parking totaling approximately 4 million square feet, which accommodates approximately 14,000 vehicles.

As used in this Supplemental Operating and Financial Data package, the term “Properties in Default” refers to our Stadium Towers Plaza, 500 Orange Tower, Two California Plaza and Glendale Center properties, whose mortgage loans were in default as of March 31, 2012. We disposed of 550 South Hope and 2600 Michelson (both in second quarter 2011), City Tower (in third quarter 2011) and 700 North Central and 801 North Brand (both in first quarter 2012), which were previously classified as part of Properties in Default. The results of operations of 550 South Hope, 2600 Michelson, City Tower, 700 North Central and 801 North Brand are now included in discontinued operations for all periods presented.

This Supplemental Operating and Financial Data package should be read in conjunction with our consolidated financial statements for the year ended December 31, 2011 in our Annual Report on Form 10-K filed on March 15, 2012 with the SEC. For more information on MPG Office Trust, visit our website at www.mpgoffice.com.

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012





Quarterly Highlights (continued)



Joint Venture Transactions: On March 30, 2012, the transactions announced on October 31, 2011 between the Company, Charter Hall Office REIT and affiliates of Beacon Capital Partners, LLC were completed. At the closing of the transactions, the Company, together with Charter Hall Office REIT, sold its interests in Wells Fargo Center, located in Denver, Colorado, and San Diego Tech Center, located in San Diego, California, to Beacon Capital. In addition, the Company sold its development rights and an adjacent land parcel at San Diego Tech Center to Beacon Capital and received a payment in consideration for terminating its right to receive certain fees from the joint venture following the closing date. We received net proceeds from these transactions totaling approximately $45 million, which will be used for general corporate purposes. The Company has entered into a new joint venture agreement with Beacon Capital. Under this agreement, the joint venture will continue to own One California Plaza, located in Downtown Los Angeles, Cerritos Corporate Center, located in Cerritos, California, and Stadium Gateway, located in Anaheim, California (which is currently under contract for sale, subject to customary closing conditions). The new joint venture agreement provides for a three-year lockout period, during which time neither partner will have the right to exercise the marketing rights under the new joint venture agreement. The Company continues to maintain a 20% interest in the joint venture. Asset Dispositions: On February 2, 2012, trustee sales were held with respect to 700 North Central and 801 North Brand as part of cooperative foreclosure proceedings. As a result of the foreclosures, we were relieved of the obligation to repay the $27.5 million mortgage loan secured by 700 North Central and the $75.5 million mortgage loan secured by 801 North Brand as well as accrued contractual and default interest on both loans. In addition, we received a general release of claims under the loan documents pursuant to our previous in-place agreements with the special servicer.		Debt: On March 23, 2012, Two California Plaza was placed in receivership pursuant to a written stipulation with the special servicer. Subsequent Events: On April 10, 2012, Glendale Center was placed in receivership pursuant to a written agreement with the special servicer that provides for a cooperative foreclosure and a general release of claims under the loan document at the conclusion of the foreclosure process. The special servicer has commenced foreclosure proceedings. On April 19, 2012, we disposed of Brea Corporate Place and Brea Financial Commons pursuant to a deed-in-lieu of foreclosure agreement. As a result, we were relieved of the obligation to repay the $109.0 million mortgage loan secured by these properties. In addition, we received a general release of claims under the loan document.

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012





Investor Information

355 South Grand Avenue, Suite 3300

Los Angeles, CA 90071

Tel. (213) 626-3300

Fax (213) 687-4758



Senior Management

David L. Weinstein	President and Chief Executive Officer	Jonathan L. Abrams	Executive Vice President, General Counsel and Secretary
Peggy M. Moretti	Executive Vice President, Investor and Public Relations	Peter K. Johnston	Senior Vice President, Leasing
	& Chief Administrative Officer	Christopher M. Norton	Senior Vice President, Transactions

Corporate

Investor Relations Contact: Peggy M. Moretti at (213) 613-4558
Please visit our corporate website at: www.mpgoffice.com



Transfer Agent	Timing
American Stock Transfer & Trust Company, LLC Operations Center 6201 15th Avenue Brooklyn, NY 11219 (800) 937-5449 or info@amstock.com www.amstock.com	Quarterly results for 2012 will be announced according to the following schedule:
	Second Quarter	July 2012
	Third Quarter	October 2012
	Fourth Quarter	February 2013



Equity Research Coverage

	Compass Point Research & Trading, LLC	Wilkes Graham	(202) 534-1386
	Credit Suisse	Andrew Rosivach	(415) 249-7942
	Green Street Advisors	Michael Knott	(949) 640-8780
	KeyBanc Capital Markets	Jordan Sadler	(917) 368-2280
	Raymond James Associates	Paul Puryear	(727) 567-2253
	Stifel, Nicolaus & Co., Inc.	John Guinee	(443) 224-1307

MPG Office Trust, 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 MPG Office Trust, 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.

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012





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:



	2012		2011
	1st Quarter		4th Quarter		3rd Quarter		2nd Quarter		1st Quarter
High price	$	2.80	$	2.48	$	3.78	$	3.73	$	4.28
Low price	$	1.96	$	1.74	$	2.01	$	2.44	$	2.76
Closing price	$	2.34	$	1.99	$	2.11	$	2.86	$	3.71
Closing common shares and Operating Partnership units outstanding (in thousands)	57,202		57,200		57,444		56,006		55,491
Closing market value of common shares and Operating Partnership units outstanding (in thousands)	$	133,852	$	113,827	$	121,207	$	160,177	$	205,872

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 March 31, 2012 and December 31, September 30, June 30 and March 31, 2011. 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 April 30 and January 31, 2012 and October 31, July 31 and April 30, 2011. Dividends on our Series A preferred stock are cumulative, and therefore, will continue to accrue at an annual rate of $1.9064 per share. As of April 30, 2012, we have missed 14 quarterly dividend payments totaling $64.9 million.

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012



Consolidated Financial Results

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012



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



	For the Three Months Ended
	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011
Income Items:
Revenue (1)	$	87,997		$	82,463		$	81,481		$	81,262		$	79,330
Straight line rent	271			367			(330		)	664			136
Fair value lease revenue (2)	2,364			2,527			2,559			2,806			2,827
Lease termination fees	67			—			—			25			—
Office property operating margin (3)	62.1		%	61.3		%	62.3		%	62.5		%	63.8		%
Net income (loss) available to common stockholders	$	5,172		$	(31,478	)	$	25,595		$	118,424		$	(39,548	)
Net income (loss) available to common stockholders – basic	0.10			(0.62		)	0.51			2.42			(0.81		)
Funds from operations (FFO) available to common stockholders (4)	$	10,653		$	(9,909	)	$	46,930		$	99,699		$	(13,490	)
FFO per share – basic (4)	0.21			(0.20		)	0.94			2.03			(0.28		)
FFO per share – diluted (4)	0.21			(0.20		)	0.92			1.99			(0.28		)
FFO per share before specified items – basic (4)	0.18			(0.02		)	(0.04		)	(0.03		)	(0.06		)
FFO per share before specified items – diluted (4)	0.17			(0.02		)	(0.04		)	(0.03		)	(0.06		)

Ratios:
Interest coverage ratio (5)	2.09			1.07			2.46			4.66			1.04
Interest coverage ratio before specified items (6)	1.35			1.09			1.08			1.07			1.04
Fixed-charge coverage ratio (7)	1.88			0.96			2.22			4.17			0.93
Fixed-charge coverage ratio before specified items (8)	1.21			0.98			0.98			0.96			0.93

Capitalization:
Common stock price @ quarter end	$	2.34		$	1.99		$	2.11		$	2.86		$	3.71
Total consolidated debt	$	2,943,023		$	3,045,995		$	3,034,714		$	3,140,841		$	3,578,627
Preferred stock liquidation preference	243,259			243,259			243,259			250,000			250,000
Common equity value @ quarter end (9)	133,852			113,827			121,207			160,177			205,872
Total consolidated market capitalization	$	3,320,134		$	3,403,081		$	3,399,180		$	3,551,018		$	4,034,499
Company share of unconsolidated joint venture debt	57,458			139,627			139,817			139,452			138,842
Total combined market capitalization	$	3,377,592		$	3,542,708		$	3,538,997		$	3,690,470		$	4,173,341
Total consolidated debt / total consolidated market capitalization	88.6		%	89.5		%	89.3		%	88.4		%	88.7		%
Total combined debt / total combined market capitalization	88.8		%	89.9		%	89.7		%	88.9		%	89.1		%
Total consolidated debt plus liquidation preference / total consolidated market capitalization	96.0		%	96.7		%	96.4		%	95.5		%	94.9		%
Total combined debt plus liquidation preference / total combined market capitalization	96.0		%	96.8		%	96.6		%	95.7		%	95.1		%

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012





Financial Highlights (continued)

__________


(1)	Excludes revenue from discontinued operations of approximately $3.6 million, $2.5 million, $3.2 million, $11.0 million and $16.5 million for the three months ended March 31, 2012 and December 31, September 30, June 30 and March 31, 2011, 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 43. For a quantitative reconciliation of the differences between FFO and net income (loss), see page 17.

(5)

Calculated as earnings before interest, taxes and depreciation and amortization and preferred dividends, or EBITDA, of $92,820, $48,882, $112,988, $230,338 and $54,035, respectively, divided by cash paid for interest of $44,325, $45,643, $45,898, $49,475 and $52,117, respectively. Cash paid for interest excludes default interest accrued totaling $10.5 million, $10.0 million, $10.4 million, $12.8 million and $10.1 million related to mortgages in default for the three months ended March 31, 2012 and December 31, September 30, June 30 and March 31, 2011, respectively. For a discussion of EBITDA, see page 45. For a quantitative reconciliation of the differences between EBITDA and net income (loss), see page 21.


(6)	Calculated as Adjusted EBITDA of $59,643, $49,701, $49,572, $53,147 and $54,035, respectively, divided by cash paid for interest of $44,325, $45,643, $45,898, $49,475 and $52,117, respectively. For a discussion of Adjusted EBITDA, see page 45.


(7)	Calculated as EBITDA of $92,820, $48,882, $112,988, $230,338 and $54,035, respectively, divided by fixed charges of $49,357, $50,718, $50,839, $55,256 and $58,050, respectively.


(8)	Calculated as Adjusted EBITDA of $59,643, $49,701, $49,572, $53,147 and $54,035, respectively, divided by fixed charges of $49,357, $50,718, $50,839, $55,256 and $58,050, respectively.

(9)

Assumes 100% conversion of the limited partnership units in our 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 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.

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012



Consolidated Balance Sheets (unaudited and in thousands)



	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011
Assets
Investments in real estate	$	2,467,034		$	2,586,980		$	2,599,891		$	2,692,470		$	3,060,737
Less: accumulated depreciation	(650,022		)	(659,408		)	(640,882		)	(636,119		)	(690,953		)
Investments in real estate, net	1,817,012			1,927,572			1,959,009			2,056,351			2,369,784

Cash, cash equivalents and restricted cash	234,510			192,356			193,488			163,938			171,260
Rents, deferred rents and other receivables, net	57,626			59,459			58,092			59,658			65,632
Deferred charges, net	75,638			81,752			84,242			89,728			99,608
Other assets	9,312			7,252			9,782			13,104			18,681
Assets associated with real estate held for sale	4,723			14,000			—			—			—
Total assets	$	2,198,821		$	2,282,391		$	2,304,613		$	2,382,779		$	2,724,965

Liabilities and Deficit
Liabilities:
Mortgage loans	$	2,943,023		$	3,045,995		$	3,034,714		$	3,140,841		$	3,578,627
Accounts payable and other liabilities	141,335			140,212			145,910			150,437			188,418
Excess distributions received from unconsolidated joint venture	6,576			—			—			—			—
Acquired below-market leases, net	21,243			24,110			27,097			30,835			40,111
Total liabilities	3,112,177			3,210,317			3,207,721			3,322,113			3,807,156

Deficit:
Stockholders’ Deficit:
Common and preferred stock and additional paid-in capital	704,485			704,041			703,340			705,602			705,105
Accumulated deficit and dividends	(1,495,473		)	(1,504,759		)	(1,477,397		)	(1,507,104		)	(1,629,743		)
Accumulated other comprehensive loss	(11,918		)	(15,166		)	(19,874		)	(24,616		)	(27,879		)
Total stockholders’ deficit	(802,906		)	(815,884		)	(793,931		)	(826,118		)	(952,517		)
Noncontrolling Interests:
Accumulated deficit and dividends	(116,869		)	(118,049		)	(114,585		)	(118,025		)	(134,059		)
Accumulated other comprehensive income	6,419			6,007			5,408			4,809			4,385
Total noncontrolling interests	(110,450		)	(112,042		)	(109,177		)	(113,216		)	(129,674		)
Total deficit	(913,356		)	(927,926		)	(903,108		)	(939,334		)	(1,082,191		)
Total liabilities and deficit	$	2,198,821		$	2,282,391		$	2,304,613		$	2,382,779		$	2,724,965

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012



Unconsolidated Joint Venture Condensed Balance Sheets (1) (unaudited and in thousands)



	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011

Assets

Investments in real estate	$	451,967		$	974,238		$	974,602		$	973,647		$	970,875
Less: accumulated depreciation	(92,834		)	(178,559		)	(171,560		)	(164,562		)	(157,675		)
Investments in real estate, net	359,133			795,679			803,042			809,085			813,200

Cash and cash equivalents, including restricted cash	20,166			27,930			27,303			24,870			20,151
Rents, deferred rents and other receivables, net	12,002			24,110			24,239			24,640			23,210
Deferred charges, net	16,285			28,405			29,468			26,551			29,278
Other assets	8,090			1,990			2,421			2,836			2,610
Total assets	$	415,676		$	878,114		$	886,473		$	887,982		$	888,449

Liabilities and Members’ Equity

Mortgage loans	$	287,291		$	698,136		$	699,086		$	697,259		$	694,209
Accounts payable and other liabilities	13,895			23,435			23,413			22,258			22,258
Acquired below-market leases, net	452			1,561			1,833			2,140			2,448
Total liabilities	301,638			723,132			724,332			721,657			718,915
Members’ equity	114,038			154,982			162,141			166,325			169,534
Total liabilities and members’ equity	$	415,676		$	878,114		$	886,473		$	887,982		$	888,449

__________


(1)	We have a 20% interest in the unconsolidated joint venture.

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012



Consolidated Statements of Operations (unaudited and in thousands)



	For the Three Months Ended
	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011
Revenue:
Rental	$	45,135		$	46,531		$	48,691		$	49,042		$	49,041
Tenant reimbursements	19,094			20,190			20,849			20,534			20,529
Parking	8,675			8,597			8,737			8,761			8,593
Management, leasing and development services	1,156			2,096			2,590			1,126			999
Interest and other	13,937			5,049			614			1,799			168
Total revenue	87,997			82,463			81,481			81,262			79,330
Expenses:
Rental property operating and maintenance	18,521			20,384			20,071			20,114			18,806
Real estate taxes	6,969			6,711			7,268			7,079			7,083
Parking	2,112			2,083			2,144			2,161			2,406
General and administrative	5,671			6,909			5,258			5,308			6,691
Other expense	1,404			1,305			1,986			1,917			1,762
Depreciation and amortization	21,703			22,289			23,635			23,207			23,731
Impairment of long-lived assets	2,121			—			—			—			—
Interest	53,314			51,452			51,178			50,550			48,028
Loss from early extinguishment of debt	—			—			—			164			—
Total expenses	111,815			111,133			111,540			110,500			108,507
Loss from continuing operations before equity in net income (loss) of unconsolidated joint venture	(23,818		)	(28,670		)	(30,059		)	(29,238		)	(29,177		)
Equity in net income (loss) of unconsolidated joint venture	14,229			203			204			(21		)	(312		)
Loss from continuing operations	(9,589		)	(28,467		)	(29,855		)	(29,259		)	(29,489		)

Discontinued Operations:
Income (loss) from discontinued operations before gains on settlement of debt and sale of real estate	1,727			(2,359		)	(12,524		)	(23,546		)	(10,498		)
Gains on settlement of debt	13,136			—			62,531			127,849			—
Gains on sale of real estate	5,192			—			10,215			63,629			—
Income (loss) from discontinued operations	20,055			(2,359		)	60,222			167,932			(10,498		)
Net income (loss)	$	10,466		$	(30,826	)	$	30,367		$	138,673		$	(39,987	)

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012



Consolidated Statements of Operations (continued) (unaudited and in thousands, except share and per share amounts)



	For the Three Months Ended
	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011

Net income (loss)	$	10,466		$	(30,826	)	$	30,367		$	138,673		$	(39,987	)
Net (income) loss attributable to common units of our Operating Partnership	(657		)	3,985			(2,915		)	(15,483		)	5,205
Net income (loss) attributable to MPG Office Trust, Inc.	9,809			(26,841		)	27,452			123,190			(34,782		)
Preferred stock dividends	(4,637		)	(4,637		)	(4,637		)	(4,766		)	(4,766		)
Preferred stock redemption discount	—			—			2,780			—			—
Net income (loss) available to common stockholders	$	5,172		$	(31,478	)	$	25,595		$	118,424		$	(39,548	)
Basic income (loss) per common share:
Loss from continuing operations	$	(0.25	)	$	(0.58	)	$	(0.56	)	$	(0.61	)	$	(0.62	)
Income (loss) from discontinued operations	0.35			(0.04		)	1.07			3.03			(0.19		)
Net income (loss) available to common stockholders per share	$	0.10		$	(0.62	)	$	0.51		$	2.42		$	(0.81	)
Weighted average number of common shares outstanding	51,048,621			50,676,545			49,961,007			49,040,268			49,016,989

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012



Consolidated Statements of Discontinued Operations (unaudited and in thousands)



	For the Three Months Ended
	March 31, 2012		December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011
Revenue:
Rental	$	846	$	2,164		$	2,764		$	6,312		$	8,991
Tenant reimbursements	30		67			93			622			1,333
Hotel operations	—		—			—			3,380			4,988
Parking	51		230			295			644			1,043
Interest and other	2,625		3			—			1			169
Total revenue	3,552		2,464			3,152			10,959			16,524

Expenses:
Rental property operating and maintenance	214		778			1,016			2,337			3,293
Hotel operating and maintenance	—		—			—			2,466			3,573
Real estate taxes	99		260			288			668			1,063
Parking	27		74			98			215			362
Depreciation and amortization	349		887			1,218			4,081			4,131
Impairment of long-lived assets	—		—			9,330			13,888			—
Interest	1,136		2,824			3,726			10,615			14,600
Loss from early extinguishment of debt	—		—			—			235			—
Total expenses	1,825		4,823			15,676			34,505			27,022

Income (loss) from discontinued operations before gains on settlement of debt and sale of real estate	1,727		(2,359		)	(12,524		)	(23,546		)	(10,498		)
Gains on settlement of debt	13,136		—			62,531			127,849			—
Gains on sale of real estate	5,192		—			10,215			63,629			—
Income (loss) from discontinued operations	$	20,055	$	(2,359	)	$	60,222		$	167,932		$	(10,498	)

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012



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



	For the Three Months Ended
	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011
Revenue:
Rental	$	11,112		$	11,229		$	11,530		$	11,759		$	11,562
Tenant reimbursements	3,662			3,402			4,058			4,024			4,122
Parking	1,779			1,767			1,846			1,797			1,799
Interest and other	403			4,890			49			747			33
Total revenue	16,956			21,288			17,483			18,327			17,516

Expenses:
Rental property operating and maintenance	4,333			4,542			4,755			4,941			4,422
Real estate taxes	1,654			1,446			1,937			1,690			1,700
Parking	269			250			245			237			232
Other expense	1,015			1,015			1,015			1,015			1,015
Depreciation and amortization	5,354			5,431			5,466			5,670			6,566
Interest (2)	22,336			20,337			20,336			19,920			17,540
Total expenses	34,961			33,021			33,754			33,473			31,475
Loss from operations related to Properties in Default	$	(18,005	)	$	(11,733	)	$	(16,271	)	$	(15,146	)	$	(13,959	)

__________


(1)	Properties in Default include the following: Stadium Towers Plaza, 500 Orange Tower, Two California Plaza and Glendale Center. As of the date of this report, the mortgage loans on these properties are in default.

(2)

Includes default interest totaling $9.9 million and the writeoff of deferred financing costs totaling $0.9 million for the three months ended March 31, 2012, default interest totaling $8.7 million for the three months ended December 31, 2011, default interest totaling $8.7 million for the three months ended September 30, 2011, default interest totaling $8.6 million for the three months ended June 30, 2011, and default interest totaling $4.5 million and the writeoff of deferred financing costs totaling $1.6 million for the three months ended March 31, 2011.

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012



Unconsolidated Joint Venture Statements of Operations (unaudited and in thousands)



	For the Three Months Ended
	March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011
Revenue:
Rental	$	6,061		$	6,104		$	5,986		$	6,137		$	6,160
Tenant reimbursements	2,681			2,874			3,137			2,954			3,175
Parking	908			908			927			956			937
Interest and other	343			48			3			2			2
Total revenue	9,993			9,934			10,053			10,049			10,274

Expenses:
Rental property operating and maintenance	3,162			3,411			3,364			2,926			3,227
Real estate taxes	981			870			1,134			1,052			1,030
Parking	142			150			137			144			142
Depreciation and amortization	3,314			3,536			3,627			3,668			3,669
Interest	3,146			3,172			3,160			3,022			2,966
Other	1,067			1,085			1,085			1,017			1,219
Total expenses	11,812			12,224			12,507			11,829			12,253

Loss from continuing operations	(1,819		)	(2,290		)	(2,454		)	(1,780		)	(1,979		)
Income (loss) from discontinued operations	84,404			(4,867		)	(1,683		)	(1,430		)	(850		)
Net income (loss)	$	82,585		$	(7,157	)	$	(4,137	)	$	(3,210	)	$	(2,829	)

Company share(1)	$	16,517		$	(1,431	)	$	(827	)	$	(642	)	$	(566	)
Intercompany eliminations	242			254			255			247			254
(Allocated) unallocated losses	(2,530		)	1,380			776			374			—
Equity in net income (loss) of unconsolidated joint venture	$	14,229		$	203		$	204		$	(21	)	$	(312	)

_________


(1)	Amount represents our 20% ownership interest in the unconsolidated joint venture.

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012



Funds from Operations (unaudited and in thousands, except share and per share amounts)



		For the Three Months Ended
		March 31, 2012		December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011
Reconciliation of net income (loss) available to common stockholders to funds from operations:
Net income (loss) available to common stockholders		$	5,172	$	(31,478	)	$	25,595		$	118,424		$	(39,548	)

Add:	Depreciation and amortization of real estate assets	22,035		23,124			24,334			27,212			27,787
	Depreciation and amortization of real estate assets – unconsolidated joint venture (1)	1,465		1,737			1,743			1,730			1,701
	Impairment writedowns of depreciable real estate	2,121		—			9,330			13,888			—
	Impairment writedowns of depreciable real estate – unconsolidated joint venture (1)	2,176		819			—			—			—
	Net income (loss) attributable to common units of our Operating Partnership	657		(3,985		)	2,915			15,483			(5,205		)
	Allocated (unallocated) losses – unconsolidated joint venture (1)	2,530		(1,380		)	(776		)	(374		)	—
Deduct:	Gains on sale of real estate	5,192		—			10,215			63,629			—
	Gain on sale of real estate – unconsolidated joint venture (1)	18,958		—			—			—			—
Funds from operations available to common stockholders and unit holders (FFO) (2)		$	12,006	$	(11,163	)	$	52,926		$	112,734		$	(15,265	)
Company share of FFO (3)		$	10,653	$	(9,909	)	$	46,930		$	99,699		$	(13,490	)
FFO per share – basic		$	0.21	$	(0.20	)	$	0.94		$	2.03		$	(0.28	)
FFO per share – diluted		$	0.21	$	(0.20	)	$	0.92		$	1.99		$	(0.28	)
Weighted average number of common shares outstanding – basic		51,048,621		50,676,545			49,961,007			49,040,268			49,016,989
Weighted average number of common and common equivalent shares outstanding – diluted		51,758,710		51,120,752			50,988,030			50,064,195			50,237,641
Weighted average diluted shares and units		58,205,487		57,567,529			57,434,807			56,510,972			56,684,418

__________


(1)	Amount represents our 20% ownership interest in the unconsolidated joint venture.


(2)	For the definition and discussion of FFO and FFO before specified items, see page 43.


(3)	Based on a weighted average interest in our Operating Partnership of approximately 88.7% for the three months ended March 31, 2012, 88.8% for the three months ended December 31, 2011, 88.7% for the three months ended September 30, 2011, 88.4% for the three months ended June 30, 2011 and 88.4% for the three months ended March 31, 2011.

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012



Funds from Operations (continued) (unaudited and in thousands, except share and per share amounts)



		For the Three Months Ended
		March 31, 2012		December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011
Reconciliation of FFO to FFO before specified items: (1)
FFO available to common stockholders and unit holders		$	12,006	$	(11,163	)	$	52,926		$	112,734		$	(15,265	)
Add:	Loss from early extinguishment of debt	—		—			—			399			—
	Default interest accrued on mortgages in default	10,540		10,005			10,413			12,803			10,078
	Writeoff of deferred financing costs related to mortgages in default	916		—			—			133			1,626
Deduct:	Gains on settlement of debt	13,136		—			62,531			127,849			—
	Gain from early extinguishment of debt, net – unconsolidated joint venture (2)	188		—			—			—			—
	Preferred stock redemption discount	—		—			2,780			—			—
FFO before specified items		$	10,138	$	(1,158	)	$	(1,972	)	$	(1,780	)	$	(3,561	)
Company share of FFO before specified items (3)		$	8,995	$	(1,028	)	$	(1,749	)	$	(1,574	)	$	(3,147	)
FFO per share before specified items – basic		$	0.18	$	(0.02	)	$	(0.04	)	$	(0.03	)	$	(0.06	)
FFO per share before specified items – diluted		$	0.17	$	(0.02	)	$	(0.04	)	$	(0.03	)	$	(0.06	)

__________


(1)	For the definition and discussion of FFO and FFO before specified items, see page 43.


(2)	Amount represents our 20% ownership interest in the unconsolidated joint venture.


(3)	Based on a weighted average interest in our Operating Partnership of approximately 88.7% for the three months ended March 31, 2012, 88.8% for the three months ended December 31, 2011, 88.7% for the three months ended September 30, 2011, 88.4% for the three months ended June 30, 2011 and 88.4% for the three months ended March 31, 2011.

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012



Adjusted Funds from Operations (1) (unaudited and in thousands)



		For the Three Months Ended
		March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011
FFO		$	12,006		$	(11,163	)	$	52,926		$	112,734		$	(15,265	)
Add:	Non-real estate depreciation	17			52			519			76			75
	Straight line ground and air space lease expense	521			521			521			515			511
	Amortization of deferred financing costs	824			844			817			863			954
	Unrealized gain due to hedge ineffectiveness	(313		)	(332		)	(338		)	(244		)	(308		)
	Default interest accrued on mortgages in default	10,540			10,005			10,413			12,803			10,078
	Writeoff of deferred financing costs related to mortgages in default	916			—			—			133			1,626
	Non-cash stock compensation	444			1,216			527			497			1,998
	Loss from early extinguishment of debt	—			—			—			399			—

Deduct:	Gains on settlement of debt	13,136			—			62,531			127,849			—
	Preferred stock redemption discount	—			—			2,780			—			—
	Straight line rent	252			405			(434		)	450			460
	Fair value lease revenue	2,370			2,542			2,602			3,046			3,446
	Capitalized payments (2)	390			283			363			550			624
	Capital lease principal payments	85			131			129			130			132
	Scheduled principal payments on mortgage loans	135			134			42			600			900
	Non-recoverable capital expenditures	240			694			434			388			149
	Recoverable capital expenditures	119			172			438			164			363
	Hotel improvements, equipment upgrades and replacements	—			—			—			911			776
	2nd generation tenant improvements and leasing commissions (3), (4)	496			1,723			790			2,033			1,848
	Unconsolidated joint venture AFFO adjustments (5)	919			982			1,219			893			583
Adjusted funds from operations (AFFO)		$	6,813		$	(5,923	)	$	(5,509	)	$	(9,238	)	$	(9,612	)

__________


(1)	For the definition and computation method of AFFO, see page 44. For a quantitative reconciliation of the differences between AFFO and cash flows from operating activities, see page 21.


(2)	Includes capitalized leasing payroll.


(3)	Excludes 1st generation tenant improvements and leasing commissions of $0.1 million, $2.2 million, $1.2 million and $0.2 million for the three months ended March 31, 2012 and September 30, June 30 and March 31, 2011, respectively.


(4)	Excludes tenant improvements and leasing commissions paid using cash reserves that were funded through loan proceeds upon acquisition or debt refinancing of $0.2 million, $0.1 million and $0.5 million for the three months ended September 30, June 30 and March 31, 2011, respectively.


(5)	Amount represents our 20% ownership interest in the unconsolidated joint venture.

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012



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



		For the Three Months Ended
		March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011

FFO		$	(64	)	$	(7,774	)	$	49,747		$	108,541		$	(6,930	)
Add:	Amortization of deferred financing costs	34			52			52			60			125
	Writeoff of deferred financing costs	916			—			—			133			1,626
	Straight line ground lease expense	528			528			528			528			528
	Default interest accrued	10,540			10,005			10,413			12,803			10,078

Deduct:	Gains on settlement of debt	13,136			—			62,531			123,929			—
	Straight line rent	(294		)	(128		)	37			(130		)	343
	Fair value lease revenue	1,136			1,168			1,205			1,644			2,022
	Non-recoverable capital expenditures	—			12			6			—			23
	2nd generation tenant improvements and leasing commissions	—			324			—			—			52
Adjusted funds from operations related to Properties in Default		$	(2,024	)	$	1,435		$	(3,039	)	$	(3,378	)	$	2,987

__________

(1)

For purposes of this schedule, Properties in Default include the following: Two California Plaza, Glendale Center, Stadium Towers Plaza, 2600 Michelson, 550 South Hope, 500 Orange Tower, City Tower, 700 North Central and 801 North Brand. In May 2011, we disposed of 550 South Hope, in June 2011, we disposed of 2600 Michelson, in July 2011, we disposed of City Tower and in February 2012, we disposed of 700 North Central and 801 North Brand.

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012



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
		March 31, 2012			December 31, 2011			September 30, 2011			June 30, 2011			March 31, 2011
Reconciliation of net income (loss) to earnings before interest, taxes and depreciation and amortization (EBITDA):
Net income (loss)		$	10,466		$	(30,826	)	$	30,367		$	138,673		$	(39,987	)
Add:	Interest expense (3)	54,450			54,276			54,904			61,165			62,628
	Interest expense – unconsolidated joint venture (4)	1,857			1,899			1,897			1,856			1,831
	Depreciation and amortization (5)	22,052			23,176			24,853			27,288			27,862
	Depreciation and amortization – unconsolidated joint venture (4)	1,465			1,737			1,743			1,730			1,701
Deduct:	(Allocated) unallocated losses – unconsolidated joint venture (4)	(2,530		)	1,380			776			374			—
EBITDA		$	92,820		$	48,882		$	112,988		$	230,338		$	54,035
EBITDA		$	92,820		$	48,882		$	112,988		$	230,338		$	54,035
Add:	Loss from early extinguishment of debt	—			—			—			399			—
	Impairment writedowns of depreciable real estate	2,121			—			9,330			13,888			—
	Impairment writedowns of depreciable real estate – unconsolidated joint venture (4)	2,176			819			—			—			—
Deduct:	Gains on settlement of debt	13,136			—			62,531			127,849			—
	Gain from early extinguishment of debt, net – unconsolidated joint venture (4)	188			—			—			—			—
	Gains on sale of real estate	5,192			—			10,215			63,629			—
	Gain on sale of real estate – unconsolidated joint venture (4)	18,958			—			—			—			—
Adjusted EBITDA		$	59,643		$	49,701		$	49,572		$	53,147		$	54,035
Reconciliation of cash flows from operating activities to adjusted funds from operations (AFFO):
Cash flows from operating activities		$	6,785		$	(8,213	)	$	3,965		$	(621	)	$	(19,188	)
Changes in other assets and liabilities		883			4,879			(7,812		)	(5,121		)	12,712
Non-recoverable capital expenditures		(240		)	(694		)	(434		)	(388		)	(149		)
Recoverable capital expenditures		(119		)	(172		)	(438		)	(164		)	(363		)
Hotel improvements, equipment upgrades and replacements		—			—			—			(911		)	(776		)
2nd generation tenant improvements and leasing commissions (6), (7)		(496		)	(1,723		)	(790		)	(2,033		)	(1,848		)
AFFO		$	6,813		$	(5,923	)	$	(5,509	)	$	(9,238	)	$	(9,612	)


(1)	For the definition and discussion of EBITDA and Adjusted EBITDA, see page 45.


(2)	For the definition and discussion of AFFO, see page 44.


(3)	Includes interest expense of $1.1 million, $2.8 million, $3.7 million, $10.6 million and $14.6 million for the three months ended March 31, 2012 and December 31, September 30, June 30 and March 31, 2011, respectively, related to discontinued operations.


(4)	Amount represents our 20% ownership interest in the unconsolidated joint venture.


(5)	Includes depreciation and amortization of $0.3 million, $0.9 million, $1.2 million, $4.1 million and $4.1 million for the three months ended March 31, 2012 and December 31, September 30, June 30 and March 31, 2011, respectively, related to discontinued operations.


(6)	Excludes 1st generation tenant improvements and leasing commissions of $0.1 million, $2.2 million, $1.2 million and $0.2 million for the three months ended March 31, 2012 and September 30, June 30 and March 31, 2011, respectively.


(7)	Excludes tenant improvements and leasing commissions paid using cash reserves that were funded through loan proceeds upon acquisition or debt refinancing of $0.2 million, $0.1 million and $0.5 million for the three months ended September 30, June 30 and March 31, 2011, respectively.

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012





Capital Structure



Debt
(in thousands)

		Balance as of
		March 31, 2012

Mortgage loans		$	2,943,023
Company share of unconsolidated joint venture debt		57,458
Total combined debt		$	3,000,481

Equity
(in thousands)

	Shares Outstanding	Total Liquidation Preference

Preferred stock	9,730	$	243,259

	Shares & Units Outstanding	Market Value (1)

Common stock	50,755	$	118,767
Noncontrolling common units of our Operating Partnership	6,447	15,085
Total common equity	57,202	$	133,852
Total consolidated market capitalization		$	3,320,134
Total combined market capitalization (2)		$	3,377,592

__________


(1)	Value based on the NYSE closing price of $2.34 on March 31, 2012.


(2)	Includes our 20% share of unconsolidated joint venture debt.

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012



Debt Summary (in thousands, except percentages)



	Contractual Maturity Date	Principal Amount as of March 31, 2012			% of Debt		Interest Rate as of March 31, 2012 (1)
Floating-Rate Debt
Variable-Rate Loans:
Brea Corporate Place (2)	May 1, 2012	$	70,468		2.39	%	2.19	%
Brea Financial Commons (2)	May 1, 2012	38,532			1.31	%	2.19	%
Plaza Las Fuentes senior mortgage loan (3)	August 9, 2016	33,439			1.14	%	4.50	%
Total variable-rate loans		142,439			4.84	%	2.73	%

Variable-Rate Swapped to Fixed-Rate Loan:
KPMG Tower (4)	October 9, 2012	400,000			13.59	%	7.16	%
Total floating-rate debt		542,439			18.43	%	6.00	%

Fixed-Rate Debt
Wells Fargo Tower	April 6, 2017	550,000			18.68	%	5.68	%
Gas Company Tower	August 11, 2016	458,000			15.56	%	5.10	%
777 Tower	November 1, 2013	273,000			9.27	%	5.84	%
US Bank Tower	July 1, 2013	260,000			8.83	%	4.66	%
3800 Chapman	May 6, 2017	44,370			1.51	%	5.93	%
Plaza Las Fuentes mezzanine loan	August 9, 2016	11,250			0.38	%	9.88	%
Total fixed-rate debt		1,596,620			54.23	%	5.41	%
Total debt, excluding mortgages in default		2,139,059			72.66	%	5.56	%

Mortgages in Default
Two California Plaza (5)	May 6, 2017	470,000			15.96	%	10.50	%
Glendale Center (6)	August 11, 2016	125,000			4.24	%	10.82	%
500 Orange Tower (7)	May 6, 2017	110,000			3.74	%	10.88	%
Stadium Towers Plaza (7)	May 11, 2017	100,000			3.40	%	10.78	%
Total mortgages in default		805,000			27.34	%	10.64	%

Total consolidated debt		2,944,059			100.00	%	6.95	%
Debt discount		(1,036		)
Total consolidated debt, net		$	2,943,023

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Supplemental Operating and Financial Data

First Quarter 2012





Debt Summary (continued)

__________


(1)	The March 31, 2012 one-month LIBOR rate of 0.24% was used to calculate interest on the variable-rate loans.

(2)

This loan bears interest at a rate of LIBOR plus 1.95%. 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. On April 19, 2012, we disposed of Brea Corporate Place and Brea Financial Commons pursuant to a deed-in-lieu of foreclosure agreement. As a result, we were relieved of the obligation to repay the mortgage loan secured by these properties.


(3)	This loan bears interest at a rate of the greater of 4.50%, or LIBOR plus 3.50%. As required by the Plaza Las Fuentes mezzanine loan agreement, we have entered into an interest rate cap agreement that limits the LIBOR portion of the interest rate to 2.50% during the loan term.


(4)	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%.

(5)

Our special purpose property-owning subsidiary that owns Two California Plaza is in default for failing to make debt service payments due under this loan. The interest rate shown for this loan is the default rate as defined in the loan agreement. The special servicer has accelerated the debt, but has yet to foreclose on the property. Two California Plaza was placed in receivership pursuant to a written stipulation agreement with the special servicer. The actual settlement date of this loan will depend upon when the property is disposed. Management does not intend to settle this amount with unrestricted cash. We expect that this amount will be settled in a non-cash manner at the time of disposition.

(6)

Our special purpose property-owning subsidiary that owns Glendale Center is in default for failing to make debt service payments due under this loan. The interest rate shown for this loan is the default rate as defined in the loan agreement. The special servicer has accelerated the debt, placed the property in receivership and commenced foreclosure proceedings. The actual settlement date of the loan will depend upon when the foreclosure proceedings are completed. Management does not intend to settle this amount with unrestricted cash. We expect that this amount will be settled in a non-cash manner at the time of disposition.

(7)

Our special purpose property-owning subsidiary that owns this property is in default for failing to make debt service payments due under this loan. The interest rate shown for this loan is the default rate as defined in the loan agreement. The special servicer has the contractual right to accelerate the maturity of the debt but has not done so. The actual settlement date of the loan will depend upon when the property is disposed. Management does not intend to settle this amount with unrestricted cash. We expect that this amount will be settled in a non-cash manner at the time of disposition.

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First Quarter 2012



Unconsolidated Joint Venture Debt Summary (in thousands, except percentages)



	Maturity Date	Principal Amount as of March 31, 2012		% of Debt		Interest Rate as of March 31, 2012
Variable-Rate Debt:
One California Plaza (1)	July 1, 2016	$	3,034	1.06	%	4.00	%

Fixed-Rate Debt:
One California Plaza	July 1, 2016	138,577		48.23	%	4.78	%
Cerritos Corporate Center	February 1, 2016	93,680		32.61	%	5.54	%
Stadium Gateway	February 1, 2016	52,000		18.10	%	5.66	%
Total fixed-rate debt		284,257		98.94	%	5.19	%
Total unconsolidated joint venture debt		$	287,291	100.00	%	5.18	%

Our portion of unconsolidated joint venture debt (2)		$	57,458

__________


(1)	This loan bears interest at a rate of the greater of 4.00%, or LIBOR plus 3.00%. As of March 31, 2012, there are undrawn funds totaling $17.0 million available under this loan.


(2)	We have a 20% interest in the unconsolidated joint venture.

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Supplemental Operating and Financial Data

First Quarter 2012



Debt Maturities (in thousands, except percentages)



	2012			2013			2014			2015			2016			Thereafter			Total
Floating-Rate Debt
Variable-Rate Loans:
Brea Corporate Place (1)	$	70,468		$	—		$	—		$	—		$	—		$	—		$	70,468
Brea Financial Commons (1)	38,532			—			—			—			—			—			38,532
Plaza Las Fuentes senior mortgage loan	408			573			600			627			31,231			—			33,439
Total variable-rate loans	109,408			573			600			627			31,231			—			142,439

Variable-Rate Swapped to Fixed-Rate Loan:
KPMG Tower	400,000			—			—			—			—			—			400,000
Total floating-rate debt	509,408			573			600			627			31,231			—			542,439

Fixed-Rate Debt
Wells Fargo Tower	—			—			—			—			—			550,000			550,000
Gas Company Tower	—			—			—			—			458,000			—			458,000
777 Tower	—			273,000			—			—			—			—			273,000
US Bank Tower	—			260,000			—			—			—			—			260,000
3800 Chapman	—			—			—			—			—			44,370			44,370
Plaza Las Fuentes mezzanine loan	—			—			—			—			11,250			—			11,250
Total fixed-rate debt	—			533,000			—			—			469,250			594,370			1,596,620
Total debt, excluding mortgages in default	509,408			533,573			600			627			500,481			594,370			2,139,059
Debt discount	—			(1,036		)	—			—			—			—			(1,036		)
Total debt, excluding mortgages in default, net	509,408			532,537			600			627			500,481			594,370			2,138,023

Mortgages in Default
Two California Plaza (2)	470,000			—			—			—			—			—			470,000
Glendale Center (2)	125,000			—			—			—			—			—			125,000
500 Orange Tower (2)	110,000			—			—			—			—			—			110,000
Stadium Towers Plaza (2)	100,000			—			—			—			—			—			100,000
Total mortgages in default	805,000			—			—			—			—			—			805,000
Total consolidated debt, net	$	1,314,408		$	532,537		$	600		$	627		$	500,481		$	594,370		$	2,943,023
Weighted average interest rate, excluding mortgages in default	6.10		%	5.27		%	4.50		%	4.50		%	5.17		%	5.69		%	5.56		%
Weighted average interest rate, mortgages in default	10.64		%	—		%	—		%	—		%	—		%	—		%	10.64		%
Weighted average interest rate, consolidated	8.88		%	5.27		%	4.50		%	4.50		%	5.17		%	5.69		%	6.95		%

__________


(1)	On April 19, 2012, we disposed of Brea Corporate Place and Brea Financial Commons pursuant to a deed-in-lieu of foreclosure agreement. As a result, we were relieved of the obligation to repay the mortgage loan secured by these properties.

(2)

Amounts shown for principal payments related to mortgages in default reflect maturity in 2012. The mortgage loans secured by Stadium Towers Plaza and 500 Orange Tower will be settled during 2012 per contractual agreements with the special servicer for the properties. The actual settlement date of mortgages in default will depend upon when the properties are disposed. Management does not intend to settle these amounts with unrestricted cash. We expect that these amounts will be settled in a non-cash manner at the time of disposition.

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Supplemental Operating and Financial Data

First Quarter 2012



Unconsolidated Joint Venture Debt Maturities (in thousands, except percentages)



	2012			2013			2014			2015			2016			Total

One California Plaza	$	1,655		$	2,301		$	2,413		$	2,531		$	132,711		$	141,611
Cerritos Corporate Center	929			1,326			1,402			1,483			88,540			93,680
Stadium Gateway	—			—			—			—			52,000			52,000
Total unconsolidated joint venture debt	$	2,584		$	3,627		$	3,815		$	4,014		$	273,251		$	287,291
Weighted average interest rate	5.05		%	5.05		%	5.06		%	5.06		%	5.18		%	5.18		%

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First Quarter 2012



Portfolio Data

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012



Same Store Analysis (unaudited and in thousands, except percentages)



	For the Three Months Ended March 31, (1)
	2012			2011			% Change
Total Same Store Portfolio
Number of properties	9			9
Square feet as of March 31	7,223,830			7,191,059
Percentage of wholly-owned Office Portfolio	100.0		%	100.0		%
Weighted average leased percentage (2)	80.2		%	83.5		%

GAAP
Breakdown of Net Operating Income:
Operating revenue	$	57,239		$	60,731		(5.8	)%
Operating expenses	21,307			21,906			(2.7	)%
Other expense	258			249			3.6	%
Net operating income	$	35,674		$	38,576		(7.5	)%

CASH BASIS
Breakdown of Net Operating Income:
Operating revenue	$	55,460		$	59,172		(6.3	)%
Operating expenses	21,307			21,906			(2.7	)%
Other expense	265			255			3.9	%
Net operating income	$	33,888		$	37,011		(8.4	)%

__________


(1)	Properties included in the Same Store analysis are the properties in our Office Portfolio, with the exception of the Properties in Default and the joint venture properties.


(2)	Represents weighted average leased amounts for the Same Store Portfolio.

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Supplemental Operating and Financial Data

First Quarter 2012





Portfolio Overview — Los Angeles Central Business District



						Square Feet				Leased % and In-Place Rents
	Number of Buildings	Number of Tenants	Year Built	Ownership %		Net Building Rentable	Effective (1)	% of Net Rentable		% Leased		Total Annualized Rents (2)		Effective Annualized Rents (2)		Annualized Rent $/RSF (3)
Office Properties
Gas Company Tower	1	17	1991	100	%	1,369,822	1,369,822	18.49	%	78.2	%	$	22,459,506	$	22,459,506	$	20.97
US Bank Tower	1	49	1989	100	%	1,431,808	1,431,808	19.33	%	54.6	%	18,272,731		18,272,731		23.37
Wells Fargo Tower	2	54	1982	100	%	1,402,157	1,402,157	18.92	%	90.3	%	27,881,675		27,881,675		22.03
KPMG Tower	1	22	1983	100	%	1,154,306	1,154,306	15.58	%	96.1	%	27,452,929		27,452,929		24.76
777 Tower	1	34	1991	100	%	1,016,820	1,016,820	13.72	%	82.2	%	18,468,155		18,468,155		22.11
One California Plaza	1	26	1985	20	%	1,034,134	206,827	13.96	%	77.8	%	17,823,171		3,564,634		22.15
Total LACBD Office Properties	7	202				7,409,047	6,581,740	100.00	%	79.2	%	$	132,358,167	$	118,099,630	$	22.56
Effective LACBD Office Properties						6,581,740				79.4	%

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						1,773,219	1,412,517	5,246		4,196		$	22,346,375	$	19,443,633	$	4,634
Off-Site Garages						1,285,165	1,285,165	4,124		4,124		8,793,866		8,793,866		2,132
Total LACBD Parking Properties						3,058,384	2,697,682	9,370		8,320		$	31,140,241	$	28,237,499	3,394

Total LACBD Office and Parking Properties						10,467,431	9,279,422

__________


(1)	Includes 100% of our consolidated properties and 20% of One California Plaza (an unconsolidated joint venture property).

(2)

Annualized rent represents the annualized monthly contractual rent under existing leases as of March 31, 2012. 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 leased square feet as of the same date.


(4)	Annualized parking revenue represents the annualized quarterly parking revenue as of March 31, 2012.


(5)	Effective annualized parking revenue represents the annualized quarterly parking revenue as of March 31, 2012 adjusted to include 100% of our consolidated properties and 20% of One California Plaza (an unconsolidated joint venture property).


(6)	Effective annualized parking revenue per vehicle capacity represents the effective annualized parking revenue divided by the effective vehicle capacity.

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Supplemental Operating and Financial Data

First Quarter 2012





Portfolio Overview — Other Properties



						Square Feet				Leased % and In-Place Rents
	Number of Buildings	Number of Tenants	Year Built	Ownership %		Net Building Rentable	Effective (1)	% of Net Rentable		% Leased		Total Annualized Rents (2)		Effective Annualized Rents (2)		Annualized Rent $/RSF (3)
Office Properties
Plaza Las Fuentes	3	6	1989	100	%	193,254	193,254	13.34	%	100.0	%	$	5,683,976	$	5,683,976	$	29.41
Cerritos – Phase I	1	1	1999	20	%	221,968	44,394	15.33	%	100.0	%	6,667,919		1,333,584		30.04
Cerritos – Phase II	1	—	2001	20	%	104,567	20,913	7.22	%	100.0	%	1,587,327		317,465		15.18
3800 Chapman	1	3	1984	100	%	160,290	160,290	11.07	%	88.0	%	2,946,117		2,946,117		20.88
Stadium Gateway (4)	1	8	2001	20	%	272,826	54,565	18.84	%	70.7	%	4,241,151		848,230		21.98
Brea Corporate Place (5)	2	23	1987	100	%	329,833	329,833	22.77	%	74.9	%	2,899,176		2,899,176		11.74
Brea Financial Commons (5)	3	2	1987	100	%	165,540	165,540	11.43	%	90.7	%	3,175,533		3,175,533		21.16
Total Other Office Properties	12	43				1,448,278	968,789	100.00	%	86.4	%	$	27,201,199	$	17,204,081	$	21.75
Total Effective Other Office Properties						968,789				86.2	%

__________


(1)	Includes 100% of our consolidated properties and 20% of the unconsolidated joint venture properties.

(2)


(3)	Annualized rent per rentable square foot represents annualized rent as computed above, divided by leased square feet as of the same date.


(4)	This property is under contract to be sold, subject to customary closing conditions.


(5)	We disposed of this property on April 19, 2012.

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Supplemental Operating and Financial Data

First Quarter 2012





Portfolio Overview — Properties in Default



						Square Feet	Leased % and In-Place Rents
	Number of Buildings	Number of Tenants	Year Built/Renovated	Ownership %		Net Building Rentable	% Leased		Total Annualized Rents (1)		Annualized Rent $/RSF (2)
Office Properties
Two California Plaza	1	50	1992	100	%	1,327,835	75.2	%	$	21,102,881	$	21.13
Glendale Center	2	4	1973/1996	100	%	396,000	100.0	%	6,653,920		16.80
Stadium Towers Plaza	1	22	1988	100	%	258,586	45.7	%	2,318,143		19.61
500 Orange Tower	3	26	1987	100	%	335,898	64.8	%	3,981,018		18.28
Total Properties in Default	7	102				2,318,319	74.7	%	$	34,055,962	$	19.68

__________

(1)


(2)	Annualized rent per rentable square foot represents annualized rent as computed above, divided by leased square feet as of the same date.

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Supplemental Operating and Financial Data

First Quarter 2012





Portfolio Overview — Leased Percentages and Weighted Average Remaining Lease Term



	Ownership ( % )		Weighted Average Remaining Lease Term (in years)
				% Leased
				Q1 2012		Q4 2011		Q3 2011		Q2 2011		Q1 2011
Los Angeles Central Business District
Gas Company Tower	100	%	9.0	78.2	%	78.2	%	94.5	%	94.7	%	94.6	%
US Bank Tower	100	%	4.6	54.6	%	55.1	%	55.0	%	54.7	%	58.5	%
Wells Fargo Tower	100	%	3.9	90.3	%	91.4	%	92.5	%	92.3	%	92.6	%
KPMG Tower	100	%	7.8	96.1	%	96.1	%	96.0	%	95.5	%	95.5	%
777 Tower	100	%	5.1	82.2	%	82.2	%	83.3	%	83.7	%	79.4	%
One California Plaza	20	%	7.4	77.8	%	74.0	%	76.1	%	76.2	%	77.2	%
Total Los Angeles Central Business District			6.3	79.2	%	79.0	%	82.6	%	82.5	%	82.8	%

Other Properties
Plaza Las Fuentes	100	%	7.0	100.0	%	100.0	%	100.0	%	100.0	%	93.9	%
Cerritos – Phase I	20	%	3.3	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Cerritos – Phase II	20	%	4.9	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
3800 Chapman	100	%	3.4	88.0	%	75.9	%	75.9	%	75.9	%	75.9	%
Stadium Gateway (1)	20	%	3.7	70.7	%	72.2	%	72.2	%	72.2	%	72.2	%
Brea Corporate Place (2)	100	%	3.7	74.9	%	74.8	%	73.9	%	73.9	%	73.9	%
Brea Financial Commons (2)	100	%	2.1	90.7	%	90.7	%	90.7	%	90.7	%	90.7	%
Total Other Properties			4.0	86.4	%	85.3	%	85.1	%	85.1	%	84.3	%

Total Office Properties			5.9	80.4	%	80.0	%	83.0	%	82.9	%	83.1	%

Properties in Default
Two California Plaza	100	%	3.5	75.2	%	78.0	%	79.9	%	80.6	%	81.1	%
Glendale Center	100	%	2.3	100.0	%	100.0	%	100.0	%	100.0	%	93.8	%
Stadium Towers Plaza	100	%	2.0	45.7	%	45.7	%	45.7	%	44.4	%	44.4	%
500 Orange Tower	100	%	3.3	64.8	%	65.5	%	65.5	%	65.5	%	66.7	%
Total Properties in Default			3.1	74.7	%	76.3	%	77.5	%	77.7	%	77.1	%

__________


(1)	This property is under contract to be sold, subject to customary closing conditions.


(2)	We disposed of this property on April 19, 2012.

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Supplemental Operating and Financial Data

First Quarter 2012





Major Tenants — Los Angeles Central Business District



	Tenant	Annualized Rent (1)		% of Total LACBD Annualized Rent		Leased RSF	% of Total LACBD Leased RSF		Weighted Average Remaining Lease Term in Months	S & P Credit Rating / Nationally Recognized (2)
	Rated Tenants ≥ $250,000 Annual Rent
1	Southern California Gas Company	$	7,628,860	5.8	%	412,679	7.0	%	165	A
2	Wells Fargo Bank	5,675,869		4.3	%	302,828	5.2	%	16	AA-
3	US Bank, National Association	4,062,575		3.1	%	154,304	2.6	%	39	AA-
4	American Home Assurance	2,272,568		1.7	%	112,042	1.9	%	17	A
5	Bank of the West	2,011,108		1.5	%	89,568	1.5	%	101	A+
6	CIT Group	1,042,228		0.8	%	47,374	0.8	%	48	B+
7	FTI Consulting	1,018,080		0.8	%	42,420	0.7	%	68	BB+
8	Zurich Insurance Co., US Branch	975,304		0.7	%	44,332	0.8	%	131	AA-
9	UBS Financial	826,384		0.6	%	34,722	0.6	%	95	A+
10	Microsoft Corporation	781,483		0.6	%	36,348	0.6	%	13	AAA
	Other Rated Tenants ≥ $250,000 Annual Rent (3)	5,407,000		4.1	%	217,797	3.7	%	24
	Total Rated Tenants ≥ $250,000 Annual Rent (3)	31,701,459		24.0	%	1,494,414	25.4	%	73
	Total Investment Grade Tenants (3)	$	33,629,071	25.4	%	1,568,879	26.7	%

	Nationally Recognized Tenants ≥ $250,000 Annual Rent
11	Latham & Watkins LLP	9,676,051		7.3	%	397,991	6.8	%	128	4th Largest US Law Firm
12	Gibson, Dunn & Crutcher LLP	6,464,056		4.9	%	268,268	4.6	%	68	15th Largest US Law Firm
13	KPMG LLP	4,453,796		3.4	%	175,971	3.0	%	27	4th Largest US Accounting Firm
14	Marsh USA, Inc.	4,319,801		3.3	%	210,722	3.6	%	73	World’s Largest Insurance Broker
15	Sidley Austin LLP	3,974,205		3.0	%	192,457	3.3	%	141	8th Largest US Law Firm
16	Morrison & Foerster LLP	3,885,728		2.9	%	138,776	2.4	%	18	20th Largest US Law Firm
17	Munger, Tolles & Olson LLP	3,792,313		2.9	%	165,019	2.8	%	119	140th Largest US Law Firm
18	Skadden, Arps, Slate, Meagher & Flom LLP	3,684,660		2.8	%	169,235	2.9	%	116	2nd Largest US Law Firm
19	Oaktree Capital Management, L.P.	3,097,374		2.3	%	156,235	2.7	%	60	Investment Management Co.
20	Bingham McCutchen	2,826,035		2.1	%	109,566	1.9	%	100	24th Largest US Law Firm
	Other Nationally Recognized Tenants ≥ $250,000 Annual Rent (3)	27,910,763		21.1	%	1,231,048	21.0	%	82
	Total Nationally Recognized Tenants ≥ $250,000 Annual Rent (3)	74,084,782		56.0	%	3,215,288	55.0	%	87
	Total Nationally Recognized Tenants (3)	75,079,535		56.7	%	3,274,029	55.8	%
	Total Rated or Nationally Recognized Tenants ≥ $250,000 Annual Rent (3)	$	105,786,241	80.0	%	4,709,702	80.4	%	82
	Total Investment Grade or Nationally Recognized Tenants (3)	$	108,708,606	82.1	%	4,842,908	82.5	%

__________


(1)	Annualized rent is calculated as contractual base rent under existing leases as of March 31, 2012. For those leases where rent has not yet commenced, the first month in which rent is to be received is used to determine annualized rent.


(2)	S&P credit ratings are as of March 31, 2012. Rankings of law firms are based on total gross revenue in 2010 as reported by American Lawyer Media’s LAW.com.


(3)	Includes 100% of annualized rent and leased rentable square feet for One California Plaza (an unconsolidated joint venture property).

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012





Portfolio Tenant Classification Description — Los Angeles Central Business District (1)



	Leased Square Feet (2)	Percentage of Leased Square Feet

Legal Services	2,694,614	45.9	%
Finance and Insurance	1,448,057	24.7	%
Professional, Scientific and Technical Services (except Legal Services)	691,199	11.8	%
Utilities	412,679	7.0	%
Real Estate and Rental and Leasing	193,923	3.3	%
Information	157,213	2.7	%
Accommodation and Food Services	65,115	1.1	%
All Other	204,496	3.5	%
	5,867,296	100.0	%

__________


(1)	Classifications are based on the North American Industrial Classification System (“NAICS”).


(2)	Includes 100% of One California Plaza (an unconsolidated joint venture property).

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012





Lease Expirations — Los Angeles Central Business District (1)



Year	Number of Leases	Total Area in Square Feet Covered by Expiring Leases	Percentage of Leased Square Feet		Annualized Rent		Percentage of Annualized Rent		Current Rent per Square Foot (2)		Rent per Square Foot at Expiration (3)

2012	40	232,944	4.0	%	$	5,499,522	4.2	%	$	23.61	$	23.69
2013	43	908,753	15.5	%	20,241,032		15.3	%	22.27		22.85
2014	29	461,877	7.9	%	10,165,628		7.7	%	22.01		22.67
2015	34	531,605	9.1	%	12,825,839		9.7	%	24.13		26.31
2016	15	193,227	3.3	%	4,514,357		3.4	%	23.36		26.85
2017	22	800,292	13.6	%	18,508,726		14.0	%	23.13		23.99
2018	9	334,749	5.7	%	7,333,479		5.5	%	21.91		26.17
2019	9	264,795	4.5	%	6,147,257		4.6	%	23.22		28.70
2020	11	429,257	7.3	%	9,465,642		7.1	%	22.05		28.27
2021	9	440,595	7.5	%	9,507,440		7.2	%	21.58		29.35
Thereafter	10	1,269,202	21.6	%	28,149,245		21.3	%	22.18		31.32
Total expiring leases	231	5,867,296	100.0	%	$	132,358,167	100.0	%	$	22.56	$	26.64
Currently available		1,541,751
Total rentable square feet		7,409,047

Leases Expiring in the Next 4 Quarters:

2nd Quarter 2012		42,906	0.7	%	$	1,006,712	0.8	%	$	23.46	$	23.93
3rd Quarter 2012 (4)		138,051	2.4	%	3,229,648		2.4	%	23.39		23.39
4th Quarter 2012		51,987	0.9	%	1,263,162		1.0	%	24.30		24.30
1st Quarter 2013		136,193	2.3	%	3,542,836		2.6	%	26.01		26.62
		369,137	6.3	%	$	9,042,358	6.8	%	$	24.50	$	24.77

__________


(1)	Includes 100% of One California Plaza (an unconsolidated joint venture property).


(2)	Current rent per leased square foot represents current base rent, divided by total leased square feet 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.

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012





Lease Expirations — Other Properties (1)



Year	Number of Leases	Total Area in Square Feet Covered by Expiring Leases	Percentage of Leased Square Feet		Annualized Rent		Percentage of Annualized Rent		Current Rent per Square Foot (2)		Rent per Square Foot at Expiration (3)

2012	3	9,980	0.8	%	$	187,801	0.7	%	$	18.82	$	19.09
2013	13	316,275	25.3	%	7,252,611		26.7	%	22.93		23.77
2014	4	300,853	24.1	%	8,326,069		30.6	%	27.67		29.20
2015	5	47,952	3.8	%	925,745		3.4	%	19.31		21.74
2016	10	237,976	19.0	%	3,218,173		11.8	%	13.52		16.11
2017	6	77,724	6.2	%	1,024,142		3.8	%	13.18		16.56
2018	3	131,613	10.5	%	3,615,573		13.3	%	27.47		34.66
2019	—	—	—	%	—		—	%	—		—
2020	2	107,758	8.6	%	2,335,827		8.6	%	21.68		25.43
2021	—	—	—	%	—		—	%	—		—
Thereafter	1	20,727	1.7	%	315,258		1.1	%	15.21		15.00
Total expiring leases	47	1,250,858	100.0	%	$	27,201,199	100.0	%	$	21.75	$	24.20
Currently available		197,420
Total rentable square feet		1,448,278

Leases Expiring in the Next 4 Quarters:

2nd Quarter 2012		—	—	%	$	—	—	%	$	—	$	—
3rd Quarter 2012 (4)		9,980	0.8	%	187,801		0.7	%	18.82		19.09
4th Quarter 2012		—	—	%	—		—	%	—		—
1st Quarter 2013		75,522	6.0	%	1,609,966		5.9	%	21.32		21.87
		85,502	6.8	%	$	1,797,767	6.6	%	$	21.03	$	21.54

__________


(1)	Includes 100% of the unconsolidated joint venture properties.


(2)	Current rent per leased square foot represents current base rent, divided by total leased square feet 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.

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012





Lease Expirations — Properties in Default



Year	Number of Leases	Total Area in Square Feet Covered by Expiring Leases	Percentage of Leased Square Feet		Annualized Rent		Percentage of Annualized Rent		Current Rent per Square Foot (1)		Rent per Square Foot at Expiration (2)

2012	31	283,866	16.4	%	$	5,849,464	17.2	%	$	20.61	$	21.05
2013	24	454,415	26.2	%	9,212,074		27.0	%	20.27		22.10
2014	12	103,511	6.0	%	2,308,670		6.8	%	22.30		23.90
2015	12	336,026	19.4	%	5,889,067		17.3	%	17.53		17.77
2016	6	194,487	11.2	%	2,711,072		8.0	%	13.94		17.25
2017	4	136,300	7.9	%	2,903,956		8.5	%	21.31		23.60
2018	3	58,501	3.4	%	1,503,946		4.4	%	25.71		32.17
2019	6	64,598	3.7	%	1,469,521		4.3	%	22.75		30.10
2020	5	25,213	1.5	%	503,579		1.5	%	19.97		28.96
2021	1	3,246	0.2	%	73,035		0.2	%	22.50		30.67
Thereafter	2	70,604	4.1	%	1,631,578		4.8	%	23.11		38.54
Total expiring leases	106	1,730,767	100.0	%	$	34,055,962	100.0	%	$	19.68	$	22.19
Currently available		587,552
Total rentable square feet		2,318,319

Leases Expiring in the Next 4 Quarters:

2nd Quarter 2012		9,535	0.6	%	$	157,798	0.5	%	$	16.55	$	16.55
3rd Quarter 2012 (3)		114,466	6.6	%	2,336,646		6.9	%	20.41		20.41
4th Quarter 2012		159,865	9.2	%	3,355,020		9.8	%	20.99		21.77
1st Quarter 2013		19,525	1.1	%	499,301		1.4	%	25.57		26.87
		303,391	17.5	%	$	6,348,765	18.6	%	$	20.93	$	21.42

__________


(1)	Current rent per leased square foot represents current base rent, divided by total leased square feet 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.

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012





Leasing Activity — Los Angeles Central Business District



	Total Portfolio				Effective Portfolio (1)
	For the Three Months Ended March 31, 2012		% Leased		For the Three Months Ended March 31, 2012		% Leased

Leased Square Feet as of December 31, 2011	6,885,816		78.8	%	6,274,011		79.3	%
Properties in Default – Two California Plaza	(1,035,112	)			(1,035,112	)
Revised Leased Square Feet as of December 31, 2011	5,850,704		79.0	%	5,238,899		79.6	%
Expirations	(49,293	)	(0.7	)%	(48,140	)	(0.7	)%
New Leases	45,008		0.6	%	13,119		0.2	%
Renewals	20,877		0.3	%	19,724		0.3	%
Leased Square Feet as of March 31, 2012	5,867,296		79.2	%	5,223,602		79.4	%

Cash Rent Growth (2), (3)
Expiring Rate per Square Foot
New / Renewed Rate per Square Foot
Percentage Change

GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot
New / Renewed Rate per Square Foot
Percentage Change

Weighted Average Lease Term – New (in months)							88
Weighted Average Lease Term – Renewal (in months)							17

__________


(1)	Includes 100% of our consolidated portfolio and 20% of One California Plaza (an unconsolidated joint venture property).


(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)	Excludes new leases for space with more than twelve months of downtime and leases with early renewals commencing after March 31, 2012.


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

Table of Contents

MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012





Leasing Activity — Other Properties



	Total Portfolio				Effective Portfolio (1)
	For the Three Months Ended March 31, 2012		% Leased		For the Three Months Ended March 31, 2012		% Leased

Leased Square Feet as of December 31, 2011	3,264,386		82.2	%	1,538,154		88.7	%
Properties in Default – Glendale Center	(396,000	)			(396,000	)
Disposition – Wells Fargo Center - Denver	(1,095,784	)			(219,157	)
Disposition – San Diego Tech Center	(535,036	)			(107,007	)
Revised Leased Square Feet as of December 31, 2011	1,237,566		85.3	%	815,990		84.3	%
Expirations	(59,178	)	(4.0	)%	(11,836	)	(1.3	)%
New Leases	45,720		3.3	%	25,754		2.6	%
Renewals	26,750		1.8	%	5,350		0.6	%
Leased Square Feet as of March 31, 2012	1,250,858		86.4	%	835,258		86.2	%

Cash Rent Growth (2), (3)
Expiring Rate per Square Foot
New / Renewed Rate per Square Foot
Percentage Change

GAAP Rent Growth (3), (4)
Expiring Rate per Square Foot
New / Renewed Rate per Square Foot
Percentage Change

Weighted Average Lease Term – New (in months)							60
Weighted Average Lease Term – Renewal (in months)							52

__________


(1)	Includes 100% of our consolidated portfolio and 20% of the unconsolidated 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)	Excludes new leases for space with more than twelve months of downtime and leases with early renewals commencing after March 31, 2012.


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

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012





Tenant Improvements and Leasing Commissions — Los Angeles Central Business District (1), (2)



	For the Three Months Ended		For the Year Ended December 31,
	March 31, 2012		2011		2010		2009
Renewals (3)
Number of leases	—		31		19		19
Square feet	—		384,453		670,496		209,084
Tenant improvement costs per square foot (4)	$	—	$	21.14	$	27.67	$	3.75
Leasing commission costs per square foot	$	—	$	7.29	$	12.72	$	7.20
Total tenant improvements and leasing commissions
Costs per square foot	$	—	$	28.43	$	40.39	$	10.95
Costs per square foot per year	$	—	$	3.70	$	3.64	$	1.76

New/Modified Leases (5)
Number of leases	2		31		29		21
Square feet	12,096		234,234		445,104		101,983
Tenant improvement costs per square foot (4)	$	15.34	$	25.76	$	8.51	$	26.27
Leasing commission costs per square foot	$	—	$	7.51	$	7.04	$	6.25
Total tenant improvements and leasing commissions
Costs per square foot	$	15.34	$	33.27	$	15.55	$	32.52
Costs per square foot per year	$	1.94	$	4.78	$	2.78	$	4.72

Total
Number of leases	2		62		48		40
Square feet	12,096		618,687		1,115,600		311,067
Tenant improvement costs per square foot (4)	$	15.34	$	22.89	$	20.02	$	11.14
Leasing commission costs per square foot	$	—	$	7.37	$	10.45	$	6.89
Total tenant improvements and leasing commissions
Costs per square foot	$	15.34	$	30.26	$	30.47	$	18.03
Costs per square foot per year	$	1.94	$	4.08	$	3.42	$	2.80

__________


(1)	Based on leases executed during the period. Excludes leases to related parties, short-term leases less than six months, and leases for raw space.


(2)	Tenant improvement and leasing commission information reflects 100% of our consolidated properties and 20% of One California Plaza (an unconsolidated joint venture property).


(3)	Does not include retained tenants that have relocated to new space or expanded into new space.


(4)	Tenant improvements include improvements and lease concessions.


(5)	Includes retained tenants that have relocated or expanded into new space and lease modifications.

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012





Historical Capital Expenditures — Los Angeles Central Business District (1)



	For the Three Months Ended		For the Year Ended December 31,
	March 31, 2012		2011		2010		2009
Consolidated
Non-recoverable capital expenditures	$	239,797	$	1,586,618	$	893,525	$	1,488,748
Total square feet	6,374,913		6,374,550		6,343,594		6,289,772
Non-recoverable capital expenditures per square foot	$	0.04	$	0.25	$	0.14	$	0.24

Unconsolidated
Non-recoverable capital expenditures (2)	$	46,624	$	4,022	$	36,910	$	64,151
Total square feet	206,827		206,827		204,575		201,866
Non-recoverable capital expenditures per square foot	$	0.23	$	0.02	$	0.18	$	0.32

Consolidated
Recoverable capital expenditures (3)	$	118,500	$	1,027,784	$	2,130,585	$	607,338
Total square feet	6,374,913		6,374,550		6,343,594		6,289,772
Recoverable capital expenditures per square foot	$	0.02	$	0.16	$	0.34	$	0.10

Unconsolidated
Recoverable capital expenditures (2), (3)	$	—	$	1,515	$	12,282	$	690
Total square feet	206,827		206,827		204,575		201,866
Recoverable capital expenditures per square foot	$	—	$	0.01	$	0.06	$	—

_________


(1)	Historical capital expenditures for each period shown reflect properties owned for the entire period. For properties sold during each period, the capital expenditures will be excluded for that period. Any capital expenditures incurred during the period of disposition will be footnoted separately.


(2)	Amount represents our 20% ownership interest in One California Plaza (an unconsolidated joint venture property).


(3)	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.

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012





Management Statements on Non-GAAP Supplemental Measures

Funds from Operations:

Funds from operations, or FFO, is a widely recognized measure of REIT performance. We calculate FFO in accordance with the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. The White Paper defines FFO as net income or loss (as computed in accordance with U.S. generally accepted accounting principles, or GAAP), excluding extraordinary items (as defined by GAAP), gains from disposition of depreciable real estate and impairment writedowns of depreciable real estate, 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, impairment writedowns of depreciable real estate and gains from disposition of depreciable real estate, 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 from 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 White Paper and, accordingly, our FFO may not be comparable to such other Equity REITs’ FFO. As a result, FFO should be considered only as a supplement to net income or 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 gains or losses from early extinguishment of debt, default interest, gains on settlement of debt and preferred stock redemptions 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 writeoff of unamortized loan costs on the date of extinguishment, while gains from the early extinguishment of debt represent the writeoff of unamortized debt premium on the date of extinguishment. The decision to extinguish debt prior to its maturity generally results from (i) the early repayment of debt associated with properties disposed of or (ii) the restructuring or replacement of property-level financing to accommodate property dispositions. Consequently, management views these gains or losses as costs to complete the disposition of properties.

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012





Management Statements on Non-GAAP Supplemental Measures (continued)

FFO before specified items: (continued)

As of March 31, 2012, the mortgage loans on the following properties were in default: Stadium Towers Plaza and 500 Orange Tower in Central Orange County, Two California Plaza in downtown Los Angeles, and Glendale Center in Glendale. 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 mortgages 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.

Management excludes gains on settlement of debt from the calculation of FFO before specified items because they relate to the financial statement impact of decisions made to dispose of property. These types of gains create volatility in our earnings and make it difficult for investors to determine the funds generated by our ongoing business operations.

Preferred stock redemption discount represents the excess of the carrying amount of our Series A preferred stock over the fair value of the consideration transferred to the holders of our Series A preferred stock at the time of exchange, which is added to net income (loss) available to common stockholders in the calculation of earnings per share. We have excluded preferred stock redemptions from the calculation of FFO before specified items since these transactions are non-cash in nature and at the discretion of management. These types of gains create volatility in our earnings and make it difficult for investors to determine the funds generated by our ongoing 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 payroll, (iii) recurring and non-recurring capital expenditures required to maintain and re-tenant our properties, (iv) regular principal payments required to service our debt, (v) 2nd generation tenant improvements and leasing commissions, and (vi) preferred stock redemption discounts. 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.

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MPG Office Trust, Inc.

Supplemental Operating and Financial Data

First Quarter 2012





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 or loss 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, impairment writedowns of depreciable real estate and gains on settlement of debt 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 writeoff of unamortized loan costs on the date of extinguishment. The decision to extinguish debt prior to its maturity generally results from (i) the early repayment of debt associated with properties disposed of or (ii) the restructuring or replacement of property-level financing to accommodate property dispositions. Consequently, management views these losses as costs to complete the disposition of properties.

Impairment writedowns represent charges taken to write down depreciable real estate to estimated fair value when events or changes in circumstances indicate that the carrying amount may not be recoverable. In some instances, the disposition of properties impaired in prior periods may result in a gain on settlement of debt at the time of disposition. Management excludes gains from disposition of depreciable real estate, impairment writedowns of depreciable real estate and gains on settlement of debt from the calculation of Adjusted EBITDA because they 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.

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.

MPG Office Trust, Inc. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - April 30, 2012

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MPG Office Trust, Inc. Reports