LOS ANGELES--(BUSINESS WIRE)--Sept. 15, 2003--Maguire Properties, Inc. (NYSE:MPG), a real estate investment trust, today announced that its Board of Directors has declared its first dividend of $0.4176 per common share. This dividend consists of our regular quarterly dividend of $0.40 per common share for the period from July 1, 2003 through September 30, 2003 and a prorated amount of $0.0176 per common share covering the period from the completion of our initial public offering on June 27, 2003 through June 30, 2003. The dividend is payable on October 31, 2003 to common shareholders of record as of September 30, 2003.

About Maguire Properties, Inc.

Maguire Properties, Inc. is the largest owner and operator of Class A office properties in the Los Angeles central business district and is primarily focused on owning and operating high-quality office properties in the Southern California market. Maguire Properties, Inc. is a full-service real estate company with substantial in-house expertise and resources in property management, marketing, leasing, acquisitions, development and financing. For more information on Maguire Properties, visit the Company's website at www.maguireproperties.com.

Business Risks

This press release contains forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, dependence on tenants' financial condition, and competition from other developers, owners and operators of real estate); risks associated with the availability and terms of financing and the use of debt to fund acquisitions and developments; failure to manage effectively the Company's growth and expansion into new markets or to integrate acquisitions successfully; risks and uncertainties affecting property development and construction; risks associated with downturns in the national and local economies, increases in interest rates, and volatility in the securities markets; potential liability for uninsured losses and environmental contamination; risks associated with our company's potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended and possible adverse changes in tax and environmental laws; and risks associated with the Company's dependence on key personnel whose continued service is not guaranteed. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:
Maguire Properties
Peggy Moretti, 213-626-3300
or
Financial Dynamics
Leigh Parrish or Teresa Thuruthiyil,
415-439-4521 (Investors)
Chris Toth or Ron Heckmann, 415-439-4503 (Media)

SOURCE: Maguire Properties, Inc.