LOS ANGELES-Maguire Properties has taken the unusual step of not conducting a quarterly conference call to report its fourth-quarter and year-end earnings. The Downtown L.A.-based company has said it wouldn’t comment on earnings or its efforts to arrange a sale, but analysts who follow the REIT say that its financial performance and other factors continue to present big hurdles for anyone thinking of buying the company and its 35 million sf of Southern California office space.

Maguire is under pressure to sell from at least one major shareholder. Also, it has long been rumored that the REIT’s chairman and CEO Rob Maguire wants to sell. Questions surround the prospect of a sale, according to David Loeb, senior real estate research analyst and managing director for Milwaukee-based Robert W. Baird & Co., who tells GlobeSt.com that the hurdles to a Maguire sale range from tax implications to changes in capital markets to the uncertainties of the Orange County office market to the heavy debt load on Maguire’s portfolio.

Loeb says that the question of when Maguire might be sold is tied to the question of who the likely buyer will be. “The hurdles to acquiring Maguire are substantial. The externalities around this are more than they are for most companies,” he says.

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