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LOS ANGELES-Maguire Properties Inc. reported net income of $7.2 million and funds from operations (FFO) of $18.1 million for the third quarter ended Sept. 30, on revenue of $62.5 million.

The results included net of 17 cents per share and FFO of 43 cents per share, which includes a charge of 5 cents per share in connection with the defeasance the office REIT paid at its Glendale Center property. In its earnings statement Maguire, which became a REIT earlier this year, compared the REITs third-quarter financial performance with that of the predecessor company for the comparable three months of 2002, reporting a loss of $6.8 million on revenue of $25.1 million for the third quarter of 2002.

During this years third quarter, as the REIT previously announced, it entered into an agreement to acquire One California Plaza, a 42-story Class A office building in the Bunker Hill submarket of Downtown Los Angeles, for $225 million. Maguire says the acquisition is expected to close in the fourth quarter of 2003 and will further strengthen the company’s dominant downtown position and increase to approximately 60% its ownership of the prime Bunker Hill office submarket. As of Sept. 30, the REIT’s portfolio consisted of eight office properties with approximately 6.1 million net rentable sf, a 350-room hotel with on- and off-site parking of approximately 3.1 million sf and a capacity of more than 10,500 vehicles. The company also owns an undeveloped two-acre land parcel adjacent to an existing office property that it considers suitable for future office development.

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