Making amends. (Real Estate).

Maguire Properties Inc. will purchase its partner's share of Glendale Center upon going public, continuing its pattern of securing full ownership of non-consolidated properties as it approaches its initial public offering.

The company will pay BankAmerica Realty Services Inc. $53.5 million for the 70 percent of the 383,000-square-foot building it does not already own, according to an amended registration statement filed with the Securities and Exchange Commission May 16.

Since the beginning of 2001, Maguire has bought out its partners in its Gas Co. and Library towers -- the latter referred to as U.S. Bank Tower in the most recent filing -- and will buy out the remaining 42 percent interest in Wells Fargo Tower upon completion of the IPO.

Maguire will pay about $200 a foot for BankAmerica's share of the 97 percent-leased Glendale Center, on par with the $185 a foot Glendale's 330 N. Brand is expected to fetch. Though that's less than the $311 a foot Wells Real Estate Investment Trust paid for the Nestle building at 800 N. Brand Blvd.

With all of Glendale Center in tow, Maguire adjusted pro-forma figures upward so that its estimated dividends make up 95.4 percent of the estimated cash available for distribution for the 12 months ending March 31, 2004, according to the filing. In its previous filing, dividends made up approximately 104.8 percent of the estimated cash available for distribution for the 12 months ending December 31, 2003.

Maguire also reduced its provision for lease expirations to $7.2 million for the year-ended March 31, 2003 in the May filing, from $9.4 million for the year-ended Dec. 31, 2002 in the April filing.

"The new 'magic (pro-forma income statement) page' actually looks decent," said Craig Silvers, principal of L.A.-based REIT money manger Bricks & Mortar Capital. "It now appears that they will cover their dividends."

Staff reporter Danny King can be reached at [phone] ext. 230, or at [e-mail].