| Delaware                                                                        | 20-5398955                                 |
|---------------------------------------------------------------------------------|--------------------------------------------|
| (State      or other jurisdictionof      incorporation or organization)         | (IRS      EmployerIdentification      No.) |
|                                                                            |                                       |
| 761      Terminal Street, Building 1, Second Floor,Los      Angeles, California | 90021                                      |
| (Address      of principal executive offices)                                   | (Zip      Code)                            |

| Title      of each class           |   | Name      of each exchange onwhich      registered |
|------------------------------------|--------|----------------------------------------------------|
| Common      stock, $0.01 par value |   | The      Nasdaq Global Market                      |

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| · audit      committee charter                               | · code      of ethics                  |
|------------------------------------------------------------------------|--------------------------------------------------|
| · compensation      committee charter                        | · corporate      governance guidelines |
| · nominating      and corporate governance committee charter | · whistleblower      policy            |
|                                                                   |                                             |

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| Richard      MerueloChairman      and Chief   Executive      Officer Age:      44 Shares      beneficially owned: 39,911,378 LTIP      units owned: 20,000(1)                                                                                      | Mr.      Meruelo has served as our Chief Executive Officer and Chairman of our      Board of Directors since our IPO. Mr. Meruelo served as chairman of our      predecessor business from 1987 until our IPO. During that time, Mr.      Meruelo led the strategic planning for the business while managing project      acquisitions, purchase negotiations and related financings totaling nearly      $1.2 billion. In addition, Mr. Meruelo was responsible for maintaining the      predecessor business’ relationships with CalPERS and local and state      governmental bodies that had land-use jurisdiction over the contributed      projects. Mr. Meruelo earned his degree in business administration from      the University of Southern California, with an emphasis in finance and      real estate. Mr. Meruelo currently serves as a board member for the      Central City East Association and the Los Angeles Central Industrial      Redevelopment Project.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
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| John      Charles MadduxPresident,      Chief Operating Officer and Director Age:      49 Shares      beneficially owned: 5,797,588 LTIP      units owned: 20,000(1)                                                                                              | Mr.      Maddux has served as our President and Chief Operating Officer, and as a      director since our IPO.  Mr. Maddux served as president of our      predecessor business from 2005 until our IPO. Before joining our      predecessor business, Mr. Maddux served as a founder and shareholder of      the law firm of Nevers, Palazzo, Maddux & Packard, PLC from 1998 to      2005, and practiced law with the firm of O’Melveny & Myers, LLP from      1986 to 1996, where he was a member of the real estate practice      group.  While at each firm, Mr. Maddux served as our      predecessor’s outside legal counsel. Mr. Maddux earned his bachelor’s      degree in business management—finance from Brigham Young University’s      Marriott School of Management and his J.D. from Brigham Young University’s      J. Reuben Clark Law School.  His affiliations include the Urban      Land Institute, the International Conference of Shopping Centers, the Los      Angeles County Bar Association and the California Bar Association, Real      Property Section.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Lynn      BeckemeyerExecutive      Vice President—Development and Director Age:      49 Shares      beneficially owned: 0 LTIP      units owned: 64,167(1)                                                                                             | Mr.      Beckemeyer has served as our Executive Vice President for Development and      as a director since our IPO.  He oversees work relating to      planning, design, architecture and entitlement work as well as      construction activity. Mr. Beckemeyer served as the senior vice president      of development and construction of our predecessor business from 2006      until our IPO.  Before joining our predecessor business, Mr.      Beckemeyer served in various real estate development and management      positions with The Walt Disney Company for seven years before becoming      vice president of worldwide corporate operations and real estate for Walt      Disney from 2001 to 2006.  Prior to that, Mr. Beckemeyer managed      the development, design and construction of urban projects in the      Washington, DC metropolitan area and Dallas, Texas, from 1983 to 1994,      with 21 International and The Limited, Inc.  Mr. Beckemeyer      serves as a director of Avalon Entertainment, a private company. A      registered architect and licensed contractor, Mr. Beckemeyer earned a      degree in architecture and construction science at Kansas State University      and studied real estate development at Harvard University Graduate School      of Design.  Mr. Beckemeyer’s professional affiliations include      the American Institute of Architects, the National Council of      Architectural Registration Boards, the National Association of Home      Builders and the Urban Land Institute.                                                                                               |
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| John      B. HansenDirector Age:      51 Share      beneficially owned: 10,100  Committees: · Audit· Compensation      (Chair)                                                                                                 | Since      1987, Mr. Hansen has served as president and chief executive officer of      Glenwood Properties, Inc., a real estate company which acquires, develops      and redevelops multi-family, retail and office projects in urban and      suburban markets in Southern California, Arizona, and Utah.  In      addition, since 1995, Mr. Hansen has served as vice president of Greenwood      Interests Holding, Inc., an affiliate of Greenwood Companies, which was      the second largest operator of childcare centers in the Los Angeles area.      Since 2000, Mr. Hansen has been a founding shareholder and director of      Tomato Bank, N.A., a national bank operating in the Southern California      market.  Mr. Hansen is a member of the board of advisors for      Royal Field Morningside Fund LLC, a fund that was organized in 2006 to      specialize in the redevelopment of urban multi-family and mixed-use      projects in New York City. Mr. Hansen received a B.A. in literature      from Brigham Young University.  He also received a J.D. from the      University of Utah College of Law.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
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| Philip      S. PayneDirector Age:      57 Shares      beneficially owned: 7,500 Committees: · Audit      (Chair)· Compensation· Nominating      and      corporate      governance          | Mr.      Payne currently serves as chief executive officer of Babcock & Brown      Residential.  From 2004 until 2007, Mr. Payne served as chairman      of BNP Residential Properties, Inc., an AMEX-listed real estate investment      trust focused on owning and operating apartment communities. BNP      Residential Properties was acquired by Babcock & Brown in      2007.  Mr. Payne joined BT Venture Corporation, which was      subsequently purchased by BNP Residential Properties, in 1990 as vice      president of capital market activities and became executive vice president      and chief financial officer in 1994.  He was named treasurer BNP      Residential Properties in 1995 and became a director in      1997.  In 2004, Mr. Payne became chairman of the Board of      Directors of BNP Residential Properties.  From 1987 to 1990, he      was a principal in Payne Knowles Investment Group, a financial planning      firm. From 1983 to 1987, he was a registered representative with Legg      Mason Wood Walker.  From 1978 to 1983, Mr. Payne practiced law,      and he currently maintains his license to practice law in Virginia. He      received B.S. and J.D. degrees from the College of William and      Mary.  He is a member of the board of directors of the National      Multi Housing Council and a member of the Urban Land      Institute.  In addition, he serves on the board of directors of      Ashford Hospitality Trust, a NYSE-listed real estate investment trust      focused on the hospitality industry, and is chairman of its audit      committee. |
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| Richard      Garcia PolancoDirector Age:      58 Shares      beneficially owned: 2,500 Committees: · Compensation· Nominating      and      corporate      governance     (Chair) | Mr.      Polanco is a former California State Assembly Member and Senator, having      been first elected in 1986. He served in the State Assembly for eight      years.  In 1994, he was elected to the State Senate and served      as Senate Majority Leader from 1998 until his retirement in      2002.  Mr. Polanco chaired the California Latino Legislative      Caucus from 1990 to 2002.  In October 2002, Mr. Polanco      established the California Latino Caucus Institute for Public Policy, a      non-profit organization to serve as a broad based public policy,      educational and leadership development organization.  Prior to      elected office, Mr. Polanco served on the staff of Los Angeles County      Supervisor Ed Edelman, Assemblyman Richard Alatorre and former Governor      Jerry Brown. Mr. Polanco attended East Los Angeles College, the University      of Redlands and the Universidad de Mexico where he majored in business      administration.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
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| Anthony      A. WilliamsDirector Age:      57 Shares      beneficially owned: 2,500 Committees: · Audit· Nominating      and corporate governance                                                                                        | From      1999 through 2006, Mayor Williams served as the Mayor of the District of      Columbia.  He is currently chief executive officer of Primum      Public Realty Trust, a wholly-owned subsidiary of a Friedman Billings      Ramsey affiliate.  In 2005, he served as vice chair of the      Metropolitan Washington Council of Governments, an organization of local      governments in and around Washington, DC.  In addition, in 2004,      Mayor Williams served as president of the National League of Cities, which      represents municipal governments throughout the United States to      strengthen and promote cities as centers of opportunity and leadership.      Prior to being elected Mayor, he served as the chief financial officer for      the District of Columbia from 1995 to 1998, where he was responsible for      the city’s financial turnaround. Prior to that, he served as the first      chief financial officer for the U.S. Department of Agriculture. Mayor      Williams also served as the Deputy State Comptroller of Connecticut, where      he was responsible for the management of 250 separate funds and the      state’s budget and accounting services. Mayor Williams received his B.A.      in political science from Yale College, his J.D. from Harvard Law School      and his master’s degree in public policy from the Kennedy School of      Government at Harvard University.                                                                                                                                                                                                                     |

| (1) | Long-Term      Incentive Plan Units in our subsidiary Meruelo Maddux Properties, L.P.,      through which we conduct most of our business operations (our “Operating      Partnership”), are subject to forfeiture over a three-year period. Upon      achieving parity with the common units in our Operating Partnership and      becoming “redeemable” in accordance with the terms of the partnership      agreement of our Operating Partnership, LTIP units may be redeemed for      cash or, at our option, an equal number of shares of our Common      Stock. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Information Regarding Named Executive Officers Who Are NotDirectors

| Andrew      MurrayChief      Financial Officer Age:      41 Shares      beneficially owned: 72,800 LTIP      units owned:35,000(1)                        | Since      joining us in May 2008, Mr. Murray has been responsible for all      corporate-level capital markets activities, oversight of the Company’s      accounting and financial reporting functions, and management of our      investor relations activities.  Prior to that time, Mr. Murray      led the West Coast real estate investment banking activities for FBR      Capital Markets Corporation (NASDAQ: FBCM), an investment banking,      institutional brokerage and asset management firm, where he held the      position of senior vice president.  Mr. Murray had been with FBR      for four years and previous to that was a consultant for Prospect      Financial Advisors, a registered broker dealer and financial advisor that      provided capital access to companies to allow them to achieve significant      corporate initiatives.  Prospect Financial Advisors was acquired      by Galen Capital Corp., a merchant banking and private equity firm, in      July 2007.  Mr. Murray began his career in 1989 at Salomon      Brothers and is a graduate of the Wharton School of Business of the      University of Pennsylvania. |
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| Fred      SkaggsChief      Accounting Officer Age:      55 Shares      beneficially owned: 10,000 LTIP      units owned: 50,167(1)                        | Mr.      Skaggs has primary responsibility for all accounting activities. Mr.      Skaggs served as our Chief Financial Officer from the time of our IPO      until May 2008. He served as treasurer of our predecessor business from      2005 until our IPO. Before joining our predecessor business, he served as      chief financial officer for Bright Development, a private residential and      multifamily developer, where he guided the Company’s financial and      operational performance from 2004 to 2005.  Prior to that, Mr.      Skaggs served as the chief financial officer and controller for Shuwa      Investments Corporation, a commercial real estate company with $3.2      billion in assets, from 1987 to 2004.  Mr. Skaggs also served as      senior internal auditor and chief corporate accountant for the Masco      Corporation from 1981 to 1987 and with Price Waterhouse from 1979 to      1981.  A certified licensed public accountant, Mr. Skaggs      earned his degree in accounting from Brigham Young University’s Marriott      School of Management with minors in English andSpanish.                                    |
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| Todd      NielsenGeneral      Counsel and Corporate Secretary Age:      40 Shares      beneficially owned: 9,990 LTIP      units owned: 81,667(1)    | Mr.      Nielsen is responsible for all legal issues relating to compliance with      SEC regulations, as well as overseeing real estate transactions and other      legal matters. Mr. Nielsen served as the general counsel of our      predecessor business from 2005 until our IPO.  Before joining      our predecessor business, Mr. Nielsen served as our predecessor’s outside      legal counsel with the law firm of Nevers, Palazzo, Maddux &      Packard.  Prior to that, Mr. Nielsen practiced law privately      including with Brobeck, Phleger & Harrison. Mr. Nielsen’s private      practice experience included representation of developers, investors,      corporate users and lenders in connection with the acquisition, financing,      development, construction, sale and leasing of retail, office, industrial,      hotel, and residential projects.  Mr. Nielsen graduated magna      cum laude in 1995 from Brigham Young University’s J. Reuben Clark Law      School, and thereafter served as a law clerk to the Hon. Howard M.      Kirshbaum of the Colorado Supreme Court.                                             |
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| Miguel      Enrique EchemendiaChief      Administrative Officer Age:      52 Shares      beneficially owned: 7,250 LTIP      units owned: 81,667(1)  | Mr.      Echemendia is responsible for all property management, leasing activities,      property specific financing and other general administrative functions.      Mr. Echemendia served as chief operating officer of our predecessor      business from 2000 until our IPO and was responsible for strategic      planning, acquisitions, finance and management.  Before joining      our predecessor business, from 1989 to 2000, Mr. Echemendia served as a      principal and chief financial officer of Villanueva Companies, a      conglomerate involved in an array of investments including communications,      real estate development, agriculture and management consulting. Prior to      that, from 1987 to 1989, he served as business manager for KMEX-TV, the      flagship station of the Univision Network with annual revenues in excess      of $100 million.  In addition, Mr. Echemendia served in various      managerial capacities at Security Pacific National Bank from 1979 to 1987,      culminating as vice president of commercial lending.  He      attended school in Spain and California State University, Los      Angeles.            |

|   | (1) | Long-Term      Incentive Plan Units in Meruelo Maddux Properties, L.P., through which we      conduct most of our business operations (our “Operating Partnership”), are      subject to forfeiture over a three-year period. Upon achieving parity with      the common units in our Operating Partnership and becoming “redeemable” in      accordance with the terms of the partnership agreement of our Operating      Partnership, LTIP units may be redeemed for cash or, at our option, an      equal number of shares of our CommonStock. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | base      salary; |
|--------------------|-------------------|

| ·   | cash      bonus; |
|--------------------|------------------|

| ·   | long-term      equity incentive awards; and |
|--------------------|---------------------------------------------|

| ·   | perquisites      and other personal benefits. |
|--------------------|-----------------------------------------------|

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|                     |   | Minimum      Awards Required Under Employment Agreements |   |
|--------------------------|--------|----------------------------------------------------------|--------|
| Name                     |   | LTIP      Units Awarded                                  |   |   | Discretionary      Equity Awards |   |
|                     |   |                                                     |   |   |   |   |
| Richard      Meruelo     |   |                                                     | 10,000 |   |   |   | — |   |
| John      Charles Maddux |   |                                                     | 10,000 |   |   |   | — |   |
| Andrew      Murray       |   |                                                     | 35,000 |   |   |   | — |   |

|                                                               |   |   |    |   |            |   |    |                                           |   |   |                        |   |   |   |    |
|--------------------------------------------------------------------|--------|--------|---------|--------|-----------------|--------|---------|------------------------------------------------|--------|--------|-----------------------------|--------|--------|--------|---------|
| Name and Principal      Position                                   |   | Salary |    |   | Stock Awards(1) |   |    | Non-Equity      Incentive Plan Compensation(2) |   |   | All Other      Compensation |   |   | Total  |    |
|                                                               |   |   |    |   |            |   |    |                                           |   |   |                        |   |   |   |    |
| Richard      MerueloChairman      and Chief Executive Officer      |   | $      | 450,000 |   |            | $      | 9,733   | (4)                                            |   | $      | 225,000                     |   |   | $      | 20,000  | (5) |   | $ | 704,733 |   |
|                                                               |   |   |    |   |            |   |    |                                           |   |   |                        |   |   |   |    |   |   |   |   |   |
| John      Charles MadduxPresident      and Chief Operating Officer |   |   | 450,000 |   |            |   | 9,733   | (4)                                            |   |   | 225,000                     |   |   |   | 20,000  | (5) |   |   | 704,733 |   |
|                                                               |   |   |    |   |            |   |    |                                           |   |   |                        |   |   |   |    |   |   |   |   |   |
| Andrew      MurrayChief      Financial Officer                     |   |   | 163,942 | (3)    |            |   | 56,324  |                                           |   |   | 68,750                      |   |   |   | 200,000 | (8) |   |   | 489,016 |   |
|                                                               |   |   |    |   |            |   |    |                                           |   |   |                        |   |   |   |    |   |   |   |   |   |
| Fred      SkaggsChief      Accounting Officer                      |   |   | 275,000 |   |            |   | 128,929 | (6)                                            |   |   | 68,750                      |   |   |   | — |   |   |   | 472,679 |   |
|                                                               |   |   |    |   |            |   |    |                                           |   |   |                        |   |   |   |    |   |   |   |   |   |
| Todd      NielsenGeneral      Counsel and Corporate Secretary      |   |   | 275,000 |   |            |   | 209,884 | (6)                                            |   |   | 68,750                      |   |   |   | — |   |   |   | 553,634 |   |
|                                                               |   |   |    |   |            |   |    |                                           |   |   |                        |   |   |   |    |   |   |   |   |   |
| Miguel      Enrique EchemendiaChief      Administrative Officer    |   |   | 275,000 |   |            |   | 209,884 | (6)                                            |   |   | 68,750                      |   |   |   | — |   |   |   | 553,634 |   |

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| (1) | All      awards consist of LTIP units in our Operating Partnership. The dollar      value indicated is computed in accordance FAS 123R and reflects the amount      expensed in 2008.  The amount reported has been adjusted to      eliminate service-based forfeiture assumptions used for financial      reporting purposes. LTIP units initially have a liquidation value of zero.      See Note 14 to our      consolidated financial statements included in our Annual Report on Form      10-K for a discussion of our accounting of LTIP units and the assumptions      used. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The      amount shown in the Non-Equity Incentive Plan Compensation column equals      the amount of the annual cash bonus for each named executive      officer. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Salary      amounts reflect Mr. Murray’s salary for the period from May 8, 2008      through December 31, 2008. |
|-----|----------------------------------------------------------------------------------------------------------------------------|

| (4) | Per      the terms of his employment agreement, the named executive officer is      entitled to a grant of 10,000 LTIP units  annually. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Per      the terms of his employment agreement, the named executive officer is      entitled to an annual automobile allowance of  $20,000. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Per      the terms of his employment agreement, the named executive officer      received a one-time LTIP unit award at the completion of our      IPO. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Per      the terms of his employment agreement, the named executive officer is      entitled to a grant of 35,000 LTIP units on December 31,      2008.  Accordingly, because we made the grant on the last day of      the year, we expensed no compensation in 2008 as a result of the      grant.  We will recognize compensation expense associated with      the grant commencing in 2009. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Per      the terms of his employment agreement, the named executive officer      received a signing bonus of $200,000 in connection with the execution of      his employment agreement. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  Name                     |  Grant Date       |   | Estimated      Possible Payouts Under Non-Equity Incentive Plan Awards |    |   | Estimated      Future Payouts Under Equity Incentive Plan Awards (in number of      shares) |   |    |     All Other Shares Awards      (in number of shares) |   |   | Grant Date Fair Value |   |
|--------------------------------|------------------------|--------|------------------------------------------------------------------------|---------|--------|---------------------------------------------------------------------------------------------|--------|---------|----------------------------------------------------------------------------|--------|--------|-----------------------|--------|
|                           |                   |   | Threshold ($)                                                          |    |   | Target      ($)                                                                             |   |    | Maximum      ($)                                                           |   |   | Threshold             |   |   | Target |   |   | Maximum |   |   |   |   |   |   |   |
| Richard      Meruelo           | December      31, 2008 |   |                                                                   | — |   |                                                                                        | $      | 225,000 |                                                                       |   |   | —               |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 10,000 | (1) |   |   |   |
| John      Charles Maddux       | December      31, 2008 |   |                                                                   | — |   |                                                                                        |   | 225,000 |                                                                       |   |   | —               |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 10,000 | (1) |   |   |   |
| Andrew      Murray             | December      31, 2008 |   |                                                                   | — |   |                                                                                        |   | 68,750  |                                                                       |   |   | —               |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 35,000 | (1) |   |   | 43,050 |   |
|                           | May      23,2008       |   |                                                                   | — |   |                                                                                        |   | — |                                                                       |   |   | —               |   |   |   | — |   |   |   | 200,000 | (2) |   |   | — |   |   |   | — |   |   |   | 156,000 |   |
| Fred      Skaggs               | December      31, 2008 |   |                                                                   | — |   |                                                                                        |   | 68,750  |                                                                       |   |   | —               |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Todd      Nielsen              | December      31, 2008 |   |                                                                   | — |   |                                                                                        |   | 68,750  |                                                                       |   |   | —               |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Miguel      Enrique Echemendia | December      31, 2008 |   |                                                                   | — |   |                                                                                        |   | 68,750  |                                                                       |   |   | —               |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |

| (1) | Minimum      LTIP unit award received annually pursuant to the officer’s employment      agreement. |
|-----|-----------------------------------------------------------------------------------------------------------|

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                                             |                                                                                         |                                                                                                                                                                                                                                                                                                                                                                            |   |                                                                                                                            |    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------|---------|
|                                                                              Stock      Awards |
| Name                                                                                                                                                                                                                                                                                                                                                                                                                                                              |        Number of Shares or Units ofStock      That Have Not Vested | Market Value of Shares orUnits      of Stock That HaveNot      Vested(1) |  Equity      Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights      that Have Not Vested                                                                                                                                                                                                                                                             |   | Equity      Incentive Plan Award: Market or Payout Value of Unearned Shares, Units or      Other Rights that Have Not Vested(1) |    |
| Richard      Meruelo                                                                                                                                                                                                                                                                                                                                                                                                                                              |  16,667(2)                                                                                  | $ 20,667                                                                                     |                                                                                                                                                                                                                                                                                                                                                                            |   | $                                                                                                                               | -       |   |
| John      Charles Maddux                                                                                                                                                                                                                                                                                                                                                                                                                                          |  16,667(2)                                                                                  | 20,667                                                                                       |  -                                                                                                                                                                                                                                                                                                                                                                         |   |                                                                                                                            | -       |   |
| Andrew      Murray                                                                                                                                                                                                                                                                                                                                                                                                                                                |  35,000(3)                                                                                  | 27,650                                                                                       |  200,000(4)                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                                                            | 156,000 |   |
| Fred      Skaggs                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  33,445(3)                                                                                  | 41,137                                                                                       |                                                                   - |   |                                                                                                                            | -       |   |
| Todd      Nielsen                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   54,445(3)                                                                            | 66,967                                                                                       |                                                                   - |   |                                                                                                                            | -       |   |
| Miguel      Enrique Echemendia                                                                                                                                                                                                                                                                                                                                                                                                                                    |  54,445(3)                                                                                  | 66,967                                                                                       |                                                                   - |   |                                                                                                                            | -       |   |

| (1) | Assumed      market value is $1.24 per unit, which was the closing price on the Nasdaq      Global Market per share of Common Stock on December 31,    2008. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | 10,000      of these LTIP units vest ratably over the next 3 years and 6,667 of these      LTIPs vest ratably over the next twoyears. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------|

| (3) | These      LTIP units vest ratably over the next 2years. |
|-----|----------------------------------------------------------|

| (4) | LTIP      units may be earned upon achievement of certain Company stock price      thresholds.  See “—Employment Agreements—Agreement of Mr.      Murray.”  If earned, these LTIP units will vest ratably over two      years. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Employment      Agreements |
|--------|----------------------------|

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| ·   | upon      termination by us without “cause,” a lump-sum cash payment equal to three      times the sum of: (1) the named executive officer’s then-current      annual base salary; and (2) the greater of (i) the bonus paid to      the named executive officer for the most recently completed fiscal year,      and (ii) the minimum bonus that would have been paid to the named      executive officer for the fiscal year in which the termination      occurs; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | upon      termination by the named executive officer for “good reason,” a lump-sum      cash payment equal to three times the sum of (1) the named executive      officer’s then-current annual base salary; and (2) the bonus paid to      the named executive officer for the most recently completed fiscal      year; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | for      18 months after termination of employment, continuing coverage under the      group health plans the named executive officer would have received under      his employment agreement, as would have been applied in the absence of      such termination; and |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | immediate      vesting of all outstanding equity-based awards held by the named executive      officer. |
|--------------------|---------------------------------------------------------------------------------------------------------|

| ·   | upon      termination by us without “cause,” a lump-sum cash payment equal to two      times the sum of (1) Mr. Murray’s then-current annual base salary;      and (2) the greater of (i) the bonus paid to Mr. Murray for      the most recently completed fiscal year (excluding any signing bonus), and      (ii) the minimum bonus that would have been paid to Mr. Murray for      the fiscal year in which the termination occurs (excluding any signing      bonus); |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | upon      termination by Mr. Murray for “good reason,” a lump-sum cash payment equal      to two times the sum of (1) Mr. Murray’s then-current annual base      salary; and (2) the bonus paid to Mr. Murray for the most recently      completed fiscal year (excluding any signing  bonus); |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | for      one year after termination of employment, continuing coverage under the      group health plans Mr. Murray would have received under his      employment agreement, as would have been applied in the absence of such      termination; and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | immediate      vesting of all outstanding equity-based awards held by the named executive      officer. |
|--------------------|---------------------------------------------------------------------------------------------------------|

----

| ·   | upon      termination by us without “cause,” a lump-sum cash payment equal to the      sum of (1) the named executive officer’s then-current annual base      salary; and (2) the greater of (i) the bonus paid to the named      executive officer for the most recently completed fiscal year, and      (ii) the minimum bonus that would have been paid to the named      executive officer for the fiscal year in which the termination      occurs; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | upon      termination by the named executive officer for “good reason,” a lump-sum      cash payment equal to the sum of (1) the named executive officer’s      then-current annual base salary; and (2) the bonus paid to the named      executive officer for the most recently completed fiscal    year; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | for      one year after termination of employment, continuing coverage under the      group health plans the named executive officer would have received under      his employment agreement, as would have been applied in the absence of      such termination; and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | immediate      vesting of all outstanding equity-based awards held by the named executive      officer. |
|--------------------|---------------------------------------------------------------------------------------------------------|

----

|  Name                     |   | Value      of Unforfeited LTIP Units |   |
|--------------------------------|--------|--------------------------------------|--------|
| Richard      Meruelo           |   | $                                    | 14,863 |   |
| John      Charles Maddux       |   |                                 | 14,863 |   |
| Andrew      Murray             |   |                                 | 31,211 |   |
| Fred      Skaggs               |   |                                 | 29,824 |   |
| Todd      Nielsen              |   |                                 | 48,551 |   |
| Miguel      Enrique Echemendia |   |                                 | 48,551 |   |

| Payments      Upon Termination              |   | Voluntary      Termination or Retirement |    |   | Involuntary      “For Cause” Termination |   |    | Involuntary      Termination Without “Cause”/Termination for “Good Reason”(1)      (2) |   |   | Termination      for “Good Reason” Following Notice of Non-Renewal(2) |   |   | Death      or Disability |    |
|---------------------------------------------|--------|------------------------------------------|---------|--------|------------------------------------------------------|--------|---------|----------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------|--------|--------|--------------------------|---------|
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                           |   |   |                                                                              |   |   |                     |    |
| Lump      sum cash(salary &      bonus) |   |                                     | — |   |                                                 |   | — |                                                                                                           |   | $      | 2,025,000                                                                         |   |   | $                        | 675,000 |   |   | $ | 675,000 |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                           |   |   |                                                                              |   |   |                     |    |   |   |   |   |   |
| Unforfeited      LTIP units                 |   |                                     | — |   |                                                 |   | — |                                                                                                           |   |   | 20,667                                                                            |   |   |                     | 20,667  |   |   |   | — |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                           |   |   |                                                                              |   |   |                     |    |   |   |   |   |   |
| Benefits      continuation                  |   |                                     | — |   |                                                 |   | — |                                                                                                           |   |   | 2,530                                                                             |   |   |                     | 2,530   |   |   |   | — |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                           |   |   |                                                                              |   |   |                     |    |   |   |   |   |   |
| Excise      tax gross-up (3)           |   |                                     | — |   |                                                 |   | — |                                                                                                           |   |   | —                                                                           |   |   |                     | — |   |   |   | — |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                           |   |   |                                                                              |   |   |                     |    |   |   |   |   |   |
| Total                                       |   |                                     | — |   |                                                 |   | — |                                                                                                           |   | $      | 2,048,197                                                                         |   |   | $                        | 698,197 |   |   | $ | 675,000 |   |

| (1) | Includes      the named executive officer’s resignation for “good reason” following the      Company’s notice of non-renewal of the employment agreement of the named      executive officer during the 12-month period following the effective date      of a change in control. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The      remaining forfeiture periods applicable to outstanding LTIP units would      lapse upon a change in control of the company. LTIP units will not become      redeemable until the LTIP units achieve parity with the common units in      the Operating Partnership, notwithstanding any termination or change in      control. The indicated amount assumes a market value per LTIP unit of      $1.24, which was the closing price on the Nasdaq Global Market per share      of Common Stock on December 31,2008. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Under      the terms of his employment agreement, Mr. Meruelo is entitled to a tax      gross-up payment under certain conditions in the event that his employment      is terminated in connection with a change in control. However, the      termination payment owing to Mr. Meruelo would not result in such a      gross-up payment. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Payments      Upon Termination              |   | Voluntary      Termination or Retirement |    |   | Involuntary      “For Cause” Termination |   |    | Involuntary      Termination Without “Cause”/Termination for “Good Reason”(1)      (2) |   |   | Termination      for “Good Reason” Following Notice of Non-Renewal(2) |   |   | Death      or Disability |    |
|---------------------------------------------|--------|------------------------------------------|---------|--------|------------------------------------------------------|--------|---------|----------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------|--------|--------|--------------------------|---------|
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                           |   |   |                                                                              |   |   |                     |    |
| Lump      sum cash(salary &      bonus) |   |                                     | — |   |                                                 |   | — |                                                                                                           |   | $      | 2,025,000                                                                         |   |   | $                        | 675,000 |   |   | $ | 675,000 |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                           |   |   |                                                                              |   |   |                     |    |   |   |   |   |   |
| Unforfeited      LTIP units                 |   |                                     | — |   |                                                 |   | — |                                                                                                           |   |   | 20,667                                                                            |   |   |                     | 20,667  |   |   |   | — |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                           |   |   |                                                                              |   |   |                     |    |   |   |   |   |   |
| Benefits      continuation                  |   |                                     | — |   |                                                 |   | — |                                                                                                           |   |   | 2,530                                                                             |   |   |                     | 2,530   |   |   |   | — |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                           |   |   |                                                                              |   |   |                     |    |   |   |   |   |   |
| Excise      tax gross-up(3)                 |   |                                     | — |   |                                                 |   | — |                                                                                                           |   |   | —                                                                           |   |   |                     | — |   |   |   | — |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                           |   |   |                                                                              |   |   |                     |    |   |   |   |   |   |
| Total                                       |   |                                     | — |   |                                                 |   | — |                                                                                                           |   | $      | 2,048,197                                                                         |   |   | $                        | 698,197 |   |   | $ | 675,000 |   |

| (1) | Includes      the named executive officer’s resignation for “good reason” following the      Company’s notice of non-renewal of the employment agreement of the named      executive officer.  This excludes the non-renewal of the      employment agreement during the 12-month period following the effective      date of a change in control. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The      remaining forfeiture periods applicable to outstanding LTIP units would      lapse upon a change in control of the company. LTIP units will not become      redeemable until the LTIP units achieve parity with the common units in      the Operating Partnership, notwithstanding any termination or change in      control. The indicated amount assumes a market value per LTIP unit of      $1.24, which was the closing price on the Nasdaq Global Market per share      of Common Stock on December 31,2008. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Under      the terms of his employment agreement, Mr. Maddux is entitled to a tax      gross-up payment under certain conditions in the event that his employment      is terminated in connection with a change in control.  However,      the termination payment owing to Mr. Maddux would not result in such a      gross-up payment. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Payments      Upon Termination              |   | Voluntary      Termination or Retirement |    |   | Involuntary      “For Cause” Termination |   |    | Involuntary      Termination Without “Cause”/Termination for “Good Reason”(1) |   |   | Death      or Disability |   |
|---------------------------------------------|--------|------------------------------------------|---------|--------|------------------------------------------------------|--------|---------|-------------------------------------------------------------------------------------------------------|--------|--------|--------------------------|--------|
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                  |   |   |                     |   |
| Lump      sum cash(salary &      bonus) |   |                                     | — |   |                                                 |   | — |                                                                                                  |   | $      | 343,750                  |   |   | $ | 343,750 |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                  |   |   |                     |   |   |   |   |   |
| Unforfeited      LTIP units                 |   |                                     | — |   |                                                 |   | — |                                                                                                  |   |   | 43,050                   |   |   |   | — |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                  |   |   |                     |   |   |   |   |   |
| Benefits      continuation                  |   |                                     | — |   |                                                 |   | — |                                                                                                  |   |   | 2,530                    |   |   |   | — |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                  |   |   |                     |   |   |   |   |   |
| Excise      tax gross-up(2)                 |   |                                     | — |   |                                                 |   | — |                                                                                                  |   |   | —                  |   |   |   | — |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                  |   |   |                     |   |   |   |   |   |
| Total                                       |   |                                     | — |   |                                                 |   | — |                                                                                                  |   | $      | 389,330                  |   |   | $ | 343,750 |   |

| (1) | The      remaining forfeiture periods applicable to outstanding LTIP units would      lapse upon a change in control of the company. LTIP units will not become      redeemable until the LTIP units achieve parity with the common units in      the Operating Partnership, notwithstanding any termination or change in      control.  The indicated amount assumes a market value per LTIP      unit of $1.24, which was the closing price on the Nasdaq Global Market per      share of Common Stock on December 31,2008. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Under      the terms of his employment agreement, Mr. Murray is not entitled to a tax      gross-up payment. |
|-----|--------------------------------------------------------------------------------------------------------------|

----

|   | Fred      Skaggs |
|--------|------------------|

| Payments      Upon Termination              |   | Voluntary      Termination or Retirement |    |   | Involuntary      “For Cause” Termination |   |    | Involuntary      Termination Without “Cause”/Termination for “Good Reason”(1) |   |   | Death      or Disability |   |
|---------------------------------------------|--------|------------------------------------------|---------|--------|------------------------------------------------------|--------|---------|-------------------------------------------------------------------------------------------------------|--------|--------|--------------------------|--------|
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                  |   |   |                     |   |
| Lump      sum cash(salary &      bonus) |   |                                     | — |   |                                                 |   | — |                                                                                                  |   | $      | 343,750                  |   |   | $ | 343,750 |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                  |   |   |                     |   |   |   |   |   |
| Unforfeited      LTIP Units                 |   |                                     | — |   |                                                 |   | — |                                                                                                  |   |   | 41,137                   |   |   |   | — |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                  |   |   |                     |   |   |   |   |   |
| Benefits      continuation                  |   |                                     | — |   |                                                 |   | — |                                                                                                  |   |   | 2,530                    |   |   |   | — |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                  |   |   |                     |   |   |   |   |   |
| Excise      tax gross-up(2)                 |   |                                     | — |   |                                                 |   | — |                                                                                                  |   |   | —                  |   |   |   | — |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                  |   |   |                     |   |   |   |   |   |
| Total                                       |   |                                     | — |   |                                                 |   | — |                                                                                                  |   | $      | 387,417                  |   |   | $ | 343,750 |   |

| (1) | The      remaining forfeiture periods applicable to outstanding LTIP units would      lapse upon a change in control of the company. LTIP units will not become      redeemable until the LTIP units achieve parity with the common units in      the Operating Partnership, notwithstanding any termination or change in      control.  The indicated amount assumes a market value per LTIP      unit of $1.24, which was the closing price on the Nasdaq Global Market per      share of Common Stock on December 31,2008. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Under      the terms of his employment agreement, Mr. Skaggs is not entitled to a tax      gross-up payment. |
|-----|--------------------------------------------------------------------------------------------------------------|

----

| Payments      Upon Termination              |   | Voluntary      Termination or Retirement |    |   | Involuntary      “For Cause” Termination |   |    | Involuntary      Termination Without “Cause”/Termination for “Good Reason”(1) |   |   | Death      or Disability |   |
|---------------------------------------------|--------|------------------------------------------|---------|--------|------------------------------------------------------|--------|---------|-------------------------------------------------------------------------------------------------------|--------|--------|--------------------------|--------|
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                  |   |   |                     |   |
| Lump      sum cash(salary &      bonus) |   |                                     | — |   |                                                 |   | — |                                                                                                  |   | $      | 343,750                  |   |   | $ | 343,750 |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                  |   |   |                     |   |   |   |   |   |
| Unforfeited      LTIP units                 |   |                                     | — |   |                                                 |   | — |                                                                                                  |   |   | 66,967                   |   |   |   | — |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                  |   |   |                     |   |   |   |   |   |
| Benefits      continuation                  |   |                                     | — |   |                                                 |   | — |                                                                                                  |   |   | 2,530                    |   |   |   | — |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                  |   |   |                     |   |   |   |   |   |
| Excise      tax gross-up(2)                 |   |                                     | — |   |                                                 |   | — |                                                                                                  |   |   | —                  |   |   |   | — |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                  |   |   |                     |   |   |   |   |   |
| Total                                       |   |                                     | — |   |                                                 |   | — |                                                                                                  |   | $      | 413,247                  |   |   | $ | 343,750 |   |

| (1) | The      remaining forfeiture periods applicable to outstanding LTIP units would      lapse upon a change in control of the company. LTIP units will not become      redeemable until the LTIP units achieve parity with the common units in      the Operating Partnership, notwithstanding any termination or change in      control. The indicated amount assumes a market value per LTIP unit of      $1.24, which was the closing price on the Nasdaq Global Market per share      of Common Stock on December 31,2008. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Under      the terms of his employment agreement, Mr. Nielsen is not entitled to a      tax gross-up payment. |
|-----|---------------------------------------------------------------------------------------------------------------|

| Payments      Upon Termination              |   | Voluntary      Termination or Retirement |    |   | Involuntary      “For Cause” Termination |   |    | Involuntary      Termination Without “Cause”/Termination for “Good Reason”(1) |   |   | Death      or Disability |   |
|---------------------------------------------|--------|------------------------------------------|---------|--------|------------------------------------------------------|--------|---------|-------------------------------------------------------------------------------------------------------|--------|--------|--------------------------|--------|
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                  |   |   |                     |   |
| Lump      sum cash(salary &      bonus) |   |                                     | — |   |                                                 |   | — |                                                                                                  |   | $      | 343,750                  |   |   | $ | 343,750 |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                  |   |   |                     |   |   |   |   |   |
| Unforfeited      LTIP units                 |   |                                     | — |   |                                                 |   | — |                                                                                                  |   |   | 66,967                   |   |   |   | — |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                  |   |   |                     |   |   |   |   |   |
| Benefits      continuation                  |   |                                     | — |   |                                                 |   | — |                                                                                                  |   |   | 2,530                    |   |   |   | — |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                  |   |   |                     |   |   |   |   |   |
| Excise      tax gross-up(2)                 |   |                                     | — |   |                                                 |   | — |                                                                                                  |   |   | —                  |   |   |   | — |   |
|                                        |   |                                     |    |   |                                                 |   |    |                                                                                                  |   |   |                     |   |   |   |   |   |
| Total                                       |   |                                     | — |   |                                                 |   | — |                                                                                                  |   | $      | 413,247                  |   |   | $ | 343,750 |   |

| (1) | The      remaining forfeiture periods applicable to outstanding LTIP units would      lapse upon a change in control of the company. LTIP units will not become      redeemable until the LTIP units achieve parity with the common units in      the Operating Partnership, notwithstanding any termination or change in      control. The indicated amount assumes a market value per LTIP unit of      $1.24, which was the closing price on the Nasdaq Global Market per share      of Common Stock on December 31,2008. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Under      the terms of his employment agreement, Mr. Echemendia is not entitled to a      tax gross-up payment. |
|-----|------------------------------------------------------------------------------------------------------------------|

----

| ·   | Each      non-employee director received an annual fee of $25,000, a fee of $1,250      for each Board of Directors meeting attended in person and a fee of $350      for each Board of Directors meeting attended    telephonically. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The      chairman of our audit committee was paid an annual fee of $12,500, and the      chairmen of our compensation, and nominating and corporate governance      committees each received an annual fee of  $7,500. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Board      committee members will each be paid a fee of $750 for committee meetings      attended in person and a fee of $350 for committee meetings attended      telephonically, in each case only for meetings held on dates different      from the dates on which Board of Directors or other committee meetings are      held. If a committee meeting is attended on the same day as a Board      meeting or other committee meeting, we will pay only one meeting fee per      day. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Each      member of our Board of Directors was also reimbursed for reasonable      out-of-pocket expenses associated with service on our behalf and with      attendance at or participation in Board meetings or committee meetings,      including reasonable travelexpenses. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Each      member of our Board of Directors was also reimbursed up to $7,000 for fees      and expenses paid related to continuing director education      programs. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                              |   |                                |    |   |                       |   |    |   |   |
|-----------------------------------|--------|-------------------------------------|---------|--------|----------------------------|--------|---------|--------|--------|
| Name                              |   | Fees Earnedor      Paid inCash |    |   | Stock awards      (1) |   |    | Total  |   |
| Lynn      Beckemeyer (2)          |   |                                | — |   |                       |   | — |   |   |   | — |   |
| John      B. Hansen (3)           |   | $                                   | 42,450  |   |                       | $      | 13,287  |   |   | $ | 55,737 |   |
| Philip      S. Payne (4)          |   |                                | 45,200  |   |                       |   | 13,287  |   |   |   | 58,487 |   |
| Richard      Garcia Polanco (5)   |   |                                | 41,700  |   |                       |   | 13,287  |   |   |   | 54,987 |   |
| Anthony A.      Williams (5) |   |                                | 33,950  |   |                       |   | 13,287  |   |   |   | 47,237 |   |

| (1) | The      dollar value is computed in accordance with FAS 123R and reflects the      amount expensed in 2008.  The amount reported has been adjusted      to eliminate service-based assumptions used for financial reporting      purposes.  See Note 14 to our consolidated financial statements      included in our Annual Report on Form 10-K for a discussion of our      accounting of shares of restricted stock and the assumptions      used. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Mr.      Beckemeyer is paid for his services as an executive officer but does not      receive any compensation for his services as a director.  Mr.      Beckemeyer is not a named executive officer as defined under the rules of      the federal securities laws.  Mr. Beckemeyer does not own any      shares of the Company’s CommonStock. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Mr.      Hansen owns 10,100 shares of Common Stock in total as of April 29,      2009. |
|-----|----------------------------------------------------------------------------------------|

| (4) | Mr.      Payne owns 7,500 shares of Common Stock in total as of April 29,      2009. |
|-----|--------------------------------------------------------------------------------------|

| (5) | The      director owns 2,500 shares of Common Stock in total as of April 29,      2009. |
|-----|-----------------------------------------------------------------------------------------|

----

|   | Item      12.  Security Ownership of Certain Beneficial Owners and      Management and Related StockholderMatters |
|--------|-----------------------------------------------------------------------------------------------------------------------------|

|                                                 |   |                               |            |   |                                |   |
|------------------------------------------------------|--------|------------------------------------|-----------------|--------|-------------------------------------|--------|
| Name      of Beneficial Owner                        |   | Shares of CommonStock(1) |            |   | Percent of CommonStock(2) |   |
| Richard      Meruelo                                 |   |                               | 39,911,378      |   |                                |   | 46.2 | % |
| John      Charles Maddux                             |   |                               |  5,797,588 |   |                                |   | 6.1 | % |
| Lynn      Beckemeyer                                 |   |                               | —         |   |                                |   | — |   |
| Andrew      Murray                                   |   |                               | 72,800          |   |                                |   | * |   |
| Fred      Skaggs                                     |   |                               | 10,000          |   |                                |   | * |   |
| Ted      McGonagle                                   |   |                               | 28,000          |   |                                |   | * |   |
| Todd      Nielsen                                    |   |                               | 9,990           |   |                                |   | * |   |
| Miguel      Enrique Echemendia                       |   |                               | 7,250           |   |                                |   | * |   |
| John      B. Hansen                                  |   |                               | 10,100          |   |                                |   | * |   |
| Philip      S. Payne                                 |   |                               | 7,500           |   |                                |   | * |   |
| Richard      Garcia Polanco                          |   |                               | 2,500           |   |                                |   | * |   |
| Anthony A.      Williams                        |   |                               | 2,500           |   |                                |   | * |   |
|                                                 |   |                               |            |   |                                |   |   |   |
| Stephen      S. Taylor (3)                           |   |                               | 6,956,558       |   |                                |   | 7.9 | % |
| NorthPointe      Capital, LLC (4)                    |   |                               | 6,857,928       |   |                                |   | 7.78 | % |
| All      directors and executive officers as a group |   |                               | 45,859,606      |   |                                |   | 52.2 | % |

----

|  * | Represents      ownership of less than 1.0%. |
|---------|----------------------------------------------|

| (1) | The      number of shares of Common Stock beneficially owned is reported on the      basis of regulations of the SEC governing the determination of beneficial      ownership of securities.  Excludes ownership of LTIP units      which, upon achieving parity with the common units in our Operating      Partnership and becoming “redeemable” in accordance with the terms of the      partnership agreement of our Operating Partnership, may be redeemed for      cash or, at our option, an equal number of shares of our Common      Stock.  Each of Messrs. Meruelo and Maddux owns 20,000 LTIP      units; Mr. Beckemeyer owns 64,167 LTIP units; Mr. Murray owns 35,000 LTIP      units; each of Messrs. Skaggs and McGonagle owns 50,167 LTIP units; and      each of Messrs. Echemendia and Nielsen owns 81,667 LTIP    units. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Based      on 87,845,789 shares of our Common Stock outstanding as of April 29,      2009. |
|-----|--------------------------------------------------------------------------------------------|

| (3) | The      business address for this stockholder is 714 South Dearborn Street, 2nd      Floor, Chicago, Illinois 60605.  According to a Schedule 13D      filed with the SEC on April 2, 2009, Mr. Taylor has sole voting and      dispositive powers with respect to all of these shares of Common      Stock. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The      business address for this stockholder is 101 W. Big Beaver, Suite 745,      Troy, Michigan 48084.  According to a Schedule 13G filed with      the SEC on April 3, 2009, NorthPointe Capital, LLC has sole voting power      with respect to 5,133,622 shares of Common Stock and dispositive power      with respect to all of these shares of Common  Stock. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                    |         |                                                                                                                                 |         |                                                                                       |                                                                                                        |                                                                                                                                     |      |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|--------------------------------------------------------------------------------------------------------------------------------------|--------------|--------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------|-----------|
| Plan      Category                                                                                                                                                                                                                                                      |    | Number of securities      to be  issued upon exercise of outstanding options,      warrants and rights |         | Weighted-average      exercise price of outstanding options,      warrants and rights |                                                                                                        | Number of securities      remaining available  for future issuance under equity      compensation plans(1) |      |
| Equity      compensation plans approved by security holders(2)                                                                                                                                                                                                          |    | 1,092,739                                                                                                                            | (3)          |                                                                                       |                  $4.83 |        (4)                                                                                                                          | 1,072,265 |   |
| Equity      compensation plans not approved by security holders(5)                                                                                                                                                                                                      |    | None                                                                                                                                 |    |                                                                                       | None                                                                                                        |                                                                                                                                | None      |   |
| Total                                            |    | 1,092,739                                                                                                                            |    |                                                                                       | $4.83                                                                                                       |                                                                                                                                | 1,072,265 |   |

| (1) | The      amounts indicated in this column exclude securities listed in the column      titled “Number of securities to be issued upon exercise of outstanding      options, warrants and rights.”                                                                                                                                                                                                                                                                                                                                                                                  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The      2007 Equity Incentive Plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |   |
| (3) | Includes      Long-Term Incentive Plan Units in Meruelo Maddux Properties, L.P., through      which we conduct most of our  business operations (our “Operating      Partnership”), are subject to forfeiture over a three-year period. Upon      achieving parity with the common units in our Operating Partnership and      becoming “redeemable” in accordance with the terms of the partnership      agreement of our Operating Partnership, LTIP units may be redeemed for      cash or, at our option, an equal number of shares of our Common      Stock. |   |   |
| (4) | The      exercise price is the weighted-average exercise price of the outstanding      options, warrants and rights described in the column to the      left.                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |
| (5) | The      Company does not have any equity compensation plans that have not been      approved by its stockholders.                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |

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| ·   | Certain      of our directors and officers received registration rights with respect to      the equity securities acquired by them in the formation transactions. The      registration rights included our agreement to file a shelf registration      statement with the SEC on or about the first anniversary of the closing of      our IPO, and thereafter to use our best efforts to have the registration      statement declared effective, covering the continuous resale of the shares      of Common Stock issued to the affiliates of Messrs. Meruelo and Maddux in      the formation transactions and the shares of Common Stock underlying the      LTIP units issued to our executive officers. We filed the registration      statement described above with the SEC on February 1, 2008.  The      registration statement was declared effective by the SEC on February 14,      2008 but is no longer available foruse. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Messrs.      Meruelo and Maddux, entities affiliated with them and Mr. Meruelo’s      parents guaranteed an aggregate of approximately $487.9 million in      obligations related to the contributed projects.  Since the IPO,      those individuals and entities have been released from approximately      $414.9 million in obligations to guarantee debt related to the contributed      projects. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | Following      our IPO and formation transactions, we continue to manage on a quarterly      fee-for-service basis six industrial and commercial properties and one      parcel of vacant land owned directly or indirectly by the parents of Mr.      Meruelo. Our management fees for these properties are 3.0% of the      properties’ gross revenues.  Management fees generated for the      year ended December 31, 2008 totaled$150,000. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We      acquired interests in our Overland Terminal Project from an entity owned      by the parents of Mr. Meruelo in September 2008 for a purchase price of      $16.7 million following litigation regarding the transfer of the property      that concluded in our favor.  We subsequently sold the project      to a third party. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | On      May 27, 2008, we completed the first part of an interim financing of our      operating project at 2000 San Fernando Road (Fedex) to an entity      controlled by the parents of Richard Meruelo.  As part of this      interim financing of this project, we sold this project to this related      party for approximately $28.4 million subject to a subsequent resale      agreement.  As part of this resale agreement, we participated      100% in the subsequent sale proceeds in excess of the original sales price      net of transaction costs plus an imputed 14.0% annual cost of carry to the      related party when this property was subsequently resold.  We      treated this transaction as a financing transaction and deferred a gain of      $9.0 million during the quarter ended June 30, 2008.  On August      15, 2008, the related party resold the project to a third party buyer for      $35.0 million. We received approximately $5.2 million of net proceeds      pursuant the resale agreement in August 2008.  We also      recognized the full $14.2 million gain on the sale related to this project      in our consolidated financial statements and recorded $1.1 million in      interest and transaction costs paid to the related  party. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                    |   |                                       |      |   |                                       |   |
|-------------------------|--------|--------------------------------------------|-----------|--------|--------------------------------------------|--------|
|                    |   | Year      EndedDecember 31, 2008 |      |   | Year EndedDecember 31, 2007 |   |
| Audit      Fees         |   | $                                          | 651,874   |   |                                       | $      | 539,589 |   |
| Audit-Related      Fees |   |                                       | —   |   |                                       |   | — |   |
| Tax      Fees           |   |                                       | 239,878   |   |                                       |   | 117,937 |   |
| All      Other Fees     |   |                                       | 157,269   |   |                                       |   | — |   |
| Total                   |   | $                                          | 1,049,021 |   |                                       | $      | 657,526 |   |

the effectiveness of internalcontrol over financial reporting.

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| ExhibitNumber |   | Description      of Exhibit                                                                                                                |
|---------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1          |   | Certification      of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley      Act of 2002                               |
| 31.2          |   | Certification      of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley      Act of 2002                               |
| 32.1          |   | Certification      of Chief Executive Officer pursuant to 18 U.S.C. 1350, as created by      Section 906 of the Sarbanes-Oxley Act of 2002 |
| 32.2          |   | Certification      of Chief Financial Officer pursuant to 18 U.S.C. 1350, as created by      Section 906 of the Sarbanes-Oxley Act of2002  |

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SIGNATURES

|                            | Meruelo Maddux Properties,      Inc. |                                                                |
|---------------------------------|--------------------------------------|---------------------------------------------------------------------|
|                            |                                 |                                                                |   |
| Date:       April 30, 2009 | By:                                  | /s/ Richard      Meruelo                                       |   |
|                            |                                 | Richard      Meruelo                                                |   |
|                            |                                 | Chief      Executive Officer and Chairman of the Board of Directors |   |
|                            |                                 |                                                                |   |

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| ExhibitNumber |   |  Description      of Exhibit                                                                                                          |
|---------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1          |   | Certification      of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley      Act of 2002                               |
| 31.2          |   | Certification      of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley      Act of 2002                               |
| 32.1          |   | Certification      of Chief Executive Officer pursuant to 18 U.S.C. 1350, as created by      Section 906 of the Sarbanes-Oxley Act of 2002 |
| 32.2          |   | Certification      of Chief Financial Officer pursuant to 18 U.S.C. 1350, as created by      Section 906 of the Sarbanes-Oxley Act of2002  |

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