PARKWAY PROPERTIES INC

PARKWAY PROPERTIES INC

Previous company name
PARKWAY CO
Name change date
10/18/1995
Company Overview
Parkway Properties, Inc., headquartered in Jackson, Mississippi, is a self-administered real estate investment trust specializing in the operation, leasing, acquisition, and ownership of office properties. The company is geographically focused on the Southeastern and Southwestern United States and Chicago. Parkway owns or has an interest in 65 office properties located in 11 states with an aggregate of approximately 12.9 million square feet of leasable space as of August 2007.
Parkway’s portfolio includes 18 properties totaling 2.7 million square feet that are owned jointly with other investors, representing 21 percent of the portfolio. The company also offers fee based real estate services through its wholly owned subsidiary, Parkway Realty Services. Parkway Realty Services (PRS), founded in 1983, offers full-service leasing, management, construction, acquisition, disposition and tenant representation services to several third party clients.
Parkway’s goal is to transform its strategy from being an owner-operator to being an operator-owner. This strategy highlights the company’s strength in providing excellent service in the operation of office properties in addition to its direct ownership of real estate assets.
Parkway is active in the US. The company has strategic locations in Houston, San Antonio, Austin, Dallas, Tampa/ St. Petersburg, Jacksonville, South Florida, Atlanta, Charlotte, Chicago, Phoenix, Nashville, Orlando, Memphis, Washington D.C., and Northern Virginia.
Business Summary
Parkway Properties, Inc. (Parkway) is a self-administered real estate investment trust (REIT) specializing in the operation, leasing, acquisition and ownership of office properties. The Company performs these services for its own account and for other institutional investors through co-ownership structures, such as discretionary funds and/or partnerships. Parkwat focuses on the Southeastern and Southwestern United States and Chicago. As of January 1, 2010, Parkway owned or had an interest in 65 office properties located in 11 states with an aggregate of approximately 13.4 million square feet of leasable space. Included in the portfolio are one discretionary fund and several partnership arrangements, which encompass 21 properties totaling 3.9 million square feet, representing 29% of the portfolio. With the discretionary fund and/or partnerships, the Company receives fees for asset management, property management, leasing and construction management services.
Description and history
Parkway Properties, Inc. (Parkway) is a self-administered real estate investment trust (REIT) specializing in the operation, leasing, acquisition and ownership of office properties. The Company performs these services for its own account and for other institutional investors through co-ownership structures, such as discretionary funds and/or partnerships. Parkwat focuses on the Southeastern and Southwestern United States and Chicago.

As of January 1, 2010, Parkway owned or had an interest in 65 office properties located in 11 states with an aggregate of approximately 13.4 million square feet of leasable space. Included in the portfolio are one discretionary fund and several partnership arrangements, which encompass 21 properties totaling 3.9 million square feet, representing 29% of the portfolio. With the discretionary fund and/or partnerships, the Company receives fees for asset management, property management, leasing and construction management services and potentially receives incentive fees upon sale if certain investment targets are achieved. Fee-based real estate services are offered through the Company’s wholly owned subsidiary, Parkway Realty Services LLC (Parkway Realty), which also manages and/or leases approximately 1.3 million square feet for third-party owners as of January 1, 2010.

At December 31, 2009, Parkway had two discretionary funds and five partnership agreements. As of December 31, 2009, Parkway Realty currently managed and/or leased approximately 5.2 million net rentable square feet for third-party owners, joint venture interests and fund properties. During the year ended December 31, 2009, the Company expanded Parkway Realty in Jacksonville, Florida and Houston, Texas. The Company’s properties are leased to 1,332 customers, which are in a variety of industries, including banking, insurance, professional services (including legal, accounting, and consulting), energy, financial services and telecommunications. Parkway serves as the general partner of Parkway Properties Office Fund, LP (Ohio PERS Fund I) and provides asset management, property management, leasing and construction management services to the fund. In 2009, Parkway sold two office properties. On January 20, 2010, the Company’s joint venture partner, Rubicon U.S. REIT, filed for Chapter 11 bankruptcy protection.

Business Line
A self-administered real estate investment trust specializing in the operation, leasing, acquisition, and ownership of office properties
Subsidiary
PARKWAY JACKSON LLC
Advisor
KPMG LLP
IPO date
8/22/1996
US SIC Code
6798
Company Address
P. O. Box 24647
One Jackson Place, Suite 1000
City province or state postal code
39225, JACKSON, MS
Phone: +1 601 948 4091
Fax: +1 601 949 4077
Country address: UNITED STATES OF AMERICA
Website url: www.pky.com