Parkway Announces Public Offering Of Common Stock

              Parkway Announces Public Offering Of Common Stock

PR Newswire

ORLANDO, Fla., Dec. 3, 2012

ORLANDO, Fla., Dec. 3, 2012 /PRNewswire/ --Parkway Properties, Inc. (NYSE:
PKY) announced today that it has commenced an underwritten public offering of
13,500,000 shares of common stock. The Company intends to grant the
underwriters a 30-day option to purchase up to an additional1,151,700 shares
of common stock. The Company intends to use a significant portion of the
proceeds of the offering to finance its recently announced acquisitions of
NASCAR Plaza and 525 North Tryon in Charlotte, North Carolina; Phoenix Tower
in Houston, Texas; and Tower Place 200 in Atlanta, Georgia. In addition, the
Company may use a portion of the proceeds of the offering to repay amounts
outstanding from time to time under its senior unsecured revolving credit
facility and/or for general corporate purposes.

(Logo: http://photos.prnewswire.com/prnh/20030513/PARKLOGO )

BofA Merrill Lynch, Barclays and Wells Fargo Securities are the joint
bookrunners for the offering. 

A registration statement relating to these securities has been filed with, and
declared effective by, the Securities and Exchange Commission. This offering
is being made pursuant to a prospectus supplement to the Company's prospectus,
dated December 5, 2011, filed as part of the Company's effective shelf
registration statement relating to these securities. A copy of the preliminary
prospectus supplement and accompanying base prospectus relating to these
securities can be obtained by contacting the underwriters as follows: BofA
Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department
or email at dg.prospectus_requests@baml.com; or Barclays, Attention:
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
or by calling 1-888-603-5847, or by email
atbarclaysprospectus@broadridge.com; or Wells Fargo Securities, Attention:
Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, or by
calling (800) 326-5897 or e-mail a request to cmclientsupport@wellsfargo.com.

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy any securities, nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or qualification
under the securities laws of such state or other jurisdiction.

About Parkway Properties

Parkway Properties, Inc., a member of the S&P Small Cap 600 Index, is a
self-administered real estate investment trust specializing in the ownership
of quality office properties in higher-growth submarkets in the Sunbelt region
of the United States. Parkway owns or has an interest in 38 office properties
located in nine states with an aggregate of approximately 10.0 million square
feet of leasable space at November 1, 2012. Fee-based real estate services
are offered through wholly owned subsidiaries of the Company, which in total
manage and/or lease approximately 11.6 million square feet for third-party
owners at November 1, 2012.

Forward Looking Statement

Certain statements in this press release that are not in the present or past
tense or that discuss the Company's expectations (including any use of the
words "anticipate," "assume," "believe," "estimate," "expect," "forecast,"
"guidance," "intend," "may," "might," "project", "should" or similar
expressions) are forward-looking statements within the meaning of the federal
securities laws and as such are based upon the Company's current beliefs as to
the outcome and timing of future events. There can be no assurance that actual
future developments affecting the Company will be those anticipated by the
Company. Examples of forward-looking statements include projected net
operating income, cap rates, internal rates of return, future dividend payment
rates, forecasts of FFO accretion, projected capital improvements, expected
sources of financing, expectations as to the timing of closing of
acquisitions, dispositions and other potential transactions and descriptions
relating to these expectations. These forward-looking statements involve
risks and uncertainties (some of which are beyond the control of the Company)
and are subject to change based upon various factors, including but not
limited to the following risks and uncertainties: changes in the real estate
industry and in performance of the financial markets; the demand for and
market acceptance of the Company's properties for rental purposes; the ability
of the Company to enter into new leases or renew leases on favorable terms;
the amount and growth of the Company's expenses; tenant financial difficulties
and general economic conditions, including interest rates, as well as economic
conditions in those areas where the Company owns properties; risks associated
with joint venture partners; risks associated with the ownership and
development of real property; termination of property management contracts;
the bankruptcy or insolvency of companies for which Parkway provides property
management services or the sale of these properties; the outcome of claims and
litigation involving or affecting the Company; the ability to satisfy
conditions necessary to close pending transactions and the ability to
successfully integrate pending transactions; applicable regulatory changes;
and other risks and uncertainties detailed from time to time in the Company's
SEC filings. Should one or more of these risks or uncertainties occur, or
should underlying assumptions prove incorrect, the Company's business,
financial condition, liquidity, cash flows and financial results could differ
materially from those expressed in the Company's forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made.
New risks and uncertainties arise over time, and it is not possible for us to
predict the occurrence of those matters or the manner in which they may affect
us. The Company does not undertake to update forward-looking statements
except as may be required by law.

Contact:
Thomas E. Blalock
Vice President of Investor Relations
(407) 650-0593

SOURCE Parkway Properties, Inc.

Website: http://www.pky.com
 
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