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Parkway Announces Pricing Of Public Offering Of Common Stock



         Parkway Announces Pricing Of Public Offering Of Common Stock

PR Newswire

ORLANDO, Fla., Dec. 4, 2012

ORLANDO, Fla., Dec. 4, 2012 /PRNewswire/ -- Parkway Properties, Inc. (NYSE:
PKY) announced today the pricing of an underwritten public offering of
13,500,000 shares of common stock at a public offering price of $13.00 per
share.  The underwriters for the public offering have been granted a 30-day
option to purchase up to an additional 1,151,700 shares of common stock at the
public offering price, less the underwriting discount.  The company estimates
that net proceeds, after deducting the underwriting discount and estimated
offering expenses, will be approximately $170.5 million, or $184.8 million if
the underwriters exercise their option to purchase additional shares in full.
 The shares are expected to be delivered on or about December 10, 2012,
subject to customary closing conditions.  

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

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.

BofA Merrill Lynch, Barclays and Wells Fargo Securities are the joint
bookrunners for the offering.  The senior co-managers of the offering are
Credit Suisse, PNC Capital Markets LLC and RBC Capital Markets, and the
co-managers of the offering are Piper Jaffray and Sandler O'Neill + Partners,
L.P.

A copy of the final 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
at barclaysprospectus@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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