Parkway Announces Pricing of Public Offering of Common Stock

         Parkway Announces Pricing of Public Offering of Common Stock

PR Newswire

ORLANDO, March 19, 2013

ORLANDO, March 19, 2013 /PRNewswire/ --Parkway Properties, Inc. (NYSE:PKY)
announced today the pricing of its previously announced underwritten public
offering of 11,000,000 shares of common stock at a public offering price of
$17.25 per share. The underwriters for the public offering have been granted
a 30-day option to purchase up to an additional 1,650,000 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 payable by the Company, will be approximately
$181.8 million, or $209.1 million if the underwriters exercise their option to
purchase additional shares in full. The shares are expected to be delivered
on or about March 25, 2013, subject to customary closing conditions.

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The Company intends to use the proceeds of the offering to redeem in full all
of the outstanding 8.00% Series D Cumulative Redeemable Preferred Stock, to
fund potential acquisition opportunities, to repay amounts outstanding from
time to time under its senior unsecured revolving credit facility and/or for
general corporate purposes.

BofA Merrill Lynch and Wells Fargo Securities are the joint lead-bookrunners
for the offering, and KeyBanc Capital Markets and RBC Capital Markets are the
joint bookrunners for the offering. The senior co-managers of the offering
are Credit Suisse and Raymond James, and the co-managers of the offering are
BMO Capital Markets and Stifel.

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; orWells
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

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 43 office properties
located in nine states with an aggregate of approximately 11.9 million square
feet of leasable space at January 1, 2013. Fee-based real estate services are
offered through wholly owned subsidiaries of the Company, which in total
manage and/or lease approximately 10.8 million square feet for third-party
owners at January 1, 2013.

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 intended use of net
proceeds from the offering, 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.

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

SOURCE Parkway Properties, Inc.

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