Parkway Announces Series D Preferred Stock Redemption

            Parkway Announces Series D Preferred Stock Redemption

PR Newswire

ORLANDO, Fla., April 25, 2013

ORLANDO, Fla., April 25, 2013 /PRNewswire/ -- Parkway Properties, Inc. (NYSE:
PKY) announced today that it has redeemed all of its outstanding 8.00% Series
D Cumulative Redeemable Preferred Stock. Parkway paid $136.6 million to
redeem the 5,421,296 outstanding shares, which includes the $25.00 per share
redemption price and payment of accrued dividends. Parkway expects to record
a $6.6 million non-cash charge related to the redemption of these preferred
shares during the second quarter of 2013 representing the difference between
the costs associated with the issuance, including the price at which such
shares were paid, and the redemption price.

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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. Additional information about Parkway is available
on the Company's website at 

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

SOURCE Parkway Properties, Inc.

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