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Last $17.37 USD
Change Today +0.03 / 0.17%
Volume 264.1K
PKY On Other Exchanges
Symbol
Exchange
Frankfurt
As of 4:15 PM 03/27/15 All times are local (Market data is delayed by at least 15 minutes).

parkway properties inc (PKY) Snapshot

Open
$17.41
Previous Close
$17.34
Day High
$17.41
Day Low
$17.24
52 Week High
07/24/14 - $21.80
52 Week Low
03/6/15 - $16.60
Market Cap
1.9B
Average Volume 10 Days
658.5K
EPS TTM
$0.44
Shares Outstanding
111.1M
EX-Date
03/9/15
P/E TM
39.7x
Dividend
$0.75
Dividend Yield
4.32%
Current Stock Chart for PARKWAY PROPERTIES INC (PKY)

parkway properties inc (PKY) Related Businessweek News

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parkway properties inc (PKY) Details

Parkway Properties, Inc., a real estate investment trust (REIT), engages in the operation, acquisition, ownership, management, and leasing of office properties. It operates and invests principally in office properties in the southeastern and southwestern United States and Chicago. The company also offers real estate services. As of April 1, 2005, Parkway Properties had an interest in 64 office properties located in 11 states. It leased office properties to approximately 1,317 customers that comprise various industries, including government agencies, banking, professional services, energy, financial services, and telecommunications. As a REIT, the company would not be subject to federal tax to the extent that it distributes at least 90% of its taxable income to its shareholders. Parkway Properties is based in Orlando, Florida.

322 Employees
Last Reported Date: 02/25/15

parkway properties inc (PKY) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $1.5M
Chief Financial Officer and Executive Vice Pr...
Total Annual Compensation: $774.7K
Chief Operating Officer and Executive Vice Pr...
Total Annual Compensation: $547.4K
Executive Vice President, General Counsel and...
Total Annual Compensation: $462.5K
Compensation as of Fiscal Year 2013.

parkway properties inc (PKY) Key Developments

Parkway Properties, Inc. Declares Quarterly Dividend, Payable on March 25, 2015

Parkway Properties Inc. announced that its Board of Directors has declared a quarterly dividend of $0.1875 per share, payable on March 25, 2015 to shareholders of record of common stock on March 11, 2015. This dividend is the 114th consecutive quarterly distribution to Parkway's shareholders of common stock and represents an annualized dividend rate of $0.75 per share.

Parkway Properties Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Earnings Guidance for the Year 2015; Announces Impairment Loss on Real Estate for the Fourth Quarter of 2014

Parkway Properties Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company announced total revenues of $126,382,000 compared to $77,466,000 for the same period a year ago. Operating loss was $6,872,000 compared to operating loss of $4,739,000 for the same period a year ago. Income before income taxes $43,638,000 compared to loss of $16,026,000 for the same period a year ago. Income from continuing operations was $44,262,000 or $0.38 per diluted share compared to loss of $16,353,000 or $0.20 per diluted share for the same period a year ago. Net income attributable to common stockholders was $42,428,000 compared to loss of $8,557,000 for the same period a year ago. Funds from operations were $35,594,000 compared to $11,081,000 for the same period a year ago. Recurring FFO was $42,051,000 compared to $22,761,000 for the same period a year ago. Total recurring capital expenditures were $16,088,000 compared to $8,437,000 for the same period a year ago. FFO per diluted share was $0.31 compared to $0.15 for the same period a year ago. Recurring FFO per diluted share was $0.36 compared to $0.31 for the same period a year ago. EBITDA – adjusted annualized was $251,878,000 compared to $239,471,000 for the same period a year ago. For the year, the company announced total revenues of $456,701,000 compared to $291,579,000 for the same period a year ago. Operating income was $19,623,000 compared to $6,488,000 for the same period a year ago. Income before income taxes $34,275,000 compared to loss of $36,720,000 for the same period a year ago. Income from continuing operations was $34,136,000 or $0.33 per diluted share compared to loss of $35,315,000 or $0.60 per diluted share for the same period a year ago. Net income attributable to common stockholders was $42,943,000 or $0.42 per diluted share compared to net loss attributable to common stockholders of $29,687,000 or $0.45 per diluted share for the same period a year ago. Funds from operations were $143,916,000 compared to $59,901,000 for the same period a year ago. Recurring FFO was $157,243,000 compared to $83,947,000 for the same period a year ago. Total recurring capital expenditures were $45,020,000 compared to $19,635,000 for the same period a year ago. FFO per diluted share was $1.34 compared to $0.90 for the same period a year ago. Recurring FFO per diluted share was $1.47 compared to $1.26 for the same period a year ago. EBITDA – adjusted annualized was $224,155,000 compared to $214,812,000 for the same period a year ago. For the year, the company expects fully diluted EPS in the range of $0.02 to $0.12. Reported FFO per diluted share is expected in the range of $1.32 to $1.42. Recurring FFO per diluted share is expected in the range of $1.32 to $1.42. Recurring capital expenditures for building improvements, tenant improvements and leasing commissions are expected to be between $64,000,000 and $68,000,000. The company has provided guidance ranges for the underlying assumptions related to its FFO outlook in its fourth quarter earnings release, but there are few line items worth noting. The company’s full year recurring cash NOI outlook of $203 million to $209 million includes the impact of downtime and free rent associated with the big 5 Texas leases: Statoil, BMC Software, Ion Geophysical, Nabors and HOK Group. For the quarter, the company announced impairment loss on real estate of $11,700,000.

Parkway Properties, Inc. Reports Preliminary Operating Results for the Fourth Quarter Ended December 31, 2014; Provides Impairment Charges for the Fourth Quarter Ended December 31, 2014; Revises Earnings Guidance for the Year 2014; Provides Earnings Guidance for the Year 2015

Parkway Properties Inc. reported preliminary operating results for the fourth quarter ended December 31, 2014. For the fourth quarter 2014, Parkway signed a total of 936,000 square feet of leases at an average rent per square foot of $32.20 and at an average cost of $5.11 per square foot per year compared to 572,000 square feet of leases at an average rent per square foot of $23.32 and at an average cost of $3.53 per square a year ago. For the fourth quarter 2014, the company recorded a pre-tax impairment charge of $4.8 million in the fourth quarter of 2014. For the year 2014, the company is revising its 2014 FFO outlook to a range of $1.32 to $1.34 per diluted share and adjusting its earnings (loss) per diluted share outlook to a range of $0.37 to $0.39. Excluding the impact of one-time items, including the management contract intangible impairment charge, net of tax, the loss on extinguishment of debt in anticipation of the sale of Raymond James Tower, acquisition costs, severance and realignment expenses, including those associated with the termination of Henry F. Pratt, III's employment, and other non-recurring items, all of which total approximately $13.34 million, the company's 2014 recurring FFO outlook is being updated to a range of $1.45 to $1.47 per diluted share. For the 2015, the company is providing FFO outlook range of $1.32 to $1.42 per share and 2015 EPS outlook range of $0.02 to $0.12.

 

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Valuation PKY Industry Range
Price/Earnings 56.6x
Price/Sales 4.2x
Price/Book 1.4x
Price/Cash Flow 8.5x
TEV/Sales NM Not Meaningful
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