JACKSON, Miss., Feb. 5 /PRNewswire-FirstCall/ -- Parkway Properties,
Inc. (NYSE: PKY) announced today the appointment of J. Mitchell Collins as
Executive Vice President, Chief Financial Officer and Secretary of the
Company effective March 1, 2008. Mr. Collins previously served as Executive
Vice President and Chief Financial Officer of Equity Inns, Inc., a public
hotel REIT that was sold in October 2007 to the Whitehall Street Global
Real Estate Limited Partnership 2007, an affiliate of Goldman Sachs. Mr.
Collins served Equity Inns from January 2004 to December 2007 during a
period of rapid expansion, helping the company grow from approximately $800
million to over $2.2 billion in total enterprise value. During this
timeframe, Equity Inns completed the acquisition of nearly 60 hotels for
more than $625 million, completed long-term debt issuances and refinancings
totaling over $500 million and completed more than $165 million in common
or preferred stock offerings. Prior to joining Equity Inns, Mr. Collins
served as Executive Vice President and Chief Financial Officer of
ResortQuest International, Inc. from March 2000 through January 2004 and as
a professional in the accounting firm of Arthur Andersen LLP from August
1990 through March 2000.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030513/PARKLOGO )
Steven G. Rogers, President and Chief Executive Officer stated, "We are
pleased to have Mitch joining the Parkway team, bringing a great depth of
knowledge and experience in the REIT industry. His background in the
hospitality sector dovetails nicely with Parkway's passion for delivering
exceptional customer service. Mitch's experience in all areas of capital
markets, accounting, finance, investor relations and corporate governance
will complement the skills of our existing management team and allow him to
hit the ground running. I look forward to working with Mitch and have the
utmost confidence in his integrity, business acumen, and knowledge of the
REIT industry."
"I also want to take a moment to thank Mandy Pope for her leadership of
the expanded accounting and finance team during this interim period. She
has served the Company well and turns the team over to Mitch in great
shape."
Mr. Collins stated, "I am excited to be joining Parkway, with its deep
history of operating and owning top real estate properties in the office
sector. I am also honored to be joining such an exceptional and experienced
management team. I am looking forward to getting up to speed quickly with
the Company's core strategies in order to help Parkway to continue to
deliver solid returns to our shareholders over the long term."
Mr. Collins graduated with honors from both the University of
Mississippi (B.S. Accounting) and Vanderbilt University (Masters of
Business Administration). While working with Equity Inns in Memphis,
Tennessee, Mr. Collins' civic contributions included serving on the Board
of Directors of the Memphis Zoo, the Board of Trustees of the Dixon Gallery
and Gardens and the Board of Directors of The Orpheum Theatre. Mr. Collins
is also a member of the American Institute of Certified Public Accountants.
Parkway Properties, Inc., a member of the S&P Small Cap 600 Index, is a
self-administered real estate investment trust specializing in the
operation, leasing, acquisition, and ownership of office properties. The
Company is geographically focused on the Southeastern and Southwestern
United States and Chicago. Parkway owns or has an interest in 68 office
properties located in 11 states with an aggregate of approximately 13.5
million square feet of leasable space as of February 5, 2008. Included in
the portfolio are 20 properties totaling 3.2 million square feet that are
owned jointly with other investors, representing 24% of the portfolio.
Under the Company's GEAR UP Plan, which started January 1, 2006 and ends
December 31, 2008, it is the Company's strategy to transform from an
owner-operator to an operator-owner. The strategy highlights the Company's
strength in providing excellent service in the operation of office
properties in addition to its direct ownership of real estate assets.
Fee-based real estate services are offered through the Company's wholly
owned subsidiary, Parkway Realty Services, which also manages and/or leases
approximately 1.8 million square feet for third party owners as of February
5, 2008.
Parkway Properties, Inc.'s press releases and additional information
about the Company are available on the World Wide Web at
http://www.pky.com.
CONTACT: STEVEN G. ROGERS
PRESIDENT & CHIEF EXECUTIVE OFFICER
SARAH P. CLARK
SENIOR VICE PRESIDENT
(601) 948-4091
SOURCE Parkway Properties, Inc.
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Related links:
http://www.pky.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20030513/PARKLOGO
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CONTACT:
Steven G. Rogers, President & Chief Executive
Officer, or Sarah P. Clark, Senior Vice President, both of
Parkway Properties, Inc., +1-601-948-4091
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