JACKSON, Miss., May 1 /PRNewswire-FirstCall/ -- Parkway Properties,
Inc. (NYSE: PKY) today confirmed that the Teacher Retirement System of
Texas ("TRS") has approved a $262.5 million equity commitment to Parkway
Properties Office Fund II, LP. This release follows a recent disclosure to
an independent party by TRS as required under Texas law. The equity
commitment is subject to the execution of a partnership agreement and no
assurance can be given that an agreement will be reached. A press release
of complete terms of the equity commitment will be made upon execution of a
partnership agreement.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030513/PARKLOGO )
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 69 office
properties located in 11 states with an aggregate of approximately 14.1
million square feet of leasable space as of May 1, 2008. Included in the
portfolio are 21 properties totaling 3.8 million square feet that are owned
jointly with other investors, representing 27.2% 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 May 1,
2008.
Forward Looking Statement
Certain statements in this release that are not in the present or past
tense or discuss the Company's expectations (including the use of the words
anticipate, forecast or project) are forward-looking statements within the
meaning of the federal securities laws and as such are based upon the
Company's current belief as to the outcome and timing of future events.
There can be no assurance that future developments affecting the Company
will be those anticipated by the Company. 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 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; the risks associated with the ownership and development of real
property; the failure to acquire or sell properties as and when
anticipated; and other risks and uncertainties detailed from time to time
on the Company's SEC filings. Should one or more of these risks or
uncertainties occur, or should underlying assumptions prove incorrect, the
Company's results could differ materially from those expressed in the
forward-looking statements. The Company does not undertake to update
forward-looking statements.
CONTACT: STEVEN G. ROGERS
PRESIDENT & CHIEF EXECUTIVE OFFICER
J. MITCHELL COLLINS
CHIEF FINANCIAL OFFICER
(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
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
http://www.prnewswire.com/comp/103115.html /
CONTACT:
Steven G. Rogers, President & Chief Executive
Officer, or J. Mitchell Collins, Chief Financial Officer,
+1-601-948-4091, both of Parkway Properties, Inc.
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