JACKSON, Miss., May 7 /PRNewswire-FirstCall/ -- Parkway Properties,
Inc. (NYSE: PKY) today announced results for its first quarter ended March
31, 2007.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030513/PARKLOGO )
Consolidated Financial Results
-- Funds from operations ("FFO") applicable to common shareholders totaled
$16.2 million ($1.02 per diluted share) for the three months ended
March 31, 2007 compared to $13.6 million ($0.94 per diluted share) for
the three months ended March 31, 2006.
The following items contributed to FFO
(in thousands) 1Q07 1Q06
Lease termination fees $548 $230
Straight line rent 1,303 1,558
Amortization of above market rent (352) (409)
Gain on land 50 -
Prepayment income on extinguishment of debt 124 -
Adjustments for minority interest partners (772) (35)
Average occupancy 91.1% 89.0%
-- Funds available for distribution ("FAD") totaled $11.5 million for the
three months ended March 31, 2007 compared to $6.4 million for the
three months ended March 31, 2006.
-- Net loss available to common shareholders for the three months ended
March 31, 2007 was $772,000 ($.05 per diluted share) compared to
$46,000 ($0.00 per diluted share) for the three months ended March 31,
2006.
Asset Recycling
-- On February 28, 2007, the Company purchased 2.5 acres of land in
Jackson, MS for $1.8 million. This land was purchased as part of the
Company's plan to develop the 194,000 square foot, 72% pre-leased
office building known as The Pinnacle at Jackson Place announced in
2006. The Company expects to joint venture the new development,
retaining a 20% ownership interest. The development is designed to
utilize benefits available under the Gulf Opportunity Zone Act for new
developments in areas affected by Hurricane Katrina. The estimated
cost of the development is $42.5 million with expected completion in
the fall of 2008.
-- Subsequent to quarter end, the Company reached agreement with an
unrelated purchaser and received $2 million in non refundable earnest
money for the sale of two wholly-owned buildings located in Knoxville,
Tennessee. These properties represent approximately 549,000 rentable
square feet. The estimated gross sales proceeds are expected to be
approximately $59 million, which represents a capitalization rate of
7.3% based on projected 2007 GAAP net operating income and 7.4% based
on 2007 cash net operating income. These cap rates do not include
management fees of approximately $264,000 that the Company currently
realizes, which accounts for an approximate 40 basis point increase in
the cap rate when included. Management is currently working to
negotiate a joint venture agreement and/or long-term management
contract with the buyer. The Company will release detailed
information about the sale upon closing, which is scheduled to be
completed in the second quarter of 2007.
Operations and Leasing
-- Parkway's customer retention rate for the quarter ending March 31, 2007
was 52.4% compared to 76% for the quarter ending December 31, 2006 and
77.4% for the quarter ending March 31, 2006. The primary reason for
the decrease in customer retention for the quarter ending March 31,
2007 is the previously disclosed loss of a 100,000 square foot customer
in Boulders Center in Richmond, VA, effective March 31, 2007.
-- As of April 1, 2007, occupancy of the office portfolio was 90.9%
compared to 90.8% as of January 1, 2007 and 89.4% as of April 1, 2006.
Not included in the April 1, 2007 occupancy rate are 24 signed leases
totaling 147,000 square feet, which commence in the second and third
quarters of 2007. Including these leases, the portfolio is 92% leased
as of April 13, 2007. Average occupancy for the first quarter was
91.1%, which is consistent with prior earnings guidance. This compares
to average occupancy for the first quarter of 2006 of 89%.
-- During the quarter ending March 31, 2007, 70 leases were renewed or
expanded on 279,000 rentable square feet at an average rental rate
increase of 1.2% on a cash basis and a cost of $2.22 per square foot
per year of the lease term in committed tenant improvements and leasing
commissions ("leasing costs").
-- During the quarter ending March 31, 2007, 43 new leases were signed on
142,000 rentable square feet at a cost of $4.21 per square foot per
year of the lease term in committed leasing costs.
-- Same store assets produced an increase in net operating income ("NOI")
of $2.2 million or 8.9% for the three months ended March 31, 2007
compared to the same period of the prior year on a GAAP basis. Same
store NOI increased $2.9 million or 12.4% for the three months ended
March 31, 2007 compared to the same period of the prior year on a cash
basis. The increase in same store NOI is primarily attributable to an
increase in same store average occupancy from 88.8% in the first
quarter of 2006 to 91.7% in the first quarter of 2007. Additionally,
same store rental rates increased 1.5% for the same period.
Capital Markets and Financing
-- The Company's previously announced cash dividend of $0.65 per share for
the quarter ended March 31, 2007 represents a payout of approximately
63.4% of FFO per diluted share. The first quarter dividend was paid on
March 28, 2007 and equates to an annualized dividend of $2.60 per
share, a yield of 4.9% on the closing stock price on May 4, 2007 of
$53.01. This dividend is the 82nd consecutive quarterly distribution
to Parkway's shareholders of common stock.
-- As of March 31, 2007, the Company's debt-to-total market capitalization
ratio was 47.4% based on a stock price of $52.25 compared to 47.9% as
of December 31, 2006 based on a stock price of $51.01 and 48.5% as of
March 31, 2006 based on a stock price of $43.68.
-- On February 9, 2007, the discretionary fund with Ohio PERS ("the
Fund"), of which Parkway owns 25%, placed a $31.5 million ten-year non-
recourse first mortgage at a rate of 5.61% in connection with the
purchase of Overlook II in Atlanta, GA. Payments during the mortgage
term will be on an interest only basis and the loan matures on March 1,
2017. Ohio PERS' share of the mortgage proceeds in the amount of $23.6
million was distributed to the partner in the second quarter, which
accounts for the decrease in minority interest in real estate
partnerships.
-- On March 1, 2007, the Company paid off the $18 million first mortgage
secured by Citrus Center in Orlando, FL. The mortgage had an interest
rate of 6% and was previously scheduled to mature on August 1, 2007.
Outlook for 2007
The Company is forecasting FFO per diluted share of $3.80 to $4.00 and
EPS of $3.30 to $3.50 for 2007. The reconciliation of forecasted EPS to
forecasted FFO per diluted share is as follows:
Guidance for 2007 Range
Fully diluted EPS $3.30 - $3.50
Plus: Real estate depreciation and amortization $4.56 - $4.60
Plus: Depreciation on unconsolidated joint ventures $0.08 - $0.11
Less: Gain on sale of real estate and
joint venture interests ($3.56 - $3.62)
Less: Minority interest depreciation and amortization ($0.58 - $0.59)
Fully diluted FFO per share $3.80 - $4.00
Earnings guidance is based on the following assumptions:
-- Average occupancy for the second, third and fourth quarters of 91%, 93%
and 94%, respectively, with an average annual occupancy of 92%.
-- An average same store NOI growth for the remainder of 2007 of
approximately 3% on a GAAP basis for an annual same store NOI growth of
5%. On a cash basis, annual same store NOI is expected to increase
approximately 8%. Same store NOI growth for the first quarter exceeded
the Company's expectation due mainly to several non-recurring income
items recorded in the first quarter and operating expense items that
were projected to occur in the first quarter that are now projected to
occur in the second quarter. Rental revenue for the first quarter was
in-line with Company's expectations.
-- Straight line rent adjustment is expected to be approximately $1.8
million for the remainder of 2007 versus $3.7 million for same period
during 2006, reflecting the reduction in rent concessions in 2007 as
compared to 2006.
-- Interest rate on non-hedged floating rate debt of 6.62% for the second
quarter and 6.50% for the third and fourth quarters of the year for an
average interest rate of 6.56%.
-- New investments for the discretionary fund in addition to the
investments projected for 2007 totaling $170 million at an average
acquisition capitalization rate of 7% on the assets and 9% to Parkway
when including various recurring fees.
-- No lease termination fee income is assumed for the second, third and
fourth quarters of 2007 as compared to $386,000 recorded during the
same periods in 2006.
-- The prior assumption for a fee simple sale of an asset in Columbia,
South Carolina on June 1, 2007 has been moved to October 1, 2007 and
included with the Columbia joint venture assumptions stated below.
-- Contributions of assets to funds or similar ventures, where the Company
will retain 25% ownership interest, are projected to be made as shown
below:
-- Assets in Knoxville, Tennessee totaling 549,000 square feet with an
estimated value of $59 million in late second quarter;
-- Assets in Virginia totaling 883,000 square feet with an estimated
value of $97 million on July 1, 2007;
-- Three assets in Columbia, South Carolina totaling 867,000 square
feet with an estimated value of $106 million on October 1, 2007.
-- Debt prepayment penalties and expense of $2.8 million, or $.18 per
diluted share in FFO, are projected on the dispositions in 2007.
-- The Company's debt to market capitalization is expected to range from
47% to 49% throughout the rest of 2007 as these capital events take
place, with a projected ending debt to market capitalization of 47.5%,
calculated using the March 30, 2007 closing stock price of $52.25 per
share.
-- Proceeds from dispositions are used to pay down short-term debt with an
interest rate of 6.5% at the time of sale.
-- Fee simple acquisitions of $150 million are projected as follows:
-- $50 million on June 1, 2007 at a 7% cap rate;
-- $50 million on August 1, 2007 at a 7% cap rate;
-- $50 million on November 1, 2007 at a 7% cap rate.
Steven G. Rogers, President and Chief Executive Officer stated, "I am
pleased with our strong operating results in the first quarter. Market
rental rates continue to improve, as evidenced by the increase in our
embedded growth from $.53 per square foot last quarter to $.74 per square
foot this quarter and we continue to see momentum building in our leasing
program. We are nearly half way complete with the GEAR UP Plan and the Plan
is working."
GEAR UP
On January 1, 2006, the Company initiated a new operating plan that
will be referred to as the "GEAR UP" Plan. At the heart of the GEAR UP Plan
are Great People transforming Parkway through Equity Opportunities and
Asset Recycling from an owner-operator to an operator-owner. Our
long-standing commitment to Retain our Customers and provide an
Uncompromising Focus on Operations remains steadfast. We believe that by
accomplishing these goals we can deliver excellent Performance to our
shareholders. Performance for the GEAR UP Plan will be measured as the sum
of adjusted funds available for distribution, as defined by the Company,
cumulative over the three years of the plan. The goal for cumulative
adjusted funds available for distribution is $7.18 per diluted share.
Actual adjusted funds available for distribution for 2006 exceeded the
amount projected by the Company at the beginning of the plan by $.29 per
diluted share.
Additional Information
The Company will conduct a conference call to discuss the results of
its first quarter operations on Tuesday, May 8, 2007, at 11:00 a.m. Eastern
Time. The number for the conference call is 800-289-0518. A taped replay of
the call can be accessed 24 hours a day through May 18, 2007 by dialing
888-203-1112 and using the pass code of 3807174. An audio replay will be
archived and indexed in the investor relations section of the Company's
website at http://www.pky.com. A copy of the Company's 2007 first quarter
supplemental financial and property information package is available by
accessing the Company's website, emailing your request to rjordan@pky.com
or calling Rita Jordan at 601-948-4091. Please participate in the visual
portion of the conference call by accessing the Company's website and
clicking on the "1Q Call" icon. By clicking on topics in the left margin,
you can follow visual representations of the presentation.
Additional information on Parkway Properties, Inc., including an
archive of corporate press releases and conference calls, is available on
the Company's website. The Company's first quarter 2007 Supplemental
Operating and Financial Data, which includes a reconciliation of Non-GAAP
financial measures, is available on the Company's website.
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
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 66 office
properties located in 11 states with an aggregate of approximately 13.3
million square feet of leasable space as of May 7, 2007. Included in the
portfolio are 17 properties totaling 2.5 million square feet that are owned
jointly with other investors, representing 19% 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 goal to transform its strategy from being an
owner-operator to being 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 1.2 million square feet for third party owners as of
May 7, 2007.
Certain statements in this release that are not in the present 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.
FOR FURTHER INFORMATION:
Steven G. Rogers
President & Chief Executive Officer
William R. Flatt
Chief Financial Officer
(601) 948-4091
PARKWAY PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
March 31 December 31
2007 2006
(Unaudited)
Assets
Real estate related investments:
Office and parking properties $1,526,346 $1,517,468
Accumulated depreciation (225,172) (211,187)
1,301,174 1,306,281
Land available for sale 1,467 1,467
Investment in unconsolidated joint
ventures 11,087 11,179
1,313,728 1,318,927
Rents receivable and other assets 103,187 107,145
Intangible assets, net 77,727 81,800
Cash and cash equivalents 8,304 4,474
$1,502,946 $1,512,346
Liabilities
Notes payable to banks $172,034 $152,312
Mortgage notes payable 705,443 696,012
Accounts payable and other liabilities 65,357 72,659
Subsidiary redeemable preferred
membership interests 10,741 10,741
953,575 931,724
Minority Interest
Minority Interest - unit holders 36 36
Minority Interest - real estate
partnerships 66,958 90,280
66,994 90,316
Stockholders' Equity
8.00% Series D Preferred stock, $.001
par value, 2,400,000 shares authorized,
issued and outstanding 57,976 57,976
Common stock, $.001 par value,
67,600,000 shares authorized,
15,886,801 and 15,764,799 shares
issued and outstanding
in 2007 and 2006, respectively 16 16
Common stock held in trust, at cost,
111,000 and 115,000
shares in 2007 and 2006, respectively (3,759) (3,894)
Additional paid-in capital 452,382 449,141
Accumulated other comprehensive income 591 828
Retained deficit (24,829) (13,761)
482,377 490,306
$1,502,946 $1,512,346
PARKWAY PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Three Months Ended
March 31
2007 2006
(Unaudited)
Revenues
Income from office and parking properties $61,538 $48,661
Management company income 333 362
Total revenues 61,871 49,023
Expenses
Property operating expense 28,234 23,629
Depreciation and amortization 19,211 13,526
Operating expense for other real estate properties 1 1
Management company expenses 268 375
General and administrative 1,645 1,146
Total expenses 49,359 38,677
Operating income 12,512 10,346
Other income and expenses
Interest and other income 146 19
Equity in earnings of unconsolidated joint ventures 305 410
Gain on sale of real estate 50 -
Interest expense (13,084) (9,426)
Income (loss) before minority
interest and discontinued operations (71) 1,349
Minority interest - real estate partnerships 471 80
Income from continuing operations 400 1,429
Discontinued operations:
Income from discontinued operations 28 312
Net income 428 1,741
Dividends on preferred stock (1,200) (1,200)
Dividends on convertible preferred stock - (587)
Net loss available to common stockholders $(772) $(46)
Net income (loss) per common share:
Basic:
Loss from continuing operations $(0.05) $(0.02)
Discontinued operations - 0.02
Net loss $(0.05) $-
Diluted:
Loss from continuing operations $(0.05) $(0.02)
Discontinued operations - 0.02
Net loss $(0.05) $-
Dividends per common share $0.65 $0.65
Weighted average shares outstanding:
Basic 15,616 14,049
Diluted 15,616 14,049
PARKWAY PROPERTIES, INC.
RECONCILIATION OF FUNDS FROM OPERATIONS AND
FUNDS AVAILABLE FOR DISTRIBUTION TO NET INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2007 AND 2006
(In thousands, except per share data)
Three Months Ended
March 31
2007 2006
(Unaudited)
Net Income $428 $1,741
Adjustments to Net Income:
Preferred Dividends (1,200) (1,200)
Convertible Preferred Dividends - (587)
Depreciation and Amortization 19,211 13,526
Depreciation and Amortization -
Discontinued Operations - 200
Minority Interest Depreciation and Amortization (2,391) (410)
Adjustments for Unconsolidated Joint Ventures 161 289
Funds From Operations Applicable to
Common Shareholders (1) $16,209 $13,559
Funds Available for Distribution
Funds From Operations Applicable to
Common Shareholders $16,209 $13,559
Add (Deduct):
Adjustments for Unconsolidated Joint Ventures (84) (466)
Adjustments for Minority Interest in
Real Estate Partnerships 418 45
Straight-line Rents (1,303) (1,581)
Straight-line Rents - Discontinued Operations - 23
Amortization of Above/Below Market Leases 352 409
Amortization of Share Based Compensation 353 147
Capital Expenditures:
Building Improvements (918) (1,207)
Tenant Improvements - New Leases (1,037) (1,714)
Tenant Improvements - Renewal Leases (1,627) (1,674)
Leasing Costs - New Leases (441) (262)
Leasing Costs - Renewal Leases (395) (928)
Funds Available for Distribution (1) $11,527 $6,351
Diluted Per Common Share/Unit Information (**)
FFO per share $1.02 $0.94
Dividends paid $0.65 $0.65
Dividend payout ratio for FFO 63.42% 69.09%
Weighted average shares/units outstanding 15,816 15,036
Other Supplemental Information
Upgrades on Acquisitions $1,946 $1,525
Gain on Non Depreciable Assets $50 $-
**Information for Diluted Computations:
Convertible Preferred Dividends $- $587
Basic Common Shares/Units Outstanding 15,617 14,050
Convertible Preferred Shares Outstanding - 803
Dilutive Effect of Other Share Equivalents 199 183
(1) Parkway computes FFO in accordance with standards established by
the National Association of Real Estate Investment Trusts ("NAREIT"), which
may not be comparable to FFO reported by other REITs that do not define the
term in accordance with the current NAREIT definition. FFO is defined as
net income, computed in accordance with generally accepted accounting
principles ("GAAP"), excluding gains or losses from the sales of
properties, plus real estate related depreciation and amortization and
after adjustments for unconsolidated partnerships and joint ventures.
There is not a standard definition established for FAD. Therefore, our
measure of FAD may not be comparable to FAD reported by other REITs. We
define FAD as FFO, excluding the amortization of restricted shares,
amortization of above/below market leases and straight line rent
adjustments, and reduced by non-revenue enhancing capital expenditures for
building improvements, tenant improvements and leasing costs. Adjustments
for unconsolidated partnerships and joint ventures are included in the
computation of FAD on the same basis.
PARKWAY PROPERTIES, INC.
CALCULATION OF EBITDA AND COVERAGE RATIOS
FOR THE THREE MONTHS ENDED MARCH 31, 2007 AND 2006
(In thousands)
Three Months Ended
March 31
2007 2006
(Unaudited)
Net Income $428 $1,741
Adjustments to Net Income:
Interest Expense 12,915 9,144
Amortization of Financing Costs 293 282
Prepayment Income - Early Extinguishment of Debt (124) -
Depreciation and Amortization 19,211 13,726
Amortization of Share Based Compensation 353 147
Gain on Real Estate (50) -
Tax Expense 13 -
EBITDA Adjustments - Unconsolidated
Joint Ventures 291 697
EBITDA Adjustments - Minority
Interest in Real Estate Partnerships (3,629) (782)
EBITDA (1) $29,701 $24,955
Interest Coverage Ratio:
EBITDA $29,701 $24,955
Interest Expense:
Interest Expense $12,915 $9,144
Interest Expense - Unconsolidated
Joint Ventures 127 380
Interest Expense - Minority Interest
in Real Estate Partnerships (1,203) (360)
Total Interest Expense $11,839 $9,164
Interest Coverage Ratio 2.51 2.72
Fixed Charge Coverage Ratio:
EBITDA $29,701 $24,955
Fixed Charges:
Interest Expense $11,839 $9,164
Preferred Dividends 1,200 1,787
Principal Payments (Excluding Early
Extinguishment of Debt) 4,051 3,594
Principal Payments - Unconsolidated
Joint Ventures 12 11
Principal Payments - Minority
Interest in Real Estate Partnerships (65) (118)
Total Fixed Charges $17,037 $14,438
Fixed Charge Coverage Ratio 1.74 1.73
Modified Fixed Charge Coverage Ratio:
EBITDA $29,701 $24,955
Modified Fixed Charges:
Interest Expense $11,839 $9,164
Preferred Dividends 1,200 1,787
Total Modified Fixed Charges $13,039 $10,951
Modified Fixed Charge Coverage Ratio 2.28 2.28
The following table reconciles EBITDA to cash
flows provided by operating activities:
EBITDA $29,701 $24,955
Amortization of Above Market Leases 352 409
Operating Distributions from
Unconsolidated Joint Ventures 405 357
Interest Expense (12,915) (9,144)
Prepayment Income - Early
Extinguishment of Debt 124 -
Tax Expense (13) -
Decrease in Receivables and Other Assets 2,226 2,907
Decrease in Accounts Payable and
Other Liabilities (7,374) (6,153)
Adjustments for Minority Interests 3,158 702
Adjustments for Unconsolidated Joint Ventures (596) (1,107)
Cash Flows Provided by Operating Activities $15,068 $12,926
(1) Parkway defines EBITDA, a non-GAAP financial measure, as net income
before interest expense, income taxes, depreciation, amortization, losses
on early extinguishment of debt and other gains and losses. EBITDA, as
calculated by us, is not comparable
PARKWAY PROPERTIES, INC.
NET OPERATING INCOME FROM OFFICE AND PARKING PROPERTIES
THREE MONTHS ENDED MARCH 31, 2007 AND 2006
(In thousands, except number of properties data)
Net Operating Income Occupancy
Number of Percentage
Properties of Portfolio(1) 2007 2006 2007 2006
Same store
properties(2) 52 79.95% $26,628 $24,452 91.4% 88.8%
2006 acquisitions 8 20.10% 6,694 - 85.8% N/A
Assets sold - -0.05% (18) 580 N/A N/A
Net operating
income from
office and parking
properties 60 100.00% $33,304 $25,032
(1) Percentage of portfolio based on 2007 net operating income.
(2) Parkway defines Same Store Properties as those properties that were
owned for the entire three-month periods ended March 31, 2007 and 2006 and
excludes properties classified as discontinued operations. Same Store net
operating income ("SSNOI") includes income from real estate operations less
property operating expenses (before interest and depreciation and
amortization) for Same Store Properties. SSNOI as computed by Parkway may
not be comparable to SSNOI reported by other REITs that do not define the
measure exactly as we do. SSNOI is a supplemental industry reporting
measurement used to evaluate the performance of the Company's investments
in real estate assets. The following table is a reconciliation of net
income to SSNOI:
Three Months Ended
March 31
2007 2006
Net income $428 $1,741
Add (deduct):
Interest expense 13,084 9,426
Depreciation and amortization 19,211 13,526
Operating expense for other real
estate properties 1 1
Management company expenses 268 375
General and administrative expenses 1,645 1,146
Equity in earnings of unconsolidated
joint ventures (305) (410)
Gain on sale of real estate (50) -
Minority interest - real estate partnerships (471) (80)
Income from discontinued operations (28) (312)
Management company income (333) (362)
Interest and other income (146) (19)
Net operating income from office and parking
properties 33,304 25,032
Less: Net operating income from non same
store properties (6,676) (580)
Same store net operating income $26,628 $24,452
SOURCE Parkway Properties, Inc.
 back to top
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 William R. Flatt, Chief Financial Officer, of Parkway
Properties, Inc., +1-601-948-4091
|
