JACKSON, Miss., Sept. 15 /PRNewswire-FirstCall/ -- PARKWAY PROPERTIES,
INC. (NYSE: PKY) released the following statement today related to
Hurricane Ike and the preliminary assessment of damage sustained by its
properties in Houston, Texas.
Steven G. Rogers, President and Chief Executive Officer stated, "We are
thankful that all of our people in Houston are accounted for and safe
following this devastating hurricane. Our team has been diligently working
over the weekend to assess and minimize damage in order to return our
properties to full working order as quickly as possible under the
circumstances. Additionally, we plan to update all constituencies by press
release when more thorough information is available regarding the condition
of our Houston properties."
(Logo: http://www.newscom.com/cgi-bin/prnh/20030513/PARKLOGO )
Parkway has 13 wholly-owned properties and one jointly-owned property
in Houston, consisting of a total of 2.3 million square feet. Some of the
properties in Houston still do not have power and access has been limited
and subject to curfew. The Company is currently working to determine
reliable estimates of damage. Property damage mainly involves certain roof
areas and windows that were compromised due to the high winds, resulting in
water infiltration within certain buildings, as well as trees that were
uprooted. The Company maintains insurance for the full replacement cost of
each property after Parkway pays a 3% deductible based on the insured
property value. At this time, the Company estimates that four properties
with a total insured value of approximately $94 million have realized
substantial damage, with the ten other properties sustaining minor to
moderate damage. Parkway also maintains business interruption insurance
that reimburses the Company for the loss of rents should the buildings be
out of service for an extended period of time.
Certain statements in this release are forward-looking statements
within the meaning of the federal securities laws. There can be no
assurance that future developments with respect to Hurricane Ike or other
weather related events that may affect the Company will be as presently
anticipated by the Company.
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 September 15, 2008. Included in
the portfolio are 21 properties totaling 3.8 million square feet that are
owned jointly with other investors, representing 28.8% 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 1.8 million square feet for third party
owners as of September 15, 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
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: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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