JACKSON, Miss., Sept. 22 /PRNewswire-FirstCall/ -- PARKWAY PROPERTIES,
INC. (NYSE: PKY) released the following statement today related to
Hurricane Ike and an updated preliminary assessment of damage sustained by
its properties in Houston, Texas.
(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. As of today,
the Company has 13 of its 14 properties open for business. The preliminary
estimate of damages for the 14 properties is between $7.0 million to $9.0
million and the Company has already filed the necessary insurance claims to
begin remediation. The Company estimates that its insurance deductible
related to these claims will be approximately $3.0 million to $3.5 million.
A portion of the Company's deductible, yet to be determined, will represent
repair and clean up costs with the majority representing capitalized costs.
The Company will provide further updates regarding the one-time impact of
the repair and clean up costs on earnings as such amounts become available.
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.
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 22, 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 22, 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:
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, both of
Parkway Properties, Inc. +1-601-948-4091
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