JACKSON, Miss., Dec. 20 /PRNewswire-FirstCall/ -- Parkway Properties,
Inc. (NYSE: PKY) today announced the closing of the fee simple sale of the
187,000 square foot, three-building Charlotte Park in Charlotte, North
Carolina which is 91% occupied. Parkway received net cash proceeds from the
sale of approximately $18.4 million and will recognize a gain on the sale
of approximately $2.6 million in the fourth quarter. The sales price
represents a capitalization rate of approximately 7.8% on projected 2007
cash net operating income. Parkway Realty Services LLC was retained to
provide management services for the property. Proceeds from the sale were
used to repay amounts outstanding under the Company's lines of credit and
to fund recent and pending acquisitions on behalf of Parkway Properties
Office Fund, L.P.
(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, acquisition, ownership, management, and leasing of office
properties. The Company is geographically focused on the Southeastern and
Southwestern United States and Chicago. Parkway owns or has an interest in
62 office properties located in 11 states with an aggregate of
approximately 12.5 million square feet of leasable space as of December 20,
2006. The Company also offers fee- based real estate services through its
wholly owned subsidiary, Parkway Realty Services, to its owned properties
and to its third party and minority interest properties.
Parkway Properties, Inc.'s press releases and additional information
about the Company are available at http://www.pky.com.
CONTACT: STEVEN G. ROGERS
PRESIDENT & CHIEF EXECUTIVE OFFICER
WILLIAM R. FLATT
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 William R. Flatt, Chief Financial Officer,
+1-601-948-4091, both of Parkway Properties, Inc.
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