JACKSON, Miss., Sept. 19, 2011 /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) announced today that Mr. William R. Flatt has resigned as Executive Vice President and Chief Operating Officer effective October 15, 2011. Additionally, the Board of Directors has approved the promotion of Mr. M. Jayson Lipsey to Executive Vice President and Chief Operating Officer effective the same date. Jayson joined Parkway in 2001 and has extensive experience in many areas of the Company, having held positions in operations, leasing, asset management, and investments during that time. Most recently, he served as Senior Vice President and Fund Manager for the Company. Jayson also possesses a strong academic record, having earned a Bachelor of Science in Accounting and Business Administration from Washington & Lee University and a Master of Business Administration from the University of Virginia Darden School of Business.
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Mr. Flatt stated, "I have deeply enjoyed my time at Parkway since I began here as an intern 15 years ago. I am grateful for what I have learned from all of my teammates, but particularly so to Steve for his many years of mentorship. I am looking forward to embarking on a new chapter in my career and am confident Parkway has the systems and great people in place throughout our portfolio to allow for a smooth transition."
Mr. Steven G. Rogers, President and Chief Executive Officer stated, "It has been my distinct pleasure to work so closely with Will for so long. He has helped lead the growth of Parkway's culture and we will miss our friend and colleague. I also have had the pleasure to work with and mentor Jayson Lipsey since his first employment with Parkway in 2001. He is an innate leader with a very broad spectrum of real estate skills and acumen and one whom I have viewed as a key part of our succession planning for years. I look forward to working with Will and Jayson as they transition our company's leasing and operations over the next few weeks."
Mr. James R. Heistand, Executive Chairman, commented, "We are fortunate to have such a deep bench at Parkway to allow for a Chief level change without disruption. Jayson has a very strong operational background, and I have complete confidence in his ability to lead our overall leasing and operations effort as Parkway executes its growth strategy."
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. Parkway owns or has an interest in 67 office properties located in 12 states with an aggregate of approximately 14.5 million square feet of leasable space at September 19, 2011. Included in the portfolio are 26 properties totaling 6.6 million square feet that are owned jointly with other investors, representing 45.5% of the portfolio. Fee-based real estate services are offered through wholly-owned subsidiaries of the Company, which in total manage and/or lease approximately 12.9 million square feet for third-party owners at September 19, 2011.
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, believe, forecast, intends, expects, project, or similar expressions) 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; risks associated with joint venture partners; the risks associated with the ownership and development of real property; the failure to acquire or sell properties as and when anticipated; termination of property management contracts, the bankruptcy or insolvency of companies for which Eola or Parkway provide property management services; the ability of Parkway to integrate the business of Eola and unanticipated costs in connection with such integration; the outcome of claims and litigation involving or affecting the Company; and other risks and uncertainties detailed from time to time in the Company's SEC filings. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, the Company's business, financial condition, liquidity, cash flows and results could differ materially from those expressed in the forward-looking statements. Any forward looking statements speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict the occurrence of those matters or the manner in which they may affect us. The Company does not undertake to update forward-looking statements except as may be required by law.
FOR FURTHER INFORMATION:
James R. Heistand
Executive Chairman
Steven G. Rogers
President & Chief Executive Officer
www.pky.com
(601) 948-4091
SOURCE Parkway Properties, Inc.
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