Parkway Announces Public Offering Of Common Stock

ORLANDO, Fla., Sept. 22, 2014 /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) announced today that it has commenced an underwritten public offering of 10,000,000 shares of common stock.  The Company intends to grant the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock.  The Company intends to use the net proceeds of the offering to fund a portion of the purchase price of a portfolio of 22 office properties located in six states and aggregating approximately 3.1 million net leasable square feet and, if such acquisition is not completed, to repay amounts outstanding from time to time under its senior unsecured revolving credit facility, and/or for general corporate purposes, including to fund other potential acquisitions.

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BofA Merrill Lynch, Wells Fargo Securities, Barclays and Morgan Stanley are the joint bookrunners for the offering.

The offering will be made under a registration statement filed with the Securities and Exchange Commission, which became automatically effective on January 6, 2014.  This offering is being made pursuant to a preliminary prospectus supplement to the Company's prospectus, dated September 22, 2014, filed as part of the Company's effective shelf registration statement relating to these securities. A copy of the preliminary prospectus supplement and accompanying prospectus relating to these securities can be obtained by contacting the underwriters as follows: BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus Department or email at [email protected]; or Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, or by calling (800) 326-5897 or e-mailing a request to [email protected]; Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling (888) 603-5847 or e-mailing [email protected]; or Morgan Stanley, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction.

About Parkway Properties

Parkway Properties, Inc. is a fully integrated, self-administered and self-managed real estate investment trust specializing in the acquisition, ownership, development and management of quality office properties in high growth submarkets in the Sunbelt region of the United States. Parkway owns or has an interest in 51 office properties located in eight states with an aggregate of approximately 18.3 million square feet at July 1, 2014. Parkway also offers fee-based real estate services which manage and/or lease approximately 11.1 million square feet for third parties as of July 1, 2014.

Forward Looking Statement

Certain statements in this release that are not in the present or past tense or discuss Parkway'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 Parkway's current belief as to the outcome and timing of future events. Examples of forward-looking statements include projected net operating income, cap rates, internal rates of return, future dividend payment rates, forecasts of FFO accretion, projected capital improvements, expected sources of financing, expectations as to the timing of closing of acquisitions, dispositions, or other transactions, the ability to complete acquisitions and dispositions and the risks associated therewith and descriptions relating to these expectations.  There can be no assurance that future developments affecting Parkway will be those anticipated by Parkway. These forward-looking statements involve risks and uncertainties (some of which are beyond the control of Parkway) 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 actual or perceived impact of U.S. monetary policy; competition in the leasing market; the demand for and market acceptance of Parkway's properties for rental purposes; oversupply of office properties and parking properties in Parkway's geographic markets; the amount and growth of Parkway's expenses; customer financial difficulties and general economic conditions, including interest rates, as well as economic conditions in Parkway's geographic markets; defaults or non-renewal of leases; risks associated with joint venture partners; the risks associated with the ownership and development of real property, including risks related to natural disasters; the failure to acquire or sell properties as and when anticipated; termination or nonrenewal of property management contracts; the bankruptcy or insolvency of companies for which Parkway provides property management services or the sale of these properties; the outcome of claims and litigation involving or affecting Parkway; the ability to satisfy conditions necessary to close pending transactions and the ability to successfully integrate transactions; compliance with environmental and other regulations, including real estate and zoning laws; Parkway's inability to obtain financing; Parkway's inability to use net operating loss carryforwards; Parkway's failure to maintain its status as a real estate investment trust under the Internal Revenue Code of 1986, as amended; and other risks and uncertainties detailed from time to time in Parkway's Securities and Exchange Commission filings. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, Parkway'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.  Parkway does not undertake to update forward-looking statements except as may be required by law.

Contact:
Ted McHugh
Director of Investor Relations
(407) 650-0593

SOURCE Parkway Properties, Inc.

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