Parkway Announces Series D Preferred Stock Redemption

Apr 25, 2013, 16:44 ET from Parkway Properties, Inc.

ORLANDO, Fla., April 25, 2013 /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) announced today that it has redeemed all of its outstanding 8.00% Series D Cumulative Redeemable Preferred Stock.  Parkway paid $136.6 million to redeem the 5,421,296 outstanding shares, which includes the $25.00 per share redemption price and payment of accrued dividends.  Parkway expects to record a $6.6 million non-cash charge related to the redemption of these preferred shares during the second quarter of 2013 representing the difference between the costs associated with the issuance, including the price at which such shares were paid, and the redemption price.

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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 ownership of quality office properties in higher-growth submarkets in the Sunbelt region of the United States.  Parkway owns or has an interest in 43 office properties located in nine states with an aggregate of approximately 11.9 million square feet of leasable space at January 1, 2013.  Fee-based real estate services are offered through wholly owned subsidiaries of the Company, which in total manage and/or lease approximately 10.8 million square feet for third-party owners at January 1, 2013.  Additional information about Parkway is available on the Company's website at   

Contact: Thomas E. Blalock Vice President of Investor Relations (407) 650-0593

SOURCE Parkway Properties, Inc.