Parkway CEO Steve Rogers Announces Plans to Step Down Effective Year End

JACKSON, Miss., Sept. 2, 2011 /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) announced today that Steven G. Rogers has resigned as President, Chief Executive Officer and director effective December 31, 2011.  Mr. Rogers will continue in his current roles until year end, and during this period will transition his leadership responsibilities to Mr. James R. Heistand, current Executive Chairman.  Mr. Heistand will become acting CEO effective January 1, 2012.

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Mr. Rogers stated, "It was with mixed emotions that I decided to transition away from Parkway.  The past 18 years I have served as President of the Company have been the most rewarding professionally and personally in my life.  Having the opportunity to work with great people every day for over 25 years has indeed been a blessing for which I am forever grateful.  I believe I leave the Company in great hands with the current management team under the leadership of Jim Heistand and our Board of Directors.  I look forward to working with Jim and our senior team over the next few months to implement an orderly transition."

Mr. Leland R. Speed, Chairman Emeritus, who served as Chairman of the Board from 1980 until earlier this year, commented, "I have had the pleasure of watching Steve grow and develop since he joined the Company in 1983, and I am pleased that Steve and his family will have more time to enjoy the fruits of his dedicated work.  I am very pleased with our accomplishments this year, the direction the Company is taking, and the depth of the management team we recently added as part of the Eola combination."

Mr. Heistand stated, "Steve has demonstrated strong leadership and selfless commitment to Parkway and our industry for nearly three decades and we will miss his talents.  We intend to build on the foundation created during Steve's leadership, with the goal of making Parkway the premier office REIT in the markets in which we intend to focus."

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 68 office properties located in 12 states with an aggregate of approximately 14.8 million square feet of leasable space at September 2, 2011.  Included in the portfolio are 26 properties totaling 6.6 million square feet that are owned jointly with other investors, representing 44.6% 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 13.0 million square feet for third-party owners at September 2, 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

SOURCE Parkway Properties, Inc.