Parkway Properties
 Where business works | |
| Type | Public |
|---|---|
| Traded as |
NYSE: PKY S&P 600 SmallCap Index |
| Industry | Real estate |
| Founded | May 17, 1996 |
| Headquarters | Orlando, Florida, United States |
| Number of locations | 50 office properties (17.6 million square feet of leasable space |
| Area served | Sun Belt region of The United States |
| Key people | James R. Heistand (President & CEO) |
| Revenue |
 US$ 90.62 million(FY 2012) |
| Operating income |
US$ -13.21 million (FY 2012) |
| Net income |
US$ -25.40 million (FY 2012) |
| Total assets |
 US$ 610.99 million (FY 2012) |
| Total equity |
US$ 175.73 billion (FY 2012) |
| Employees | 286 |
| Website | pky.com |
| References: [1] | |
Parkway Properties, Inc. is an American real estate company based out of the Bank of America Center in Orlando, Florida. As of January 1, 2014, Parkway owns, operates, leases, and or manages over 26,000,000 square feet (2,400,000 m2) of space. Included in this number are fee-based real estate services which for third parties. The company serves seven states in the Sun Belt region of the United States with space in Arizona, Florida, Georgia, Mississippi, North Carolina, Tennessee, Texas, as well as Pennsylvania. It was incorporated on May 17, 1996.
Portfolio
Parkway owns, operates, manages or leases 50 office properties located in eight states, with over 26,383,622 square feet (2,451,118.7 m2) of space. Some notable buildings in Parkway's portfolio include: Bank of America Center (Orlando), Frost Bank Tower, Hearst Tower (Charlotte), Liberty Place, Morgan Keegan Tower, NASCAR Plaza, One American Center, One Congress Plaza, Phoenix Tower, San Felipe Plaza, Schlumberger, U.S. Airways Building, Wells Fargo Center (Jacksonville) and 3344 Peachtree.[2]
Parkway manages and or leases approximately 12.2 million square feet of space for third-party owners.
Merger with Thomas Properties Group
On December 20, 2013 Parkway Properties, Inc. announced the completion of its merger with Thomas Properties Group. The merger was valued at approximately $1.2 billion.[3] The transaction was approved by stockholders of each company at their respective stockholder meetings on December 17, 2013. The combined company operates under Parkway's existing ticker symbol PKY, on the New York Stock Exchange.[4] The deal helped Parkway grow in Texas and increased the companies portfolio by approximately 40 percent.[5]
Austin JV
Parkway Properties is involved in a joint venture with CalSTRS in Austin, Texas, in which each company holds a 50% interest in the CalSTRS JV and Austin properties. Pursuant to an agreement entered into between Parkway and CalSTRS, CalSTRS has until February 5, 2014 to exercise an option to purchase up to 60% of Madison's former interest on the same terms as Parkway. If CalSTRS exercises its option to purchase a portion of Madison's former interest, Parkway's interest in the CalSTRS JV and the Austin properties will be reduce to 40%, with CalSTRS owning the remaining 60%.[1]
The venture, which entered into Parkway's control after its merger with Thomas Properties first required Thomas Properties, Parkway and CalSTRS to enter into a letter agreement. The letter agreement provided for the consent of CalSTRS to the mergers and related transactions, including the transfer to Parkway of the management of certain properties that are owned by subsidiaries of the Austin JV, subject to the agreement of the TPGI Member to make certain amendments to the Austin JV's operating agreement and to the management and leasing agreements for the Austin JV's properties and certain other conditions.[6]
References
- ↑ 1.0 1.1 "Parkway Properties Inc. (PKY)". Yahoo! Finance.
- ↑ "Portfolio". Parkway Properties.
- ↑ "Parkway Properties, Inc. And Thomas Properties Group, Inc. Complete Merger Valued At $1.2 Billion". MarketWatch.
- ↑ "Parkway Properties, Inc. And Thomas Properties Group, Inc. Complete Merger Valued At $1.2 Billion". PRNewswire.
- ↑ "UPDATE 1-Parkway to buy Thomas Properties for $1 bln in stock, debt". Reuters.
- ↑ "Form 8-K for PARKWAY PROPERTIES INC". SEC Edgar Online.