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                                                                                                                                                                                                                                                                                                                                                                | **Quarterly Report Pursuant to Section  13 or 15(d) of the Securities Exchange Act of 1934** |
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| **For Quarterly Period Ended June 30,  2009**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | **or**                                                                                       |
| £
**Transition Report Pursuant to Section  13 or 15(d) of the Securities Exchange Act of 1934**

**For the Transition Period from                              to                            **

 

**Commission File Number 1-11533**

 

**Parkway Properties, Inc.**

(Exact name of registrant as specified in its charter)

 

**Maryland**
   
**74-2123597**

(State or other jurisdiction of

 

(IRS Employer Identification No.)

incorporation or organization)

 

 

 

**One Jackson Place Suite 1000**

**188 East Capitol Street**

**P.O. Box 24647**

**Jackson, Mississippi 39225-4647**

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number,including area code **(601) 948-4091**

Registrant’s web site **www.pky.com**

 

(Former name, former address and former fiscal year, ifchanged since last report)

 

Indicateby check mark whether the registrant (1) has filed all reports required to befiled by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. Yes  T No £

 

Indicateby check mark whether the registrant has submitted electronically and posted onits corporate Web site, if any, every Interactive Data File required to besubmitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of thischapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit and post such files). 

Yes £  No £*   (*Registrant is notsubject to the requirements of Rule 405 of Regulation S-T at this time.)

 

Indicateby check mark whether the registrant is a large accelerated filer, anaccelerated filer, a non-accelerated filer, or a smaller reporting company. Seethe definitions of “large accelerated filer,” “accelerated filer” and “smallerreporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer	£

Accelerated filer	T

Non-accelerated filer	£

Smaller reporting company	£

 

 

(Do not check if a smaller reporting  company)

 

 

Indicateby check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). 

Yes £  No T

 

21,621,052shares of Common Stock, $.001 par value, were outstanding at August 3, 2009.

 

 

                                                                                                                                                                                                                                                

 

 

 

 

 

**PARKWAYPROPERTIES, INC.**

 

**FORM 10-Q**

 

**TABLE OF CONTENTS**

**FOR THE QUARTERENDED JUNE 30, 2009**

 

** **

** **

** **

**Page**

**Part I. Financial Information**

Item 1.

 

Financial Statements

 

 

 

 

 

 

 

Consolidated  Balance Sheets, June 30, 2009 and December 31, 2008

3

 

 

 

 

 

 

Consolidated  Statements of Income for the Three Months and Six Months Ended

 

 

 

           June  30, 2009 and 2008

4

 

 

 

 

 

 

Consolidated  Statement of Changes in Equity for the Six Months Ended 

6

 

 

           June  30, 2009 

 

 

 

 

 

 

 

Consolidated  Statements of Cash Flows for the Six Months Ended 

7

 

 

           June  30, 2009 and 2008

 

 

 

 

 

 

 

Notes  to Consolidated Financial Statements

8

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial  Condition and Results of Operations

22

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market  Risk

37

 

 

 

 

Item 4.

 

Controls and Procedures

37

** **

** **

** **

 

** **

** **

** **

 

**Part II. Other  Information**

 

 

 

 

Item 1A.

 

Risk Factors

37

 

 

 

 

Item 4.

 

Submission of Matters to a Vote of Security Holders

38

 

 

 

 

Item 6.

 

Exhibits

38

** **

** **

** **

 

** **

** **

** **

 

**Signatures**

 

 

 

 

Authorized Signatures

39

 

 

2

 

 

 

 

 

**PARKWAYPROPERTIES, INC.**

**CONSOLIDATEDBALANCE SHEETS**

(In thousands, exceptshare and per share data)

 

  

**June 30**

** **

**December 31**

 

**2009**

** **

**2008**

 

(Unaudited)

** **

** **

**Assets**

 

 

 

Real estate related investments:

 

 

 

Office and parking properties

 $

1,721,367 

 

 $

1,737,549 

Office property held for sale

6,824 

 

- 

Real estate development

609 

 

609 

Accumulated depreciation

(309,324)

 

(282,919)

 

1,419,476 

 

1,455,239 

Land available for sale

750 

 

750 

Mortgage loan

7,812 

 

7,519 

Investment in unconsolidated joint  ventures

11,326 

 

11,057 

 

1,439,364 

 

1,474,565 

Rents receivable and other assets

109,469 

 

118,512 

Intangible assets, net

71,121 

 

79,460 

Cash and cash equivalents

28,467 

 

15,318 

 

 $

1,648,421 

 

 $

1,687,855 

**Liabilities**

 

 

 

Notes payable to banks

 $

100,000 

 

 $

185,940 

Mortgage notes payable

859,704 

 

869,581 

Accounts payable and other liabilities

86,487 

 

98,894 

 

1,046,191 

 

1,154,415 

**Equity**

 

 

 

Parkway Properties, Inc. shareholders’  equity 

 

 

 

8.00% Series D Preferred stock,  $.001  par value,

 

 

 

     2,400,000 shares authorized, issued  and outstanding

57,976 

 

57,976 

Common stock, $.001 par value,  67,600,000 shares authorized, 21,621,052 

 

 

 

     and 15,253,396 shares issued and  outstanding in 2009 and 2008, respectively

22 

 

15 

Common stock held in trust, at cost, 71,255  and 85,300 shares in 2009 and 

 

 

 

     2008, respectively

(2,399)

 

(2,895)

Additional paid-in capital

514,100 

 

428,367 

Accumulated other comprehensive loss

(5,547)

 

(7,728)

Accumulated deficit

(83,770)

 

(69,487)

Total Parkway Properties, Inc.  shareholders’ equity

480,382 

 

406,248 

Noncontrolling interest - real estate  partnerships

121,848 

 

127,192 

Total equity

602,230 

 

533,440 

 

 $

1,648,421 

 

 $

1,687,855 

 

 

 

See notes toconsolidated financial statements.

 

3

 

 

 

 

 

**PARKWAYPROPERTIES, INC.**

**CONSOLIDATEDSTATEMENTS OF INCOME**

(In thousands, exceptper share data)

 

** **

**Three Months Ended**

** **

**June 30**

** **

**2009**

** **

**2008**

** **

(Unaudited)

**Revenues**

 

 

 

Income from office and parking properties

 $

66,113 

 

 $

65,376 

Management company income

731 

 

410 

Total revenues

66,844 

 

65,786 

** **

 

 

 

**Expenses**

 

 

 

Property operating expenses

31,381 

 

31,173 

Depreciation and amortization

21,720 

 

22,443 

Management company expenses

632 

 

432 

General and administrative

1,369 

 

2,092 

Total expenses

55,102 

 

56,140 

** **

 

 

 

**Operating income**

11,742 

 

9,646 

** **

 

 

 

**Other income and expenses**

 

 

 

Interest and other income

309 

 

306 

Equity in earnings of unconsolidated joint ventures

227 

 

289 

Gain on involuntary conversion

279 

 

- 

Gain on sale of real estate

540 

 

- 

Interest expense

(14,050)

 

(14,972)

** **

 

 

 

**Loss from continuing operations**

(953)

 

(4,731)

 

 

 

 

**Discontinued operations:**

 

 

 

Income from discontinued operations

236 

 

732 

**Net loss**

(717)

 

(3,999)

Net loss attributable to noncontrolling interest - real estate  partnerships

1,637 

 

2,063 

**Net income (loss) for Parkway Properties, Inc.**

920 

 

(1,936)

Change in market value of interest rate swaps

1,809 

 

1,936 

**Comprehensive income**

 $

2,729 

 

 $

- 

** **

 

 

 

 

 

**Net income (loss) for Parkway Properties, Inc.**

 $

920 

 

 $

(1,936)

Dividends on preferred stock

(1,200)

 

(1,200)

**Net loss available to common stockholders**

 $

(280)

 

 $

(3,136)

** **

 

 

 

**Net loss per common share:**

 

 

 

Basic:

 

 

 

Loss from continuing operations attributable to Parkway Properties, Inc.

 $

(0.02)

 

 $

(0.26)

Discontinued operations

0.01  

 

0.05 

Net loss attributable to Parkway Properties, Inc.

 $

(0.01)

 

 $

(0.21)

 

 

 

 

Diluted:

 

 

 

Loss from continuing operations attributable to Parkway Properties, Inc.

 $

(0.02)

 

 $

(0.26)

Discontinued operations

0.01 

 

0.05 

Net loss attributable to Parkway Properties, Inc.

 $

(0.01)

 

 $

(0.21)

** **

 

 

 

 

 

**Dividends per common share**

 $

0.325 

 

 $

0.65 

** **

 

 

 

**Weighted average shares outstanding:**

 

 

 

Basic

19,457 

 

15,024 

Diluted

19,457 

 

15,024 

 

 

See notes to consolidated financial statements.

 

4

 

 

 

 

 

**PARKWAYPROPERTIES, INC.**

**CONSOLIDATEDSTATEMENTS OF INCOME**

(In thousands, exceptper share data)

 

** **

**Six Months Ended**

** **

**June 30**

** **

**2009**

** **

**2008**

** **

(Unaudited)

**Revenues**

 

 

 

Income from office and parking properties

 $

133,483 

 

 $

127,608 

Management company income

1,146 

 

907 

Total revenues

134,629 

 

128,515 

** **

 

 

 

**Expenses**

 

 

 

Property operating expense

65,102 

 

61,032 

Depreciation and amortization

45,276 

 

43,649 

Management company expenses

1,133 

 

921 

General and administrative

2,951 

 

4,388 

Total expenses

114,462 

 

109,990 

** **

 

 

 

**Operating income**

20,167 

 

18,525 

** **

 

 

 

**Other income and expenses**

 

 

 

Interest and other income

611 

 

674 

Equity in earnings of unconsolidated joint ventures

427 

 

547 

Gain on involuntary conversion

742 

 

- 

Gain on sale of real estate

470 

 

- 

Interest expense

(28,101)

 

(30,110)

** **

 

 

 

**Loss from continuing operations**

(5,684)

 

(10,364)

** **

 

 

 

**Discontinued operations:**

 

 

 

Income from discontinued operations

414 

 

1,283 

**Net loss**

(5,270)

 

(9,081)

Net loss attributable to noncontrolling interest - real estate  partnerships

5,401 

 

4,550 

**Net income (loss) for Parkway Properties, Inc.**

131 

 

(4,531)

Change in market value of interest rate swaps

2,181 

 

829 

**Comprehensive income (loss)**

 $

2,312 

 

 $

(3,702)

** **

 

 

 

 

 

**Net income (loss) for Parkway Properties, Inc.**

 $

131 

 

 $

(4,531)

Dividends on preferred stock

(2,400)

 

(2,400)

**Net loss available to common stockholders**

 $

(2,269)

 

 $

(6,931)

** **

 

 

 

**Net loss per common share:**

 

 

 

Basic:

 

 

 

Loss from continuing operations attributable to Parkway Properties, Inc.

 $

(0.15)

 

 $

(0.55)

Discontinued operations

0.02 

 

0.09 

Net loss attributable to Parkway Properties, Inc.

 $

(0.13)

 

 $

(0.46)

 

 

 

 

Diluted:

 

 

 

Loss from continuing operations attributable to Parkway Properties, Inc.

 $

(0.15)

 

 $

(0.55)

Discontinued operations

0.02 

 

0.09 

Net loss attributable to Parkway Properties, Inc.

 $

(0.13)

 

 $

(0.46)

** **

 

 

 

 

 

**Dividends per common share**

 $

0.65 

 

 $

1.30 

** **

 

 

 

**Weighted average shares outstanding:**

 

 

 

Basic

17,262 

 

15,013 

Diluted

17,262 

 

15,013 

 

 

 

See notes to consolidated financial statements.

 

5

 

 

 

 

 

**PARKWAYPROPERTIES, INC.**

**CONSOLIDATEDSTATEMENT OF CHANGES IN EQUITY**

(In thousands, exceptshare and per share data)

(Unaudited)

 

** **

**Parkway Properties, Inc. Shareholders**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Accumulated**

** **

** **

** **

**Total**

** **

**Noncontrolling**

** **

** **

** **

** **

** **

** **

** **

**Common**

** **

**Additional**

** **

**Other**

** **

** **

** **

**Parkway**

** **

**Interest –**

** **

** **

** **

**Preferred**

** **

**Common**

** **

**Stock Held**

** **

**Paid-In**

** **

**Comprehensive**

** **

**Accumulated**

** **

**Properties, Inc.**

** **

**Real Estate**

** **

**Total**

** **

**Stock**

** **

**Stock**

** **

**in Trust**

** **

**Capital**

** **

**Loss**

** **

**Deficit**

** **

**Shareholders’ Equity**

** **

**Partnerships**

** **

**Equity**

**Balance at December 31,  2008 as**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**        previously  reported**

 $

57,976 

 

 $

15 

 

 $

(2,895)

 

 $

428,367 

 

 $

(7,728)

 

 $

(69,487)

 

 $

406,248 

 

 $

- 

 

 $

406,248 

Reclassification upon the  adoption of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        SFAS No. 160

- 

 

- 

 

- 

 

- 

 

- 

 

- 

 

- 

 

127,192 

 

127,192 

**Balance at December 31,  2008 as**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**        presented**

57,976 

 

15 

 

(2,895)

 

428,367 

 

(7,728)

 

(69,487)

 

406,248 

 

127,192 

 

533,440 

Comprehensive income  (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        Net income (loss)

- 

 

- 

 

- 

 

- 

 

- 

 

131 

 

131 

 

(5,401)

 

(5,270)

        Change in fair  value of interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

              rate swaps

- 

 

- 

 

- 

 

- 

 

2,181 

 

- 

 

2,181 

 

- 

 

2,181 

Total comprehensive income  (loss)

- 

 

- 

 

- 

 

- 

 

- 

 

- 

 

2,312 

 

(5,401)

 

(3,089)

Common dividends declared  -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        $0.325 per share

- 

 

- 

 

- 

 

- 

 

- 

 

(12,014)

 

(12,014)

 

- 

 

(12,014)

Preferred dividends  declared -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        $0.50 per share

- 

 

- 

 

- 

 

- 

 

- 

 

(2,400)

 

(2,400)

 

- 

 

(2,400)

Share-based compensation

- 

 

- 

 

- 

 

1,281 

 

- 

 

- 

 

1,281 

 

- 

 

1,281 

Stock offering – 6,250,000  shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        of common stock

- 

 

7 

 

- 

 

84,452 

 

- 

 

- 

 

84,459 

 

- 

 

84,459 

Shares issued in lieu of  Directors’ fees

- 

 

- 

 

- 

 

42 

 

- 

 

- 

 

42 

 

- 

 

42 

Purchase of Company stock –  3,594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        shares withheld to  satisfy tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        withholding  obligations in

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        connection with  the vesting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        of restricted  stock

- 

 

- 

 

- 

 

(42)

 

- 

 

- 

 

(42)

 

- 

 

(42)

Distribution of 15,125  shares of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        common stock,  deferred

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        compensation plan

- 

 

- 

 

511 

 

- 

 

- 

 

- 

 

511 

 

- 

 

511 

Contribution of 1,080  shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        of common stock,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        deferred  compensation plan

- 

 

- 

 

(15)

 

- 

 

- 

 

- 

 

(15)

 

- 

 

(15)

Contribution of capital by

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        noncontrolling  interests

- 

 

- 

 

- 

 

- 

 

- 

 

- 

 

- 

 

57 

 

57 

** **

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Balance at June 30,  2009**

 $

57,976 

 

 $

22 

 

 $

(2,399)

 

 $

514,100 

 

 $

(5,547)

 

 $

(83,770)

 

 $

480,382 

 

 $

121,848 

 

 $

602,230 

 

 

 

See notes to consolidated financial statements.

 

6

 

 

 

 

 

**PARKWAYPROPERTIES, INC.**

**CONSOLIDATEDSTATEMENTS OF CASH FLOWS**

(In thousands)

 

 

**Six Months Ended**

 

**June 30**

 

**2009**

** **

**2008**

 

(Unaudited)

**Operating activities**

 

 

 

Net income (loss)

 $

131 

 

 $

(4,531)

Adjustments to reconcile net income (loss) to cash provided by operating  activities:

 

 

 

Depreciation and amortization

45,276 

 

43,649 

Depreciation and amortization - discontinued operations

24 

 

1,957 

Amortization of above (below) market leases

(90)

 

247 

Amortization of loan costs

1,225 

 

872 

Amortization of mortgage loan discount

(293)

 

(249)

Share-based compensation expense

1,281 

 

918 

Operating distributions from unconsolidated joint ventures

323 

 

661 

Loss allocated to noncontrolling interests

(5,401)

 

(4,550)

Net gain on real estate and involuntary conversion

(1,212)

 

- 

Equity in earnings of unconsolidated joint ventures

(427)

 

(547)

Increase in deferred leasing costs

(4,463)

 

(4,694)

Changes in operating assets and liabilities:

 

 

 

Change in receivables and other assets

5,753 

 

9,894 

Change in accounts payable and other liabilities

(4,430)

 

(4,833)

** **

 

 

 

**Cash provided by operating activities**

37,697 

 

38,794 

** **

 

 

 

**Investing activities**

 

 

 

Distributions from unconsolidated joint ventures

- 

 

38 

Reimbursements from (purchases of) real estate related investments

707 

 

(231,814)

Proceeds from sale of real estate

15,542 

 

- 

Proceeds from property insurance settlement

1,855 

 

- 

Real estate development

(4,507)

 

(13,685)

Improvements to real estate related investments

(12,215)

 

(14,535)

** **

 

 

 

**Cash provided by (used in) investing activities**

1,382 

 

(259,996)

** **

 

 

 

**Financing activities**

 

 

 

Principal payments on mortgage notes payable

(28,377)

 

(52,123)

Proceeds from long-term financing

18,500 

 

213,365 

Proceeds from bank borrowings

35,555 

 

116,227 

Payments on bank borrowings

(121,495)

 

(89,715)

Debt financing costs

(307)

 

(1,686)

Stock options exercised

- 

 

779 

Purchase of Company common stock

(42)

 

- 

Dividends paid on common stock

(11,880)

 

(19,656)

Dividends paid on preferred stock

(2,400)

 

(2,400)

Contributions from noncontrolling interest partners

57 

 

60,501 

Distributions to noncontrolling interest partners

- 

 

(1,215)

Proceeds from common stock offering

84,459 

 

- 

** **

 

 

 

**Cash provided by (used in) financing activities**

(25,930)

 

224,077 

** **

 

 

 

**Change in cash and cash equivalents**

13,149 

 

2,875 

** **

 

 

 

**Cash and cash equivalents at beginning of period**

15,318 

 

11,312 

** **

 

 

 

 

 

**Cash and cash equivalents at end of period**

 $

28,467 

 

 $

14,187 

 

 

 

See notes to consolidated financial statements.

 

7

 

 

 

 

 

**Parkway Properties, Inc.**

**Notes to Condensed Consolidated Financial Statements(Unaudited)**

**June 30, 2009**

 

**Note A - Basis of Presentation**

 

The consolidatedfinancial statements include the accounts of Parkway Properties, Inc.(“Parkway” or “the Company”), its wholly-owned subsidiaries and joint venturesin which the Company has a controlling interest. The other partners’ equityinterests in the consolidated joint ventures are reflected as noncontrollinginterests in the consolidated financial statements. Parkway also consolidatessubsidiaries where the entity is a variable interest entity and Parkway is theprimary beneficiary, as defined in Financial Accounting Standards Board(“FASB”) Interpretation 46R, *Consolidation of Variable Interest**Entities*(“FIN 46R”). All significant intercompany transactions and accounts havebeen eliminated in the accompanying financial statements.

 

The Companydetermines consolidation for joint ventures based on standards set forth inEITF 96-16, *Investor’s Accounting for an Investee When the**InvestorHas a Majority of the Voting Interest but the Minority Shareholder or**ShareholdersHave Certain Approval or Veto Rights;*EITF 04-5, *Determining**Whethera General Partner, or the General Partners as a Group, Controls a**LimitedPartnership or Similar Entity When the Limited Partners Have Certain**Rights;*Statement of Position 78-9*, Accounting for Investments in Real Estate**Ventures;*and FIN 46R. Based on the guidance set forth in thesepronouncements, the Company consolidates certain joint ventures where itexercises significant control over major operating and management decisions, orwhere the Company is the sole general partner and the limited partners do notpossess kick-out rights or other substantive participating rights or where theentity is a variable interest entity and Parkway is the primary beneficiary.The equity method of accounting is used for those joint ventures that do notmeet the criteria for consolidation and where Parkway exercises significantinfluence but does not control these joint ventures.

 

The accompanyingunaudited condensed consolidated financial statements have been prepared inaccordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q andArticle 10 of Regulation S-X. Accordingly, they do not include all of theinformation and footnotes required by United States generally acceptedaccounting principles (“GAAP”) for complete financial statements.

 

The accompanyingunaudited condensed financial statements reflect all adjustments which are, inthe opinion of management, necessary for a fair statement of the results forthe interim periods presented. All such adjustments are of a normal recurringnature. The preparation of financial statements in conformity with GAAPrequires management to make estimates and assumptions that affect the reportedamounts of assets and liabilities, the disclosures of contingent assets andliabilities at the date of the financial statements and the reported amounts ofrevenues and expenses during the reporting period. Operating results for thethree months and six months ended June 30, 2009 are not necessarily indicativeof the results that may be expected for the year ended December 31, 2009. Thefinancial statements should be read in conjunction with the 2008 annual reportand the notes thereto.

 

The balance sheetat December 31, 2008 has been derived from the audited financial statements asof that date but does not include all of the information and footnotes requiredby United States GAAP for complete financial statements.

 

Certainreclassifications have been made in the 2008 financial statements to conform tothe 2009 classifications.

 

The Company has evaluated allsubsequent events through the issuance date of the financial statements.

 

In December 2007,the FASB issued Statement of Financial Accounting Standards (“SFAS”) No.141(R), “Business Combinations” (“SFAS No. 141(R)”), which revised thepreviously issued SFAS No. 141 (“SFAS No. 141”). SFAS No. 141(R) retains thefundamental requirements of SFAS No. 141, but expands the scope to include alltransactions and other events in which one entity obtains control over one ormore other businesses. SFAS No. 141(R) applies prospectively to businesscombinations for which the acquisition date is on or after the beginning of thefirst annual reporting period beginning on or after December 15, 2008. SFAS No.141(R) requires that the acquisition related transaction costs be expensed asincurred. SFAS No. 141(R) also includes new disclosure requirements. The impactof SFAS No. 141(R) on the Company’s overall financial position and results ofoperations will be determined by the markets in which the Company invests. At June30, 2009, the application of SFAS No. 141(R) had not impacted the Company’soverall financial position or results of operations.

 

8

 

 

 

 

 

In December 2007,the FASB issued SFAS No. 160, “Noncontrolling Interests in ConsolidatedFinancial Statements - an amendment of ARB No. 51” (“SFAS No. 160”). SFAS No.160 amends ARB No. 51 to establish accounting and reporting standards for thenoncontrolling interest in a subsidiary and for the deconsolidation of asubsidiary. SFAS No. 160 also amends certain of ARB No. 51’s consolidationprocedures for consistency with the requirements of SFAS No. 141R. SFAS No. 160is effective for fiscal years, and interim periods within those fiscal years,beginning on or after December 15, 2008. Upon adoption of SFAS No. 160, theCompany reclassified its noncontrolling interest in real estate partnershipsfrom minority interest to equity in the accompanying June 30, 2009 and December31, 2008 consolidated balance sheets. In addition, the Company has separatelydisclosed the amount of consolidated net loss attributable to the Company andits noncontrolling interest in consolidated real estate partnerships in theaccompanying June 30, 2009 and 2008 consolidated statements of income.

 

In March 2008, the FASB issued SFASNo. 161, “Disclosures about Derivative Instruments and Hedging Activities”(“SFAS No. 161”), which is an amendment of FASB Statement No. 133. SFAS No. 161requires all entities with derivative instruments to disclose informationregarding how and why the entity uses derivative instruments and how derivativeinstruments and related hedged items affect the entity’s financial position,financial performance, and cash flows. The Statement is effective prospectivelyfor periods beginning on or after November 15, 2008. The application of SFAS161 had an immaterial impact on the Company’s overall financial position andresults of operations upon adoption January 1, 2009.

 

In November 2008, the EmergingIssues Task Force (“EITF”) issued EITF 08-6, “Equity Method InvestmentAccounting Considerations,” which applies to all investments accounted forunder the equity method and clarifies the accounting for certain transactionsand impairment considerations involving those investments. EITF 08-6 iseffective for financial statements issued for fiscal years beginning on orafter December 15, 2008, and interim periods within those fiscal years. Theapplication of EITF 08-6 had an immaterial impact on the Company’s overallfinancial position and results of operation upon adoption January 1, 2009.

 

In April 2009, the FASB issued FASBStaff Position (“FSP”) FAS No. 107-1 and APB Opinion No. 28-1, “InterimDisclosures about Fair Value of Financial Instruments” (“FSP FAS No. 107-1 andAPB Opinion No. 28-1”), which requires fair value disclosures for financialinstruments that are not reflected in the Consolidated Balance Sheets at fairvalue.  Prior to the issuance of FSP FAS No. 107-1 and APB Opinion No. 28-1,the fair values of those assets and liabilities were disclosed annually.  Uponadoption of FSP FAS No. 107-1 and APB Opinion No. 28-1 during the secondquarter of 2009, the Company is now required to disclose this information on aquarterly basis, providing quantitative and qualitative information about fairvalue estimates for all financial instruments not measured in the ConsolidatedBalance Sheet at fair value.

 

In June 2009, the FASB issued SFASNo. 165, “Subsequent Events” (“SFAS No. 165”), which establishes the accountingfor and disclosure of events that occur after the balance sheet date but beforefinancial statements are issued or are available to be issued.  SFAS No. 165requires the disclosure of the date through which an entity has evaluatedsubsequent events and the basis for that date, that is, whether that daterepresents the date the financial statements were issued or were available tobe issued.  The adoption of SFAS No. 165 during the second quarter of 2009 didnot have a material impact on the Company’s overall financial position andresults of operations.

 

In June 2009, the FASB issued SFASNo. 166, “Accounting for Transfers of Financial Assets, an Amendment of FASBStatement No. 140” (“SFAS No. 166”) which amends SFAS No. 140, “Accounting forTransfers and Servicing of Financial Assets and Extinguishments ofLiabilities,” by: eliminating the concept of a qualifying special-purposeentity (“QSPE”); clarifying and amending the derecognition criteria for atransfer to be accounted for as a sale; amending and clarifying the unit ofaccount eligible for sale accounting; and requiring that a transferor initiallymeasure at fair value and recognize all assets obtained (for example beneficialinterests) and liabilities incurred as a result of a transfer of an entirefinancial asset or group of financial assets accounted for as a sale. Additionally, on and after the effective date, existing QSPEs (as defined underprevious accounting standards) must be evaluated for consolidation by reportingentities in accordance with the applicable consolidation guidance.  SFAS No.166 requires enhanced disclosures about, among other things, a transferor’scontinuing involvement with transfers of financial assets accounted for assales, the risks inherent in the transferred financial assets that have beenretained, and the nature and financial effect of restrictions on thetransferor’s assets that continue to be reported in the Consolidated BalanceSheet.  SFAS No. 166 will be effective as of the beginning of interim andannual reporting periods that begin after November 15, 2009.  The Company iscurrently evaluating the impact of SFAS No. 166 on the Company’s consolidatedfinancial statements.

 

9

 

 

 

 

 

 

In June 2009, the FASB issued SFASNo. 167, “Amendments to FASB Interpretation No. 46(R)” (“SFAS No. 167”).  SFASNo 167 amends FIN 46(R), “Consolidation of Variable Interest Entities,” andchanges the consolidation guidance applicable to a variable interest entity(“VIE”).  It also amends the guidance governing the determination of whether anenterprise is the primary beneficiary of a VIE, and is, therefore, required toconsolidate an entity, by requiring a qualitative analysis rather than aquantitative analysis.  The qualitative analysis will include, among otherthings, consideration of who has the power to direct the activities of theentity that most significantly impact the entity’s economic performance and whohas the obligation to absorb losses or the right to receive benefits of the VIEthat could potentially be significant to the VIE.  This standard also requirescontinuous reassessments of whether an enterprise is the primary beneficiary ofa VIE.  Previously, FIN 46(R) required reconsideration of whether an enterprisewas the primary beneficiary of a VIE only when specific events had occurred. QSPEs, which were previously exempt from the application of this standard, willbe subject to the provisions of this standard when it becomes effective.  SFASNo. 167 also requires enhanced disclosures about an enterprise’s involvementwith a VIE.  SFAS No. 167 will be effective as of the beginning of interim andannual reporting periods that begin after November 15, 2009.  The Company iscurrently evaluating the impact of SFAS No. 167 on the Company’s consolidatedfinancial statements.

 

In June 2009, the FASB issued SFASNo. 168, “The FASB Accounting Standards Codification and the Hierarchy ofGenerally Accepted Accounting Principles – a Replacement of FASB Statement No.162” (“SFAS No. 168”), which will become the source of authoritative UnitedStates GAAP recognized by the FASB to be applied by nongovernmental entities. SFAS No. 168 brings together in one place all authoritative GAAP previously inlevels A through D of the GAAP hierarchy that has been issued by a standardsetter, for example, FASB Statements, FASB Interpretations, EITF Abstracts,FASB Staff Positions and AICPA Accounting and Auditing Guides.   SFAS No. 168will be effective as of the beginning of interim and annual reporting periodsthat begin after September 15, 2009.  The Company is currently evaluating theimpact of SFAS No. 168 on the Company’s consolidated financial statements.

 

**Note B - Net Loss Per Common Share**

 

Basic earnings per share (“EPS”)are computed by dividing income available to common stockholders by theweighted-average number of common shares outstanding for the period. Inarriving at income available to common stockholders, preferred stock dividendsare deducted. Diluted EPS reflects the potential dilution that could occur ifshare equivalents such as employee stock options, restricted shares anddeferred incentive share units were exercised or converted into common stockthat then shared in the earnings of Parkway.

 

The computation of diluted EPS isas follows (in thousands, except per share data):

 

 

**Three Months Ended**

** **

**Six Months Ended**

 

**June 30**

** **

**June 30**

 

**2009**

** **

**2008**

** **

**2009**

** **

**2008**

Numerator:

 

 

 

 

 

 

 

    Basic  and diluted net loss

 

 

 

 

 

 

 

        available  to common stockholders

 $

(280)

 

 $

(3,136)

 

 $

(2,269)

 

 $

(6,931)

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

    Basic  weighted average shares

19,457 

 

15,024 

 

17,262 

 

15,013 

    Dilutive  weighted average shares

19,457 

 

15,024 

 

17,262 

 

15,013 

Diluted loss per share  attributable to Parkway Properties, Inc.

 $

(0.01)

 

 $

(0.21)

 

 $

(0.13)

 

 $

(0.46)

 

Consolidated loss from continuingoperations was $953,000 and $4.7 million for the three months ended June 30,2009 and 2008, respectively.  Income from continuing operations attributable toParkway Properties, Inc. was $684,000 for the three months ended June 30, 2009compared to a loss from continuing operations of $2.7 million for the threemonths ended June 30, 2008.  Loss from continuing operations attributable tononcontrolling interests was $1.6 million and $2.1 million for the three monthsended June 30, 2009 and 2008, respectively.

 

10

 

 

 

 

 

Consolidated loss from continuingoperations was $5.7 million and $10.4 million for the six months ended June 30,2009 and 2008, respectively. Loss from continuing operations attributable toParkway Properties, Inc. was $283,000 and $5.8 million for the six months endedJune 30, 2009 and 2008, respectively. Loss from continuing operationsattributable to noncontrolling interests was $5.4 million and $4.6 million forthe six months ended June 30, 2009 and 2008, respectively.

 

The computation of diluted EPS forthe three months and six months ended June 30, 2009 and 2008 did not includethe effect of employee stock options, deferred incentive units and restrictedshares because their inclusion would have been anti-dilutive.

 

**Note C - Supplemental Cash Flow Information and Scheduleof Non-Cash Investing and****Financing Activity**

 

The Company considers all highlyliquid investments with a maturity of three months or less when purchased to becash equivalents.

 

 

**Six  Months Ended**

 

**June  30**

 

**2009**

** **

**2008**

 

(in  thousands)

Supplemental cash flow information:

 

 

 

Cash paid for interest (net of amount  capitalized)

 $

27,102 

 

 $

29,886 

Supplemental schedule of non-cash  investing and financing activity:

 

 

 

Restricted shares and deferred incentive  share units issued

3,066 

 

1,147 

Shares issued in lieu of Directors’ fees

42 

 

140 

 

**Note D - Dispositions**

** **

On February 20, 2009, the Companysold Lynnwood Plaza, an 82,000 square foot office property in Hampton Roads,Virginia to an unrelated third party for a gross sales price of $7.8 million. Parkway received net cash proceeds from the sale of $7.1 million, which wereused to reduce amounts outstanding under the Company’s line of credit.  Duringthe fourth quarter of 2008 the Company recognized a non-cash impairment loss ofapproximately $1.1 million related to this property. Parkway Realty Services,LLC, a subsidiary of the Company, was retained to provide management servicesfor the property under a one-year agreement. Therefore, all revenue and expensefor this property is included as a component of continuing operations.

 

On June 1, 2009, the Company sold1717 St. James Place, a 110,000 square foot office property in Houston, Texasto an unrelated third party for a gross sales price of $8.7 million, and Parkwayreceived net cash proceeds from the sale of $8.4 million. The Companyrecognized a gain on the sale of $540,000 in the second quarter 2009.  ParkwayRealty Services, LLC, a subsidiary of the Company, was retained to providemanagement services for the property under a one-year agreement.  Therefore,all revenue and expense for this property is included as a component ofcontinuing operations.

 

**Note E - Office Property Held for Sale**

 

During the quarter ended March 31,2009, the Company classified Atrium at Stoneridge, a 108,000 square foot non-coreoffice building in Columbia, South Carolina, as held for sale.  A non-cashimpairment loss of $727,000 was recorded during the fourth quarter of 2008 onthis asset.  At June 30, 2009, the Company’s management believed the sale ofthis office property was probable and classified it as held for sale.  Inaccordance with GAAP, all current and prior period income from Atrium atStoneridge has been classified as discontinued operations.  On July 8, 2009, thecontract to sell Atrium at Stoneridge was terminated due to the inability ofthe proposed buyer to raise sufficient equity to complete the purchase.  TheCompany has received $350,000 in non-refundable earnest money in connectionwith the proposed sale of this asset that will be recorded as other income inthe third quarter of 2009.

 

11

 

 

 

 

 

The major classes of assets andliabilities classified as held for sale for Atrium at Stoneridge at June 30,2009 are as follows (in thousands):

 

 

**June 30**

  

**2009**

**Balance Sheet:**

 

Investment property

 $

7,632 

Accumulated depreciation

(808)

Office property held for sale

6,824 

Rents receivable and other assets

438 

**Total assets**

 $

7,262 

Accounts payable and other liabilities

 $

216 

Stockholders’ equity

7,046 

**Total liabilities and stockholders’  equity**

 $

7,262 

 

**Note F - Discontinued Operations**

 

All current and prior period incomefrom the following office property dispositions are included in discontinuedoperations for the three months and six months ended June 30, 2009 and 2008 (inthousands).

 

** **

** **

** **

** **

**Square**

** **

**Date of**

** **

**Net Sales**

 

**Net Book Value**

** **

**Gain**

**Office Property**

** **

**Location**

** **

**Feet**

** **

**Sale**

** **

**Price**

 

**of Real Estate**

** **

**on Sale**

Town Point Center

 

Norfolk, Virginia

 

131

 

07/15/08

 

 $

12,180 

 

 $

10,621 

 

 $

1,559 

Wachovia Plaza

 

St. Petersburg, Florida

 

186

 

08/18/08

 

25,492 

 

16,154 

 

9,338 

Capitol Center

 

Columbia, South Carolina

 

460

 

09/05/08

 

46,792 

 

35,101 

 

11,691 

2008 Dispositions

 

 

 

777

 

 

 

 $

84,464 

 

 $

61,876 

 

 $

22,588 

 

Also included in discontinuedoperations are all current and prior period income from Atrium at Stoneridge,which is held for sale at June 30, 2009.

 

The amount of revenue and expensefor these four office properties reported in discontinued operations for thethree months and six months ended June 30, 2009 and 2008 is as follows (inthousands):

 

 

**Three Months Ended**

** **

**Six Months Ended**

 

**June 30**

** **

**June 30**

 

**2009**

** **

**2008**

** **

**2009**

** **

**2008**

**Income Statement:**

 

 

 

 

 

 

 

**Revenues**

 

 

 

 

 

 

 

Income from office and parking  properties

 $

403 

 

 $

3,900 

 

 $

794 

 

 $

7,690 

 

403 

 

3,900 

 

794 

 

7,690 

 

 

 

 

 

 

 

 

**Expenses**

 

 

 

 

 

 

 

Office and parking properties:

 

 

 

 

 

 

 

Property operating expense

167 

 

1,793 

 

356 

 

3,687 

Interest expense

- 

 

380 

 

- 

 

763 

Depreciation and amortization

- 

 

995 

 

24 

 

1,957 

 

167 

 

3,168 

 

380 

 

6,407 

**Income from discontinued operations**

 $

236 

 

 $

732 

 

 $

414 

 

 $

1,283 

 

**Note G - Mortgage Loan**

 

The Company owns the Bparticipation piece (the “B piece”) of a first mortgage secured by an 844,000square foot office building in Dallas, Texas known as 2100 Ross for $6.9million. The B piece was originated by Wachovia Bank, N.A., a Wells FargoCompany, and has a face value of $10.0 million and a stated coupon rate of6.065%. Upon maturity in May 2012, the Company will receive a principal paymentof $10.0 million, which produces a yield to maturity of 15.6%. The balance ofthe mortgage loan was $7.8 million at June 30, 2009.  The carrying amount forthe mortgage loan approximated fair value at June 30, 2009.

 

12

 

 

 

 

 

**Note H - Investment in Unconsolidated Joint Ventures**

 

In addition to the 59 office andparking properties included in the consolidated financial statements, theCompany is also invested in four unconsolidated joint ventures with unrelatedinvestors. These investments are accounted for using the equity method ofaccounting, as Parkway does not control any of these joint ventures.Accordingly, the assets and liabilities of the joint ventures are not includedon Parkway’s consolidated balance sheets at June 30, 2009 and December 31,2008. Information relating to these unconsolidated joint ventures is detailedbelow (in thousands).

 

** **

** **

** **

** **

** **

** **

**Parkway’s**

** **

** **

** **

**Percentage**

** **

** **

** **

** **

** **

** **

**Ownership**

** **

**Square**

** **

**Leased**

**Joint Venture Entity**

** **

**Property Name**

** **

**Location**

** **

**Interest**

** **

**Feet**

** **

**At 07/01/09**

Wink-Parkway Partnership

 

Wink Building

 

New Orleans, LA

 

50.0%

 

32

 

7.6%

Parkway Joint Venture, LLC  (“Jackson JV”)

 

UBS Building/River Oaks

 

Jackson, MS

 

20.0%

 

167

 

91.5%

 

 

Lakewood/Falls Pointe  Carmel

 

Atlanta, GA

 

 

 

 

 

 

RubiconPark I, LLC  (“Rubicon JV”)

 

Crossing

 

Charlotte, NC

 

20.0%

 

552

 

92.4%

RubiconPark II, LLC  (“Maitland JV”)

 

Maitland 200

 

Orlando, FL

 

20.0%

 

205

 

99.0%

 

 

 

 

 

 

 

 

956

 

90.8%

 

Cash distributions from unconsolidatedjoint ventures are made to each partner based on their percentage of ownershipin each entity. Cash distributions made to partners in joint ventures where thepercentage of debt assumed is disproportionate to the ownership percentage inthe venture is distributed based on each partner’s share of cash available fordistribution before debt service, based on their ownership percentage, less thepartner’s share of debt service based on the percentage of debt assumed by eachpartner.

 

Parkway provides management,construction and leasing services for all of the unconsolidated joint venturesexcept for the Wink-Parkway Partnership, and receives market based fees forthese services. The portion of fees earned on unconsolidated joint venturesattributable to Parkway’s ownership interest is eliminated in consolidation.

 

Balance sheet information for theunconsolidated joint ventures is summarized below at June 30, 2009 and December31, 2008 (in thousands):

 

** **

**June 30, 2009**

** **

**Wink**

** **

**Jackson**

** **

**Rubicon**

** **

**Maitland**

** **

**Combined**

** **

**Building**

** **

**JV**

** **

**JV**

** **

**JV**

** **

**Total**

**Unconsolidated joint ventures (at 100%):**

 

 

 

 

 

 

 

 

 

Real estate, net

 $

1,157 

 

 $

15,708 

 

 $

65,190 

 

 $

28,447 

 

 $

110,502 

Other assets

527 

 

962 

 

9,018 

 

1,192 

 

11,699 

Total assets

 $

1,684 

 

 $

16,670 

 

 $

74,208 

 

 $

29,639 

 

 $

122,201 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage debt (a)

 $

10 

 

 $

12,600 

 

 $

51,684 

 

 $

17,915 

 

 $

82,209 

Other liabilities

44 

 

431 

 

1,886 

 

745 

 

3,106 

Partners’ and shareholders’ equity

1,630 

 

3,639 

 

20,638 

 

10,979 

 

36,886 

Total liabilities & partners’/shareholders’ equity

 $

1,684 

 

 $

16,670 

 

 $

74,208 

 

 $

29,639 

 

 $

122,201 

** **

 

 

 

 

 

 

 

 

 

**Parkway’s share of unconsolidated joint ventures:**

 

 

 

 

 

 

 

 

 

Real estate, net

 $

579 

 

 $

3,142 

 

 $

13,038 

 

 $

5,689 

 

 $

22,448 

Mortgage debt

 $

5 

 

 $

2,520 

 

 $

7,156 

 

 $

- 

 

 $

9,681 

Investment in joint ventures

 $

815 

 

 $

(284)

 

 $

5,713 

 

 $

5,082 

 

 $

11,326 

 

13

 

 

 

 

 

 

** **

**December 31, 2008**

** **

**Wink**

** **

**Jackson**

** **

**Rubicon**

** **

**Maitland**

** **

**Combined**

** **

**Building**

** **

**JV**

** **

**JV**

** **

**JV**

** **

**Total**

**Unconsolidated joint ventures (at 100%):**

 

 

 

 

 

 

 

 

 

Real estate, net

 $

1,168 

 

 $

15,918 

 

 $

65,749 

 

 $

28,828 

 

 $

111,663 

Other assets

457 

 

1,006 

 

8,076 

 

1,048 

 

10,587 

Total assets

 $

1,625 

 

 $

16,924 

 

 $

73,825 

 

 $

29,876 

 

 $

122,250 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage debt (a)

 $

67 

 

 $

12,600 

 

 $

52,000 

 

 $

18,154 

 

 $

82,821 

Other liabilities

39 

 

700 

 

1,573 

 

628 

 

2,940 

Partners’ and shareholders’ equity

1,519 

 

3,624 

 

20,252 

 

11,094 

 

36,489 

Total liabilities & partners’/shareholders’ equity

 $

1,625 

 

 $

16,924 

 

 $

73,825 

 

 $

29,876 

 

 $

122,250 

 

 

 

 

 

 

 

 

 

 

**Parkway’s share of unconsolidated joint ventures:**

 

 

 

 

 

 

 

 

 

Real estate, net

 $

584 

 

 $

3,184 

 

 $

13,150 

 

 $

5,766 

 

 $

22,684 

Mortgage debt

 $

34 

 

 $

2,520 

 

 $

7,200 

 

 $

- 

 

 $

9,754 

Investment in joint ventures

 $

760 

 

 $

(310)

 

 $

5,484 

 

 $

5,123 

 

 $

11,057 

 

 

(a)           The mortgage debt, all of which isnon-recourse, is collateralized by the individual real estate properties withineach venture.

 

In most cases the Company’s shareof debt related to its unconsolidated joint ventures is the same as itsownership percentage in the venture. However, in the case of the Rubicon JointVenture and the Maitland Joint Venture, the Company’s share of debt isdisproportionate to its ownership percentage. The disproportionate debtstructure was created to meet the Company’s partner’s financing criteria. Inthe Rubicon Joint Venture, Parkway owns a 20% interest in the venture butassumed 13.85% of the debt. In the Maitland Joint Venture, the Company owns a20% interest in the venture and assumed none of the debt. The terms related toParkway’s share of unconsolidated joint venture mortgage debt are summarizedbelow (in thousands):

 

 

 

** **

** **

** **

** **

** **

** **

**Parkway’s**

** **

**Monthly**

** **

**Loan**

** **

**Loan**

 

 

**Type**

** **

**Interest**

** **

** **

** **

**Share of**

** **

**Debt**

** **

**Balance**

** **

**Balance**

**Joint Venture**

** **

**Debt Service**

** **

**Rate**

** **

**Maturity Date**

** **

**Debt**

** **

**Service**

** **

**06/30/09**

** **

**12/31/08**

Wink-Parkway Partnership

 

Amortizing

 

8.625%

 

07/01/09

 

50.00%

 

 $

5 

 

 $

5 

 

 $

34 

Maitland JV

 

Amortizing

 

4.390%

 

06/01/11

 

0.00%

 

- 

 

- 

 

- 

Rubicon JV

 

Amortizing

 

4.865%

 

01/01/12

 

13.85%

 

30 

 

7,156 

 

7,200 

Jackson JV

 

Interest Only

 

5.840%

 

07/01/15

 

20.00%

 

12 

 

2,520 

 

2,520      

 

 

 

 

 

 

 

 

 

 

 $

47 

 

 $

9,681 

 

 $

9,754   

**Weighted average interest rate at end of period**

 

 

 

 

 

 

 

5.121% 

 

5.130% 

 

The following table presentsParkway’s proportionate share of principal payments due for mortgage debt inunconsolidated joint ventures at June 30, 2009 (in thousands):

 

 

**Wink**

** **

**Maitland**

** **

**Rubicon**

** **

**Jackson**

** **

** **

 

**Partnership**

** **

**JV**

** **

**JV**

** **

**JV**

** **

**Total**

2009 (Remaining six months)

 $

5 

 

 $

- 

 

 $

52 

 

 $

13 

 

 $

70 

2010

- 

 

- 

 

109 

 

32 

 

141 

2011

- 

 

- 

 

114 

 

35 

 

149 

2012

- 

 

- 

 

6,881 

 

37 

 

6,918 

2013

- 

 

- 

 

- 

 

39 

 

39 

2014

- 

 

- 

 

- 

 

41 

 

41 

Thereafter

- 

 

- 

 

- 

 

2,323 

 

2,323 

 

 $

5 

 

 $

- 

 

 $

7,156 

 

 $

2,520 

 

 $

9,681 

 

14

 

 

 

 

 

Income statement information forthe unconsolidated joint ventures is summarized below for the three monthsended June 30, 2009 and 2008 (in thousands):

 

 

** **

**Results  of Operations**

 

** **

**Three  Months Ended June 30, 2009**

 

** **

**Viad  Corp**

** **

**Wink**

** **

**Jackson**

** **

**Rubicon**

** **

**Maitland**

** **

**Combined**

** **

** **

**Center**

** **

**Building**

** **

**JV**

** **

**JV**

** **

**JV**

** **

**Total**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Unconsolidated joint ventures  (100%):**

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 $

- 

 

 $

83 

 

 $

717 

 

 $

2,424 

 

 $

1,149 

 

 $

4,373 

Operating expenses

 

- 

 

2 

 

(291)

 

(925)

 

(446)

 

(1,660)

      Net operating income

 

- 

 

85 

 

426 

 

1,499 

 

703 

 

2,713 

Interest expense

 

- 

 

(1)

 

(184)

 

(636)

 

(197)

 

(1,018)

Loan cost amortization

 

- 

 

(1)

 

(1)

 

(16)

 

(3)

 

(21)

Depreciation and amortization

 

- 

 

(6)

 

(165)

 

(643)

 

(242)

 

(1,056)

      Net income

 

 $

- 

 

 $

77 

 

 $

76 

 

 $

204 

 

 $

261 

 

 $

618 

** **

 

 

 

 

 

 

 

 

 

 

 

 

**Parkway’s share of unconsolidated  joint ventures:**

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 $

- 

 

 $

39 

 

 $

15 

 

 $

81 

 

 $

92 

 

 $

227 

Depreciation and amortization

 

 $

- 

 

 $

3 

 

 $

33 

 

 $

129 

 

 $

48 

 

 $

213 

Property management fees

 

 $

- 

 

 $

- 

 

 $

33 

 

 $

559 

 

 $

34 

 

 $

626 

Interest expense

 

 $

- 

 

 $

- 

 

 $

37 

 

 $

88 

 

 $

- 

 

 $

125 

Loan cost amortization

 

 $

- 

 

 $

1 

 

 $

- 

 

 $

2 

 

 $

- 

 

 $

3 

** **

 

 

 

 

 

 

 

 

 

 

 

 

**Other supplemental information:**

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from unconsolidated  joint ventures

 

 $

- 

 

 $

- 

 

 $

23 

 

 $

- 

 

 $

139 

 

 $

162 

 

 

** **

**Results  of Operations**

 

** **

**Three  Months Ended June 30, 2008**

 

** **

**Viad  Corp**

** **

**Wink**

** **

**Jackson**

** **

**Rubicon**

** **

**Maitland**

** **

**Combined**

** **

** **

**Center**

** **

**Building**

** **

**JV**

** **

**JV**

** **

**JV**

** **

**Total**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Unconsolidated joint ventures  (100%):**

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 $

108 

 

 $

94 

 

 $

655 

 

 $

2,566 

 

 $

1,155 

 

 $

4,578 

Operating expenses

 

(2)

 

(20)

 

(345)

 

(977)

 

(400)

 

(1,744)

      Net operating income

 

106 

 

74 

 

310 

 

1,589 

 

755 

 

2,834 

Interest expense

 

- 

 

(7)

 

(184)

 

(639)

 

(202)

 

(1,032)

Loan cost amortization

 

- 

 

(1)

 

(1)

 

(16)

 

(3)

 

(21)

Depreciation and amortization

 

- 

 

(6)

 

(153)

 

(513)

 

(214)

 

(886)

      Net income (loss)

 

 $

106 

 

 $

60 

 

 $

(28)

 

 $

421 

 

 $

336 

 

 $

895 

** **

 

 

 

 

 

 

 

 

 

 

 

 

**Parkway’s share of unconsolidated  joint ventures:**

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 $

32 

 

 $

30 

 

 $

(6) 

 

 $

125 

 

 $

108 

 

 $

289 

Depreciation and amortization

 

 $

- 

 

 $

3 

 

 $

30 

 

 $

103 

 

 $

43 

 

 $

179 

Property management fees

 

 $

- 

 

 $

- 

 

 $

39 

 

 $

99 

 

 $

31 

 

 $

169 

Incentive fee

 

 $

5 

 

 $

- 

 

 $

- 

 

 $

- 

 

 $

- 

 

 $

5 

Interest expense

 

 $

- 

 

 $

3 

 

 $

37 

 

 $

89 

 

 $

- 

 

 $

129 

Loan cost amortization

 

 $

- 

 

 $

1 

 

 $

- 

 

 $

1 

 

 $

- 

 

 $

2 

** **

 

 

 

 

 

 

 

 

 

 

 

 

**Other supplemental information:**

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from unconsolidated  joint ventures

 

 $

38 

 

 $

- 

 

 $

13 

 

 $

95 

 

 $

171 

 

 $

317 

 

15

 

 

 

 

 

Income statement information forthe unconsolidated joint ventures is summarized below for the six months endedJune 30, 2009 and 2008 (in thousands):

 

 

** **

**Results  of Operations**

 

** **

**Six  Months Ended June 30, 2009**

 

** **

**Viad  Corp**

** **

**Wink**

** **

**Jackson**

** **

**Rubicon**

** **

**Maitland**

** **

**Combined**

** **

** **

**Center**

** **

**Building**

** **

**JV**

** **

**JV**

** **

**JV**

** **

**Total**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Unconsolidated joint ventures  (100%):**

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 $

- 

 

 $

162 

 

 $

1,482 

 

 $

4,906 

 

 $

2,293 

 

 $

8,843 

Operating expenses

 

- 

 

(36)

 

(660)

 

(1,991)

 

(884)

 

(3,571)

      Net operating income

 

- 

 

126 

 

822 

 

2,915 

 

1,409 

 

5,272 

Interest expense

 

- 

 

(2)

 

(368)

 

(1,268)

 

(395)

 

(2,033)

Loan cost amortization

 

- 

 

(2)

 

(2)

 

(31)

 

(7)

 

(42)

Depreciation and amortization

 

- 

 

(12)

 

(321)

 

(1,229)

 

(466)

 

(2,028)

      Net income

 

 $

- 

 

 $

110 

 

 $

131 

 

 $

387 

 

 $

541 

 

 $

1,169 

** **

 

 

 

 

 

 

 

 

 

 

 

 

**Parkway’s share of unconsolidated  joint ventures:**

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 $

- 

 

 $

55 

 

 $

26 

 

 $

157 

 

 $

189 

 

 $

427 

Depreciation and amortization

 

 $

- 

 

 $

6 

 

 $

64 

 

 $

246 

 

 $

93 

 

 $

409 

Property management fees

 

 $

- 

 

 $

- 

 

 $

76 

 

 $

713 

 

 $

70 

 

 $

859 

Interest expense

 

 $

- 

 

 $

1 

 

 $

74 

 

 $

175 

 

 $

- 

 

 $

250 

Loan cost amortization

 

 $

- 

 

 $

1 

 

 $

- 

 

 $

5 

 

 $

- 

 

 $

6 

** **

 

 

 

 

 

 

 

 

 

 

 

 

**Other supplemental information:**

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from unconsolidated  joint ventures

 

 $

- 

 

 $

- 

 

 $

47 

 

 $

14 

 

 $

262 

 

 $

323 

 

 

** **

**Results  of Operations**

 

** **

**Six  Months Ended June 30, 2008**

 

** **

**Viad  Corp**

** **

**Wink**

** **

**Jackson**

** **

**Rubicon**

** **

**Maitland**

** **

**Combined**

** **

** **

**Center**

** **

**Building**

** **

**JV**

** **

**JV**

** **

**JV**

** **

**Total**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Unconsolidated joint ventures  (100%):**

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 $

108 

 

 $

189 

 

 $

1,289 

 

 $

5,120 

 

 $

2,308 

 

 $

9,014 

Operating expenses

 

(2)

 

(47)

 

(686)

 

(1,953)

 

(787)

 

(3,475)

      Net operating income

 

106 

 

142 

 

603 

 

3,167 

 

1,521 

 

5,539 

Interest expense

 

- 

 

(7)

 

(368)

 

(1,279)

 

(405)

 

(2,059)

Loan cost amortization

 

- 

 

(1)

 

(2)

 

(32)

 

(7)

 

(42)

Depreciation and amortization

 

- 

 

(12)

 

(295)

 

(1,025)

 

(424)

 

(1,756)

      Net income (loss)

 

 $

106 

 

 $

122 

 

 $

(62)

 

 $

831 

 

 $

685 

 

 $

1,682 

** **

 

 

 

 

 

 

 

 

 

 

 

 

**Parkway’s share of unconsolidated****joint ventures:**

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 $

32 

 

 $

61 

 

 $

(12)

 

 $

247 

 

 $

219 

 

 $

547 

Depreciation and amortization

 

 $

- 

 

 $

6 

 

 $

59 

 

 $

205 

 

 $

85 

 

 $

355 

Property management fees

 

 $

- 

 

 $

- 

 

 $

108 

 

 $

189 

 

 $

86 

 

 $

383 

Incentive fee

 

 $

5 

 

 $

- 

 

 $

- 

 

 $

- 

 

 $

- 

 

 $

5 

Interest expense

 

 $

- 

 

 $

3 

 

 $

74 

 

 $

177 

 

 $

- 

 

 $

254 

Loan cost amortization

 

 $

- 

 

 $

1 

 

 $

- 

 

 $

4 

 

 $

- 

 

 $

5 

** **

 

 

 

 

 

 

 

 

 

 

 

 

**Other supplemental information:**

 

 

 

 

 

 

 

 

 

 

 

 

Distributions from unconsolidated  joint ventures

 

 $

38 

 

 $

- 

 

 $

26 

 

 $

174 

 

 $

461 

 

 $

699 

 

16

 

 

 

 

 

**Note I - Capital and Financing Transactions**

 

At June 30, 2009,the Company had a total of $100.0 million outstanding under the line of creditand was in compliance with all loan covenants under each credit facility. TheCompany’s line of credit allows borrowing up to a combined $311.0 million ateither the 30-day LIBOR interest rate plus 130 basis points or the Primeinterest rate plus 25 basis points. At June 30, 2009, all amounts outstandingunder the line of credit are fixed by an interest rate swap agreement.

 

Mortgage notespayable at June 30, 2009 totaled $859.7 million with an average interest rateof 5.6% and were secured by office properties.  The fair value of mortgagenotes payable at June 30, 2009 was $782.2 million.

 

On February 27,2009, the Company paid off the mortgage note payable secured by the 1717 St.James, 5300 Memorial, and Town and Country office buildings in Houston, Texas, with a total principal balance of $21.8 million with advances under theCompany’s line of credit. The mortgage had an interest rate of 4.83% and wasscheduled to mature March 1, 2009. The mortgage represented the Company’s onlyoutstanding maturity in 2009.

 

On April 28, 2009,the Company sold 6.25 million shares of common stock to UBS Investment Bank ata gross offering price of $13.71 per share and a net price of $13.56 per share.The Company used the net proceeds of approximately $84.5 million to reduceoutstanding borrowings under the Company’s line of credit and for generalcorporate purposes.

 

On May 4, 2009, theCompany placed an $18.5 million seven-year non-recourse first mortgage with afixed interest rate of 7.6% per annum, and the proceeds were used to reduce borrowingsunder the line of credit. The mortgage is secured by the 5300 Memorial and Townand Country office buildings in Houston, Texas.

 

**Note J - Noncontrolling Interest - Real Estate Partnerships**

 

The Company has aninterest in three joint ventures that are included in its consolidatedfinancial statements. Information relating to these consolidated joint venturesis detailed below.

 

 

 

** **

** **

**Parkway’s**

** **

**Square Feet**

**Joint Venture Entity and Property Name**

 

**Location**

** **

**Ownership %**

** **

(In thousands)

Parkway Moore, LLC/ Moore Building Associates, LP Toyota Center

 

Memphis, TN

 

75.025%

 

175

Parkway Properties Office Fund, LP

 

 

 

 

 

 

Desert Ridge I, II and Shops

 

Phoenix, AZ

 

26.500%

 

293

Maitland 100

 

Orlando, FL

 

25.000%

 

128

555 Winderley

 

Orlando, FL

 

25.000%

 

102

Gateway Center

 

Orlando, FL

 

25.000%

 

228

BellSouth Building

 

Jacksonville,  FL

 

25.000%

 

92

Centurion Centre

 

Jacksonville,  FL

 

25.000%

 

88

100 Ashford Center

 

Atlanta, GA

 

25.000%

 

160

Peachtree Ridge

 

Atlanta, GA

 

25.000%

 

163

Overlook II

 

Atlanta, GA

 

25.000%

 

260

Citicorp Plaza

 

Chicago, IL

 

40.000%

 

602

Chatham Centre

 

Schaumburg, IL

 

25.000%

 

206

Renaissance Center

 

Memphis, TN

 

25.000%

 

190

1401 Enclave Parkway

 

Houston, TX

 

25.000%

 

209

Total Parkway Properties Office Fund, LP

 

 

 

 

 

2,721

Parkway Properties Office Fund II, LP

 

-

 

-

 

-

Total Consolidated Joint Ventures

 

 

 

 

 

2,896

 

Moore BuildingAssociates, LP (“MBALP”) was established for the purpose of owning a commercialoffice building (the Toyota Center in Memphis, Tennessee). In acting as thegeneral partner, Parkway is committed to providing additional funding to meetpartnership operating deficits up to an aggregate amount of $1 million. Parkwayreceives income from MBALP in the form of property management fees. Parkwayalso receives interest income on a note receivable from Parkway Moore, LLC(“PMLLC”). Any intercompany asset, liability, revenue and expense accountsbetween Parkway and MBALP and PMLLC have been eliminated.

 

17

 

 

 

 

 

Parkway serves asthe general partner of Parkway Properties Office Fund, LP (“Ohio PERS Fund I”)and provides asset management, property management, leasing and constructionmanagement services to the fund, for which it is paid market-based fees. Cashdistributions from the fund are made to each joint venture partner based ontheir percentage of ownership in the fund. Since Parkway is the sole generalpartner and has the authority to make major decisions on behalf of the fund,Parkway is considered to have a controlling interest. Accordingly, Parkway isrequired to consolidate the fund in its consolidated financial statements. AtFebruary 15, 2008, Ohio PERS Fund I was fully invested.

 

In 2008, Parkwayformed Parkway Properties Office Fund II, LP (“Texas Teachers Fund II”), a$750.0 million discretionary fund with the Teacher Retirement System of Texas(“TRS”), for the purpose of acquiring high-quality multi-tenant officeproperties. TRS will be a 70% investor, and Parkway will be a 30% investor inthe fund, which will be capitalized with approximately $375.0 million of equitycapital and $375.0 million of non-recourse, fixed-rate first mortgage debt.Parkway’s share of the equity contribution for the fund will be $112.5 millionand will be funded with proceeds from asset sales, line of credit advancesand/or sales of equity securities. The fund will target investments in officebuildings in Houston, Austin, San Antonio, Chicago, Atlanta, Phoenix,Charlotte, Memphis, Nashville, Jacksonville, Orlando, Tampa/St. Petersburg, Ft.Lauderdale, as well as other growth markets to be determined at Parkway’sdiscretion.

 

Parkway will serve as the generalpartner of Texas Teachers Fund II and will provide asset management, propertymanagement, and leasing and construction management services to the fund forwhich it will be paid market-based fees. Parkway will have four years, orthrough May 2012, to identify and acquire properties, with funds contributed asneeded to complete acquisitions. Parkway will exclusively represent the fund inmaking acquisitions within the target markets and within certain predefinedcriteria. Parkway may continue to make fee-simple acquisitions in marketsoutside of the target markets, acquire properties within the target marketsthat do not meet the fund’s specific criteria or sell any currently ownedproperties. At June 30, 2009, there have been no acquisitions of assets onbehalf of Texas Teachers Fund II.

 

Noncontrolling interest - realestate partnerships represents the other partners’ proportionate share ofequity in the partnerships discussed above at June 30, 2009. Income isallocated to noncontrolling interest based on the weighted average percentageownership during the year.

 

**Note K - Share-Based Compensation**

 

Effective January 1, 2003, thestockholders of the Company approved Parkway’s 2003 Equity Incentive Plan (the“2003 Plan”) that authorized the grant of up to 200,000 equity based awards toemployees of the Company. At present, it is Parkway’s intention to grantrestricted shares and/or deferred incentive share units instead of stock options.Restricted shares and deferred incentive share units are valued based on theNew York Stock Exchange closing market price of Parkway common shares (NYSEticker symbol, PKY) as of the date of grant.

 

Compensation expense, includingestimated forfeitures, is recognized over the expected vesting period, which isfour to seven years from grant date for restricted shares subject to serviceconditions and four years from grant date for deferred incentive share units.During the six months ended June 30, 2009, a total of 30,416 restricted shareswere issued to officers of the Company. These shares vested upon achievement ofthe goals of the GEAR UP Plan. The compensation expense relating to the vestingof the GEAR UP performance-based restricted shares was recognized in 2008.

 

Compensation expense related torestricted shares and deferred incentive share units of $1.3 million and $918,000was recognized for the six months ended June 30, 2009 and 2008, respectively.Total compensation expense related to nonvested awards not yet recognized was$3.6 million at June 30, 2009. Of the total not yet recognized at June 30,2009, $2.2 million and $1.4 million are subject to service conditions andperformance conditions, respectively. The weighted average period over whichthe expense subject to service and performance conditions is expected to berecognized is approximately two years. For the remainder of 2009, the Companyexpects to recognize approximately $1.3 million of additional compensationexpense on nonvested awards subject to service and performance conditions.

 

Restricted shares and deferredincentive share units are forfeited if an employee leaves the Company beforethe vesting date. Shares and/or units that are forfeited become available forfuture grant under the 2003 Plan.

 

On February 3, 2009, the Board ofDirectors approved the grant of 120,000 restricted shares to officers of theCompany. The shares were valued at $1.9 million and will vest subject toachievement of certain performance-based goals in 2009 at a rate of 30,000shares per year over the four years following the grant date.

 

18

 

 

 

 

 

A summary of the Company’srestricted shares and deferred incentive share unit activity for the six monthsended June 30, 2009 is as follows:

 

** **

** **

** **

**Weighted**

** **

** **

** **

**Weighted**

** **

** **

** **

**Average**

** **

**Deferred**

** **

**Average**

** **

**Restricted**

** **

**Grant-Date**

** **

**Incentive**

** **

**Grant-Date**

** **

**Shares**

** **

**Fair Value**

** **

**Share Units**

** **

**Fair Value**

Balance at 12/31/08

220,641 

 

$39.49

 

22,805 

 

$37.62

Granted

120,000 

 

15.76

 

- 

 

-

Vested

(30,416)

 

43.08

 

- 

 

-

Forfeited

(1,750)

 

30.85

 

(2,120)

 

38.44

Balance at 06/30/09

308,475 

 

$29.96

 

20,685 

 

$37.54

 

**Note L - Segment Information**

 

Parkway’s primary business is theownership and operation of office properties. The Company accounts for eachoffice property or groups of related office properties as an individualoperating segment. Parkway has aggregated its individual operating segmentsinto a single reporting segment due to the fact that the individual operatingsegments have similar operating and economic characteristics.

 

The Company believes that theindividual operating segments exhibit similar economic characteristics such asbeing leased by the square foot, sharing the same primary operating expensesand ancillary revenue opportunities and being cyclical in the economicperformance-based on current supply and demand conditions. The individualoperating segments are also similar in that revenues are derived from theleasing of office space to customers and each office property is managed andoperated consistently in accordance with Parkway’s standard operatingprocedures. The range and type of customer uses of our properties is similarthroughout our portfolio regardless of location or class of building and theneeds and priorities of our customers do not vary from building to building.Therefore, Parkway’s management responsibilities do not vary from location tolocation based on the size of the building, geographic location or class.

 

The management of the Companyevaluates the performance of the reportable office segment based on funds fromoperations applicable to common shareholders (“FFO”). Management believes thatFFO is an appropriate measure of performance for equity REITs and computes thismeasure in accordance with the National Association of Real Estate InvestmentTrusts’ (“NAREIT”) definition of FFO. Funds from operations is defined byNAREIT as net income (computed in accordance with GAAP), excluding gains orlosses from sales of property and extraordinary items under GAAP, plusdepreciation and amortization, and after adjustments to derive the Company’spro rata share of FFO of consolidated and unconsolidated joint ventures.Further, the Company does not adjust FFO to eliminate the effects ofnon-recurring charges. The Company believes that FFO is a meaningful supplementalmeasure of its operating performance because historical cost accounting forreal estate assets in accordance with GAAP implicitly assumes that the value ofreal estate assets diminishes predictably over time, as reflected throughdepreciation and amortization expenses. However, since real estate values havehistorically risen or fallen with market and other conditions, many industryinvestors and analysts have considered presentation of operating results forreal estate companies that use historical cost accounting to be insufficient.Thus, NAREIT created FFO as a supplemental measure of operating performance forreal estate investment trusts that excludes historical cost depreciation andamortization, among other items, from net income, as defined by GAAP. TheCompany believes that the use of FFO, combined with the required GAAPpresentations, has been beneficial in improving the understanding of operatingresults of real estate investment trusts among the investing public and makingcomparisons of operating results among such companies more meaningful. FFO asreported by Parkway may not be comparable to FFO reported by other REITs thatdo not define the term in accordance with the current NAREIT definition. Fundsfrom operations do not represent cash generated from operating activities inaccordance with accounting principles generally accepted in the United States and is not an indication of cash available to fund cash needs. Funds fromoperations should not be considered an alternative to net income as anindicator of the Company’s operating performance or as an alternative to cashflow as a measure of liquidity.

 

19

 

 

 

 

 

The following is a reconciliationof FFO and net income (loss) available to common stockholders for officeproperties and total consolidated entities for the three months ended June 30,2009 and 2008. Amounts presented as “Unallocated and Other” represent primarilyincome and expense associated with providing management services, corporategeneral and administration expense, interest expense on unsecured lines ofcredit and preferred dividends.

 

 

**At or for the three months ended**

** **

**At or for the three months ended**

** **

**June 30, 2009**

** **

**June 30, 2008**

** **

**Office**

** **

**Unallocated**

** **

** **

** **

**Office**

** **

**Unallocated**

** **

** **

** **

**Properties**

** **

**and Other**

** **

**Consolidated**

** **

**Properties**

** **

**and Other**

** **

**Consolidated**

** **

(in thousands)

 

(in thousands)

Property operating revenues (a)

 $

66,113 

 

 $

- 

 

 $

66,113 

 

 $

65,376 

 

 $

- 

 

 $

65,376 

Property operating expenses (b)

(31,381)

 

- 

 

(31,381)

 

(31,173)

 

- 

 

(31,173)

Property net operating income from

 

 

 

 

 

 

 

 

 

 

 

        continuing operations

34,732 

 

- 

 

34,732 

 

34,203 

 

- 

 

34,203 

 

 

 

 

 

 

 

 

 

 

 

 

Management company income

- 

 

731 

 

731 

 

- 

 

410 

 

410 

Interest and other income

- 

 

309 

 

309 

 

- 

 

306 

 

306 

Interest expense (c)

(12,390)

 

(1,660)

 

(14,050)

 

(11,869)

 

(3,103)

 

(14,972)

Management company expenses

- 

 

(632)

 

(632)

 

- 

 

(432)

 

(432)

General and administrative expenses

- 

 

(1,369)

 

(1,369)

 

- 

 

(2,092)

 

(2,092)

Equity in earnings of unconsolidated

 

 

 

 

 

 

 

 

 

 

 

        joint ventures

227 

 

- 

 

227 

 

289 

 

- 

 

289 

Adjustment for depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

        -unconsolidated joint ventures

213 

 

- 

 

213 

 

179 

 

- 

 

179 

Adjustment for depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

        - discontinued operations

- 

 

- 

 

- 

 

995 

 

- 

 

995 

Adjustment for noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

        -real estate partnerships

(2,679)

 

- 

 

(2,679)

 

(2,835)

 

- 

 

(2,835)

Income from discontinued operations

236 

 

- 

 

236 

 

732 

 

- 

 

732 

Dividends on preferred stock

- 

 

(1,200)

 

(1,200)

 

- 

 

(1,200)

 

(1,200)

Gain on involuntary conversion

279 

 

- 

 

279 

 

- 

 

- 

 

- 

Funds from operations available to

 

 

 

 

 

 

 

 

 

 

 

        common stockholders (d)

20,618 

 

(3,821)

 

16,797 

 

21,694 

 

(6,111)

 

15,583 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

(21,720)

 

- 

 

(21,720)

 

(22,443)

 

- 

 

(22,443)

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

        -unconsolidated joint ventures

(213)

 

- 

 

(213)

 

(179)

 

- 

 

(179)

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

        -discontinued operations

- 

 

- 

 

- 

 

(995)

 

- 

 

(995)

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

        -noncontrolling interest - real

 

 

 

 

 

 

 

 

 

 

 

                estate partnerships

4,316 

 

- 

 

4,316 

 

4,898 

 

- 

 

4,898 

Gain on sale of real estate

540 

 

- 

 

540 

 

- 

 

- 

 

- 

Net income (loss) available to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        common stockholders

 $

3,541 

 

 $

(3,821)

 

 $

(280)

 

 $

2,975 

 

 $

(6,111)

 

 $

(3,136)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures (e)

 $

7,953 

 

 $

- 

 

 $

7,953 

 

 $

9,563 

 

 $

- 

 

 $

9,563 

 

(a)            Included in propertyoperating revenues are rental revenues, customer reimbursements, parking incomeand other income. 

 

(b)           Included in propertyoperating expenses are real estate taxes, insurance, contract services, repairsand maintenance and other property operating expenses. 

 

(c)            Interest expense foroffice properties represents interest expense on property secured mortgagedebt. It does not include interest expense on the Company’s unsecured line ofcredit, which is included in “Unallocated and Other”. 

 

(d)           For the three monthsended June 30, 2009, FFO includes a gain on involuntary conversion fromHurricane Ike of $279,000 and lease termination fee income of $39,000.  For thethree months ended June 30, 2008, FFO includes lease termination fee income of$214,000 and a gain on the extinguishment of debt of $388,000. 

 

(e)            Capital expendituresinclude building improvements, tenant improvements and deferred leasing costs.

 

 

20

 

 

 

 

 

The following is a reconciliationof FFO and net income (loss) available to common stockholders for officeproperties and total consolidated entities for the six months ended June 30,2009 and 2008. Amounts presented as “Unallocated and Other” represent primarilyincome and expense associated with providing management services, corporategeneral and administration expense, interest expense on unsecured lines ofcredit and preferred dividends.

 

 

**At or for the six months ended**

** **

**At or for the six months ended**

** **

**June 30, 2009**

** **

**June 30, 2008**

** **

**Office**

** **

**Unallocated**

** **

** **

** **

**Office**

** **

**Unallocated**

** **

** **

** **

**Properties**

** **

**and Other**

** **

**Consolidated**

** **

**Properties**

** **

**and Other**

** **

**Consolidated**

** **

(in thousands)

** **

(in thousands)

Property operating revenues (a)

 $

133,483 

 

 $

- 

 

 $

133,483 

 

 $

127,608 

 

 $

- 

 

 $

127,608 

Property operating expenses (b)

(65,102)

 

- 

 

(65,102)

 

(61,032)

 

- 

 

(61,032)

Property net operating income from

 

 

 

 

 

 

 

 

 

 

 

        continuing operations

68,381 

 

- 

 

68,381 

 

66,576 

 

- 

 

66,576 

 

 

 

 

 

 

 

 

 

 

 

 

Management company income

- 

 

1,146 

 

1,146 

 

- 

 

907 

 

907 

Interest and other income

- 

 

611 

 

611 

 

- 

 

674 

 

674 

Interest expense (c)

(24,564)

 

(3,537)

 

(28,101)

 

(23,758)

 

(6,352)

 

(30,110)

Management company expenses

- 

 

(1,133)

 

(1,133)

 

- 

 

(921)

 

(921)

General and administrative expenses

- 

 

(2,951)

 

(2,951)

 

- 

 

(4,388)

 

(4,388)

Equity in earnings of unconsolidated

 

 

 

 

 

 

 

 

 

 

 

        joint ventures

427 

 

- 

 

427 

 

547 

 

- 

 

547 

Adjustment for depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

        -unconsolidated joint ventures

409 

 

- 

 

409 

 

355 

 

- 

 

355 

Adjustment for depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

        - discontinued operations

24 

 

- 

 

24 

 

1,957 

 

- 

 

1,957 

Adjustment for noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

        -real estate partnerships

(4,913)

 

- 

 

(4,913)

 

(4,558)

 

- 

 

(4,558)

Income from discontinued operations

414 

 

- 

 

414 

 

1,283 

 

- 

 

1,283 

Dividends on preferred stock

- 

 

(2,400)

 

(2,400)

 

- 

 

(2,400)

 

(2,400)

Gain on involuntary conversion

742 

 

- 

 

742 

 

- 

 

- 

 

- 

Funds from operations available to

 

 

 

 

 

 

 

 

 

 

 

        common stockholders (d)

40,920 

 

(8,264)

 

32,656 

 

42,402 

 

(12,480)

 

29,922 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

(45,276)

 

- 

 

(45,276)

 

(43,649)

 

- 

 

(43,649)

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

        -unconsolidated joint ventures

(409)

 

- 

 

(409)

 

(355)

 

- 

 

(355)

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

        -discontinued operations

(24)

 

- 

 

(24)

 

(1,957)

 

- 

 

(1,957)

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

        -noncontrolling interest - real

 

 

 

 

 

 

 

 

 

 

 

                estate partnerships

10,314 

 

- 

 

10,314 

 

9,108 

 

- 

 

9,108 

Gain on sale of real estate

470 

 

- 

 

470 

 

- 

 

- 

 

- 

Net income (loss) available to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        common stockholders

 $

5,995 

 

 $

(8,264)

 

 $

(2,269)

 

 $

5,549 

 

 $

(12,480)

 

 $

(6,931)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 $

1,626,029 

 

 $

22,392 

 

 $

1,648,421 

 

 $

1,737,518 

 

 $

15,154 

 

 $

1,752,672 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office and parking properties

 $

1,419,476 

 

 $

- 

 

 $

1,419,476 

 

 $

1,514,559 

 

 $

- 

 

 $

1,514,559 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment in unconsolidated joint ventures

 $

11,326 

 

 $

- 

 

 $

11,326 

 

 $

11,091 

 

 $

- 

 

 $

11,091 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures (e)

 $

16,678 

 

 $

- 

 

 $

16,678 

 

 $

19,229 

 

 $

- 

 

 $

19,229 

 

(a)            Included in propertyoperating revenues are rental revenues, customer reimbursements, parking incomeand other income. 

 

(b)           Included in propertyoperating expenses are real estate taxes, insurance, contract services, repairsand maintenance and other property operating expenses. 

 

(c)            Interest expense foroffice properties represents interest expense on property secured mortgagedebt. It does not include interest expense on the Company’s unsecured line ofcredit, which is included in “Unallocated and Other”. 

 

(d)           For the six months endedJune 30, 2009, FFO includes a gain on involuntary conversion from Hurricane Ikeof $742,000 and lease termination fee income of $80,000. For the six monthsended June 30, 2008, FFO includes lease termination fee income of $1.3 million,offset by a reduction for a non-cash purchase accounting adjustment of $657,000and debt prepayment expense of $13,000. 

 

(e)            Capital expendituresinclude building improvements, tenant improvements and deferred leasing costs.

 

 

21

 

 

 

 

 

**Note M - Hurricane Ike Impact**

 

The Company had 13 wholly-ownedproperties and one jointly-owned property totaling 2.3 million square feet in Houston, Texas, which sustained some property damage from Hurricane Ike on September 13,2008. The current estimate of damages for the 14 properties is approximately $6.5million. The Company estimates that its insurance deductible related to theseclaims will be approximately $2.6 million. Approximately $370,000 is estimatedto represent repair and clean up costs with the remainder representingcapitalized costs. The Company expects to record a net gain of approximately $860,000related to an involuntary conversion of the damaged assets. During the threemonths and six months ended June 30, 2009, the Company recorded the partialrecognition of the gain on involuntary conversion of $279,000 and $742,000,respectively, related to Hurricane Ike. The Company expects to recognize theremaining gain on involuntary conversion of approximately $118,000 insubsequent quarters.

 

**Item 2. Management’s Discussion and Analysis of FinancialCondition and Results****of Operations.**

 

**Overview**

 

Parkway is a self-administered andself-managed REIT specializing in the acquisition, operation, leasing andownership of office properties. The Company is geographically focused on theSoutheastern and Southwestern United States and Chicago. At July 1, 2009,Parkway owned or had an interest in 65 office properties located in 11 stateswith an aggregate of approximately 13.4 million square feet of leasable space.Included in the portfolio are one discretionary fund and several partnershiparrangements which encompass 21 properties totaling 3.9 million square feet,representing 28.8% of the portfolio. With the discretionary fund and/orpartnerships, the Company receives fees for asset management, propertymanagement, leasing and construction management services and potentiallyreceives incentive fees upon sale if certain investment targets are achieved.Increasing the number of co-investments, and consequently the related feeincome, is part of the Company’s strategy to transform itself to anoperator-owner versus an owner-operator. The strategy capitalizes on theCompany’s strength in providing excellent service in the operation andacquisition of office properties for investment clients in addition to itsdirect ownership of real estate assets. Fee-based real estate services areoffered through the Company’s wholly owned subsidiary, Parkway Realty ServicesLLC, which also currently manages and/or leases approximately 1.4 million squarefeet for third party owners. The Company generates revenue primarily by leasingoffice space to its customers and providing management and leasing services tothird party office property owners (including joint venture interests). Theprimary drivers behind Parkway’s revenues are occupancy, rental rates andcustomer retention.

 

*Occupancy*. Parkway’s revenues are dependent on theoccupancy of its office buildings. At July 1, 2009, occupancy of Parkway’soffice portfolio was 88.7% compared to 89.2% at April 1, 2009 and 91.3% at July1, 2008. Not included in the July 1, 2009 occupancy rate are 26 signed leasestotaling 153,000 square feet, which commence during the third quarter of 2009through the first quarter of 2010 and will raise Parkway’s percentage leased to89.8%. To combat rising vacancy, Parkway utilizes innovative approaches toproduce new leases. These include the Broker Bill of Rights, a short-formservice agreement and customer advocacy programs which are models in theindustry and have helped the Company maintain occupancy around 90% during atime when the national occupancy rate is approximately 83.5%. Parkway currentlyprojects an average annual occupancy range of approximately 88.5% to 89.5%during 2009 for its office properties.

 

*Rental Rates.*An increase in vacancy rates has theeffect of reducing market rental rates and vice versa. Parkway’s leasestypically have three to seven year terms. As leases expire, the Companyreplaces the existing leases with new leases at the current market rental rate.At July 1, 2009, Parkway had $0.09 per square foot in rental rate embedded lossin its office property leases. Embedded loss is defined as the differencebetween the weighted average in place cash rents and the weighted averagemarket rental rate.

 

22

 

 

 

 

 

*Customer Retention*. Keeping existing customersis important as high customer retention leads to increased occupancy, lessdowntime between leases, and reduced leasing costs. Parkway estimates that itcosts five to six times more to replace an existing customer with a new onethan to retain the customer. In making this estimate, Parkway takes intoaccount the sum of revenue lost during downtime on the space plus leasingcosts, which rise as market vacancies increase. Therefore, Parkway focuses agreat deal of energy on customer retention. Parkway’s operating philosophy isbased on the premise that it is in the customer retention business. Parkwayseeks to retain its customers by continually focusing on operations at itsoffice properties. The Company believes in providing superior customer service;hiring, training, retaining and empowering each employee; and creating anenvironment of open communication both internally and externally with customersand stockholders. Over the past ten years, Parkway maintained an average 72.5%customer retention rate. Parkway’s customer retention rate was 68.8% for thequarter ending June 30, 2009, as compared to 54.1% for the quarter ending March31, 2009, and 87.1% for the quarter ending June 30, 2008.  Customer retentionfor the six months ended June 30, 2009, and June 30, 2008, was 62.9% and 73.7%,respectively.

 

*Discretionary Funds*. On July 6, 2005, Parkway,through affiliated entities, entered into a limited partnership agreementforming a $500.0 million discretionary fund with Ohio PERS (“Ohio PERS Fund I”)for the purpose of acquiring high-quality multi-tenant office properties. OhioPERS is a 75% investor and Parkway is a 25% investor in the fund, which is capitalizedwith approximately $200.0 million of equity capital and $300.0 million ofnon-recourse, fixed-rate first mortgage debt. At February 15, 2008, the OhioPERS Fund I was fully invested.

 

The Ohio PERS Fund I targetedproperties with an anticipated leveraged internal rate of return of greaterthan 11%. Parkway serves as the general partner of the fund and provides assetmanagement, property management, leasing and construction management servicesto the fund, for which it is paid market-based fees. After each partner hasreceived a 10% annual cumulative preferred return and a return of investedcapital, 20% of the excess cash flow will be paid to the general partner and80% will be paid to the limited partners. Through its general partner andlimited partner ownership interests, Parkway may receive a distribution of thecash flow equivalent to 40%. The term of Ohio PERS Fund I will be seven yearsuntil February 2015, with provisions to extend the term for two additionalone-year periods.

 

On May 14, 2008, Parkway, throughaffiliated entities, entered into a limited partnership agreement forming a$750.0 million discretionary fund, known as Parkway Properties Office Fund II,L.P., (“Texas Teachers Fund II”) with the Teacher Retirement System of Texas(“TRS”) for the purpose of acquiring high-quality multi-tenant officeproperties. TRS is a 70% investor and Parkway is a 30% investor in the fund,which will be capitalized with approximately $375.0 million of equity capitaland $375.0 million of non-recourse, fixed-rate first mortgage debt. Parkway’sshare of the equity contribution for the fund will be $112.5 million and willbe funded with proceeds from asset sales, line of credit advances and/or salesof equity securities. The Texas Teachers Fund II targets acquisitions in thecore markets of Houston, Austin, San Antonio, Chicago, Atlanta, Phoenix,Charlotte, Memphis, Nashville, Jacksonville, Orlando, Tampa/St. Petersburg, andother growth markets to be determined by Parkway.

 

The Texas Teachers Fund II targetsproperties with an anticipated leveraged internal rate of return of greaterthan 10%. Parkway serves as the general partner of the fund and provides assetmanagement, property management, leasing and construction management servicesto the fund, for which it will be paid market-based fees. Cash will bedistributed pro rata to each partner until a 9% annual cumulative preferredreturn is received and invested capital is returned. Thereafter, 56% will bedistributed to TRS and 44% to Parkway. Parkway has four years, or through May2012, to identify and acquire properties (the “Investment Period”), with fundscontributed as needed to close acquisitions. Parkway will exclusively representthe fund in making acquisitions within the target markets and acquisitions withcertain predefined criteria. Parkway will not be prohibited from makingfee-simple or joint venture acquisitions in markets outside of the targetmarkets, acquiring properties within the target markets that do not meet TexasTeachers Fund II’s specific criteria or selling or joint venturing currentlyowned properties. The term of Texas Teachers Fund II will be seven years fromthe expiration of the Investment Period, with provisions to extend the term fortwo additional one-year periods at the discretion of Parkway.

 

23

 

 

 

 

 

**Financial Condition**

 

***Comments are for the balance sheet dated June 30, 2009compared to the balance******sheet dated December 31, 2008.***

 

*Office and Parking Properties.*In2009, Parkway continued the execution of its strategy of operating and acquiringoffice properties, joint venturing interests in office assets, as well asliquidating non-core assets and office assets that no longer meet the Company’sinvestment criteria or the Company has determined value will be maximized byselling. During the six months ended June 30, 2009, total assets decreased $39.4million or 2.3% and office and parking properties and real estate development(before depreciation) decreased $9.4 million or 0.5%.

 

*Dispositions & Improvements.*Parkway’s investment in office and parking properties and real estatedevelopment decreased $35.8 million net of depreciation to a carrying amount of$1.4 billion at June 30, 2009, and consisted of 59 office and parkingproperties. The primary reason for the decrease in office and parkingproperties relates to the net effect of the building improvements, developmentcosts, the sale of two office properties, and depreciation recorded during theperiod.

 

On February 20, 2009, the Companysold Lynnwood Plaza, an 82,000 square foot office property located in HamptonRoads, Virginia, for a gross sales price of $7.8 million. Parkway received netcash proceeds from the sale of $7.1 million, which were used to reduce amountsoutstanding under the Company’s line of credit. During the fourth quarter of2008, the Company recognized an impairment loss of $1.1 million related to thisproperty. Parkway Realty Services LLC, a subsidiary of the Company, wasretained to provide management and leasing services for the property under aone-year agreement. Therefore, all revenue and expenses for this property areincluded as a component of continuing operations.

 

On June 1, 2009, the Company sold1717 St. James Place, a 110,000 square foot office property located in Houston,Texas, for a gross sales price of $8.7 million, and Parkway received net cashproceeds from the sale of $8.4 million.  Parkway Realty Services, LLC, asubsidiary of the Company, was retained to provide management and leasingservices for the property under a one-year agreement.  Therefore, all revenueand expenses for this property are included as a component of continuingoperations.

 

During the six months ended June 30,2009, the Company capitalized building improvements and additional purchaseexpenses of $11.5 million and recorded depreciation expense of $33.3 millionrelated to its office and parking properties.

 

*Office Property Held for Sale*. During 2009, Parkway classified Atrium at Stoneridge, a 108,000 square foot non-coreoffice property in Columbia, South Carolina, as held for sale.  A non-cashimpairment loss of $727,000 was recorded during the fourth quarter of 2008 onthis asset.  At June 30, 2009, the Company’s management believed the sale ofthis office property was probable and classified it as held for sale.  Inaccordance with GAAP, all current and prior period income from Atrium atStoneridge has been classified as discontinued operations.  On July 8, 2009,the contract to sell Atrium at Stoneridge was terminated due to the inabilityof the proposed buyer to raise sufficient equity to complete the purchase.  TheCompany has received $350,000 in non-refundable earnest money in connectionwith the proposed sale of this asset that will be recorded as other income inthe third quarter of 2009.

 

*Rents Receivable and Other Assets*.For the six months ended June 30, 2009, rents receivable and other assetsdecreased $9.0 million or 7.6%. The net decrease is primarily due to thedecrease in escrow bank account balances, which was caused by the release offunds in connection with payment of property taxes and office property capitalexpenditures, and the decrease in the receivables for insurance proceedsrelated to Hurricane Ike.

 

*Intangible Assets, Net.*Forthe six months ended June 30, 2009, intangible assets net of related amortizationdecreased $8.3 million or 10.5% and was primarily due to the effect ofamortization of the existing intangible assets for the period.

 

24

 

 

 

 

 

                *Cash and Cash Equivalents.*  For thesix months ended June 30, 2009, cash and cash equivalents increased $13.1million, or 85.8% to a carrying amount of $28.5 million.  The increase isprimarily attributable to proceeds received from the sale of 1717 St. JamesPlace in Houston, Texas.

 

*Notes Payable to Banks.*Notespayable to banks decreased $85.9 million or 46.2% during the six months ended June30, 2009. At June 30, 2009, notes payable to banks totaled $100.0 million andthe net decrease is primarily attributable to proceeds received from the saleof Lynwood Plaza in Hampton Roads, Virgina, the placement of a non-recoursefirst mortgage secured by two office buildings in Houston, Texas and theCompany’s common stock offering, offset by advances under the line of credit tomake improvements to office properties and retire existing debt.

 

*Mortgage Notes Payable.*Duringthe six months ended June 30, 2009, mortgage notes payable decreased $9.9million or 1.1% and is due to the net effect of scheduled principal payments onmortgages of $6.6 million, the retirement of existing mortgage debt of $21.8million, and the placement of mortgage debt of $18.5 million.

 

On February 27, 2009, the Companypaid off the mortgage note payable secured by 1717 St. James, 5300 Memorial andTown and Country office buildings in Houston, Texas, with a total principalbalance of $21.8 million with advances under the Company’s line of credit. Themortgage had an interest rate of 4.83% and was scheduled to mature on March 1,2009. The mortgage represented the Company’s only outstanding maturity in 2009.

 

On May 4, 2009, the Company placedan $18.5 million seven-year non-recourse first mortgage with a fixed interestrate of 7.6% per annum, and the proceeds were used to reduce borrowings underthe line of credit. The mortgage is secured by two office buildings in Houston, Texas totaling 303,000 square feet.

 

The Company expects to continueseeking fixed-rate, non-recourse mortgage financing with maturities from fiveto ten years typically amortizing over 25 to 30 years on select office buildinginvestments as additional capital is needed. The Company monitors the totaldebt to total asset value ratio as defined in the loan agreements for the$311.0 million unsecured line of credit. In addition to the total debt to totalasset value ratio, the Company monitors interest, fixed charge and modifiedfixed charge coverage ratios and the  debt to EBITDA multiple. The interestcoverage ratio is computed by comparing the cash interest accrued to earningsbefore interest, taxes, depreciation and amortization (“EBITDA”). The fixedcharge coverage ratio is computed by comparing the cash interest accrued,principal payments made on mortgage loans and preferred dividends paid toEBITDA. The modified fixed charge coverage ratio is computed by comparing cashinterest accrued and preferred dividends paid to EBITDA. The debt to EBITDAmultiple is computed by comparing Parkway’s share of total debt to EBITDA computedfor a trailing 12-month period. Management believes the total debt to totalasset value, interest coverage, fixed charge coverage, modified fixed chargecoverage and the debt to EBITDA multiple provide useful information on totaldebt levels as well as the Company’s ability to cover interest, principaland/or preferred dividend payments with current income.

 

25

 

 

 

 

 

The computation of the interest,fixed charge and modified fixed charge coverage ratios, the debt to EBITDAmultiple and the reconciliation of net income (loss) to EBITDA is as followsfor the six months ended June 30, 2009 and 2008 (in thousands):

** **

**Six Months Ended**

** **

**June 30**

** **

**2009**

** **

**2008**

** **

(Unaudited)

**Net income (loss)**

 $

131 

 

 $

(4,531)

**Adjustments to net income (loss):**

 

 

 

Interest expense

26,876 

 

29,988 

Amortization of financing costs

1,225 

 

872 

Prepayment expense - early extinguishment of debt

- 

 

13 

Depreciation and amortization

45,300 

 

45,606 

Amortization of share-based compensation

1,281 

 

918 

Net gain on real estate and involuntary conversion

(1,212)

 

- 

EBITDA adjustments - unconsolidated joint ventures

665 

 

614 

EBITDA adjustments - noncontrolling interest in real estate partnerships

(16,587)

 

(14,926)

**EBITDA (1)**

 $

57,679 

 

 $

58,554 

** **

 

 

 

**Interest coverage ratio:**

 

 

 

EBITDA

 $

57,679 

 

 $

58,554 

Interest expense:

 

 

 

Interest expense

 $

26,876 

 

 $

29,988 

Capitalized interest

- 

 

343 

Interest expense - unconsolidated joint ventures

250 

 

254 

Interest expense - noncontrolling interest in real estate partnerships

(6,134)

 

(5,689)

Total interest expense

 $

20,992 

 

 $

24,896 

**Interest coverage ratio**

2.75 

 

2.35 

** **

 

 

 

**Fixed charge coverage ratio:**

 

 

 

EBITDA

 $

57,679 

 

 $

58,554 

Fixed charges:

 

 

 

Interest expense

 $

20,992 

 

 $

24,896 

Preferred dividends

2,400 

 

2,400 

Principal payments (excluding early extinguishment of debt)

6,611 

 

7,250 

Principal payments - unconsolidated joint ventures

73 

 

26 

Principal payments - noncontrolling interest in real estate partnerships

(416)

 

(172)

Total fixed charges

 $

29,660 

 

 $

34,400 

**Fixed charge coverage ratio**

1.94 

 

1.70 

** **

 

 

 

**Modified fixed charge coverage ratio:**

 

 

 

EBITDA

 $

57,679 

 

 $

58,554 

Modified fixed charges:

 

 

 

Interest expense

 $

20,992 

 

 $

24,896 

Preferred dividends

2,400 

 

2,400 

Total modified fixed charges

 $

23,392 

 

 $

27,296 

**Modified fixed charge coverage ratio**

2.47 

 

2.15 

** **

 

 

 

 

 

**Debt to EBITDA multiple:**

 

 

 

 

 

EBITDA - trailing 12 months

 $

115,334 

 

 $

116,834 

Mortgage notes payable

 $

859,704 

 

 $

875,743 

Notes payable to banks

100,000 

 

238,861 

Adjustments for unconsolidated joint ventures

9,681 

 

9,781 

Adjustments for noncontrolling interest in real estate partnerships

(216,170)

 

(216,757)

Parkway’s share of total debt

 $

753,215 

 

 $

907,628 

**Debt to EBITDA multiple**

6.53 

 

7.77 

 

(1)           Parkway defines EBITDA, a non-GAAPfinancial measure, as net income before interest, income taxes, depreciation,amortization, losses on early extinguishment of debt and other gains andlosses. EBITDA, as calculated by us, is not comparable to EBITDA reported byother REITs that do not define EBITDA exactly as we do.

 

 

26

 

 

 

 

 

The Company believes that EBITDAhelps investors and Parkway’s management analyze the Company’s ability toservice debt and pay cash distributions. However, the material limitationsassociated with using EBITDA as a non-GAAP financial measure compared to cashflows provided by operating, investing and financing activities are that EBITDAdoes not reflect the Company’s historical cash expenditures or future cashrequirements for working capital, capital expenditures or the cash required tomake interest and principal payments on the Company’s outstanding debt.Although EBITDA has limitations as an analytical tool, the Company compensatesfor the limitations by using EBITDA only to supplement GAAP financial measures.Additionally, the Company believes that investors should consider EBITDA inconjunction with net income and the other required GAAP measures of itsperformance and liquidity to improve their understanding of Parkway’s operatingresults and liquidity.

 

Parkway views EBITDA primarily as aliquidity measure and, as such, the GAAP financial measure most directlycomparable to it is cash flows provided by operating activities. Because EBITDAis not a measure of financial performance calculated in accordance with GAAP,it should not be considered in isolation or as a substitute for operatingincome, net income, or cash flows provided by operating, investing andfinancing activities prepared in accordance with GAAP. The following tablereconciles EBITDA to cash flows provided by operating activities for the sixmonths ended June 30, 2009 and 2008 (in thousands):

** **

**Six Months Ended**

** **

**June 30**

** **

**2009**

** **

**2008**

**EBITDA**

 $

57,679 

 

 $

58,554 

Amortization of above (below) market leases

(90)

 

247 

Amortization of mortgage loan discount

(293)

 

(249)

Operating distributions from unconsolidated  joint ventures

323 

 

661 

Interest expense

(26,876)

 

(29,988)

Prepayment expense - early extinguishment  of debt

- 

 

(13)

Change in deferred leasing costs

(4,463)

 

(4,694)

Change in receivables and other assets

5,753 

 

9,894 

Change in accounts payable and other liabilities

(4,430)

 

(4,833)

Adjustments for noncontrolling interests

11,186 

 

10,376 

Adjustments for unconsolidated joint ventures

(1,092)

 

(1,161)

**Cash flows provided by operating activities**

 $

37,697 

 

 $

38,794 

 

*Equity.*Total equity increased$68.8 million or 12.9 % during the six months ended June 30, 2009, as a resultof the following (in thousands):

** **

**Increase**

** **

**(Decrease)**

Net income attributable to Parkway  Properties, Inc.

 $

131 

Net loss attributable to noncontrolling interest

(5,401)

Net loss

(5,270)

Change in market value of interest rate swaps

2,181 

Comprehensive loss

(3,089)

Common stock dividends declared

(12,014)

Preferred stock dividends declared

(2,400)

Shares issued through common stock  offering

84,459 

Share-based compensation

1,281 

Shares withheld to satisfy tax withholding  obligation on vesting of restricted stock

(42)

Share issued in lieu of Directors’ fees

42 

Shares distributed from deferred compensation  plan

496 

Contribution of capital by  noncontrolling interest

57 

 

 $

68,790 

 

On April 28, 2009, the Company sold6.25 million shares of common stock to UBS Investment Bank at a gross offeringprice of $13.71 per share and a net price of $13.56 per share. The Company usedthe net proceeds of approximately $84.5 million to reduce outstandingborrowings under the Company’s line of credit and for general corporatepurposes.

 

27

 

 

 

 

 

**Results of Operations**

 

***Comments are for the three months and six months endedJune 30, 2009 compared to the three******months and six months ended June30, 2008***.

 

Net loss available to common stockholdersfor the three months ended June 30, 2009 was $280,000 ($0.01 per basic commonshare) as compared to net loss available to common stockholders of $3.1 million($0.21 per basic common share) for the three months ended June 30, 2008.  Netloss available to common stockholders for the six months ended June 30, 2009was $2.3 million ($0.13 per basic common share) as compared to net lossavailable to common stockholders of $6.9 million ($0.46 per basic common share)for the six months ended June 30, 2008.  The primary reason for the decrease innet loss  is due to the net effect of increased net operating income fromoffice properties, increased gains on sale of real estate and involuntaryconversion and reduction in interest expense, offset by increased depreciationexpense during the three months and six months ended June 30, 2009.

 

*Office and Parking Properties.*Theanalysis below includes changes attributable to same-store properties,acquisitions, development and dispositions of office properties. Same-storeproperties are those that the Company owned for the current and prior yearreporting periods, excluding properties classified as discontinued operations.At June 30, 2009, same-store properties consisted of 57 properties comprising 12.1million square feet.  One office property with 189,000 square feet wasdeveloped in 2008 and does not meet the definition for a same-store property.

 

The following table representsrevenue from office and parking properties for the three months and six monthsended June 30, 2009 and 2008 (in thousands):

 

 

**Three Months Ended June 30**

** **

**Six Months Ended June 30**

 

** **

** **

**Increase**

**%**

** **

** **

** **

**Increase**

**%**

 

**2009**

**2008**

**(Decrease)**

**Change**

** **

**2009**

**2008**

**(Decrease)**

**Change**

Revenue from office and  parking

 

 

 

 

 

 

 

 

 

    properties:

 

 

 

 

 

 

 

 

 

    Same-store  properties

$    64,855

$    64,591

$    264 

0.4%

 

$  123,871

$  122,706

$    1,165 

0.9%

    Properties  acquired in 2008

-

-

- 

0.0%

 

7,315

3,763

3,552 

94.4%

    Office  property development

935

-

935 

0.0%

 

1,778

-

1,778 

0.0%

    Properties  disposed

323

785

(462)

-58.9%

 

519

1,139

(620)

-54.4%

Total revenue from office  and 

 

 

 

 

 

 

 

 

 

    parking  properties

$    66,113

$    65,376

$    737 

1.1%

 

$  133,483

$  127,608

$    5,875 

4.6%

 

Revenue from office and parkingproperties for same-store properties increased $264,000 and $1.2 million forthe three months and six months ended June 30, 2009, respectively, compared tothe same period for 2008. The primary reason for the increase is due to anincrease in same-store average rental rates for same-store properties for thethree months and six months ended June 30, 2009 compared to June 30, 2008offset by a decrease in lease termination fee income.  Average same-storerental rates increased 3.0% and 2.8% for the three months and six months ended June30, 2009, respectively, compared to the same period of 2008.

 

28

 

 

 

 

 

The following table representsproperty operating expenses for the three months and six months ended June 30,2009 and 2008 (in thousands):

 

 

**Three Months Ended June 30**

** **

**Six Months Ended June 30**

 

** **

** **

**Increase**

**%**

** **

** **

** **

**Increase**

**%**

 

**2009**

**2008**

**(Decrease)**

**Change**

** **

**2009**

**2008**

**(Decrease)**

**Change**

Expenses from office

 

 

 

 

 

 

 

 

 

    and  parking properties:

 

 

 

 

 

 

 

 

 

    Same-store  properties

$    30,758

$    30,693

$      65 

0.2%

 

$    60,234

$    58,596

$    1,638 

2.8%

    Properties  acquired in 2008

-

-

- 

0.0%

 

3,686

1,768

1,918 

108.5%

    Office  property development

460

5

455 

9100.0%

 

893

7

886 

12657.1%

    Properties  disposed

163

475

(312)

-65.7%

 

289

661

(372)

-56.3%

Total expenses from office  and 

 

 

 

 

 

 

 

 

 

    parking  properties

$    31,381

$    31,173

$   208 

0.7%

 

$    65,102

$    61,032

$    4,070 

6.7%

 

Property operating expenses forsame-store properties increased $1.6 million for the six months ended June 30,2009, compared to the same period of 2008. The primary reason for the increaseis due to increased real estate taxes and bad debt expense, offset by adecrease in personnel costs.

 

Depreciation and amortizationexpense attributable to office and parking properties decreased $723,000 forthe three months ended June 30, 2009, compared to the same period for 2008 andis primarily attributable to the sale of two office buildings in 2009. Depreciation and amortization expense attributable to office and parkingproperties increased $1.6 million for the six months ended June 30, 2009,compared to the same period for 2008 and is primarily attributable to the changein depreciation expense associated with the acquisition of office properties in2008, the sale of two office properties in 2009, and improvements toproperties.

 

*Hurricane Ike Impact*. TheCompany had 13 wholly-owned properties and one jointly-owned property totaling2.3 million square feet in Houston, Texas, which sustained some property damagefrom Hurricane Ike on September 13, 2008. The current estimate of damages forthe 14 properties is approximately $6.5 million. The Company estimates that itsinsurance deductible related to these claims will be approximately $2.6million. Approximately $370,000 is estimated to represent repair and clean upcosts with the remainder representing capitalized costs. The Company expects torecord a net gain of approximately $860,000 related to an involuntaryconversion of the damaged assets. During the three months and six months ended June30, 2009, the Company recorded the partial recognition of the gain oninvoluntary conversion of $279,000 and $742,000, respectively, related toHurricane Ike. The Company expects to recognize the remaining gain oninvoluntary conversion of approximately $118,000 in subsequent quarters.

 

*Share-Based Compensation Expense*.Effective January 1, 2006, Parkway adopted FASB Statement No. 123(R),Share-Based Payment (“FAS 123(R)”) using the modified-prospective transitionmethod. In the past the Company had granted stock options for a fixed number ofshares to employees and directors with an exercise price equal to or above thefair value of the shares at the date of grant. However, no stock options havebeen granted to employees since 2002 or to directors since 2003. Since 2003,Parkway has elected to grant restricted shares and deferred incentive shareunits instead of stock options. Therefore, the adoption of FAS 123(R) has nothad a material impact on income from continuing operations, net income, cashflow from operations, cash flow from financing activities or basic and dilutedearnings per share.

 

Compensation expense related torestricted shares and deferred incentive share units of $1.3 million and $918,000was recognized for the six months ended June 30, 2009 and 2008, respectively.Total compensation expense related to nonvested awards not yet recognized was $3.6million at June 30, 2009. Of the total not yet recognized at June 30, 2009, $2.2million and $1.4 million are subject to service conditions and performanceconditions, respectively. The weighted average period over which the expensesubject to service and performance conditions is expected to be recognized isapproximately two years. For the remainder of 2009, the Company expects to recognizeapproximately $1.3 million of additional compensation expense on nonvestedawards subject to service and performance conditions.

 

During the six months ended June 30,2009, a total of 30,416 restricted shares were issued to officers of theCompany. These shares vested upon the achievement of the goals of the GEAR UPPlan. The compensation expense relating to the vesting of the GEAR UPperformance-based restricted shares was recognized in 2008.

 

29

 

 

 

 

 

On February 3, 2009, the Board ofDirectors approved the grant of 120,000 restricted shares to officers of theCompany. The shares were valued at $1.9 million and will vest subject tocertain performance-based goals in 2009 at a rate of 30,000 shares per yearover the four years following the grant date.

 

*General and AdministrativeExpense*. General and administrative expense decreased $723,000 and $1.4million for the three months and six months ended June 30, 2009, respectively,compared to the same period of 2008 and is primarily attributable to decreasedpersonnel costs.

 

*Interest Expense.*Interestexpense, including amortization of deferred financing costs, decreased $922,000and $2.0 million for the three months and six months ended June 30, 2009,compared to the same period of 2008 and is comprised of the following (in thousands):

 

 

**Three Months Ended June 30**

** **

**Six Months Ended June 30**

 

** **

** **

**Increase**

**%**

** **

** **

** **

**Increase**

**%**

 

**2009**

**2008**

**(Decrease)**

**Change**

** **

**2009**

**2008**

**(Decrease)**

**Change**

Interest expense:

 

 

 

 

 

 

 

 

 

     Mortgage  interest expense

$ 11,913

$ 11,988 

$    (75)

-0.6%

 

$ 23,810

$ 23,191

$    619 

2.7%

     Bank  line interest expense

1,404

2,953 

(1,549)

-52.5%

 

3,066

6,047

(2,981)

-49.3%

     Debt  prepayment

 

 

 

 

 

 

 

 

 

          (income)  expense

-

(388)

388 

-100.0%

 

-

13

(13)

-100.0%

     Mortgage  loan cost

 

 

 

 

 

 

 

 

 

          amortization

477

269 

208 

77.3%

 

754

554

200 

36.1%

     Bank  loan cost amortization

256

150 

106 

70.7%

 

471

305

166 

54.4%

 

 

 

 

 

 

 

 

 

 

Total interest expense

$ 14,050

$ 14,972 

$  (922)

-6.2%

 

$ 28,101

$ 30,110

$(2,009)

-6.7%

 

Mortgage interest expense increased$619,000 for the six months ended June 30, 2009, compared to the same periodfor 2008,  and is due to the net effect of new loans placed in 2008 and 2009,the refinancing of one loan in 2008 and the early extinguishment of threemortgages in 2008 and one mortgage in 2009. The average interest rate onmortgage notes payable at June 30, 2009 and 2008 was 5.6% and 5.7%,respectively.

 

Bank line interest expensedecreased $1.5 million and $3.0 million for the three months and six monthsended June 30, 2009, respectively,  compared to the same period of 2008, and isprimarily due to a decrease in average borrowings of $78.3 million for the sixmonths ended June 30, 2009 compared to the six months ended June 30, 2008, anda decrease in average interest rate from 5.2% for the six months ended June 30,2008 to 3.8% for the six months ended June 30, 2009. The decrease in averageborrowings is primarily attributable to proceeds received from the sale of LynnwoodPlaza in Hampton Roads, Virginia, the placement of a non-recourse firstmortgage secured by two office buildings in Houston, Texas and the Company’scommon stock offering, offset by advances under the line of credit to makeimprovements to office properties and retire existing debt.

 

*Discontinued Operations.*Discontinuedoperations is comprised of the following for the three months and six monthsending June 30, 2009 and 2008 (in thousands):

 

 

 

**Three Months Ended June 30**

** **

**Six Months Ended June 30**

 

** **

** **

**Increase**

**%**

** **

** **

** **

**Increase**

**%**

 

**2009**

**2008**

**(Decrease)**

**Change**

** **

**2009**

**2008**

**(Decrease)**

**Change**

Discontinued operations:

 

 

 

 

 

 

 

 

 

Income from discontinued operations

$          236

$        732

$     (496)

-67.8%

 

$        414

$    1,283

$      (869)

-67.7%

Total discontinued  operations

$          236

$        732

$     (496)

-67.8%

 

$        414

$    1,283

$      (869)

-67.7%

 

30

 

 

 

 

 

All current and prior period incomefrom the following office property dispositions are included in discontinuedoperations for the three months and six months ending June 30, 2009 and 2008(in thousands).

 

 

** **

** **

** **

** **

** **

**Net Book**

** **

** **

** **

**Square**

**Date of**

**Net Sales**

**Value of**

**Gain**

**Office Property**

**Location**

**Feet**

**Sale**

**Proceeds**

**Real Estate**

**on Sale**

Town Point Center

Norfolk, Virginia

131

07/15/08

 $

12,180 

 $

10,621 

 $

1,559 

Wachovia Plaza

St. Petersburg, Florida

186

08/18/08

25,492 

16,154 

9,338 

Capitol Center

Columbia, South Carolina

460

09/05/08

46,792 

35,101 

11,691 

2008 Dispositions

 

777

 

 $

84,464 

 $

61,876 

 $

22,588 

 

During 2009, Parkway classifiedAtrium at Stoneridge, a 108,000 square foot non-core office property in Columbia, South Carolina, as held for sale.  A non-cash impairment loss of $727,000 wasrecorded during the fourth quarter of 2008 on this asset.  At June 30, 2009,the Company’s management believed the sale of this office property was probableand classified it as held for sale.  In accordance with generally acceptedaccounting principles, all current and prior period income from Atrium atStoneridge has been classified as discontinued operations.  On July 8, 2009,the contract to sell Atrium at Stoneridge was terminated due to the inabilityof the proposed buyer to raise sufficient equity to complete the purchase.  TheCompany has received $350,000 in non-refundable earnest money in connectionwith the proposed sale of this asset that will be recorded as other income inthe third quarter of 2009.

 

**Recent Accounting Pronouncements**

 

In December 2007,the Financial Accounting Standards Board (“FASB”) issued Standard of FinancialAccounting Standards Board (“SFAS”) No. 141(R), “Business Combinations” (“SFASNo. 141(R)”), which revised the previously issued SFAS No. 141 (“SFAS No.141”). SFAS No. 141(R) retains the fundamental requirements of SFAS No. 141,but expands the scope to include all transactions and other events in which oneentity obtains control over one or more other businesses. SFAS No. 141(R)applies prospectively to business combinations for which the acquisition dateis on or after the beginning of the first annual reporting period beginning onor after December 15, 2008. SFAS No. 141(R) requires that the acquisitionrelated transaction costs be expensed as incurred. SFAS No. 141(R) alsoincludes new disclosure requirements. At June 30, 2009, the application of SFASNo. 141(R) had not impacted the Company’s overall financial position andresults of operations.

 

In December 2007,the FASB issued SFAS No. 160, “Noncontrolling Interests in ConsolidatedFinancial Statements-an amendment of ARB No. 51” (“SFAS No. 160”). SFAS No. 160amends ARB No. 51 to establish accounting and reporting standards for thenoncontrolling interest in a subsidiary and for the deconsolidation of asubsidiary. SFAS No. 160 also amends certain of ARB No. 51’s consolidationprocedures for consistency with the requirements of SFAS No. 141(R). SFAS No.160 is effective for fiscal years, and interim periods within those fiscalyears, beginning on or after December 15, 2008. Upon adoption of SFAS No. 160,the Company reclassified its noncontrolling interest in real estatepartnerships from minority interest to equity in the accompanying June 30, 2009and December 31, 2008 consolidated balance sheets. In addition, the Company hasseparately disclosed the amount of consolidated net loss attributable to theCompany and its noncontrolling interest in consolidated real estatepartnerships in the accompanying June 30, 2009 and 2008 consolidated statementsof income.

 

In March 2008, theFASB issued SFAS No. 161, “Disclosures about Derivative Instruments and HedgingActivities” (“SFAS No. 161”), which is an amendment of FASB Statement No. 133.SFAS No. 161 requires all entities with derivative instruments to discloseinformation regarding how and why the entity uses derivative instruments andhow derivative instruments and related hedged items affect the entity’sfinancial position, financial performance, and cash flows. The Statement iseffective prospectively for periods beginning on or after November 15, 2008.The application of SFAS No. 161 had an immaterial impact on the Company’soverall financial position and results of operations upon adoption January 1,2009.

 

In November 2008,the Emerging Issues Task Force (“EITF”) issued EITF 08-6, “Equity MethodInvestment Accounting Considerations,” which applies to all investmentsaccounted for under the equity method and clarifies the accounting for certaintransactions and impairment considerations involving those investments. EITF08-6 is effective for financial statements issued for fiscal years beginning onor after December 15, 2008, and interim periods within those fiscal years. Theadoption of EITF 08-6 on January 1, 2009, had an immaterial impact on theCompany’s overall financial position and results of operation.

 

31

 

 

 

 

 

In April 2009, theFASB issued FASB Staff Position (“FSP”) FAS No. 107-1 and APB Opinion No. 28-1,“Interim Disclosures about Fair Value of Financial Instruments” (“FSP FAS No.107-1 and APB Opinion No. 28-1”), which requires fair value disclosures forfinancial instruments that are not reflected in the Consolidated Balance Sheetsat fair value.  Prior to the issuance of FSP FAS No. 107-1 and APB Opinion No.28-1, the fair values of those assets and liabilities were disclosed annually. Upon adoption of FSP FAS No. 107-1 and APB Opinion No. 28-1 during the secondquarter of 2009, the Company is now required to disclose this information on aquarterly basis, providing quantitative and qualitative information about fairvalue estimates for all financial instruments not measured in the ConsolidatedBalance Sheet at fair value.

 

In June 2009, the FASB issued SFASNo. 165, “Subsequent Events” (“SFAS No. 165”), which establishes the accountingfor and disclosure of events that occur after the balance sheet date but beforefinancial statements are issued or are available to be issued.  SFAS No. 165requires the disclosure of the date through which an entity has evaluatedsubsequent events and the basis for that date, that is, whether that daterepresents the date the financial statements were issued or were available tobe issued.  The adoption of SFAS No. 165 during the second quarter of 2009 didnot have a material impact on the Company’s overall financial position andresults of operations.

 

In June 2009, the FASB issued SFASNo. 166, “Accounting for Transfers of Financial Assets, an Amendment of FASBStatement No. 140” (“SFAS No. 166”) which amends SFAS No. 140, “Accounting forTransfers and Servicing of Financial Assets and Extinguishments ofLiabilities,” by: eliminating the concept of a qualifying special-purposeentity (“QSPE”); clarifying and amending the derecognition criteria for atransfer to be accounted for as a sale; amending and clarifying the unit ofaccount eligible for sale accounting; and requiring that a transferor initiallymeasure at fair value and recognize all assets obtained (for example beneficialinterests) and liabilities incurred as a result of a transfer of an entirefinancial asset or group of financial assets accounted for as a sale. Additionally, on and after the effective date, existing QSPEs (as defined underprevious accounting standards) must be evaluated for consolidation by reportingentities in accordance with the applicable consolidation guidance.  SFAS No.166 requires enhanced disclosures about, among other things, a transferor’scontinuing involvement with transfers of financial assets accounted for assales, the risks inherent in the transferred financial assets that have beenretained, and the nature and financial effect of restrictions on thetransferor’s assets that continue to be reported in the Consolidated BalanceSheet.  SFAS No. 166 will be effective as of the beginning of interim andannual reporting periods that begin after November 15, 2009.  The Company iscurrently evaluating the impact of SFAS No. 166 on the Company’s consolidatedfinancial statements.

 

In June 2009, the FASB issued SFASNo. 167, “Amendments to FASB Interpretation No. 46(R)” (“SFAS No. 167”).  SFASNo 167 amends FIN 46(R), “Consolidation of Variable Interest Entities,” andchanges the consolidation guidance applicable to a variable interest entity(“VIE”).  It also amends the guidance governing the determination of whether anenterprise is the primary beneficiary of a VIE, and is, therefore, required toconsolidate an entity, by requiring a qualitative analysis rather than aquantitative analysis.  The qualitative analysis will include, among otherthings, consideration of who has the power to direct the activities of theentity that most significantly impact the entity’s economic performance and whohas the obligation to absorb losses or the right to receive benefits of the VIEthat could potentially be significant to the VIE.  This standard also requirescontinuous reassessments of whether an enterprise is the primary beneficiary ofa VIE.  Previously, FIN 46(R) required reconsideration of whether an enterprisewas the primary beneficiary of a VIE only when specific events had occurred. QSPEs, which were previously exempt from the application of this standard, willbe subject to the provisions of this standard when it becomes effective.  SFASNo. 167 also requires enhanced disclosures about an enterprise’s involvementwith a VIE.  SFAS No. 167 will be effective as of the beginning of interim andannual reporting periods that begin after November 15, 2009.  The Company iscurrently evaluating the impact of SFAS No. 167 on the Company’s consolidatedfinancial statements.

 

32

 

 

 

 

 

In June 2009, the FASB issued SFASNo. 168, “The FASB Accounting Standards Codification and the Hierarchy ofGenerally Accepted Accounting Principles – a Replacement of FASB Statement No.162” (“SFAS No. 168”), which will become the source of authoritative UnitedStates GAAP recognized by the FASB to be applied by nongovernmental entities. SFAS No. 168 brings together in one place all authoritative GAAP previously inlevels A through D of the GAAP hierarchy that has been issued by a standardsetter, for example, FASB Statements, FASB Interpretations, EITF Abstracts,FASB Staff Positions and AICPA Accounting and Auditing Guides.   SFAS No. 168will be effective as of the beginning of interim and annual reporting periodsthat begin after September 15, 2009.  The Company is currently evaluating theimpact of SFAS No. 168 on the Company’s consolidated financial statements.

** **

**Liquidity and Capital Resources**

 

*Statement ofCash Flows.*Cash and cash equivalents were $28.5 million and $15.3 millionat June 30, 2009 and December 31, 2008, respectively. Cash flows provided byoperating activities for the six months ended June 30, 2009 and 2008 were $37.7million and $38.8 million, respectively. The decrease in cash flows fromoperating activities of $1.1 million is primarily attributable to the effect ofthe timing of receipt of revenues and payment of expenses.

 

Cash provided by investingactivities was $1.4 million for the six months ended June 30, 2009 compared tocash used in investing activities of $260.0 million for the same period of2008.  The increase in cash provided by investing activities of $261.4 millionis primarily due to the effect of office property purchases in 2008, the sale oftwo properties in 2009 and reduced costs related to development andimprovements to real estate.

 

Cash used in financing activitieswas $25.9 million for the six months ended June 30, 2009 compared to cashprovided by financing activities of $224.1 million for the same period of 2008.The decrease in cash provided by financing activities of $250.0 million isprimarily due to additional mortgage placements in 2008 and contributions fromnoncontrolling interest partners to fund office property purchases in 2008,offset by proceeds received from the common stock offering in 2009.

 

*Liquidity.*The Company plansto continue pursuing the acquisition of additional investments that meet theCompany’s investment criteria and intends to use the Company’s line of credit,proceeds from the refinancing of mortgages, proceeds from the sale of non-coreassets and office properties, proceeds from the sale of portions of ownedassets through joint ventures, possible sales of securities and cash balancesto fund those acquisitions.

 

The Company’s cash flows areexposed to interest rate changes primarily as a result of its line of creditused to maintain liquidity and fund capital expenditures and expansion of theCompany’s real estate investment portfolio and operations. The Company’sinterest rate risk management objective is to limit the impact of interest ratechanges on earnings and cash flows and to lower its overall borrowing costs. Toachieve its objectives, the Company borrows at fixed rates, but also utilizesan unsecured revolving credit facility, an unsecured term loan and an unsecuredline of credit (“the Company’s line of credit”).

 

The Company’s line of credit allowsParkway to borrow up to a combined $311.0 million and it matures in April 2011.At June 30, 2009, the Company had a total of $100.0 million outstanding underits line of credit. At June 30, 2009, the following amounts were outstandingunder the line of credit (in thousands):

 

** **

** **

** **

** **

** **

** **

** **

** **

**Outstanding**

**Line  of Credit**

** **

**Lender**

** **

**Interest  Rate**

** **

**Maturity**

** **

**Balance**

$15.0 million unsecured line of credit  (1)

 

PNC  Bank  

 

-

 

04/27/11

 

 $

- 

$236.0 million unsecured line of credit  (2)

 

Wells  Fargo

 

4.9%

 

04/27/11

 

40,000 

$60.0 million unsecured term loan (3)

 

Wells  Fargo

 

4.9%

 

04/27/11

 

60,000 

 

 

 

 

4.9%

 

 

 

 $

100,000 

 

(1)           Theinterest rate on the $15.0 million unsecured line of credit with PNC Bank iscurrently LIBOR plus 200 basis points. The Company pays fees on the unusedportion of the line of 25 basis points.

 

(2)           The$236.0 million unsecured line of credit is led by Wells Fargo and syndicated toeight other banks. The interest rate on the line of credit is currently LIBORplus 130 basis points or the Prime interest rate plus 25 basis points. At June30, 2009, all amounts outstanding under the line of credit are fixed by aninterest rate swap agreement. The Company pays an annual administration fee of$35,000 and fees on the unused portion of the revolver ranging between 12.5 and20 basis points based upon overall Company leverage, with the rate set at 20basis points at June 30, 2009.

 

33

 

 

 

 

 

 

(3)           The$60.0 million unsecured term loan is led by Wells Fargo and syndicated to eightother banks. The interest rate on the term loan is fixed by an interest rateswap agreement. Excluding the interest rate swap agreement, the interest rateon the term loan is LIBOR plus 130 basis points.

 

To protect against the potentialfor rapidly rising interest rates, the Company entered into interest rate swapagreements in 2008.  The Company designated the swaps as hedges of the variableinterest rates on the Company’s borrowings under the Wells Fargo unsecuredrevolving credit facility and a portion of the debt placed on the Pinnacle atJackson Place.  These swaps are considered to be fully effective and changes inthe fair value of the swaps are recognized in accumulated other comprehensiveincome.  The Company’s interest rate hedge contracts at June 30, 2009 and 2008are summarized as follows (in thousands):

** **

** **

** **

** **

** **

** **

**Fair Market Value**

** **

** **

** **

** **

** **

** **

**Asset (Liability)**

**Type of**

**Balance Sheet**

**Notional**

**Maturity**

** **

**Fixed**

**June 30**

**Hedge**

**Location**

**Amount**

**Date**

**Reference Rate**

**Rate**

**2009**

**2008**

** **

** **

** **

** **

** **

** **

** **

** **

Swap

Accounts payable

 

 

 

 

 

 

 

 

 

and other liabilities

$  30,000

08/31/08

1-month LIBOR

4.924%

 $

- 

 $

(116)

Swap

Accounts payable

 

 

 

 

 

 

 

and other liabilities

$  40,000

12/31/08

1-month LIBOR

4.360%

- 

(333)

Swap

Accounts payable

 

 

 

 

 

 

 

and other liabilities

$  20,000

12/31/08

1-month LIBOR

4.245%

- 

(161)

Swap

Accounts payable

 

 

 

 

 

 

 

and other liabilities

$100,000

03/31/11

1-month LIBOR

4.935%

(4,280)

589 

Swap

Accounts payable

 

 

 

 

 

 

 

and other liabilities

$  23,500

12/01/14

1-month LIBOR

5.800%

(1,267)

492 

 

 

 

 

 

 

 $

(5,547)

 $

471 

 

At June 30, 2009, the Company had $859.7million in mortgage notes payable with an average interest rate of 5.6% securedby office properties and $100.0 million drawn under the Company’s line ofcredit. Parkway’s pro rata share of unconsolidated joint venture debt was $9.7 millionwith an average interest rate of 5.1% at June 30, 2009.

 

The Company monitors the total debtto total asset value ratio as defined in the loan agreements for the Company’sline of credit. In addition to the total debt to total asset value ratio, theCompany also monitors interest, fixed charge and modified fixed charge coverageratios, as well as the debt to EBITDA multiple. The interest coverage ratio iscomputed by comparing the cash interest accrued to earnings before interest,taxes, depreciation and amortization (“EBITDA”). The interest coverage ratiofor the six months ended June 30, 2009 and 2008 was 2.75 and 2.35 times,respectively. The fixed charge coverage ratio is computed by comparing the cashinterest accrued, principal payments made on mortgage loans and preferreddividends paid to EBITDA. The fixed charge coverage ratio for the six monthsended June 30, 2009 and 2008 was 1.94 and 1.70 times, respectively. Themodified fixed charge coverage ratio is computed by comparing the cash interestaccrued and preferred dividends paid to EBITDA. This modified fixed chargecoverage ratio for the six months ended June 30, 2009 and 2008 was 2.47 and 2.15times, respectively. The debt to EBITDA multiple is computed by comparingParkway’s share of total debt to EBITDA for a trailing 12-month period.  Thedebt to EBITDA multiple for the six months ended June 30, 2009 and 2008 was6.53 and 7.77 times, respectively. Management believes the total debt to totalasset value, interest coverage, fixed charge coverage, modified fixed chargecoverage and the debt to EBITDA multiple provide useful information on totaldebt levels as well as the Company’s ability to cover interest, principaland/or preferred dividend payments with current income.

 

34

 

 

 

 

 

The table below presents theprincipal payments due and weighted average interest rates for the mortgagenotes payable at June 30, 2009 (in thousands).

 

 

**Total**

** **

** **

** **

**Recurring**

 

**Mortgage**

** **

**Balloon**

** **

**Principal**

 

**Maturities**

** **

**Payments**

** **

**Amortization**

**Schedule of Mortage Maturities by Years:**

 

 

 

 

 

2009*

 $

7,004 

 

 $

- 

 

 $

7,004 

2010

139,968 

 

126,411 

 

13,557 

2011

112,942 

 

102,694 

 

10,248 

2012

65,243 

 

56,738 

 

8,505 

2013

8,650 

 

- 

 

8,650 

2014

9,211 

 

- 

 

9,211 

Thereafter

516,686 

 

486,126 

 

30,560 

Total

 $

859,704 

 

 $

771,969 

 

 $

87,735 

Fair value at 06/30/09

 $

782,158 

 

 

 

 

 

*Remaining six months 

 

The Companypresently has plans to make additional capital improvements at its officeproperties in 2009 of approximately $17.5 million. These expenditures includetenant improvements, leasing costs, capitalized acquisition costs andcapitalized building improvements. Approximately $3.2 million of theseimprovements relate to upgrades on properties acquired in recent years thatwere anticipated at the time of purchase. All such improvements are expected tobe financed by cash flow from the properties, capital expenditure escrowaccounts, advances on the Company’s line of credit and contributions frompartners.

 

On February 20,2009, the Company sold Lynnwood Plaza, an 82,000 square foot office propertylocated in Hampton Roads, Virginia, for a gross sales price of $7.8 million.Parkway received net cash proceeds from the sale of $7.1 million, which wereused to reduce amounts outstanding under the Company’s line of credit.

 

On February 27,2009, the Company paid off the mortgage note payable secured by 1717 St. James,5300 Memorial and Town and Country office buildings in Houston, Texas, with atotal principal balance of $21.8 million with advances under the Company’s lineof credit. The mortgage had an interest rate of 4.83% and was scheduled tomature on March 1, 2009. The mortgage represented the Company’s onlyoutstanding maturity in 2009.

 

On April 28,2009, the Company sold 6.25 million shares of common stock to UBS InvestmentBank at a gross offering price of $13.71 per share and a net price of $13.56per share. The Company used the net proceeds of approximately $84.5 million toreduce outstanding borrowings under the Company’s line of credit and forgeneral corporate purposes.

 

On May 4, 2009,the Company placed an $18.5 million seven-year non-recourse first mortgage witha fixed interest rate of 7.6% per annum, and the proceeds were used to reduceborrowings under the line of credit. The mortgage is secured by two officebuildings in Houston, Texas.

 

On June 1, 2009, the Company sold1717 St. James Place, a 110,000 square foot office property located in Houston,Texas, for a gross sales price of $8.7 million, and Parkway received net cashproceeds from the sale of $8.4 million.

 

The Companyanticipates that its current cash balance, operating cash flows, contributionsfrom partners and borrowings (including borrowings under the working capitalline of credit) will be adequate to pay the Company’s (i) operating andadministrative expenses, (ii) debt service obligations, (iii) distributions toshareholders, (iv) capital improvements, and (v) normal repair and maintenanceexpenses at its properties, both in the short and long term. In addition, theCompany may use proceeds from sales of assets, sales of equity securities andborrowings to fund property acquisitions and pay debts as they mature.

 

35

 

 

 

 

 

**Contractual Obligations**

 

See informationappearing under the caption “Financial Condition - Notes Payable to Banks andMortgage Notes Payable” in Item 2, Management’s Discussion and Analysis ofFinancial Condition and Results of Operations for a discussion of changes inlong-term debt since December 31, 2008.

 

**Funds From Operations**

 

Management believesthat funds from operations available to common shareholders (“FFO”) is anappropriate measure of performance for equity REITs and computes this measurein accordance with the National Association of Real Estate Investment Trusts’(“NAREIT”) definition of FFO. Funds from operations is defined by NAREIT as netincome (computed in accordance with GAAP), excluding gains or losses from salesof property and extraordinary items under GAAP, plus depreciation andamortization, and after adjustments to derive the Company’s pro rata share ofFFO of consolidated and unconsolidated joint ventures. Further, the Companydoes not adjust FFO to eliminate the effects of non-recurring charges. TheCompany believes that FFO is a meaningful supplemental measure of its operatingperformance because historical cost accounting for real estate assets inaccordance with GAAP implicitly assumes that the value of real estate assetsdiminishes predictably over time, as reflected through depreciation andamortization expenses. However, since real estate values have historicallyrisen or fallen with market and other conditions, many industry investors andanalysts have considered presentation of operating results for real estatecompanies that use historical cost accounting to be insufficient. Thus, NAREITcreated FFO as a supplemental measure of operating performance for real estateinvestment trusts that excludes historical cost depreciation and amortization,among other items, from net income, as defined by GAAP. The Company believesthat the use of FFO, combined with the required GAAP presentations, has beenbeneficial in improving the understanding of operating results of real estateinvestment trusts among the investing public and making comparisons ofoperating results among such companies more meaningful. FFO as reported byParkway may not be comparable to FFO reported by other REITs that do not definethe term in accordance with the current NAREIT definition. Funds fromoperations do not represent cash generated from operating activities inaccordance with accounting principles generally accepted in the United States and is not an indication of cash available to fund cash needs. Funds fromoperations should not be considered an alternative to net income as anindicator of the Company’s operating performance or as an alternative to cashflow as a measure of liquidity.

 

The following table presents areconciliation of the Company’s net income to FFO for the three months and sixmonths ended June 30, 2009 and 2008 (in thousands):

 

 

**Three Months Ended**

** **

**Six Months Ended**

 

**June 30**

** **

**June 30**

 

**2009**

** **

**2008**

** **

**2009**

** **

**2008**

Net income (loss)

 $

920 

 

 $

(1,936)

 

 $

131 

 

 $

(4,531)

Adjustments to net income (loss):

 

 

 

 

 

 

 

Preferred  dividends

(1,200)

 

(1,200)

 

(2,400)

 

(2,400)

Depreciation  and amortization

21,720 

 

22,443 

 

45,276 

 

43,649 

Depreciation  and amortization - discontinued operations

- 

 

995 

 

24 

 

1,957 

Noncontrolling  interest depreciation and amortization

(4,316)

 

(4,898)

 

(10,314)

 

(9,108)

Adjustments  for unconsolidated joint ventures

213 

 

179 

 

409 

 

355 

Gain  on sale of real estate

(540)

 

- 

 

(470)

 

- 

Funds  from operations available to common shareholders

 $

16,797 

 

 $

15,583 

 

 $

32,656 

 

 $

29,922 

 

**Inflation**

 

Inflation has not had a significantimpact on the Company because of the relatively low inflation rate in theCompany’s geographic areas of operation. Additionally, most of the leasesrequire the customers to pay their pro rata share of operating expenses,including common area maintenance, real estate taxes, utilities and insurance,thereby reducing the Company’s exposure to increases in operating expensesresulting from inflation. The Company’s leases typically have three to sevenyear terms, which may enable the Company to replace existing leases with newleases at market base rent, which may be higher or lower than the existinglease rate.

 

36

 

 

 

 

 

**Forward-Looking Statements**

 

In addition to historicalinformation, certain sections of this Form 10-Q may contain forward-lookingstatements within the meaning of Section 27A of the Securities Act of 1933 andSection 21E of the Securities Exchange Act of 1934, such as those that are notin the present or past tense, that discuss the Company’s beliefs, expectationsor intentions or those pertaining to the Company’s capital resources,profitability and portfolio performance and estimates of market rental rates.Forward-looking statements involve numerous risks and uncertainties. Thefollowing factors, among others discussed herein and in the Company’s filingsunder the Securities Exchange Act of 1934, could cause actual results andfuture events to differ materially from those set forth or contemplated in the forward-lookingstatements: defaults or non-renewal of leases, increased interest rates andoperating costs, failure to obtain necessary outside financing, difficulties inidentifying properties to acquire and in effecting acquisitions, the failure toacquire or sell properties as and when anticipated, failure to qualify as areal estate investment trust under the Internal Revenue Code of 1986, asamended, environmental uncertainties, risks related to natural disasters,financial market fluctuations, changes in real estate and zoning laws andincreases in real property tax rates. The success of the Company also dependsupon the trends of the economy, including interest rates, income tax laws,governmental regulation, legislation, population changes and those risk factorsdiscussed elsewhere in this Form 10-Q and in the Company’s filings under theSecurities Exchange Act of 1934. Readers are cautioned not to place unduereliance on forward-looking statements, which reflect management’s analysisonly as the date hereof. The Company assumes no obligation to updateforward-looking statements.

 

**Item 3. Quantitative and Qualitative Disclosures AboutMarket Risk**

 

See information appearing under thecaption “Liquidity” in Item 2, Management’s Discussion and Analysis ofFinancial Condition and Results of Operations.

 

**Item 4. Controls and Procedures**

 

The Company carried out anevaluation, under the supervision and with the participation of the Company’smanagement, including the Company’s Chief Executive Officer and Chief FinancialOfficer, of the effectiveness of the design and operation of the Company’sdisclosure controls and procedures pursuant to Exchange Act Rule 13a-15. Basedupon that evaluation, the Chief Executive Officer and Chief Financial Officerconcluded that at the end of the Company’s most recent fiscal quarter, theCompany’s disclosure controls and procedures are effective in timely alertingthem to material information relating to the Company (including itsconsolidated subsidiaries) required to be included in the Company’s periodicSEC filings.

 

During the period covered by thisreport, the Company reviewed its internal controls, and there have been nochanges in the Company’s internal controls over financial reporting that havematerially affected, or are reasonably likely to materially affect, theCompany’s internal controls over financial reporting.

 

 

**PART II. OTHERINFORMATION**

 

**Item 1A. Risk Factors**

 

There have been no material changesto the risk factors previously disclosed in Parkway’s Form 10-K for the yearended December 31, 2008. For a full description of these risk factors, pleaserefer to Item 1A-Risk Factors, in the 2008 Annual Report on Form 10-K.

 

37

 

 

 

 

 

**Item 4.       Submission of Matters to a Vote of SecurityHolders**

** **

On May 14, 2009, the Company heldits Annual Meeting of Stockholders.  At the Annual Meeting, the following sevendirectors were elected to serve until the next Annual Meeting.

** **

 

 

**SHARES OF**

 

 

**COMMON STOCK**

 

 

 

 

**WITHHOLD**

 

 

**FOR**

 

**AUTHORITY**

Daniel P. Friedman

 

13,741,027

 

341,333

Roger P. Friou

 

13,411,531

 

670,828

Michael J. Lipsey

 

13,313,739

 

768,621

Steven G. Rogers

 

13,544,569

 

537,790

Leland R. Speed

 

13,556,811

 

525,548

Troy A. Stovall

 

13,498,229

 

584,131

Lenore M. Sullivan

 

13,507,503

 

574,856

In addition, the following items were also approved at the May 14, 2009 AnnualMeeting:

 

Proposalto consider and ratify the appointment of KPMG LLP as independent accountantsof the Company for the 2009 fiscal year.

 

 

 

**SHARES OF**

 

 

**COMMON STOCK**

FOR

 

13,488,324

AGAINST

 

518,711

ABSTAIN

 

3,865

 

**Item 6. Exhibits**

 

10.1*      Amendmentto Form of Incentive Restricted Share Agreement for 2009 Long-Term EquityCompensation Program.

 

10.2*      Agreement for Parkway Properties, Inc. DeferredCompensation Plan, as amended.

 

31.1        Certification of Chief Executive Officerpursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

31.2        Certification of Chief Financial Officerpursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

32.1        Certification of Chief Executive Officerpursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

32.2        Certification of Chief Financial Officerpursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

*Identifies a compensatory plan required to be filed.

 

38

 

 

 

 

 

 

**SIGNATURES**

 

 

Pursuant to the requirements of theSecurities Exchange Act of 1934, the Registrant has duly caused this report tobe signed on its behalf by the undersigned thereunto duly authorized.

 

**DATE**: August 6,2009                                                                                                                                    **PARKWAYPROPERTIES, INC.**

 

**                                                                                                                                                                            BY:**/s/ Mandy M. Pope 

                                                                                                                                                                            MandyM. Pope, CPA 

                                                                                                                                                                            SeniorVice President, Controller and 

                                                                                                                                                                            ChiefAccounting Officer 

 

39

 

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