**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

                                          

**FORM 10-Q**

| þ                                                                                                                                                                                                                                                                                                                                                                       | **Quarterly Report Pursuant to Section  13 or 15(d) of the Securities Exchange Act of 1934**  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|
| **For Quarterly Period Ended March 31,  2010**                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                              | **or**                                                                                        |
| o                                                                                                                                                                                                                                                                                                                                                                            | **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)

    

Indicate by check mark whether the registrant (1) has filed all reports requiredto be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 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 þ No o

 

Indicate by check mark whether the registrant hassubmitted electronically and posted on its corporate Web site, if any, everyInteractive Data File required to be submitted and posted pursuant to Rule 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (orfor such shorter period that the registrant was required to submit and post suchfiles).  Yes oNo o *  (*Registrant is not subject to the requirements of Rule 405 of Regulation S-T atthis time.)

 

Indicate by 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 o | Accelerated filer þ | Non-accelerated filer o                        | Smaller reporting company o |
|---------------------------|--------------------------|------------------------------------------------|-----------------------------|
|                           |                          | (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 o Noþ

  21,568,931shares of Common Stock, $.001 par value, were outstanding at April 30, 2010.

1

----

**PARKWAYPROPERTIES, INC.**

**FORM 10-Q**

**TABLE OF CONTENTS**

**FOR THE QUARTERENDED MARCH 31, 2010**

| ** **                        | ** ** | ** **                                                                             | **Page** |
|-----------------------------------|------------|----------------------------------------------------------------------------------------|----------|
| **Part I. Financial Information** |
| Item 1.                           |            | Financial Statements                                                                   |          |
|                                   |            |                                                                                        |          |
|                                   |            | Consolidated  Balance Sheets, March 31, 2010 and December 31, 2009                     | 3        |
|                                   |            |                                                                                        |          |
|                                   |            | Consolidated  Statements of Operations for the Three Months Ended                      |          |
|                                   |            |            March  31, 2010 and 2009  | 4        |
|                                   |            |                                                                                        |          |
|                                   |            | Consolidated  Statement of Changes in Equity for the Three Months Ended                |          |
|                                   |            |            March  31, 2010           | 5        |
|                                   |            |                                                                                        |          |
|                                   |            | Consolidated  Statements of Cash Flows for the Three Months Ended                      |          |
|                                   |            |            March  31, 2010 and 2009  | 6        |
|                                   |            |                                                                                        |          |
|                                   |            | Notes  to Consolidated Financial Statements                                            | 7        |
|                                   |            |                                                                                        |          |
| Item 2.                           |            | Management's Discussion and Analysis of Financial  Condition and Results of Operations | 17       |
|                                   |            |                                                                                        |          |
| Item 3.                           |            | Quantitative and Qualitative Disclosures About Market  Risk                            | 29       |
|                                   |            |                                                                                        |          |
| Item 4.                           |            | Controls and Procedures                                                                | 29       |
| ** **                        | ** ** | ** **                                                                             |          |
| ** **                        | ** ** | ** **                                                                             |          |
| **Part II. Other  Information**   |
|                                   |            |                                                                                        |          |
|                                   |            |                                                                                        |          |
| Item 1.                           |            | Legal Proceedings                                                                      | 30       |
|                                   |            |                                                                                        |          |
| Item 1A.                          |            | Risk Factors                                                                           | 30       |
|                                   |            |                                                                                        |          |
| Item 2.                           |            | Unregistered Sales of Equity Securities and Use of  Proceeds                           | 30       |
|                                   |            |                                                                                        |          |
| Item 6.                           |            | Exhibits                                                                               | 30       |
| ** **                        | ** ** | ** **                                                                             |          |
| ** **                        | ** ** | ** **                                                                             |          |
| **Signatures**                    |
|                                   |            |                                                                                        |          |
| Authorized Signatures             | 31         |

2

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**PARKWAYPROPERTIES, INC.**

**CONSOLIDATEDBALANCE SHEETS**

 (In thousands,except share and per share data)

|                                                                                                       | **March 31**    | ** **      | **December 31** |
|-------------------------------------------------------------------------------------------------------|-----------------|-----------------|-----------------|
|                                                                                                       | **2010**        | ** **      | **2009**        |
|                                                                                                       | (Unaudited)     | ** **      | ** **      |
| **Assets**                                                                                            |                 |                 |                 |
| Real estate related investments:                                                                      |                 |                 |                 |
| Office and parking properties                                                                         |  $         | 1,729,110  |                 |  $ | 1,738,040  |
| Office property held for sale                                                                         | 5,745      |                 | -     |
| Land held for development                                                                             | 609        |                 | 609        |
| Accumulated depreciation                                                                              | (345,216)       |                 | (336,759)       |
|                                                                                                       | 1,390,248  |                 | 1,401,890  |
|                                                                                                       |                 |                 |                 |
| Land available for sale                                                                               | 750        |                 | 750        |
| Mortgage loan                                                                                         | 8,295      |                 | 8,126      |
| Investment in unconsolidated joint  ventures                                                          | 2,630      |                 | 2,512      |
|                                                                                                       | 1,401,923  |                 | 1,413,278  |
|                                                                                                       |                 |                 |                 |
| Rents receivable and other assets                                                                     | 112,889    |                 | 116,437    |
| Intangible assets, net                                                                                | 57,515     |                 | 61,734     |
| Cash and cash equivalents                                                                             | 17,607     |                 | 20,697     |
|                                                                                                       |  $         | 1,589,934  |                 |  $ | 1,612,146  |
| ** **                                                                                            |                 |                 |                 |
| ** **                                                                                            |                 |                 |                 |
| **Liabilities**                                                                                       |                 |                 |                 |
| Notes payable to banks                                                                                |  $         | 126,123    |                 |  $ | 100,000  |
| Mortgage notes payable                                                                                | 824,107    |                 | 852,700    |
| Accounts payable and other liabilities                                                                | 71,639     |                 | 88,614     |
|                                                                                                       | 1,021,869  |                 | 1,041,314  |
| ** **                                                                                            |                 |                 |                 |
| ** **                                                                                            |                 |                 |                 |
| **Equity**                                                                                            |                 |                 |                 |
| Parkway Properties, Inc. stockholders'  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, 21,568,931                              |                 |                 |                 |
|      and 21,624,228 shares issued and  outstanding in 2010 and 2009, respectively | 22         |                 | 22         |
| Common stock held in trust, at cost, 54,130  and 71,255 shares in 2010 and                            |                 |                 |                 |
|      2009, respectively                                                           | (1,821)         |                 | (2,399)         |
| Additional paid-in capital                                                                            | 514,784    |                 | 515,398    |
| Accumulated other comprehensive loss                                                                  | (4,792)         |                 | (4,892)         |
| Accumulated deficit                                                                                   | (112,204)       |                 | (111,960)       |
| Total Parkway Properties, Inc. stockholders'  equity                                                  | 453,965    |                 | 454,145    |
| Noncontrolling interest - real estate  partnerships                                                   | 114,100    |                 | 116,687    |
| Total equity                                                                                          | 568,065    |                 | 570,832    |
|                                                                                                       |  $         | 1,589,934  |                 |  $ | 1,612,146  |

See notes toconsolidated financial statements.

3

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**PARKWAYPROPERTIES, INC.**

**CONSOLIDATEDSTATEMENTS OF OPERATIONS**

(In thousands, exceptper share data)

| ** **                                                                        | **Three Months Ended** |
|-----------------------------------------------------------------------------------|------------------------|
| ** **                                                                        | ** March 31**     |
| ** **                                                                        | **2010**               | ** ** | **2009** |
| ** **                                                                        | (Unaudited)            |
| **Revenues**                                                                      |                        |  |  |
| Income from office and parking properties                                         |  $                | 69,769  |  |  $ | 67,761  |
| Management company income                                                         | 410               |  | 415  |
| Total revenues                                                                    | 70,179            |  | 68,176  |
| ** **                                                                        |                        |  |  |
| **Expenses**                                                                      |                        |  |  |
| Property operating expenses                                                       | 31,366            |  | 33,910  |
| Depreciation and amortization                                                     | 22,742            |  | 23,580  |
| Management company expenses                                                       | 744               |  | 501  |
| General and administrative                                                        | 2,008             |  | 1,582  |
| Total expenses                                                                    | 56,860            |  | 59,573  |
| ** **                                                                        |                        |  |  |
| **Operating income**                                                              | 13,319            |  | 8,603  |
| ** **                                                                        |                        |  |  |
| **Other income and expenses**                                                     |                        |  |  |
| Interest and other income                                                         | 385               |  | 302  |
| Equity in earnings of unconsolidated joint ventures                               | 105               |  | 200  |
| Gain on involuntary conversion                                                    | -            |  | 463  |
| Loss on sale of real estate                                                       | -            |  | (70) |
| Interest expense                                                                  | (13,853)               |  | (14,051) |
| ** **                                                                        |                        |  |  |
| **Loss from continuing operations**                                               | (44)                   |  | (4,553) |
| Net loss attributable to noncontrolling interest - real estate  partnerships      | 2,587             |  | 3,764  |
|                                                                                   |                        |  |  |
| **Net income (loss) for Parkway Properties, Inc.**                                | 2,543             |  | (789) |
| Dividends on preferred stock                                                      | (1,200)                |  | (1,200) |
| **Net income (loss) available to common stockholders**                            |  $                | 1,343  |  |  $ | (1,989) |
| ** **                                                                        |                        |  |  |
| **Net income (loss) per common share attributable to Parkway  Properties, Inc.:** |                        |  |  |
| Basic net  income (loss) attributable to Parkway Properties, Inc.                 |  $                | 0.06  |  |  $ | (0.13) |
| Diluted net  income (loss) attributable to Parkway Properties, Inc.               |  $                | 0.06  |  |  $ | (0.13) |
| ** **                                                                        |                        |  |  |  |  |
| **Dividends per common share**                                                    |  $                | 0.075  |  |  $ | 0.325  |
| ** **                                                                        |                        |  |  |
| **Weighted average shares outstanding:**                                          |                        |  |  |
| Basic                                                                             | 21,390            |  | 15,043  |
| Diluted                                                                           | 21,509            |  | 15,043  |
|                                                                                   |                        |  |  |  |  |  |

See notes toconsolidated financial statements.

4

----

** **

**PARKWAYPROPERTIES, INC.**

**CONSOLIDATEDSTATEMENT OF CHANGES IN EQUITY**

(In thousands, exceptshare and per share data)

(Unaudited)

|  
**Parkway	Properties, Inc. Stockholders**

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Accumulated**

** **

** **

** **

**Noncontrolling**

** **

** **

** **

** **

** **

** **

** **

**Common**

** **

**Additional**

** **

**Other**

** **

** **

** **

**Interest -**

** **

** **

** **

**Preferred**

** **

**Common**

** **

**Stock Held**

** **

**Paid-In**

** **

**Comprehensive**

** **

**Accumulated**

** **

**Real Estate**

** **

**Total**

** **

**Stock**

** **

**Stock**

** **

**in Trust**

** **

**Capital**

** **

**Loss**

** **

**Deficit**

** **

**Partnerships**

** **

**Equity**

**Balance at December 31,  2009**

 $

57,976 

 $

22 

 $

(2,399)

 $

515,398 

 $

(4,892)

 $

(111,960)

 $

116,687 

 $

 570,832 

Comprehensive income 

        Net income (loss)

-  

-  

-  

-  

-  

2,543 

(2,587)

(44)

        Change in fair  value of interest

              rate swaps

-  

-  

-  

-  

100 

-  

-  

100 

Total comprehensive income

-  

-  

-  

-  

-  

-  

-  

56 

Common dividends declared  -

        $0.075 per share

-  

-  

-  

-  

-  

(1,587)

-  

(1,587)

Preferred dividends  declared -

        $0.50 per share

-  

-  

-  

-  

-  

(1,200)

-  

(1,200)

Share-based compensation

-  

-  

-  

63 

-  

-  

-  

63 

Purchase of Company stock  - 34,073

        shares withheld to  satisfy tax

        withholding  obligation in

        connection with  the vesting

        of restricted  stock

-  

-  

- 

(677)

-  

-  

-  

(677)

Distribution of 17,125  shares of

        common stock,  deferred

        compensation plan

-  

-  

578 

-  

-  

-  

-  

578 

** **

**Balance at March 31,  2010**

 $

57,976 

 $

22 

 $

(1,821)

 $

514,784 

 $

(4,792)

 $

(112,204)

 $

114,100 

 $

568,065 

See notes toconsolidated financial statements.

5

**PARKWAYPROPERTIES, INC.**

**CONSOLIDATEDSTATEMENTS OF CASH FLOWS**

(In thousands)

**Three Months Ended**

**March 31**

**2010**

** **

**2009**

(Unaudited)

**Operating activities**

Net income (loss)

 $

2,543 

 $

(789)

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

Depreciation and amortization

22,742 

23,580 

Amortization of above (below) market leases

103 

(219)

Amortization of loan costs

509 

491 

Amortization of mortgage loan discount

(169)

(145)

Share-based compensation expense

63 

661 

Operating distributions from unconsolidated joint ventures

-  

161 

Loss allocated to noncontrolling interests

(2,587)

(3,764)

Net gain on real estate and involuntary conversion

-  

(393)

Equity in earnings of unconsolidated joint ventures

(105)

(200)

Increase in deferred leasing costs

(1,058)

(2,131)

Changes in operating assets and liabilities:

Change in receivables and other assets

1,900 

13,561 

Change in accounts payable and other liabilities

(15,593)

(12,782)

** **

**Cash provided by operating activities**

8,348 

18,031 

** **

**Investing activities**

Proceeds from sale of real estate

-  

7,132 

Proceeds from property insurance settlement

-  

1,500 

Real estate development

-  

(3,791)

Improvements to real estate related investments

(5,142)

(6,594)

** **

**Cash used in investing activities**

(5,142)

(1,753)

** **

**Financing activities**

Principal payments on mortgage notes payable

(63,593)

(24,996)

Proceeds from long-term financing

35,000 

- 

Proceeds from bank borrowings

43,410 

35,415 

Payments on bank borrowings

(17,287)

(20,355)

Debt financing costs

(338)

-  

Purchase of Company stock

(677)

(42)

Dividends paid on common stock

(1,611)

(4,924)

Dividends paid on preferred stock

(1,200)

(1,200)

** **

**Cash used in financing activities**

(6,296)

(16,102)

** **

**Change in cash and cash equivalents**

(3,090)

176 

** **

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

20,697 

15,318 

** **

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

 $

17,607 

 $

15,494 

Seenotes to consolidated financial statements.

6

**Parkway Properties, Inc.**

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

**March 31, 2010**

**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 consolidatessubsidiaries where the entity is a variable interest entity ("VIE") and Parkwayis the primary beneficiary and is expected to absorb a majority of the VIE's anticipatedlosses, receive a majority of the VIE's anticipated residual returns, or both. All significant intercompany transactions and accounts have been eliminated inthe accompanying financial statements.

The Company also consolidatescertain joint ventures where it exercises significant control over majoroperating and management decisions, or where the Company is the sole generalpartner and the limited partners do not possess kick-out rights or other substantiveparticipating rights. The equity method of accounting is used for those jointventures that do not meet the criteria for consolidation and where Parkwayexercises significant influence 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 GAAP requiresmanagement to make estimates and assumptions that affect the reported amountsof assets and liabilities, the disclosures of contingent assets and liabilitiesat the date of the financial statements and the reported amounts of revenuesand expenses during the reporting period. Operating results for the threemonths ended March 31, 2010 are not necessarily indicative of the results thatmay be expected for the year ended December 31, 2010. The financial statementsshould be read in conjunction with the 2009 annual report and the notesthereto.

The balance sheetat December 31, 2009 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.

The Company hasevaluated all subsequent events through the issuance date of the financialstatements.

Effective January 1, 2010, theCompany adopted Financial Accounting Standards Board ("FASB") AccountingStandards Update ("ASU") 2009-16, "Topic 860 - Transfers and Servicing" ("ASU2009-16"), which amends and codifies SFAS No. 140, "Accounting for Transfersand Servicing of Financial Assets and Extinguishments of Liabilities," by:eliminating the concept of a qualifying special-purpose entity ("QSPE");clarifying and amending the derecognition criteria for a transfer to beaccounted for as a sale; amending and clarifying the unit of account eligiblefor sale accounting; and requiring that a transferor initially measure at fairvalue and recognize all assets obtained (for example beneficial interests) andliabilities incurred as a result of a transfer of an entire financial asset orgroup of financial assets accounted for as a sale.  Additionally, on and afterthe effective date, existing QSPEs (as defined under previous accountingstandards) must be evaluated for consolidation by reporting entities inaccordance with the applicable consolidation guidance.  This standard requiresenhanced disclosures about, among other things, a transferor's continuinginvolvement with transfers of financial assets accounted for as sales, therisks inherent in the transferred financial assets that have been retained, andthe nature and financial effect of restrictions on the transferor's assets thatcontinue to be reported in the consolidated balance sheets.  The application ofASU 2009-16 did not have a material impact on the Company's overall financialposition and results of operations upon adoption.  

7

Effective January 1, 2010, theCompany adopted FASB ASU 2009-17, "Topic 810 - Consolidations" ("ASU 2009-17"),which amends and codifies FIN 46(R), "Consolidation of Variable InterestEntities," and changes the consolidation guidance applicable to a VIE.  It alsoamends the guidance governing the determination of whether an enterprise is theprimary beneficiary of a VIE, and is, therefore, required to consolidate anentity, by requiring a qualitative analysis rather than a quantitativeanalysis.  The qualitative analysis will include, among other things,consideration of who has the power to direct the activities of the entity thatmost significantly impact the entity's economic performance and who has theobligation to absorb losses or the right to receive benefits of the VIE thatcould 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, arenow subject to its provisions.  This standard also requires enhanceddisclosures about an enterprise's involvement with a VIE.  The application ofASU 2009-17 did not have a material impact on the Company's overall financialposition and results of operations upon adoption as the Company will continueto account for its unconsolidated joint ventures under the equity method ofaccounting.  

During the first quarter of 2010, the Company adopted FASB ASU 2010-09, "Topic 855 - Subsequent Events:Amendments to Certain Recognition and Disclosure Requirements" ("ASU 2010-09"),which amends Topic 855 so that SEC filers are no longer required to disclosethe date through which subsequent events have been evaluated in originallyissued and revised financial statements.  The application of FASB ASU 2010-09did not have a material impact on the Company's overall financial position andresults of operations upon adoption.

**Note B - Net Income (Loss) Per Common Share**

Basic earnings per share ("EPS")are computed by dividing net income (loss) available to common stockholders bythe weighted-average number of common shares outstanding for the period. Inarriving at net income (loss) available to common stockholders, preferred stockdividends are deducted. Diluted EPS reflects the potential dilution that couldoccur if share equivalents such as employee stock options, restricted sharesand deferred incentive share units were exercised or converted into commonstock that then shared in the earnings of Parkway.

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

**            **

** **

**Three Months Ended**

** **

** **

**March 31**

** **

** **

**2010**

** **

**2009**

Numerator:

    Basic  and diluted net income (loss)

       available  to common stockholders

$

1,343 

$

(1,989)

Denominator:

    Basic  weighted average shares

21,390 

15,043 

    Effect of employee stock  options, deferred incentive

       share units and  restricted shares

119 

-  

    Dilutive  weighted average shares

21,509 

15,043 

    Diluted income (loss) per share attributable to Parkway

   	   Properties, Inc.

 

$

 

0.06 

 

$

 

(0.13)

Consolidated loss from continuingoperations was $44,000 and $4.6 million for the three months ended March 31, 2010and 2009, respectively.  Income from continuing operations attributable toParkway Properties, Inc. was $2.5 million for the three months ended March 31,2010 compared to a loss from continuing operations attributable to ParkwayProperties, Inc. of $789,000 for the three months ended March 31, 2009.  Lossfrom continuing operations attributable to noncontrolling interests was $2.6million and $3.8 million for the three months ended March 31, 2010 and 2009,respectively.

The computation of diluted EPS forthe three months ended March 31, 2009 did not include the effect of employeestock options, deferred incentive share units and restricted shares becausetheir inclusion would have been anti-dilutive.

8

**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.

**Three  Months Ended**

**March  31**

**2010**

** **

**2009**

(in  thousands)

Supplemental cash flow information:

Cash paid for interest 

 $

13,125 

 $

13,745 

Supplemental schedule of non-cash  investing and financing activity:

Restricted shares and deferred incentive  share units issued (forfeited)

(586)

3,151 

**Note D - OfficeProperty Held for Sale**

** **

During the quarter ended March 31,2010, Parkway classified One Park Ten, a 163,000 square foot office property inHouston, Texas, as held for sale.  On April 15, 2010, the Company sold One ParkTen for a gross sales price of $15.7 million.  Parkway received net cashproceeds from the sale of $4.8 million which were used to reduce amountsoutstanding under the Company's line of credit.  The Company will recognize again on the sale of $8.6 million during the second quarter of 2010.  Inconnection with the sale of One Park Ten, the $8.7 million first mortgage wasassumed by the buyer and the Company seller-financed a $1.5 million notereceivable that bears interest at 7.25% per annum on an interest-only basisthrough maturity in June 2012.  Parkway Realty Services LLC, a subsidiary ofthe Company, was retained to provide management and leasing services for theproperty.  Therefore, all revenue and expenses for the property are included asa component of continuing operations.

                The major classes of assets and liabilitiesclassified as held for sale for One Park Ten at March 31, 2010 are as follows(in thousands):

** **

**March 31**

** **

**2010**

**Balance Sheet:**

Investment property

 $

10,642 

Accumulated  depreciation

(4,897)

Office property held  for sale

5,745 

Rents receivable and  other assets

7,489 

**Total assets**

 $

13,234 

Accounts payable and  other liabilities

 $

504 

Mortgage notes payable

8,677 

Stockholders' equity

4,053 

**Total liabilities  and stockholders' equity**

 $

13,234 

** **

** **

** **

**Note E - 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 at an originalcost of $6.9 million. The B piece was originated by Wachovia Bank, N.A., aWells Fargo Company, and has a face value of $10.0 million and a stated couponrate of 6.065%. Upon maturity in May 2012, the Company will receive a principalpayment of $10.0 million, which produces a yield to maturity of 15.6%.  Thecarrying amount of the mortgage loan was $8.3 million at March 31, 2010.

In connection with the sale of OnePark Ten, the Company seller-financed a $1.5 million note receivable that bearsinterest at 7.25% per annum on an interest-only basis through maturity in June2012.

9

**Note F - 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 March 31, 2010 and December 31,2009. Information relating to these unconsolidated joint ventures is detailedbelow (in thousands).

** **

** **

** **

** **

** **

** **

**Parkway's**

** **

** **

** **

** **

** **

** **

** **

** **

**Ownership**

**Square**

**Percentage**

**Joint Venture Entity**

** **

**Property Name**

** **

**Location**

** **

**Interest**

**Feet**

**Leased**

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

93.2%

RubiconPark I, LLC  ("Rubicon JV")

Lakewood/Falls Pointe 

Atlanta, GA

Carmel Crossing

Charlotte, NC

20.0%

561

76.2%

RubiconPark II, LLC  ("Maitland JV")

Maitland 200

Orlando, FL

20.0%

204

100.00%

964

81.9%

Cash distributions fromunconsolidated joint ventures are made to each partner based on theirpercentage of ownership in each entity. Cash distributions made to partners injoint ventures where the percentage of debt assumed is disproportionate to theownership percentage in the venture is distributed based on each partner'sshare of cash available for distribution before debt service, based on theirownership percentage, less the partner's share of debt service based on thepercentage of debt assumed by each partner.

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 Company recognizes its share of fees earned from unconsolidatedjoint ventures in management company income.

                At March 31, 2010 and December 31, 2009, theCompany's investment in unconsolidated joint ventures was $2.6 million or 0.2% oftotal assets and $2.5 million or 0.2% of total assets, respectively.

                

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 RubiconJoint Venture and Maitland Joint Venture, the Company's share of debt is disproportionateto its ownership percentage.  The disproportionate debt structure wascreated to meet the Company's partner's financing criteria.  In theRubicon Joint Venture, Parkway owns a 20% interest in the venture but assumed13.85% of the debt.  In the Maitland Joint Venture, the Company owns a 20%interest in the venture and assumed none of the debt. The terms related toParkway's share of unconsolidated joint venture mortgage debt are summarizedbelow for March 31, 2010 and December 31, 2009 (in thousands):

    

** **

** **

** **

**Parkway's**

**Monthly**

**Loan**

**Loan**

** **

**Type of**

** **

** **

**Share**

**Debt**

**Balance**

**Balance**

**Description**

**Debt Service**

**Interest Rate**

**Maturity**

**of Debt**

**Service**

**3/31/10**

**12/31/09**

Maitland JV 

Amortizing

4.390%

06/01/11

0.00%

 $

-  

 $

-  

 $

-  

Rubicon JV (1)

Amortizing

4.865%

01/01/12

13.85%

-  

-  

-  

Jackson JV

Amortizing

5.840%

07/01/15

20.00%

15 

 2,499 

2,507 

 $

15 

 $

 2,499 

 $

2,507 

**Weighted Average Interest Rate at End of Year**

5.840%

5.130%

10

        Parkway's share of the scheduled principal paymentson mortgage debt for the unconsolidated joint ventures for each of the nextfive years and thereafter through maturity at March 31, 2010 are as follows (inthousands): 

** **

** **

** **

**Schedule  of Mortgage Maturities by Year:**

**Maitland JV**

**Rubicon**

**JV (1)**

**Jackson**

**JV**

**Total**

                     2010 (remaining 9 months)

 $

-  

 $

-  

 $

24 

 $

24 

                      2011

-  

-  

35 

35 

                      2012

-  

-  

37 

37 

                      2013

-  

-  

39 

39 

                      2014

-  

-  

41 

41 

                      2015

-  

-  

2,323 

2,323 

 $

-  

 $

-  

 $

2,499 

 $

2,499 

(1)  During the fourth quarter of 2009, Parkway recognized a full impairment loss onits investment in the Rubicon JV.  Therefore, the Company has excluded itsshare of debt in the Rubicon JV of $7.1 million at March 31, 2010 and December31, 2009 in the schedule above.  

**Note G - Capital and Financing Transactions**

At March 31, 2010,the Company had a total of $126.1 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 115 basis points or the Primeinterest rate plus 25 basis points. At March 31, 2010, all amounts outstandingunder the line of credit not fixed by an interest rate swap agreement areborrowed against the LIBOR interest rate plus 115 basis points.

Mortgage notespayable at March 31, 2010 totaled $824.1 million with an average interest rateof 5.9% and were secured by office properties.

                On February 8, 2010,the Company completed a $35.0 million non-recourse, fixed-rate first mortgageloan related to the refinance of a $60.0 million recourse mortgage that wasscheduled to mature in May 2010.  The loan bears interest at 7.25% and issecured by the Company's Capital City Plaza building in Atlanta, Georgia.  Theloan matures in March 2017 and includes the option to be prepaid at the end offive years at a cost of 1% of the outstanding loan balance.  The Company usedits existing line of credit to pay the $25.0 million difference on the maturingloan.

On April 15, 2010, the Company soldOne Park Ten, a 163,000 office property in Houston, Texas, for a gross salesprice of $15.7 million.  Parkway received net cash proceeds of approximately$4.8 million which were used to reduce amounts outstanding on the Company'sline of credit.  In connection with the sale, the buyer assumed the $8.7million first mortgage secured by the office property.  The mortgage carried aninterest rate of 7.1% per annum and was scheduled to mature in June 2012. During the second quarter of 2010, the Company will recognize a $135,000 losson the extinguishment of debt associated with the buyer's assumption of the mortgage.

                On April 30, 2010, the Company paid off a $17.2million mortgage note payable secured by two office properties in Houston,Texas and one office property in Atlanta, Georgia, utilizing its line ofcredit.  The mortgage had an interest rate of 5.3% and was scheduled to matureon May 1, 2010.  In the second quarter of 2010, the Company expects to place a$23.0 million ten-year non-recourse first mortgage with a fixed interest rateof 6.3% secured by the Citrus Center office property in Orlando, Florida.  Theproceeds will be used to reduce amounts outstanding on the Company's line ofcredit.

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

11

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

The Company has aninterest in three joint ventures that are included in its consolidated financialstatements. Information relating to these consolidated joint ventures isdetailed 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 Corporate Center

Phoenix, AZ

26.500%

294

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%

161

Overlook II

Atlanta, GA

25.000%

260

Citicorp Plaza

Chicago, IL

40.000%

605

Chatham Centre

Schaumburg, IL

25.000%

206

Renaissance Center

Memphis, TN

25.000%

189

1401 Enclave Parkway

Houston, TX

25.000%

 

209

Total Parkway Properties Office Fund, LP

 

2,722

Parkway Properties Office Fund II, LP

-

-

 

-

Total Consolidated Joint Ventures

 

2,897

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 $1.0 million.Parkway receives income from MBALP in the form of property management fees.Parkway also 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.

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, andFt. 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 March 31, 2010, no investments had been made on behalf of TexasTeachers Fund II. 

Noncontrolling interest - realestate partnerships represents the other partners' proportionate share ofequity in the partnerships discussed above at March 31, 2010. Income is allocatedto noncontrolling interest based on the weighted average percentage ownershipduring the year.

12

**Note I - 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 stockoptions. Restricted shares and deferred incentive share units are valued basedon the New York Stock Exchange closing market price of Parkway common shares(NYSE ticker 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. Compensation expense for restricted shares subject to performance conditions isrecognized over the expected vesting period when the Company determines that itis probable that the performance condition will be achieved.

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

Compensation expense related torestricted shares and deferred incentive share units of $63,000 and $661,000 wasrecognized for the three months ended March 31, 2010 and 2009, respectively.Total compensation expense related to nonvested awards not yet recognized was $1.6million at March 31, 2010. The weighted average period over which the expense isexpected to be recognized is approximately 1.7 years. For the remainder of 2010,the Company expects to recognize approximately $1.1 million of additionalcompensation expense on nonvested awards.

                On January 4, 2010, 91,000 restricted sharesvested and were issued to officers of the Company.  These shares were grantedto the officers of the Company in January 2003 and vested seven years from thegrant date.

                On February 10, 2010, 29,941 restrictedshares vested and were issued to officers of the Company due to the achievementof performance goals established in 2009 by the Board of Directors.

A summary of the Company'srestricted shares and deferred incentive share unit activity for the three  monthsended March 31, 2010 is as follows:

** **

** **

** **

**Weighted**

** **

** **

** **

**Weighted**

** **

** **

** **

**Average**

** **

**Deferred**

** **

**Average**

** **

**Restricted**

** **

**Grant-Date**

** **

**Incentive**

** **

**Grant-Date**

** **

**Shares**

** **

**Fair Value**

** **

**Share Units**

** **

**Fair Value**

Beginning Balance

308,975 

$29.94

18,055 

$34.08

Vested

(120,941)

30.38

-  

-   

Forfeited

(21,224)

26.69

(530)

37.27

Balance at 03/31/10

166,810 

$30.02

17,525 

$33.98

**Note J - Fair Values of Financial Instruments**

** **

             FASB Accounting Standards Codification ("ASC") 820, "Fair Value Measurementsand Disclosures" ("ASC 820"), defines fair value as the price that would bereceived to sell an asset or paid to transfer a liability in an orderlytransaction between market participants at the measurement date. ASC 820 alsoprovides guidance for using fair value to measure financial assets andliabilities. The Codification requires disclosure of the level within the fairvalue hierarchy in which the fair value measurements fall, includingmeasurements using quoted prices in active markets for identical assets orliabilities (Level 1), quoted prices for similar instruments in active marketsor quoted prices for identical or similar instruments in markets that are notactive (Level 2), and significant valuation assumptions that are not readilyobservable in the market (Level 3).

** **

**Cashand cash equivalents**

                The carrying amounts for cash and cashequivalents approximated fair value at March 31, 2010 and December 31, 2009.

** **

13

** **

** **

**Mortgage loan receivable**

** **

                The Company owns the B participation piece(the "B piece") of a first mortgage secured by an 844,000 square foot officebuilding in Dallas, Texas known as 2100 Ross, and the carrying amount of themortgage loan was approximately $8.3 million at March 31, 2010.  The carryingamount for the mortgage loan approximated fair value at March 31, 2010.

**Mortgage notes payable**

                The fair value of the mortgage notes payableare estimated using discounted cash flow analysis, based on the Company'scurrent incremental borrowing rates for similar types of borrowingarrangements.  The aggregate fair value of the mortgage notes payable at March31, 2010 was $799.9 million as compared to its carrying amount of $824.1million.  The aggregate fair value of the mortgage notes payable at December31, 2009 was $795.9 million as compared to its carrying amount of $852.7million.

**Notes payable to banks**

               The fair value of the Company's notes payable to banks is estimated bydiscounting expected cash flows at current market rates. The aggregate fairvalue of the notes payable to banks at March 31, 2010 was $121.8 million ascompared to its carrying amount of $126.1 million.  The aggregate fair value ofthe notes payable to banks at December 31, 2009 was $95.8 million as comparedto its carrying amount of $100.0 million.

** **

**Interest rate swap agreements**

** **

               The fair value of the interest rate swaps is determined by estimatingthe expected cash flows over the life of the swap using the mid-market rate andprice environment as of the last trading day of the reporting period.  Thisinformation is considered a Level 2 input as defined by ASC 820.  The aggregatefair value liability of the interest rate swaps at March 31, 2010 and December31, 2009 was $4.8 million and $4.9 million, respectively.

** **

**Note K - Subsequent Events**

** **

On Friday, April 23, 2010, theCompany received notice of a complaint to the Occupational Safety and HealthAdministration ("OSHA") initiated by former Chief Financial Officer, J.Mitchell Collins, whose employment with the Company terminated effectiveFebruary 5, 2010.  The Company believes these allegations are withoutbasis in fact or law and will vigorously defend its prior actions and theCompany's reputation using the prescribed OSHA administrative process. Management believes the final outcome of this complaint will not have amaterial adverse effect on the Company's financial statements and that theCompany carries adequate amounts of applicable insurance to cover suchemployment disputes.  During the first quarter of 2010, the Company recorded a$545,000 reserve, which represents the sum of the insurance deductibles underthe various insurance policies that would cover the matter, if needed.

** **

**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.

14

The Company believes that the individualoperating segments exhibit similar economic characteristics such as beingleased by the square foot, sharing the same primary operating expenses andancillary revenue opportunities and being cyclical in the economic performance basedon current supply and demand conditions. The individual operating segments arealso similar in that revenues are derived from the leasing of office space tocustomers and each office property is managed and operated consistently inaccordance with Parkway's standard operating procedures. The range and type ofcustomer uses of our properties is similar throughout our portfolio regardlessof location or class of building and the needs and priorities of our customersdo not vary from building to building. Therefore, Parkway's managementresponsibilities do not vary from location to location based on the size of thebuilding, geographic location or class.

The management of the Companyevaluates the performance of the reportable office segment based on funds fromoperations applicable to common stockholders ("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 meaningfulsupplemental measure of its operating performance because historical costaccounting for real estate assets in accordance with GAAP implicitly assumesthat the value of real estate assets diminishes predictably over time, asreflected through depreciation and amortization expenses. However, since realestate values have historically risen or fallen with market and otherconditions, many industry investors and analysts have considered presentationof operating results for real estate companies that use historical costaccounting to be insufficient. Thus, NAREIT created FFO as a supplementalmeasure of operating performance for real estate investment trusts thatexcludes historical cost depreciation and amortization, among other items, fromnet income, as defined by GAAP. The Company believes that the use of FFO,combined with the required GAAP presentations, has been beneficial in improvingthe understanding of operating results of real estate investment trusts amongthe investing public and making comparisons of operating results among suchcompanies more meaningful. FFO as reported by Parkway may not be comparable toFFO reported by other REITs that do not define the term in accordance with thecurrent NAREIT definition. Funds from operations do not represent cashgenerated from operating activities in accordance with accounting principlesgenerally accepted in the United States and is not an indication of cashavailable to fund cash needs. Funds from operations should not be considered analternative to net income as an indicator of the Company's operatingperformance or as an alternative to cash flow as a measure of liquidity.

15

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 March 31,2010 and 2009. Amounts presented as "Unallocated and Other" represent primarilyincome and expense associated with providing management services, corporategeneral and administration expense, interest expense on unsecured lines of creditand preferred dividends.

**At or for the three months ended**

**March 31, 2010**

** **

**At or for the three months ended**

**March 31, 2009**

** **

** **

** **

**Office**

** **

**Unallocated**

** **

** **

** **

**Office**

** **

**Unallocated**

** **

** **

** **

**Properties**

** **

**and Other**

** **

**Consolidated**

** **

**Properties**

** **

**and Other**

** **

**Consolidated**

** **

(in thousands)

(in thousands)

Property operating revenues (a)

 $

69,769 

 $

-  

 $

69,769 

 $

67,761 

 $

-  

 $

67,761 

Property operating expenses (b)

(31,366)

-  

(31,366)

(33,910)

-  

(33,910)

Property net operating income from

        continuing operations

38,403 

-  

38,403 

33,851 

-  

33,851 

Management company income

-  

410 

410 

-  

415 

415 

Other income

-  

385 

385 

-  

302 

302 

Interest expense (c)

(12,317)

(1,536)

(13,853)

(12,174)

(1,877)

(14,051)

Management company expenses

-  

(744)

(744)

-  

(501)

(501)

General and administrative expenses

-  

(2,008)

(2,008)

-  

(1,582)

(1,582)

Equity in earnings of unconsolidated

        joint ventures

105 

-  

105 

200 

-  

200 

Adjustment for depreciation and amortization

        -unconsolidated joint ventures

83 

-  

83 

196 

-  

196 

Adjustment for noncontrolling interest

        -real estate partnerships

(1,759) 

-  

(1,759)

(2,234)

-  

(2,234)

Dividends on preferred stock

-  

(1,200)

(1,200)

-  

(1,200)

(1,200)

Gain on involuntary conversion

-  

-  

-  

463 

-  

463 

Funds from operations available to

        common stockholders 

24,515 

(4,693)

19,822 

20,302 

(4,443)

15,859 

Depreciation and amortization

(22,742)

-  

(22,742)

(23,580)

-  

(23,580)

Depreciation and amortization

        -unconsolidated joint ventures

(83)

-  

(83)

(196)

-  

(196)

Depreciation and amortization

        -noncontrolling interest - real

                estate partnerships

4,346 

-  

4,346 

5,998 

-  

5,998 

Loss on sale of real estate

-  

-  

-  

(70)

-  

(70)

Net income (loss) available to

        common stockholders

   $

6,036 

   $

(4,693)

   $

1,343 

   $

2,454 

   $

(4,443)

   $

(1,989)

Total assets

$

1,579,148 

$

10,564 

$

1,589,712 

1,639,163 

   $

12,401 

   $

1,651,564 

Office and parking properties

$

1,390,248 

$

-  

$

1,390,248 

$

1,439,134 

$

-  

   $

1,439,134 

Investment in unconsolidated joint ventures

   $

2,630 

   $

-  

   $

2,630 

   $

11,234 

$

-  

$

11,234 

Capital expenditures (d) 

   $

6,200 

   $

-  

   $

6,200 

   $

8,725 

   $

-  

   $

8,725 

(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 mortgage debt. It does not include interest expense on the Company's unsecured line of credit,which is included in "Unallocated and Other".

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

** **

** **

** **

** **

16

**Item 2. Management'sDiscussion and Analysis of Financial Condition and Results****ofOperations.**

**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 April 30, 2010,Parkway owned or had an interest in 64 office properties located in 11 stateswith an aggregate of approximately 13.2 million square feet of leasable space.Included in the portfolio are 21 properties totaling 3.9 million square feetthat are owned jointly with other investors, representing 29.3% of theportfolio. With the office properties owned jointly with other investors, theCompany receives fees for asset management, property management, leasing andconstruction management services and potentially receives incentive fees uponsale if certain investment targets are achieved. Increasing the number ofco-investments, and consequently the related fee income, is part of theCompany's strategy to transform itself to an operator-owner versus anowner-operator. The strategy capitalizes on the Company's strength in providingexcellent service in the operation and acquisition of office properties forinvestment clients in addition to its direct ownership of real estate assets.Fee-based real estate services are offered through the Company's wholly ownedsubsidiary, Parkway Realty Services LLC ("PRS"), which also currently managesand/or leases approximately 2.8 million square feet for third party owners. TheCompany generates revenue primarily by leasing office space to its customersand providing management and leasing services to third party office propertyowners (including joint venture interests). The primary drivers behindParkway's revenues are occupancy, rental rates and customer retention.

*Occupancy*. Parkway'srevenues are dependent on the occupancy of its office buildings. At April 1,2010, occupancy of Parkway's office portfolio was 85.6% compared to 87.0% at January1, 2010 and 89.2% at April 1, 2009. Not included in the April 1, 2010 occupancyrate are 10 signed leases totaling 145,000 square feet, which commence duringthe second and third quarters of 2010 and will raise Parkway's percentageleased to 86.7%. To combat rising vacancy, Parkway utilizes innovativeapproaches to produce new leases. These include the Broker Bill of Rights, ashort-form service agreement and customer advocacy programs which are models inthe industry and have helped the Company maintain occupancy at a premium abovethe national occupancy rate of approximately 82%. Parkway currently anticipatesan average annual occupancy range of approximately 85.0% to 87.0% during 2010for its office properties.

*Rental Rates.*An increase invacancy rates has the effect of reducing market rental rates and vice versa.Parkway's leases typically have three to seven year terms. As leases expire,the Company replaces the existing leases with new leases at the current marketrental rate. At April 1, 2010, Parkway had $1.42 per square foot in rental rateembedded loss in its office property leases. Embedded loss is defined as thedifference between the weighted average in place cash rents and the weightedaverage market rental rate.  Parkway currently expects embedded rent loss persquare foot to continue to increase in 2010.

*                Customer Retention*. Keeping existingcustomers is important as high customer retention leads to increased occupancy,less downtime between leases, and reduced leasing costs. Parkway estimates thatit costs 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 71.0%customer retention rate. Parkway's customer retention rate was 57.2% for thequarter ending March 31, 2010, as compared to 63.6% for the quarter ending December31, 2009, and 54.1% for the quarter ending March 31, 2009.

17

*                Strategic Planning.*  Parkway is afocused office REIT with a hands-on, service-oriented approach, a disciplinedcapital allocation program and willingness to recycle assets.  However, Parkwaycontinues to focus on the Company's strategy of transforming itself to anoperator-owner from an owner-operator, as well as maximizing total return toour stockholders.  In February 2010, the Board of Directors adopted a newthree-year operating plan referred to as the "FOCUS" Plan that will be centeredaround a goal of achieving a 12% annual compounded total return to theCompany's stockholders over a three-year period beginning July 1, 2010.  Thegoals of the FOCUS Plan are as follows:

•        **Fund and Fund-Like Investments. **The Company believes thatfund and fund-like investments have the highest priority of the Company'scapital allocation, because it gives Parkway's stockholders the highest riskadjusted return as measured by internal rate of return, capitalization rate andaccretion per share.

** **

•        **Operator-Owner. **The Company plans to make a fulltransformation to an operator-owner, with the goal of being a majority operator/ownerby the end of the Plan.  This has been a goal for several years and willcontinue to be a core strategy as Parkway seeks to increase fee income andmaximize its return on equity and accretion per share.  Additionally, theCompany will continue to expand PRS, which offers expert real estate managementguidance, professional property management services and strategic marketing andleasing services aimed at increasing net operating income and maximizing profitupon exit.

** **

•        **Capital Allocation Discipline. **The Company's overallcapital structure goal is to achieve a debt to gross asset value ratio of 50%,as determined by using a 10-year historical capitalization rate ofapproximately 8.5%, and a debt to EBITDA multiple of 6.5 times or less.  Beyondthe balance sheet, capital allocation refers to the Company's goal to exitnon-strategic markets through the continuation of its Asset Recycling program. Most of the properties identified for sale are smaller assets or assets locatedin smaller markets where Parkway does not have a significant presence.  By theend of the FOCUS plan, the Company's goal is to be invested in larger, higher-qualityproperties located in higher-rent growth markets through fund and fund-likeinvestments.  The Company will continue to maintain discipline as it relates tomanaging the balance sheet and the acquisition and disposition of assets.

** **

•        **Uncompromising Focus on Operations. **Parkway believes thatits uncompromising focus on operations is what sets it apart from other officeproperty owners.  An important goal of the FOCUS Plan is to movedecision-making authority to the regional office level.  The Company's marketleaders already have the responsibility of setting rents, increasing netoperating income margins and maintaining a consistent standard of operationsand will be given more profit and loss responsibility and investment authoritygoing forward.  It is important that  *we know* our markets, which is bestachieved when Parkway's people live and work within the market.  An integralpart of the FOCUS Plan is a program referred to as "We Know.City."  These threewords imply that Parkway employees know more than just how to manage realestate, but that they have a deep understanding of a city's history, economics,infrastructure, politics and much more.  By truly knowing the cities where theCompany is invested, we are better positioned for leasing, active assetmanagement, recruitment and investments.

** **

•        **Shareholder Returns. **All of the previously mentionedgoals funnel to the ultimate goal of the FOCUS Plan, which is to maximize totalreturn to Parkway's shareholders.  The Company has set a goal of achieving a12% annual compounded total return to its shareholders for the three-yearperiod starting July 1, 2010.  

*                Discretionary Funds*. On July6, 2005, Parkway, through affiliated entities, entered into a limitedpartnership agreement forming a $500.0 million discretionary fund with OhioPERS ("Ohio PERS Fund I") for the purpose of acquiring high-qualitymulti-tenant office properties. Ohio PERS is a 75% investor and Parkway is a25% investor in the fund, which is capitalized with approximately $200.0million of equity capital and $300.0 million of non-recourse, fixed-rate firstmortgage debt. At February 15, 2008, the Ohio PERS 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.

18

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, andFt. Lauderdale, as well as other growth markets to be determined at Parkway'sdiscretion.

                       

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.  At March 31,2010, no investments had been made on behalf of Texas Teachers Fund II.

**Financial Condition**

***Comments are for the balance sheet dated******March31, 2010******compared to the balance******sheet datedDecember 31, 2009.***

*Office and Parking Properties.*In2010, Parkway continued the execution of its strategy of operating officeproperties as well as liquidating non-strategic assets that no longer meet theCompany's investment criteria or the Company has determined value will bemaximized by selling. The Company delayed new investments in office propertiesin 2009 until there was further clarity in values but expects that there willbe investment opportunities in 2010.  During the three months ended March 31,2010, total assets decreased $22.4 million or 1.4% and office and parkingproperties (before depreciation) decreased $3.2 million or 0.2%.

*Building Improvements.*Parkway'sinvestment in office and parking properties decreased $11.6 million net ofdepreciation to a carrying amount of $1.4 billion at March 31, 2010, andconsisted of 59 office and parking properties. The primary reason for the decreasein office and parking properties relates to the net effect of the buildingimprovements and depreciation recorded during the period.

During the three months ended March31, 2010, the Company capitalized building improvements and additional purchaseexpenses of $5.1 million and recorded depreciation expense of $16.8 millionrelated to its office and parking properties.

*Office Property Held for Sale*. During the quarter ended March 31, 2010, Parkway classified One Park Ten, a163,000 square foot office property in Houston, Texas, as held for sale.  OnApril 15, 2010, the Company sold One Park Ten for a gross sales price of $15.7million.  Parkway received net cash proceeds from the sale of $4.8 millionwhich were used to reduce amounts outstanding under the Company's line ofcredit.  The Company will recognize a gain on the sale of $8.6 million duringthe second quarter of 2010.  In connection with the sale of One Park Ten, the$8.7 million first mortgage was assumed by the buyer and the Company seller-financeda $1.5 million note receivable that bears interest at 7.25% per annum on aninterest-only basis through maturity in June 2012.  Parkway Realty ServicesLLC, a subsidiary of the Company, was retained to provide management andleasing services for the property.  Therefore, all revenue and expenses for theproperty are included as a component of continuing operations.

19

*Rents Receivable and OtherAssets*. For the three months ended March 31, 2010, rents receivable andother assets decreased $3.5 million or 3.0%. The net decrease is primarily dueto the decrease in escrow bank account balances, which was caused by therelease of funds in connection with payment of property taxes and office propertycapital expenditures, and amortization of existing capitalized leasecommissions.

*Intangible Assets, Net.*Forthe three months ended March 31, 2010, intangible assets net of related amortizationdecreased $4.2 million or 6.8% and was primarily due to the effect ofamortization of the existing intangible assets for the period.

*Notes Payable to Banks.*Notespayable to banks increased $26.1 million or 26.1% during the three months endedMarch 31, 2010. At March 31, 2010, notes payable to banks totaled $126.1million and the net increase is primarily attributable to advances under theline of credit to retire existing debt.

*Mortgage Notes Payable.*Duringthe three months ended March 31, 2010, mortgage notes payable decreased $28.6 millionor 3.4% and is due to the net effect of scheduled principal payments on mortgagesof $3.6 million and the retirement of existing mortgage debt of $60.0 million,offset by the placement of mortgage debt of $35.0 million.

                On February 8, 2010, the Company completed a$35.0 million non-recourse, fixed-rate first mortgage loan related to therefinance of a $60.0 million recourse mortgage that was scheduled to mature inMay 2010.  The loan bears interest at 7.25% and is secured by the Company'sCapital City Plaza building in Atlanta, Georgia.  The loan matures in March2017 and includes the option to be prepaid at the end of five years at a costof 1% of the outstanding loan balance.  The Company used its existing line ofcredit to pay the $25.0 million difference on the maturing loan.

                On April 15, 2010, in connection with thesale of One Park Ten in Houston, Texas, the buyer assumed the $8.7 millionfirst mortgage secured by the property.  The mortgage carried an interest rateof 7.1% per annum and was scheduled to mature in June 2012.  During the secondquarter of 2010, the Company will record a $135,000 loss on the extinguishmentof debt associated with the buyer's assumption of the mortgage.

                On April 30, 2010, the Company paid off$17.2 million in mortgage notes payable secured by two office properties inHouston, Texas and one office property in Atlanta, Georgia, utilizing its lineof credit.  The mortgage had an interest rate of 5.3% and was scheduled tomature on May 1, 2010.  In the second quarter of 2010, the Company expects toplace a $23.0 million ten-year non-recourse first mortgage with a fixedinterest rate of 6.3%, secured by the Citrus Center office property in Orlando,Florida.  The proceeds will be used to reduce amounts outstanding on theCompany's line of credit.

                The Company expects to continue seekingfixed-rate, non-recourse mortgage financing with maturities from five to tenyears 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 earnings before interest, taxes,depreciation and amortization ("EBITDA") multiple. The interest coverage ratio iscomputed by comparing the cash interest accrued to EBITDA. The fixed chargecoverage ratio is computed by comparing the cash interest accrued, principalpayments made on mortgage loans and preferred dividends paid to EBITDA. Themodified fixed charge coverage ratio is computed by comparing cash interestaccrued and preferred dividends paid to EBITDA. The debt to EBITDA multiple iscomputed by comparing Parkway's share of total debt to EBITDA computed for atrailing 12-month period. Management believes the total debt to total assetvalue, interest coverage, fixed charge coverage, modified fixed charge coverageand the debt to EBITDA multiple provide useful information on total debt levelsas well as the Company's ability to cover interest, principal and/or preferreddividend payments with current income.  The Company targets a debt to EBITDAmultiple of 6.5 times or less.

20

The reconciliation of net income(loss) to EBITDA and the computation of the interest, fixed charge and modifiedfixed charge coverage ratios, as well as the debt to EBITDA multiple is asfollows for the three months ended March 31, 2010 and 2009 (in thousands):

** **

**Three Months Ended**

** **

**March 31**

** **

**2010**

** **

**2009**

** **

(Unaudited)

**Net income (loss)**

 $

2,543 

 $

(789)

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

Interest expense

13,291 

13,560 

Amortization of financing costs

509 

491 

Loss on early extinguishment of debt

53 

-  

Depreciation and amortization

22,742 

23,580 

Amortization of share-based compensation

63 

661 

Net gain on real estate and involuntary conversion

-  

(393)

Tax expense

17 

16 

EBITDA adjustments - unconsolidated joint ventures

120 

324 

EBITDA adjustments - noncontrolling interest in real estate partnerships

(7,466)

(9,136)

**EBITDA (1)**

 $

31,872 

 $

28,314 

** **

**Interest coverage ratio:**

EBITDA

 $

31,872 

 $

28,314 

Interest expense:

Interest expense

 $

13,291 

 $

13,560 

Interest expense - unconsolidated joint ventures

37 

125 

Interest expense - noncontrolling interest in real estate partnerships

(3,051)

(3,069)

Total interest expense

 $

10,277 

 $

10,616 

**Interest coverage ratio**

3.10 

2.67 

** **

**Fixed charge coverage ratio:**

EBITDA

 $

31,872 

 $

28,314 

Fixed charges:

Interest expense

 $

10,277 

 $

10,616 

Preferred dividends

1,200 

1,200 

Principal payments (excluding early extinguishment of debt)

3,593 

3,230 

Principal payments - unconsolidated joint ventures

8 

33 

Principal payments - noncontrolling interest in real estate partnerships

(295)

(142)

Total fixed charges

 $

14,783 

 $

14,937 

**Fixed charge coverage ratio**

2.16 

1.90 

** **

**Modified fixed charge coverage ratio:**

EBITDA

 $

31,872 

 $

28,314 

Modified fixed charges:

Interest expense

 $

10,277 

 $

10,616 

Preferred dividends

1,200 

1,200 

Total modified fixed charges

 $

11,477 

 $

11,816 

**Modified fixed charge coverage ratio**

2.78 

2.40 

** **

**Debt to EBITDA multiple:**

EBITDA - trailing 12 months

 $

119,141 

 $

115,554 

Mortgage notes payable

 $

824,107 

 $

844,585 

Notes payable to banks

126,123 

201,000 

Adjustments for unconsolidated joint ventures

2,499 

9,721 

Adjustments for noncontrolling interest in real estate partnerships

(215,309)

(216,444)

Parkway's share of total debt

 $

737,420 

 $

838,862 

**Debt to EBITDA multiple**

6.19 

7.26 

 (1) Parkway defines EBITDA, anon-GAAP financial measure, as net income before interest, income taxes,depreciation, amortization, losses on early extinguishment of debt and othergains and losses. EBITDA, as calculated by us, is not comparable to EBITDAreported by other REITs that do not define EBITDA exactly as we do.

21

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 threemonths ended March 31, 2010 and 2009 (in thousands):

** **

**Three Months  Ended**

** **

**March 31**

** **

**2010**

** **

**2009**

**EBITDA**

 $

31,872 

$

28,314 

Amortization of above (below) market leases

103 

(219)

Amortization of mortgage loan discount

(169)

(145)

Operating distributions from unconsolidated  joint ventures

-  

161 

Interest expense

(13,291)

(13,560)

Loss on early extinguishment of debt

(53)

-  

Tax expense

(17)

(16)

Change in deferred leasing costs

(1,058)

(2,131)

Change in receivables and other assets

1,900 

13,561 

Change in accounts payable and other liabilities

(15,593)

(12,782)

Adjustments for noncontrolling interests

4,879 

5,372 

Adjustments for unconsolidated joint ventures

(225)

(524)

**Cash flows provided by operating activities**

 $

8,348 

$

18,031 

*Equity.*Total equity decreased$2.8 million or 0.5% during the three months ended March 31, 2010, as a resultof the following (in thousands):

** **

**Increase**

** **

**(Decrease)**

Net income attributable to Parkway  Properties, Inc.

 $

2,543 

Net loss attributable to noncontrolling interests

(2,587)

Net loss

(44)

Change in market value of interest rate swaps

100 

Comprehensive income

56 

Common stock dividends declared

(1,587)

Preferred stock dividends declared

(1,200)

Share-based compensation

63 

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

(677)

Net shares distributed from deferred compensation  plan

578 

 $

(2,767)

                

22

**Results of Operations**

***Comments are for the three months ended March 31, 2010compared to the three******months ended March 31, 2009.***

Net income available to common stockholdersfor the three months ended March 31, 2010 was $1.3 million ($0.06 per basiccommon share) as compared to net loss available to common stockholders of $2.0million ($0.13 per basic common share) for the three months ended March 31,2009.  The primary reason for the increase in net income available to commonstockholders for the three months ended March 31, 2010 compared to the sameperiod for 2009 is due to  an increase in property operating income.   A discussionof other variances for income and expense items that comprise net income (loss)available to common stockholders is discussed in detail below.   

*Office and Parking Properties.*Theanalysis below includes changes attributable to same-store properties, anddispositions of office properties. Same-store properties are consolidatedproperties that the Company owned for the current and prior year reportingperiods, excluding properties classified as discontinued operations. At March31, 2010, same-store properties consisted of 59 properties comprising 12.4million square feet.  

The following table representsrevenue from office and parking properties for the three months ended March 31,2010 and 2009 (in thousands):

** **

**         Three Months Ended March 31**

 
 
** **

** **

** **

** **

** **

**Increase**

**%**

 
** **

** **

** **

**2010**

**2009**

**(Decrease)**

**Change**

 
Revenue from office and  parking

 
    properties:

 
    Same-store  properties

 $

69,771 

 $

67,064 

 $

2,707 

4.0%

 
    Properties  disposed

(2)

697 

(699)

-100.3%

 
Total revenue from office  and 

 
    parking  properties

 $

69,769 

 $

67,761 

 $

2,008 

3.0%

Revenue from office and parkingproperties for same-store properties increased $2.7 million for the threemonths ended March 31, 2010, compared to the same period for 2009. The primaryreason for the increase is due to an increase in lease termination fee incomefor the three months ended March 31, 2010 compared to March 31, 2009 offset bya decrease in expense reimbursement income as a result of lower propertyoperating expenses and a decrease in average same-store occupancy.  Average same-storeoccupancy was 86.2% for the three months ended March 31, 2010, compared to 89.9%for the same period of 2009.

The following table representsproperty operating expenses for the three months ended March 31, 2010 and 2009 (inthousands):                                                                                                                                              

** **

**                   Three  Months Ended March 31**

 
** **

** **

** **

** **

** **

**Increase**

**%**

** **

** **

** **

**2010**

**2009**

**(Decrease)**

**Change**

Expenses from office

    and parking properties:

    Same-store properties

 $

31,376 

 $

33,544 

 $

(2,168)

-6.5%

    Properties disposed

(10)

366 

(376)

-102.7%

Total expenses from office 

    and parking properties

 $

31,366 

 $

33,910 

 $

(2,544)

-7.5%

Property operating expenses forsame-store properties decreased $2.2 million for the three months ended March31, 2010, compared to the same period of 2009. The primary reason for thedecrease is due to decreased contract services, utilities and ad valorem taxes.

Depreciation and amortizationexpense attributable to office and parking properties decreased $838,000 forthe three months ended March 31, 2010, compared to the same period for 2009. Theprimary reason for the decrease is due to the sale of two office properties in2009.

23

*Share-Based Compensation Expense*.Compensation expense related to restricted shares and deferred incentive shareunits of $63,000 and $661,000 was recognized for the three months ended March31, 2010 and 2009, respectively. Total compensation expense related tononvested awards not yet recognized was $1.6 million at March 31, 2010. Theweighted average period over which the expense is expected to be recognized isapproximately 1.7 years. For the remainder of 2010, the Company expects to recognizeapproximately $1.1 million of additional compensation expense on nonvestedawards. 

                On January 4, 2010, 91,000 restricted sharesvested and were issued to officers of the Company.  These shares were grantedto the officers of the Company in January 2003 and vested seven years from thegrant date.

                On February 10, 2010, 29,941 restrictedshares vested and were issued to officers of the Company due to the achievementof performance goals established in 2009 by the Board of Directors.

*General and AdministrativeExpense*. General and administrative expense increased $426,000 for thethree months ended March 31, 2010, compared to the same period of 2009.  Theincrease is primarily attributable to a reserve in the amount of $545,000 forcontingent liabilities related to notice of a complaint to the OccupationalSafety and Health Administration ("OSHA") received by the Company and initiatedby former Chief Financial Officer, J. Mitchell Collins, whose employment withthe Company terminated effective February 5, 2010.  The Company believesthese allegations are without basis in fact or law and will vigorously defendits prior actions and the Company's reputation using the prescribed OSHAadministrative process.  Management believes the final outcome of thiscomplaint will not have a material adverse effect on the Company's financialstatements and that the Company carries adequate amounts of applicableinsurance to cover such employment disputes.  The amount of the reserverepresents the sum of the insurance deductibles under the various insurancepolicies that would cover the matter, if needed.

*Interest Expense.*Interestexpense, including amortization of deferred financing costs, decreased $198,000for the three months ended March 31, 2010, compared to the same period of 2009and is comprised of the following (in thousands):

** **

** **

** **

**Three Months Ended March 31**

** **

** **

** **

** **

** **

**Increase**

**%**

** **

** **

** **

**2010**

**2009**

**(Decrease)**

**Change**

Interest expense:

     Mortgage  interest expense

 $

12,022 

 $

11,897 

 $

125 

1.1%

     Bank  line interest expense

1,269 

1,663 

(394)

-23.7%

     Loss  on early extinguishment of debt

53 

- 

53 

0.0%

     Mortgage  loan cost amortization

242 

277 

(35)

-12.6%

     Bank  loan cost amortization

267 

214 

53 

24.8%

Total interest expense

 $

13,853 

 $

14,051 

 $

(198)

-1.4%

Mortgage interest expense increased$125,000 for the three months ended March 31, 2010, compared to the same periodfor 2009, and is due to the net effect of a new loan placed in 2009, offset bythe early extinguishment of one mortgage in 2009 and the refinancing of onemortgage in 2010.  The average interest rate on mortgage notes payable at March31, 2010 and 2009 was 5.9% and 5.5%, respectively.

Bank line interest expensedecreased $394,000 for the three months ended March 31, 2010, compared to thesame period of 2009, and is due to a decrease in average borrowings of $73.3million for the three months ended March 31, 2010 compared to the same periodin 2009. The decrease in average borrowings is primarily attributable toproceeds received from the Company's April 2009 $84.5 million common stockoffering. 

 

24
**Recent Accounting Pronouncements**
Effective January 1, 2010, theCompany adopted Financial Accounting Standards Board ("FASB") AccountingStandards Update ("ASU") 2009-16, "Topic 860 - Transfers and Servicing" ("ASU2009-16"), which amends and codifies SFAS No. 140, "Accounting for Transfersand Servicing of Financial Assets and Extinguishments of Liabilities," by:eliminating the concept of a qualifying special-purpose entity ("QSPE");clarifying and amending the derecognition criteria for a transfer to beaccounted for as a sale; amending and clarifying the unit of account eligiblefor sale accounting; and requiring that a transferor initially measure at fairvalue and recognize all assets obtained (for example beneficial interests) andliabilities incurred as a result of a transfer of an entire financial asset orgroup of financial assets accounted for as a sale.  Additionally, on and afterthe effective date, existing QSPEs (as defined under previous accountingstandards) must be evaluated for consolidation by reporting entities inaccordance with the applicable consolidation guidance.  This standard requiresenhanced disclosures about, among other things, a transferor's continuinginvolvement with transfers of financial assets accounted for as sales, therisks inherent in the transferred financial assets that have been retained, andthe nature and financial effect of restrictions on the transferor's assets thatcontinue to be reported in the consolidated balance sheets.  The application ofASU 2009-16 did not have a material impact on the Company's overall financialposition and results of operations upon adoption.  

                Effective January 1, 2010, the Companyadopted FASB ASU 2009-17, "Topic 810 - Consolidations"("ASU 2009-17"), whichamends and codifies FIN 46(R), "Consolidation of Variable Interest Entities,"and changes 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, arenow subject to its provisions.  This standard also requires enhanceddisclosures about an enterprise's involvement with a VIE.  The application ofASU 2009-17 did not have a material impact on the Company's overall financialposition and results of operations upon adoption as the Company will continueto account for its unconsolidated joint ventures under the equity method of accounting. 

                During the firstquarter of 2010,  the Company adopted FASB ASU 2010-09, "Topic 855 - SubsequentEvents: Amendments to Certain Recognition and Disclosure Requirements" (ASU2010-09"), which amends Topic 855 so that SEC filers are no longer required todisclose the date through which subsequent events have been evaluated inoriginally issued and revised financial statements.  The application of FASBASU 2010-09 did not have a material impact on the Company's overall financialposition and results of operations upon adoption.

** **

**Liquidity and Capital Resources**

*Statement of Cash Flows.* Cash and cash equivalents were $17.6 million and $15.5 million at March 31,2010 and 2009, respectively.  Cash flows provided by operating activities forthe three months ended March 31, 2010 and 2009 were $8.3 million and $18.0million, respectively.  The decrease in cash flows from operating activities of$9.7 million is primarily attributable to the effect of the timing of receiptof revenues and payment of expenses.

Cash used in investing activitiesfor the three months ended March 31, 2010 and 2009 were $5.1 million and $1.8million, respectively.  The increase in cash used in investing activities of$3.3 million is primarily due to the effect of property sales in 2009 offset bya reduction in improvements to real estate and development costs in 2010.

Cash used in financing activitiesfor the three months ended March 31, 2010 and 2009 were $6.3 million and $16.1million, respectively.  The decrease in cash used in financing activities of$9.8 million is primarily attributable to additional bank borrowings related tothe refinancing of a mortgage in 2010 and a reduction in dividends paid oncommon stock.

*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 ofnon-strategic assets, proceeds from the sale of portions of owned assetsthrough joint ventures, possible sales of securities and cash balances to fundthose acquisitions.

25

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 (collectively, "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 March 31, 2010, the Company had a total of $126.1 million outstanding underits line of credit as follows (in thousands):

** **

** **

** **

** **

** **

** **

** **

** **

**Outstanding**

**Line  of Credit**

** **

**Lender**

** **

**Interest  Rate**

** **

**Maturity**

** **

**Balance**

$15.0 million unsecured line of credit  (1)

PNC  Bank  

2.2%

04/27/11

 $

1,123

$236.0 million unsecured line of credit  (2)

Wells  Fargo

3.5%

04/27/11

65,000

$60.0 million unsecured term loan (3)

Wells  Fargo

4.8%

04/27/11

60,000

4.1%

 $

126,123

(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 115 basis points or the Prime interest rate plus 25 basis points. At March31, 2010, all amounts outstanding under the line of credit with interest ratesnot fixed by an interest rate swap agreement were borrowed at LIBOR plus 115basis points. The Company pays an annual administration fee of $35,000 and feeson the unused portion of the revolver ranging between 12.5 and 20 basis pointsbased upon overall Company leverage, with the rate set at 20 basis points at March31, 2010.

(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 115 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 March 31, 2010 and 2009are summarized as follows (in thousands):       

** **

** **

** **

** **

** **

** **

**Fair Market Value**

** **

** **

** **

** **

** **

** **

**Liability**

**Type of**

**Balance Sheet**

**Notional**

**Maturity**

** **

**Fixed**

**March 31**

**Hedge**

**Location**

**Amount**

**Date**

**Reference Rate**

**Rate**

**2010**

**2009**

Swap

Accounts payable

and other liabilities

 $

100,000 

03/31/11

1-month LIBOR

4.785 %

 $

(3,170)

 $

(5,119)

Swap

Accounts payable

and other liabilities

 $

23,500 

12/01/14

1-month LIBOR

5.800 %

(1,622)

(2,237)

 $

(4,792)

 $

(7,356)

At March 31,2010, the Company had $824.1 million in mortgage notes payable with an averageinterest rate of 5.9% secured by office properties and $126.1 million drawnunder the Company's line of credit. Parkway's pro rata share of unconsolidatedjoint venture debt was $2.5 million with an average interest rate of 5.8% at March31, 2010.  During the fourth quarter of 2009, the Company fully reserved itsinvestment in the RubiconPark I, LLC joint venture.  The Company's investmentincludes a 13.85% interest in a non-recourse first mortgage, or $7.1 million,which is not reflected in Parkway's share of unconsolidated joint venture debtas a result of this write-off.

26

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 EBITDA. The interestcoverage ratio for the three months ended March 31, 2010 and 2009 was 3.10 and2.67 times, respectively. The fixed charge coverage ratio is computed bycomparing the cash interest accrued, principal payments made on mortgage loansand preferred dividends paid to EBITDA. The fixed charge coverage ratio for thethree months ended March 31, 2010 and 2009 was 2.16 and 1.90 times,respectively. The modified fixed charge coverage ratio is computed by comparingthe cash interest accrued and preferred dividends paid to EBITDA. The modifiedfixed charge coverage ratio for the three months ended March 31, 2010 and 2009was 2.78 and 2.40 times, respectively. The debt to EBITDA multiple is computedby comparing Parkway's share of total debt to EBITDA for a trailing 12-monthperiod.  The debt to EBITDA multiple for the twelve months ended March 31, 2010and 2009 was 6.19 and 7.26 times, respectively. Management believes the totaldebt to total asset value, interest coverage, fixed charge coverage, modifiedfixed charge coverage and the debt to EBITDA multiple provide usefulinformation on total debt levels as well as the Company's ability to coverinterest, principal and/or preferred dividend payments with current income.

The table below presents theprincipal payments due and weighted average interest rates for the mortgagenotes payable at March 31, 2010 (in thousands).

**Total**

** **

** **

** **

**Recurring**

**Mortgage**

** **

**Balloon**

** **

**Principal**

**Maturities**

** **

**Payments**

** **

**Amortization**

**Schedule of Mortgage Maturities by Years:**

2010*

 $

76,759 

$

66,411 

$

10,348 

2011

113,486 

102,694 

10,792 

2012

65,827 

56,738 

9,089 

2013

9,279 

-  

9,279 

2014

9,886 

-  

9,886 

2015

37,215 

26,857 

10,358 

Thereafter

511,655 

489,812 

21,843 

Total

 $

824,107 

$

742,512 

$

81,595 

Fair value at 03/31/10

 $

799,900 

*Remainingnine months 

On February 8, 2010, the Companycompleted a $35.0 million non-recourse, fixed-rate first mortgage loan relatedto the refinance of a $60.0 million recourse mortgage that was scheduled tomature in May 2010.  The loan bears interest at 7.25% and is secured by theCompany's Capital City Plaza building in Atlanta, Georgia.  The loan matures inMarch 2017 and includes the option to be prepaid at the end of five years at acost of 1% of the outstanding loan balance.  The Company used its existing lineof credit to pay the $25.0 million difference on the maturing loan.

On April 15, 2010, the Company soldOne Park Ten, a 163,000 square foot office property in Houston, Texas, for agross sales price of approximately $15.7 million.  Parkway received net cashproceeds from the sale of approximately $4.8 million which were used to reduceamounts outstanding under the Company's line of credit. The $8.7 million firstmortgage was assumed by the buyer, and Parkway is also providing a $1.5 millionseller-financing loan, which bears interest at 7.25% with interest-onlypayments through maturity in  June 2012.

On April 30, 2010, the Company paidoff $17.2 million in mortgage notes payable secured by two office properties inHouston, Texas and one office property in Atlanta, Georgia, utilizing its lineof credit.  The mortgage had an interest rate of 5.3% and was scheduled tomature on May 1, 2010.  In the second quarter of 2010, the Company expects toplace a $23.0 million ten-year non-recourse first mortgage with a fixedinterest rate of 6.3%, secured by the Citrus Center office property in Orlando,Florida.  The proceeds will be used to reduce amounts outstanding on theCompany's line of credit.

27

The Company presently has plans tomake recurring capital expenditures to its office properties in 2010 ofapproximately $45.0 to $50.0 million on a consolidated basis, withapproximately $38.0 million to $43.0 million representing Parkway'sproportionate share of recurring capital improvements.  During the three monthsended March 31, 2010, the Company incurred $4.9 million in recurring capitalexpenditures on a consolidated basis, with $4.6 million representing Parkway'sproportionate share.  These costs include tenant improvements, leasing costsand recurring building improvements.  Additionally, the Company plans to makeimprovements related to upgrades on properties acquired in recent years thatwere anticipated at the time of purchase and major renovations that arenonrecurring in nature to office properties in 2010 of approximately $4.0million to $6.0 million.  During the three months ended March 31, 2010, theCompany incurred $1.3 million related to upgrades and major renovations, with$705,000 representing Parkway's proportionate share.  All such improvements areexpected to be financed by cash flow from the properties, capital expenditureescrow accounts, advances from the Company's line of credit and contributionsfrom partners.

                In the budgeting and planning process for 2010, the Companycontemplated its overall capital needs and the opportunities that areanticipated over the next few years in light of the sources of capital that areavailable to us.  The Company believes it is advisable to make morediscretionary capital available at this point in the cycle for acquisitionopportunities, both on behalf of Texas Fund II and other opportunities that mayarise outside of the fund.  This led to the decision to raise an additional $22million per annum in capital by reducing the common stock dividend to $0.30 pershare per annum, which approximates projected 2010 taxable income. Many factorsweighed into the Company's decision to make this large dividend adjustment. First, the increased costs associated with leasing the Company's existing andfuture vacancies during this recessionary cycle; second, the desire to further improvethe balance sheet to meet capital structure goals; third, to make availableadditional capital for the investments the Company is now seeing in the marketplace for Texas Fund II; and finally, to give the Company more discretionarycapital available at this point in the cycle for acquisition opportunities thatmight be seen outside of Texas Fund II.

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 tostockholders, (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.

**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, 2009.

**Funds From Operations**

Management believesthat funds from operations available to common stockholders ("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 historically risenor 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 by Parkwaymay not be comparable to FFO reported by other REITs that do not define theterm in accordance with the current NAREIT definition. Funds from operations donot represent cash generated from operating activities in accordance withaccounting principles generally accepted in the United States and is not anindication of cash available to fund cash needs. Funds from operations shouldnot be considered an alternative to net income as an indicator of the Company'soperating performance or as an alternative to cash flow as a measure ofliquidity.

28

The following table presents areconciliation of the Company's net income (loss) to FFO for the three months endedMarch 31, 2010 and 2009 (in thousands):

** **

** **

**Three Months Ended**

** **

** **

**March 31**

** **

** **

** **

** **

**2010**

** **

**2009**

Net income (loss)

 $

2,543 

 $

(789)

Adjustments to net income (loss):

Preferred  dividends

(1,200)

(1,200)

Depreciation  and amortization

22,742 

23,580 

Noncontrolling  interest depreciation and amortization

(4,346)

(5,998)

Adjustments  for unconsolidated joint ventures

83 

196 

Loss  on sale of real estate

-  

70 

Funds  from operations available to common stockholders

$

19,822 

 $

15,859 

** **

**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.

**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, profitabilityand portfolio performance and estimates of market rental rates. Forward-lookingstatements involve numerous risks and uncertainties. The following factors,among others discussed herein and in the Company's filings under the SecuritiesExchange Act of 1934, could cause actual results and future events to differmaterially 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.

29

**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 Interim ChiefFinancial Officer, of the effectiveness of the design and operation of theCompany's disclosure controls and procedures pursuant to Exchange Act Rule13a-15. Based upon that evaluation, the Chief Executive Officer and Interim ChiefFinancial Officer concluded that at the end of the Company's most recent fiscalquarter, the Company's disclosure controls and procedures are effective intimely alerting them to material information relating to the Company (includingits consolidated subsidiaries) required to be included in the Company'speriodic SEC 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 1. Legal Proceedings.**

** **

On Friday, April 23, 2010, theCompany received notice of a complaint to the Occupational Safety and HealthAdministration ("OSHA") initiated by former Chief Financial Officer, J.Mitchell Collins, whose employment with the Company terminated effectiveFebruary 5, 2010.  The Company believes these allegations are withoutbasis in fact or law and will vigorously defend its prior actions and theCompany's reputation using the prescribed OSHA administrative process.  Managementbelieves the final outcome of this complaint will not have a material adverseeffect on the Company's financial statements and that the Company carriesadequate amounts of applicable insurance to cover such employment disputes. During the first quarter of 2010, the Company recorded a $545,000 reserve,which represents the sum of the insurance deductibles under the variousinsurance policies that would cover the matter, if needed.

** **

**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, 2009. For a full description of these risk factors, pleaserefer to Item 1A-Risk Factors, in the 2009 Annual Report on Form 10-K.

**Item 2. Unregistered Sales of Equity Securities and Useof Proceeds**

** **

** **

** **

**Total Number**

**Maximum Number**

** **

** **

** **

**of Shares  Purchased**

**of Shares that**

** **

**Total Number**

**Average**

**as Part of  Publicly**

**May Yet Be**

** **

**of Shares**

**Price Paid**

**Announced Plans**

**Purchased Under**

**Period**

**Purchased**

**per Share**

**or Programs**

**the Plans or  Programs**

01/01/10 to 01/31/10

25,345(1)

 $

   20.82

-

-

02/01/10 to 02/28/10

8,728(1)

17.02  

-

-

03/01/10 to 03/31/10

-   

-   

-

-

Total

34,073   

 $

19.88 

-

-

(1)  Aspermitted under the Company's equity compensation plan, these shares werewithheld by the Company to satisfy tax withholding obligations for employees inconnection with the vesting of stock. Shares withheld for tax withholdingobligations do not affect the total number of shares available for repurchaseunder any approved common stock repurchase plan. At March 31, 2010, the Companydid not have an authorized stock repurchase plan in place.

** **

** **

**Item 6. Exhibits**

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.

30

**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**: May 10, 2010                                                                          **                                                                                                          PARKWAYPROPERTIES, INC.**

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

                                                                                                                                                                                                                     MandyM. Pope, CPA  

                                                                                                                                                                                                                     ChiefAccounting Officer  

31 |
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