##### UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, DC  20549

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#### **FORM 10-Q **

#### x                                                                  **Quarterly Report Pursuant to Section 13 or 15(d)**

#### **of the  Securities Exchange Act of 1934  For Quarterly Period Ended September 30, 2005**

**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.**

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(Exact name of  registrant as specified in its charter)

 

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

___________________________________________**                                   **___________________________________________________

                (State or other jurisdiction of                                                                                    (IRS Employer Identification No.)

                incorporation of organization

**One Jackson Place Suite 1000  188 East Capitol Street  P. O. Box 24647  Jackson, Mississippi 39225-4647**

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(Address of principal executive offices) (Zip Code)

 

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

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  Registrant's  web site **www.pky.com**

 

(Former name, former address and former fiscal year, if changed since lastreport)

         Indicate by check mark whether the registrant (1) has filed all reports  required to be filed by Section 13 or 15(d) of the Securities Exchange Act of  1934 during the preceding 12 months (or for such shorter period that the  registrant was required to file such reports), and (2) has been subject to  such filing requirements for the past 90 days.  Yes x    No o  

        Indicate  by check mark whether the registrant is an accelerated filer (as defined in  Rule 12b-2 of the Act).  Yes x    No o  

        Indicate by check mark whether the registrant  is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  o   No  x     

        14,150,485 shares of Common  Stock, $.001 par value, were outstanding as of  November 1, 2005.

 

Page 1 of 32

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**PARKWAYPROPERTIES, INC.FORM 10-QTABLE OF CONTENTSFOR THE QUARTER ENDED SEPTEMBER 30, 2005**

**Part I. Financial Information**

| Item 1.                         | Financial Statements                                                                   | **Page** |
|---------------------------------|----------------------------------------------------------------------------------------|----------|
|                                 |                                                                                        |          |
|                                 | Consolidated Balance Sheets, September 30, 2005 and  December 31, 2004                 | 3        |
|                                 |                                                                                        |          |
|                                 | Consolidated Statements of Income for the Three Months and  Nine Months Ended          |          |
|                                 |        September 30,  2005 and 2004                 | 4        |
|                                 |                                                                                        |          |
|                                 | Consolidated Statements of Stockholders' Equity for the Nine  Months Ended             |          |
|                                 |        September 30,  2005 and 2004                 | 6        |
|                                 |                                                                                        |          |
|                                 | Consolidated Statements of Cash Flows for the Nine Months  Ended                       |          |
|                                 |        September 30,  2005 and 2004                 | 7        |
|                                 |                                                                                        |          |
|                                 | Notes to Consolidated Financial Statements                                             | 8        |
|                                 |                                                                                        |          |
| Item 2.                         | Management's Discussion and Analysis of Financial  Condition and Results of Operations | 20       |
|                                 |                                                                                        |          |
| Item 3.                    | Quantitative and Qualitative Disclosures about Market Risk                             | 31       |
|                                 |                                                                                        |          |
| Item 4.                         | Controls and Procedures                                                                | 31       |
|                                 |                                                                                        |          |
|                                 |                                                                                        |          |
| **Part II. Other  Information** |
|                                 |                                                                                        |          |
| Item 6.                    | Exhibits                                                                               | 31       |
|                                 |                                                                                        |          |
|                                 |                                                                                        |          |
| **Signatures**                  |
|                                 |                                                                                        |          |
| Authorized signatures           | 32                                                                                     |

Page 2 of 32

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| **PARKWAY  PROPERTIES, INC.**                                                                       |
|-----------------------------------------------------------------------------------------------------|
| **CONSOLIDATED  BALANCE SHEETS**                                                                    |
| (In thousands,  except share data)                                                                  |
| ** **                                                                                          | ** ** |   | ** ** |
|                                                                                                |  |   |  |
|                                                                                                | **September 30** |   | **December 31** |
|                                                                                                | **2005** |   | **2004** |
|                                                                                                | (Unaudited) |   |   |
| **Assets**                                                                                          |   |   |   |
| Real estate related investments:                                                                    |   |   |   |
| Office and parking properties                                                                       |  $ | 1,199,231  |   |  $ | 959,279  |
| Parking development                                                                                 | -  |   | 4,434  |
| Accumulated depreciation                                                                            | (169,346) |   | (142,906) |
|                                                                                                     | 1,029,885  |   | 820,807  |
|                                                                                                     |  |   |  |
| Land available for sale                                                                             | 1,467  |   | 3,528  |
| Investment in unconsolidated joint ventures                                                         | 12,834  |   | 25,294  |
|                                                                                                     | 1,044,186  |   | 849,629  |
|                                                                                                     |  |   |  |
| Rents receivable and other assets                                                                   | 67,412  |   | 42,448  |
| Intangible assets, net                                                                              | 59,961  |   | 38,034  |
| Cash and cash equivalents                                                                           | 18,955  |   | 1,077  |
| ** **                                                                                          |  $ | 1,190,514  |   |  $ | 931,188  |
| **Liabilities**                                                                                     |  |  |  |
| Notes payable to banks                                                                              |  $ | 146,119  |   |  $ | 104,618  |
| Mortgage notes payable                                                                              | 463,449  |   | 353,975  |
| Accounts payable and other liabilities                                                              | 74,585  |   | 42,468  |
| Subsidiary redeemable preferred membership interests                                                | 10,741  |   | 10,741  |
| ** **                                                                                          | 694,894  |   | 511,802  |
| **Minority Interest**                                                                               |  |   |  |
| Minority Interest - unit holders                                                                    | 38  |   | 39  |
| Minority Interest - real estate partnerships                                                        | 13,241  |   | 3,699  |
|                                                                                                     | 13,279  |   | 3,738  |
| **Stockholders' Equity**                                                                            |  |   |  |
| 8.34% Series B Cumulative Convertible Preferred stock,                                              |  |   |  |
|         $.001 par value, 2,142,857 shares authorized,            |  |   |  |
|         803,499 shares issued and outstanding                    | 28,122  |   | 28,122  |
| Series C Preferred stock, $.001 par value, 400,000 shares                                           |  |   |  |
|         authorized, no shares issued                             | -  |   | -  |
| 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, 65,057,143 shares  authorized,                                       |  |   |  |
|         14,138,442 and 12,464,817 shares issued and  outstanding |  |   |  |
|         in 2005 and 2004, respectively                           | 14  |   | 12  |
| Excess stock, $.001 par value, 30,000,000 shares  authorized,                                       |  |   |  |
|         no shares issued                                         | -  |   | -  |
| Common stock held in trust, at cost, 124,000 and 130,000                                            |  |   |  |
|         shares in 2005 and 2004, respectively                    | (4,198) |   | (4,400) |
| Additional paid-in capital                                                                          | 388,893  |   | 310,455  |
| Unearned compensation                                                                               | (3,052) |   | (4,122) |
| Accumulated other comprehensive income (loss)                                                       | 640  |   | (226) |
| Retained earnings                                                                                   | 13,946  |   | 27,831  |
| ** **                                                                                          | 482,341  |   | 415,648  |
| ** **                                                                                          |  $ | 1,190,514  |  |  $ | 931,188  |

See notes to consolidated financial statements.

Page 3 of 32

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| **PARKWAY PROPERTIES, INC.**                                                                                                               |
|--------------------------------------------------------------------------------------------------------------------------------------------|
| **CONSOLIDATED STATEMENTS OF  INCOME**                                                                                                     |
| (In thousands, except per share  data)                                                                                                     |
| ** **                                                                                                                                 | **Three Months Ended** |
| ** **                                                                                                                                 | **September 30** |
| ** **                                                                                                                                 | **2005** |  | **2004** |
| ** **                                                                                                                                 | (Unaudited) |
| **Revenues**                                                                                                                               |  |  |  |
| Income from office and parking properties                                                                                                  |  $ | 48,030  |  |  $ | 41,453  |
| Management company income                                                                                                                  | 315  |  | 433  |
| Other income                                                                                                                               | 5  |  | 3  |
| ** **                                                                                                                                 | 48,350  |  | 41,889  |
| **Expenses**                                                                                                                               |  |  |  |
| Office and parking properties:                                                                                                             |  |  |  |
|         Operating expense                                                                               | 23,200  |  | 19,209  |
|         Interest expense:                                                                               |  |  |  |
|                Contractual                                           | 6,376  |  | 5,052  |
|                Subsidiary redeemable preferred  membership interests | 189  |  | 268  |
|                Prepayment expenses                                   | -  |  | (141) |
|                Amortization of loan costs                            | 233  |  | 159  |
|         Depreciation and amortization                                                                   | 11,687  |  | 10,587  |
| Operating expense for other real estate properties                                                                                         | 2  |  | (2) |
| Interest expense on bank notes:                                                                                                            |  |  |  |
|         Contractual                                                                                     | 1,881  |  | 932  |
|         Amortization of loan costs                                                                      | 126  |  | 114  |
| Management company expenses                                                                                                                | 120  |  | 87  |
| General and administrative                                                                                                                 | 791  |  | 1,122  |
|                                                                                                                                            | 44,605  |  | 37,387  |
| **Income before equity in earnings, loss, minority  interest**                                                                             |  |  |  |
|         **and discontinued operations**                                                                 | 3,745  |  | 4,502  |
| Equity in earnings of unconsolidated joint ventures                                                                                        | 330  |  | 359  |
| Loss on real estate                                                                                                                        | (26) |  | -  |
| Minority interest - unit holders                                                                                                           | -  |  | (1) |
| Minority interest - real estate partnerships                                                                                               | 20  |  | (31) |
| **Income before discontinued operations**                                                                                                  | 4,069  |  | 4,829  |
| Discontinued operations:                                                                                                                   |  |  |  |
|         Income from discontinued operations                                                             | 250  |  | 322  |
|         Gain on sale of real estate from discontinued  operations                                       | 4,181  |  | -  |
| **Net income**                                                                                                                             | 8,500  |  | 5,151  |
| Change in unrealized gain on equity securities                                                                                             | 60  |  | -  |
| Change in market value of interest rate swaps                                                                                              | 469  |  | (57) |
| **Comprehensive income**                                                                                                                   |  $ | 9,029  |  |  $ | 5,094  |
| **Net income available to common stockholders:**                                                                                           |  |  |  |
| Net income                                                                                                                                 |  $ | 8,500  |  |  $ | 5,151  |
| Dividends on preferred stock                                                                                                               | (1,200) |  | (1,200) |
| Dividends on convertible preferred stock                                                                                                   | (586) |  | (1,350) |
| **Net income available to common stockholders**                                                                                            |  $ | 6,714  |  |  $ | 2,601  |
| **Net income per common share:**                                                                                                           |  |  |  |
| Basic:                                                                                                                                     |  |  |  |  |  |
|         Income from continuing operations                                                               |  $ | 0.17  |  |  $ | 0.20  |
|         Discontinued operations                                                                         |  | 0.31  |  |  | 0.03  |
|         Net income                                                                                      |  $ | 0.48  |  |  $ | 0.23  |
| Diluted:                                                                                                                                   |  |  |  |  |  |
|         Income from continuing operations                                                               |  $ | 0.16  |  |  $ | 0.20  |
|         Discontinued operations                                                                         |  | 0.31  |  |  | 0.03  |
|         Net income                                                                                      |  $ | 0.47  |  |  $ | 0.23  |
| **Dividends per common share**                                                                                                             |  $ | 0.65  |  |  $ | 0.65  |
| **Weighted average shares outstanding:**                                                                                                   |  |  |  |
| Basic                                                                                                                                      | 14,116  |  | 11,330  |
| Diluted                                                                                                                                    | 14,295  |  | 11,528  |

See notes toconsolidated financial statements.

Page 4 of 32

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| **PARKWAY  PROPERTIES, INC.**                                                                                                                    |
|--------------------------------------------------------------------------------------------------------------------------------------------------|
| **CONSOLIDATED STATEMENTS OF  INCOME**                                                                                                           |
| (In thousands, except per share  data)                                                                                                           |
| ** **                                                                                                                                       | **Nine Months Ended** |
| ** **                                                                                                                                       | **September 30** |
| ** **                                                                                                                                       | **2005** |  | **2004** |
| ** **                                                                                                                                       | (Unaudited) |
| **Revenues**                                                                                                                                     |  |  |  |
| Income from office and parking properties                                                                                                        |  $ | 142,590  |  |  $ | 117,301  |
| Management company income                                                                                                                        | 2,597  |  | 1,270  |
| Other income and deferred gains                                                                                                                  | 246  |  | 20  |
| ** **                                                                                                                                       | 145,433  |  | 118,591  |
| **Expenses**                                                                                                                                     |  |  |  |
| Office and parking properties:                                                                                                                   |  |  |  |
|         Operating expense                                                                                     | 66,475  |  | 54,792  |
|         Interest expense:                                                                                     |  |  |  |
|                 Contractual                                           | 19,380  |  | 14,369  |
|                 Subsidiary redeemable preferred  membership interests | 562  |  | 535  |
|                 Prepayment expenses                                   | -  |  | 130  |
|                 Amortization of loan costs                            | 576  |  | 407  |
|         Depreciation and amortization                                                                         | 37,425  |  | 26,272  |
| Operating expense for other real estate properties                                                                                               | 4  |  | 18  |
| Interest expense on bank notes:                                                                                                                  |  |  |  |
|         Contractual                                                                                           | 4,678  |  | 2,696  |
|         Amortization of loan costs                                                                            | 376  |  | 329  |
| Management company expenses                                                                                                                      | 478  |  | 259  |
| General and administrative                                                                                                                       | 3,341  |  | 3,089  |
|                                                                                                                                                  | 133,295  |  | 102,896  |
| **Income before equity in earnings, gain, minority interest**                                                                                    |  |  |  |
| **        and discontinued operations**                                                                       | 12,138  |  | 15,695  |
| Equity in earnings of unconsolidated joint ventures                                                                                              | 1,095  |  | 1,469  |
| Gain on sale of joint venture interest, real estate  and note receivable                                                                         | 965  |  | 774  |
| Minority interest - unit holders                                                                                                                 | (1) |  | (2) |
| Minority interest - real estate partnerships                                                                                                     | (301) |  | 92  |
| **Income before discontinued operations**                                                                                                        | 13,896  |  | 18,028  |
| Discontinued operations:                                                                                                                         |  |  |  |
|         Income from discontinued operations                                                                   | 777  |  | 811  |
|         Gain on sale of real estate from discontinued  operations                                             | 4,181  |  | -  |
| **Net income**                                                                                                                                   | 18,854  |  | 18,839  |
| Change in unrealized gain on equity securities                                                                                                   | 7  |  | -  |
| Change in market value of interest rate swaps                                                                                                    | 859  |  | 109  |
| **Comprehensive income**                                                                                                                         |  $ | 19,720  |  |  $ | 18,948  |
| **Net income available to common stockholders:**                                                                                                 |  |  |  |
| Net income                                                                                                                                       |  $ | 18,854  |  |  $ | 18,839  |
| Dividends on preferred stock                                                                                                                     | (3,600) |  | (3,600) |
| Dividends on convertible preferred stock                                                                                                         | (1,759) |  | (4,122) |
| **Net income available to common stockholders**                                                                                                  |  $ | 13,495  |  |  $ | 11,117  |
| **Net income per common share:**                                                                                                                 |  |  |  |
| Basic:                                                                                                                                           |  |  |  |  |  |
|         Income from continuing operations                                                                     |  $ | 0.61  |  |  $ | 0.93  |
|         Discontinued operations                                                                               |  | 0.35  |  |  | 0.07  |
|         Net income                                                                                            |  $ | 0.96  |  |  $ | 1.00  |
| Diluted:                                                                                                                                         |  |  |  |  |  |
|         Income from continuing operations                                                                     |  $ | 0.60  |  |  $ | 0.91  |
|         Discontinued operations                                                                               |  | 0.35  |  |  | 0.07  |
|         Net income                                                                                            |  $ | 0.95  |  |  $ | 0.98  |
| **Dividends per common share**                                                                                                                   |  $ | 1.95  |  |  $ | 1.95  |
| **Weighted average shares outstanding:**                                                                                                         |  |  |  |
| Basic                                                                                                                                            | 14,035  |  | 11,094  |
| Diluted                                                                                                                                          | 14,216  |  | 11,299  |

See notes to consolidated financial statements.

Page 5 of 32

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| **PARKWAY PROPERTIES, INC.**                                                                                                                                           |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **CONSOLIDATED STATEMENTS OF  STOCKHOLDERS' EQUITY**                                                                                                                   |
| (In thousands)                                                                                                                                                         |
|                                                                                                                                                                        | ** ** |
|                                                                                                                                                                        | ** Nine Months Ended** |
|                                                                                                                                                                        | **September 30** |
|                                                                                                                                                                        | **2005** |  | **2004** |
|                                                                                                                                                                        |  (Unaudited) |
|                                                                                                                                                                        | ** ** |  | ** ** |
| **8.34%  Series B Cumulative Convertible**                                                                                                                             |  |  |  |
|         **Preferred  stock, $.001 par value**                                                                                       |  |  |  |
|         Balance  at beginning of period                                                                                             |  $ | 28,122  |  |  $ | 68,000  |
|                 Conversion  of preferred stock to common stock                              | -  |  | (5,250) |
|         Balance  at end of period                                                                                                   | 28,122  |  | 62,750  |
| **8.00%  Series D Preferred stock, $.001 par value**                                                                                                                   |  |  |  |
|         Balance  at beginning of period                                                                                             | 57,976  |  | 57,976  |
|         Balance  at end of period                                                                                                   | 57,976  |  | 57,976  |
| **Common  stock, $.001 par value**                                                                                                                                     |  |  |  |
|         Balance  at beginning of period                                                                                             | 12  |  | 11  |
|                 Shares  issued - stock offering                                             | 2  |  | -  |
|         Balance  at end of period                                                                                                   | 14  |  | 11  |
| **Common  stock held in trust**                                                                                                                                        |  |  |  |
|         Balance  at beginning of period                                                                                             | (4,400) |  | (4,321) |
|                 Shares  distributed from (contributed to)                                   |  |  |  |
|                         deferred  compensation plan | 202  |  | (79) |
|         Balance  at end of period                                                                                                   | (4,198) |  | (4,400) |
| **Additional  paid-in capital**                                                                                                                                        |  |  |  |
|         Balance  at beginning of period                                                                                             | 310,455  |  | 252,695  |
|                 Stock  options exercised                                                    | 1,794  |  | 4,673  |
|                 Shares  issued in lieu of Directors' fees                                   | 193  |  | 137  |
|                 Restricted  shares forfeited                                                | (679) |  | -  |
|                 Deferred  incentive share units forfeited                                   | (40) |  | -  |
|                 Shares  issued - DRIP plan                                                  | 1,361  |  | 11,390  |
|                 Shares  issued - stock offering                                             | 75,809  |  | -  |
|                 Conversion  of preferred stock to common stock                              | -  |  | 5,250  |
|         Balance at end of  period                                                                                                   | 388,893  |  | 274,145  |
| **Unearned  compensation**                                                                                                                                             |  |  |  |
|         Balance  at beginning of period                                                                                             | (4,122) |  | (4,634) |
|                 Restricted  shares forfeited                                                | 679  |  | -  |
|                 Deferred  incentive share units forfeited                                   | 40  |  | -  |
|                 Amortization  of unearned compensation                                      | 351  |  | 590  |
|         Balance  at end of period                                                                                                   | (3,052) |  | (4,044) |
| **Accumulated  other comprehensive income (loss)**                                                                                                                     |  |  |  |
|         Balance  at beginning of period                                                                                             | (226) |  | -  |
|                 Change  in unrealized gain on equity securities                             | 7  |  | -  |
|                 Change  in market value of interest rate swaps                              | 859  |  | 109  |
|         Balance  at end of period                                                                                                   | 640  |  | 109  |
| **Retained  earnings**                                                                                                                                                 |  |  |  |
|         Balance  at beginning of period                                                                                             | 27,831  |  | 38,253  |
|                 Net  income                                                                 | 18,854  |  | 18,839  |
|                 Preferred  stock dividends declared                                         | (3,600) |  | (3,600) |
|                 Convertible  preferred stock dividends declared                             | (1,759) |  | (4,122) |
|                 Common  stock dividends declared                                            | (27,380) |  | (21,851) |
|         Balance  at end of period                                                                                                   | 13,946  |  | 27,519  |
| **Total  stockholders' equity**                                                                                                                                        |  $ | 482,341  |  |  $ | 414,066  |
|                                                                                                                                                                        |  |  |  |  |  |  |  |

 

See notes to consolidated financial statements.

Page 6 of 32

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| **PARKWAY  PROPERTIES, INC.**                                                                                                                                                                                                            |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **CONSOLIDATED STATEMENTS OF CASH FLOWS**                                                                                                                                                                                                |
| (In thousands)                                                                                                                                                                                                                           |
| ** **                                                                                                                                                                                                                               |  |  |  |
| ** **                                                                                                                                                                                                                               | **Nine Months Ended** |
| ** **                                                                                                                                                                                                                               | **September 30** |
| ** **                                                                                                                                                                                                                               | **2005** |  | **2004** |
| ** **                                                                                                                                                                                                                               | (Unaudited) |
| ** **                                                                                                                                                                                                                               |  |  |  |
| **Operating activities**                                                                                                                                                                                                                 |  |  |  |
|         Net income                                                                                                                                                                                    |  $ | 18,854  |  |  $ | 18,839  |
|         Adjustments to reconcile net income to cash provided by                                                                                                                                       |  |  |  |
|                  operating activities:                                                                                                                   |  |  |  |
|                          Depreciation and amortization                                                           | 37,425  |  | 26,272  |
|                          Depreciation and amortization - discontinued  operations                                | 343  |  | 369  |
|                          Amortization of above market leases                                                     | 1,400  |  | 77  |
|                          Amortization of loan costs                                                              | 952  |  | 736  |
|                          Amortization of unearned compensation                                                   | 351  |  | 590  |
|                          Income (loss) allocated to minority interests                                           | 302  |  | (90) |
|                          Gain on sale of joint venture interest, real  estate and note receivable                | (5,146) |  | (774) |
|                          Equity in earnings of unconsolidated joint  ventures                                    | (1,095) |  | (1,469) |
|                          Changes in operating assets and liabilities:                                            |  |  |  |
|                                 Increase in receivables and other  assets          | (11,282) |  | (5,901) |
|                                 Increase in accounts payable and  accrued expenses | 17,445  |  | 5,023  |
| ** **                                                                                                                                                                                                                               |  |  |  |
| **Cash provided by operating activities**                                                                                                                                                                                                | 59,549  |  | 43,672  |
| ** **                                                                                                                                                                                                                               |  |  |  |
| **Investing activities**                                                                                                                                                                                                                 |  |  |  |
|         Payments received on mortgage loans                                                                                                                                                           | -  |  | 774  |
|         Distributions from unconsolidated joint ventures                                                                                                                                              | 4,139  |  | 1,831  |
|         Investments in unconsolidated joint ventures                                                                                                                                                  | (45) |  | (286) |
|         Purchases of real estate related investments                                                                                                                                                  | (142,643) |  | (72,524) |
|         Proceeds from sale of joint venture interest                                                                                                                                                  | 24,064  |  | -  |
|         Real estate development                                                                                                                                                                       | (3,320) |  | (1,462) |
|         Improvements to real estate related investments                                                                                                                                               | (25,726) |  | (23,308) |
|                                                                                                                                                                                                                                          |  |  |  |
| **Cash used in investing activities**                                                                                                                                                                                                    | (143,531) |  | (94,975) |
| ** **                                                                                                                                                                                                                               |  |  |  |
| **Financing activities**                                                                                                                                                                                                                 |  |  |  |
|         Principal payments on mortgage notes payable                                                                                                                                                  | (12,941) |  | (16,425) |
|         Net proceeds from bank borrowings                                                                                                                                                             | 42,361  |  | 41,792  |
|         Proceeds from long-term financing                                                                                                                                                             | 17,160  |  | 28,950  |
|         Stock options exercised                                                                                                                                                                       | 1,794  |  | 4,673  |
|         Dividends paid on common stock                                                                                                                                                                | (27,229) |  | (21,575) |
|         Dividends paid on preferred stock                                                                                                                                                             | (5,836) |  | (7,791) |
|         Contributions from minority interest partners                                                                                                                                                 | 9,489  |  | -  |
|         Distributions to minority interest partners                                                                                                                                                   | (110) |  | (104) |
|         Proceeds from DRIP Plan                                                                                                                                                                       | 1,361  |  | 11,390  |
|         Redemption of subsidiary preferred membership interests                                                                                                                                       | -  |  | (4,750) |
|         Proceeds from stock offerings and preferred membership  interests                                                                                                                             | 75,811  |  | 15,491  |
|                                                                                                                                                                                                                                          |  |  |  |
| **Cash provided by financing activities**                                                                                                                                                                                                | 101,860  |  | 51,651  |
| ** **                                                                                                                                                                                                                               |  |  |  |
| **Impact on cash of consolidation of MBALP**                                                                                                                                                                                             | -  |  | 763  |
| ** **                                                                                                                                                                                                                               |  |  |  |
| **Change in cash and cash equivalents**                                                                                                                                                                                                  | 17,878  |  | 1,111  |
|                                                                                                                                                                                                                                          |  |  |  |
| **Cash and cash equivalents at beginning of period**                                                                                                                                                                                     | 1,077  |  | 468  |
|                                                                                                                                                                                                                                          |  |  |  |
| **Cash and cash equivalents at end of period**                                                                                                                                                                                           |  $ | 18,955  |  |  $ | 1,579  |

See notes toconsolidated financial statements.

Page 7 of 32

----

**Parkway Properties, Inc.Notes to Consolidated Financial Statements (Unaudited)****September 30, 2005****(1)   Basis of Presentation**

        The consolidatedfinancial statements include the accounts of Parkway Properties, Inc.("Parkway" or "the Company"), its wholly-owned subsidiariesand joint ventures in which the Company has a controlling interest.  Thirdparty equity interests in the consolidated joint ventures are reflected asminority interests in the consolidated financial statements.  Parkway alsoconsolidates subsidiaries where the entity is a variable interest entity andParkway is the primary beneficiary, as defined in FASB Interpretation 46R"Consolidation of Variable Interest Entities" ("FIN 46R").  All significantintercompany transactions and accounts have been eliminated.

        The accompanyingunaudited condensed consolidated financial statements have been prepared inaccordance with accounting principles generally accepted in the United Statesfor 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 accounting principles generally acceptedin the United States for complete financial statements.

        The accompanyingfinancial statements reflect all adjustments which are, in the opinion ofmanagement, necessary for a fair statement of the results for the interimperiods presented.  All such adjustments are of a normal recurring nature. Operating results for the three months and nine months ended September 30, 2005are not necessarily indicative of the results that may be expected for the yearended December 31, 2005.  The financial statements should be read inconjunction with the annual report and the notes thereto.

        The balance sheet atDecember 31, 2004 has been derived from the audited financial statements atthat date but does not include all of the information and footnotes required byaccounting principles generally accepted in the United States for completefinancial statements.

**(2)   Reclassifications**

        Certainreclassifications have been made in the 2004 consolidated financial statementsto conform to the 2005 classifications.

** (3)   Supplemental Cash Flow Information and Schedule of Non-CashInvesting and Financing Activity**

** **        TheCompany considers all highly liquid investments with a maturity of three monthsor less when purchased to be cash equivalents.

|                                                                                     | **Nine Months Ended** |
|-------------------------------------------------------------------------------------|-----------------------|
|                                                                                     | **September 30**      |
|                                                                                     | **2005**              |  | **2004** |
|                                                                                     | (in thousands)        |
|                                                                                     |                       |  |  |
| Supplemental cash flow information:                                                 |                       |  |  |
|         Cash paid for interest                   |  $               | 23,301   |  |  $ | 17,225   |
|         Income taxes (refunded) paid             | (17)                  |  | (4) |
| Supplemental schedule of non-cash investing and financing activity:                 |                       |  |  |
|         Mortgages assumed in purchase            | 124,530          |  | 88,678  |
|         Mortgage transferred to joint venture    | (19,275)              |  | -  |
|         Restricted shares forfeited              | (679)                 |  | -  |
|         Shares issued in lieu of Directors' fees | 193              |  | 137  |
|                                                                                     |                       |  |  |  |  |

****

Page 8 of 32

----

**(4)   Acquisitions and Dispositions**

        On January 5, 2005, the Company entered into anagreement to purchase the 70% interest held by Investcorp International, Inc.,its joint venture partner, in the property known as 233 North Michigan Avenue in Chicago, Illinois. The gross purchaseprice for the 70% interest was $139.7 million, and the Company closed theinvestment in two stages. The Company closed 90% of the purchase on January 14, 2005. The second closing for the remainderof Investcorp's interest occurred on April 29, 2005, following lender and rating agency approval. The Companyearned a $400,000 incentive fee from Investcorp based upon the economic returnsgenerated over the life of the partnership.  The purchase was funded with aportion of the proceeds from the sale of 1.6 million shares of common stock toCitigroup Global Markets Inc. on January 10, 2005 and the assumption of anexisting first mortgage on the property. The allocation of purchase price tointangible assets and liabilities is as follows (in thousands):

| Lease in place value     |  $      | 16,037  |
|--------------------------|--------------|--------------|
| Above market lease value | 13,482  |
| Below market lease value | (4,162)      |
|                          |  $      | 25,357  |

        The unaudited pro forma effect on the Company's resultsof operations for the 233 North Michigan purchase as if the purchase hadoccurred on January 1, 2004 is as follows (in thousands, except per sharedata):

|                                             |  | Nine Months Ended |
|---------------------------------------------|--|-------------------|
|                                             |  | September 30      |
|                                             |  | 2005              |  | 2004 |
| Revenues                                    |  |  $           | 1,099 |  |  $ | 23,811  |
| Net income available to common stockholders |  |  $           | 206 |  |  $ | 718  |
| Basic earnings per share                    |  |  $           | 0.01 |  |  $ | (0.07) |
| Diluted earnings per share                  |  |  $           | 0.01 |  |  $ | (0.06) |

        OnMarch 30, 2005, the Company purchased for $29.3 million the Stein Mart Buildingand Riverplace South in downtown Jacksonville, Florida. In addition to thepurchase price the Company expects to invest an additional $4.8 million inimprovements and closing costs during the first two years of ownership.  Thebuildings total 302,000 square feet, and the purchase was funded with theremaining proceeds from the Company's January 2005 equity offering as well asfunds obtained under its existing line of credit.  The allocation of purchaseprice to intangible assets and liabilities is as follows (in thousands):

| Lease in place value     |  $   | 2,006  |
|--------------------------|-----------|-------------|
| Above market lease value | 236  |
| Below market lease value | (1,023)   |
|                          |  $   | 1,219  |

        On June 16, 2005, the Company closed the jointventure of Maitland 200 to Rubicon America Trust ("Rubicon"), an Australianlisted property trust.  Maitland 200 is a 203,000 square foot, 96.5% leasedoffice property located in Orlando, Florida.  The consideration places totalbuilding value at $28.4 million.  Rubicon acquired an 80% interest in thesingle purpose entity that owns the property and assumed 100% of the existing$19.3 million, 4.4% first mortgage.  Parkway received a $947,000 acquisitionfee at closing and retained management and leasing of the property and a 20%ownership interest.  Parkway recognized a gain for financial reporting purposeson the transfer of the 80% interest of $1.3 million in the second quarter.  Thejoint venture is accounted for using the equity method of accounting.

Page 9 of 32

----

        On July 26, 2005, the Company purchased for $19.25 million Forum I in Memphis, Tennessee.** **Inaddition to the purchase price, the Company expects to invest an additional$1.9 million in improvements and closing costs during the first two years ofownership.  The building totals 162,000 square feet, and the purchase wasfunded with the Company's existing lines of credit and the assumption of an$11.7 million first mortgage. The allocation of the purchase price ispreliminary pending completion of the valuation of tangible and intangibleassets. The preliminary allocation of purchase price to intangible assets andliabilities is as follows (in thousands):

| Lease in place value     |  $   | 1,410        |
|--------------------------|-----------|-------------------|
| Above market lease value | 315  |
| Below market lease value | (314)     |
|                          |  $   |  1,411  |

   On September 9, 2005, the Company soldThe Park on Camelback for $17.5 million.  The Park is a 102,000 square footoffice property located in Phoenix, Arizona. The Company recorded a gain on thesale of $4.4 million in the third quarter of 2005.  This property waspreviously classified as an office property held for sale.  See Note 5 -Discontinued Operations for more information.

        On September 14, 2005, the Company sold 250Commonwealth, a 46,000 square foot office property located in Greenville, SouthCarolina, for $4 million. The Company recorded a loss on the sale of $238,000in the third quarter of 2005.  See Note 5 - Discontinued Operations for moreinformation.

        On September 28, 2005, the discretionary fund theCompany has with Ohio Public Employees Retirement System ("Ohio PERS")purchased a two-building office portfolio in Orlando, Florida.  Parkway is a25% investor and Ohio PERS is a 75% investor in the fund.  The two properties,Maitland 100 and 555 Winderley Place, total 230,000 square feet, and the twobuildings were acquired for a combined purchase price of $28.4 million. Thefund expects to spend an additional $3.3 million for closing costs, buildingimprovements, leasing costs and tenant improvements during the first two yearsof ownership.  The purchase was funded with a $17.2 million first mortgageplacement by the fund and with equity contributions from the partners.  ParkwayRealty Services will provide management and renewal leasing services throughits existing team in Orlando. New leasing services will be provided by anunaffiliated third-party leasing agency.   Since Parkway is the sole generalpartner and has the authority to make major decisions on behalf of the fund,thereby giving Parkway a controlling interest, Parkway has included thediscretionary fund in its consolidated financial statements.  

(5)  Discontinued Operations

        In the third quarter of 2005, the Company sold ThePark on Camelback in Phoenix, Arizona for a gain of $4.4 million and 250Commonwealth in Greenville, South Carolina for a loss of $238,000.  All currentand prior period income from the office properties have been classified asdiscontinued operations.

** **The amount of revenue and expensefor these two office properties reported in discontinued operations for thethree months and nine months ended September 30, 2005 and 2004 is as follows(in thousands):

** **

| ** **                                                               | **Three Months  Ended** | ** ** | **Nine Months  Ended** |
|--------------------------------------------------------------------------|-------------------------|------------|------------------------|
| ** **                                                               | **September 30**        | ** ** | **September 30**       |
| ** **                                                               | **2005**                | ** ** | **2004**               | ** ** | **2005** | ** ** | **2004** |
| **Income Statement:**                                                    | ** **              | ** ** | ** **             | ** ** | ** ** | ** ** | ** ** |
| **Revenues**                                                             |                         |            |                        |  |  |  |  |
| Income from office and parking properties                                |  $                 | 510        |                        |  $ | 767 |  |  $ | 1,925 |  |  $ | 2,050 |
| ** **                                                               | 510                     |            | 767                    |  | 1,925 |  | 2,050 |
| **Expenses**                                                             |                         |            |                        |  |  |  |  |
| Office and parking properties:                                           |                         |            |                        |  |  |  |  |
|         Operating expense             | 233                     |            | 310                    |  | 805 |  | 870 |
|         Depreciation and amortization | 27                      |            | 135                    |  | 343 |  | 369 |
| ** **                                                               | 260                     |            | 445                    |  | 1,148 |  | 1,239 |
| Income from discontinued operations                                      | 250                     |            | 322                    |  | 777 |  | 811 |
| Gain on sale of real estate from discontinued operations                 | 4,181                   |            | -                      |  | 4,181 |  | - |
| **Total discontinued operations**                                        |  $                 | 4,431      |                        |  $ | 322 |  |  $ | 4,958 |  |  $ | 811 |

** **

Page 10 of 32

----

**(6)   Investment  inUnconsolidated Joint Ventures**

        As of September 30, 2005,the Company was invested in five unconsolidated joint ventures.  As required bygenerally accepted accounting principles, these joint ventures are accountedfor using the equity method of accounting, as Parkway does not control any ofthese joint ventures and is not the primary beneficiary.  As a result, theassets and liabilities of the joint ventures are not included on Parkway'sconsolidated balance sheets as of September 30, 2005.  Information relating tothe unconsolidated joint ventures is detailed below.

| ** **                                           | ** **              | ** **      | **Square**         | **Parkway's** | ** **     |
|------------------------------------------------------|-------------------------|-----------------|--------------------|---------------|----------------|
| ** **                                           | ** **              | ** **      | **Feet**           | **Ownership** | **Percentage** |
| **Joint Ventures**                                   | **Property Name**       | **Location**    | **(in thousands)** | **Interest**  | **Leased**     |
| ** **                                           | ** **              | ** **      | ** **         | ** **    | ** **     |
| Phoenix OfficeInvest, LLC  ("Viad JV")     | Viad Corporate Center   | Phoenix, AZ     | 481                | 30.0%         | 95.5%          |
| Wink-Parkway Partnership                             | Wink Building           | New Orleans, LA | 32                 | 50.0%         | 100.0%         |
| Parkway Joint Venture, LLC  ("Jackson JV") | UBS Building/River Oaks | Jackson, MS     | 169                | 20.0%         | 89.3%          |
| RubiconPark I, LLC ("Rubicon  JV")         | Lakewood/Falls Pointe   | Atlanta, GA     | 550                | 20.0%         | 91.5%          |
|                                                      | Carmel Crossing         | Charlotte, NC   |                    |               |                |
| RubiconPark II, LLC  ("Maitland JV")       | Maitland 200            | Orlando, FL     | 203                | 20.0%         | 97.9%          |
|                                                      |                         |                 | 1,435              |               | 93.7%          |

Balance sheetinformation for the unconsolidated joint ventures is summarized below as of September30, 2005 and December 31, 2004 (in thousands):

| **Balance Sheet Information** |  
**September 30, 2005**

 
**233 North**

**Viad**

**Wink**

**Jackson**

**Rubicon**

**Maitland**

**Combined**

 
**Michigan**

**JV**

**Partnership**

**JV**

**JV**

**JV**

**Total**

 
**Unconsolidated Joint  Ventures (at 100%):**

** **

** **

** **

** **

** **

** **

** **

 
Real Estate, Net

 $

- 

 $

58,602 

 $

1,242 

 $

16,746 

 $

68,819 

 $

29,496 

 $

174,905 

 
Other Assets

- 

4,308 

149 

1,141 

6,834 

504 

12,936 

 
        Total Assets

 $

- 

 $

62,910 

 $

1,391 

 $

17,887 

 $

75,653 

 $

30,000 

 $

187,841 

 
 
Mortgage Debt (a)

 $

- 

 $

50,000 

 $

387 

 $

12,600 

 $

52,000 

 $

19,275 

 $

134,262 

 
Other Liabilities

- 

2,716 

4 

441 

2,426 

1,001 

6,588 

 
Partners'/Shareholders' Equity

- 

10,194 

1,000 

4,846 

21,227 

9,724 

46,991 

 
Total Liabilities and 

 
        Partners'/Shareholders'  Equity

 $

 - 

 $

62,910 

 $

1,391 

 $

17,887 

 $

75,653 

 $

30,000 

 $

187,841 

 
 
**Parkway's Share of  Unconsolidated**

** **

** **

** **

** **

** **

** **

** **

 
**        Joint Ventures:**

 
Real Estate, Net

 $

- 

 $

17,581 

 $

621 

 $

3,349 

 $

13,764 

 $

5,899 

 $

41,214 

 
Mortgage Debt

 $

- 

 $

15,000 

 $

194 

 $

2,520 

 $

7,200 

 $

- 

 $

24,914 

 
Net Investment in Joint  Ventures

 $

- 

 $

2,242 

 $

500 

 $

(66)

 $

5,133 

 $

5,025 

 $

12,834 

 
 
** **

** **

** **

** **

** **

** **

** **

 
**December 31, 2004**

 
 
**233 North**

**Viad**

**Wink**

**Jackson**

**Rubicon**

**Maitland**

**Combined**

 
**Michigan**

**JV**

**Partnership**

**JV**

**JV**

**JV**

**Total**

 
**Unconsolidated Joint  Ventures (at 100%):**

** **

** **

** **

** **

** **

** **

** **

 
Real Estate, Net

 $

168,135 

 $

58,688 

 $

1,259 

 $

16,654 

 $

69,336 

 $

-  

 $

314,072 

 
Other Assets

14,245 

3,737 

154 

530 

6,675 

 - 

25,341 

 
        Total Assets

 $

182,380 

 $

62,425 

 $

1,413 

 $

17,184 

 $

76,011 

 $

-  

 $

339,413 

 
 
Mortgage Debt (a)

 $

100,133 

 $

42,500 

 $

450 

 $

11,269 

 $

52,000 

 $

-  

 $

206,352 

 
Other Liabilities

10,797 

2,579 

3 

532 

295 

- 

14,206 

 
Partners'/Shareholders'  Equity

71,450 

17,346 

960 

5,383 

23,716 

- 

118,855 

 
Total Liabilities and 

 
       Partners'/Shareholders'  Equity

 $

182,380 

 $

62,425 

 $

1,413 

 $

17,184 

 $

76,011 

 $

-  

 $

339,413 

 
 
**Parkway's Share of  Unconsolidated**

** **

** **

** **

** **

** **

** **

** **

 
**       Joint Ventures:**

 
Real Estate, Net

 $

50,440 

 $

17,606 

 $

630 

 $

3,331 

 $

13,867 

 $

- 

 $

85,874 

 
Mortgage Debt

 $

30,040 

 $

12,750 

 $

225 

 $

2,254 

 $

7,200 

 $

- 

 $

52,469 

 
Net Investment in Joint  Ventures

 $

14,539 

 $

4,388 

 $

480 

 $

19 

 $

5,868 

 $

- 

 $

25,294 

        (a)   The mortgage debt,all of which is non-recourse, is collateralized by the individual real estateproperties within each venture.

Page 11 of 32

        The terms related toParkway's share of unconsolidated joint venture mortgage debt are summarizedbelow (in thousands):

** **

** **

** **

** **

**Monthly**

**Loan**

**Loan**

** **

**Type of**

**Interest**

** **

**Debt**

**Balance**

**Balance**

**Joint Venture**

**Debt Service**

**Rate**

**Maturity**

**Service**

**09/30/05**

**12/31/04**

Viad JV

Interest Only

LIBOR + 2.150%

05/12/07

 $

74 

 $

15,000 

 $

12,750 

Wink-Parkway Partnership

Amortizing

8.625%

07/01/09

5 

194 

225 

Maitland JV

Interest Only

4.390%

06/01/11

- 

- 

- 

233 North Michigan Avenue

Amortizing

7.350%

07/11/11

- 

- 

30,040 

Rubicon JV

Interest Only

4.865%

01/01/12

30 

7,200 

7,200 

Jackson JV

Interest Only

5.840%

07/01/15

12 

2,520 

2,254 

 $

121 

 $

24,914 

 $

52,469 

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

5.509%

6.982%

        The following tablepresents Parkway's proportionate share of principal payments due for mortgagedebt in unconsolidated joint ventures (in thousands):

**Viad**

**Wink**

**Jackson**

**Rubicon**

**Maitland**

** **

**JV**

**Partnership**

**JV**

**JV**

**JV**

**Total**

2005  (3 Months Remaining)

 $

- 

 $

11 

 $

- 

 $

- 

 $

-  

 $

11 

2006

- 

46 

- 

- 

- 

46 

2007

15,000 

50 

- 

- 

- 

15,050 

2008

- 

54 

- 

- 

- 

54 

2009

- 

33 

13 

100 

- 

146 

2010

- 

- 

33 

114 

- 

147 

Thereafter

- 

- 

2,474 

6,986 

- 

9,460 

 $

15,000 

 $

194 

 $

2,520 

 $

7,200 

 $

- 

 $

24,914 

        OnApril 11, 2005, the Viad Joint Venture refinanced its existing $42.5 millionmortgage priced at LIBOR plus 260 basis points with a two-year $50 millionmortgage priced at LIBOR plus 215 basis points. The new mortgage contains threeone-year extension options with the first extension at no cost. Parkway's prorata share of this mortgage is 30%.

        OnJune 16, 2005, the Maitland Joint Venture was formed between Parkway, a 20%partner, and Rubicon, an 80% partner.  The Maitland Joint Venture assumed theexisting $19.3 million, 4.39% first mortgage, which matures July 2011.  As partof the joint venture agreement, Rubicon's pro rata share of the existingmortgage is 100%.  

        OnJune 17, 2005, the Jackson Joint Venture refinanced its existing 5.84%,$11.2 million mortgage with a 10-year, 5.84%, $12.6 million mortgage.  Themortgage is interest only for four years and matures July 1, 2015.  Parkway's pro ratashare of this mortgage is 20%.

Page 12 of 32

        Income statementinformation for the unconsolidated joint ventures is summarized below for thethree months and nine months ending September 30, 2005 and 2004 (in thousands):

**Results of Operations**

**Three Months Ended September  30, 2005**

**233 North**

**Viad**

**Wink**

**Jackson**

**Rubicon**

**Maitland**

**Combined**

**Michigan**

**JV**

**Partnership**

**JV**

**JV**

**JV**

**Total**

** **

**Unconsolidated  Joint Ventures (100%):**

Revenues

 $

- 

 $

2,735 

 $

75 

 $

658 

 $

2,505 

 $

1,092 

 $

7,065 

Operating  Expenses

- 

(1,267)

(11)

(350)

(988)

(467)

(3,083)

        Net  Operating Income

- 

1,468 

64 

308 

1,517 

625 

3,982 

Interest  Expense

- 

(690)

(8)

(184)

(647)

(212)

(1,741)

Loan  Cost Amortization

- 

(86)

(1)

(1)

(16)

(3)

(107)

Depreciation  and Amortization

- 

(457)

(6)

(122)

(380)

(128)

(1,093)

        Net  Income

 $

- 

 $

235 

 $

49 

 $

1 

 $

474 

 $

282 

 $

1,041 

**Parkway's  Share of Unconsolidated**

**        Joint  Ventures:**

Net  Income

 $

- 

 $

71 

 $

24 

 $

- 

 $

136 

 $

99 

 $

330 

Depreciation  and Amortization

- 

137 

3 

24 

76 

26 

266 

Funds  from Operations

 $

- 

 $

208 

 $

27 

 $

24 

 $

212 

 $

125 

 $

596 

Interest  Expense

 $

- 

 $

207 

 $

4 

 $

36 

 $

90 

 $

- 

 $

337 

Loan  Cost Amortization

 $

- 

 $

26 

 $

1 

 $

- 

 $

2 

 $

- 

 $

29 

**Other  Supplemental Information:**

Distributions  from Unconsolidated JVs

 $

- 

 $

487 

 $

40 

 $

- 

 $

659 

 $

142 

 $

1,328 

**Results of Operations**

**Three Months Ended September  30, 2004**

**233 North**

**Viad**

**Wink**

**Jackson**

**Rubicon**

**Maitland**

**Combined**

**Michigan**

**JV**

**Partnership**

**JV**

**JV**

**JV**

**Total**

** **

**Unconsolidated  Joint Ventures (100%):**

Revenues

 $

8,598 

 $

2,995 

 $

70 

 $

687 

 $

- 

 $

- 

 $

12,350 

Operating  Expenses

(4,261)

(1,381)

(17)

(314)

- 

- 

(5,973)

        Net  Operating Income

4,337 

1,614 

53 

373 

- 

- 

6,377 

Interest  Expense

(1,822)

(473)

(10)

(221)

- 

- 

(2,526)

Loan  Cost Amortization

(29)

(93)

(1)

(1)

- 

- 

(124)

Depreciation  and Amortization

(1,555)

(424)

(6)

(95)

- 

- 

(2,080)

Preferred  Distributions

(456)

- 

- 

- 

- 

- 

(456)

        Net  Income

 $

475 

 $

624 

 $

36 

 $

56 

 $

- 

 $

- 

 $

1,191 

**Parkway's  Share of Unconsolidated**

**        Joint  Ventures:**

Net  Income

 $

143 

 $

187 

 $

18 

 $

11 

 $

- 

 $

- 

 $

359 

Depreciation  and Amortization

466 

127 

4 

19 

- 

- 

616 

Funds  from Operations

 $

609 

 $

314 

 $

22 

 $

30 

 $

- 

 $

- 

 $

975 

Interest  Expense

 $

546 

 $

142 

 $

5 

 $

44 

 $

- 

 $

- 

 $

737 

Loan  Cost Amortization

 $

9 

 $

27 

 $

1 

 $

1 

 $

- 

 $

- 

 $

38 

Preferred  Distributions

 $

137 

 $

- 

 $

- 

 $

- 

 $

- 

 $

- 

 $

137 

**Other  Supplemental Information:**

Distributions  from Unconsolidated JVs

 $

277 

 $

218 

 $

- 

 $

- 

 $

- 

 $

- 

 $

495 

** **

Page 13 of 32

** **
****
**Results of Operations**

**Nine Months Ended September 30,  2005**

**233 North**

**Viad**

**Wink**

**Jackson**

**Rubicon**

**Maitland**

**Combined**

**Michigan**

**JV**

**Partnership**

**JV**

**JV**

**JV**

**Total**

** **

**Unconsolidated  Joint Ventures (100%):**

Revenues

 $

1,134 

 $

8,967 

 $

227 

 $

2,040 

 $

7,292 

 $

1,244 

 $

20,904 

Operating  Expenses

(619)

(3,862)

(60)

(954)

(2,853)

(534)

(8,882)

        Net  Operating Income

515 

5,105 

167 

1,086 

4,439 

710 

12,022 

Interest  Expense

(252)

(1,913)

(27)

(515)

(1,919)

(247)

(4,873)

Loan  Cost Amortization

(4)

(233)

(2)

(46)

(48)

(3)

(336)

Depreciation  and Amortization

(205)

(1,311)

(17)

(319)

(1,113)

(156)

(3,121)

Preferred  Distributions

(69)

- 

- 

- 

- 

- 

(69)

        Net  Income

 $

(15)

 $

1,648 

 $

121 

 $

206 

 $

1,359 

 $

304 

 $

3,623 

**Parkway's  Share of Unconsolidated**

**        Joint  Ventures:**

Net  Income

 $

(5)

 $

494 

 $

60 

 $

41 

 $

394 

 $

111 

 $

1,095 

Depreciation  and Amortization

62 

393 

9 

63 

222 

32 

781 

Funds  from Operations

 $

57 

 $

887 

 $

69 

 $

104 

 $

616 

 $

143 

 $

1,876 

Interest  Expense

 $

75 

 $

574 

 $

14 

 $

102 

 $

267 

 $

- 

 $

1,032 

Loan  Cost Amortization

 $

1 

 $

71 

 $

1 

 $

9 

 $

6 

 $

- 

 $

88 

Preferred  Distributions

 $

21 

 $

- 

 $

- 

 $

- 

 $

- 

 $

- 

 $

21 

**Other  Supplemental Information:**

 $

Distributions  from Unconsolidated

        Joint  Ventures

 $

64 

 $

2,639 

 $

40 

 $

126 

 $

1,128 

 $

142 

 $

4,139 

** **

**Results of Operations**

**Nine Months Ended September 30,  2004**

**233 North**

**Viad**

**Wink**

**Jackson**

**Rubicon**

**Maitland**

**Combined**

**Michigan**

**JV**

**Partnership**

**JV**

**JV**

**JV**

**Total**

** **

**Unconsolidated  Joint Ventures (100%):**

Revenues

 $

25,389 

 $

8,723 

 $

229 

 $

2,107 

 $

- 

 $

- 

 $

36,448 

Operating  Expenses

(11,658)

(3,962)

(67)

(925)

- 

- 

(16,612)

        Net  Operating Income

13,731 

4,761 

162 

1,182 

- 

- 

19,836 

Interest  Expense

(5,473)

(1,359)

(32)

(554)

- 

- 

(7,418)

Loan  Cost Amortization

(88)

(278)

(3)

(3)

- 

- 

(372)

Depreciation  and Amortization

(4,328)

(1,204)

(17)

(280)

- 

- 

(5,829)

Preferred  Distributions

(1,279)

- 

- 

- 

- 

- 

(1,279)

        Net  Income

 $

2,563 

 $

1,920 

 $

110 

 $

345 

 $

- 

 $

- 

 $

4,938 

**Parkway's  Share of Unconsolidated**

**        Joint  Ventures:**

Net  Income

 $

769 

 $

576 

 $

55 

 $

69 

 $

- 

 $

- 

 $

1,469 

Depreciation  and Amortization

1,298 

361 

9 

56 

- 

- 

1,724 

Funds  from Operations

 $

2,067 

 $

937 

 $

64 

 $

125 

 $

- 

 $

- 

 $

3,193 

Interest  Expense

 $

1,641 

 $

408 

 $

16 

 $

111 

 $

- 

 $

- 

 $

2,176 

Loan  Cost Amortization

 $

27 

 $

83 

 $

1 

 $

1 

 $

- 

 $

- 

 $

112 

Preferred  Distributions

 $

384 

 $

- 

 $

- 

 $

- 

 $

- 

 $

- 

 $

384 

**Other  Supplemental Information:**

Distributions  from Unconsolidated JVs

 $

1,071 

 $

649 

 $

46 

 $

65 

 $

- 

 $

- 

 $

1,831 

** (7)   Minority Interest - Real Estate Partnerships**

** **        In compliance with FIN46R (see "Basis of Presentation"), Parkway began consolidating its ownershipinterest in Moore Building Associates LP ("MBALP") effective January 1, 2004. Parkway has less than .1% ownership interest in MBALP and acts as the managinggeneral partner of this partnership.

        MBALP was established forthe purpose of owning a commercial office building (the Toyota Center inMemphis, Tennessee) and is primarily funded with financing from a third partylender, which is secured by a first lien on the rental property of thepartnership.  The creditors of MBALP do not have recourse to Parkway.  Inacting as the general partner, Parkway is committed to providing additionalfunding to meet partnership operating deficits up to an aggregate amount of $1million.  MBALP has a fixed rate non-recourse first mortgage in the amount of $13.1million that is secured by the Toyota Center, which has a carrying amount of$23 million.

Page 14 of 32

        Parkway receives incomefrom MBALP in the form of interest from a construction note receivable,incentive management fees and property management fees.  As a result of theconsolidation of MBALP, Parkway has eliminated any intercompany asset,liability, revenue and expense accounts between Parkway and MBALP.

        On July 6, 2005, Parkway, through affiliatedentities, entered into a limited partnership agreement forming a $500 milliondiscretionary fund ("the fund") with Ohio Public Employees Retirement System("Ohio PERS") for the purpose of acquiring high-quality multi-tenant officeproperties.  Ohio PERS is a 75% investor and Parkway is a 25% investor in thefund.  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. The fund has fixed ratenon-recourse mortgage debt totaling $17.2 million that is secured by two officeproperties, Maitland 100 and 555  Winderley Place, which havea carrying value of $28.5 million.

        Since Parkway is the sole general partner and hasthe authority to make major decisions on behalf of the fund, thereby givingParkway a controlling interest, Parkway is required to include thediscretionary fund in its consolidated financial statements.  

        Minority interest in real estate partnerships represents the otherpartners' proportionate share of equity in the partnerships discussed above at September30, 2005.  Income is allocated to minority interest based on the weightedaverage percentage ownership during the year.

** (8)   Stock Based Compensation**

        The Company has grantedstock options for a fixed number of shares to employees and directors withan exercise price equal to or above the fair value of the shares at thedate of grant.  The Company accounts for stock option grants in accordancewith APB Opinion No. 25, "Accounting for Stock Issued toEmployees" (the intrinsic value method), and accordingly, recognizesno compensation expense for the stock option grants.

        Effective January 1, 2006,Parkway will begin recording compensation expense based on the grant-date fairvalue of employee stock options in accordance with SFAS No. 123R, "Share-BasedPayment."  Parkway does not anticipate that the adoption of SFAS No. 123R willhave a significant impact on the Company's consolidated financial statementssince Parkway has begun granting restricted stock and/or deferred incentiveshare units instead of stock options to employees of the Company.  Thecompensation expense associated with stock options is estimated atapproximately $40,000 for 2006.

        The following tableillustrates the effect on net income and earnings per share if the company hadapplied the fair value recognition provisions of FASB Statement No. 123,Accounting for Stock-Based Compensation, to stock-based employee compensation(in thousands).
 
**Nine Months    Ended**

**September 30** **2005****2004**Net income    available to common stockholders    $           13,495     $      11,117   Stock based    employee compensation costs assuming fair value method    (96)    (206)Pro forma    net income available to common stockholders    $           13,399          $        10,91   Pro forma    net income per common share  Basic:             Net income available to common stockholders    $                    .96       $          1.00                 Stock based employee compensation costs assuming fair value method    (.01)    (.02)           Pro forma net income per common share    $                    .95       $            .98      Diluted:             Net income available to common stockholders    $                    .95       $            .98                 Stock based employee compensation costs assuming fair value method    (.01)    (.02)           Pro forma net income per common share    $                    .94       $            .96                   
Page 15 of 32

        Effective January 1,2003, the stockholders of the Company approved Parkway's 2003 Equity IncentivePlan (the "2003 Plan") that authorized the grant of up to 200,000 equity basedawards to employees of the Company.  At present, it is Parkway's intention togrant restricted stock and/or deferred incentive share units instead of stockoptions.  Restricted stock 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.  As of September 30, 2005, 124,000restricted shares have been issued and are valued at $4,484,000 and 8,610deferred incentive share units have been granted and are valued at $395,000.  TheCompany accounts for restricted stock and deferred incentive share units inaccordance with APB No. 25 and accordingly, compensation expense is recognizedover the expected vesting period.  Compensation expense related to restrictedstock and deferred incentive share units of $351,000 and $590,000 wasrecognized for the nine months ending September 30, 2005 and 2004,respectively.

        The restricted stockgranted under the 2003 Plan vests the earlier of seven years from grant date oreffective December 31, 2005 if certain goals of the VALUE2 Plan aremet.  The VALUE2 Plan has as its goal to achieve funds fromoperations available to common stockholders ("FFO") growth that is 10% higherthan that of the National Association of Real Estate Investment Trusts("NAREIT") Office Index peer group.  Achievement of the goals of the plan willbe determined during the first quarter of 2006 upon completion of the auditedfinancial statements for 2005 for the Company and each company comprising thepeer group.  However, based on the results for the nine months ended September30, 2005 and the projected results for the year ended December 31, 2005, it isunlikely that the Company will meet the equity return goal of the plan. Thevalue of the restricted shares is being amortized ratably over the seven-yearperiod until such time as it becomes probable that the conditions of earlyvesting will be met.  The deferred incentive share units granted under the 2003Plan vest four years from grant date and are being amortized ratably over thefour-year period.

        Restricted stock anddeferred incentive share units are forfeited if an employee leaves the Companybefore the vesting date.  Shares and/or units that are forfeited becomeavailable for future grant under the 2003 Plan.  In connection with theforfeited shares/units, the value of the forfeited shares/units, unearnedcompensation, accumulated amortization of unearned compensation and accumulateddividends, if any, are reversed.  

**(9)   Capital and Financing Transactions**

        The purchase of the 70% interest in 233 North Michigan Avenue was subject to an existingnon-recourse first mortgage with an outstanding balance of $100 million, whichmatures July 2011 and carries a fixed interest rate of 7.21%. In accordancewith generally accepted accounting principles, the mortgage was recorded at $111.7million to reflect the fair value of the financial instrument based on themarket rate of 4.94% on the date of purchase. 

        On January 10, 2005, theCompany sold 1,600,000 shares of common stock to Citigroup Global Markets Inc.The Company used the net proceeds of $76 million towards the acquisition of the70% interest held by its joint venture partner in the property known as 233North Michigan Avenue in Chicago, Illinois and the acquisition of twoproperties in Jacksonville, Florida.

        On February 4, 2005,Parkway amended and renewed the one-year $15 million unsecured line of creditwith PNC Bank.  This line of credit matures February 2, 2006 and is expected to fund the daily cash requirements of the Company's treasury managementsystem.  The interest rate on the $15 million line is equal to the 30-day LIBORrate plus 100 to 150 basis points, depending upon overall Company leverage(with the current rate set at LIBOR plus 132.5 basis points or 5.2%).  TheCompany paid a facility fee of $15,000 (10 basis points) upon closing of theloan agreement.  Under the $15 million line, the Company does not pay annualadministration fees or fees on the unused portion of the line.

        On March 31, 2005,Parkway entered into an amended Credit Agreement with a consortium of 10 bankswith Wachovia Capital Markets, LLC as Sole Lead Arranger and Sole Book Runner,Wachovia Bank, National Association as Administrative Agent, PNC Bank, NationalAssociation as Syndication Agent, and other banks as participants.  The amendedCredit Agreement provides for a three-year $190 million unsecured revolvingcredit facility.  The $190 million line replaces the previous $170 millionunsecured revolving credit facility.  The interest rate on the $190 millionline is equal to the 30-day LIBOR rate plus 100 to 150 basis points, dependingupon overall Company leverage (with the current rate set at LIBOR plus 132.5basis points or 4.9%).  The $190 millionline matures February 6, 2007 and allows for a one-year extension optionavailable at maturity.  The line is expected to fund acquisitions of additionalinvestments.

        On June 16, 2005, Parkway transferred an 80% joint venture interest in Maitland 200 to Rubicon.  Inaddition to acquiring an 80% interest in the single purpose entity that ownsthe property, Rubicon assumed 100% of the existing $19.3 million, 4.4% firstmortgage.   Therefore, this mortgage was transferred to the Maitland JointVenture as of June 16, 2005.

Page 16 of 32

In connection with the purchase of ForumI in Memphis, Tennessee on July 26, 2005, Parkway assumed an $11.7 million fixedrate mortgage, of which $5 million is recourse debt.  The mortgage matures inJune 2011 and bears interest at 7.31%.  In accordance with GAAP, the mortgagewas recorded at $12.8 million to reflect the fair value of the financialinstrument based on the market interest rate of 5.25% on the date of purchase. 

    In connection with the purchase ofMaitland 100 and 555 Winderley Place on behalf of the discretionary fund withOhio PERS, on September 29, 2005, the fund placed a $17.2 million seven-yearfirst mortgage at a fixed interest rate of 4.92%. Payments during the firstfive years of the mortgage term will be on an interest-only basis, and the loanincludes provisions for two one‐year extensions. 

            To protect againstthe potential for rapidly rising interest rates, the Company entered into twointerest rate swap agreements during the third quarter of 2005.  The firstinterest rate swap is for a $40 million notional amount and fixes the 30-dayLIBOR interest rate at 4.36%, which equates to a total interest rate of 5.685%,for the period January 1, 2006 through December 31, 2008. The second interestrate swap is for a $20 million notional amount and fixes the 30-day LIBORinterest rate at 4.245%, which equates to a total interest rate of 5.57%, forthe period July 1, 2006 through December 31, 2008.

**(10)     Segment Information**

            Parkway's primarybusiness is the ownership and operation of office properties. The Companyaccounts for each office property or groups of related office properties as anindividual operating segment.  Parkway has aggregated its individual operatingsegments into a single reporting segment due to the fact that the individualoperating segments have similar operating and economic characteristics.   

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

            The management of theCompany evaluates the performance of the reportable office segment based onFFO. Parkway computes FFO in accordance with standards established by NAREIT,which may not be comparable to FFO reported by other REITs that do not definethe term in accordance with the current NAREIT definition.  FFO is defined asnet income available to common stockholders, computed in accordance with GAAP,excluding gains or losses from sales of properties, plus real estate relateddepreciation and amortization and after adjustments for unconsolidatedpartnerships and joint ventures.  Adjustments for unconsolidated partnershipsand joint ventures will be calculated to reflect funds from operations on thesame basis.

            Management believesthat FFO is an appropriate measure of performance for equity REITs.  We believeFFO is helpful to investors as a supplemental measure that enhances thecomparability of our operations by adjusting net income for items notreflective of our principal and recurring operations.  This measure, along withcash flows from operating, financing and investing activities, providesinvestors with an indication of our ability to incur and service debt, to makecapital expenditures and to fund other cash needs.  In addition, FFO haswidespread acceptance and use within the REIT investor and analystcommunities.    We believe that in order to facilitate a clear understanding ofour operating results, FFO should be examined in conjunction with the netincome as presented in our consolidated financial statements and notesthereto.  FFO does not represent cash generated from operating activities inaccordance with GAAP and is not an indication of cash available to fund cashneeds.  FFO should not be considered an alternative to net income as anindicator of the Company's operating performance or as an alternative to cashflow as a measure of liquidity.

Page 17 of 32

** **

        The  following is a reconciliation of FFO and net income available to common  stockholders for office properties and total consolidated entities for the three  months ending September 30, 2005 and 2004.

** **

** **

** **

**As of or for the three months ended**

** **

**As of or for the three months ended**

**September 30, 2005**

** **

**September 30, 2004**

**Office**

**Unallocated**

** **

**Office**

**Unallocated**

** **

**Properties**

**and Other**

**Consolidated**

**Properties**

**and Other**

**Consolidated**

** **

(In thousands)

** **

** **

(In thousands)

** **

Property  operating revenues (a)

 $

48,030 

 $

- 

 $

48,030 

 $

41,453 

- 

 $

41,453 

Property  operating expenses (b)

(23,200)

- 

(23,200)

(19,209)

- 

(19,209)

Property  net operating income from 

        continuing  operations

24,830 

- 

24,830 

22,244 

- 

22,244 

Management  company income

- 

315 

315 

- 

433 

433 

Other  income

- 

5 

5 

- 

3 

3 

Interest  expense (c)

(6,798)

(2,007)

(8,805)

(5,338)

(1,046)

(6,384)

Management  company expenses

- 

(120)

(120)

- 

(87)

(87)

General  and administrative expenses

- 

(791)

(791)

- 

(1,122)

(1,122)

Other  expense

- 

(2)

(2)

- 

2 

2 

Equity  in earnings of unconsolidated

        joint  ventures

330 

- 

330 

359 

- 

359 

Adjustment  for depreciation and amortization - 

        unconsolidated  joint ventures

266 

- 

266 

616 

- 

616 

Adjustment  for depreciation and amortization - 

        discontinued  operations

27 

- 

27 

135 

- 

135 

Adjustment  for minority interest -

        real  estate partnerships

(148)

- 

(148)

(195)

- 

(195)

Loss  on real estate

(26)

- 

(26)

- 

- 

- 

Income  from discontinued operations

250 

- 

250 

322 

- 

322 

Dividends  on preferred stock

- 

(1,200)

(1,200)

- 

(1,200)

(1,200)

Dividends  on convertible preferred stock

- 

(586)

(586)

- 

(1,350)

(1,350)

Funds  from operations available 

        to  common stockholders

18,731 

(4,386)

14,345 

18,143 

(4,367)

13,776 

Depreciation  and amortization

(11,687)

- 

(11,687)

(10,587)

- 

(10,587)

Depreciation  and amortization -

        unconsolidated  joint ventures

(266)

- 

(266)

(616)

- 

(616)

Depreciation  and amortization - 

        discontinued  operations

(27)

‐

(27)

(135)

- 

(135)

Depreciation  and amortization - minority 

        interest  - real estate partnerships

168 

-

168 

164 

- 

164 

Gain  on sale of real estate from

        discontinued  operations

4,181 

- 

4,181 

- 

- 

- 

Minority  interest - unit holders

- 

- 

- 

- 

(1)

(1)

Net  income available to common 

        stockholders

 $

11,100 

 $

(4,386)

 $

6,714 

 $

6,969 

 $

(4,368)

 $

2,601 

Capital  expenditures

 $

8,424 

 $

- 

 $

8,424 

 $

9,324 

 $

- 

 $

9,324 

(a)    Included in property operating  revenues are rental revenues, customer reimbursements, parking income and  other income.

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

(c)    Interest expense for office  properties represents interest expense on property secured mortgage debt and  interest on subsidiary redeemable preferred membership interests.  It does  not include interest expense on the unsecured lines of credit.

Page 18 of 32

        The  following is a reconciliation of FFO and net income available to common  stockholders for office properties and total consolidated entities for the nine  months ending September 30, 2005 and 2004.

** **

** **

** **

**As of or for the nine months ended**

** **

**As of or for the nine months ended**

**September 30, 2005**

** **

**September 30, 2004**

**Office**

**Unallocated**

** **

**Office**

**Unallocated**

** **

**Properties**

**and Other**

**Consolidated**

**Properties**

**and Other**

**Consolidated**

** **

(In thousands)

** **

** **

(In thousands)

** **

Property  operating revenues (a)

 $

142,590 

 $

- 

 $

142,590 

 $

117,301 

 $

- 

 $

117,301 

Property  operating expenses (b)

(66,475)

- 

(66,475)

(54,792)

- 

(54,792)

Property  net operating income from 

        continuing  operations

76,115 

- 

76,115 

62,509 

62,509 

Management  company income

- 

2,597 

2,597 

- 

1,270 

1,270 

Other  income

- 

246 

246 

- 

20 

20 

Interest  expense (c)

(20,518)

(5,054)

(25,572)

(15,441)

(3,025)

(18,466)

Management  company expenses

- 

(478)

(478)

- 

(259)

(259)

General  and administrative expenses

- 

(3,341)

(3,341)

- 

(3,089)

(3,089)

Other  expense

- 

(4)

(4)

- 

(18)

(18)

Equity  in earnings of unconsolidated

        joint  ventures

1,095 

- 

1,095 

1,469 

- 

1,469 

Adjustment  for depreciation and amortization - 

        unconsolidated  joint ventures

781 

- 

781 

1,724 

- 

1,724 

Adjustment  for depreciation and amortization - 

        discontinued  operations

343 

- 

343 

369 

- 

369 

Adjustment  for minority interest -

        real  estate partnerships

(892)

- 

(892)

(398)

- 

(398)

Gain  on note receivable

- 

- 

- 

- 

774 

774 

Loss  on real estate

(26)

(340)

(366)

- 

- 

- 

Income  from discontinued operations

777 

- 

777 

811 

- 

811 

Dividends  on preferred stock

- 

(3,600)

(3,600)

- 

(3,600)

(3,600)

Dividends  on convertible preferred stock

- 

(1,759)

(1,759)

- 

(4,122)

(4,122)

Funds  from operations available 

        to  common stockholders

57,675 

(11,733)

45,942 

51,043 

(12,049)

38,994 

Depreciation  and amortization

(37,425)

- 

(37,425)

(26,272)

-

(26,272)

Depreciation  and amortization -

        unconsolidated  joint ventures

(781)

- 

(781)

(1,724)

- 

(1,724)

Depreciation  and amortization - 

        discontinued  operations

(343)

- 

(343)

(369)

- 

(369)

Depreciation  and amortization - minority 

        interest  - real estate partnerships

591 

- 

591 

490 

- 

490 

Gain  on sale of joint venture interest

1,331 

- 

1,331 

- 

- 

- 

Gain  on sale of real estate from 

        discontinued  operations

4,181 

- 

4,181 

- 

- 

- `

Minority  interest- unit holders

- 

(1)

(1)

- 

(2)

(2)

Net  income available to common 

        stockholders

 $

25,229 

 $

(11,734)

 $

13,495 

 $

23,168 

 $

(12,051)

 $

11,117 

Total  assets

 $

1,139,116 

 $

51,398 

 $

1,190,514 

 $

978,687 

 $

10,551 

 $

989,238 

Office  and parking properties

 $

1,029,885 

 $

- 

 $

1,029,885 

 $

886,640 

 $

- 

 $

886,640 

Investment  in unconsolidated joint ventures

 $

12,834 

 $

- 

 $

12,834 

 $

19,950 

 $

- 

 $

19,950 

Capital  expenditures

 $

25,726 

 $

- 

 $

25,726 

 $

23,308 

 $

- 

 $

23,308 

(a)    Included in property operating  revenues are rental revenues, customer reimbursements, parking income and  other income.

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

(c)    Interest expense for office  properties represents interest expense on property secured mortgage debt and  interest on subsidiary redeemable preferred membership interests.  It does  not include interest expense on the unsecured lines of credit.

Page 19 of 32

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

**Overview**

        Parkway is aself-administered and self-managed REIT specializing in the acquisition,operations and leasing of office properties.  The Company is geographicallyfocused on the Southeastern and Southwestern United States and Chicago.  As of October1, 2005, Parkway owned or had an interest in 65 office properties located in 11states with an aggregate of approximately 12.1 million square feet of leasablespace.  The Company generates revenue primarily by leasing office space to itscustomers and providing management and leasing services to third-party officeproperty owners (including joint venture interests).  The primary driversbehind Parkway's revenues are occupancy, rental rates and customer retention.

*Occupancy.*  Parkway'srevenues are dependent on the occupancy of its office buildings.  As a resultof job losses and over supply of office properties during 2001 through 2003,vacancy rates increased nationally and in Parkway's markets.  In 2004, theoffice sector began to recover from high vacancy rates due to improving jobcreation.  As of October 1, 2005, occupancy of Parkway's office portfolio was 90.0%compared to 90.4% as of July 1, 2005 and 90.7% as of October 1, 2004.  Notincluded in the October 1, 2005 occupancy rate are 31 signed leases totaling 106,000square feet, which commence during the fourth quarter of 2005 through firstquarter of 2006 and will raise our percentage leased to 90.9%.  To combatrising vacancy, Parkway utilizes innovative approaches to produce new leases.  Theseinclude the Broker Bill of Rights, a short-form service agreement (lease) andcustomer advocacy programs which are models in the industry and have helped theCompany maintain occupancy around 90% during a time when the national occupancyrate is approximately 85.6%.  Parkway projects average occupancy of 90% for theremainder of 2005 for its office properties.

*Rental Rates.*  An increase in vacancy rateshas the effect of reducing market rental rates and vice versa.  Parkway'sleases typically have three to seven year terms.  As leases expire, the Companyreplaces the existing leases with new leases at the current market rental rate,which today is often lower than the existing lease rate.  Customer retention isincreasingly important in controlling costs and preserving revenue.  

*Customer Retention.*  Keeping our existing customers is important as highcustomer retention leads to increased occupancy, less downtime between leases,and reduced leasing costs.  Parkway estimates that it costs five to six timesmore to replace an existing customer with a new one than to retain the customer. In making this estimate, Parkway takes into account the sum of revenue lostduring downtime on the space plus leasing costs, which rise as market vacanciesincrease.  Therefore, Parkway focuses a great deal of energy on customerretention.  Parkway's operating philosophy is based on the premise that we arein the customer retention business.  Parkway seeks to retain its customers bycontinually focusing on operations at its office properties.  The Companybelieves in providing superior customer service; hiring, training, retainingand empowering each employee; and creating an environment of open communicationboth internally and externally with our customers and our stockholders.  Overthe past eight years, Parkway maintained an average 74.3% customer retentionrate.  Parkway's customer retention for the quarter ending September 30, 2005was 69% compared to 79% for the quarter ending September 30, 2004.  

*Strategic Planning.*  For many years, Parkway has been engaged in a processof strategic planning and goal setting.  The material goals and objectives of Parkway'searlier strategic plans have been achieved, and benefited Parkway'sstockholders through increased FFO and dividend payments per share.  Effective January 1, 2003, the Company adopted a three-year strategic plan referred to as VALUE2(Value Square).  This plan reflects the employees' commitment to createvalue for its shareholders while holding firm to the core values as espoused inthe Parkway Commitment to Excellence.  The Company plans to create value by Venturingwith best partners, Asset recycling, Leverage neutral growth, Uncompromisingfocus on operations and providing an Equity return to its shareholdersthat is 10% greater than that of its peer group, the National Association ofReal Estate Investment Trusts ("NAREIT") office index.  Equity return isdefined as growth in funds from operations ("FFO") per diluted share.

The highlights of 2003, 2004 and 2005 reflect the strategy set forth in VALUE2as described below:

? ***Venture with Best Partners.***  During 2003 through2005, we sold joint venture interests in seven office properties.  Parkwaycontinues to evaluate its existing portfolio for joint venture candidates andanticipates joint venturing more properties, as well as purchasing newproperties with the intention of joint venturing them.  During 2005, Parkwaypurchased two office buildings totaling $28 million on behalf of thediscretionary fund with Ohio Public Employees Retirement System.

Page 20 of 32
******
?***  Asset Recycling.***  Parkway sold one office property,while maintaining a 10-year non-cancelable management contract, and a .74 acreparcel of land in 2003 and two office properties in 2005. Using the proceedsfrom the joint ventures, property sales, stock offerings and bank lines ofcredit, Parkway purchased four office buildings totaling $125 million in 2003,three office buildings totaling $150 million in 2004 and four office buildingstotaling $188 million in 2005.

*** ***

? ***Leverage Neutral Growth.***  Parkway began 2003 with adebt to total market capitalization of 45% and operated 2003 and 2004 at anaverage of 41%.  The decrease in debt to total market capitalization is aresult of timing delays in reinvesting proceeds from joint ventures, assetsales and stock offerings in addition to a rising stock price.  The Companyanticipates that the debt to total market capitalization will average around45% for the three years of VALUE2.  During 2003, the Company assumedone mortgage for $20 million in connection with the Citrus Center purchase in Orlando,closed four mortgages for approximately $97 million, issued 690,000 commonshares for a net $24 million, redeemed 2,650,000 shares of 8.75% Series APreferred stock and issued 2.4 million shares of 8.0% Series D Preferred stock.  During 2004, Parkway assumed two mortgages totaling $78 million in connectionwith the Capital City Plaza purchase in Atlanta and the Squaw Peak Corporate Centerpurchase in Phoenix and placed three mortgages totaling $81 million.  During2005, Parkway issued 1.6 million shares of common shares for a net $76 million,assumed its proportionate share of a mortgage totaling $100 million inconnection with the purchase of a 70% interest in 233 North Michigan, assumed amortgage totaling $12 million in connection with the Forum I purchase andclosed two mortgages totaling $17 million on behalf of the discretionary fundwith Ohio Public Employees Retirement System. As of September 30, 2005, theCompany's debt-to-total market capitalization ratio was 45.2% as compared to 43.5%as of June 30, 2005 and 46.1% as of September 30, 2004.

? ***Uncompromising Focus on Operations***.  Recognizingthat in this difficult real estate environment, operating efficiently andconsistently is more important than ever, Parkway implemented theUncompromising Focus on Operations ("UFO") program in the first quarter of2003, whereby Parkway's Customer Advocate grades each property in all areas ofconsistency and high standards.  This is done in conjunction with the CustomerAdvocate interviews with each customer each year.  Parkway continues to focuson the basics of our business:  customer retention, leasing, and controllingoperating expenses and capital expenditures, to maintain our occupancy, all of whichhave the effect of maintaining and increasing net operating income.  

? ***Equity Returns to Shareholders 10% Greater than the NAREITOffice Index***.  Parkway is 92% of the way through the VALUE2 planand has achieved this financial goal for 2003 and 2004. The Company's FFOgrowth for both years exceeded the FFO growth of the NAREIT Office Index bymore than 10%. However, based on the results for the nine months endedSeptember 30, 2005 and the projected results for the year ended December 31,2005, it is unlikely that the Company will meet the equity return goal of theplan.

**        **Upon thecompletion of the VALUE2 Plan December 31, 2005, the Company expectsto initiate a new operating plan that will be referred to as the "GEAR UP" Plan. This plan reflects the Company's commitment to "Raise the Bar" in deliveringexceptional value to its shareholders.  The Company plans to accomplish this byhiring, training and retaining ***Great people***; maximizing ***EquityOpportunities***, which refers to the judicious use of private and publicequity including common equity, preferred equity, joint ventures anddiscretionary funds; continuing to focus on ***Asset Recycling***withan added emphasis on the thoughtful, orderly disposition of select assetsand/or select markets; maintaining the commitment to ***RetainCustomers*** through delivery of exceptional customer service; andmaintaining the ***Uncompromising Focus on Operations*** thathas been a part of the Parkway culture for many years.  We believe thatfocusing on these goals will allow Parkway to deliver superior ***Performance***to our shareholders. 

*Discretionary Fund.*  On July 6, 2005, Parkway, through affiliatedentities, entered into a limited partnership agreement forming a $500 milliondiscretionary fund with Ohio Public Employees Retirement System ("Ohio PERS")for the purpose of acquiring high-quality multi-tenant office properties.  OhioPERS will be a 75% investor and Parkway will be a 25% investor in the fund,which will be capitalized with approximately $200 million of equity capital and$300 million of non-recourse, fixed-rate first mortgage debt.  The fund willtarget acquisitions in the existing core Parkway markets of Houston, Phoenix, Atlanta,  Chicago, Charlotte, Orlando, Tampa/St. Petersburg, Ft. Lauderdale andJacksonville.

Page 21 of 32

        The fund will targetproperties with a cash on cash return greater than 7% and a leveraged internalrate of return of greater than 11%.  Parkway will serve as the general partnerof the fund and will provide asset management, property management, leasing andconstruction management services to the fund, for which it will be paidmarket-based fees.  After each partner has received a 10% annual cumulativepreferred return and a return of invested capital, 20% of the excess cash flowwill be paid to the general partner and 80% will be paid to the limitedpartners.    Through its general partner and limited partner ownershipinterests, Parkway may receive a distribution of the cash flow equivalent to40%.  Parkway will have three years to identify and acquire properties for thefund (the "Commitment Period"), with funds contributed as needed to closeacquisitions.  Parkway will exclusively represent the fund in makingacquisitions within the target markets and within certain predefined criteria. Parkway will not be prohibited from making fee-simple or joint ventureacquisitions in markets outside of the target markets, acquiring properties withinthe target markets that do not meet the fund's specific criteria or selling orjoint venturing any currently owned properties.  The term of the fund will beseven years from the expiration of the Commitment Period, with provisions toextend the term for two additional one-year periods. 

** **

**Financial Condition**

***Comments are for the balance sheet dated September 30, 2005 compared tothe balance sheet dated December 31, 2004.***

*        Office and ParkingProperties.*  In 2005, Parkway continued the application of its strategy ofoperating and acquiring office properties, joint venturing interests in officeassets, as well as liquidating non-core assets and office assets that no longermeet the Company's investment criteria and/or the Company has determined valuewill be maximized by selling.  During the nine months ending September 30, 2005,total assets increased $259 million and office and parking properties, andparking development (before depreciation) increased $236 million or 24.4%.

**Purchases, Dispositions and Improvements**

        Parkway's directinvestment in office and parking properties increased $209 million net ofdepreciation to a carrying amount of $1 billion at September 30, 2005, andconsisted of 58 office and parking properties.  The primary reason for the net increasein office and parking properties relates to the purchase of five office properties,the purchase of an additional 70% interest in an office property, the sale oftwo office properties and the transfer of an 80% interest in one officeproperty through a joint venture.

        On January 5, 2005, the Company entered into anagreement to purchase the 70% interest held by Investcorp International, Inc.,its joint venture partner, in the property known as 233 North Michigan Avenue in Chicago, Illinois. The gross purchaseprice for the 70% interest was $139.7 million, and the Company closed theinvestment in two stages. The Company closed 90% of the purchase on January 14, 2005. The second closing for the remainderof Investcorp's interest occurred on April 29, 2005, following lender and rating agency approval. The Companyearned a $400,000 incentive fee from Investcorp based upon the economic returnsgenerated over the life of the partnership.  The purchase was funded with aportion of the proceeds from the sale of 1.6 million shares of common stock toCitigroup Global Markets Inc. on January 10, 2005 and the assumption of an existing firstmortgage on the property.

        OnMarch 30, 2005, the Company purchased for $29.3 million the Stein Mart Buildingand Riverplace South office buildings in downtown Jacksonville, Florida. Inaddition to the purchase price the Company expects to invest an additional $4.8million in improvements and closing costs during the first two years ofownership.  The buildings, which total 302,000 square feet, are 96.3% leased.The purchase was funded with the remaining proceeds from the Company's January2005 equity offering as well as funds obtained under its existing line ofcredit. 

        On June 16, 2005, theCompany closed the joint venture of Maitland 200 to Rubicon America Trust("Rubicon"), an Australian listed property trust.  Maitland 200 is a 203,000square foot, 96.5% leased office property located in Orlando, Florida.  The considerationplaces total building value at $28.4 million.  Rubicon acquired an 80% interestin the single purpose entity that owns the property and assumed 100% of theexisting $19.3 million, 4.4% first mortgage.  Parkway received a $947,000acquisition fee at closing and retained management and leasing of the propertyand a 20% ownership interest.  Parkway recognized a gain for financialreporting purposes on the transfer of the 80% interest of $1.3 million in thesecond quarter.  The joint venture is accounted for using the equity method ofaccounting.

Page 22 of 32

        On July 26, 2005, the Company purchased for $19.25 million the Forum Ioffice building in Memphis, Tennessee.****In addition to the purchaseprice, the Company expects to invest an additional $1.9 million in improvementsand closing costs during the first two years of ownership.  The building, whichtotals 162,000 square feet, is currently 88% leased.  The purchase was fundedwith the Company's existing lines of credit and the assumption of an $11.7million first mortgage.  

        On September 9, 2005, the Company sold The Park onCamelback, a 102,000 square foot office property located in Phoenix, Arizona,to an unrelated third party for $17.5 million.  The Company recorded a gain onthe sale for financial reporting purposes of $4,419,000 in the third quarter of2005.  In accordance with generally accepted accounting principles ("GAAP"),all current and prior period income from the office property has beenclassified as discontinued operations.

        On September 14, 2005, the Company sold 250Commonwealth, a 46,000 square foot office property located in Greenville, SouthCarolina, to an unrelated third party for $4,020,000.  The Company recorded aloss on the sale for financial reporting purposes of $238,000 in the thirdquarter of 2005.  In accordance with GAAP, all current and prior period incomefrom the office property has been classified as discontinued operations.

        On September 28, 2005, the discretionary fund theCompany has with Ohio Public Employees Retirement System ("Ohio PERS")purchased a two-building office portfolio in Orlando, Florida. Parkway is a 25%investor and Ohio PERS is a 75% investor in the fund.  The two properties total230,000 square feet and are currently 77% occupied. Maitland 100 is athree-story, 128,000 square foot office project and 555 Winderley Place, is a four-story, 102,000 square footoffice project.  The two buildings were acquired for a combined purchase priceof $28,417,000. The fund expects to spend an additional $3,337,000 for closingcosts, building improvements, leasing costs and tenant improvements during thefirst two years of ownership.  The purchase was funded with a $17,160,000 firstmortgage placement by the fund and with equity contributions from thepartners.  Parkway Realty Services will provide management and renewal leasingservices through its existing team in Orlando. New leasing services will beprovided by an unaffiliated third-party leasing agency.   In accordance withGAAP, Parkway has included the discretionary fund in its consolidated financialstatements.

        During the nine monthsending September 30, 2005, the Company capitalized building improvements,development costs and additional purchase expenses of $24.7 million and recordeddepreciation expense of $29.7 million related to its office and parkingproperties.

*         Land Available for**Sale**.* During the quarter ending June 30, 2005, Parkway recorded an impairment loss of$340,000 on approximately 12 acres of land in New Orleans, Louisiana.  The losswas computed based on market research and comparable sales in the area. However,during the quarter ending September 30, 2005, the city of New Orleans sustainedconsiderable damage as a result of Hurricane Katrina.  Currently, the Companyis unable to assess the damage, if any, to the 12 acres of land owned in NewOrleans or whether the value of the land is impaired.  As of September 30, 2005, the land available for sale in New Orleans totaled $1,467,000 or .1%of total assets.

* *

*        Investment inUnconsolidated Joint Ventures.*  Investment in unconsolidated joint venturesdecreased $12.5 million during the nine months ended September 30, 2005 due to thenet effect of the consolidation of 233 North Michigan effective January 14,2005 and the transfer of an 80% interest in Maitland 200 to a joint ventureeffective June 16, 2005. Included in investment in unconsolidated jointventures is Parkway's 50% investment in a one-story, 32,000 square foot officebuilding in East New Orleans, which totaled $500,000 or .04% of total assets asof September 30, 2005.  The building is 100% leased by the Company's partnerthrough 2009.  Parkway has been able to assess the physical damage to thebuilding as a result of Hurricane Katrina and expects that damages will becovered by insurance.  Therefore, the Company does not believe that the investmentin the joint venture has been impaired.

*        Rents Receivable andOther Assets.*  Rents receivable and other assets increased $25 million forthe nine months ending September 30, 2005.  The increase is primarilyattributable to the increase in straight line rent receivable of $2.8 million, unamortizedlease costs due to the purchase of office properties in 2005 and an increase inescrow bank account balances.  In 2005, the total purchase price allocated tolease costs was $9.2 million.  The increase in escrow bank account balances of$9.6 million is primarily due to current period escrow deposit requirements forconsolidated properties and due to the consolidation of 233 North Michigan as aresult of purchasing the remaining 70% interest in the property in 2005.

Page 23 of 32

*        Intangible Assets,Net.*  For the nine months ending September 30, 2005, intangible assets netof related amortization increased $22 million and was primarily due to theallocation of the purchase price of 2005 office property acquisitions to abovemarket in-place leases and the value of in-place leases.  In 2005, the totalpurchase price allocated to above market in-place leases and the value ofin-place leases was $14 million and $19.4 million, respectively.  Additionally,in connection with the transfer of the 80% joint venture interest in Maitland200, intangible assets disposed totaled $5.5 million.  Parkway accounts for itsacquisitions of real estate in accordance with Statement of FinancialAccounting Standards No. 141, "Business Combinations", which requires the fairvalue of the real estate acquired to be allocated to acquired tangible andintangible assets.

        *Cash and Cash Equivalents.*  During the nine months ending September 30, 2005, cash and cash equivalents increased $17.9 million.  The increase isprimarily attributable to funds received on September 29, 2005 as a result of the placement of a $17.2 million mortgage in the discretionary fund with OhioPERS.  Subsequent to September 30, 2005, approximately $13 million wasdistributed to Ohio PERS as a return of equity. 

        *Notes Payable toBanks. *Notes payable to banks increased $41.5 million or 39.7% during the ninemonths ended September 30, 2005.  At September 30, 2005, notes payable to bankstotaled $146.1 million and the increase is primarily attributable to advancesunder bank lines of credit to purchase additional properties and makeimprovements to office properties.

*        Mortgage Notes Payable. *During the nine months ended September 30, 2005, mortgage notes payableincreased $109.5 million or 30.9%.  The increase is due to the followingfactors (in thousands):

 

 

**Increase**

 

**(Decrease)**

Acquisition of properties subject to first mortgages

 $

124,530  

Placement of mortgage debt in discretionary fund

17,160 

Transfer mortgage to joint venture

(19,275)

Scheduled principal payments

(12,941)

 

 $

109,474 

        The purchase of the70% interest in 233 North Michigan Avenue was subject to an existingnon-recourse first mortgage with an outstanding balance of $100 million, whichmatures July 2011 and carries a fixed interest rate of 7.21%. In accordancewith GAAP, the mortgage was recorded at $111.7 million to reflect the fairvalue of the financial instrument based on the market rate of 4.94% on the dateof purchase. 

        On June 16, 2005, Parkwaytransferred an 80% joint venture interest in Maitland 200 to Rubicon.  Inaddition to acquiring an 80% interest in the single purpose entity that ownsthe property, Rubicon assumed 100% of the existing $19.3 million, 4.4% firstmortgage.   Therefore, this mortgage was transferred to the Maitland JointVenture as of June 16, 2005.

In connection with the purchase of ForumI in Memphis, Tennessee on July 26, 2005, Parkway assumed an $11.7 million fixedrate mortgage, of which $5 million is recourse debt.  The mortgage matures inJune 2011 and bears interest at 7.31%.  In accordance with GAAP, the mortgagewas recorded at $12.8 million to reflect the fair value of the financialinstrument based on the rate of 5.25% on the date of purchase.  

In connection with the purchase ofMaitland 100 and 555  Winderley Place on behalfof the discretionary fund with Ohio PERS, on September 29, 2005, the fund placed a $17,160,000 seven-year first mortgage at a fixedinterest rate of 4.92%. Payments during the first five years of the mortgageterm will be on an interest-only basis, and the loan includes provisions fortwo one‐year extensions. 

        The Company expects tocontinue seeking fixed rate, non-recourse mortgage financing at terms rangingfrom five to ten years typically amortizing over 25 to 30 years on selectoffice building investments as additional capital is needed.  The Companytargets a debt to total market capitalization rate at a percentage in themid-40's.  This rate may vary at times pending acquisitions, sales and/orequity offerings.  In addition, volatility in the price of the Company's commonstock may affect the debt to total market capitalization ratio.  However, overtime the Company plans to maintain a percentage in the mid-40's.  In additionto this debt ratio, the Company monitors interest and fixed charge coverageratios.  The interest coverage ratio is computed by comparing the cash interestaccrued to earnings before interest, taxes, depreciation and amortization("EBITDA").    The fixed charge coverage ratio is computed bycomparing the cash interest accrued, principal payments made on mortgage loansand preferred dividends paid to EBITDA.

Page 24 of 32

                The computationof the interest and fixed charge coverage ratios and the reconciliation of netincome to EBITDA is as follows for the nine months ended September 30, 2005 and 2004 (in thousands):

**Nine Months Ended**

**September 30**

**2005**

** **

**2004**

**Net  income**

 $

18,854  

 $

18,839  

**Adjustments  to net income:**

        Interest  expense

24,620 

17,600 

        Amortization  of financing costs

952 

736 

        Prepayment  expenses - early extinguishment of debt

- 

130 

        Depreciation  and amortization

37,425 

26,272 

        Depreciation  and amortization - discontinued operations

343 

369 

        Amortization  of deferred compensation

351 

590 

        Gain on  sale of joint venture interest, real estate and note receivable

(5,146)

(774)

        Tax  expenses

8 

- 

        EBITDA  adjustments - unconsolidated joint ventures

1,922 

4,396 

        EBITDA  adjustments - minority interest in real estate partnerships

(1,517)

(1,329)

**EBITDA  (1)**

 $

77,812  

 $

66,829  

** **

**Interest  coverage ratio:**

EBITDA

 $

77,812  

 $

66,829  

Interest  expense:

       Interest expense

 $

24,620  

 $

17,600  

       Capitalized interest

52 

6 

       Interest expense - unconsolidated joint ventures

1,032 

2,176 

       Interest expense - minority interest in real estate  partnerships

(907)

(821)

Total  interest expense

 $

24,797  

 $

18,961  

**Interest  coverage ratio**

3.14 

3.52 

** **

**Fixed  charge coverage ratio:**

EBITDA

 $

77,812  

 $

66,829   

Fixed  charges:

       Interest expense

 $

24,797  

 $

18,961   

       Preferred dividends

5,359 

7,722 

       Preferred distributions - unconsolidated joint  ventures

21 

384 

       Principal payments (excluding early extinguishment of  debt)

12,941 

9,630 

       Principal payments - unconsolidated joint ventures

98 

471 

       Principal payments - minority interest in real estate  partnerships

(423)

(330)

Total  fixed charges

 $

42,793  

 $

36,838  

**Fixed  charge coverage ratio**

1.82 

1.81 

        (1)  EBITDA, a non-GAAPfinancial measure, means operating income before mortgage and other interestexpense, income taxes, depreciation and amortization.  We believe that EBITDAis useful to investors and Parkway's management as an indication of theCompany's ability to service debt and pay cash distributions.  EBITDA, ascalculated by us, is not comparable to EBITDA reported by other REITs that donot define EBITDA exactly as we do.  EBITDA does not represent cash generatedfrom operating activities in accordance with generally accepted accountingprinciples, and should not be considered an alternative to operating income ornet income as an indicator of performance or as an alternative to cash flowsfrom operating activities as an indicator of liquidity.

*        Accounts Payable andOther Liabilities.*  Accounts payable and other liabilities increased $32.1million for the nine months ending September 30, 2005 primarily due to theimpact of consolidating 233 North Michigan as a result of purchasing theremaining 70% interest in the property in 2005 of $12 million and the return ofequity payable to Ohio PERS in connection with the discretionary fund in theamount of $13 million. Additionally, the total purchase price for 2005acquisitions allocated to below market leases was $5.5 million for the ninemonths ending September 30, 2005.

Page 25 of 32

        *Minority Interest -Real Estate Partnerships.* During the nine months ending September 30, 2005,minority interest associated with real estate partnerships increased $9.5million.  The increase is attributable to the formation of the discretionaryfund with Ohio PERS and represents Ohio PERS' minority interest share of thediscretionary fund.  

*        Stockholders' Equity.*Stockholders'equity increased $66.7 million during the nine months ended September 30, 2005,as a result of the following (in thousands):

**Increase**

**(Decrease)**

Net income

 $

18,854  

Change in unrealized gain on  equity securities

7 

Change in market value of  interest rate swaps

859 

Comprehensive income

19,720 

Common stock dividends declared

(27,380)

Preferred stock dividends  declared

(5,359)

Shares issued through stock  offering

75,811 

Exercise of stock options

1,794 

Amortization of unearned  compensation

351 

Shares issued through DRIP plan

1,361 

Shares distributed from  deferred compensation plan

202 

Shares issued in lieu of  Directors' fees

193 

 $

66,693 

        On January 10, 2005, theCompany sold 1,600,000 shares of common stock to Citigroup Global Markets Inc.The Company used the net proceeds of $76 million towards the acquisition of the70% interest held by its joint venture partner in the property known as 233North Michigan Avenue in Chicago, IL and the acquisition of two properties inJacksonville, FL.

**Results of Operations**

***Comments are for the three months and nine months ended September 30, 2005compared to the three months and nine months ended September 30, 2004.***

        Net income available tocommon stockholders for the three months ended September 30, 2005, was $6,714,000($.48 per basic common share) as compared to $2,601,000 ($.23 per basic commonshare) for the three months ended September 30, 2004.  Net income available tocommon stockholders for the nine months ended September 30, 2005 was $13,495,000($.96 per basic common share) compared to $11,117,000 ($1.00 per basic commonshare) for the nine months ended September 30, 2004.  Net income included a netgain from the sale of real estate of $4,155,000 for the three months endedSeptember 30, 2005 and a net gain on the sale of real estate and joint ventureinterest of $5,486,000 and an impairment loss on land of $340,000 for the ninemonths ended September 30, 2005.  Net income included a gain on a notereceivable in the amount of $774,000 for the nine months ended September 30,2004.

*        Office and Parking Properties. *The primary reason for the change in theCompany's net income from office and parking properties for 2005 as compared to2004 is the net effect of the operations of the following properties purchasedand joint venture interests sold (in thousands):

**Properties Purchased:**

Page 26 of 32

** **

**Office Properties**

** **

**Purchase Date**

** **

**Square Feet**

Maitland 200

01/29/04

203

Capital City Plaza

04/02/04

408

Squaw Peak Corporate Center

08/24/04

287

233 North Michigan(63% interest)

01/14/05

1,070

233 North Michigan(7% interest)

04/29/05

-

Stein Mart Building

03/30/05

197

Riverplace South

03/30/05

105

Forum I

07/26/05

162

**Joint Venture Interests Transferred:**

** **

**Office Property/Interest Sold**

**Date Sold**

**Square Feet**

Falls Point, Lakewood & Carmel Crossing/80%

12/14/04

550

Maitland 200/80%

06/16/05

203

**Properties Sold:**

** **

**Office Properties**

**Date Sold**

**Square Feet**

The Park on Camelback

09/09/05

102

250 Commonwealth

09/14/05

46

        

Operations ofoffice and parking properties are summarized below (in thousands):

**Three  Months Ended**

** **

**Nine  Months Ended**

**September  30**

** **

**September  30**

**2005**

** **

**2004**

** **

**2005**

** **

**2004**

Income

 $

48,030 

 $

41,453 

 $

142,590 

 $

117,301 

Operating expense

(23,200)

(19,209)

(66,475)

(54,792)

24,830 

22,244 

76,115 

62,509 

Interest expense

(6,798)

(5,338)

(20,518)

(15,441)

Depreciation  and amortization

(11,687)

(10,587)

(37,425)

(26,272)

Income  from office and parking properties

 $

6,345  

 $

6,319  

 $

18,172   

 $

20,796  

*        Management CompanyIncome.*  The increase in management company income of $1,327,000 for the ninemonths ending September 30, 2005 compared to the nine months ending September30, 2004 is primarily due to the acquisition fee earned on the Maitland 200joint venture of $947,000 plus the $400,000 incentive fee earned by Parkway inconnection with the economic returns generated over the life of the 233 NorthMichigan partnership with Investcorp.

*        Interest Expense.* The $5,077,000 increase in interest expense on office properties for the ninemonths ended September 30, 2005 compared to the same period in 2004 is due tothe net effect of the early extinguishment of two mortgages in 2004, new loansassumed or placed in 2004 and 2005, the transfer of a mortgage in connectionwith the sale of a joint venture interest in 2005 and the issuance ofsubsidiary redeemable preferred membership interests in 2004.  The averageinterest rate on mortgage notes payable as of September 30, 2005 and 2004 was 5.7%and 6.0% respectively.

        Interest expense on banknotes increased $2,029,000 for the nine months ended September 30, 2005compared to the same period in 2004.  The change is primarily due to theincrease in the weighted average interest rate on bank lines of credit from 3.2%during the nine months ended September 30, 2004 to 4.4% during the same periodin 2005.

**Liquidity and CapitalResources**

**Statement of Cash Flows**

       Cash and cash equivalents were $18,955,000and $1,077,000 at September 30, 2005 and December 31, 2004, respectively.  Cashflows provided by operating activities for the nine months ending September 30,2005 were $59,549,000 compared to $43,672,000 for the same period of 2004.  Thechange in cash flows from operating activities is primarily attributable to theincrease in operating income from office and parking properties net of theeffect of the timing of receipt of revenues and payment of expenses.

        Cash used in investingactivities was $143,531,000 for the nine months ended September 30, 2005compared to cash used in investing activities of $94,975,000 for the sameperiod of 2004.  The decrease in cash provided by investing activities of $48,556,000is primarily due to increased office property purchases, parking development andimprovements in 2005.

Page 27 of 32

        Cash provided byfinancing activities was $101,860,000 for the nine months ended September 30,2005 compared to cash provided by financing activities of $51,651,000 for thesame period of 2004.  The increase in cash provided by financing activities of $50,209,000is primarily due to the proceeds received from a stock offering in 2005 to fundoffice property purchases.

** Liquidity**

        The Company plans tocontinue pursuing the acquisition of additional investments that meet theCompany's investment criteria and intends to use bank lines of credit, proceedsfrom the sale of non-core assets and office properties, proceeds from the saleof portions of owned assets through joint ventures, possible sales ofsecurities and cash balances to fund those acquisitions.  At September 30, 2005, the Company had $146,119,000 outstanding under three unsecured banklines of credit.

       The Company's cash flows are exposedto interest rate changes primarily as a result of its lines of credit used tomaintain liquidity and fund capital expenditures and expansion of the Company'sreal estate investment portfolio and operations.  The Company's interest raterisk management objective is to limit the impact of interest rate changes onearnings and cash flows and to lower its overall borrowing costs.  To achieveits objectives, the Company borrows at fixed rates, but also utilizes athree-year unsecured revolving credit facility and two one-year unsecured linesof credit.

        On March 31, 2005,Parkway entered into an amended Credit Agreement with a consortium of 10 bankswith Wachovia Capital Markets, LLC as Sole Lead Arranger and Sole Book Runner,Wachovia Bank, National Association as Administrative Agent, PNC Bank, NationalAssociation as Syndication Agent, and other banks as participants.  The amendedCredit Agreement provides for a three-year $190 million unsecured revolvingcredit facility (the "$190 million line").  The $190 million line replaces theprevious $170 million unsecured revolving credit facility.  The interest rateon the $190 million line is equal to the 30-day LIBOR rate plus 100 to 150basis points, depending upon overall Company leverage (with the current rateset at LIBOR plus 132.5 basis points).  The interest rate on the $190 millionline was 4.9% at September 30, 2005.

        The$190 million line matures February 6, 2007 and allows for a one-year extensionoption available at maturity.  The line is expected to fund acquisitions ofadditional investments.  The Company paid a facility fee of $170,000 (10basis points) and origination fees of $556,000 (32.71 basis points) uponclosing of the original loan agreement and pays an annual administration fee of$35,000.  The Company also pays fees on the unused portion of the line basedupon overall Company leverage, with the current rate set at 12.5 basis points.

        On February 4, 2005, Parkwayamended and renewed the one-year $15 million unsecured line of credit with PNCBank (the "$15 million line").  This line of credit matures February 2, 2006,is unsecured and is expected to fund the daily cash requirements of theCompany's treasury management system.  The interest rate on the $15 millionline is equal to the 30-day LIBOR rate plus 100 to 150 basis points, dependingupon overall Company leverage (with the current rate set at LIBOR plus 132.5basis points).  The interest rate on the $15 million line was 5.2% at September30, 2005.  The Company paid a facility fee of $15,000 (10 basis points) uponclosing of the loan agreement.  Under the $15 million line, the Company doesnot pay annual administration fees or fees on the unused portion of the line.

        On December 7, 2004, theCompany closed a $9 million unsecured line of credit with Trustmark NationalBank (the "$9 million line").  The interest rate on the $9 million line isequal to the 30-day LIBOR rate plus 132.5 basis points and was 5% at September 30,2005.  This line of credit matures December 7, 2005 and the proceeds were usedto fund the construction of the City Centre Garage.  

        The Company's interestrate hedge contracts as of September 30, 2005 are summarized as follows (inthousands):

**Type of**

**Notional**

**Maturity**

** **

**Fixed**

**Fair**

**Hedge**

**Amount**

**Date**

**Reference Rate**

**Rate**

**Market Value**

Swap

$20,000

12/31/05

1-Month LIBOR

3.183%

 $

45  

Swap

$40,000

06/30/06

1-Month LIBOR

3.530%

238 

Swap

$40,000

12/31/08

1-Month LIBOR

4.360%

204  

Swap

$20,000

12/31/08

1-Month LIBOR

4.245%

146   

 $

633   

Page 28 of 32

        To protect against thepotential for rapidly rising interest rates, the Company entered into twointerest rate swap agreements in May 2004. The first interest rate swapagreement is for a $40 million notional amount and fixed the 30-day LIBORinterest rate at 3.53%, which equates to a total interest rate of 4.855%, forthe period January 1, 2005 through June 30, 2006. The second interest rate swapagreement is for a $20 million notional amount and fixed the 30-day LIBORinterest rate at 3.18%, which equates to a total interest rate of 4.508%, forthe period January 1, 2005 through December 31, 2005.  The Company designatedthe swaps as hedges of the variable interest rates on the Company's borrowingsunder the $190 million line.  Accordingly, changes in the fair value of theswap are recognized in accumulated other comprehensive income until the hedgeditem is recognized in earnings.

        During the quarter endingSeptember 30, 2005, the Company entered into two interest rate swap agreements. The first interest rate swap is for a $40 million notional amount and fixesthe 30-day LIBOR interest rate at 4.36%, which equates to a total interest rateof 5.685%, for the period January 1, 2006 through December 31, 2008. The secondinterest rate swap is for a $20 million notional amount and fixes the 30-dayLIBOR interest rate at 4.245%, which equates to a total interest rate of 5.57%,for the period July 1, 2006 through December 31, 2008. The swap agreementsserve as a hedge of the variable interest rates on borrowings under theCompany's $190 million line of credit.

        At September 30, 2005,the Company had $463,449,000 of fixed rate mortgage notes payable with anaverage interest rate of 5.7% secured by office properties and $146,119,000drawn under bank lines of credit. The minority interest partners' share ofmortgage notes payable was $25,923,000 at September 30, 2005. Parkway's pro ratashare of unconsolidated joint venture debt was $24,914,000 with an averageinterest rate of 5.5% at September 30, 2005.  Based on the Company's totalmarket capitalization of approximately $1.4 billion at September 30, 2005(using the September 30, 2005 closing price of $46.92 per common share), theCompany's debt represented approximately 45.2% of its total marketcapitalization.  The Company targets a debt to total market capitalization rateat a percentage in the mid-40's.  This rate may vary at times pendingacquisitions, sales and/or equity offerings.  In addition, volatility in theprice of the Company's common stock may affect the debt to total marketcapitalization ratio.  However, over time the Company plans to maintain apercentage in the mid-40's.  In addition to this debt ratio, the Companymonitors interest and fixed charge coverage ratios.  The interest coverageratio is computed by comparing the cash interest accrued to earnings beforeinterest, taxes, depreciation and amortization.  This ratio for the nine monthsending September 30, 2005 and 2004 was 3.14 and 3.52 times, respectively.  Thefixed charge coverage ratio is computed by comparing the cash interest accrued,principal payments made on mortgage loans and preferred dividends paid to earningsbefore interest, taxes, depreciation and amortization.  This ratio for the ninemonths ending September 30, 2005 and 2004 was 1.82 and 1.81 times,respectively.

        Thetable below presents the principal payments due and weighted average interestrates for the fixed rate debt.

**Average**

**Fixed Rate Debt**

**Interest Rate**

**(In thousands)**

2005*

5.74%

 $

5,297 

2006

5.72%

20,393 

2007

5.68%

39,220 

2008

5.75%

102,799 

2009

5.80%

35,064 

2010

5.52%

96,254 

Thereafter

7.49%

164,422 

Total

 $

463,449 

 

Fair  value at 09/30/05

 $

473,739 

*Remaining three months

        TheCompany presently has plans to make additional capital improvements at itsoffice properties in 2005 of approximately $11.2 million.  These expensesinclude tenant improvements, capitalized acquisition costs and capitalizedbuilding improvements.  Approximately $3.6 million of these improvements relateto upgrades on properties acquired in recent years that were anticipated at thetime of purchase.  All such improvements are expected to be financed by cashflow from the properties and advances on the bank lines of credit.

Page 29 of 32

        The Company anticipatesthat its current cash balance, operating cash flows, proceeds from the sale ofoffice properties, proceeds from the sale of portions of owned assets throughjoint ventures, possible sales of securities and borrowings (includingborrowings under the working capital line of credit) will be adequate to paythe Company's (i) operating and administrative expenses, (ii) debt service obligations,(iii) distributions to shareholders, (iv) capital improvements, and (v) normalrepair and maintenance expenses at its properties, both in the short and longterm.

**Contractual Obligations**

        See information appearingunder the caption "Financial Condition - Mortgage Notes Payable" in Item 2,Management's Discussion and Analysis of Financial Condition and Results of Operationsfor a discussion of changes in long-term debt since December 31, 2004.  Thereare no other material changes in Parkway's fixed contractual obligations sinceDecember 31, 2004.

**Funds From Operations**

        Management believes that funds from operations("FFO") is an appropriate measure of performance for equity REITs and computesthis measure in accordance with the National Association of Real EstateInvestment Trusts' ("NAREIT") definition of FFO.  FFO as reported byParkway may not be comparable to FFO reported by other REITs that do not definethe term in accordance with the current NAREIT definition.  We believe FFO ishelpful to investors as a supplemental measure that enhances the comparabilityof our operations by adjusting net income for items not reflective of ourprincipal and recurring operations.  In addition, FFO has widespread acceptanceand use within the REIT and analyst communities.  Funds from operations isdefined by NAREIT as net income (computed in accordance with generally acceptedaccounting principles "GAAP"), excluding gains or losses from salesof property and extraordinary items under GAAP, plus depreciation andamortization, and after adjustments for unconsolidated partnerships and jointventures.  Adjustments for unconsolidated partnerships and joint ventures willbe calculated to reflect funds from operations on the same basis.  We believethat in order to facilitate a clear understanding of our operating results, FFOshould be examined in conjunction with the net income as presented in ourconsolidated financial statements and notes thereto included elsewhere in thisForm 10‐Q.  Funds from operations do not represent cash generated fromoperating activities in accordance with accounting principles generallyaccepted in the United States and is not an indication of cash available tofund cash needs.  Funds from operations should not be considered an alternativeto net income as an indicator of the Company's operating performance or as analternative to cash flow as a measure of liquidity.

        The following table presents a reconciliation ofthe Company's net income to FFO for the three months and nine months ended September30, 2005 and 2004 (in thousands):

**Three Months Ended**

**September 30**

** **

**Nine Months Ended**

**September 30**

**2005**

**2004**

** **

**2005**

**2004**

Net  income

 $

8,500  

 $

5,151   

 $

18,854  

 $

18,839  

Adjustments  to derive funds from operations:

        Depreciation and amortization

11,687 

10,587 

37,425 

26,272 

        Depreciation and amortization - discontinued  operations

27 

135 

343 

369 

        Minority interest depreciation and  amortization

(168)

(164)

(591)

(490)

        Adjustments for unconsolidated joint ventures

266 

616 

781 

1,724 

        Preferred dividends

(1,200)

(1,200)

(3,600)

(3,600)

        Convertible preferred dividends

(586)

(1,350)

(1,759)

(4,122)

        Gain on sale of joint venture interest and  real estate

(4,181)

- 

(5,512)

- 

        Other

- 

1 

1 

2 

Funds from operations applicable to common

        shareholders

 $

14,345 

 $

13,776 

 $

45,942 

 $

38,994 

**Inflation**

        In the last five years,inflation has not had a significant impact on the Company because of therelatively low inflation rate in the Company's geographic areas of operation. Most of the leases require the tenants to pay their pro rata share of operatingexpenses, including common area maintenance, real estate taxes and insurance,thereby reducing the Company's exposure to increases in operating expensesresulting from inflation.  In addition, the Company's leases typically havethree to seven-year terms, which may enable the Company to replace existingleases with new leases at market base rent, which may be higher or lower thanthe existing lease rate.

** **

** **

** **

** **

Page 30 of 32

**Forward-Looking Statements**

        In addition to historicalinformation, certain sections of this Form 10-Q may contain forward-lookingstatements within the meaning of Section 27A of the Securities Act of 1933 andSection 21E of the Securities Exchange Act of 1934, such as those that are notin the present or past tense, that discuss the Company's beliefs, expectationsor intentions or those pertaining to the Company's capital resources,profitability and portfolio performance and estimates of market rental rates. Forward-looking statements involve numerous risks and uncertainties.  Thefollowing factors, among others discussed herein and in the Company's filingsunder the Securities Exchange Act of 1934, could cause actual results andfuture events to differ materially from those set forth or contemplated in theforward-looking statements:  defaults or non-renewal of leases, increasedinterest rates and operating costs, failure to obtain necessary outsidefinancing, difficulties in identifying properties to acquire and in effectingacquisitions, failure to qualify as a real estate investment trust under theInternal Revenue Code of 1986, as amended, environmental uncertainties, risksrelated to natural disasters, financial market fluctuations, changes in realestate and zoning laws and increases in real property tax rates.  The successof the Company also depends upon the trends of the economy, including interestrates, income tax laws, governmental regulation, legislation, populationchanges and those risk factors discussed elsewhere in this Form 10-Q and in theCompany's filings under the Securities Exchange Act of 1934.  Readers arecautioned not to place undue reliance on forward-looking statements, whichreflect management's analysis only as the date hereof.  The Company assumes noobligation to update forward-looking statements.

** Item 3.  Quantitative andQualitative Disclosures About Market Risk**.

** **        See information appearing under the caption"Liquidity" in Item 2, Management's Discussion and Analysis of FinancialCondition and Results of Operations.

**Item 4.  Controls and Procedures.**

** **        The Company carried outan evaluation, under the supervision and with the participation of theCompany's management, including the Company's Chief Executive Officer and ChiefFinancial Officer, of the effectiveness of the design and operation of theCompany's disclosure controls and procedures pursuant to Exchange Act Rule 13a‐15. Based upon that evaluation, the Chief Executive Officer and Chief FinancialOfficer concluded that as of 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 coveredby this report, the Company reviewed its internal controls, and there have beenno changes in the Company's internal controls over financial reporting thathave materially affected, or are reasonably likely to materially affect, theCompany's internal controls over financial reporting.

**PART II.  OTHER INFORMATION**

**** 

**Item 6.        Exhibits.**

** **

10.1     Limited PartnershipAgreement of Parkway Properties Office Fund, L.P. by and among PKY Fund, LLC,

            ParkwayProperties L.P. and PERS Holding Company Limited, L.L.C. (incorporated byreference to the  

           Registrant's Form 8-K Filed July 7, 2005).

31.1     Certification of ChiefExecutive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2     Certification of ChiefFinancial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1     Certification of ChiefExecutive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2     Certification of ChiefFinancial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Page 31 of 32

**SIGNATURES**

        Pursuant to the requirements of the SecuritiesExchange Act of 1934, the Registrant has duly caused this report to be signedon its behalf by the undersigned thereunto duly authorized.

**DATE**:   November 4, 2005

**PARKWAY PROPERTIES, INC.**

** **

** **

** **

** **

** **

** **

** **

**BY**:

/s/ Mandy M. Pope

** **

Mandy M. Pope, CPA

** **

Senior Vice President and

** **

Chief Accounting Officer

Page 32 of 32 |
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