| ** **

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

** **

_____________________________________________

** **

** **

**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, 2007  or**

**                                                    o                                             Transition Report Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934  For the Transition Period from ________ to ________  Commission File Number 1-11533****Parkway Properties, Inc.** |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (Exact name of registrant as specified in its  charter)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| **Maryland**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | ** ** | **74-2123597** |
| (State or other jurisdiction of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  | (IRS Employer Identification No.) |
| incorporation or organization)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |  |
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| **One Jackson Place Suite 1000    188 East Capitol Street    P. O. Box 24647   Jackson, Mississippi 39225-4647**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| (Address of principal executive offices) (Zip Code)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Registrant's telephone number, including area code                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | **(601) 948-4091** |
| Registrant's web site  **www.pky.com**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
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| (Former name, former address and former fiscal year,  if changed since last report)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|         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 a large accelerated filer, an  accelerated filer, or a non-accelerated filer (as defined in Rule 12b-2 of  the Exchange Act).

Large  accelerated filer   o Accelerated filer  x       Non-accelerated filer   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  

   

        15,455,292 shares of Common Stock, $.001 par value, were outstanding as  of November 1, 2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                |
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| Page 1 of 37 |
|--------------|

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**PARKWAY PROPERTIES, INC.****FORM 10-QTABLE OF CONTENTSFOR THE QUARTER ENDED SEPTEMBER 30, 2007Part I.****Financial Information**

| Item  1.                       | Financial  Statements                                                                  | **Page** |
|--------------------------------|----------------------------------------------------------------------------------------|----------|
|                                |                                                                                        |          |
|                                | Consolidated  Balance Sheets, September 30, 2007 and December 31, 2006                 | 3        |
|                                |                                                                                        |          |
|                                | Consolidated  Statements of Income for the Three Months and Nine Months Ended          |          |
|                                |        September  30, 2007 and 2006                 | 4        |
|                                |                                                                                        |          |
|                                | Consolidated  Statements of Stockholders' Equity for the Nine Months Ended             |          |
|                                |        September  30, 2007 and 2006                 | 6        |
|                                |                                                                                        |          |
|                                | Consolidated  Statements of Cash Flows for the Nine Months Ended                       |          |
|                                |        September  30, 2007 and 2006                 | 7        |
|                                |                                                                                        |          |
|                                | Notes  to Consolidated Financial Statements                                            | 8        |
|                                |                                                                                        |          |
| Item  2.                       | Management's  Discussion and Analysis of Financial Condition and Results of Operations | 21       |
|                                |                                                                                        |          |
| Item  3.                  | Quantitative  and Qualitative Disclosures about Market Risk                            | 35       |
|                                |                                                                                        |          |
| Item  4.                       | Controls  and Procedures                                                               | 35       |
|                                |                                                                                        |          |
|                                |                                                                                        |          |
| **Part II. Other Information** |
| Item  1A.                      | Risk  Factors                                                                          | 36       |
|                                |                                                                                        |          |
| Item  2.                       | Unregistered  Sales of Equity Securities and Use of Proceeds                           | 36       |
|                                |                                                                                        |          |
| Item  6.                  | Exhibits                                                                               | 36       |
|                                |                                                                                        |          |
|                                |                                                                                        |          |
| **Signatures**                 |
|                                |                                                                                        |          |
| Authorized  signatures         | 37                                                                                     |

| Page 2 of 37 |
|--------------|

----

| **PARKWAY PROPERTIES, INC.**                                                                        |
|-----------------------------------------------------------------------------------------------------|
| **CONSOLIDATED BALANCE SHEETS**                                                                     |
| (In thousands, except share data)                                                                   |
| ** **                                                                                          | ** ** | ** ** | ** ** |
|                                                                                                     |  |  |  |
|                                                                                                     | **September 30** |  | **December 31** |
|                                                                                                     | **2007** |  | **2006** |
|                                                                                                     | (Unaudited) |  |  |
| **Assets**                                                                                          |  |  |  |
| Real estate related  investments:                                                                   |  |  |  |
|         Office and parking  properties                           |  $ | 1,551,823   |  |  $ | 1,517,468   |
|         Office property  development                             | 7,662  |  | -  |
|         Accumulated  depreciation                                | (240,245) |  | (211,187) |
|                                                                                                     | 1,319,240  |  | 1,306,281  |
|                                                                                                     |  |  |  |
|         Land available for  sale                                 | 1,467  |   | 1,467   |
|         Investment in  unconsolidated joint ventures             | 11,068  |   | 11,179  |
|                                                                                                     | 1,331,775  |   | 1,318,927  |
|                                                                                                     |  |   |  |
| Rents receivable and other  assets                                                                  | 110,732  |   | 107,145  |
| Intangible assets, net                                                                              | 73,962  |   | 81,800  |
| Cash and cash equivalents                                                                           | 11,424  |   | 4,474  |
| ** **                                                                                          |  $ | 1,527,893   |   |  $ | 1,512,346   |
| **Liabilities**                                                                                     |  |   |  |
| Notes payable to banks                                                                              |  $ | 186,799   |   |  $ | 152,312   |
| Mortgage notes payable                                                                              | 718,311  |   | 696,012  |
| Accounts payable and other  liabilities                                                             | 85,688  |   | 72,659  |
| Subsidiary redeemable  preferred membership interests                                               | -  |   | 10,741 |
|                                                                                                     | 990,798  |   | 931,724  |
| **Minority Interest**                                                                               |  |   |  |
| Minority Interest - unit  holders                                                                   | 35   |   | 36   |
| Minority Interest - real  estate partnerships                                                       | 77,751  |   | 90,280  |
|                                                                                                     | 77,786  |  | 90,316  |
| **Stockholders' Equity**                                                                            |  |  |  |
| 8.00% Series D Preferred  stock, $.001 par value,                                                   |  |   |  |
|         2,400,000 shares  authorized, issued and outstanding     | 57,976  |   | 57,976  |
| Common stock, $.001 par  value, 67,600,000 shares authorized,                                       |  |   |  |
|         15,453,636 and  15,764,799 shares issued and outstanding |  |   |  |
|         in 2007 and 2006,  respectively                          | 15  |   | 16  |
| Common stock held in trust,  at cost, 104,500 and 115,000                                           |  |   |  |
|         shares in 2007 and  2006, respectively                   | (3,540) |   | (3,894) |
| Additional paid-in capital                                                                          | 433,972  |   | 449,141  |
| Accumulated other  comprehensive income                                                             | 137  |   | 828  |
| Accumulated deficit                                                                                 | (29,251) |   | (13,761) |
| ** **                                                                                          | 459,309  |   | 490,306  |
| ** **                                                                                          |  $ | 1,527,893   |  |  $ | 1,512,346   |
|                                                                                                |   |   |   |   |   |

See notes to consolidated financial statements.

| Page 3 of 37 |
|--------------|

----

| **PARKWAY PROPERTIES, INC.**
**CONSOLIDATED STATEMENTS OF INCOME**

(In thousands, except per share data)

** **

**Three Months Ended**

** **

**September 30**

** **

**2007**

**2006**

** **

(Unaudited)

**Revenues**

Income from office and  parking properties

 $

60,785  

 $

54,923   

Management company income

432 

284 

        Total revenues

61,217 

55,207 

** **

**Expenses**

Property operating expense

28,338 

26,590 

Depreciation and  amortization

19,694 

17,257 

Operating expense for other  real estate properties

2 

1 

Management company expenses

343 

223 

General and administrative

1,860 

1,282 

        Total expenses

50,237 

45,353 

**Operating income**

10,980 

9,854 

** **

**Other income and expenses**

        Interest and other  income

90 

8 

        Equity in earnings  of unconsolidated joint ventures

234 

198 

        Loss on sale of real  estate and other assets

(3)

- 

        Interest expense

(13,374)

(12,565)

** **

**Loss before minority  interest and discontinued operations**

(2,073)

(2,505)

Minority interest - unit  holders

(2)

(1)

Minority interest - real  estate partnerships

1,088 

225 

** **

**Loss from continuing  operations**

(987)

(2,281)

** **

Discontinued operations:

        Income from  discontinued operations

93 

130 

**       **Gain on sale of real estate from discontinued  operations

- 

211 

**Net loss**

(894)

(1,940)

Change in market value of  interest rate swaps

(658)

(799)

Change in unrealized loss on  equity securities

11 

- 

**Comprehensive loss**

 $

(1,541)

 $

(2,739)

** **

**Net loss available to  common stockholders:**

Net loss

 $

(894)

 $

(1,940)

Dividends on preferred stock

(1,200)

(1,200)

Dividends on convertible  preferred stock

- 

(481)

**Net loss available to  common stockholders**

 $

(2,094)

 $

(3,621)

** **

**Net loss per common  share:**

Basic:

        Loss from continuing  operations

 $

(0.14)

 $

(0.28)

        Discontinued  operations

- 

0.03 

        Net loss

 $

(0.14)

 $

(0.25)

Diluted:

        Loss from continuing  operations

 $

(0.14)

 $

(0.28)

        Discontinued  operations

- 

0.03 

        Net loss

 $

(0.14)

 $

(0.25)

**Dividends per common  share**

 $

0.65 

 $

0.65 

** **

**Weighted average shares  outstanding:**

Basic

15,507 

14,236 

Diluted

15,507 

14,236 
                  
See notes to consolidated financial statements.

Page 4 of 37

**PARKWAY PROPERTIES, INC.**
**CONSOLIDATED STATEMENTS OF INCOME**

(In thousands, except per share data)

** **

** **

** **

**Nine Months Ended**

** **

**September 30**

** **

**2007**

**2006**

** **

(Unaudited)

**Revenues**

Income from office and  parking properties

 $

183,408  

 $

152,460  

Management company income

1,196 

5,082 

        Total revenues

184,604 

157,542 

** **

**Expenses**

Property operating expense

85,391 

73,011 

Depreciation and  amortization

58,073 

44,864 

Operating expense for other  real estate properties

4 

4 

Management company expenses

887 

898 

General and administrative

5,105 

3,405 

        Total expenses

149,460 

122,182 

**Operating income**

35,144 

35,360 

** **

**Other income and expenses**

        Interest and other  income

308 

34 

        Equity in earnings  of unconsolidated joint ventures

782 

524 

        Gain on sale of real  estate and other assets

20,307 

13,465 

        Interest expense

(40,510)

(31,787)

** **

**Income before minority  interest and discontinued operations**

16,031 

17,596 

Minority interest - unit  holders

(2)

(1)

Minority interest - real  estate partnerships

2,575 

369 

** **

**Income from continuing  operations**

18,604 

17,964 

** **

Discontinued operations:

        Income from  discontinued operations

170  

785 

        Gain on sale of real  estate from discontinued operations

- 

211 

**Net income**

18,774 

18,960 

Change in market value of  interest rate swaps

(695)

(73)

Change in unrealized loss on  equity securities

4 

79 

**Comprehensive income**

 $

18,083 

 $

18,966 

** **

**Net income available to  common stockholders:**

Net income

 $

18,774    

 $

18,960   

Dividends on preferred stock

(3,600)

(3,600)

Dividends on convertible preferred  stock

- 

(1,654)

**Net income available to  common stockholders**

 $

15,174   

 $

13,706     

** **

**Net income per common  share:**

Basic:

        Income from  continuing operations

 $

0.96 

 $

0.90 

        Discontinued  operations

0.01

0.07

        Net income

 $

0.97 

 $

0.97 

Diluted:

        Income from  continuing operations

 $

0.95 

 $

0.89 

        Discontinued  operations

0.01

0.07

        Net income

 $

0.96 

 $

0.96 

** **

**Dividends per common  share**

 $

1.95 

 $

1.95 

** **

**Weighted average shares  outstanding:**

Basic

15,598

14,108

Diluted

15,773

14,284
            
See notes to consolidated financial statements.

Page 5 of 37

**PARKWAY PROPERTIES, INC.**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

(In thousands)

** **

**Nine Months Ended**

**September 30**

**2007**

**2006**

(Unaudited)

** **

** **

**8.34% Series B Cumulative  Convertible**

         **Preferred stock,  $.001 par value**

        Balance at beginning  of period

 $

- 

 $

28,122 

                Conversion  of preferred stock to common stock

- 

(18,672)

        Balance at end of  period

- 

9,450 

**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

16 

14 

                Purchase of  Company stock

(1)

- 

                Share issued  - stock offering

- 

1 

        Balance at end of  period

15 

15 

**Common stock held in  trust**

        Balance at beginning  of period

(3,894)

(4,198)

                Shares  distributed from deferred compensation plan

354 

304 

        Balance at end of  period

(3,540)

(3,894)

**Additional paid-in  capital**

        Balance at beginning  of period

449,141 

389,971 

             Stock options exercised

3,029 

5,659 

                Conversion  of preferred stock to common stock

- 

18,671 

                Share issued  in lieu of Directors' fees

251 

170 

                Shares  issued - DRIP plan

363 

149 

                Issuance  costs - stock offering

(28)

- 

                Employee  Stock Purchase Plan

37 

(10)

                Purchase of  Company stock

(19,935)

(2,814)

                Share based  compensation expense

1,114 

584 

                Reclassification  upon the adoption of SFAS No. 123R

- 

(3,101)

        Balance  at end of period

433,972 

409,279 

**Unearned compensation**

        Balance at beginning  of period

- 

(3,101)

                Reclassification  upon the adoption of SFAS No. 123R

- 

3,101   

        Balance at end of  period

- 

-  

**Accumulated other  comprehensive income**

        Balance at beginning  of period

828 

826 

                Change in  unrealized gain on equity securities

4 

79 

                Change in  market value of interest rate swaps

(695)

(73)

        Balance at end of  period

137 

832 

**Accumulated deficit**

        Balance at beginning  of period

(13,761)

4,906 

                Net income

18,774 

18,960 

                Preferred  stock dividends declared

(3,600)

(3,600)

                Convertible  preferred stock dividends declared

- 

(1,654)

                Common stock  dividends declared

(30,664)

(27,942)

        Balance at end of period

(29,251)

(9,330)

**Total stockholders'  equity**

 $

459,309 

 $

464,328 
                   
See notes to consolidated financial  statements. 

Page 6 of 37

**PARKWAY PROPERTIES, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

(In thousands)

** **

** **

**Nine Months Ended**

** **

**September 30**

** **

**2007**

**2006**

** **

(Unaudited)

**Operating  activities**

        Net  income

 $

18,774 

 $

18,960 

        Adjustments  to reconcile net income to cash provided by 

                 operating  activities:

                         Depreciation  and amortization

58,073 

44,864 

                         Depreciation  and amortization - discontinued operations

1 

535 

                         Amortization  of above market leases 

754 

1,171 

                         Amortization  of loan costs

898 

824 

                         Share  based compensation expense

1,114 

584 

                         Operating  distributions from unconsolidated joint ventures

902 

1,150 

                         Loss  allocated to minority interests

(2,573)

(368)

                         Gain  on sale of real estate

(20,307)

(13,676)

                         Equity  in earnings of unconsolidated joint ventures

(782)

(524)

                         Changes  in operating assets and liabilities:

                                Increase  in receivables and other assets

(7,360)

(18,428)

                                Increase  in accounts payable and other liabilities

8,749 

10,550 

** **

**        Cash  provided by operating activities**

58,243 

45,642 

** **

**Investing  activities**

        Distributions  from unconsolidated joint ventures

89 

15,395 

        Investments  in unconsolidated joint ventures

- 

(113)

        Purchases  of real estate related investments

(49,773)

(221,394)

        Proceeds  from sale of real estate

56,795 

14,550 

        Real  estate development

(6,417)

- 

        Improvements  to real estate related investments

(35,943)

(24,387)

**        Cash  used in investing activities**

(35,249)

(215,949)

** **

**Financing  activities**

        Principal  payments on mortgage notes payable

(37,201)

(25,727)

        Proceeds  from long-term financing

59,500 

196,600 

        Proceeds  from bank borrowings

181,712 

112,759 

        Payments  on bank borrowings

(148,057)

(87,036)

        Redemption  of subsidiary redeemable preferred membership interests

(10,741)

- 

        Debt  financing costs

(738)

(1,417)

        Stock  options exercised

3,029 

5,659 

        Purchase  of Company stock

(19,936)

(2,814)

        Dividends  paid on common stock

(30,428)

(27,725)

        Dividends  paid on preferred stock

(3,600)

(5,360)

        Contributions  from minority interest partners

38,056 

7,977 

        Distributions  to minority interest partners

(48,012)

(943)

        Employee  stock purchase plan

37 

(10)

        Proceeds  from DRIP plan

363 

149 

        Issuance  costs from stock offering

(28)

- 

** **

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

(16,044)

172,112 

** **

**        Change  in cash and cash equivalents**

6,950 

1,805 

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

4,474 

3,363 

** **

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

 $

11,424  

 $

5,168  
                  
See notes to consolidated financial statements.

Page 7 of 37
**Parkway Properties, Inc.Notes to Consolidated Financial Statements (Unaudited)September 30, 2007(1)           Basis of Presentation**
                Theconsolidated financial statements include the accounts of Parkway Properties,Inc. ("Parkway" or "the Company"), its wholly-ownedsubsidiaries and joint ventures in which the Company has a controllinginterest.  The other partners' equity interests in the consolidated jointventures are reflected as minority interests in the consolidated financialstatements.  Parkway also consolidates subsidiaries where the entity is avariable interest entity and Parkway is the primary beneficiary, as defined inFASB Interpretation 46R, *Consolidation of Variable Interest Entities*("FIN 46R").  All significant intercompany transactions and accounts have beeneliminated in the accompanying financial statements.

                The Company determines consolidation for joint ventures basedon standards set forth in EITF 96-16, *Investor's Accounting for an InvesteeWhen the Investor Has a Majority of the Voting Interest but the MinorityShareholder or Shareholders Have Certain Approval or Veto Rights;*EITF04-5, *Determining Whether a General Partner, or the General Partners as aGroup, Controls a Limited Partnership or Similar Entity When the LimitedPartners Have Certain Rights;*Statement of Position 78-9*, Accounting forInvestments in Real Estate Ventures;* and FIN 46R.  Based on the guidanceset forth in these pronouncements, the Company consolidates certain jointventures where it controls major operating and management decisions, or wherethe Company is the sole general partner and the limited partners do not possesskick-out rights or other substantive participating rights or where the entityis a variable interest entity and Parkway is the primary beneficiary.  Theequity method of accounting is used for those joint ventures that do not meetthe criteria for consolidation and where Parkway exercises significantinfluence but does not control these joint ventures. 

                Theaccompanying unaudited condensed consolidated financial statements have beenprepared in accordance 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.

                Theaccompanying financial statements reflect all adjustments which are, in theopinion of management, necessary for a fair statement of the results for theinterim periods presented.  All such adjustments are of a normal recurringnature.  Operating results for the three months and nine months ended September30, 2007 are not necessarily indicative of the results that may be expected forthe year ended December 31, 2007.  The financial statements should be read inconjunction with the annual report and the notes thereto.

                Thebalance sheet at December 31, 2006 has been derived from the audited financialstatements at that date but does not include all of the information andfootnotes required by accounting principles generally accepted in the United Statesfor complete financial statements.

                OnJanuary 1, 2007, the Company adopted FASB Interpretation No. 48, *Accountingfor Uncertainty in Income Taxes, an Interpretation of FASB Statement No. 109*("FIN 48").  FIN 48 clarifies the accounting for uncertain income tax positionsrecognized in a company's financial statements and prescribes a recognitionthreshold and measurement attribute for the financial statement recognition andmeasurement of a tax position taken or expected to be taken in a tax return. The Company has evaluated its tax positions and found that the adoption of FIN48 did not have a material impact on income from continuing operations, netincome, cash flow from operations, cash flow from financing activities or basicand diluted earnings per share.

Page 8 of 37
 
**(2)           NetIncome (Loss) Per Common Share**

                Basic earnings per share ("EPS") are computed by dividingincome available to common stockholders by the weighted-average number ofcommon shares outstanding for the period.  In arriving at income available tocommon stockholders, preferred stock dividends are deducted.  Diluted EPSreflects the potential dilution that could occur if share equivalents such asemployee stock options, restricted shares, deferred incentive share units,warrants and 8.34% Series B cumulative convertible preferred stock wereexercised or converted into common stock that then shared in the earnings ofParkway.

The computation of diluted EPS is as follows (in thousands, except per sharedata):

** **

**Three Months Ended**

** **

**Nine Months Ended**

** **

**September 30**

** **

**September 30**

** **

**2007**

** **

**2006**

** **

**2007**

** **

**2006**

Numerator:

** **

** **

** **

** **

** **

** **

** **

      Basic  and diluted net (loss) income

            available  to common stockholders

 $

(2,094)

 $

(3,621)

 $

15,174 

 $

13,706 

Denominator:

      Basic  weighted average shares

15,507 

14,236 

15,598 

14,108 

      Dilutive  effect of share equivalents

- 

- 

175 

176 

            Dilutive  weighted average shares

15,507 

14,236 

15,773 

14,284 

Diluted earnings (loss)  income per share

 $

(0.14)

 $

(0.25)

 $

0.96 

 $

0.96 

 
 
 
 
 
 
 
 
 
 
 
 
                Thecomputation of diluted EPS for the three months and nine months ended September30, 2006 did not assume the conversion of the 8.34% Series B cumulativepreferred stock because their inclusion would have been anti-dilutive.  Thecomputation of diluted EPS for the three months ended September 30, 2007 and2006 did not include the effect of share equivalents because their inclusionwould have been anti-dilutive.

**(3)           SupplementalCash Flow Information and Schedule of Non-Cash Investing 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**

**2007**

**2006**

(in thousands)

Supplemental  cash flow information:

        Cash  paid for interest

 $

39,362   

 $

30,113   

        Income  taxes refunded

(19)

(13)

Supplemental  schedule of non-cash investing and financing activity:

        Shares  issued in lieu of Directors' fees

251 

170 

        Capital  lease obligation

3,989 

- 

** (4)           Acquisitions and Dispositions**

** **                On June 14, 2007, the discretionary fund ("the Fund")with Ohio Public Employee Retirement System ("Ohio PERS"), of which Parkwayowns 25%, purchased for $46.5 million 1401  Enclave Parkway, a 209,000 square foot six-storyoffice building in Houston, Texas.  The Fund expects to spend $346,000 for closingcosts, building improvements, leasing costs and tenant improvements during thefirst two years of ownership.  The purchase was funded with a $28 million firstmortgage placement by the Fund and with equity contributions from thepartners.  Since Parkway is the sole general partner and has the authority tomake major decisions on behalf of the Fund, thereby giving Parkway acontrolling interest, Parkway has included the Fund in its consolidatedfinancial statements.

Page 9 of 37

                OnJune 29, 2007, the Company sold two office properties, First Tennessee Plazaand Cedar Ridge, totaling 549,000 square feet located in Knoxville, Tennesseefor a gross sales price of $59 million.  The Company received net cash proceedsfrom the sale of $56.8 million and the proceeds were used to prepay the $7.4million first mortgage secured by First Tennessee Plaza and to reduce amounts outstanding under the Company'sbank lines of credit.  Parkway recorded a gain on the sale for financialreporting purposes of $20.3 million and expenses related to the prepayment ofthe mortgage of $494,000 in the second quarter of 2007.  Parkway RealtyServices LLC, a subsidiary of the Company, was retained to provide managementservices for the properties under a five-year agreement.  Therefore, allrevenue and expense for these properties are included as a component ofcontinuing operations.

**(5)           Office Property Development**

                OnFebruary 28, 2007, the Company purchased 2.5 acres of land in Jackson, Mississippifor $1.8 million.  This land was purchased as part of the Company's plan to developthe 194,000 square foot Class A+ office building known as The Pinnacle atJackson Place ("The Pinnacle"), adjacent to the Company's headquartersbuilding.  The estimated cost of the development is $48.5 million with expectedcompletion in the fall of 2008.  The Company has received commitments to leaseapproximately 70% of the new office space from four major customers.  Parkwaywill be seeking partners for an 80% ownership interest in the development.  Thedevelopment is designed to utilize benefits available under the GulfOpportunity Zone Act for new developments in areas affected by HurricaneKatrina.  During the nine months ending September 30, 2007, the Companyincurred $7.7 million in development costs for The Pinnacle.

                OnSeptember 1, 2007, Parkway entered into a lease for the parking garage known asParking at Jackson Place, which is adjacent to the Company's headquarters andThe Pinnacle in Jackson, Mississippi.  The term of the lease is 60 years with arenewal option for an additional 30 years.  The company expects to spend $4.5million in improvements to the garage and will have complete operationalcontrol over the asset.  Since the fair value of the land is greater than 25%of the total value of the property, the Company is accounting for the componentof the lease attributable to the land as an operating lease and the componentattributable to the building as a capital lease.

**(6)           Discontinued Operations**

                Allcurrent and prior period income from the following office property dispositionsare included in discontinued operations for the nine months ended September 30,2007 and 2006 (in thousands).

** **

** **

**Square**

**Date of**

**Gross Sales**

**Net Book Value**

**Gain (Loss)**

**Office Property**

**Location**

**Feet**

**Sale**

**Price**

**of Real Estate**

**on Sale**

The Park on Camelback

 Phoenix, Arizona  

102

09/09/05

$  17,500

$  12,526

$  4,419 

250 Commonwealth

 Greenville, South Carolina  

46

09/14/05

4,020

4,104

(238)

2005 Dispositions

148

$  21,520

$  16,630

$  4,181 

Central Station Building

 St. Petersburg,   Florida 

133

08/02/06

$  15,000

$  14,338

$     211 

Richmond Centre

 Houston, Texas  

92

11/29/06

6,906

4,551

2,018 

Ashford II

 Houston, Texas  

59

12/07/06

5,250

2,185

2,854 

2006 Dispositions

284

$  27,156

$  21,074

$  5,083 
 
Page 10 of 37

Theamount of revenue and expense for these five office properties reported indiscontinued operations for the three months and nine months ended September 30,2007 and 2006 is as follows (in thousands):

** **

** **

**Three Months Ended**

** **

**Nine Months Ended**

** **

**September 30**

** **

**September 30**

** **

**2007**

** **

**2006**

** **

**2007**

** **

**2006**

**Income  Statement:**

** **

** **

** **

** **

** **

** **

** **

**Revenues**

Income from office and  parking properties

 $

17 

 $

636 

 $

67 

 $

2,694 

** **

17 

636 

67 

2,694 

**Expenses**

Property operating expense

(76)

385 

(104)

1,374 

Depreciation and amortization

- 

121 

1 

535 

** **

(76)

506 

(103)

1,909 

** **

**Income from discontinued  operations**

93 

130 

170 

785 

**Gain on sale of real  estate from discontinued operations**

- 

211 

- 

211 

**Total discontinued  operations**

 $

93 

 $

341 

 $

170 

 $

996 

** (7)           Investmentin Unconsolidated Joint Ventures**

                Asof September 30, 2007, the Company was invested in four unconsolidated jointventures with unrelated investors. These joint ventures are accounted for usingthe equity method of accounting, as Parkway does not control, but has theability to significantly influence the operations of the joint ventures and isnot the primary beneficiary, as that term is defined in FIN 46R.  As a result,the assets and liabilities of the joint ventures are not included in Parkway'sconsolidated balance sheet.  Information relating to the unconsolidated jointventures at September 30, 2007 is detailed below (in thousands).

** **

** **

** **

**Parkway's**

** **

** **

** **

** **

** **

**Ownership**

**Square**

**Percentage**

**Joint Ventures**

**Property Name**

**Location**

**Interest**

**Feet**

**Leased**

** **

** **

** **

** **

** **

** **

Wink-Parkway Partnership

Wink Building

New Orleans, LA

50.0%

32

100.0%

Parkway Joint Venture, LLC  ("Jackson JV")

UBS Building/River Oaks

Jackson, MS

20.0%

167

80.3%

RubiconPark I, LLC ("Rubicon  JV")

Lakewood/Falls Pointe

Atlanta, GA

20.0%

551

98.6%

Carmel Crossing

Charlotte, NC

RubiconPark II, LLC  ("Maitland JV")

Maitland 200

Orlando, FL

20.0%

204

100.0%

954

95.7%
                  
                Cashdistributions from unconsolidated joint ventures are made to each partner basedon their percentage of ownership in each entity.  Cash distributions madeto partners in joint ventures where the percentage of debt assumed isdisproportionate to the ownership percentage in the venture is distributedbased on each partner's share of cash available for distribution before debtservice, based on their ownership percentage, less the partner's share of debtservice based on the percentage of debt assumed by each partner.

                Parkwayprovides management, construction and leasing services for all of theunconsolidated joint ventures except for the Wink-Parkway Partnership, andreceives market based fees for these services.  The portion of fees earned onunconsolidated joint ventures attributable to Parkway's ownership interest iseliminated in consolidation.

Page 11 of 37

                Balancesheet information for the unconsolidated joint ventures is summarized below asof September 30, 2007 and December 31, 2006 (in thousands):

**Balance Sheet Information**

**September 30, 2007**

**Viad**

**Wink**

**Jackson**

**Rubicon**

**Maitland**

**Combined**

**JV**

**Building**

**JV**

**JV**

**JV**

**Total**

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

Real  Estate, Net

 $

-  

 $

1,197  

 $

15,933   

 $

66,850   

 $

29,416   

 $

113,396   

Other  Assets

-

282 

1,224 

7,002 

688 

9,196 

        Total  Assets

 $

- 

 $

1,479  

 $

17,157   

 $

73,852   

 $

30,104   

 $

122,592   

Mortgage  Debt (a)

 $

- 

 $

201  

 $

12,600   

 $

52,000   

 $

18,730   

 $

83,531   

Other  Liabilities

-

12 

479 

1,670 

641 

2,802 

Partners'  and Shareholders' Equity

-

1,266 

4,078 

20,182 

10,733 

36,259 

        Total  Liabilities & Partners'/Shareholders' Equity

 $

- 

 $

1,479  

 $

17,157   

 $

73,852  

 $

30,104   

 $

122,592  

**Parkway's  Share of Unconsolidated**

**        Joint  Ventures**

Real  Estate, Net

 $

- 

 $

598 

 $

3,187 

 $

13,370 

 $

5,883 

 $

23,038 

Mortgage  Debt

 $

- 

 $

101 

 $

2,520 

 $

7,200 

 $

- 

 $

9,821 

Investment  in Joint Ventures

 $

- 

 $

633 

 $

(218)

 $

5,406 

 $

5,247 

 $

11,068 

**December 31, 2006**

**Viad**

**Wink**

**Jackson**

**Rubicon**

**Maitland**

**Combined**

**JV**

**Building**

**JV**

**JV**

**JV**

**Total**

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

Real  Estate, Net

 $

- 

 $

1,214  

 $

16,431  

 $

68,053   

 $

28,980  

 $

114,678   

Other  Assets

190

256 

1,083 

6,355 

663 

8,547 

        Total  Assets

 $

190  

 $

1,470   

 $

17,514  

 $

74,408   

 $

29,643  

 $

123,225   

Mortgage  Debt (a)

 $

- 

 $

275  

 $

12,600  

 $

52,000   

 $

19,061  

 $

83,936   

Other  Liabilities

26 

113 

493 

1,333 

489 

2,454 

Partners'  and Shareholders' Equity

164 

1,082 

4,421 

21,075 

10,093 

36,835 

        Total  Liabilities & Partners'/Shareholders' Equity

 $

190  

 $

1,470  

 $

17,514  

 $

74,408   

 $

29,643   

 $

123,225  

**Parkway's  Share of Unconsolidated**

**        Joint  Ventures**

Real  Estate, Net

 $

- 

 $

607 

 $

3,286 

 $

13,611 

 $

5,796 

 $

23,300 

Mortgage  Debt

 $

- 

 $

137 

 $

2,520 

 $

7,200 

 $

- 

 $

9,857 

Investment  in Joint Ventures

 $

- 

 $

541 

 $

(150)

 $

5,676 

 $

5,112 

 $

11,179 

        (a)   Themortgage debt, all of which is non-recourse, is collateralized by theindividual real estate properties within each venture.

Page 12 of 37

In most cases the Company's share of debt related toits unconsolidated joint ventures is the same as its ownership percentage inthe venture.  However, in the case of the Rubicon Joint Venture and the MaitlandJoint Venture, the Company's share of debt is disproportionate to its ownershippercentage.  The disproportionate debt structure was created to meet theCompany's partner's financing criteria.  In the Rubicon Joint Venture,Parkway owns a 20% interest in the venture but assumed 13.85% of thedebt.  In the Maitland Joint Venture, the Company owns a 20% interest inthe venture and assumed none of the debt. The terms related to Parkway's shareof unconsolidated joint venture mortgage debt are summarized below (inthousands):

** **

** **

** **

** **

**Parkway's**

**Monthly**

**Loan**

**Loan**

** **

**Type of**

**Interest**

** **

**Share of**

**Debt**

**Balance**

**Balance**

**Joint Venture**

**Debt Service**

**Rate**

**Maturity**

**Debt**

**Service**

**09/30/07**

**12/31/06**

Wink-Parkway Partnership

Amortizing

8.625%

07/01/09

50.00%

$           5 

$       101

$       137

Maitland JV

Amortizing

4.390%

06/01/11

0.00%

- 

-

-

Rubicon JV

Interest Only

4.865%

01/01/12

13.85%

30 

7,200

7,200

Jackson JV

Interest Only

5.840%

07/01/15

20.00%

12 

2,520

2,520

$         47 

$    9,821

$    9,857

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

5.154%

5.167%
                  
                Thefollowing table presents Parkway's proportionate share of principal paymentsdue for mortgage debt in unconsolidated joint ventures as of September 30, 2007(in thousands):

**Wink**

**Jackson**

**Rubicon**

**Maitland**

** **

**Partnership**

**JV**

**JV**

**JV**

**Total**

2007  (Remaining three months)

 $

13    

 $

-   

 $

-   

 $

-   

 $

13   

2008

54 

- 

- 

- 

54 

2009

34 

13 

100 

- 

147 

2010

- 

33 

114 

- 

147 

2011

- 

35 

119 

- 

154 

Thereafter

- 

2,439 

6,867 

- 

9,306 

 $

101 

 $

2,520   

 $

7,200   

 $

-   

 $

9,821  
                                  
Page 13 of 37

                Incomestatement information for the unconsolidated joint ventures is summarized belowfor the three months and nine months ending September 30, 2007 and 2006 (inthousands):

**                                                              Results of Operations**

** **

**Three Months Ended September 30, 2007**

** **

**Viad**

**Wink**

**Jackson**

**Rubicon**

**Maitland**

**Combined**

** **

**JV**

**Building**

**JV**

**JV**

**JV**

**Total**

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

** **

** **

** **

** **

** **

** **

Revenues

 $

-    

 $

89    

 $

603    

 $

2,564    

 $

1,098    

 $

4,354    

Operating Expenses

- 

(22)

(319)

(1,009)

(439)

(1,789)

        Net Operating Income

- 

67 

284 

1,555 

659 

2,565 

Interest Expense

- 

(3)

(184)

(647)

(206)

(1,040)

Loan Cost Amortization

- 

(1)

(1)

(16)

(3)

(21)

Depreciation and  Amortization

- 

(6)

(134)

(503)

(192)

(835)

        Net Income (Loss)

 $

-    

 $

57   

 $

(35)    

 $

389    

 $

258    

 $

669    

**Parkway's Share of  Unconsolidated**

**        Joint Ventures:**

Net Income (Loss)

 $

-    

 $

29   

 $

(7)

 $

119    

 $

93    

 $

234      

Depreciation and  Amortization

 $

-    

 $

3   

 $

27 

 $

101    

 $

38      

 $

169    

Property Management Fees

 $

-    

 $

-   

 $

19 

 $

81    

 $

50    

 $

150    

Interest Expense 

 $

-    

 $

2   

 $

36 

 $

90    

 $

-      

 $

128    

Loan Cost Amortization

 $

-    

 $

-     

 $

- 

 $

2    

 $

-    

 $

2    

** **

**Other Supplemental  Information:**

Distributions from  Unconsolidated JVs         

 $

-     

 $

-   

 $

23 

 $

209    

 $

-      

 $

232    

**                                                                             Results of Operations**

**Three Months Ended September 30, 2006**

**Viad**

**Wink**

**Jackson**

**Rubicon**

**Maitland**

**Combined**

**JV**

**Building**

**JV**

**JV**

**JV**

**Total**

** **

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

Revenues

 $

14   

 $

110   

 $

671    

 $

2,489    

 $

1,106    

 $

4,390    

Operating Expenses 

  (53)

(95)

(329)

(1,020)

(460)

(1,957)

        Net Operating Income  (Loss)

(39)

15 

342 

1,469 

646

2,433 

Interest Expense

- 

(7)

(184)

(647)

(211)

(1,049)

Loan Cost Amortization

- 

(1)

(1)

(16)

(3)

(21)

Depreciation and  Amortization

- 

(6)

(137)

(474)

(153)

(770)

        Net Income (Loss)

 $

(39)

 $

1   

 $

20    

 $

332    

 $

279   

 $

593   

**Parkway's Share of  Unconsolidated**

**        Joint Ventures:**

Net Income (Loss)

 $

(12)

 $

-   

 $

4   

 $

107    

 $

99   

 $

198   

Depreciation and  Amortization

 $

- 

 $

3   

 $

27   

 $

95    

 $

31   

 $

156   

Property Management Fees

 $

- 

 $

-   

 $

25   

 $

197    

 $

30   

 $

252   

Interest Expense 

 $

- 

 $

3   

 $

36   

 $

90    

 $

-   

 $

129   

Loan Cost Amortization

 $

- 

 $

-   

 $

-   

 $

2    

 $

-   

 $

2   

**Other Supplemental  Information:**

Distributions from  Unconsolidated JVs

 $

26 

 $

40  

 $

47   

 $

201    

 $

77  

 $

391   

** **

Page 14 of 37
****
**                                             Results of Operations**

**Nine Months Ended September 30, 2007**

**Viad**

**Wink**

**Jackson**

**Rubicon**

**Maitland**

**Combined**

**JV**

**Building**

**JV**

**JV**

**JV**

**Total**

** **

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

Revenues

 $

1  

 $

290   

 $

1,933   

 $

7,714   

 $

3,303   

 $

13,241   

Operating Expenses

(35)

(72)

(963)

(2,915)

(1,249)

(5,234)

        Net Operating Income  (Loss)

(34)

218 

970 

4,799 

2,054 

8,007 

Interest Expense

- 

(14)

(552)

(1,918)

(621)

(3,105)

Loan Cost Amortization

- 

(3)

(2)

(47)

(11)

(63)

Depreciation and  Amortization

- 

(17)

(409)

(1,488)

(514)

(2,428)

Income (Loss) Before Gain on  Sale  of Real Estate

(34)

184 

7 

1,346 

908 

2,411 

Gain on Sale of Real  Estate

166 

- 

- 

- 

- 

166 

        Net Income

 $

132   

 $

184   

 $

7   

 $

1,346   

 $

908   

 $

2,577   

**Parkway's Share of  Unconsolidated**

**        Joint Ventures:**

Income (Loss) Before Gain of  Sale  of Real Estate

 $

(11)   

 $

93 

 $

2 

 $

390 

 $

308 

 $

782   

Gain on Sale of Real  Estate

50

-

-

-

-

50

Net Income

 $

39  

 $

93 

 $

2 

 $

390 

 $

308 

 $

832    

Depreciation and  Amortization

 $

-  

 $

9 

 $

 82 

 $

 297 

 $

103 

 $

491  

Property Management Fees

 $

-  

 $

- 

 $

103 

 $

259 

 $

124 

 $

486  

Promote Fee

 $

27  

 $

- 

 $

- 

 $

- 

 $

- 

 $

27  

Interest Expense 

 $

-  

 $

8 

 $

110 

 $

265 

 $

- 

 $

383  

Loan Cost Amortization

 $

-  

 $

2 

 $

- 

 $

6 

 $

- 

 $

8  

** **

**Other Supplemental  Information:**

Distributions from  Unconsolidated JVs

 $

89 

 $

- 

 $

69 

 $

660 

 $

173 

 $

991  

** **

**                                                  Results of Operations**

**Nine Months Ended September 30, 2006**

**Viad**

**Wink**

**Jackson**

**Rubicon**

**Maitland**

**Combined**

**JV**

**Building**

**JV**

**JV**

**JV**

**Total**

** **

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

Revenues

 $

5,833   

 $

253   

 $

2,014     

 $

7,438   

 $

3,276   

 $

18,814   

Operating Expenses

(2,931)

(134)

(1,014)

(2,848)

(1,320)

(8,247)

        Net Operating Income

2,902 

119 

1,000 

4,590 

1,956 

10,567 

Interest Expense

(2,415)

(22)

(552)

(1,918)

(634)

(5,541)

Loan Cost Amortization

(457)

(2)

(2)

(47)

(10)

(518)

Depreciation and  Amortization

(717)

(17)

(398)

(1,318)

(459)

(2,909)

Income (Loss) Before Gain on  Sale  of Real Estate

(687)

78 

48 

1,307 

853 

1,599 

Gain on Sale of Real  Estate

42,693 

- 

- 

- 

- 

42,693 

        Net Income  

 $

42,006   

 $

78    

 $

48   

 $

1,307   

 $

853   

 $

44,292    

**Parkway's Share of  Unconsolidated**

**        Joint Ventures:**

Income (Loss) Before Gain on  Sale  of Real Estate

 $

(206)    

 $

39 

 $

10 

 $

382 

 $

299 

 $

524   

Gain on Sale of Real  Estate

13,584

- 

- 

- 

- 

13,584

Net Income

 $

13,378  

 $

39 

 $

10 

 $

382 

 $

299 

 $

14,108   

Depreciation and  Amortization

 $

215  

 $

8 

 $

80 

 $

264 

 $

92 

 $

659   

Property Management Fees

 $

718  

 $

- 

 $

129 

 $

389 

 $

101 

 $

 1,337   

Promote Fee

 $

3,861  

 $

-   

 $

- 

 $

- 

 $

- 

 $

3,861   

Interest Expense

 $

499  

 $

11 

 $

110 

 $

266 

 $

- 

 $

886   

Interest Expense -  Prepayment

225

- 

- 

- 

- 

225

Total Interest Expense

 $

724  

 $

11 

 $

110 

 $

266 

 $

- 

 $

1,111  

Loan Cost Amortization

 $

136  

 $

1 

 $

- 

 $

7 

 $

- 

 $

144  

**Other Supplemental  Information:**

Distributions from  Unconsolidated JVs

 $

15,701  

 $

40 

 $

93 

 $

411 

 $

300 

 $

16,545  

** **

Page 15 of 37
 
**(8)           MinorityInterest - Real Estate Partnerships**

The Company has an interest in two joint ventures thatare included in its consolidated financial statements. Information relating tothese consolidated joint ventures is detailed below.

** **

** **

** **

**Parkway's**

**Joint Venture Entity**

**Property Name**

**Location**

**Ownership %**

Parkway Moore, LLC

Moore Building Associates, LP/

Toyota Center

Memphis, TN

75.025%

Parkway Properties Office  Fund, LP

BellSouth  Building/Centurion Centre

Jacksonville, FL

25.000%

Maitland 100/555 Winderley

Orlando, FL

Chatham Centre

Schaumburg, IL

Renaissance Center

Memphis, TN

100 Ashford  Center/Peachtree Ridge

Atlanta, GA

Overlook II

Atlanta, GA

1401 Enclave Parkway

Houston, TX

Moore Building Associates, LP ("MBALP") wasestablished for the purpose of owning a commercial office building (the Toyota Center in Memphis, Tennessee). In acting as the general partner, Parkway is committed to providing additionalfunding to meet partnership operating deficits up to an aggregate amount of $1million.  Parkway receives income from MBALP in the form of interest from aconstruction note receivable, incentive management fees and property managementfees.  Parkway also receives interest income on a note receivable from ParkwayMoore, LLC ("PMLLC").  Any intercompany asset, liability, revenue and expenseaccounts between Parkway and MBALP and PMLLC have been eliminated.

Parkway serves as the general partner of ParkwayProperties Office Fund, LP (the "Fund") and provides asset management, propertymanagement, leasing and construction management services to the Fund, for whichit is paid market-based fees.  Cash distributions from the Fund are made toeach joint venture partner based on their percentage of ownership in the Fund. Since Parkway is the sole general partner and has the authority to make majordecisions on behalf of the Fund, Parkway is considered to have a controlling interest. Accordingly, Parkway is required to include the Fund in its consolidatedfinancial statements.

Minority interest in real estate partnershipsrepresents the other partners' proportionate share of equity in thepartnerships discussed above at September 30, 2007.  Income is allocated tominority interest based on the weighted average percentage ownership during theyear.

**(9)           ShareBased Compensation**

                EffectiveJanuary 1, 2003, the stockholders of the Company approved Parkway's 2003 EquityIncentive Plan (the "2003 Plan") that authorized the grant of up to 200,000equity based awards to employees of the Company.  At present, it is Parkway'sintention to grant restricted shares and/or deferred incentive share unitsinstead of stock options.  Restricted shares and deferred incentive share unitsare valued based on the New York Stock Exchange closing market price of Parkwaycommon shares (NYSE ticker symbol, PKY) as of the date of grant.

                Compensationexpense, including estimated forfeitures, is recognized over the expectedvesting period, which is four to seven years from grant date for restrictedshares subject to service conditions and four years from grant date for deferredincentive share units.  Certain restricted shares have been granted to officersof the Company where vesting is contingent upon achieving the cumulative goalsof the GEAR UP Plan, which began January 1, 2006 and ends December 31, 2008. Compensation expense will not be recorded on the shares that vest based onperformance conditions until the Company determines that it is probable thatthe goal will be achieved.  Therefore, no expense has been recorded in 2006 and2007 for these shares.  

Compensation expense related to restricted shares anddeferred incentive share units of $1.1 million and $584,000 was recognized forthe nine months ending September 30, 2007 and 2006, respectively.  Totalcompensation expense related to nonvested awards subject to service conditions notyet recognized was $4.3 million as of September 30, 2007.  The weighted averageperiod over which this expense is expected to be recognized is approximately 2.8years.  Total potential compensation expense associated with shares that vestbased on performance conditions is $1.5 million as of September 30, 2007.

Page 16 of 37

                Restrictedshares and deferred incentive share units are forfeited if an employee leavesthe Company before the vesting date.  Shares and/or units that are forfeitedbecome available for future grant under the 2003 Plan.

On January 12, 2007, the Board of Directors approvedthe grant of 35,874 restricted shares to officers of the Company.  The shares werevalued at $1.9 million and 34,875 shares will vest four years from grant dateand 999 shares will vest subject to achievement of the cumulative goals of the GEARUP Plan, which will end on December 31, 2008. 

** **

**               **A summary of the Company's restricted shares anddeferred incentive share unit activity for the nine months ended September 30,2007 is as follows:

**Weighted**

** **

**Weighted**

**Average**

**Deferred**

**Average**

**Restricted**

**Grant-Date**

**Incentive**

**Grant-Date**

**Shares**

**Fair Value**

**Share Units**

**Fair Value**

Outstanding at December 31, 2006

188,500 

$  38.60 

18,806 

$    46.33 

Granted

35,874 

52.36 

30 

52.36 

Forfeited

(3,375)

46.14 

(3,471)

46.20 

Outstanding at September 30, 2007

220,999 

$  40.72 

15,365 

$    46.37 

**(10)         Capitaland Financing Transactions**

                OnMarch 1, 2007, the Company paid off the $18 million first mortgage secured by Citrus Center in Orlando, Florida whichwas previously scheduled to mature on August 1, 2007.  

                Inconnection with the 2006 first mortgage placed on One Illinois Center, locatedat 111 East Wacker Drive in Chicago, Illinois, the Company delivered $11.3 million in letters ofcredit to satisfy the various escrow requirements made by the lender.  On April2, 2007, the Company renewed these letters of credit through June 30, 2008 andreduced the carrying amount from $11.3 million to $3 million.  The reduction inthe letters of credit is due to the Company funding the lender escrowrequirements with cash contributions to the escrow accounts.

                Inconnection with the purchase of office properties, the Fund placed thefollowing non-recourse first mortgages during the nine months ending September30, 2007:
-        On February 9, 2007, the Fund placed a $31.5 million ten-year non-recourse firstmortgage with an interest rate of 5.61% in connection with the 2006 purchase ofOverlook II in Atlanta, Georgia.  Payments during the mortgage term will beon an interest only basis and the loan matures on March 1, 2017. 
-        On June 14, 2007, the Fund placed a $28 million eight-year non-recourse firstmortgage with a fixed interest rate of 5.76% in connection with the purchase of1401 Enclave Parkway in Houston, Texas.  Payments during the mortgage termwill be on an interest only basis for five years.  Principle and interestpayments of $5.8 million will be made over remaining term of loan with a balloonpayment due at maturity. 

                Inconnection with the sale of the two Knoxville office properties on June 29, 2007, the Company paidoff the $7.4 million first mortgage secured by First Tennessee Plaza andrecorded expenses related to the prepayment of the mortgage of $494,000 in thesecond quarter.  The mortgage had an interest rate of 7.17% and was previouslyscheduled to mature on December 15, 2012.  

                OnAugust 3, 2007, the Board of Directors authorized the repurchase of up to 1.7million shares of Parkway's outstanding common stock through July 30, 2008. The shares may be purchased in the open market or in privately negotiatedtransactions, and at times and in amounts that the Company deems appropriate.   ThroughSeptember 2007, the Company purchased 454,038 shares for $19.9 million, whichequates to an average price of $43.91 per share.

Page 17 of 37

                Inconnection with the purchase of the Capital City Plaza in Atlanta, Georgia onApril 2, 2004, Parkway, through a subsidiary company, issued $15.5 million inpreferred membership interests to the seller. The preferred membership interestspaid the seller a 7% coupon rate and were issued to accommodate their taxplanning needs.  The seller previously redeemed $4.75 million of thepreferred membership interest. On August 7, 2007, the seller redeemedthe remaining $10.7 million of preferred membership interests.

                OnAugust 24, 2007, the Company entered into an interest rate swap agreement withUS Bank.  The interest rate swap is for a $30 million notional amount and fixesthe 30-day LIBOR interest rate at 4.924%, which equates to a total interestrate of 6.224%, for the period September 4, 2007 through August 31, 2008. Theswap agreement serves as a hedge of the variable interest rates on a portion ofthe borrowings under the Company's $200 million line of credit.

 **(11)         SegmentInformation**

                Parkway'sprimary business is the ownership and operation of office properties. TheCompany accounts for each office property or groups of related officeproperties as an individual operating segment.  Parkway has aggregated itsindividual operating segments into a single reporting segment due to the factthat the individual operating segments have similar operating and economiccharacteristics.

                TheCompany believes that the individual operating segments exhibit similareconomic characteristics such as being leased by the square foot, sharing thesame primary operating expenses and ancillary revenue opportunities and beingcyclical in the economic performance based on current supply and demandconditions.  The individual operating segments are also similar in thatrevenues are derived from the leasing of office space to customers and eachoffice property is managed and operated consistently in accordance with Parkway'sstandard operating procedures.  The range and type of customer uses of ourproperties is similar throughout our portfolio regardless of location or classof building and the needs and priorities of our customers do not vary frombuilding to building. Therefore, Parkway's management responsibilities do notvary from location to location based on the size of the building, geographiclocation or class.

Page 18 of 37

The management of the Company evaluates theperformance of the reportable office segment based on funds from operationsapplicable to common shareholders ("FFO").  Management believes that FFO is anappropriate measure of performance for equity REITs and computes this measurein accordance with the National Association of Real Estate Investment Trusts'("NAREIT") definition of FFO.  Funds from operations is defined byNAREIT as net income (computed in accordance with generally accepted accountingprinciples "GAAP"), excluding gains or losses from sales of propertyand extraordinary items under GAAP, plus depreciation and amortization, andafter adjustments to derive the Company's pro rata share of FFO of consolidatedand unconsolidated joint ventures.  Further, the Company does not adjust FFO toeliminate the effects of non-recurring charges.  The Company believes that FFOis a meaningful supplemental measure of its operating performance becausehistorical cost accounting for real estate assets in accordance with GAAPimplicitly assumes that the value of real estate assets diminishes predictablyover time, as reflected through depreciation and amortization expenses. However, since real estate values have historically risen or fallen with marketand other conditions, many industry investors and analysts have consideredpresentation of operating results for real estate companies that use historicalcost accounting to be insufficient.  Thus, NAREIT created FFO as a supplementalmeasure of operating performance for real estate investment trusts thatexcludes historical cost depreciation and amortization, among other items, fromnet income, as defined by GAAP.  The Company believes that the use of FFO,combined with the required GAAP presentations, has been beneficial in improvingthe understanding of operating results of real estate investment trusts amongthe investing public and making comparisons of operating results among suchcompanies more meaningful.  FFO as reported by Parkway may not be comparable toFFO reported by other REITs that do not define the term in accordance with thecurrent NAREIT definition.  Funds from operations do not represent cashgenerated from operating activities in accordance with accounting principlesgenerally accepted in the United States and is not an indication of cash available to fundcash needs.  Funds from operations should not be considered an alternative tonet income as an indicator of the Company's operating performance or as analternative to cash flow as a measure of liquidity.

The following is a reconciliation of FFO and netincome available to common stockholders for office properties and totalconsolidated entities for the three months ending September 30, 2007 and 2006.

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

**September 30, 2007**

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

**September 30, 2006**

**Office**

**Unallocated**

** **

**Office**

**Unallocated**

** **

**Properties**

**and Other**

**Consolidated**

**Properties**

**and Other**

**Consolidated**

 (in thousands) 

 (in thousands) 

Property operating revenues (a)

 $

60,785 

 $

- 

 $

60,785 

 $

54,923 

 $

- 

 $

54,923 

Property operating expenses (b)

(28,338)

- 

(28,338)

(26,590)

- 

(26,590)

Property net operating income from 

        continuing operations

32,447 

- 

32,447 

28,333 

- 

28,333 

Management company income

- 

432 

432 

- 

284 

284 

Interest and other income

- 

90 

90 

- 

8 

8 

Interest expense (c)

(10,731)

(2,643)

(13,374)

(9,742)

(2,823)

(12,565)

Management company expenses

‐ 

(343)

(343)

- 

(223)

(223)

General and administrative expenses

- 

(1,860)

(1,860)

- 

(1,282)

(1,282)

Other expense

- 

(2)

(2)

- 

(1)

(1)

Equity in earnings of unconsolidated joint ventures

234 

- 

234 

198 

- 

198 

Adjustment for depreciation and amortization -        unconsolidated joint ventures

169 

- 

169 

156 

- 

156 

Adjustment for depreciation and amortization -         discontinued operations

- 

- 

- 

121 

- 

121 

Adjustment for minority interest -

         real estate partnerships

(1,711)

- 

(1,711)

(423)

- 

(423)

Income from discontinued operations

93 

- 

93 

130 

- 

130 

Loss on non depreciable assets

- 

(3)

(3)

- 

- 

- 

Dividends on preferred stock

- 

(1,200)

(1,200)

- 

(1,200)

(1,200)

Dividends on convertible preferred stock

- 

- 

- 

- 

(481)

(481)

Funds from operations available 

        to common stockholders

20,501 

(5,529)

14,972 

18,773 

(5,718)

13,055 

Depreciation and amortization

(19,694)

- 

(19,694)

(17,257)

- 

(17,257)

Depreciation and amortization -

        unconsolidated joint ventures

(169)

- 

(169)

(156)

- 

(156)

Depreciation and amortization - 

        discontinued operations

- 

- 

- 

(121)

- 

(121)

Depreciation and amortization - minority

        interest - real estate partnerships

2,799 

- 

2,799 

648 

- 

648 

Gain on sale of real estate 

        from discontinued operations

- 

- 

- 

211 

- 

211 

Minority interest - unit holders

- 

(2)

(2)

- 

(1)

(1)

Net income (loss) available to common

        stockholders

 $

3,437 

 $

(5,531)

 $

(2,094)

 $

2,098 

 $

(5,719)

 $

(3,621)

Capital expenditures

 $

10,951 

 $

- 

 $

10,951 

 $

9,043 

 $

- 

 $

9,043 

(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 37
 
The following is a reconciliation of FFO and netincome available to common stockholders for office properties and totalconsolidated entities for the nine months ending September 30, 2007 and 2006.

** **

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

**September 30, 2007**

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

**September 30, 2006**

**Office**

**Unallocated**

** **

**Office**

**Unallocated**

** **

**Properties**

**and Other**

**Consolidated**

**Properties**

**and Other**

**Consolidated**

 (in thousands) 

 (in thousands) 

Property operating revenues (a)

 $

183,408 

 $

- 

 $

183,408 

 $

152,460 

 $

- 

 $

152,460 

Property operating expenses (b)

(85,391)

- 

(85,391)

(73,011)

- 

(73,011)

Property net operating income from

        continuing operations

98,017 

- 

98,017 

79,449 

- 

79,449 

Management company income

- 

1,196 

1,196 

-   

5,082 

5,082 

Interest and other income

- 

308 

308 

-   

34 

34 

Interest expense (c) 

(32,506)

(8,004)

(40,510)

(24,116)

(7,671)

(31,787)

Management company expenses

- 

(887)

(887)

- 

(898)

(898)

General and administrative expenses

- 

(5,105)

(5,105)

- 

(3,405)

(3,405)

Other expense

- 

(4)

(4)

- 

(4)

(4)

Equity in earnings of unconsolidated 

        joint ventures

782 

- 

782 

524 

- 

524 

Adjustment for depreciation and amortization - 

        unconsolidated joint ventures

491 

- 

491 

659 

- 

659 

Adjustment for depreciation and amortization - 

        discontinued operations

1 

- 

1 

535 

- 

535 

Adjustment for minority interest -

        real estate partnerships

(4,899)

- 

(4,899)

(1,104)

- 

(1,104)

Income from discontinued operations

170 

- 

170 

785 

- 

785 

Gain (loss) on non depreciable assets

47 

- 

47 

(119)

- 

(119)

Dividends on preferred stock

- 

(3,600)

(3,600)

- 

(3,600)

(3,600)

Dividends on convertible preferred stock

- 

- 

- 

- 

(1,654)

(1,654)

Funds from operations available 

        to common stockholders

62,103

(16,096)

46,007 

56,613 

(12,116)

44,497 

Depreciation and amortization

(58,073)

- 

(58,073)

(44,864)

- 

(44,864)

Depreciation and amortization - 

        unconsolidated joint ventures

(491)

- 

(491)

(659)

- 

(659)

Depreciation and amortization - 

        discontinued operations

(1)

- 

(1)

(535)

- 

(535)

Depreciation and amortization - minority 

        interest - real estate partnerships

7,474 

- 

7,474 

1,473   

- 

1,473 

Gain on sale of and real estate and other assets

20,260 

- 

20,260 

13,584 

- 

13,584 

Gain on sale of real estate

         from discontinued operations

- 

- 

- 

211 

- 

211 

Minority interest - unit holders

- 

(2)

(2)

- 

(1)

(1)

Net income (loss) available to common 

        stockholders

 $

31,272 

 $

(16,098)

 $

15,174 

 $

25,823 

 $

(12,117)

 $

13,706 

Total assets

 $

1,519,751 

 $

8,142 

 $

1,527,893 

 $

1,385,545 

 $

7,285 

 $

1,392,830 

Office and parking properties

 $

1,319,240 

 $

- 

 $

1,319,240 

 $

1,205,123 

 $

- 

 $

1,205,123   

Investment in unconsolidated joint ventures

 $

11,068 

 $

-   

 $

11,068 

 $

11,126 

 $

- 

 $

11,126 

Capital expenditures

 $

35,943 

 $

- 

 $

35,943 

 $

24,387 

 $

- 

 $

24,387 

(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 20 of 37

**Item2.  Management's Discussion and Analysis of Financial Condition andResults of Operations.**

 **Overview**

Parkway is a self-administered and self-managed REITspecializing in the acquisition, operations, leasing and ownership of officeproperties.  The Company is geographically focused on the Southeastern andSouthwestern United States and Chicago.  As of October 1, 2007 Parkway owned or had aninterest in 66 office properties located in 11 states with an aggregate ofapproximately 13.0 million square feet of leasable space.  Included in theportfolio are 18 properties totaling 2.7 million square feet that are ownedjointly with other investors, representing 21% of the portfolio.  Under theCompany's GEAR UP Plan, which started January 1, 2006 and ends December 31,2008, it is the Company's goal to transform its strategy from being anowner-operator to being an operator-owner. The strategy highlights theCompany's strength in providing excellent service in the operation of officeproperties in addition to its direct ownership of real estate assets. Fee-basedreal estate services are offered through the Company's wholly owned subsidiary,Parkway Realty Services LLC, which also manages and/or leases approximately 1.8million square feet for third party owners as of July 1, 2007.  The Companygenerates revenue primarily by leasing office space to its customers andproviding management and leasing services to third party office property owners(including joint venture interests).  The primary drivers behind Parkway'srevenues are occupancy, rental rates and customer retention.  

*Occupancy*.  Parkway's revenues are dependent on the occupancy of itsoffice buildings.  As a result of job losses and over supply of officeproperties during 2001 through 2003, vacancy rates increased nationally and inParkway's markets.  In 2004, the office sector began to recover from highvacancy rates due to improving job creation.  As of October 1, 2007, occupancyof Parkway's office portfolio was 92.3% compared to 91.6% as of July 1, 2007and 91.0% as of October 1, 2006.  Not included in the October 1, 2007 occupancyrate are 18 signed leases totaling 88,000 square feet, which commence duringthe fourth quarter of 2007 through the first quarter of 2008 and will raiseParkway's percentage leased to 93.0%.  To combat rising vacancy, Parkwayutilizes innovative approaches to produce new leases.  These include the BrokerBill of Rights, a short-form service agreement and customer advocacy programswhich are models in the industry and have helped the Company maintain occupancyaround 92% during a time when the national occupancy rate is approximately87%.  Parkway projects occupancy ranging from 91% to 92% during 2007 for itsoffice properties with projected annual average occupancy of 92%.

*Rental Rates*.  An increase in vacancy rates has the effect of reducingmarket rental rates and vice versa.  Parkway's leases typically have three toseven year terms.  As leases expire, the Company replaces the existing leaseswith new leases at the current market rental rate.

*Customer Retention*.  Keeping 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 thecustomer.  In making this estimate, Parkway takes into account the sum ofrevenue lost during downtime on the space plus leasing costs, which rise asmarket vacancies increase.  Therefore, Parkway focuses a great deal of energyon customer retention.  Parkway's operating philosophy is based on the premisethat it is in the customer retention business.  Parkway seeks to retain itscustomers by continually focusing on operations at its office properties.  TheCompany believes in providing superior customer service; hiring, training,retaining and empowering each employee; and creating an environment of opencommunication both internally and externally with customers and stockholders. Over the past ten years, Parkway maintained an average 73.7% customer retentionrate.  Parkway's customer retention for the three months and nine months ended September30, 2007 was 69.8% and 69.3%, respectively, compared to 73.8% and 71.6% for thethree months and nine months ended September 30, 2006, respectively. 

*Strategic Planning*.  Management continues to see Parkwaydefined as a focused office REIT with a hands-on, service-oriented approach, adisciplined asset allocation program and a willingness to recycle assets. However, management sees the future transformation taking Parkway from being anowner-operator to being an operator-owner.  On January 1, 2006, the Companyinitiated a new three-year operating plan referred to as the "GEAR UP" Planthat will serve as the spring board to transform Parkway from being first anowner of real estate and secondarily an operator of real estate for others tobeing first an operator of real estate for others that also owns an interest inthe real estate.  The goals of the GEAR UP Plan are as follows:
-       ***Great People***.  Great customer service starts with hiring greatpeople, training them well and retaining them.  It will take great people toaccomplish the ambitious goals of the Plan. 

Page 21 of 37
-        ***Equity Opportunities***.  Over the last several years management has createda broad array of equity opportunities for Parkway.  On the private equity sidethis includes the use of discretionary funds, such as the Fund with Ohio PERS,and partnerships.  The judicious use of private equity provides a greaterreturn on equity to the public shareholders. Parkway intends to contributeassets from its balance sheet to form new joint ventures and expects thesesubsequent ventures to be similar to discretionary funds in their duration andeconomics. On the public equity side, this includes the judicious use of commonequity and preferred equity to manage the balance sheet and growth.   
-         ***Asset Recycling***. The Company has demonstrated its willingness in thepast to sell assets when management believed the time was right.  At the startof the GEAR UP Plan, Parkway identified 25 buildings in twelve markets,totaling approximately 5 million rentable square feet to be part of the assetrecycling program.  Most of these properties are smaller assets or located insmaller markets that do not fit with the Company strategy of owning largerassets in institutional markets.  The dispositions that are planned will helpalign the Company's portfolio with its current acquisition criteria, whichfocuses on larger properties in institutional markets.  In most cases, Parkwaywill seek to keep a 10% to 30% joint venture interest in the properties beingrecycled and retain management and leasing agreements.  This is a fluid list ofassets based on the Company's evaluation of specific market conditions andreview of the portfolio.  The other side of Asset Recycling is the reinvestmentof proceeds from dispositions into other assets, either owned in the fee-simpleformat or owned jointly with a partner. 

These two goals, ***Equity Opportunities***and ***Asset Recycling***, are what combine to transform Parkway frombeing an owner-operator to being an operator-owner.  Management stronglybelieves that these actions will result in Parkway better leveraging its corestrength of operating office properties and will be advantageous for theCompany's shareholders over the long term.
-        ***Retain Customers***.  Customer retention remains the cornerstone of theCompany's business and is why partners choose to partner with Parkway.  Thegoal is a customer retention rate of 70% to 75%.  The average customer retentionrate since the inception of the GEAR UP Plan on January 1, 2006 is 70%, and weanticipate that the annual customer retention rate for 2007 will be in therange of 70% to 75%. 
-        ***Uncompromising Focus onOperations***.  Parkway isreaffirming its commitment to do that which it does best, and that is tooperate office properties for maximum returns. 
-        ***Performance***.  In the planning process, management first decidedwhat actions to take strategically over the three years of the GEAR UP Plan andsecondly, modeled the economic impact of these actions.  Given the largecomponent of Asset Recycling in the Plan, management selected a financialmetric that would be most appropriate to measure the success of the Plan.  This led to the adoption of Cumulative Adjusted Funds Available forDistribution ("Cumulative Adjusted FAD") as the metric for the GEAR UP Plan,with a target of $7.18 per share cumulative over three years.  Actual AdjustedFAD for 2006 exceeded the amount projected by the Company by $.29 per dilutedshare.  Additionally, Parkway established a self-imposed limit for the modifiedfixed charge coverage ratio of 2.5 times as a pledge not to use leverage toachieve Company goals.   

For the GEAR UP Plan Parkway is not abandoning Fundsfrom Operations, but rather carrying it a step further to includeaccountability for capital items and removing the accounting adjustments whichare not directly influenced by the operations of its properties.  Management believes an Adjusted FAD goal provides an effective alignment withthe shareholders by focusing the team on maximizing income from operationswhile being mindful of capital expenses and ultimately the funds available tocover the dividend.   Cumulative Adjusted FAD is calculated as thesum of Adjusted FAD for each of the three years of the plan.   The adjustments that will be made to FAD reported each quarterprincipally include charges for impairment of value and expenses related to theearly extinguishment of debt.  

Page 22 of 37

Parkway has made progress on its ***Asset Recycling***and ***Equity Opportunities*** goals in 2006 and 2007 as follows:
-        *Dispositions*.   Parkway sold ten office properties for a grosssales price totaling $153.8 million and recorded a total gain on the sales forfinancial reporting purposes in the amount of $43.1 million. 
-        *Fund Acquisitions*.  The Fund with Ohio PERS purchased eight officeproperties at an aggregate contract purchase price of $230.2 million.  
-        *Fee Simple Purchases*.  Parkway purchased One Illinois Center in Chicago, Illinois at acontract purchase price of $198 million. 
-        *Other Purchases*.  Parkway purchased an additional interest in MooreBuilding Associates, LP, which owns the Toyota Center in Memphis, Tennessee, for $1.4 million raising Parkway's total ownershipinterest to 75.025%. 
-        *Equity Offering*.  On December 18, 2006, the Company sold 600,000shares of common stock to Banc of America Securities LLC at a gross offeringprice of $50.25 per share and a net price of $49.37 per share. The Company usedthe net proceeds of approximately $29.6 million to repay indebtednessoutstanding under a $19.3 million mezzanine loan incurred in connection withthe purchase of One Illinois Center and to purchase additional investments inoffice properties. 
-       * Stock Buyback.*  On August 3, 2007, the Board of Directorsauthorized the repurchase of up to 1.7 million shares of Parkway's outstandingcommon stock through July 30, 2008.  During the quarter ending September 30,2007, the Company purchased 454,038 shares of Parkway common stock for $19.9million, which equates to an average price of $43.91 per share. 

*DiscretionaryFund*.  On July 6, 2005, Parkway,through affiliated entities, entered into a limited partnership agreementforming a $500 million discretionary fund with Ohio PERS (the "Fund") for thepurpose of acquiring high-quality multi-tenant office properties.  Ohio PERS isa 75% investor and Parkway is a 25% investor in the Fund, which will becapitalized with approximately $200 million of equity capital and $300 millionof non-recourse, fixed-rate first mortgage debt.  The Fund targets acquisitionsin the existing core Parkway markets of Memphis, Houston, Phoenix, Atlanta, Chicago, Charlotte, Orlando, Tampa/St. Petersburg, Ft. Lauderdale and Jacksonville. There is approximately $228 million remaining capacity for Fund officeinvestments.  The remaining office investments are expected to be funded byapproximately $137 million in mortgage debt and $91 million in equitycontributions from partners.

       TheFund targets properties with an anticipated cash on cash return greater than 7%and an anticipated leveraged internal rate of return of greater than 11%. Parkway serves as the general partner of the Fund and provides assetmanagement, property management, leasing and construction management services tothe Fund, for which it will be paid market-based fees.  After each partner hasreceived a 10% annual cumulative preferred return and a return of investedcapital, 20% of the excess cash flow will be paid to the general partner and80% will be paid to the limited partners.    Through its general partner andlimited partner ownership interests, Parkway may receive a distribution of thecash flow equivalent to 40%.  Parkway will have three years from the inceptiondate of the Fund to identify and acquire properties (the "Commitment Period"),with funds contributed as needed to close acquisitions.  Parkway willexclusively represent the Fund in making acquisitions within the target marketsand within certain predefined criteria.  Parkway will not be prohibited frommaking fee-simple or joint venture acquisitions in markets outside of thetarget markets, acquiring properties within the target markets that do not meetthe Fund's specific criteria or selling or joint venturing any currently ownedproperties.  The term of the Fund will be seven years from the expiration ofthe Commitment Period, with provisions to extend the term for two additionalone-year periods. 

Page 23 of 37
**FinancialCondition**
***Comments are for the balance sheet dated September 30, 2007 compared tothe balance sheet dated December 31, 2006.***

*                Officeand Parking Properties.*  In 2007,Parkway continued the application of its strategy of operating and acquiringoffice properties, joint venturing interests in office assets, as well asliquidating non-core assets and office assets that no longer meet the Company'sinvestment criteria and/or the Company has determined value will be maximizedby selling.  During the nine months ending September, 2007, total assets increased$15.5 million or 1.0% and office and parking properties (before depreciation)increased $34.4 million or 2.3%.

                *Purchases, Improvements and Development.* Parkway'sinvestment in office and parking properties increased $13.0 million net ofdepreciation to a carrying amount of $1.3 billion at September 30, 2007, andconsisted of 60 office and parking properties.  The primary reason for the increasein office and parking properties relates to the net effect of the purchase of landand an office property, building improvements, development costs, the sale oftwo office properties, a capital lease for a garage and depreciation recordedduring the year.

                OnFebruary 28, 2007, the Company purchased 2.5 acres of land in Jackson, Mississippifor $1.8 million.  This land was purchased as part of the Company's plan todevelop the 194,000 square foot Class A+ office building known as The Pinnacleat Jackson Place ("The Pinnacle"), adjacent to the Company's headquartersbuilding.  The estimated cost of the development is $48.5 million with expectedcompletion in the fall of 2008.  The Company has received commitments to leaseapproximately 70% of the new office space from four major customers.  Parkwaywill be seeking partners for an 80% ownership interest in the development.  Thedevelopment is designed to utilize benefits available under the GulfOpportunity Zone Act for new developments in areas affected by HurricaneKatrina.  During the nine months ending September 30, 2007, the Companyincurred $7.7 million in development costs for The Pinnacle.

                OnJune 14, 2007 the Fund with Ohio PERS purchased 1401 Enclave Parkway, a 209,000square foot, six-story office property in Houston, Texas for a purchase price of $46.5 million.  The Fundexpects to spend an additional $346,000 for closing costs, building improvements,leasing costs and tenant improvements during the first two years of ownership. 

                OnJune 29, 2007, the Company sold two office properties, First Tennessee Plaza and CedarRidge, totaling 549,000 square feet located in Knoxville, Tennessee fora gross sales price of $59 million.  The Company received net cash proceedsfrom the sale of $56.8 million and the proceeds were used to prepay the $7.4million first mortgage secured by First Tennessee Plaza and to reduce amounts outstanding under the Company'sbank lines of credit.  Parkway recorded a gain on the sale for financialreporting purposes of $20.3 million and expenses related to the prepayment ofthe mortgage of $494,000 in the second quarter of 2007.  Parkway RealtyServices LLC was retained to provide management services for the propertiesunder a five-year agreement.  Therefore, all revenue and expense for theseproperties are included as a component of continuing operations.

                OnSeptember 1, 2007, Parkway entered into a lease for the parking garage known asParking at Jackson Place, which is adjacent to the Company's headquarters and ThePinnacle in Jackson, Mississippi.  The term of the lease is 60 years with arenewal option for an additional 30 years.  Since the fair value of the land isgreater than 25% of the total value of the property, the Company is accountingfor the component of the lease attributable to the land as an operating leaseand the component attributable to the building as a capital lease.  The garagewas recorded at a cost of $4.1 million.

                Duringthe nine months ending September 30, 2007, the Company capitalized buildingimprovements and additional purchase expenses of $34.6 million and recordeddepreciation expense of $44.5 million related to its office and parking properties.

*Intangible Assets, Net.* For the nine months ended September 30, 2007,intangible assets net of related amortization decreased $7.8 million and wasprimarily due to the amortization of the existing intangible assets for theperiod.

Page 24 of 37

*Notes Payable to Banks. *Notes payable to banks increased $34.5 million or 22.6%during the nine months ended September 30, 2007.  At September 30, 2007, notespayable to banks totaled $186.8 million and the increase is primarilyattributable to the net effect of advances under bank lines of credit topurchase and develop real estate, make improvements to office properties,purchase Parkway common stock and retire existing debt offset by proceeds fromthe sale of assets used to reduce bank lines of credit.

On August 24, 2007, the Company entered into an interestrate swap agreement with US Bank.  The interest rate swap is for a $30 millionnotional amount and fixes the 30-day LIBOR interest rate at 4.924%, whichequates to a total interest rate of 6.224%, for the period September 4, 2007through August 31, 2008.  The swap agreement serves as a hedge of the variableinterest rates on a portion of the borrowings under the Company's $200 millionline of credit.

*                MortgageNotes Payable. *During the ninemonths ended September 30, 2007, mortgage notes payable increased $22.3 millionor 3.2% and is due to scheduled principal payments on mortgages of $11.8million, the prepayment of existing mortgage debt of $25.4 million and theplacement of mortgage debt of $59.5 million described below.

                Inconnection with the purchase of office properties, the Fund with Ohio PERS placedthe following non-recourse first mortgages during the nine months ending September30, 2007:
-        On February 9, 2007, the Fund placed a $31.5 million ten-year non-recourse firstmortgage with an interest rate of 5.61% in connection with the 2006 purchase ofOverlook II in Atlanta, Georgia.  Payments during the mortgage term will beon an interest only basis and the loan matures on March 1, 2017. 
-        On June 14, 2007, the Fund placed a $28 million eight-year non-recourse firstmortgage with a fixed interest rate of 5.76% in connection with the purchase of1401 Enclave Parkway in Houston, Texas.  Payments during the mortgage termwill be on an interest only basis for five years.  Principle and Interestpayments of $5.8 million will be made over remaining term of loan with a balloonpayment due at maturity. 

                *SubsidiaryRedeemable Preferred Membership Interests. *In connection with the purchaseof the Capital City Plaza in Atlanta, Georgia on April 2, 2004, Parkway,through a subsidiary company, issued $15.5 million in preferred membershipinterests to the seller.  The preferred membership interests paid theseller a 7% coupon rate and were issued to accommodate their tax planningneeds.  The seller previously redeemed $4.75 million of the preferredmembership interest. On August 7, 2007, the seller redeemed theremaining $10.7 million of preferred membership interests.

Page 25 of 37

                Thecomputation of the interest, fixed charge and modified fixed charge coverageratios and the reconciliation of net income to EBITDA is as follows for the ninemonths ended September 30, 2007 and 2006 (in thousands):

**Nine Months Ended**

**September 30**

**2007**

** **

**2006**

**Net  Income**

$    18,774 

$    18,960 

**Adjustments  to Net Income:**

        Interest  expense

39,242 

30,963 

        Amortization  of financing costs

898 

824 

        Prepayment  expense on early extinguishment of debt

370 

- 

        Depreciation  and amortization

58,074 

45,399 

        Amortization  of share based compensation

1,114 

584 

        Gain  on real estate

(20,307)

(13,676)

        Tax  expense

129 

1 

        EBITDA  adjustments - unconsolidated joint ventures

882 

1,915 

        EBITDA  adjustments - minority interest in real estate  partnerships

(12,019)

(2,546)

**EBITDA  (1)**

$    87,157 

$    82,424 

** **

**Interest  Coverage Ratio:**

EBITDA

$    87,157 

$    82,424 

Interest  expense:

       Interest  expense

$    39,242 

$    30,963 

       Capitalized  interest

115 

- 

       Interest  expense - unconsolidated joint ventures

383 

886 

       Interest  expense - minority interest in real estate partnerships

(4,428)

(1,039)

Total  interest expense

$    35,312 

$    30,810 

**Interest  Coverage Ratio**

2.47 

2.68 

** **

**Fixed  Charge Coverage Ratio:**

EBITDA

$    87,157 

$    82,424 

Fixed  charges:

       Interest  expense

$    35,312 

$    30,810 

       Preferred  dividends

3,600 

5,254 

       Principal  payments (excluding early extinguishment of debt)

11,770 

11,327 

       Principal  payments - unconsolidated joint ventures

37 

34 

       Principal  payments - minority interest in real estate partnerships

(229)

(176)

Total  fixed charges

$    50,490 

$    47,249 

**Fixed  Charge Coverage Ratio**

1.73 

1.74 

** **

**Modified  Fixed Charge Coverage Ratio:**

EBITDA

$    87,157 

$    82,424 

Modified  Fixed Charges:

       Interest  expense

$    35,312 

$    30,810 

       Preferred  dividends

3,600 

5,254 

Total  Modified Fixed Charges

$    38,912 

$    36,064 

**Modified  Fixed Charge Coverage Ratio**

2.24 

2.29 
            
(1)           Parkwaydefines EBITDA, a non-GAAP financial measure, as net income before interest,income taxes, depreciation, amortization, losses on early extinguishment ofdebt and other gains and losses.  EBITDA, as calculated by us, is notcomparable to EBITDA reported by other REITs that do not define EBITDA exactlyas we do.  

Page 26 of 37

                TheCompany believes that EBITDA helps investors and Parkway's management analyzethe Company's ability to service debt and pay cash distributions.  However, thematerial limitations associated with using EBITDA as a non-GAAP financialmeasure compared to cash flows provided by operating, investing and financingactivities are that EBITDA does not reflect the Company's historical cashexpenditures or future cash requirements for working capital, capitalexpenditures or the cash required to make interest and principal payments onthe Company's outstanding debt.  Although EBITDA has limitations as ananalytical tool, the Company compensates for the limitations by using EBITDA onlyto supplement GAAP financial measures.  Additionally, the Company believes thatinvestors should consider EBITDA in conjunction with net income and the otherrequired GAAP measures of its performance and liquidity to improve theirunderstanding of Parkway's operating results and liquidity.  

                Parkwayviews EBITDA primarily as a liquidity measure and, as such, the GAAP financialmeasure most directly comparable to it is cash flows provided by operatingactivities.  Because EBITDA is not a measure of financial performancecalculated in accordance with GAAP, it should not be considered in isolation oras a substitute for operating income, net income, cash flows provided byoperating, investing and financing activities prepared in accordance withGAAP.  The following table reconciles EBITDA to cash flows provided byoperating activities for the nine months ended September 30, 2007 and 2006 (inthousands):

**Nine Months Ended**

**September 30**

**2007**

**2006**

EBITDA

$    87,157 

$    82,424 

Amortization  of above market leases

754 

1,171 

Operating  distributions from unconsolidated joint ventures

902 

1,150 

Interest  expense

(39,242)

(30,963)

Prepayment  expense on early extinguishment of debt

(370)

- 

Tax  expense

(129)

(1)

Increase  in receivables and other assets

(7,360)

(18,428)

Increase  in accounts payable and other liabilities

8,749 

10,550 

Adjustments  for minority interests

9,446 

2,178 

Adjustments  for unconsolidated joint ventures

(1,664)

(2,439)

Cash  flows provided by operating activities

$    58,243 

$    45,642 
            
* *                *MinorityInterest - Real Estate Partnerships.* During the nine months ending September30, 2007, minority interest associated with real estate partnerships decreased $12.5million or 13.9%.  The decrease is attributable to the distribution of theminority interest partner's share of the $59.5 million mortgage notes payableplaced by the Fund offset by the minority interest partner's contributiontoward the purchase of an office property.

*                Stockholders'Equity.*Stockholders' equity decreased$31.0 million or 6.3% during the nine months ended September 30, 2007, as aresult of the following (in thousands):

**Increase**

**(Decrease)**

Net  income

$    18,774 

Change  in unrealized gain on equity securities

4 

Change  in market value of interest rate swaps

(695)

Comprehensive  income

18,083 

Common  stock dividends declared

(30,664)

Purchase  of company stock

(19,936)

Preferred  stock dividends declared

(3,600)

Exercise  of stock options

3,029 

Share  based compensation expense

1,114 

Shares  distributed from deferred compensation plan

354 

Shares  issued through DRIP Plan

363 

Shares  issued in lieu of Directors' fees

251 

Shares  issued through Employee Stock Purchase Plan

37 

Stock  offering issuance costs

(28)

$   (30,997)
 
Page 27 of 37

                OnAugust 3, 2007, the Board of Directors authorized the repurchase of up to 1.7million shares of Parkway's outstanding common stock through July 30, 2008. The shares may be purchased in the open market or in privately negotiated transactions,and at times and in amounts that the Company deems appropriate.  ThroughSeptember 2007, the Company purchased 454,038 shares for $19.9 million, whichequates to an average price of $43.91 per share.

**Resultsof Operations**

***Comments are for the three months and nine months ended September 30, 2007 comparedto the three months and nine months ended September 30, 2006.***

            Netloss available to common stockholders forthe three months ended September 30, 2007 was $2.1 million ($0.14 per basiccommon share) as compared to net loss available to common stockholders of $3.6million ($0.25 per basic common share) for the three months ended September 30,2006.  Net income available to common stockholders for the nine months ended September30, 2007 was $15.2 million ($0.97 per basic common share) as compared to netincome available to common stockholders of $13.7 million ($0.97 per basiccommon share) for the nine months ended September 30, 2006.  A net gain on thesale of real estate and other assets of $20.3 million was included in netincome available to common stockholders for the nine months ended September 30,2007.  Net gains on the sale of real estate and other assets of $211,000 and$13.7 million were included in net income available to common stockholders forthe three months and nine months ended September 30, 2006.

*                Officeand Parking Properties. *The analysisbelow includes changes attributable to same store properties, acquisitions anddispositions of office properties.  Same store properties are those that theCompany owned for the current and prior year reporting periods, excludingproperties classified as discontinued operations.  At September 30, 2007, samestore properties consisted of 52 properties comprising 9.8 million squarefeet.  Properties acquired in 2006 and 2007 that do not meet the definition ofsame store properties consisted of eight properties with 2.3 million squarefeet.

                Thefollowing table represents revenue from office and parking properties for thethree months and nine months ended September 30, 2007 and 2006 (in thousands):

**Three Months Ended September 30**

** **

**Nine Months Ended September 30**

** **

** **

**Increase**

**%**

** **

** **

** **

**Increase**

**%**

**2007**

**2006**

**(Decrease)**

**Change**

** **

**2007**

**2006**

**(Decrease)**

**Change**

Revenue  from office and parking properties:

   Same store  properties

 $

47,026  

 $

45,735  

 $

1,291  

2.8%

 $

144,222  

 $

140,476  

 $

3,746  

2.7%

    Properties  acquired in 2006

12,087 

6,061 

6,026 

99.4%

37,248 

6,523 

30,725 

471.0%

    Properties  acquired in 2007

1,624 

- 

1,624 

0.0%

1,898 

- 

1,898 

0.0%

    Properties  disposed

48 

3,127 

(3,079)

-98.5%

40 

5,461 

(5,421)

-99.3%

Total  revenue from office and

    parking  properties

 $

60,785  

 $

54,923  

 $

5,862  

10.7%

 $

183,408  

 $

152,460    

 $

30,948  

20.3%

                Revenuefrom office and parking properties for same store properties increased $1.3million and $3.7 million for the three months and nine months ended September30, 2007, respectively, compared to the same periods for 2006.  The primaryreason for the increase is due to an increase in same store occupancy andaverage rental rates for same store properties for the nine months ended September30, 2007 compared to September 30, 2006.  Average same store occupancy was 91.6%for the nine months ended September 30, 2007 compared to 89.6% for the sameperiod of 2006.  Additionally, same store rental rates increased 2.1% for the ninemonths ended September 30, 2007 compared to the same period of 2006.

Page 28 of 37

                Thefollowing table represents property operating expenses for the three months andnine months ended September 31, 2007 and 2006 (in thousands):

**Three Months Ended September 30**

** **

**Nine Months Ended September 30**

** **

** **

**Increase**

**%**

** **

** **

** **

**Increase**

**%**

**2007**

**2006**

**(Decrease)**

**Change**

** **

**2007**

**2006**

**(Decrease)**

**Change**

Expenses  from office and parking properties:

    Same  store properties

 $

22,114  

 $

22,008  

 $

106  

0.5%

 $

66,838  

 $

67,034  

 $

(196)    

-0.3%

    Properties  acquired in 2006

5,473 

2,940 

2,533 

86.2%

17,591 

3,091 

14,500 

469.1%

    Properties  acquired in 2007

668 

- 

668 

0.0%

778 

- 

778 

0.0%

    Office  property development

25 

- 

25 

0.0%

82 

- 

82 

0.0%

    Properties  disposed

58 

1,642 

(1,584)

-96.5%

102 

2,886 

(2,784)

-96.5%

Total expenses from office  and 

    parking  properties

 $

28,338  

 $

26,590    

 $

1,748  

6.6%

 $

85,391  

 $

73,011  

 $

12,380  

17.0%

                        Propertyoperating expenses for same store properties increased $106,000 for the threemonths ended September 30, 2007 compared to the same period of 2006 anddecreased $196,000 for the nine months ended September 30, 2007 compared to thesame period of 2006.  The primary reason for the year to date decrease is dueto decreased utilities.

Depreciation and amortization expense attributable tooffice and parking properties increased $2.4 million and $13.2 million for the threemonths and nine months ended September 30, 2007, respectively, compared to thesame period for 2006 and is due to the increase in the net investment in officeand parking properties due to additional purchases and improvements toproperties.

                *ManagementCompany Income.*  Management company income decreased $3.9 million for the ninemonths ending September 30, 2007 compared to the same period of 2006 and isprimarily due to the additional management and incentive fee recorded in 2006as a result of the economic returns generated above an internal rate of returnhurdle rate achieved over the life of the Viad joint venture.  The fees werereceived and recognized by Parkway in the second quarter of 2006 at closing of thesale of Viad Corporate Center.  

                *ShareBased Compensation Expense*.  Effective January 1, 2006, Parkway adoptedFASB Statement No. 123R, Share-Based Payment ("FAS 123R") using themodified-prospective transition method. In the past the Company had grantedstock options for a fixed number of shares to employees and directors with anexercise price equal to or above the fair value of the shares at the date ofgrant.  However, no stock options have been granted to employees since 2002 orto directors since 2003.  Since 2003, Parkway has elected to grant restrictedshares and deferred incentive share units instead of stock options.  Therefore,the adoption of FAS 123R has not had a material impact on income fromcontinuing operations, net income, cash flow from operations, cash flow fromfinancing activities or basic and diluted earnings per share.  

                OnJanuary 12, 2007, the Board of Directors approved the grant of 35,874 shares toofficers of the Company.  The shares were valued at $1.9 million and 34,875shares will vest four years from grant date and 999 shares will vest subject toachievement of the cumulative goals of the GEAR UP Plan, which will endDecember 31, 2008.  Compensation expense will not be recorded on the sharesthat vest based on performance conditions until the Company determines that itis probable that the goal will be achieved.  Therefore, no expense has beenrecorded to date for the shares that vest based on achievement of thecumulative goals of the GEAR UP Plan.

                Sharebased compensation expense of $1.1 million and $584,000 was recognized for the ninemonths ending September 30, 2007 and 2006, respectively.  Total compensationexpense related to nonvested awards subject to service conditions not yetrecognized was $4.3 million as of September 30, 2007.  The weighted averageperiod over which this expense is expected to be recognized is approximately 2.8years.  Total potential compensation expense associated with shares that vestbased on performance conditions is $1.5 million as of September 30, 2007.

                *Generaland Administrative Expense*.  General and administrative expense increased $578,000and $1.7 million for the three months and nine months ended September 30, 2007,respectively, compared to the same period of 2006 and is primarily attributableto increased personnel costs, share based compensation expense and professionalfees.

Page 29 of 37

                *Gainon Sale of Real Estate and Other Assets*.  For the nine months ended September 30, 2007,Parkway recorded a gain on the sale of two office properties in Knoxville, Tennessee inthe amount of $20.3 million.  For the nine months ended September 30, 2006, theCompany recorded a gain on the sale of the Viad Corporate Center in the amount of $13.6 million and recognized animpairment loss on investment securities in the amount of $119,000.  

* *

*                InterestExpense. *Interest expense, includingamortization, increased $809,000 and $8.7 million for the three months and ninemonths ended September 30, 2007, respectively, compared to the same period of2006 and is comprised of the following (in thousands):

**Three Months Ended September 30**

** **

**Nine Months Ended September 30**

** **

** **

**Increase**

**%**

** **

** **

** **

**Increase**

**%**

**2007**

**2006**

**(Decrease)**

**Change**

** **

**2007**

**2006**

**(Decrease)**

**Change**

Interest expenses:

     Mortgage  interest expense

 $

10,456  

 $

9,384  

 $

1,072  

11.4%

 $

31,100  

 $

23,062  

 $

8,038  

34.9%

     Bank  line interest expense

2,527 

2,724 

(197)

-7.2%

7,693 

7,339 

354 

4.8%

     Subsidiary  redeemable preferred

          membership  interest

76 

190 

(114)

-60.0%

449 

562 

(113)

-20.1%

     Debt  prepayment expense

- 

- 

- 

0.0%

370 

- 

370 

0.0%

     Mortgage  loan cost amortization

198 

169 

29 

17.2%

587 

492 

95 

19.3%

     Bank  loan cost amortization

117 

98 

19 

19.4%

311 

332 

(21)

-6.3%

Total interest expense

 $

13,374  

 $

12,565    

 $

809  

6.4%

 $

40,510  

 $

31,787  

 $

8,723  

27.4%

                Mortgageinterest expense increased $1.1 million and $8.0 million for the three monthsand nine months ended September 30, 2007, respectively, compared to the sameperiod for 2006 and is due to the net effect of new loans placed or assumed in2007 and 2006 and the early extinguishment of two mortgages in 2007.  Theaverage interest rate on mortgage notes payable as of September 30, 2007 and2006 was 5.8%.

* *

*                DiscontinuedOperations.*  Discontinued operationsis comprised of the following for the three months and nine months endingSeptember 30, 2007 and 2006 (in thousands):

**Three Months Ended September 30**

** **

**Nine Months Ended September 30**

** **

** **

**Increase**

**%**

** **

** **

** **

**Increase**

**%**

**2007**

**2006**

**(Decrease)**

**Change**

** **

**2007**

**2006**

**(Decrease)**

**Change**

Discontinued operations:

     Income  from discontinued

          operations

$    93

$  130

$    (37)

-28.5%

$     170

$   785

$    (615)

-78.3%

     Gain  on sale of real estate

          from  discontinued operations

-

211

(211)

-100.0%

-

211

(211)

-100.0%

Total discontinued  operations 

$    93

$  341

$  (248)

-72.7%

$    170

$   996

$    (826)

-82.9%

In August 2006, the Company sold Central Station, anoffice property in St. Petersburg, Florida to an unrelated party for a gross sales price of $15million and recognized a gain on the sale in the amount of $211,000 in thethird quarter of 2006.  

**Liquidityand Capital Resources**

* Statement of Cash Flows.  *Cash and cash equivalents were $11.4 million and $4.5 millionat September 30, 2007 and December 31, 2006, respectively.  Cash flows providedby operating activities for the nine months ended September 30, 2007 were $58.2million compared to $45.6 million for the same period of 2006.  The increase incash flows from operating activities of $12.6 million is primarily attributableto the effect of the timing of receipt of revenues and payment of expenses.

                Cashused in investing activities was $35.2 million for the nine months ended September30, 2007 compared to cash used in investing activities of $215.9 million forthe same period of 2006.  The decrease in cash used in investing activities of$180.7 million is primarily due to the net effect of increased proceeds on thesale of office properties and office property purchases in 2006, offset by anincrease in office property improvements and development costs in 2007.

Page 30 of 37

                Cashused in financing activities was $16.0 million for the nine months ended September30, 2007 compared to cash provided by financing activities of $172.1 millionfor the same period of 2006.  The decrease in cash provided by financingactivities of $188.2 million is primarily due to the net effect of an earlyextinguishment of two mortgage notes payable in 2007, proceeds from the sale ofoffice properties used to reduce bank lines of credit, the purchase of Parkwaycommon stock and proceeds received on mortgage placements in 2006.

** **

*Liquidity.  *TheCompany plans to continue pursuing the acquisition of additional investmentsthat meet the Company's investment criteria and intends to use bank lines ofcredit, proceeds from the sale of non-core assets and office properties,proceeds from the sale of portions of owned assets through joint ventures,possible sales of securities and cash balances to fund those acquisitions. 

                TheCompany's cash flows are exposed to interest rate changes primarily as a resultof its lines of credit used to maintain liquidity and fund capital expendituresand expansion of the Company's real estate investment portfolio andoperations.  The Company's interest rate risk management objective is to limitthe impact of interest rate changes on earnings and cash flows and to lower itsoverall borrowing costs.  To achieve its objectives, the Company borrows atfixed rates, but also utilizes a four-year unsecured revolving credit facility,a five-year unsecured term loan and two one-year unsecured lines of credit.

                AtSeptember 30, 2007, Parkway had a total of $186.8 million outstanding under afour-year $140 million unsecured revolving credit facility and a five-year $60million unsecured term loan, both led by Wachovia Bank and syndicated to nineother banks (the "$200 million line"), a $15 million unsecured line of creditwith PNC Bank (the "$15 million line") and a $9 million unsecured line ofcredit with Trustmark National Bank (the "$9 million line").  The weightedaverage interest rate on unsecured lines of credit was 6.4% and 6.2% at September30, 2007 and 2006, respectively.

The $200 million line is comprised of a $60 millionterm loan maturing in April 2011 and a $140 million revolving loan maturing inApril 2010. The interest rate on the $200 million line is based on LIBOR plus80 to 130 basis points depending upon overall Company leverage, with thecurrent rate set at LIBOR plus 130 basis points as of September 30, 2007.  TheCompany pays an annual administration fee of $35,000 and fees on the unusedportion of the revolver ranging between 12.5 and 20 basis points based uponoverall Company leverage, with the rate set at 12.5 basis points at September30, 2007.

                The Company's $200million line requires compliance with a number of restrictive financialcovenants, including tangible net worth, fixed charge coverage ratio,unencumbered interest coverage ratio, total debt to total asset ratio, secureddebt to total asset value ratio, secured recourse debt to total asset valueratio and unencumbered pool restrictions.  As of September 30, 2007 theCompany was in compliance with these financial covenants.

The $15 million line matures January 29, 2008, isunsecured and is expected to fund the daily cash requirements of the Company'streasury management system.  The interest rate on the $15 million line is basedon LIBOR plus 80 to 130 basis points, depending upon overall Company leverage,with the current rate set at LIBOR plus 130 basis points as of September 30,2007.  Under the $15 million line, the Company does not pay annualadministration fees or fees on the unused portion of the line.

The $9 million line with Trustmark National Bank isinterest only, has a current interest rate equal to the 30-day LIBOR rate plus132.5 basis points and matures December 7, 2007.  The proceeds of the loan wereused to finance the construction of the City Centre Garage, which was completedin 2005.

Page 31 of 37

To protect against the potential for rapidly risinginterest rates, the Company entered into interest rate swap agreements in 2007,2005 and 2004.  The Company designated the swaps as hedges of the variableinterest rates on the Company's borrowings under the Wachovia unsecuredrevolving credit facility.  Accordingly, changes in the fair value of the swapsare recognized in accumulated other comprehensive income until the hedged itemis recognized in earnings.  The Company's interest rate hedgecontracts as of September 30, 2007 and 2006 are summarized as follows (inthousands):

** **

** **

** **

** **

** **

**Fair Market Value**

**Type of**

**Notional**

**Maturity**

** **

**Fixed**

**September 30**

**Hedge**

**Amount**

**Date**

**Reference Rate**

**Rate**

**2007**

**2006**

Swap

$30,000

08/31/08

1-Month LIBOR

4.924%

$    (54)

$        - 

Swap

$40,000

12/31/08

1-Month LIBOR

4.360%

100 

523 

Swap

$20,000

12/31/08

1-Month LIBOR

4.245%

91 

309 

$   137 

$   832 

At September 30, 2007, the Company had $718.3 million inmortgage notes payable with an average interest rate of 5.8% secured by officeproperties and $186.8 million drawn under bank lines of credit.  Parkway's prorata share of unconsolidated joint venture debt was $9.8 million with anaverage interest rate of 5.2% at September 30, 2007.  Based on the Company'stotal market capitalization of approximately $1.5 billion at September 30, 2007(using the September 28, 2007 closing price of $44.14 per common share), theCompany's debt represented approximately 51.8% of its total marketcapitalization.  The Company targets a debt to total market capitalization rateat a percentage in the range of 45% to 50%.  This rate may vary at timespending acquisitions, sales and/or equity offerings.  In addition, volatilityin the price 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 range of 45% to 50%. 

                Inaddition to the debt to total market capitalization ratio, the Company alsomonitors interest, fixed charge and modified fixed charge coverage ratios.  Theinterest coverage ratio is computed by comparing the cash interest accrued toearnings before interest, taxes, depreciation and amortization ("EBITDA"). This ratio for the nine months ended September 30, 2007 and 2006 was 2.47 and 2.68times, respectively.  The fixed charge coverage ratio is computed by comparingthe cash interest accrued, principal payments made on mortgage loans andpreferred dividends paid to EBITDA.  This ratio for the nine months ended September30, 2007 and 2006 was 1.73 and 1.74 times, respectively.   The modified fixedcharge coverage ratio is computed by comparing the cash interest accrued andpreferred dividends paid to EBITDA.  This ratio for the nine months ended September30, 2007 and 2006 was 2.24 and 2.29 times, respectively.    In accordance withthe GEAR UP Plan, Parkway has established a self-imposed limit for the modifiedfixed charge coverage ratio of 2.5 times as the Company's pledge not to useleverage to achieve Company goals.  Management believes the debt to marketcapitalization, interest coverage, fixed charge coverage and modified fixedcharge coverage ratios provide useful information on total debt levels as wellas the Company's ability to cover interest, principal and/or preferred dividendpayments with current income.

                The table below presents the principal paymentsdue and weighted average interest rates for the mortgage notes payable as of September30, 2007.

**Average**

**Mortgage Notes Payable**

**Interest Rate**

**(In thousands)**

2007*

5.8%

$      3,811

2008

5.9%

55,938

2009

5.9%

36,201

2010

5.9%

97,476

2011

6.1%

111,665

2012

6.1%

63,041

Thereafter

6.3%

350,179

Total

$  718,311

 

Fair value at 09/30/07

$  708,075
            
*Remaining three months

Page 32 of 37

The Company presently has plans to make additionalcapital improvements at its office properties in 2007 of approximately $10 million. These expenses include tenant improvements, capitalized acquisition costs andcapitalized building improvements.  Approximately $3.4 million of theseimprovements relate to upgrades on properties acquired in recent years thatwere anticipated at the time of purchase.  All such improvements are expectedto be financed by cash flow from the properties, capital expenditure escrowaccounts, advances on the bank lines of credit or contributions from partners.

                In 2006, the Company announced the proposeddevelopment of a 194,000 square foot Class A+ office building in Jackson, Mississippi known as The Pinnacle at Jackson Place, adjacent to the Company's headquartersbuilding.  The estimated cost of the development is $48.5 million with expectedcompletion in the fall of 2008.  In 2007, the Company expects to incurapproximately $13 million in construction costs.  The Company has receivedcommitments to lease approximately 70% of the new office space from four majorcustomers.  Parkway will be seeking partners for an 80% ownership interest inthe development.  The development isdesigned to utilize benefits available under the Gulf Opportunity Zone Act fornew developments in areas affected by Hurricane Katrina.

               The Company anticipates that its current cashbalance, operating cash flows and borrowings (including borrowings under theworking capital line of credit) will be adequate to pay the Company's (i)operating and administrative expenses, (ii) debt service obligations, (iii)distributions to shareholders, (iv) capital improvements, and (v) normal repairand maintenance expenses at its properties, both in the short and long term. In addition, the Company may use proceeds from sales of assets, possible salesof securities and borrowings to fund property acquisitions.

**Contractual Obligations**

                Seeinformation appearing under the caption "Financial Condition - Note Payable toBanks and Mortgage Notes Payable" in Item 2, Management's Discussion andAnalysis of Financial Condition and Results of Operations for a discussion ofchanges in long-term debt since December 31, 2006.  

** **

Page 33 of 37
**FundsFrom Operations**
Management believes that funds from operationsavailable to common shareholders ("FFO") is an appropriate measure ofperformance for equity REITs and computes this measure in accordance with theNational Association of Real Estate Investment Trusts' ("NAREIT")definition of FFO.  Funds from operations is defined by NAREIT as net income(computed in accordance with generally accepted accounting principles "GAAP"),excluding gains or losses from sales of property and extraordinary items underGAAP, plus depreciation and amortization, and after adjustments to derive theCompany's pro rata share of FFO of consolidated and unconsolidated jointventures.  Further, the Company does not adjust FFO to eliminate the effects ofnon-recurring charges.  The Company believes that FFO is a meaningfulsupplemental measure of its operating performance because historical costaccounting for real estate assets in accordance with GAAP implicitly assumesthat the value of real estate assets diminishes predictably over time, asreflected through depreciation and amortization expenses.  However, since realestate values have historically risen or fallen with market and other conditions,many industry investors and analysts have considered presentation of operatingresults for real estate companies that use historical cost accounting to beinsufficient.  Thus, NAREIT created FFO as a supplemental measure of operatingperformance for real estate investment trusts that excludes historical costdepreciation and amortization, among other items, from net income, as definedby GAAP.  The Company believes that the use of FFO, combined with the requiredGAAP presentations, has been beneficial in improving the understanding ofoperating results of real estate investment trusts among the investing publicand making comparisons of operating results among such companies moremeaningful.  FFO as reported by Parkway may not be comparable to FFO reportedby other REITs that do not define the term in accordance with the currentNAREIT definition.  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 to fundcash needs.  Funds from operations should not be considered an alternative tonet 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 of theCompany's net income to FFO for the three months and nine months ended September30, 2007 and 2006 (in thousands):

**Three Months Ended**

** **

**Nine Months Ended**

**September 30**

** **

**September 30**

**2007**

**2006**

** **

**2007**

**2006**

Net  income (loss)

$         (894)

 $

(1,940)

$      18,774 

 $

18,960 

Adjustments  to derive funds from operations:

        Depreciation and amortization

19,694 

17,257 

58,073 

44,864 

        Depreciation and amortization - discontinued  operations

- 

121 

1 

535 

        Minority interest depreciation and  amortization

(2,799)

(648)

(7,474)

(1,473)

        Adjustments for unconsolidated joint ventures

169 

156 

491 

659 

        Preferred dividends

(1,200)

(1,200)

(3,600)

(3,600)

        Convertible preferred dividends

- 

(481)

- 

(1,654)

        Gain on sale of real estate

- 

(211)

(20,260)

(13,795)

        Other

2 

1 

2 

1 

Funds from operations applicable to common

        shareholders

$      14,972 

 $

13,055 

$       46,007 

 $

44,497 
                              
**Inflation**

                Exceptfor insurance, inflation has not had a significant impact on the Companybecause of the relatively low inflation rate in the Company's geographic areasof operation.  Additionally, most of the leases require the customers to paytheir pro rata share of operating expenses, including common area maintenance,real estate taxes, utilities and insurance, thereby reducing the Company'sexposure to increases in operating expenses resulting from inflation.  TheCompany's leases typically have three to seven year terms, which may enable theCompany to replace existing leases with new leases at market base rent, whichmay be higher or lower than the existing lease rate.

                *Insurance*. Following the devastating hurricanes of 2004 and 2005, the insurance market forproperties located in coastal and wind prone areas of the country has beenextremely volatile.  Following a mild hurricane season in 2006, insurancepremiums moderated and the Company renewed its property and casualty insurancepolicy on April 1, 2007, with an overall decrease in premium cost compared tothe previous 16-month policy period.  While most individual propertiesexperienced a decline in premium, properties located in coastal or wind proneareas did experience rate increases.  Increases or decreases in insurancecosts directly related to each property are passed through to customers to theextent allowed by the lease terms.  Upon renewal, the deductible for winddamage for properties located in Florida increased from 2% of replacement cost to 5% ofreplacement cost and for properties located in Harris and Fort Bend County in Texas,deductibles for wind damage increased from 2% to 3% of replacement cost. The new policy will be in effect until April 1, 2008, at which time these linesof coverage will be renewed under market conditions that exist at that time.

** **

Page 34 of 37
 
**Forward-LookingStatements**

                Inaddition to historical information, certain sections of this Form 10-Q maycontain forward-looking statements within the meaning of Section 27A of theSecurities Act of 1933 and Section 21E of the Securities Exchange Act of 1934,such as those that are not in the present or past tense, that discuss theCompany's beliefs, expectations or intentions or those pertaining to theCompany's capital resources, profitability and portfolio performance andestimates of market rental rates.  Forward-looking statements involve numerousrisks and uncertainties.  The following factors, among others discussed hereinand in the Company's filings under the Securities Exchange Act of 1934, couldcause actual results and future events to differ materially from those setforth or contemplated in the forward-looking statements:  defaults ornon-renewal of leases, increased interest rates and operating costs, failure toobtain necessary outside financing, difficulties in identifying properties toacquire and in effecting acquisitions, the failure to acquire or sellproperties as and when anticipated, failure to qualify as a real estateinvestment trust under the Internal Revenue Code of 1986, as amended,environmental uncertainties, risks related to natural disasters, financialmarket fluctuations, changes in real estate and zoning laws and increases inreal property tax rates.  The success of the Company also depends upon thetrends of the economy, including interest rates, income tax laws, governmentalregulation, legislation, population changes and those risk factors discussedelsewhere in this Form 10-Q and in the Company's filings under the SecuritiesExchange Act of 1934.  Readers are cautioned not to place undue reliance onforward-looking statements, which reflect management's analysis only as thedate hereof.  The Company assumes no obligation to update forward-lookingstatements.

** Item3.  Quantitative and Qualitative Disclosures About Market Risk**

** **                Seeinformation appearing under the caption "Liquidity" in Item 2, Management'sDiscussion and Analysis of Financial Condition and Results of Operations.

**Item 4.  Controls andProcedures**

** **                TheCompany carried out an evaluation, under the supervision and with theparticipation of the Company's management, including the Company's ChiefExecutive Officer and Chief Financial Officer, of the effectiveness of thedesign and operation of the Company's disclosure controls and procedures pursuantto Exchange Act Rule 13a‐15.  Based upon that evaluation, the ChiefExecutive Officer and Chief Financial Officer concluded that as of the end ofthe Company's most recent fiscal quarter, the Company's disclosure controls andprocedures are effective in timely alerting them to material informationrelating to the Company (including its consolidated subsidiaries) required tobe included in the Company's periodic SEC filings.

                Duringthe period covered by this report, the Company reviewed its internal controls,and there have been no changes in the Company's internal controls overfinancial reporting that have materially affected, or are reasonably likely tomaterially affect, the Company's internal controls over financial reporting.

Page 35 of 37

**PART II.  OTHER INFORMATION**

**Item 1A.  Risk Factors**

There have been no material changes to the riskfactors disclosed in Parkway's Form 10-K for the year ended December 31, 2006.

**Item 2.  UnregisteredSales of Equity Securities and Use of Proceeds**

On August 3, 2007, the Board of Directors authorizedthe repurchase of up to 1.7 million shares of Parkway's outstanding commonstock through July 30, 2008.  The shares may be purchased in the open market orin privately negotiated transactions, and at times and in amounts that theCompany deems appropriate. 

The following table lists shares purchased to dateunder the existing authorization:

** **

** **

** **

**(c) Total Number**

**(d) Maximum Number**

** **

** **

** **

**of Shares Purchased**

**of Shares that**

** **

** (a) Total Number**

** (b) Average**

**as Part of Publicly**

**May Yet Be**

** **

** of Shares**

** Price Paid**

**Announced Plans**

**Purchased Under**

**Period**

** Purchased**

** per Share**

**or Programs**

**the Plans or Programs**

08/01/07 to 08/31/07

351,938

$     43.88

351,938

1,348,062

09/01/07 to 09/30/07

102,100

$     44.02

102,100

1,245,962

Total

454,038

$     43.91

454,038

1,245,962

** Item6.  Exhibits**

** **10.1     CompensationProgram for Non-Employee Directors.

31.1     Certificationof Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of2002.

31.2     Certificationof Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of2002.

32.1     Certificationof Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of2002.

32.2     Certificationof Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of2002.
 
Page 36 of 37

**SIGNATURES**

** **

        Pursuant to therequirements of the Securities Exchange Act of 1934, the Registrant has dulycaused this report to be signed on its behalf by the undersigned thereunto dulyauthorized.

**DATE**:   November 7, 2007

**PARKWAY PROPERTIES, INC.**

** **

** **

** **

** **

** **

** **

** **

**BY**:

/s/ Mandy M. Pope

** **

Mandy M. Pope, CPA

** **

Senior Vice President and

** **

Chief Accounting Officer
 
Page 37 of 37 |
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