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

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**FORM 10-Q**

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

**of the  Securities Exchange Act of 1934  For Quarterly Period Ended****March 31, 2006****or**

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

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

        14,184,050 shares  of Common Stock, $.001 par value, were outstanding as of  May 1, 2006. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  |  |  |

Page 1 of 30

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**FORM 10-QTABLE OF CONTENTSFOR THE QUARTER ENDED MARCH 31, 2006**

**Part I. Financial Information**

| Item 1.                         | Financial Statements                                                                   | **Page** |
|---------------------------------|----------------------------------------------------------------------------------------|----------|
|                                 |                                                                                        |          |
|                                 | Consolidated Balance Sheets, March 31, 2006 and December 31, 2005                      | 3        |
|                                 |                                                                                        |          |
|                                 | Consolidated Statements of Income for the Three Months  Ended                          |          |
|                                 |        March 31, 2006 and 2005                      | 4        |
|                                 |                                                                                        |          |
|                                 | Consolidated Statements of Stockholders' Equity for the Three  Months Ended            |          |
|                                 |        March 31, 2006 and 2005                      | 5        |
|                                 |                                                                                        |          |
|                                 | Consolidated Statements of Cash Flows for the Three Months  Ended                      |          |
|                                 |        March 31, 2006 and 2005                      | 6        |
|                                 |                                                                                        |          |
|                                 | Notes to Consolidated Financial Statements                                             | 7        |
|                                 |                                                                                        |          |
| Item 2.                         | Management's Discussion and Analysis of Financial  Condition and Results of Operations | 18       |
|                                 |                                                                                        |          |
| Item 3.                    | Quantitative and Qualitative Disclosures about Market Risk                             | 28       |
|                                 |                                                                                        |          |
| Item 4.                         | Controls and Procedures                                                                | 29       |
|                                 |                                                                                        |          |
|                                 |                                                                                        |          |
| **Part II. Other  Information** |
| Item 1A.                        | Risk Factors                                                                           | 29       |
|                                 |                                                                                        |          |
| Item 2.                         | Unregistered Sales of Equity Securities and Use of  Proceeds                           | 29       |
|                                 |                                                                                        |          |
| Item 6.                    | Exhibits                                                                               | 29       |
|                                 |                                                                                        |          |
|                                 |                                                                                        |          |
| **Signatures**                  |
|                                 |                                                                                        |          |
| Authorized signatures           | 30                                                                                     |

Page 2 of 30

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| **PARKWAY  PROPERTIES, INC.**                                                                       |
|-----------------------------------------------------------------------------------------------------|
| **CONSOLIDATED  BALANCE SHEETS**                                                                    |
| (In thousands,  except share data)                                                                  |
| ** **                                                                                          | ** ** | ** ** | ** ** |
|                                                                                                |  |   |  |
|                                                                                                | **March 31** |   | **December 31** |
|                                                                                                | **2006** |   | **2005** |
|                                                                                                | (Unaudited) |   |   |
| **Assets**                                                                                          |   |   |   |
| Real estate related investments:                                                                    |   |   |  |
| Office and parking properties                                                                       | $ | 1,224,090  |   | $ | 1,220,565  |
| Accumulated depreciation                                                                            | (190,132) |   | (179,636) |
|                                                                                                     | 1,033,958  |   | 1,040,929  |
|                                                                                                     |  |   |  |
| Land available for sale                                                                             | 1,467  |   | 1,467  |
| Investment in unconsolidated joint ventures                                                         | 12,995  |   | 12,942  |
|                                                                                                     | 1,048,420  |   | 1,055,338  |
|                                                                                                     |  |   |  |
| Rents receivable and other assets                                                                   | 66,359  |   | 69,480  |
| Intangible assets, net                                                                              | 57,730  |   | 60,161  |
| Cash and cash equivalents                                                                           | 8,001  |   | 3,363  |
| ** **                                                                                          | $ | 1,180,510  |   | $ | 1,188,342  |
| **Liabilities**                                                                                     |  |   |  |
| Notes payable to banks                                                                              | $ | 164,294  |   | $ | 150,371  |
| Mortgage notes payable                                                                              | 479,676  |   | 483,270  |
| Accounts payable and other liabilities                                                              | 49,779  |   | 56,628  |
| Subsidiary redeemable preferred membership interests                                                | 10,741  |   | 10,741  |
| ** **                                                                                          | 704,490  |   | 701,010  |
| **Minority Interest**                                                                               |  |   |  |
| Minority Interest - unit holders                                                                    | 37  |   | 38  |
| Minority Interest - real estate partnerships                                                        | 9,337  |   | 12,778  |
|                                                                                                     | 9,374  |   | 12,816  |
| **Stockholders' Equity**                                                                            |  |   |  |
| 8.34% Series B Cumulative Convertible Preferred stock,                                              |  |   |  |
|         $.001 par value, 2,142,857 shares authorized,            |  |   |  |
|         803,499 shares issued and outstanding                    | 28,122  |   | 28,122  |
| 8.00% Series D Preferred stock, $.001 par value, 2,400,000                                          |  |   |  |
|         shares authorized, issued and outstanding                | 57,976  |   | 57,976  |
| Common stock, $.001 par value, 65,457,143 shares  authorized,                                       |  |   |  |
|         14,184,048 and 14,167,292 shares issued and  outstanding |  |   |  |
|         in 2006 and 2005, respectively                           | 14  |   | 14  |
| Excess stock, $.001 par value, 30,000,000 shares  authorized,                                       |  |   |  |
|         no shares issued                                         | -  |   | -  |
| Common stock held in trust, at cost, 118,000 and 124,000                                            |  |   |  |
|         shares in 2006 and 2005, respectively                    | (3,995) |   | (4,198) |
| Additional paid-in capital                                                                          | 387,607  |   | 389,971  |
| Unearned compensation                                                                               | -  |   | (3,101) |
| Accumulated other comprehensive income                                                              | 1,262  |   | 826  |
| Retained earnings (deficit)                                                                         | (4,340) |   | 4,906  |
| ** **                                                                                          | 466,646  |   | 474,516  |
| ** **                                                                                          | $ | 1,180,510  |   | $ | 1,188,342  |

See notes to consolidated financial statements.

Page 3 of 30

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| **PARKWAY PROPERTIES, INC.**                                                                                                               |
|--------------------------------------------------------------------------------------------------------------------------------------------|
| **CONSOLIDATED STATEMENTS OF  INCOME**                                                                                                     |
| (In thousands, except per share  data)                                                                                                     |
| ** **                                                                                                                                 | **Three Months Ended** |
| ** **                                                                                                                                 | **March  31** |
| ** **                                                                                                                                 | **2006** |  | **2005** |
| ** **                                                                                                                                 | (Unaudited) |
| **Revenues**                                                                                                                               |  |  |  |
| Income from office and parking properties                                                                                                  | $ | 49,697  |  |  $ | 46,589  |
| Management company income                                                                                                                  | 362  |  | 1,051  |
| Other income                                                                                                                               | 19  |  | 135  |
| ** **                                                                                                                                 | 50,078  |  | 47,775  |
| **Expenses**                                                                                                                               |  |  |  |
| Office and parking properties:                                                                                                             |  |  |  |
|         Operating expense                                                                               | 24,155  |  | 20,934  |
|         Interest expense:                                                                               |  |  |  |
|                Contractual                                           | 6,810  |  | 6,445  |
|                Subsidiary redeemable preferred  membership interests | 185  |  | 185  |
|                Amortization of loan costs                            | 162  |  | 148  |
|         Depreciation and amortization                                                                   | 13,726  |  | 11,144  |
| Operating expense for other real estate properties                                                                                         | 1  |  | 1  |
| Interest expense on bank notes:                                                                                                            |  |  |  |
|         Contractual                                                                                     | 2,149  |  | 1,081  |
|         Amortization of loan costs                                                                      | 120  |  | 124  |
| Management company expenses                                                                                                                | 375  |  | 235  |
| General and administrative                                                                                                                 | 1,146  |  | 1,718  |
|                                                                                                                                            | 48,829  |  | 42,015  |
| **Income before equity in earnings,  minority interest**                                                                              |  |  |  |
|          **and discontinued operations**                                                                | 1,249  |  | 5,760  |
| Equity in earnings of unconsolidated joint ventures                                                                                        | 410  |  | 515  |
| Minority interest - unit holders                                                                                                           | -  |  | (1) |
| Minority interest - real estate partnerships                                                                                               | 80  |  | (305) |
| **Income before discontinued operations**                                                                                                  | 1,739  |  | 5,969  |
| Discontinued operations:                                                                                                                   |  |  |  |
|         Income from discontinued operations                                                             | 2  |  | 307  |
| **Net income**                                                                                                                             | 1,741  |  | 6,276  |
| Change in unrealized loss on equity securities                                                                                             | (30) |  | (64) |
| Change in market value of interest rate swaps                                                                                              | 466  |  | 435  |
| **Comprehensive income**                                                                                                                   | $ | 2,177  |  |  $ | 6,647  |
| **Net income available to common stockholders:**                                                                                           |  |  |  |
| Net income                                                                                                                                 | $ | 1,741  |  |  $ | 6,276  |
| Dividends on preferred stock                                                                                                               | (1,200) |  | (1,200) |
| Dividends on convertible preferred stock                                                                                                   | (587) |  | (587) |
| **Net income (loss) available to common stockholders**                                                                                     | $ | (46) |  |  $ | 4,489  |
| **Net income per common share:**                                                                                                           |  |  |  |
| Basic:                                                                                                                                     |  |  |  |  |  |
|         Income from continuing operations                                                               | $ | -  |  |  $ | 0.30  |
|         Discontinued operations                                                                         |  | -  |  |  | 0.02  |
|         Net income                                                                                      | $ | -  |  |  $ | 0.32  |
| Diluted:                                                                                                                                   |  |  |  |  |  |
|         Income from continuing operations                                                               | $ | -  |  |  $ | 0.30  |
|         Discontinued operations                                                                         |  | -  |  |  | 0.02  |
|         Net income                                                                                      | $ | -  |  |  $ | 0.32  |
| Dividends per common share                                                                                                                 | $ | 0.65  |  |  $ | 0.65  |
| Weighted average shares outstanding:                                                                                                       |  |  |  |
| Basic                                                                                                                                      | 14,049  |  | 13,907  |
| Diluted                                                                                                                                    | 14,231  |  | 14,095  |

See notes toconsolidated financial statements.

Page 4 of 30

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| **PARKWAY PROPERTIES, INC.**                                                                                                                    |
|-------------------------------------------------------------------------------------------------------------------------------------------------|
| **CONSOLIDATED STATEMENTS OF  STOCKHOLDERS' EQUITY**                                                                                            |
| (In thousands)                                                                                                                                  |
|                                                                                                                                                 | ** ** |
|                                                                                                                                                 | ** Three Months Ended** |
|                                                                                                                                                 | **March 31** |
|                                                                                                                                                 | **2006** |  | **2005** |
|                                                                                                                                                 |  (Unaudited) |
|                                                                                                                                                 | ** ** |  | ** ** |
| **8.34%  Series B Cumulative Convertible**                                                                                                      |  |  |  |
|         **Preferred  stock, $.001 par value**                                                                |  |  |  |
|         Balance  at beginning of period                                                                      |  $ | 28,122  |  |  $ | 28,122  |
|         Balance  at end of period                                                                            | 28,122  |  | 28,122  |
| **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                                                                      | 14  |  | 12  |
|                 Shares  issued - stock offering                      | -  |  | 2  |
|         Balance  at end of period                                                                            | 14  |  | 14  |
| **Common  stock held in trust**                                                                                                                 |  |  |  |
|         Balance  at beginning of period                                                                      | (4,198) |  | (4,400) |
|                 Shares  distributed from deferred compensation plan  | 203  |  | -  |
|         Balance  at end of period                                                                            | (3,995) |  | (4,400) |
| **Additional  paid-in capital**                                                                                                                 |  |  |  |
|         Balance  at beginning of period                                                                      | 389,971  |  | 310,455  |
|                 Stock  options exercised                             | 590  |  | 97  |
|                 Nonvested  shares issued                             | -  |  | (10) |
|                  Deferred incentive share units forfeited            | -  |  | 25  |
|                 Shares  issued - DRIP plan                           | -  |  | 96  |
|                 Shares  issued - stock offering                      | -  |  | 75,837  |
|                  Share based compensation expense                    | 147  |  | -  |
|                 Reclassification  upon the adoption of SFAS No. 123R | (3,101) |  | -  |
|         Balance at end of  period                                                                            | 387,607  |  | 386,500  |
| **Unearned  compensation**                                                                                                                      |  |  |  |
|         Balance  at beginning of period                                                                      | (3,101) |  | (4,122) |
|                 Nonvested  shares issued                             | -  |  | (25) |
|                 Deferred  incentive share units forfeited            | -  |  | 10  |
|                 Share  based compensation expense                    | -  |  | 211  |
|                  Reclassification upon the adoption of SFAS No. 123R | 3,101  |  | -  |
|         Balance  at end of period                                                                            | -  |  | (3,926) |
| **Accumulated  other comprehensive income (loss)**                                                                                              |  |  |  |
|         Balance  at beginning of period                                                                      | 826  |  | (226) |
|                 Change  in unrealized gain on equity securities      | (30) |  | (64) |
|                 Change  in market value of interest rate swaps       | 466  |  | 435  |
|         Balance  at end of period                                                                            | 1,262  |  | 145  |
| **Retained  earnings (deficit)**                                                                                                                |  |  |  |
|         Balance  at beginning of period                                                                      | 4,906  |  | 27,831  |
|                 Net  income                                          | 1,741  |  | 6,276  |
|                 Preferred  stock dividends declared                  | (1,200) |  | (1,200) |
|                 Convertible  preferred stock dividends declared      | (587) |  | (587) |
|                 Common  stock dividends declared                     | (9,200) |  | (9,145) |
|         Balance  at end of period                                                                            | (4,340) |  | 23,175  |
| **Total  stockholders' equity**                                                                                                                 |  $ | 466,646  |  |  $ | 487,606  |
|                                                                                                                                                 |  |  |  |  |  |  |  |

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to consolidated financial statements.

Page 5 of 30

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| **PARKWAY  PROPERTIES, INC.**                                                                                                                                                                                                        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **CONSOLIDATED STATEMENTS OF****CASH****FLOWS**                                                                                                                                                                                      |
| (In thousands)                                                                                                                                                                                                                       |
| ** **                                                                                                                                                                                                                           |  |  |  |
| ** **                                                                                                                                                                                                                           | **Three Months Ended** |
| ** **                                                                                                                                                                                                                           | **March 31** |
| ** **                                                                                                                                                                                                                           | **2006** |  | **2005** |
| ** **                                                                                                                                                                                                                           | (Unaudited) |
| ** **                                                                                                                                                                                                                           |  |  |  |
| **Operating activities**                                                                                                                                                                                                             |  |  |  |
|         Net income                                                                                                                                                                                | $ | 1,741  |  |  $ | 6,276  |
|         Adjustments to reconcile net income to cash provided by                                                                                                                                   |  |  |  |
|                  operating activities:                                                                                                               |  |  |  |
|                          Depreciation and amortization                                                       | 13,726  |  | 11,144  |
|                          Depreciation and amortization - discontinued  operations                            | -  |  | 130  |
|                          Amortization of above market leases                                                 | 409  |  | 584  |
|                          Amortization of loan costs                                                          | 282  |  | 272  |
|                          Share based compensation expense                                                    | 147  |  | 211  |
|                       Operating distributions from unconsolidated joint  ventures                                           | 357  |  | 516  |
|                          Income (loss) allocated to minority interests                                       | (80) |  | 305  |
|                          Equity in earnings of unconsolidated joint ventures                                 | (410) |  | (515) |
|                          Changes in operating assets and liabilities:                                        |  |  |  |
|                                 Increase in receivables and other  assets | 2,907  |  | 952  |
|                                 Decrease in accounts payable and other  liabilities | (6,153) |  | (9,598) |
| ** **                                                                                                                                                                                                                           |  |  |  |
| **Cash provided by operating activities**                                                                                                                                                                                            | 12,926  |  | 10,277  |
| ** **                                                                                                                                                                                                                           |  |  |  |
| **Investing activities**                                                                                                                                                                                                             |  |  |  |
|         Investments in unconsolidated joint ventures                                                                                                                                              | - |  | (21) |
|         Purchases of real estate related investments                                                                                                                                              | (1,456) |  | (100,541) |
|         Real estate development                                                                                                                                                                   | - |  | (3,339) |
|         Improvements to real estate related investments                                                                                                                                           | (7,310) |  | (7,542) |
|                                                                                                                                                                                                                                      |  |  |  |
| **Cash used in investing activities**                                                                                                                                                                                                | (8,766) |  | (111,443) |
| ** **                                                                                                                                                                                                                           |  |  |  |
| **Financing activities**                                                                                                                                                                                                             |  |  |  |
|         Principal payments on mortgage notes payable                                                                                                                                              | (3,594) |  | (4,211) |
|         Net proceeds from bank borrowings                                                                                                                                                         | 14,389  |  | 42,331  |
|         Debt financing costs                                                                                                                                                                      | (54) |  | (100) |
|         Stock options exercised                                                                                                                                                                   | 590  |  | 97  |
|         Dividends paid on common stock                                                                                                                                                            | (9,138) |  | (9,052) |
|         Dividends paid on preferred stock                                                                                                                                                         | (1,787) |  | (2,264) |
|         Contributions from minority interest partners                                                                                                                                             | 375  |  | -  |
|         Distributions to minority interest partners                                                                                                                                               | (303) |  | (37) |
|         Proceeds from DRIP Plan                                                                                                                                                                   | - |  | 96  |
|         Proceeds from stock offerings and preferred membership  interests                                                                                                                         | - |  | 75,839  |
|                                                                                                                                                                                                                                      |  |  |  |
| **Cash provided by financing activities**                                                                                                                                                                                            | 478  |  | 102,699  |
| ** **                                                                                                                                                                                                                           |  |  |  |
| **Change in cash and cash equivalents**                                                                                                                                                                                              | 4,638  |  | 1,533  |
|                                                                                                                                                                                                                                      |  |  |  |
| **Cash and cash equivalents at beginning of period**                                                                                                                                                                                 | 3,363  |  | 1,077  |
|                                                                                                                                                                                                                                      |  |  |  |
| **Cash and cash equivalents at end of period**                                                                                                                                                                                       | $ | 8,001  |  |  $ | 2,610  |

See notes toconsolidated financial statements.

 

Page 6 of 30

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**Parkway Properties, Inc.Notes to Consolidated Financial Statements (Unaudited)****March 31, 2006****(1)   Basis of Presentation**

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

        The Company determines consolidation for joint ventures based onstandards 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 exercises significant control over major operating andmanagement decisions, or where the Company is the sole general partner and thelimited partners do not possess kick-out rights or other substantive participatingrights or where the entity is a variable interest entity and Parkway is theprimary beneficiary.  The equity method of accounting is used for those jointventures that do not meet the criteria for consolidation under thesepronouncements. 

        The accompanying unaudited condensed consolidated financial statementshave been prepared in accordance with accounting principles generally acceptedin the United States for interim financial information and with theinstructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, theydo not include all of the information and footnotes required by accountingprinciples generally accepted in the United States for complete financialstatements.

        The accompanyingfinancial statements reflect all adjustments which are, in the opinion ofmanagement, necessary for a fair statement of the results for the interimperiods presented.  All such adjustments are of a normal recurring nature. Operating results for the three months ended March 31, 2006 are not necessarily indicative of the results that may be expected for the year ended December 31, 2006.  The financial statements should be read in conjunction with the annualreport and the notes thereto.

        The balance sheet at December 31, 2005 has been derived from the audited financial statements at that date butdoes not include all of the information and footnotes required by accountingprinciples generally accepted in the United States for complete financialstatements.

**(2)  Net Income Per Common Share**

       Basic earnings per share ("EPS") arecomputed by dividing income available to common stockholders by theweighted-average number of common shares outstanding for the period.  Inarriving at income available to common stockholders, preferred stock dividendsare deducted.  Diluted EPS reflects the potential dilution that could occur ifshare equivalents such as employee stock options, nonvested shares, deferredincentive share units, warrants and 8.34% Series B cumulative convertiblepreferred stock were exercised or converted into common stock that then sharedin the earnings of Parkway.

     

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       The computation ofdiluted EPS is as follows (in thousands, except per share data):

|                                                                                   | **Three Months Ended** |
|-----------------------------------------------------------------------------------|------------------------|
|                                                                                   | **March 31**           |
|                                                                                   | **2006**               |  | **2005** |
| Numerator:                                                                        |                        |  |  |
|     Basic  and diluted net income (loss)                      |                        |  |  |
|         available  to common stockholders |  $                | (46) |  |  $ | 4,489  |
| Denominator:                                                                      |                        |  |  |
|     Basic  weighted average shares                            | 14,049            |  | 13,907  |
|      Dilutive effect of share equivalents                          | 182               |  | 188  |
|     Diluted  weighted average shares                          | 14,231            |  | 14,095  |
| Diluted  earnings per share                                                       |  $                | 0.00  |  |  $ | 0.32  |

****       Thecomputation of diluted EPS did not assume the conversion of the 8.34% Series Bcumulative convertible preferred stock because their inclusion would have beenanti-dilutive.

**(3)   Supplemental Cash Flow Informationand 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.

|                                                                         | **Three Months Ended** |
|-------------------------------------------------------------------------|------------------------|
|                                                                         | **March 31**           |
|                                                                         | **2006**               |  | **2005** |
|                                                                         | (in thousands)         |
|                                                                         |                        |  |  |
| Supplemental cash flow information:                                     |                        |  |  |
|         Cash paid for interest       |  $                | 8,518 |  |  $ | 7,448  |
|         Income taxes  paid      | 2                      |  | -  |
| Supplemental schedule of non-cash investing and financing activity:     |                        |  |  |
|         Mortgage assumed in purchase | -                      |  | 111,680  |
|         Nonvested shares issued      | -                      |  | 25  |
|                                                                         |                        |  |  |  |  |

**(4)   Acquisitions**

On March 7, 2006, Parkway, through affiliated entities, purchased for$1.4 million the limited partner's interest in Moore Building Associates, LP("MBALP"), which owns the Toyota Center in downtown Memphis, Tennessee.  Thisraises Parkway's total effective ownership interest in MBALP to 75.025%. MBALPwas previously consolidated based on the guidance set forth in FIN 46R. Parkway will continue to include MBALP in its consolidated financial statementsas the acquisition is accounted for by the purchase method.

****On April 26, 2006, the Company entered into an agreement to purchase OneIllinois Center, located at 111 E. Wacker Drive in Chicago, Illinois for $198million plus $17.3 million in closing costs, anticipated capital expendituresand leasing commissions in the first two years of ownership for a totalinvestment of $215.3 million.  The purchase will be funded by a $148.5 millionnon-recourse fixed rate mortgage at an estimated 117 basis point spread overthe 10-year US Treasury rate, currently calculated to be 6.27%, and amortizedover 30 years with a 10-year maturity.  Additional purchase funding will comefrom $49.5 million drawn under existing lines of credit.  The purchaseagreement, which is subject to customary due diligence procedures and closingconditions, is expected to close in the second quarter of 2006.

Page 8 of 30

----

 

(5)  Discontinued Operations

In the third quarter of 2005, theCompany sold The Park on Camelback in Phoenix, Arizona for a gain of $4.4 million and 250 Commonwealth in Greenville, South Carolina for aloss of $238,000.  All current and prior period income from the officeproperties have been classified as discontinued operations.

** **

The amount of revenue and expensefor these two office properties reported in discontinued operations for thethree months ended March 31, 2006 and 2005 is as follows (in thousands):

** **

| ** **                                                               | **Three Months  Ended** |
|--------------------------------------------------------------------------|-------------------------|
| ** **                                                               | **March 31**            |
| ** **                                                               | **2006**                | ** ** | **2005** |
| **Income Statement:**                                                    | ** **              | ** ** | ** ** |
| **Revenues**                                                             |                         |  |  |
| Income from office and parking properties                                |  $                 | -  |  |  $ | 708 |
| ** **                                                               | -                  |  | 708 |
| **Expenses**                                                             |                         |  |  |
| Office and parking properties:                                           |                         |  |  |
|         Operating expense             | (2)                     |  | 271 |
|         Depreciation and amortization | -                  |  | 130 |
| ** **                                                               | (2)                     |  | 401 |
| **Income from discontinued operations**                                  |  $                 | 2  |  |  $ | 307 |

** **

**(6)   Investment inUnconsolidated Joint Ventures**

        As of March 31, 2006, theCompany was invested in five unconsolidated joint ventures. These joint venturesare accounted for using the equity method of accounting, as Parkway does notcontrol any of these joint ventures and is not the primary beneficiary.  As aresult, the assets and liabilities of the joint ventures are not included onParkway's consolidated balance sheets as of March 31, 2006.  Information relating to the unconsolidated joint ventures is detailed below.

| ** **                                           | ** **              | ** **      | **Square**         | **Parkway's** | ** **     |
|------------------------------------------------------|-------------------------|-----------------|--------------------|---------------|----------------|
| ** **                                           | ** **              | ** **      | **Feet**           | **Ownership** | **Percentage** |
| **Joint Ventures**                                   | **Property Name**       | **Location**    | **(in thousands)** | **Interest**  | **Leased**     |
| ** **                                           | ** **              | ** **      | ** **         | ** **    | ** **     |
| Phoenix OfficeInvest, LLC ("Viad JV")      | Viad Corporate Center   | Phoenix, AZ     | 480                | 30.0%         | 93.0%          |
| Wink-Parkway Partnership                             | Wink Building           | New Orleans, LA | 32                 | 50.0%         | 100.0%         |
| Parkway Joint Venture, LLC  ("Jackson JV") | UBS Building/River Oaks | Jackson, MS     | 168                | 20.0%         | 92.3%          |
| RubiconPark I, LLC ("Rubicon  JV")         | Lakewood/Falls Pointe   | Atlanta, GA     | 551                | 20.0%         | 92.7%          |
|                                                      | Carmel Crossing         | Charlotte, NC   |                    |               |                |
| RubiconPark II, LLC  ("Maitland JV")       | Maitland 200            | Orlando, FL     | 203                | 20.0%         | 94.0%          |
|                                                      |                         |                 | 1,434              |               | 93.1%          |

Subsequent toMarch 31, 2006, Parkway and its joint venture partner signed an agreement tosell the Viad Building in Phoenix, Arizona for $105.75 million.  The buyer willbe assuming mortgage debt of $50 million in the sale.  The Company expects toreceive cash proceeds from the sale of approximately $20.4 million.  The saleis expected to produce a gain to Parkway of approximately $13 million.  Uponoccurrence of this sale, the Company will recognize an additional managementfee and incentive fee of approximately $4.5 million as a result of the economicreturns generated over the life of the Viad joint venture and will incur$244,000 in costs associated with the loan transfer.  The closing, which issubject to the completion of customary due diligence procedures, is expected toclose in the second quarter of 2006.  There can be no assurances thatconditions of the agreement will be satisfied, or if satisfied that suchclosing will occur. 

Page 9 of 30

----

Balance sheetinformation for the unconsolidated joint ventures is summarized below as of March 31, 2006 and December 31, 2005 (in thousands):

|  
**Balance Sheet Information**

 
**March 31, 2006**

 
 
** **

**Viad**

**Wink**

**Jackson**

**Rubicon**

**Maitland**

**Combined**

 
** **

**JV**

**Building**

**JV**

**JV**

**JV**

**Total**

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

** **

** **

** **

** **

** **

** **

** **

 
Real Estate, Net

 $

58,230 

 $

1,231 

 $

16,706 

 $

68,834 

 $

29,260 

 $

174,261 

 
Other Assets

7,690 

188 

986 

6,883 

647 

16,394 

 
        Total Assets

 $

65,920 

 $

1,419 

 $

17,692 

 $

75,717 

 $

29,907 

 $

190,655 

 
 
Mortgage Debt (a)

 $

50,000 

 $

344 

 $

12,600 

 $

52,000 

 $

19,275 

 $

134,219 

 
Other Liabilities

2,365 

3 

405 

1,862 

549 

5,184 

 
Partners'/Shareholders'  Equity

13,555 

1,072 

4,687 

21,855 

10,083 

51,252 

 
Total Liabilities and 

 
        Partners'/Shareholders'  Equity

 $

65,920 

 $

1,419 

 $

17,692 

 $

75,717 

 $

29,907 

 $

190,655 

 
 
**Parkway's Share of  Unconsolidated**

** **

** **

** **

** **

** **

** **

** **

 
**        Joint Ventures:**

 
Real Estate, Net

 $

17,469 

 $

616 

 $

3,341 

 $

13,767 

 $

5,852 

 $

41,045 

 
Mortgage Debt

 $

15,000 

 $

172 

 $

2,520 

 $

7,200 

 $

- 

 $

24,892 

 
Net Investment in Joint  Ventures

 $

2,249 

 $

536 

 $

(98)

 $

5,209 

 $

5,099 

 $

12,995 

 
** **

** **

** **

** **

** **

** **

** **

 
**December 31, 2005**

 
 
** **

**Viad**

**Wink**

**Jackson**

**Rubicon**

**Maitland**

**Combined**

 
** **

**JV**

**Building**

**JV**

**JV**

**JV**

**Total**

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

** **

** **

** **

** **

** **

** **

** **

 
Real Estate, Net

 $

58,247 

 $

1,237 

 $

16,728 

 $

68,792 

 $

29,408 

 $

174,412 

 
Other Assets

7,240 

169 

1,247 

6,933 

519 

16,108 

 
        Total Assets

 $

65,487 

 $

1,406 

 $

17,975 

 $

75,725 

 $

29,927 

 $

190,520 

 
 
Mortgage Debt (a)

 $

50,000 

 $

366 

 $

12,600 

 $

52,000 

 $

19,275 

 $

134,241

 
Other Liabilities

1,783 

4 

568 

1,921 

720 

4,996

 
Partners'/Shareholders'  Equity

13,704 

1,036 

4,807 

21,804 

9,932 

51,283

 
Total Liabilities and 

 
       Partners'/Shareholders'  Equity

 $

65,487 

 $

1,406 

 $

17,975 

 $

75,725 

 $

 29,927 

 $

190,520

 
 
**Parkway's Share of  Unconsolidated**

** **

** **

** **

** **

** **

** **

** **

 
**       Joint Ventures:**

 
Real Estate, Net

 $

17,474 

 $

618 

 $

3,346 

 $

13,758 

 $

5,882 

 $

41,078 

 
Mortgage Debt

 $

15,000 

 $

183 

 $

2,520 

 $

7,200 

 $

- 

 $

24,903 

 
Net Investment in Joint  Ventures

 $

2,236 

 $

518 

 $

(74)

 $

5,157 

 $

5,105 

 $

12,942 

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

Page 10 of 30

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

 
** **

** **

** **

** **

**Parkway's**

**Monthly**

**Loan**

**Loan**

 
** **

**Type of**

**Interest**

** **

**Share of**

**Debt**

**Balance**

**Balance**

 
**Joint Venture**

**Debt Service**

**Rate**

**Maturity**

**Debt**

**Service**

**03/31/06**

**12/31/05**

 
 
Viad JV

Interest Only

LIBOR + 2.150%

05/12/07

30.00%

 $

74 

 $

15,000 

 $

15,000 

 
Wink-Parkway Partnership

Amortizing

8.625%

07/01/09

50.00%

5 

172 

183 

 
Maitland JV

Interest Only

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 

 
 $

121 

 $

24,892 

 $

24,903 

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

6.215%

5.838%

 
        The following tablepresents Parkway's proportionate share of principal payments due for mortgagedebt in unconsolidated joint ventures as of March 31, 2006 (in thousands):

**Viad**

**Wink**

**Jackson**

**Rubicon**

**Maitland**

** **

**JV**

**Partnership**

**JV**

**JV**

**JV**

**Total**

2006  (Remaining nine months )

 $

- 

 $

35 

 $

- 

 $

- 

 $

- 

 $

35 

2007

15,000 

50 

- 

- 

- 

15,050 

2008

- 

54 

- 

- 

- 

54 

2009

- 

33 

13 

100 

- 

146 

2010

- 

- 

33 

114 

- 

147 

2011

- 

- 

35 

119 

- 

154 

Thereafter

- 

- 

2,439 

6,867 

- 

9,306 

 $

15,000 

 $

172 

 $

2,520 

 $

7,200 

 $

- 

 $

24,892 

       

Page 11 of 30

        Income statementinformation for the unconsolidated joint ventures is summarized below for thethree months ending March 31, 2006 and 2005 (in thousands):

**Results of Operations**

**Three Months Ended March 31, 2006**

**233 North**

**Viad**

**Wink**

**Jackson**

**Rubicon**

**Maitland**

**Combined**

**Michigan**

**JV**

**Building**

**JV**

**JV**

**JV**

**Total**

** **

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

Revenues

 $

- 

 $

3,264 

 $

76 

 $

660 

 $

2,421 

 $

1,048 

 $

7,469 

Operating  Expenses

- 

(1,262)

(26)

(358)

(954)

(410)

(3,010)

        Net  Operating Income

- 

2,002 

50 

302 

1,467 

638 

4,459 

Interest  Expense

- 

(838)

(8)

(184)

(632)

(212)

(1,874)

Loan  Cost Amortization

- 

(86)

- 

(1)

(16)

(3)

(106)

Depreciation  and Amortization

- 

(495)

(6)

(125)

(412)

(153)

(1,191)

        Net  Income

 $

- 

 $

583 

 $

36 

 $

(8)

 $

407 

 $

270 

 $

1,288 

**Parkway's  Share of Unconsolidated**

**        Joint  Ventures:**

Net  Income

 $

- 

 $

175 

 $

18 

 $

(1)

 $

121 

 $

97 

 $

410 

Depreciation  and Amortization

- 

148 

3 

25 

82 

31 

289 

Funds  from Operations

 $

- 

 $

323 

 $

21 

 $

24 

 $

203 

 $

128 

 $

699 

Interest  Expense

 $

- 

 $

251 

 $

4 

 $

37 

 $

88 

 $

- 

 $

380 

Loan  Cost Amortization

 $

- 

 $

26 

 $

- 

 $

- 

 $

2 

 $

- 

 $

28 

**Other  Supplemental Information:**

Distributions  from Unconsolidated JVs

 $

- 

 $

162 

 $

- 

 $

23 

 $

70 

 $

102 

 $

357 

**Results of Operations**

**Three Months Ended March 31, 2005**

**233 North**

**Viad**

**Wink**

**Jackson**

**Rubicon**

**Maitland**

**Combined**

**Michigan**

**JV**

**Building**

**JV**

**JV**

**JV**

**Total**

** **

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

Revenues

 $

1,134 

 $

3,426 

 $

76 

 $

710 

 $

2,380 

 $

- 

 $

7,726 

Operating  Expenses

(619)

(1,261)

(24)

(294)

(912)

- 

(3,110)

        Net  Operating Income

515 

2,165 

52 

416 

1,468 

- 

4,616 

Interest  Expense

(252)

(550)

(10)

(164)

(632)

- 

(1,608)

Loan  Cost Amortization

(4)

(62)

(1)

(1)

(16)

- 

(84)

Depreciation  and Amortization

(205)

(424)

(5)

(96)

(362)

- 

(1,092)

Preferred  Distributions

(69)

- 

- 

- 

- 

- 

(69)

        Net  Income

 $

(15)

 $

1,129 

 $

36 

 $

155 

 $

458 

 $

- 

 $

1,763 

**Parkway's  Share of Unconsolidated**

**        Joint  Ventures:**

Net  Income

 $

(5)

 $

339 

 $

18 

 $

31 

 $

132 

 $

- 

 $

515 

Depreciation  and Amortization

62 

127 

3 

19 

72 

- 

283 

Funds  from Operations

 $

57 

 $

466 

 $

21 

 $

50 

 $

204 

 $

- 

 $

798 

Interest  Expense

 $

75 

 $

165 

 $

5 

 $

33 

 $

88 

 $

- 

 $

366 

Loan  Cost Amortization

 $

1 

 $

19 

 $

- 

 $

- 

 $

2 

 $

- 

 $

22 

Preferred  Distributions

 $

21 

 $

- 

 $

- 

 $

- 

 $

- 

 $

- 

 $

21 

**Other  Supplemental Information:**

Distributions  from Unconsolidated JVs

 $

64 

 $

197 

 $

- 

 $

- 

 $

255 

 $

- 

 $

516 

** **

Page 12 of 30

**(7)  MinorityInterest - Real Estate Partnerships**

** **

The Company hasan interest in two joint ventures that are included in its consolidatedfinancial statements. Parkway has a 75.025% interest in one consolidated jointventure and a 25% interest in the other.  Information relating to theseconsolidated joint ventures is detailed below (in thousands).

** **

** **

** **

**Parkway's**

** **

**Percentage**

**                Joint  Venture Entity   **

**Property Name**

**Location**

**Ownership %**

**Square Feet**

**Leased**

Parkway Moore, LLC

Toyota Center

Memphis, TN

75.025%

175

87.6%

Parkway Properties Office  Fund, LP

Maitland 100/555 Winderley

Orlando, FL

25.000%

230

80.4%

405

83.5%

On March 7, 2006, Parkway, through affiliated entities, purchased the limited partner'sinterest in MBALP, which owns the Toyota Center in Memphis, Tennessee. Thisraises Parkway's total effective ownership interest in MBALP to 75.025%.  Inacting 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 servesas the general partner of Parkway Properties Office Fund, LP ("the Fund") andprovides asset management, property management, leasing and construction managementservices to the Fund, for which it is paid market-based fees.  Since Parkway isthe sole general partner and has the authority to make major decisions onbehalf of the Fund, thereby giving Parkway a controlling interest, Parkway isrequired to include the Fund in its consolidated financial statements.

Minorityinterest in real estate partnerships represents the other partners'proportionate share of equity in the partnerships discussed above at March 31, 2006.  Income is allocated to minority interest based on the weighted averagepercentage ownership during the year. 

**(8)  Stock Based Compensation**

       Effective January 1, 2006, Parkway adopted FASB Statement No. 123R, *Share-BasedPayment*("FAS 123R")**using the modified-prospective transition method.In the past the Company had granted stock options for a fixed number of sharesto employees and directors with an exercise price equal to or above the fairvalue of the shares at the date of grant.  However, no stock options have beengranted to employees since 2002 or to directors since 2003.  Currently, Parkwayhas elected to grant nonvested shares and deferred incentive share unitsinstead of stock options.  Therefore, the adoption of FAS 123R has not had amaterial impact on income from continuing operations, net income, cash flowfrom operations, cash flow from financing activities or basic and dilutedearnings per share.  

      Thefollowing table illustrates the effect on net income and earnings per share ifthe company had applied the fair value recognition provisions of FAS 123R**tostock-based employee compensation for the three months ended March 31, 2005 (inthousands, except per share amounts):

**Three  Months Ended**

**March  31**

**2005**

Net income available to common  stockholders, as reported

$        4,489 

Add:  Stock based compensation  expense included in reported net income

211 

Deduct:  Stock based  compensation expense assuming fair value method

      for  all awards

(252)

Pro forma net income available  to common stockholders

$        4,448 

Earnings per common share:

      Basic  - as reported

$            .32 

      Basic  - pro forma

$            .32 

      Diluted  - as reported

$            .32 

      Diluted  - pro forma

$            .32 

Page 13 of 30

      Effective January 1, 2003, the stockholders of the Company approved Parkway's 2003Equity Incentive Plan (the "2003 Plan") that authorized the grant of up to200,000 equity based awards to employees of the Company.  At present, it isParkway's intention to grant nonvested shares and/or deferred incentive shareunits instead of stock options.  Nonvested shares and deferred incentive shareunits are valued based on the New York Stock Exchange closing market price ofParkway common shares (NYSE ticker symbol, PKY) as of the date of grantincluding estimated forfeitures.  Compensation expense is recognized over theexpected vesting period, which is seven years from grant date for nonvestedshares and four years from grant date for deferred incentive shares units. Compensation expense related to nonvested shares and deferred incentive shareunits of $147,000 and $211,000 was recognized for the three months ending March 31, 2006 and 2005, respectively.  Total compensation expense related to nonvestedawards not yet recognized was $2.8 million as of March 31, 2006.  The weightedaverage period over which this expense is expected to be recognized isapproximately 4 years.

      Nonvested shares and deferred incentiveshare units are forfeited if an employee leaves the Company before the vestingdate.  Shares and/or units that are forfeited become available for future grantunder the 2003 Plan.

** **

**       **A summary of theCompany's nonvested shares and deferred incentive share unit activity for thethree months ended March 31, 2006 is as follows:

** **

**Weighted**

** **

**Weighted**

** **

**Average**

**Deferred**

**Average**

**Nonvested**

**Grant-Date**

**Incentive**

**Grant-Date**

**Shares**

**Fair Value**

**Share Units**

**Fair Value**

Outstanding at December 31, 2005

124,000 

 $

36.16  

13,828 

 $

45.38  

Forfeited

(2,500)

35.19  

(869)

45.20  

Outstanding at March 31, 2006

121,500 

 $

36.18  

12,959 

 $

45.39  

        A summary of the Company's stock option activity andrelated information is as follows for the three months ended March 31, 2006:

**1994 Stock  Option Plan**

** **

** **

**Weighted**

** **

** **

** Weighted**

**Average**

**Aggregate**

** **

** Average**

**Remaining**

**Intrinsic**

** **

** Exercise**

**Contractual**

**Value**

** Shares**

** Price**

**Term**

**(in thousands)**

Outstanding at December 31, 2005

300,675    

 $

30.72 

Exercised

(19,256)

30.62 

Outstanding at March 31, 2006

281,419    

 $

30.73 

3.6

 $

3,435 

Vested and Exercisable at March 31, 2006

268,641    

 $

30.49 

3.4

 $

3,344 

**1991  Directors Stock Option Plan**

** **

** **

** **

**Weighted**

** **

** **

** Weighted**

**Average**

**Aggregate**

** **

** **

** Average**

**Remaining**

**Intrinsic**

** **

** **

** Exercise**

**Contractual**

**Value**

** Shares**

** **

** Price**

**Term**

**(in thousands)**

Outstanding at December 31, 2005

35,250  

 $        

29.95 

Outstanding at March 31, 2006

35,250  

 $

29.95 

3.0

 $

458 

Vested and Exercisable at March 31, 2006

35,250  

 $

29.95 

3.0

 $

458 

 

 

 

 

 

 

 

 

 

Page 14 of 30

**2001  Directors Stock Option Plan**

** **

** **

** **

**Weighted**

** **

** **

** Weighted**

**Average**

**Aggregate**

** **

** **

** Average**

**Remaining**

**Intrinsic**

** **

** **

** Exercise**

**Contractual**

**Value**

** Shares**

** **

** Price**

**Term**

**(in thousands)**

Outstanding at December 31, 2005

45,300  

 $        

37.31 

Outstanding at March 31, 2006

45,300  

 $

37.31 

6.5

 $

255 

Vested and Exercisable at March 31, 2006

45,300  

 $

37.31 

6.5

 $

255 

     

 

 

 

 

   TheCompany has omitted certain disclosures in connection with FAS 123R due to theoverall immaterial impact of adoption.

**(9)  Capital and Financing Transactions**

      OnFebruary 2, 2006, Parkway amended and renewed the one-year $15 millionunsecured line of credit with PNC Bank.  This line of credit matures January 31, 2007 and is expected to fund the daily cash requirements of the Company'streasury management system.  The interest rate on the $15 million line is equalto the 30-day LIBOR rate plus 100 to 150 basis points, depending upon overallCompany leverage (with the current rate set at 132.5 basis points as of March31, 2006).  The Company paid a facility fee of $15,000 (10 basis points) uponclosing of the loan agreement.  Under the $15 million line, the Company doesnot pay annual administration fees or fees on the unused portion of the line.

      On February 9, 2006, the Board of Directorsauthorized the repurchase of up to 1 million shares of Parkway's outstandingcommon stock through August 2006.  The shares may be purchased in the openmarket or in privately negotiated transactions, and at times and in amountsthat the Company deems appropriate.  No shares were purchased under thisauthorization during the quarter ended March 31, 2006.

      On April 27, 2006 the Company closed a new$200 million unsecured credit facility (the "$200 million line") led byWachovia Bank and syndicated to nine other banks. The $200 million linereplaces the existing $190 million unsecured revolving credit facility, whichwas to mature February 2007.  The new facility 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 115 basis points).  The Company paid a facility fee of$200,000 (10 basis points) and origination fees of $688,000 (34.4 basis points)upon closing of the loan agreement.  Additionally, the Company pays an annualadministration fee of $35,000 and fees on the unused portion of the revolverranging between 12.5 and 20 basis points based upon overall Company leverage(with the current rate set at 12.5 basis points.

**(10)  Segment Information**

      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.   

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

Page 15 of 30

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

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

Page 16 of 30

The following is a reconciliationof FFO and net income available to common stockholders for office propertiesand total consolidated entities for the three months ending March 31, 2006 and 2005.

** **

** **

** **

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

** **

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

**March 31, 2006**

** **

**March 31, 2005**

**Office & Parking**

**Unallocated**

** **

**Office & Parking**

**Unallocated**

** **

**Properties**

**and Other**

**Consolidated**

**Properties**

**and Other**

**Consolidated**

** **

(In thousands)

** **

** **

(In thousands)

** **

Property  operating revenues (a)

$

49,697 

$

- 

$

49,697 

$

46,589 

$

- 

$

46,589 

Property  operating expenses (b)

(24,155)

- 

(24,155)

(20,934)

- 

(20,934)

Property  net operating income from 

        continuing  operations

25,542 

- 

25,542 

25,655 

- 

25,655 

Management  company income

- 

362 

362 

- 

1,051 

1,051 

Other  income

- 

19 

19 

- 

135 

135 

Interest  expense (c)

(7,157)

(2,269)

(9,426)

(6,778)

(1,205)

(7,983)

Management  company expenses

- 

(375)

(375)

- 

(235)

(235)

General  and administrative expenses

- 

(1,146)

(1,146)

- 

(1,718)

(1,718)

Other  expense

- 

(1)

(1)

- 

(1)

(1)

Equity  in earnings of unconsolidated

        joint  ventures

410 

- 

410 

515 

- 

515 

Adjustment  for depreciation and amortization - 

        unconsolidated  joint ventures

289 

- 

289 

283 

- 

283 

Adjustment  for depreciation and amortization -

        discontinued  operations

- 

- 

- 

130 

- 

130 

Adjustment  for minority interest -

        real  estate partnerships

(330) 

- 

(330)

(538)

- 

(538)

Income  from discontinued operations

2   

- 

2 

307 

-  

307 

Dividends  on preferred stock

- 

(1,200)

(1,200)

- 

(1,200)

(1,200)

Dividends  on convertible preferred stock

- 

(587)

(587)

- 

(587)

(587)

Funds  from operations available 

        to  common stockholders

18,756 

(5,197)

13,559 

19,574 

(3,760)

15,814

Depreciation  and amortization

(13,726)

- 

(13,726)

(11,144)

- 

(11,144)

Depreciation  and amortization -

        unconsolidated  joint ventures

(289)

- 

(289)

(283)

- 

(283)

Depreciation  and amortization -

        discontinued  operations

- 

- 

- 

(130)

- 

(130)

Depreciation  and amortization - minority 

        interest  - real estate partnerships

410 

- 

410 

233 

- 

233 

Minority  interest - unit holders

- 

- 

- 

- 

(1)

(1)

Net  income (loss) available to common 

        stockholders

$

5,151 

$

(5,197)

$

(46)

$

8,250 

$

(3,761)

$

4,489 

Total  assets

$

1,174,327 

$

6,183 

$

1,180,510 

$

1,150,997 

$

5,094 

$

1,156,091 

Office  and parking properties

$

1,033,958 

$

- 

$

1,033,958 

$

1,056,708 

$

- 

$

1,056,708 

Investment  in unconsolidated joint ventures

$

12,995 

$

- 

$

12,995 

$

10,821 

$

- 

$

10,821 

Capital  expenditures

$

7,310 

$

- 

$

7,310 

$

7,542 

$

- 

$

7,542 

(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 17 of 30

** **

**Item 2.  Management's Discussion and Analysisof Financial Condition and Results of Operations.**

**Overview**

Parkway is aself-administered and self-managed REIT specializing in the acquisition,operations and leasing of office properties.  The Company is geographicallyfocused on the Southeastern and Southwestern United States and Chicago.  As of April 1, 2006 Parkway owned or had an interest in 66 office properties located in 11states with an aggregate of approximately 12.2 million square feet of leasablespace.  The Company generates revenue primarily by leasing office space to itscustomers and providing management and leasing services to third-party office propertyowners (including joint venture interests).  The primary drivers behindParkway's revenues 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 April 1, 2006, occupancy of Parkway's office portfolio was 89.4% compared to 88.9% as of January 1, 2006 and 90.6% as of April 1, 2005.  Not included in the April 1, 2006 occupancy rate are 28 signed leases totaling 231,000 square feet, which commence duringthe second through third quarters of 2006 and will raise Parkway's percentageleased to 91.3%.  To combat rising vacancy, Parkway utilizes innovativeapproaches to produce new leases.  These include the Broker Bill of Rights, ashort-form service agreement and customer advocacy programs which are models inthe industry and have helped the Company maintain occupancy around 90% during atime when the national occupancy rate is approximately 86%.  Parkway projectsoccupancy ranging from 89% to 93% during 2006 for its office properties.

*Rental Rates.*  An increase in vacancyrates has the effect of reducing market rental rates and vice versa.  Parkway'sleases typically have three to seven year terms.  As leases expire, the Companyreplaces the existing leases with new leases at the current market rental rate,which currently is often lower than the existing lease rate.  Customerretention is increasingly important in controlling costs and preservingrevenue.  

*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 nine years, Parkway maintained an average 73.8% customerretention rate.  Parkway's customer retention for the three months ending March 31, 2006 was 77.4% compared to 72.2% for the three months ending March 31, 2005. 

*****Strategic Planning.*  For many years, Parkway has been engaged in aprocess of strategic planning and goal setting.  The material goals andobjectives of Parkway's earlier strategic plans have been achieved, andbenefited Parkway's stockholders through increased Funds from Operationsavailable to common shareholders ("FFO") and dividend payments per share. 

****       On January 1, 2006, the Company initiated a new operating plan that will be referred to as the "GEAR UP" Plan. At the heart of the GEAR UP Plan are ***Great People***transforming Parkway through ***Equity Opportunities*** and ***AssetRecycling*** from an owner-operator to an operator-owner. Ourlong-standing commitment to ***Retain our Customers*** andprovide an ***Uncompromising Focus on Operations*** remainssteadfast.  We believe that by accomplishing these goals we can deliverexcellent ***Performance*** to our shareholders.  The GEAR UP Planis more of an evolution from the prior strategic plan, the VALUE2 Plan, ratherthan a revolutionary new plan as there are many similarities between the twoplans.  The goals of the GEAR UP Plan are as follows:

?        ***Great People***.  Great customer service starts withhiring great people, training them well and retaining them.  It will take greatpeople to accomplish the ambitious goals of the Plan.

Page 18 of 30

?        ***Equity Opportunities. ***Over the last several yearsmanagement has created a broad array of equity opportunities for Parkway.  Onthe private equity side this includes the use of joint ventures anddiscretionary funds, such as the new fund with Ohio PERS.  The judicious use ofprivate equity provides a greater return on equity to the public shareholders.Parkway intends to contribute assets from its balance sheet to form new jointventures and expects these subsequent ventures to proximate discretionary fundsin their duration and economics. On the public equity side, this includes thejudicious use of common equity and preferred equity to manage the balance sheetand growth.  

*** ***

?       ***Asset Recycling***. The Company has demonstrated itswillingness in the past to sell assets when management believed the time wasright.  Since the start of the GEAR UP Plan development over 15 months ago, theinvestment market has continued to indicate that now is the time to pursuecertain sales to maximize value; therefore Asset Recycling has risen inimportance.  Parkway has identified 25 buildings in twelve markets which totalalmost 5 million rentable square feet to be part of the asset recycling programduring the GEAR UP Plan.  Most of these properties are smaller assets orlocated in smaller markets that do not fit with the Company strategy of owninglarger assets in institutional markets.  The dispositions that are planned willhelp align the Company's portfolio with its current acquisition criteria, whichfocuses on larger properties in institutional markets.  In most cases, Parkwaywill keep a 10 to 30% joint venture interest in the properties being recycledand retain management and leasing agreements.  

*** ***

Thesetwo goals, ***Equity Opportunities***and***Asset Recycling****,*are what combine to transform Parkway from being first an owner of real estate,and secondarily an operator of real estate for others to being first anoperator of real estate for others that also owns an interest in the realestate.  The three years of the GEAR UP Plan are a springboard for thistransformation.  The plan anticipates the sale, mainly through the jointventure format of almost $600 million in assets, including the joint venture of233 North Michigan in Chicago.  Simultaneously, the Plan includes fullyinvesting the remaining $472 million for the Ohio PERS fund and making feesimple acquisitions of almost $400 million.  Management strongly believes thatthese actions will result in Parkway better leveraging its core strength ofoperating office properties and will be advantageous for the Company'sshareholders over the long term.

The key to success in GEAR UP will be in the areas of Equity Opportunities andAsset Recycling.  To prepare for the challenges of these goals, Parkway hired afull time fund manager and a full time dispositions officer for the first timein corporate history and both of them are diligently working to achieve thesegoals. 

*** ***

?        ***Retain Customers. ***Customer retention remains thecornerstone of the Company's business and is why partners are venturing withParkway.  The goal is a customer retention rate of 70% to 75%.

*** ***

?        ***Uncompromising Focus on Operations. ***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, managementfirst decided what actions to take strategically over the next three years 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.  Additionally,Parkway has established a self-imposed limit for the modified fixed chargecoverage ratio of an average of 2.5 times as a pledge not to use leverage toachieve Company goals.  

For the GEAR UPPlan Parkway is not abandoning Funds from Operations, but rather carrying it astep further to include accountability for capital items and removing theaccounting adjustments which are not directly influenced by the operations ofits properties.   Management believes an Adjusted FAD goal providesan effective alignment with the shareholders by focusing the team on maximizingincome from operations while being mindful of capital expenses and ultimatelythe funds available to cover the dividend.   Cumulative Adjusted FADis calculated as the sum of Adjusted FAD for each of the three years of theplan.    The adjustments that will be made to FAD reported eachquarter principally include charges for impairment of value and expensesrelated to the early extinguishment of debt.  

Page 19 of 30

*Discretionary Fund.*  OnJuly 6, 2005, Parkway, through affiliated entities, entered into a limited partnershipagreement forming a $500 million discretionary fund with Ohio PERS ("the Fund")for the purpose of acquiring high-quality multi-tenant office properties.  OhioPERS is a 75% investor and Parkway is a 25% investor in the Fund, which 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 Houston, Phoenix, Atlanta, Chicago,Charlotte, Orlando, Tampa/St. Petersburg, Ft. Lauderdale and Jacksonville.

       To date, the Fund has purchased atwo-building office portfolio in Orlando, Florida for a combined purchase priceof $28.4 million.  The Fund expects to spend an additional $3.3 million forclosing costs, building improvements, leasing costs and tenant improvementsduring the first two years of ownership.  The purchase was funded with a $17.2million first mortgage placement by the fund and with equity contributions fromthe partners.  There is approximately $472 million remaining capacity for fundoffice investments.  The remaining office investments are expected to be fundedover the next three years by approximately $283 million in mortgage debt and$189 million in equity contributions from partners.  As properties arepurchased by the Fund, Parkway expects to use bank lines of credit to fund itsshare of the equity contributions which will total $47.25 million.

****       The Fund targets properties with acash on cash return greater than 7% and a leveraged internal rate of return ofgreater than 11%.  Parkway serves as the general partner of the Fund and willprovide asset management, property management, leasing and constructionmanagement services to the Fund, for which it will be paid market-based fees. After each partner has received a 10% annual cumulative preferred return and areturn of invested capital, 20% of the excess cash flow will be paid to thegeneral partner and 80% will be paid to the limited partners.    Through itsgeneral partner and limited partner ownership interests, Parkway may receive adistribution of the cash flow equivalent to 40%.  Parkway will have three yearsto identify and acquire properties for the Fund (the "Commitment Period"), withfunds contributed as needed to close acquisitions.  Parkway will exclusivelyrepresent the Fund in making acquisitions within the target markets and withincertain predefined criteria.  Parkway will not be prohibited from makingfee-simple or joint venture acquisitions in markets outside of the targetmarkets, acquiring properties within the target markets that do not meet the Fund'sspecific 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. 

**Financial Condition**

***Comments are for the balance sheet dated March 31, 2006 compared to the balance sheet dated December 31, 200 5******.***

*Office andParking Properties.*  In 2006, Parkway continued the application of itsstrategy of operating and acquiring office properties, joint venturinginterests in office assets, as well as liquidating non-core assets and officeassets that no longer meet the Company's investment criteria and/or the Companyhas determined value will be maximized by selling.  During the three monthsending March 31, 2006, total assets decreased $7.8 million and office andparking properties (before depreciation) increased $3.5 million or .3%.

**Purchases and Improvements**

        Parkway's directinvestment in office and parking properties decreased $7 million net ofdepreciation to a carrying amount of $1 billion at March 31, 2006, and consisted of 59 office and parking properties.  The primary reason for the net decreasein office and parking properties relates to the net effect of the purchase ofan additional 75% interest in an office property, building improvements anddepreciation recorded during the quarter.

** **

On March 7, 2006, Parkway, through affiliated entities, purchased for $1.4 million thelimited partner's interest in Moore Building Associates, LP ("MBALP"), whichowns the Toyota Center in downtown Memphis, Tennessee.  This raises Parkway'stotal effective ownership interest in this entity to 75.025%.  

        During the three monthsending March 31, 2006, the Company capitalized building improvements andadditional purchase expenses of $6.2 million and recorded depreciation expenseof $10.8 million related to its office and parking properties.

* *

Page 20 of 30

*LandAvailable for**Sale.*  Land available for sale is comprised ofapproximately 12 acres of land in New Orleans, Louisiana and totaled $1.5million or .1% of total assets as of March 31, 2006.  In 2005, the city of New Orleans sustained considerable damage as a result of Hurricane Katrina. Currently, the Company is unable to assess the damage, if any, to the landowned in New Orleans or whether the value of the land is impaired.  

       

*NotesPayable to Banks. *Notes payable to banks increased $13.9 million or 9.3% duringthe three months ended March 31, 2006.  At March 31, 2006, notes payable to banks totaled $164.3 million and the increase is primarily attributable to advancesunder bank lines of credit to purchase an additional interest in a property andmake improvements to office properties.

*        Mortgage Notes Payable. *During the three months ended March 31, 2006, mortgage notes payable decreased $3.6 million or .7% and is due to scheduled principal payments onmortgages.  

        The Company expects tocontinue seeking fixed-rate, non-recourse mortgage financing with maturitiesfrom five to ten years typically amortizing over 25 to 30 years on selectoffice building investments as additional capital is needed.  The Companytargets a debt to total market capitalization rate at a percentage in themid-40's.  This rate may vary at times pending acquisitions, sales and/orequity offerings.  In addition, volatility in the price of the Company's commonstock may affect the debt to total market capitalization ratio.  However, overtime the Company plans to maintain a percentage in the mid-40's.  In additionto this debt ratio, the Company monitors interest, fixed charge and modifiedfixed charge coverage ratios.  The interest coverage ratio is computed bycomparing the cash interest accrued to earnings before interest, taxes,depreciation and amortization ("EBITDA").    The fixed chargecoverage ratio is computed by comparing the cash interest accrued, principalpayments made on mortgage loans and preferred dividends paid to EBITDA.  Themodified fixed charge coverage ratio is computed by comparing cash interestaccrued and preferred dividends paid to EBITDA.  In accordance with the GEAR UPPlan, Parkway has established a self-imposed limit for the modified fixedcharge coverage ratio of 2.5 times as the Company's pledge not to use leverageto achieve Company goals.

Page 21 of 30

               

The computationof the interest, fixed charge and modified fixed charge coverage ratios and thereconciliation of net income to EBITDA is as follows for the three months ended March 31, 2006 and 2005 (in thousands):

**Three Months Ended**

**March 31**

**2006**

** **

**2005**

**Net  Income**

 $

1,741 

 $

6,276 

**Adjustments  to Net Income:**

        Interest  expense

9,144 

7,711 

        Amortization  of financing costs

282 

272 

        Depreciation  and amortization

13,726 

11,274 

        Amortization  of Nonvested Shares and Share Equivalents

147 

211 

        Tax  expenses

- 

28 

        EBITDA  adjustments - unconsolidated joint ventures

697 

692 

        EBITDA  adjustments - minority interest in real estate partnerships

(782)

(590)

**EBITDA  (1)**

 $

24,955 

 $

25,874 

** **

**Interest  Coverage Ratio:**

EBITDA

 $

24,955 

 $

25,874 

Interest  expense:

       Interest expense

 $

9,144 

 $

7,711 

       Capitalized interest

- 

104 

       Interest expense - unconsolidated joint ventures

380 

366 

       Interest expense - minority interest in real estate  partnerships

(360)

(351)

Total  interest expense

 $

9,164 

 $

7,830 

**Interest  Coverage Ratio**

2.72 

3.30 

** **

**Fixed  Charge Coverage Ratio:**

EBITDA

 $

24,955 

 $

25,874 

Fixed  charges:

       Interest expense

 $

9,164 

 $

7,830 

       Preferred dividends

1,787 

1,787 

       Preferred distributions - unconsolidated joint  ventures

- 

21 

       Principal payments (excluding early extinguishment of  debt)

3,594 

4,211 

       Principal payments - unconsolidated joint ventures

11 

68 

       Principal payments - minority interest in real estate  partnerships

(118)

(186)

Total  fixed charges

 $

14,438 

 $

13,731 

**Fixed  Charge Coverage Ratio**

1.73 

1.88 

** **

**Modified  Fixed Charge Coverage Ratio:**

EBITDA

 $

24,955 

 $

25,874 

Modified  Fixed Charges:

       Interest expense

 $

9,164 

 $

7,830 

       Preferred dividends

1,787 

1,787 

       Preferred distributions - unconsolidated joint  ventures

- 

21 

Total  Modified Fixed Charges

 $

10,951 

 $

9,638 

**Modified  Fixed Charge Coverage Ratio**

2.28 

2.68 

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

*        Accounts Payable andOther Liabilities.*  Accounts payable and other liabilities decreased $6.8million for the three months ending March 31, 2006 primarily due to the payment of real estate property taxes.

Page 22 of 30

        *Minority Interest -Real Estate Partnerships.* During the three months ending March 31, 2006, minority interest associated with real estate partnerships decreased $3.4million.  The decrease is attributable to Parkway's purchase, throughaffiliated entities, of the limited partner's interest in MBALP on March 7, 2006.  This raises Parkway's total effective ownership interest in MBALP to75.025%. 

*        Stockholders' Equity.*Stockholders'equity decreased $7.9 million during the three months ended March 31, 2006, as a result of the following (in thousands):

**Increase**

**(Decrease)**

Net income

 $

1,741 

Change in unrealized loss on  equity securities

(30)

Change in market value of  interest rate swaps

466 

Comprehensive income

2,177 

Common stock dividends declared

(9,200)

Preferred stock dividends  declared

(1,787)

Exercise of stock options

590 

Share based compensation  expense

147 

Shares distributed from  deferred compensation plan

203 

 $

(7,870)

 

 

 

 

 

 

On February 9, 2006, the Board of Directors authorized the repurchase of up to 1 millionshares of Parkway's outstanding common stock through August 2006.  The sharesmay be purchased in the open market or in privately negotiated transactions,and at times and in amounts that the Company deems appropriate.  No shares werepurchased under this authorization during the quarter ended March 31, 2006.

** **

**Results of Operations**

***Comments are for the three months ended******March 31, 2006 compared to the three months ended March 31, 2005******.***

        Net loss available tocommon stockholders for the three months ended March 31, 2006, was $46,000 ($.00 per basic common share) as compared to net income available to commonstockholders of $4.5 million ($.32 per basic common share) for the three monthsended March 31, 2005. 

*        Office and Parking Properties. *The primary reason for the change in theCompany's net income from office and parking properties for 2006 as compared to2005 is the net effect of the operations of the following properties purchased,properties sold and joint venture interests transferred (in thousands):

**Properties Purchased:**

** **

**Office Properties**

** **

**Purchase Date**

** **

**Square Feet**

233 North Michigan(63% interest)

01/14/05

1,070

233 North Michigan(7% interest)

04/29/05

-

Stein Mart   Building

03/30/05

197

Riverplace South

03/30/05

105

Forum I

07/26/05

162

Mesa Corporate Center

12/15/05

105

**        Joint VentureInterests Transferred:**

** **

**Office Property/Interest Sold**

**Date Sold**

**Square Feet**

Maitland 200/80%

06/16/05

203

**        Properties Sold:**

Page 23 of 30

** **

**Office Properties**

**Date Sold**

**Square Feet**

The Park on Camelback

09/09/05

102

250 Commonwealth

09/14/05

46

        Operations of office andparking properties are summarized below (in thousands):

**Three  Months Ended**

**March  31**

**2006**

** **

**2005**

Income

 $

49,697 

 $

46,589 

Operating expense

(24,155)

(20,934)

25,542 

25,655 

Interest expense

(7,157)

(6,778)

Depreciation  and amortization

(13,726)

(11,144)

Income  from office and parking properties

 $

4,659 

 $

7,733 

*ManagementCompany Income.*  The decrease in management company income of $689,000 forthe three months ending March 31, 2006 compared to the three months ending March 31, 2005 is primarily due to the $360,000 incentive fee recorded in connection withthe economic returns generated over the life of the 233 North Michiganpartnership with Investcorp and a $385,000 commission on the sale of land onbehalf of a third-party, both recorded in the first quarter of 2005.

*Interest Expense.*  Interest expense on bank notes increased$1.1 million for the three months ended March 31, 2006 compared to the same period in 2005.  The change is primarily due to the increase in the average balanceof bank borrowings from $106 million in the first quarter of 2005 to $155million in the first quarter of 2006.  Additionally, the weighted averageinterest rate on bank lines of credit increased from 4.4% during the threemonths ended March 31, 2005 to 5.6% during the same period in 2006.  Theincrease in bank borrowings is primarily attributable advances to purchases ofoffice properties.

* *

*General andAdministrative Expense.*  General and administrative expense decreased$572,000 for the three months ended March 31, 2006 compared to the same period in 2005.  The decrease is primarily due to the net effect of the write off ofan investment fee in the amount of $288,000 associated with the original 233 North Michigan joint venture and an additional reserve for a land dispute in theamount of $100,000, both recorded in the first quarter of 2005.  Additionally,intercompany management fee income, which is eliminated in Parkway'sconsolidated financial statements as an offset to general and administrativeexpense, increased approximately $184,000 as a result of increased fee incomeearned through the discretionary fund with Ohio PERS and due to leasing andconstruction fees earned in connection with unconsolidated joint ventures.

*        Stock BasedCompensation Expense.*  Effective January 1, 2006, Parkway adopted FASB Statement No. 123R, Share-Based Payment ("FAS123R") using the modified-prospective transition method. In the past theCompany had granted stock options for a fixed number of shares to employees anddirectors with an exercise price equal to or above the fair value of the sharesat the date of grant.  However, no stock options have been granted to employeessince 2002 or to directors since 2003.  Since 2003, Parkway has elected togrant nonvested shares and deferred incentive share units instead of stockoptions.  Therefore, the adoption of FAS 123R has not had a material impact onincome from continuing operations, net income, cash flow from operations, cashflow from financing activities or basic and diluted earnings per share. 

        Share based compensationexpense of $147,000 and $211,000 was recognized for the three months endingMarch 31, 2006 and 2005, respectively.  Total compensation expense related tononvested awards not yet recognized was $2.8 million as of March 31, 2006.  Theweighted average period over which this expense is expected to be recognized isapproximately 4 years.

**Liquidity and CapitalResources**

* *

*Statement ofCash Flows.  *Cash and cash equivalents were $8 million and $3.4 million at March 31, 2006 and December 31, 2005, respectively.  Cash flows provided byoperating activities for the three months ending March 31, 2006 were $12.9 million compared to $10.3 million for the same period of 2005.  The change in cashflows from operating activities is primarily attributable to the increase inoperating income from office and parking properties net of the effect of thetiming of receipt of revenues and payment of expenses.

Page 24 of 30

        Cash used in investingactivities was $8.8 million for the three months ended March 31, 2006 compared to cash used in investing activities of $111.4 million for the same period of2005.  The increase in cash provided by investing activities of $102.7 millionis primarily due to decreased office property purchases in 2006.

        Cash provided byfinancing activities was $478,000 for the three months ended March 31, 2006 compared to cash provided by financing activities of $102.7 million for thesame period of 2005.  The decrease in cash provided by financing activities of $102.2million is primarily due to the proceeds received from a stock offering in 2005to fund office property purchases.

*Liquidity.  *The Company plans to continue pursuingthe acquisition of additional investments that meet the Company's investmentcriteria and intends to use bank lines of credit, proceeds from the sale of non-coreassets and office properties, proceeds from the sale of portions of ownedassets through joint ventures, possible sales of securities and cash balancesto fund those acquisitions.  

  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 three-year unsecured revolving credit facilityand two one-year unsecured lines of credit.

        At March 31, 2006, Parkway had a total of $164.3 million outstanding under a three-year $190 millionunsecured revolving credit facility with a consortium of 10 banks with WachoviaCapital Markets, LLC as Sole Lead Arranger and Sole Book Runner, Wachovia Bank,National Association as Administrative Agent, PNC Bank, National Association asSyndication Agent, and other banks as participants (the "$190 million line"), a$15 million unsecured line of credit with PNC Bank (the "$15 million line") anda $9 million unsecured line of credit with Trustmark National Bank (the "$9million line").  The interest rates on the $190 million line and the $15million line were equal to the 30-day LIBOR rate plus 100 to 150 basis points,depending upon overall Company leverage.  The interest rate on the $9 millionline was equal to the 30-day LIBOR rate plus 132.5 basis points.  The weightedaverage interest rate on unsecured lines of credit was 5.7% and 4.4% at March 31, 2006 and 2005, respectively.

On April 27,2006 the Company closed a new $200 million unsecured credit facility (the "$200million line") led by Wachovia Bank and syndicated to nine other banks. The$200 million line replaces the existing $190 million line, which was to matureFebruary 2007.  The new facility is comprised of a $60 million term loanmaturing in April 2011 and a $140 million revolving loan maturing in April2010. The interest rate on the $200 million line is based on LIBOR plus 80 to130 basis points, depending upon overall Company leverage (with the currentrate set at 115 basis points).  The Company paid a facility fee of $200,000 (10basis points) and origination fees of $688,000 (34.4 basis points) upon closingof the loan agreement.  Additionally, the Company pays an annual administrationfee of $35,000 and fees on the unused portion of the revolver ranging between12.5 and 20 basis points based upon overall Company leverage (with the currentrate set at 12.5 basis points).  The increased size of the line affords theCompany greater financial flexibility and capacity while accommodating theCompany's growth.

The $15 millionline matures January 31, 2007, is unsecured and is expected to fund the dailycash requirements of the Company's treasury management system.  The $15 millionline has a current interest rate equal to the 30-day LIBOR rate plus 132.5basis points as of March 31, 2006.  The Company paid a facility fee of $15,000(10 basis points) upon closing of the loan agreement.  Under the $15 millionline, the Company does not pay annual administration fees or fees on the unusedportion of the line.

The $9 millionline with Trustmark National Bank is interest only, has a current interest rateequal to the 30-day LIBOR rate plus 132.5 basis points and matures December 7, 2006.  The proceeds of the loan were used to finance the construction of theCity Centre Garage, which was completed in 2005.

Page 25 of 30

To protectagainst the potential for rapidly rising interest rates, the Company enteredinto a total of four interest rate swap agreements in 2005 and 2004.  TheCompany designated the swaps as hedges of the variable interest rates on theCompany's borrowings under the Wachovia unsecured revolving credit facility. Accordingly, changes in the fair value of the swap are recognized inaccumulated other comprehensive income until the hedged item is recognized inearnings.  The Company's interest rate hedge contracts as of March 31, 2006 and 2005 are summarized as follows (in thousands):

** **

** **

** **

** **

** **

**Fair**

** **

** **

** **

** **

** **

**Market Value**

**Type of**

**Notional**

**Maturity**

** **

**Fixed**

**March 31**

**Hedge**

**Amount**

**Date**

**Reference Rate**

**Rate**

**2006                         2005**

Swap

$20,000

12/31/05

1-Month LIBOR

3.183%

 $

- 

$

59

Swap

$40,000

06/30/06

1-Month LIBOR

3.530%

146

150

Swap

$40,000

12/31/08

1-Month LIBOR

4.360%

801 

- 

Swap

$20,000

12/31/08

1-Month LIBOR

4.245%

423 

- 

 $

1,370 

$

209

At March 31, 2006, the Company had $479.7 million of fixed rate mortgage notes payable withan average interest rate of 5.7% secured by office properties and $164.3million drawn under bank lines of credit.  Parkway's pro rata share ofunconsolidated joint venture debt was $24.9 million with an average interestrate of 6.2% at March 31, 2006.  Based on the Company's total marketcapitalization of approximately $1.4 billion at March 31, 2006 (using the March 31, 2006 closing price of $43.68 per common share), the Company's debtrepresented approximately 48.5% of its total market capitalization.  TheCompany targets a debt to total market capitalization rate at a percentage inthe mid-40's.  This rate may vary at times pending acquisitions, sales and/orequity offerings.  In addition, volatility in the price of the Company's commonstock may affect the debt to total market capitalization ratio.  However, overtime the Company plans to maintain a percentage in the mid-40's.  

       In addition to the debt to totalmarket capitalization ratio, the Company also monitors interest, fixed chargeand modified fixed charge coverage ratios.  The interest coverage ratio iscomputed by comparing the cash interest accrued to earnings before interest,taxes, depreciation and amortization ("EBITDA").  This ratio for the threemonths ending March 31, 2006 and 2005 was 2.72 and 3.30 times, respectively. The fixed charge coverage ratio is computed by comparing the cash interestaccrued, principal payments made on mortgage loans and preferred dividends paidto EBITDA.  This ratio for the three months ending March 31, 2006 and 2005 was 1.73 and 1.88 times, respectively.   The modified fixed charge coverageratio is computed by comparing the cash interest accrued and preferreddividends paid to EBITDA.  This ratio for the three months ending March 31, 2006 and 2005 was 2.28 and 2.68 times, respectively.    In accordance with theGEAR 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.  

        Thetable below presents the principal payments due and weighted average interestrates for the fixed rate debt as of March 31, 2006.

**Average**

**Fixed Rate Debt**

**Interest Rate**

**(In thousands)**

2006*

5.67%

 $

11,751 

2007

5.65%

33,928 

2008

5.63%

56,853 

2009

5.90%

36,841 

2010

5.81%

90,819 

2011

6.41%

112,974 

Thereafter

7.05%

136,510 

Total

 $

479,676 

 

Fair  value at 03/31/06

 $

481,122 

*Remaining nine months

Page 26 of 30

       OnApril 26, 2006, the Company entered into an agreement to purchase One IllinoisCenter, located at 111 E. Wacker Drive in Chicago, Illinois for $198 millionplus $17.3 million in closing costs, anticipated capital expenditures andleasing commissions in the first two years of ownership for a total investmentof $215.3 million.  The purchase will be funded by a $148.5 millionnon-recourse fixed rate mortgage at an estimated 117 basis point spread overthe 10-year US Treasury rate, currently calculated to be 6.27%, and amortizedover 30 years with a 10-year maturity.  Additional purchase funding will comefrom $49.5 million drawn under existing lines of credit.  The purchaseagreement, which is subject to customary due diligence procedures and closingconditions, is expected to close in the second quarter of 2006.

       Subsequent to March 31, 2006, Parkwayand its joint venture partner signed an agreement to sell the Viad Building inPhoenix, Arizona for $105.75 million.  The buyer will be assuming mortgage debtof $50 million in the sale.  The Company expects to receive cash proceeds fromthe sale of approximately $20.4 million.  The sale is expected to produce again to Parkway of approximately $13 million.  Upon occurrence of this sale,the Company will recognize an additional management fee and incentive fee ofapproximately $4.5 million as a result of the economic returns generated overthe life of the Viad joint venture and will incur $244,000 in costs associatedwith the loan transfer.  The closing, which is subject to the completion ofcustomary due diligence procedures, is expected to close in the second quarterof 2006.  There can be no assurances that conditions of the agreement will besatisfied, or if satisfied that such closing will occur. 

       The Company presently has plans tomake additional capital improvements at its office properties in 2006 ofapproximately $31.9 million.  These expenses include tenant improvements,capitalized acquisition costs and capitalized building improvements. Approximately $6.1 million of these improvements relate to upgrades onproperties acquired in recent years that were anticipated at the time of purchase. All such improvements are expected to be financed by cash flow from theproperties and advances on the bank lines of credit. 

        TheCompany anticipates that its current cash balance, operating cash flows andborrowings (including borrowings under the working capital line of credit) willbe 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 repair and maintenance expenses at itsproperties, both in the short and long term.  In addition, the Company may useproceeds from sales of assets, possible sales of securities and borrowings tofund property acquisitions.  The Company has not experienced and does notexpect to experience a material adverse effect on its liquidity in connectionwith its stock repurchase program.

**Off-Balance Sheet Arrangements**

        See information appearingunder the caption "Liquidity" in Item 2, Management's Discussion and Analysisof Financial Condition and Results of Operations for a discussion of anagreement signed subsequent to March 31, 2006 by Parkway and its joint venturepartner to sell the Viad Building in Phoenix, Arizona.  Parkway has a 30%ownership interest in the Viad Joint Venture.

** **

**Contractual Obligations**

        See information appearingunder the caption "Financial Condition - Mortgage Notes Payable" in Item 2,Management's Discussion and Analysis of Financial Condition and Results of Operationsfor a discussion of changes in long-term debt since December 31, 2005.  There have been no material changes in Parkway's fixed contractual obligationssince December 31, 2005.

** **

**Funds From Operations**

Page 27 of 30

        Management believes that funds from operations("FFO") is an appropriate measure of performance for equity REITs and computesthis measure in accordance with the National Association of Real EstateInvestment Trusts' ("NAREIT") definition of FFO.  FFO as reported byParkway may not be comparable to FFO reported by other REITs that do not definethe term in accordance with the current NAREIT definition.  We believe FFO ishelpful to investors as a supplemental measure that enhances the comparabilityof our operations by adjusting net income for items not reflective of ourprincipal and recurring operations.  In addition, FFO has widespread acceptanceand use within the REIT and analyst communities.  Funds from operations isdefined by NAREIT as net income (computed in accordance with generally acceptedaccounting principles "GAAP"), excluding gains or losses from salesof property and extraordinary items under GAAP, plus depreciation andamortization, and after adjustments for unconsolidated partnerships and jointventures.  Adjustments for unconsolidated partnerships and joint ventures willbe calculated to reflect funds from operations on the same basis.  We believethat in order to facilitate a clear understanding of our operating results, FFOshould be examined in conjunction with the net income as presented in ourconsolidated financial statements and notes thereto included elsewhere in thisForm 10‐Q.  Funds from operations do not represent cash generated fromoperating activities in accordance with accounting principles generallyaccepted in the United States and is not an indication of cash available 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 ofthe Company's net income to FFO for the three months ended March 31, 2006 and 2005 (in thousands):

**Three Months Ended**

**March 31**

**2006**

**2005**

Net  income

 $

1,741  

 $

6,276 

Adjustments  to Net Income:

        Preferred Dividends

(1,200)

(1,200)

        Convertible Preferred Dividends

(587)

(587)

        Depreciation and Amortization

13,726 

11,144  

        Depreciation and Amortization - Discontinued  Operations

- 

130  

        Minority Interest Depreciation and  Amortization

(410)

(233)  

        Adjustments for Unconsolidated Joint Ventures

289 

283  

        Minority Interest - Unit Holders

- 

1  

Funds From Operations Applicable to Common

        Shareholders

 $

13,559 

 $

15,814    

**Inflation**

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

** **

**Forward-Looking Statements**

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

** **

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

** **

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

Page 28 of 30

**Item 4.  Controls and Procedures.**

** **

        The Company carried outan evaluation, under the supervision and with the participation of theCompany's management, including the Company's Chief Executive Officer and ChiefFinancial Officer, of the effectiveness of the design and operation of theCompany's disclosure controls and procedures pursuant to Exchange Act Rule 13a‐15. Based upon that evaluation, the Chief Executive Officer and Chief FinancialOfficer concluded that as of the end of the Company's most recent fiscalquarter, the Company's disclosure controls and procedures are effective intimely alerting them to material information relating to the Company (includingits consolidated subsidiaries) required to be included in the Company'speriodic SEC filings.

        During the period coveredby this report, the Company reviewed its internal controls, and there have beenno changes in the Company's internal controls over financial reporting thathave materially affected, or are reasonably likely to materially affect, theCompany's internal controls over financial reporting.

**PART II.  OTHER INFORMATION**

**Item 1A.  Risk Factors.**

There have beenno material changes to the risk factors disclosed in Parkway's Form 10-K forthe year ended December 31, 2005.

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

On February 9, 2006, the Board of Directors authorized the repurchase of up to 1 millionshares of Parkway's outstanding common stock through August 2006.  The sharesmay be purchased in the open market or in privately negotiated transactions,and at times and in amounts that the Company deems appropriate. No shares were purchasedunder this authorization during the quarter ended March 31, 2006.

**Item 6.  Exhibits.**

** **

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

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

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

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

Page 29 of 30

**SIGNATURES**

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

**DATE**:   May 10, 2006

**PARKWAY PROPERTIES, INC.**

** **

** **

** **

** **

** **

** **

** **

**BY**:

/s/ Mandy M. Pope

** **

Mandy M. Pope, CPA

** **

Senior Vice President and

** **

Chief Accounting Officer

Page 30 of 31 |
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