Key Developments: Parkway Properties Inc (PKY.N)
17.78USD
1 Aug 2013
$0.28 (+1.60%)
$17.50
$17.67
$17.81
$17.57
66,873
134,130
$19.59
$10.71
Latest Key Developments (Source: Significant Developments)
Parkway Properties Inc Comments On Q2 2013 Charge Guidance
Parkway Properties Inc announced that as a result of the two asset sales in Atlanta, Parkway expects to record a $4.6 million impairment charge for the second quarter of 2013. Additionally, Parkway expects to record a gain related to the sale of Bank of America Plaza totaling approximately $11.9 million for the third quarter of 2013. Full Article
Parkway Properties Inc Announces Three Asset Sales
Parkway Properties Inc announced the sale of Waterstone, a 93,000 square foot office property located in the Airport/South submarket of Atlanta, Georgia; Meridian, a 97,000 square foot office property located in the Northwest submarket of Atlanta; and Bank of America Plaza, a 436,000 square foot office tower located in the Central Business District of Nashville, Tennessee. On July 10, 2013, Parkway completed the sale of Waterstone for a gross saleprice of $3.4 million. The property was 52.1% occupied at closing. On July 10, 2013, Parkway completed the sale of Meridian for a gross sale price of $6.8 million. The property was 74.7% occupied at closing. On July 17, 2013, Parkway completed the sale of Bank of America Plaza for a gross sale price of $42.8 million. The property was 93.1% occupied at closing. Parkway received a total of approximately $50.5 million in net proceeds from the three completed asset sales. Full Article
Parkway Properties Inc Completes Placement Of $120 Million Unsecured Term Loan
Parkway Properties Inc announced that it has closed a $120 million unsecured term loan. The term loan has a maturity date of June 11, 2018, and has an accordion feature that allows for an increase in the size of the term loan to as much as $250 million. Interest on the term loan is based on LIBOR plus an applicable margin, initially 1.45%. Parkway has also executed a floating-to-fixed interest rate swap totaling $120 million, locking LIBOR at 1.61% for five years and resulting in an initial all-in interest rate of 3.06%. The term loan will have substantially the same operating and financial covenants as required by the Company's current unsecured revolving credit facility. Wells Fargo Bank funded the entire amount of the term loan. Full Article
Parkway Properties Inc Announces Quarterly Dividend
Parkway Properties Inc announced that its Board of Directors declared a quarterly dividend of $0.15 per share payable on June 26, 2013 to shareholders of record for Common Stock on June 12, 2013. Full Article
Parkway Properties Inc Lowers FY 2013 FFO Guidance
Parkway Properties Inc announced that the Company revised fiscal 2013 FFO outlook from $1.17 to $1.27 per share to $1.10 to $1.20 and adjusting earnings (loss) per share (EPS) to ($0.29) to ($0.19). The Company's revised fiscal 2013 FFO outlook includes the negative impact of a one-time, non-cash charge related to the redemption of the Series D Preferred, totaling approximately $6.6 million, or $0.10 per share. Excluding this one-time, non-cash charge, the Company's FFO outlook range would increase to $1.20 to $1.30 per share. According to I/B/E/S Estimates, analysts were expecting the Company to report FFO of $1.24 for fiscal 2013. Full Article
Parkway Properties Inc Announces Agreement To Purchase Miami Office Property
Parkway Properties Inc announced that it has entered into a purchase and sale agreement to acquire Lincoln Place, a 140,000 square foot office and retail building located in the South Beach submarket of Miami, Florida. Full Article
Parkway Properties Inc Announces Closing Of Public Offering Of Common Stock And Exercise Of Underwriters' Option To Purchase Additional Shares
Parkway Properties Inc announced the completion of its public offering of 11,000,000 shares of its common stock, plus an additional 1,650,000 shares of its common stock issued and sold pursuant to the exercise of the underwriters' option to purchase additional shares in full, at the public offering price of $17.25 per share. The net proceeds from the offering, after deducting the underwriting discount and offering expenses, were approximately $209.1 million. The Company intends to use the net proceeds of the offering to redeem in full all of its outstanding 8.00% Series D Cumulative Redeemable Preferred Stock, to fund potential acquisition opportunities, to repay amounts outstanding from time to time under its senior unsecured revolving credit facility and/or for general corporate purposes. BofA Merrill Lynch and Wells Fargo Securities are the joint lead-bookrunners for the offering, and KeyBanc Capital Markets and RBC Capital Markets are the joint bookrunners for the offering. The senior co-managers of the offering are Credit Suisse and Raymond James, and the co-managers of the offering are BMO Capital Markets and Stifel. Full Article
Parkway Properties Inc Announces Pricing of Public Offering of Common Stock
Parkway Properties Inc announced the pricing of its previously announced underwritten public offering of 11,000,000 shares of common stock at a public offering price of $17.25 per share. The underwriters for the public offering have been granted a 30-day option to purchase up to an additional 1,650,000 shares of common stock at the public offering price, less the underwriting discount. The Company estimates that net proceeds, after deducting the underwriting discount and estimated offering expenses payable by the Company, will be approximately $181.8 million, or $209.1 million if the underwriters exercise their option to purchase additional shares in full. The shares are expected to be delivered on or about March 25, 2013, subject to customary closing conditions. The Company intends to use the proceeds of the offering to redeem in full all of the outstanding 8.00% Series D Cumulative Redeemable Preferred Stock, to fund potential acquisition opportunities, to repay amounts outstanding from time to time under its senior unsecured revolving credit facility and/or for general corporate purposes. BofA Merrill Lynch and Wells Fargo Securities are the joint lead-bookrunners for the offering, and KeyBanc Capital Markets and RBC Capital Markets are the joint bookrunners for the offering. The senior co-managers of the offering are Credit Suisse and Raymond James, and the co-managers of the offering are BMO Capital Markets and Stifel. Full Article
Parkway Properties Inc Announces Public Offering Of Common Stock
Parkway Properties Inc announced that it has commenced an underwritten public offering of 10,000,000 shares of common stock. The Company intends to grant the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock. The Company intends to use the net proceeds of the offering to redeem in full all of outstanding 8.00% Series D Cumulative Redeemable Preferred Stock, to fund potential acquisition opportunities, to repay amounts outstanding from time to time under senior unsecured revolving credit facility and/or for general corporate purposes. BofA Merrill Lynch and Wells Fargo Securities are the joint lead-bookrunners for the offering, and KeyBanc Capital Markets and RBC Capital Markets are the joint book runners for the offering. Full Article
Parkway Properties Inc Announces Increase In Quarterly Dividend To $0.15 Per Share
Parkway Properties Inc announced that its Board of Directors declared a quarterly dividend of $0.15 per share, a 33% increase from the prior quarterly amount, payable on March 27, 2013 to shareholders of record for Common Stock on March 13, 2013. Full Article

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