Key Developments: Parkway Properties Inc (PKY)
19.44USD
17 May 2013
$0.19 (+0.99%)
$19.25
$19.35
$19.56
$19.32
209,027
404,304
$19.57
$9.95
Latest Key Developments (Source: Significant Developments)
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
Parkway Properties Inc Reaffirms FY 2013 FFO Guidance
Parkway Properties Inc announced that for fiscal 2013, it expects fully diluted EPS in the range of $(0.33)-$(0.23) and reported FFO per diluted share in the range of $1.17-$1.27. Full Article
Parkway Properties Inc Issues Q4 2012 FFO Guidance Above Estimates; Raises Low End Of Prior FY 2012 FFO Guidance To A Range Above Estimates; Issues FY 2013 FFO Guidance In Line With Estimates
Parkway Properties Inc announced that for fourth quarter of 2012, it expects it expects funds from operations (FFO) in the range of $0.23 and $0.25 and annual FFO between $1.28 and $1.30. For fiscal 2012, it expects fully diluted EPS in the range of ($0.02)-$0.00 and reported FFO per diluted share in the range of $1.28-$1.30. For fiscal 2013, it expects fully diluted EPS in the range of $(0.33)-$(0.23) and reported FFO per diluted share in the range of $1.17-$1.27. According to I/B/E/S Estimates, analysts were expecting the Company to report FFO of $0.22 for fourth quarter of 2012, FFO of $1.26 for fiscal 2012 and FFO of $1.19 for fiscal 2013. Full Article
Parkway Properties Inc Agrees To Purchase Eight Office Buildings In Prime Submarket Of Jacksonville, Florida
Parkway Properties Inc announced that it has entered into a purchase and sale agreement to acquire a portfolio of eight office properties totaling 1.0 million square feet located in the Deerwood submarket of Jacksonville, Florida (the Deerwood Portfolio) for a purchase price of $130 million. The properties were developed in phases from 1996 through 2005 and are currently a combined 93.7% occupied with an average in place gross rent per square foot of $19.11. Closing is expected to occur by the end of the first quarter 2013 and is subject to customary closing conditions, including completion of satisfactory due diligence. Full Article
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