Profile: Parkway Properties, Inc. (PKY)

Parkway Properties, Inc. (Parkway) is a real estate investment trust (REIT) specializing in the operation, leasing, acquisition and ownership of office properties. The Company performs these services for its own account and for other institutional investors through co-ownership structures, such as discretionary funds and/or partnerships. Parkwat focused on the Southeastern and Southwestern United States and Chicago. As of January 1, 2009, Parkway owned or had an interest in 67 office properties located in 11 states with an aggregate of approximately 13.5 million square feet of leasable space. Included in the portfolio are one discretionary fund and several partnership arrangements, which encompass 21 properties totaling 3.8 million square feet, representing 28% of the portfolio. With the discretionary fund and/or partnerships, the Company receives fees for asset management, property management, leasing and construction management services and potentially receives incentive fees upon sale if certain investment targets are achieved. Fee-based real estate services are offered through the Company’s wholly owned subsidiary, Parkway Realty Services LLC, which also manages and/or leases approximately 1.8 million square feet for third-party owners as of January 1, 2009.

During the year ended December 31, 2008, the Parkway sold 13 office properties. As of December 31, 2008, Parkway completed the investment for the Ohio PERS Fund I and 11 office properties were purchased. The Company has one Illinois Center in Chicago, Illinois. The Company also purchased an additional interest in Moore Building Associates, LP, which owns the Toyota Center in Memphis, Tennessee. The Company focused on holding and operating its portfolio of office buildings for investment purposes. As of December 31, 2008, the Company’s office properties are leased to approximately 1,408 customers, which are in a variety of industries, including banking, insurance, professional services (including legal, accounting, and consulting), energy, financial services and telecommunications. The Company’s largest customer and 25 largest customers accounted for 4.7% and 40.9% respectively, of its annualized rental revenues as of December 31, 2008.