JACKSON, Miss., April 23 /PRNewswire-FirstCall/ -- Parkway Properties, Inc. (NYSE: PKY) announced today the pricing of 6.25 million shares of common stock in a public offering at a price of $13.71 per share. In addition, Parkway has granted to the underwriter for the public offering an option for 30 days to purchase up to 937,500 additional shares of common stock to cover overallotments, if any.
UBS Investment Bank is the sole underwriter for the offering. Subject to customary closing conditions, the offering is expected to close on April 27, 2009.
Parkway intends to use the net proceeds from the offering to reduce outstanding borrowings under its line of credit and for general corporate purposes.
The common stock will be issued pursuant to an effective registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission. This communication shall not constitute an offer to sell nor shall there be any sale of the common shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. A copy of the final prospectus supplement and prospectus relating to these securities may be obtained, when available, by contacting UBS Investment Bank, Attn: Prospectus Department, 299 Park Avenue, New York, New York 10171, (888) 827-7275.
About Parkway
Parkway Properties, Inc., a member of the S&P Small Cap 600 Index, is a self-administered real estate investment trust specializing in the operation, leasing, acquisition, and ownership of office properties. The Company is geographically focused on the Southeastern and Southwestern United States and Chicago. Parkway owns or has an interest in 66 office properties located in 11 states with an aggregate of approximately 13.5 million square feet of leasable space at April 23, 2009. Included in the portfolio are 21 properties totaling 3.9 million square feet that are owned jointly with other investors, representing 28.6% of the portfolio. Fee-based real estate services are offered through the Company's wholly-owned subsidiary, Parkway Realty Services, which also manages and/or leases approximately 1.8 million square feet for third-party owners at April 23, 2009.
Parkway Properties, Inc.'s press releases and additional information about the Company are available on the World Wide Web at www.pky.com.
Forward Looking Statement
Certain statements in this release that are not in the present or past tense or discuss the Company's expectations (including the use of the words anticipate, believe, forecast, intends or project) are forward-looking statements within the meaning of the federal securities laws and as such are based upon the Company's current belief as to the outcome and timing of future events. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. These forward-looking statements involve risks and uncertainties (some of which are beyond the control of the Company) and are subject to change based upon various factors, including but not limited to the following risks and uncertainties: changes in the real estate industry and in performance of the financial markets; the demand for and market acceptance of the Company's properties for rental purposes; the amount and growth of the Company's expenses; tenant financial difficulties and general economic conditions, including interest rates, as well as economic conditions in those areas where the Company owns properties; the risks associated with the ownership and development of real property; the failure to acquire or sell properties as and when anticipated; and other risks and uncertainties detailed from time to time on the Company's SEC filings. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, the Company's results could differ materially from those expressed in the forward-looking statements. The Company does not undertake to update forward-looking statements.
Parkway Properties, Inc. FOR FURTHER INFORMATION:
188 E. Capitol Street, Suite 1000 Steven G. Rogers
Jackson, MS 39201 President & Chief Executive Officer
www.pky.com J. Mitchell Collins
(601) 948-4091 Chief Financial Officer
