Businessweek

Parkway Properties Inc. elected Avi Banyasz, Kelvin L. Davis, C. William Hosler and Adam S. Metz as director nominees.

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. This dividend is the 107th consecutive quarterly distribution to Parkway's shareholders of Common Stock and represents an annualized dividend rate of $0.60 per share.

Parkway Properties Inc. announced unaudited consolidated earnings and production results for the first quarter ended March 31, 2013. For the quarter, the company reported total revenues of $72,112,000 against $50,589,000 a year ago. Operating income was $7,240,000 against $5,769,000 a year ago. Loss before income taxes was $3,127,000 against $3,378,000 a year ago. Loss from continuing operations was $2,620,000 against $3,539,000 a year ago. Net loss was $2,425,000 against net income of $5,327,000 a year ago. Net loss for company was $1,168,000 against net income of $4,705,000 a year ago. Net loss attributable to common stockholders was $3,879,000 or $0.07 per basic and diluted share against net income attributable to common stockholders of $1,994,000 or $0.16 per basic and diluted share a year ago. Loss from continuing operations attributable to company was $4,087,000 against $3,517,000 a year ago. FFO available to common stockholders was $17,282,000 or $0.30 per diluted share against $10,135,000 or $0.43 per diluted share a year ago. Recurring FFO was $18,726,000 against $10,333,000 a year ago. EBITDA was $27,744,000 against $20,337,000 a year ago. Total recurring capital expenditures was $3,761,000 against $5,316,000 a year ago. The company revised earnings guidance for the full year of 2013. For the year, the company expected adjusting fully diluted loss per share to be in the range of $0.29 to $0.19 and FFO per diluted share to be in the range of $1.10 to $1.20 and company’s share of depreciation and amortization to be in the range of $1.40 to $1.40. Excluding this one-time, non-cash charge, the Company's FFO outlook range would increase to $1.20 to $1.30 per share. The company reported operating results for the first quarter ended March 31, 2013. Occupancy at the end of the first quarter 2013 was 88.7%, compared to 88.0% at the end of the prior quarter. Including leases that have been signed but have yet to commence, the company's leased percentage was 89.7%. The company's share of recurring same-store net operating income was $16.1 million on a GAAP basis during the first quarter 2013, which was an increase of $259,000, or 1.6%, as compared to the same period of the prior year. On a cash basis, the company's share of recurring same-store NOI increased 14.4% to $16.0 million as compared to the same period of the prior year.

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. Lincoln Place was built in 2002 and is comprised of 111,000 square feet of office space and 29,000 square feet of retail space on the ground floor. There is a five-story garage with 534 parking spaces adjacent to the property that provides parking for daytime office tenants as well as hourly parking on nights and weekends. The property is currently 100% leased to LNR Corporation through June 2021 with no renewal or early termination options.

Parkway Properties Inc. announced that they will report Q1, 2013 results at 5:00 PM, Eastern Standard Time on May 06, 2013