Parkway Properties Inc. (PKY) announced that it has commenced an underwritten public offering of 10.00 million shares of common stock. The company intends to grant the underwriters a 30-day option to purchase up to an additional 1.50 million shares of common stock.
The company noted that it 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.
In a separate press release, Parkway Properties announced that it has entered into a purchase and sale agreement to acquire its co-investor's 70% interest in three office properties located in the Westshore submarket of Tampa, Florida owned by Parkway Properties Office Fund II, L.P. and has entered into a purchase and sale agreement to acquire a 75% interest in the US Airways Building, a 225,000 square foot office building located in the Tempe submarket of Phoenix, Arizona.
Parkway said it is under contract to acquire its co-investor's 70% interest in three office properties located in the Westshore submarket of Tampa, Florida owned by Fund II. The agreed-upon gross valuation of the Tampa Fund II Assets is $139.3 million. Parkway's purchase price for its co-investor's 70% interest in the Tampa Fund II Assets is $97.5 million, which will be funded at closing using approximately $56.8 million of cash and the assumption of $40.7 million of in-place mortgage indebtedness that is secured by the properties, which represents its co-investor's 70% share of the approximately $58.1 million of current in-place mortgage indebtedness. The three assets include Corporate Center IV at International Plaza, Cypress Center I, II and III, and The Pointe. Closing is expected to occur by the end of the first quarter 2013, subject to customary closing conditions.
Parkway is under contract to acquire a 75% interest in the US Airways Building in the Tempe submarket of Phoenix, Arizona. The agreed-upon gross valuation of the US Airways Building is $56.0 million. Parkway's purchase price for the approximate 75% interest is $41.8 million. US Airways will retain the remaining 25% interest in the property. Closing is expected to occur by the end of the second quarter 2013, subject to customary closing conditions and Parkway's satisfactory completion of due diligence.
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