Parkway Properties, Inc. (PKY) reported funds from operations (FFO) of $0.86 per share, or $16.8 million, for the second quarter of 2009. This was down from $1.03 per share reported in the same quarter last year.
During the quarter, Parkway Properties, Inc. raised capital through the equity markets. The company sold 6.25 million shares of common stock to the public, raising $84.5 million. The funds were used to pay down some borrowings on its credit line. The company significantly reduced its outstanding debt on its credit line as a result of the new capital, and now owes $100 million, down from $185.9 million as of 12/31/2008.
Parkway Properties, Inc. also continued its disposal of assets that are considers peripheral to its core area. The company sold 1717 St. James Place, an office building located in Houston, TX. The building was approximately 110,000 square feet in size, and the company realized net cash proceeds of $8.4 million on the sale.
Parkway Properties, Inc. is a real estate investment trust (REIT) headquartered in Jackson, MS. The company specializes in office properties, and owns 66 properties in 11 states throughout the Southeast and Southwestern United States. The total square footage of offices space in its property portfolio totals 13.5 million.
Let us hear your thoughts below: