Cousins Properties (CUZ) Announces Completion of Parkway (PKY) Spin-off

October 7, 2016 9:01 AM EDT

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Cousins Properties Incorporated (NYSE: CUZ) announced it has completed the spin-off of Parkway, Inc. (NYSE: PKY), a new, independent REIT that will be publicly traded on the NYSE under the symbol "PKY."

The spin-off occurred by means of a special dividend to Cousins stockholders of all of the outstanding shares of New Parkway stock. Under the terms of the spin-off, Cousins stockholders received one share of New Parkway common stock for every eight shares of Cousins common stock held as of the record date of October 6, 2016. Cousins common stockholders will receive cash in lieu of any fractional shares they would otherwise have been entitled to receive in the distribution.

Since October 3, 2016, New Parkway shares have traded on a "when issued" basis on the NYSE under the symbol "PKY.WI." The "when issued" trading of New Parkway ended as of the market close on October 6, 2016. Starting today, the "regular way" trading of New Parkway common stock will begin under the symbol "PKY." Shares of Cousins will continue to trade under the symbol "CUZ."

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