Wachovia Downgrades Parkway Properties (PKY) to Underperform
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Wachovia downgrades Parkway Properties (NYSE: PKY) to Underperform.
"We believe PKY has a solid plan in place to reduce leverage and improve portfolio concentration (more scale in core markets), yet we believe these steps will take several years to execute and they'll be dilutive to initial earnings. Further, while the current valuation of PKY appears attractive, when factoring in PKY's above avg cap-ex load, the implied economic cap rate falls to ~8.0% -- in-line with Suburban Office peers."
To see more analyst ratings on PKY Click Here.
Parkway Properties, Inc. (Parkway) is a real estate investment trust (REIT) specializing in the operation, leasing, acquisition and ownership of office properties.
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