Parkway Properties (PKY) Announces $50.5M in Asset Sales

Parkway Properties, Inc. (NYSE: PKY) announced the sale of Waterstone, a 93,000 square foot office property located in the Airport/South submarket of Atlanta, Georgia; Meridian, a 97,000 square foot office property located in the Northwest submarket of Atlanta; and Bank of America Plaza, a 436,000 square foot office tower located in the Central Business District of Nashville, Tennessee.

• On July 10, 2013, Parkway completed the sale of Waterstone for a gross sale price of $3.4 million. The property was 52.1% occupied at closing.
  
• On July 10, 2013, Parkway completed the sale of Meridian for a gross sale price of $6.8 million. The property was 74.7% occupied at closing.
  
• On July 17, 2013, Parkway completed the sale of Bank of America Plaza for a gross sale price of $42.8 million. The property was 93.1% occupied at closing.

Parkway received a total of approximately $50.5 million in net proceeds from the three completed asset sales. As a result of the two asset sales in Atlanta, Parkway expects to record a $4.6 million impairment charge for the second quarter 2013. Additionally, Parkway expects to record a gain related to the sale of Bank of America Plaza totaling approximately $11.9 million for the third quarter 2013.

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