Thu, Jul. 7, 4:19 PM
Thu, May 19, 4:45 PM
Thu, May 5, 4:33 PM
Fri, Apr. 29, 10:55 AM
- The deal allows investors in Parkway Properties (PKY +9.8%) and Cousins Properties (CUZ flat) to continue to be owners of Sun Belt office properties, but without exposure to energy-exposed Houston.
- Of Cousins' $237M in annual NOI, Houston is responsible for 45%. Of Parkway's $242M, Houston is responsible for 29%. All Houston properties will be spun off into a new publicly traded REIT with $177M of annual NOI.
- Dropping Houston, the merged company will operate in seven markets, with Atlanta accounting for 49% of square footage. Next up is Charlotte at 16%, then Austin at 12%. Other markets are Tampa, Orlando, Phoenix, and Miami.
- Presentation slides
- Previously: Cousins Properties and Parkway Properties to merge, spin-off Houston assets (April 29)
Fri, Apr. 29, 7:36 AM
- Parkway Property (NYSE:PKY) owners will receive 1.63 shares of Cousins (NYSE:CUZ) stock for each share of Parkway they own, and will own about 48% of the combined company.
- Immediately after the merger, the combined entity will spin-off the Houston-based assets of each company into a new publicly-traded REIT. The Houston company will begin operations with five Class A office properties - allowing investors a pure-play bet on an energy recovery. It will be led by Parkway CEO Jim Heistand.
- Back to the merger: Annual net G&A savings are expected to be about $18M, but FFO per share neutral in 2017. The deals are expected to close in Q4.
- Source: Press Release
Thu, Apr. 14, 9:20 AM
- Recession fears have resulted in a big drop in leasing volume - down 17.8% in Q1 to just 50M square feet, the lowest level since mid-2009.
- As for rents, high-demand submarkets saw rent gains of 3.2%, well above the U.S. average.
- The current development pipeline is at its highest level of the cycle at 96.8M square feet, with more spec developments set to break ground this year in spots like San Francisco, Seattle, Dallas, and D.C.
- While 46.8M square feet of deliveries will push completions above the long-term average, they are still well below 2008's peak.
- Looking at the sales market, it's slowed, with transaction volumes up just 1% in Q1 following five straight years at a far faster rate of growth.
- Interested parties: GOV, EQC, BXP, WRE, FPO, HIW, PDM, CIO, PSB, SIR, PKY, PGRE, BDN, SLG
Thu, Feb. 18, 4:36 PM
Mon, Feb. 8, 4:25 PM
Fri, Jan. 8, 9:46 AM
- These income favorites are known for having had a tough time of it in 2015, in part thanks to worries about rising interest rates. MKM's Jonathan Krinsky, however, notes REITs have been relatively outperforming the S&P 500 for months and have just broken out to nine-month highs versus the broader market.
- Krinsky's a technician, so he's staying with the trend and recommending going long REITs (NYSEARCA:IYR) versus the S&P 500.
- Turning to individual REIT sectors and names, he's overweight apartments (AIV, AVB, ESS, EQR, MAA), UDR), storage (CUBE, EXR, PSA, SSS), and shopping malls (KIM, MAC, FRT, REG, IRM).
- He's equal weight data centers (buys: CONE, DCT, QTS, sells: EGP), diversified (buys: AMT, CCI, DLR, DRE, PSB, sells: EQIX, LPT, STAG, VNO, WY, WPC).
- He's underweight office property (buys: EQC, sells: HPP, FSP, GOV, KRC, OFC, PKY, SLG), hotels (sells: AHT, FCH, HPT, HST), mREITs (sells: ARR, STWD, RSO, buy: ABR), healthcare (sells: HCP, MPW, OHI, VTR, buys: DOC, HR, HTA)
Dec. 7, 2015, 8:23 AM
Dec. 1, 2015, 10:24 AM| Dec. 1, 2015, 10:24 AM
Nov. 12, 2015, 5:17 PM
- Parkway Properties (NYSE:PKY) declares $0.1875/share quarterly dividend, in line with previous.
- Forward yield 4.7%
- Payable Dec. 30; for shareholders of record Dec. 16; ex-div Dec. 14.
Nov. 2, 2015, 4:21 PM
- Parkway Properties (NYSE:PKY): Q3 FFO of $0.33 in-line.
- Revenue of $114.84M (-0.8% Y/Y) beats by $2.4M.
Oct. 7, 2015, 10:03 AM
- After a rough run for Parkway Properties (PKY -0.4%), Wells Fargo downgrades to Market Perform from Outperform.
- PKY is lower by 13.5% YTD, with all of the decline coming since mid-July.
- Previously: Faster capital recycling activity at Parkway Properties; FFO guidance cut (Oct. 1)
Oct. 1, 2015, 8:52 AM
- The company announces the closing of two more non-core assets, an agreement to sell another one, and the closing of the purchase of a Class A office property in the Tampa area.
- Parkway (NYSE:PKY) has now sold the majority of its non-core assets, and at "robust economics," says CEO James Heistand. The company has also cut its Houston exposure by about 1M square feet.
- Full-year reported FFO is now expected at $1.29-$1.33 per share vs. $1.32-$1.38 previously.
Aug. 24, 2015, 9:20 AM
- Parkway Properties (NYSE:PKY) declares $0.19/share quarterly dividend, in line with previous.
- Forward yield 4.49%
- Payable Sept. 30; for shareholders of record Sept. 16; ex-div Sept. 14.
Parkway Properties, Inc. is a real estate investment trust which engages in the acquisition, ownership and management of office and parking properties. It offers fee-based real estate services through its wholly-owned subsidiaries. The company was founded in 1971 and is headquartered in Orlando,... More
Industry: REIT - Office
Country: United States
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