Parkway Properties Inc.
 (PKY)

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  • Mon, Feb. 8, 4:25 PM
    • Parkway Properties (NYSE:PKY): Q4 FFO of $0.36 beats by $0.04.
    • Revenue of $112.55M (-10.9% Y/Y) beats by $1.08M.
    • Press Release
    | 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)
    | Fri, Jan. 8, 9:46 AM | 37 Comments
  • Dec. 7, 2015, 8:23 AM
    • CFO David Reilly sold more than $1.3M of company stock last week, unloading 80K shares at $16.79 each, bringing his stake in PKY down to 103.6K shares.
    • COO Jayson Lipsey sold 16.5K shares at $16.71 each, brining his stake down to 89.4K shares.
    | Dec. 7, 2015, 8:23 AM
  • Dec. 1, 2015, 10:24 AM
    • Parkway Properties (PKY +2.2%) gets its 2nd upgrade in a week, with Stifel boosting to Buy from Hold. The $19.50 price target is 14% above last night's close.
    • Mizuho made a similar upgrade one week ago.
    • Parkway is off modestly year to date, but up nearly 15% since Labor Day.
    | 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. 12, 2015, 5:17 PM
  • 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.
    | Nov. 2, 2015, 4:21 PM
  • Oct. 7, 2015, 10:03 AM
    | Oct. 7, 2015, 10:03 AM
  • 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.
    | Oct. 1, 2015, 8:52 AM
  • 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.
    | Aug. 24, 2015, 9:20 AM
  • Aug. 3, 2015, 4:49 PM
    • Parkway Properties (NYSE:PKY): Q2 FFO of $0.36 beats by $0.04.
    • Revenue of $126.91M (+14.9% Y/Y) beats by $14.9M.
    | Aug. 3, 2015, 4:49 PM
  • Jul. 2, 2015, 3:01 PM
    • Even as public market valuations have pulled back, says Citi's Michael Bilerman, private market pricing has remained strong, widening the gap between price and value.
    • While fund flows are a negative, Bilerman notes an uptick in interest from market generalists, suggesting they're beginning to spot value in the sector.
    • Healthcare: The REITs here are particularly sensitive to rising rates given high external growth expectations and accretive "spread" investing. Bilerman has Overweights in large-cap Ventas (NYSE:VTR) and small-cap Sabra Health Care (NASDAQ:SBRA).
    • Lodging: Supply is largely intact and demand continues to improve, hopefully setting up a strong H2. He continues to favor C-corps like Hilton Worldwide (NYSE:HLT), but also has Overweight positions on Host Hotels (NYSE:HST) and LaSalle Hotel (NYSE:LHO).
    • Office/Industrial: This sector offers particular opportunity for outperformance, and he prefers urban names, Boston Property (NYSE:BXP), SL Green (NYSE:SLG), and Vornado (NYSE:VNO), and only select suburban names Parkway (NYSE:PKY) and Mack Cali (NYSE:CLI). In industrial, he's Overweight EastGroup (NYSE:EGP), Prologis (NYSE:PLD), and DCT Industrial (NYSE:DCT).
    • Apartments: Growth remains strong and valuations attractive. He's Overweight large caps AvalonBay (NYSE:AVB), Equity Residential (NYSE:EQR), and UDR, as well as value name Camden Property Trust (NYSE:CPT).
    • Retail: He's still Overweight Class A mall REITs, but is getting more bullish on strip mall names, with Kimco (NYSE:KIM), Acadia (NYSE:AKR), and Weingarten (NYSE:WRI) upgraded to Buy. Other top picks are General Growth (NYSE:GGP), Simon Property (NYSE:SPG), Kite Realty (NYSE:KRG), and Forest City (NYSE:FCE.A).
    • Previously: Citi spots value in beaten-up REIT sector (July 2)
    | Jul. 2, 2015, 3:01 PM | 7 Comments
  • Jul. 1, 2015, 6:19 PM
    • Bloomberg reports Parkway Properties (NYSE:PKY) is "in the early stages of exploring strategic options including a sale." The REIT is reportedly working with BofA/Merrill and Wells Fargo.
    • Parkway has risen to $18.50 AH. dealReporter reported last month Parkway is expected to pursue a sale or asset divestitures. TPG Capital (21% stake) would presumably have a large say in what transpires.
    | Jul. 1, 2015, 6:19 PM
  • Jun. 19, 2015, 3:27 PM
    • Parkway Properties (PKY +1.5%) is expected to pursue a sale of the company or divestiture of its assets, according to dealReporter.
    | Jun. 19, 2015, 3:27 PM
  • May 29, 2015, 10:22 AM
    • Cousins Properties (CUZ -0.2%) - with 39% Houston exposure - had minor water damage in loading areas, but no damage to the properties themselves, says analyst Ki Bin Kim. Parkway Properties (NYSE:PKY) - 26% exposure - had no material damage; Eastgroup Properties (NYSE:EGP) - 19% exposure - no impact; Camden Property Trust (NYSE:CPT) - 13% exposure - routine impact common with any big storm; Weingarten Realty (NYSE:WRI) - 13% exposure - water in one store; Sovran Self Storage (NYSE:SSS) - 5% exposure - leaks and some power outages.
    | May 29, 2015, 10:22 AM
  • May 14, 2015, 4:15 PM
    • Parkway Properties (NYSE:PKY) declares $0.19/share quarterly dividend, in line with previous.
    • Forward yield 4.28%
    • Payable June 24; for shareholders of record June 10; ex-div June 8.
    | May 14, 2015, 4:15 PM
  • May 4, 2015, 4:18 PM
    • Parkway Properties (NYSE:PKY): Q1 FFO of $0.34 beats by $0.01.
    • Revenue of $119.68M (+15.0% Y/Y) beats by $1.72M.
    | May 4, 2015, 4:18 PM
Company Description
Parkway Properties Inc is a fully integrated, self-administered & self-managed real estate investment trust. It is engaged in the acquisition, ownership & management of office & parking properties in submarkets in the Sunbelt region of the United States.
Sector: Financial
Industry: REIT - Office
Country: United States