Parkway Properties Inc.NYSE
Thu, Oct. 6, 9:47 AM
- The combined company now trades under the Cousins symbol of CUZ, with Parkway (NYSE:PKY) owners receiving 1.63 shares of CUZ for each share of PKY they hold.
- The spinoff of the Houston-based assets of the combined company into New Parkway (PKY) is set to be completed tomorrow, with a special stock dividend to all CUZ shareholders paid prior to the market open.
Tue, Sep. 27, 4:32 PM
- Along with the merger of Cousins Properties (NYSE:CUZ) and Parkway Properties (NYSE:PKY) will be the spinoff of the Houston-based assets of the two. The record date for the spin of New Parkway will be Oct. 6, and distribution date will be the next day.
- The spin will be accomplished via a pro rata dividend of one share of New Parkway for every eight shares of Cousins.
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.
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.
Sep. 5, 2013, 7:58 AM
- Parkway Properties (PKY) agrees to a merger with Thomas Properties Group (TPGI) in stock-for-stock transaction valued at ~$1.2B.
- TPGI shareholders will receive 0.3822 shares of newly issued PKY common stock in exchange for each TPGI share, for an implied price of $6.26/share.
- PKY will assume TPGI's ownership interest in two office properties in Houston and five office properties in Austin, Tex.; PKY also may take ownership of three assets in Northern Virginia.
- PKY agrees to sell TPGI's ownership interest in two office properties located in Philadelphia to Brandywine Realty (BDN) for $332M.