Parkway Properties Inc.NYSE
Tue, Oct. 18, 8:06 AM
- The Houston office market is a long way from the bottom, says Stifel analyst John Guinee, starting Parkway Properties (NYSE:PKY) with a Sell rating and $17 price target.
- The stock closed at $18.67 yesterday.
- Parkway Properties is the Houston office portfolio spun out of the merger of Cousins Properties (NYSE:CUZ) and the what's now the old Parkway Properties.
Fri, Oct. 7, 1:01 PM
Fri, Oct. 7, 12:47 PM
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.
Wed, Oct. 5, 3:15 PM
- By dint of its soon-to-close merger with Parkway Properties (NYSE:PKY), Cousins Properties (NYSE:CUZ) will gain entry into the S&P MidCap 400 as of the close today. It will also have a classification change to Office REIT following the purchase.
- Ranked near the bottom of the S&P MidCap 400, Community Health Systems (NYSE:CYH) will be pushed out of the index as that company's market cap is more inline with that of a small-cap stock.
Thu, Sep. 29, 10:10 AM| Thu, Sep. 29, 10:10 AM | 1 Comment
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.
Wed, Aug. 17, 7:29 AM
- Prologis (NYSE:PLD), Cousins Properties (NYSE:CUZ), Parkway Properties (NYSE:PKY), and Washington REIT (NYSE:WRE) are all downgraded to Neutral from Outperform.
- The group is up between 10% and 25% for the year, and between 27% and 45% from the February lows, so they're sporting fancier valuations with the chance of rate hike(s) looming.
Mon, Aug. 8, 4:20 PM
Sun, Aug. 7, 5:35 PM
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Thu, Jul. 7, 4:19 PM
Thu, May 19, 4:45 PM
Thu, May 5, 4:33 PM
- Parkway Properties (NYSE:PKY): Q1 FFO of $0.34 beats by $0.03.
- Revenue of $109.63M (-6.2% Y/Y) beats by $1.81M.
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.
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