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)
Dec. 1, 2015, 10:24 AM| Dec. 1, 2015, 10:24 AM
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.
Jun. 19, 2015, 3:27 PM
Sep. 22, 2014, 10:43 AM
- The deal calls for Parkway Properties (PKY -2.8%) to purchase 22 office properties in six states totaling more than 3M square feet. Parkway intends to sell 19 of the properties as they're not consistent with the company's investment strategy. Kept will be three Class A office buildings in Tampa totaling 974K square feet.
- The gross purchase price is 475M and the deal is expected to close in Q4.
- Noting the combined occupancy of the Tampa properties of just 69.7%, Parkway expect to be able to add value.
- Helping to fund the purchase, Parkway launches a 10M share secondary offering with underwriter greenshoe of 1.5M shares.
Jan. 6, 2014, 5:38 PM
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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