Seeking Alpha

Parkway Properties Inc. (PKY)

  • Mon, Aug. 24, 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.
    | Comment!
  • Mon, Aug. 3, 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.
    • Press Release
    | Comment!
  • Thu, Jul. 2, 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)
  • Wed, Jul. 1, 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.
    | Comment!
  • Fri, Jun. 19, 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.
    | Comment!
  • Fri, May 29, 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.
    | Comment!
  • Thu, May 14, 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.
    | Comment!
  • Mon, May 4, 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.
    • Press Release
    | Comment!
  • Mon, Feb. 23, 10:03 AM
    • Parkway Properties (NYSE:PKY) declares $0.1875/share quarterly dividend, in line with previous.
    • Forward yield 4.21%
    • Payable March 25; for shareholders of record March 11; ex-div March 9.
    | Comment!
  • Mon, Feb. 9, 4:30 PM
    • Q4 recurring FFO of $42.1M or $0.36 per share vs. $22.8M and $0.31 one year ago. FAD of $14.4M or $0.12 per share vs. $12.5M and $0.17 one year ago. Dividend of $0.1875.
    • Occupancy of 89.2% up 10 bps from Q3; portfolio 91.0% leased flat from Q3.
    • 2015 recurring FFO per share guidance of $1.32-$1.42 vs. $1.47 in 2014.
    • Conference call tomorrow at 9 ET
    • Previously: Parkway Properties beats by $0.05, beats on revenue (Feb. 9)
    • PKY flat after hours
    | Comment!
  • Mon, Feb. 9, 4:21 PM
    • Parkway Properties (NYSE:PKY): Q4 FFO of $0.36 beats by $0.05.
    • Revenue of $126.38M (+63.2% Y/Y) beats by $11.52M.
    • Press Release
    | Comment!
  • Dec. 31, 2014, 2:25 AM
    • Real-estate investment trusts were among the hottest stocks of the year, producing a total return of 32.3%, including dividends, according to the FTSE Nareit Equity REITs Index.
    • Boosted by low interest rates and an improving economy, the sector has climbed this year to its biggest gains in nearly a decade.
    • Analysts are predicting REIT shares to continue to perform well in 2015, as a stronger economy and increased M&A activity drown out the risk of possible rate rises.
    • With its shares rising 68.3% this year, the top-performing REIT in 2014 was Winthrop Realty Trust (NYSE:FUR).
  • Dec. 16, 2014, 9:40 AM
    • Upgraded to Buy from Neutral are Camden Property Trust (CPT +0.2%) and Equity Residential (EQR +0.1%). Upgraded to Neutral from Sell is Parkway Properties (PKY +0.3%).
    • Downgraded to Neutral from Buy are Douglas Emmet (DEI -0.9%), Macerich (MAC +0.1%), Tanger Factory Outlet (SKT -0.7%), and Weingarten Realty (WRI -0.5%).
    | Comment!
  • Dec. 12, 2014, 10:46 AM
    • Started with Buys are Highwoods Properties Trust (HIW +1.2%), Hudson Pacific Properties (HPP -0.2%), and Parkway Properties (PKY -0.8%).
    • Stated with Neutrals are Boston Properties (BXP +0.1%), Brandywine Realty Trust (BDN), Douglas Emmet (DEI +0.7%), First Potomac Realty (FPO +0.3%), Kilroy Realty (KRC +0.7%), and Piedmont Office (PDM -0.2%).
    | Comment!
  • Dec. 3, 2014, 7:36 AM
    • Downgraded to Hold from Buy are Parkway Properties (NYSE:PKY) and Cousins Properties (NYSE:CUZ), and downgraded to Sell from Hold is EastGroup Properties (NYSE:EGP). Upgraded to Hold from Sell is First Industrial Realty (NYSE:FR).
    | Comment!
  • Nov. 20, 2014, 4:44 PM
    • Parkway Properties (NYSE:PKY) declares $0.1875/share quarterly dividend, in line with previous.
    • Forward yield 3.88%
    • Payable Dec. 31; for shareholders of record Dec. 17; ex-div Dec. 15.
    | Comment!
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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