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Slideshow Secondary Stock Offerings

By The Online Investor Staff, updated Wed., Oct. 1, 12:15 PM

Slide #15. Parkway Properties, Inc. Secondary Offering

Company: Parkway Properties, Inc. (NYSE:PKY)
Date announced: 9/22/2014
Shares Offered: 10,000,000
Date of Pricing: 9/22/2014
Price Per Share: $18.60
Secondary Offering Details: Parkway Properties, Inc. (NYSE: PKY) announced today that it has commenced an underwritten public offering of 10,000,000 shares of common stock. The Company intends to grant the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock. The Company intends to use the net proceeds of the offering to fund a portion of the purchase price of a portfolio of 22 office properties located in six states and aggregating approximately 3.1 million net leasable square feet and, if such acquisition is not completed, to repay amounts outstanding from time to time under its senior unsecured revolving credit facility, and/or for general corporate purposes, including to fund other potential acquisitions. - updated 9/23 - Parkway Properties, Inc. (NYSE: PKY) announced today the pricing of its previously announced underwritten public offering of 10,000,000 shares of common stock at a public offering price of $18.60 per share. The underwriters for the public offering have been granted a 30-day option to purchase up to an additional 1,500,000 shares of common stock at the public offering price, less the underwriting discount. The Company estimates that net proceeds, after deducting the underwriting discount and estimated offering expenses payable by the Company, will be approximately $178.1 million, or $204.8 million if the underwriters exercise their option to purchase additional shares in full. The shares are expected to be delivered on or about September 26, 2014, subject to customary closing conditions.

Parkway Properties is a self-managed real estate investment trust focusing in the acquisition, ownership and management of office properties in the Sunbelt region of the U.S. Co.'s operations are mainly in the operation, leasing, acquisition and ownership of office buildings. At Jan 1 2014, Co. owned or had an interest in 50 office properties located in eight states with an aggregate of approximately 17.6 million square feet of leasable space. Co. also serves as the general partner of its partnership, Parkway Properties Office Fund II, L.P., and provides asset management, property management, leasing and construction management services to the fund, for which Co. is paid market-based fees.

Preferred: PKY.PRD

Open the PKY Page at The Online Investor »

Company Name:  Parkway Properties Inc.
Sector:  REITs
Number of ETFs Holding PKY:  60
Total Market Value Held by ETFs:  $196.29M
Total Market Capitalization:  $1.88B
% of Market Cap. Held by ETFs:  10.46%

Open the PKY Page at The Online Investor (in a new window) »

October 1, 2014    12:15 PM Eastern
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Buy (2.82 out of 4)
34th percentile
(ranked lower than approx. 66% of all stocks covered)
Based on Zacks ABR data;
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