Parkway Properties Meets Third-Quarter Projections

JACKSON, MS-For the nine months ended Sept. 30, Parkway Properties reported FFO of $29.77 million or $2.99 per diluted share, a 10.7% jump over the $27.56 million, or $2.70 per diluted share for the same period in 1999.

The results are on target with company projections, according to president and CEO Steven G. Rogers. The REIT also paid its cash dividend of 56 cents per share for the quarter.

In a conference call, Rogers said he was pleased with occupancy in the year to date. Occupancy rose to 95.1% with a year-to-date retention rate of 84%, from 92.8% at the beginning of the year.

Parkway owns or has an interest in 49 office properties in 11 states in the Southeast and Texas.

Parkway previously announced a joint venture with Southeast OfficeInvest, an affiliate of Investcorp International Inc., to acquire up to $100 million in office properties located in central business districts in southeastern and southwestern cities.