Parkway Properties, Inc. : Parkway Provides Tax Treatment of 2011 Dividends

ORLANDO, Fla., Jan. 6, 2012 /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) provided today the tax treatment for its 2011 distributions, as follows.

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    Common Stock (CUSIP #70159Q10-4, ticker symbol PKY on the NYSE):

                                                                       Total                                Total           Unrecaptured
             Record                    Payment                     Distribution        Ordinary         Capital Gain        Section 1250           Nondividend
              Date                      Date                         Per Share         Dividends        Distribution          Gain (1)          Distributions (2)
              ----                      ----                         ---------         ---------        ------------          -------           ----------------
                   03/16/11                    03/30/11                         $0.075           $0.000              $0.000              $0.000                   $0.075
                   06/15/11                    06/29/11                          0.075            0.000               0.000               0.000                    0.075
                   09/14/11                    09/28/11                          0.075            0.000               0.000               0.000                    0.075
                   12/14/11                    12/28/11                          0.075            0.000               0.000               0.000                    0.075
                                                 Totals                         $0.300           $0.000              $0.000              $0.000                   $0.300
                                                                                ======           ======              ======              ======                   ======

    Series D Preferred Stock (CUSIP #70159Q40-1, ticker symbol PKY PrD on the NYSE):

                                                                       Total                                   Total           Unrecaptured
             Record                    Payment                     Distribution           Ordinary         Capital Gain        Section 1250           Nondividend
              Date                      Date                         Per Share            Dividends        Distribution          Gain (1)          Distributions (2)
              ----                      ----                         ---------            ---------        ------------          -------           ----------------
                   03/31/11                    04/15/11                            $0.500           $0.000              $0.000              $0.000                   $0.500
                   06/30/11                    07/15/11                             0.500            0.000               0.000               0.000                    0.500
                   09/30/11                    10/17/11                             0.500            0.000               0.000               0.000                    0.500
                   12/30/11                    01/17/12                             0.500            0.000               0.000               0.000                    0.500
                                                 Totals                            $2.000           $0.000              $0.000              $0.000                   $2.000
                                                                                   ======           ======              ======              ======                   ======

(1) Unrecaptured Section 1250 Gain is a subset of, and included in, the Total Capital Gain Distribution.
(2) Return of Capital

Of the total ordinary dividends paid during 2011, none are considered qualifying dividends for purposes of the 15% income tax rate. The Company did not incur any foreign taxes. Should you require additional information, please contact Rita Jordan at [e-mail] or [phone].

About Parkway Properties

Parkway Properties, Inc., a member of the S&P Small Cap 600 Index, is a self-administered real estate investment trust specializing in the ownership of office properties. Parkway owns or has an interest in 58 office properties located in 12 states with an aggregate of approximately 12.6 million square feet of leasable space at January 6, 2012. Fee-based real estate services are offered through wholly-owned subsidiaries of the Company, which in total manage and/or lease approximately 11.9 million square feet for third-party owners at January 6, 2012.

Parkway Properties, Inc.'s press releases and additional information about the Company are available on the Company's website at www.pky.com.

FOR FURTHER INFORMATION:
Richard G. Hickson, IV
Chief Financial Officer
Mandy M. Pope
Chief Accounting Officer
[phone]

SOURCE Parkway Properties, Inc.