PARKWAY, INC. (NYSE:PKY) Files An 8-K Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure
Parkway, Inc. (the Company) intends to distribute copies of certain
presentation materials (the Materials) to analysts, institutional
investors and other persons on June 6, 2017 through June 8, 2017 in
connection with the National Association of Real Estate Investment
Trusts (NAREIT) REITWeek 2017: NAREIT’s Investor Forum in New
York, New York. A copy of these Materials is furnished as Exhibit
99.1 to this Current Report on Form 8-K and is incorporated herein
solely for purposes of this Item 7.01 disclosure.
presentation materials (the Materials) to analysts, institutional
investors and other persons on June 6, 2017 through June 8, 2017 in
connection with the National Association of Real Estate Investment
Trusts (NAREIT) REITWeek 2017: NAREIT’s Investor Forum in New
York, New York. A copy of these Materials is furnished as Exhibit
99.1 to this Current Report on Form 8-K and is incorporated herein
solely for purposes of this Item 7.01 disclosure.
The information in this Item 7.01 disclosure, including Exhibit
99.1, is being furnished and shall not be deemed filed for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended
(the Exchange Act), or otherwise subject to the liabilities under
that Section. In addition, the information in this Item 7.01
disclosure, including Exhibit 99.1, shall not be incorporated by
reference into the filings of the Company under the Securities Act
of 1933, as amended, or the Exchange Act, except as shall be
expressly set forth by specific reference in such filing.
99.1, is being furnished and shall not be deemed filed for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended
(the Exchange Act), or otherwise subject to the liabilities under
that Section. In addition, the information in this Item 7.01
disclosure, including Exhibit 99.1, shall not be incorporated by
reference into the filings of the Company under the Securities Act
of 1933, as amended, or the Exchange Act, except as shall be
expressly set forth by specific reference in such filing.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this presentation, including those
that express a belief, expectation or intention, as well as those
that are not statements of historical fact, are forward-looking
statements within the meaning of the federal securities laws and as
such are based upon the Companys current beliefs as to the outcome
and timing of future events. There can be no assurance that actual
future developments affecting the Company will be those anticipated
by the Company. Examples of forward-looking statements include
projected capital resources, projected profitability and portfolio
performance, estimates of market rental rates, projected capital
improvements, expected sources of financing, expectations as to the
timing of closing of acquisitions, dispositions, or other
transactions, the expected operating performance of anticipated
near-term acquisitions and descriptions relating to these
expectations, including without limitation, the anticipated net
operating income yield. The Company cautions investors that any
forward-looking statements presented in this presentation are based
on managements beliefs and assumptions made by, and information
currently available to, management. When used, the words
anticipate, assume, believe, estimate, expect, forecast, guidance,
intend, may, might, outlook, project, should or similar expressions
that do not relate solely to historical matters are intended to
identify forward-looking statements. You can also identify
forward-looking statements by discussions of strategy, plans or
intentions. Forward-looking statements involve risks and
uncertainties (some of which are beyond the Companys control) and
are subject to change based upon various factors, including but not
limited to the following risks and uncertainties: the Companys lack
of operating history as an independent company; conditions
associated with the Companys primary market, including an
oversupply of office space, customer financial difficulties and
general economic conditions; that certain of the Companys
properties represent a significant portion of the Companys revenues
and costs; that the spin-off from Cousins Properties Incorporated
(Cousins) will not qualify for tax-free treatment; the Companys
ability to meet mortgage debt obligations on certain of the
Companys properties; the availability of refinancing current debt
obligations; joint ventures or potential co-investments with third
parties; changes in any credit rating the Company may obtain;
changes in the real estate industry and in performance of the
financial markets and interest rates and the Companys ability to
effectively hedge against interest rate changes; the actual or
perceived impact of global and economic conditions; declines in
commodity prices, which may negatively impact the Houston, Texas
market; the concentration of the Companys customers in the energy
sector; that a significant portion of the Company’s revenue comes
from the Company’s top 20 customers; the demand for and market
acceptance of the Companys properties for rental purposes; the
Companys ability to enter into new leases or renewal leases on
favorable terms; the potential for termination of existing leases
to customer termination rights; the amount, growth and relative
inelasticity of the Companys expenses; risks associated with the
ownership and development of real property; termination of property
management contracts; the bankruptcy or insolvency of companies for
which the Company provides property management services or the sale
of these properties; the outcome of claims and litigation involving
or affecting the Company; the ability to satisfy conditions
necessary to close pending transactions and the ability to
successfully integrate the assets and related operations acquired
in such transactions after closing; applicable regulatory changes;
risks associated with acquisitions, including the integration of
the portion of the combined business of Parkway Properties, Inc.
(Legacy Parkway) and Cousins relating to the ownership of real
properties in Houston and Legacy Parkways fee-based real estate
business; risks associated with
that express a belief, expectation or intention, as well as those
that are not statements of historical fact, are forward-looking
statements within the meaning of the federal securities laws and as
such are based upon the Companys current beliefs as to the outcome
and timing of future events. There can be no assurance that actual
future developments affecting the Company will be those anticipated
by the Company. Examples of forward-looking statements include
projected capital resources, projected profitability and portfolio
performance, estimates of market rental rates, projected capital
improvements, expected sources of financing, expectations as to the
timing of closing of acquisitions, dispositions, or other
transactions, the expected operating performance of anticipated
near-term acquisitions and descriptions relating to these
expectations, including without limitation, the anticipated net
operating income yield. The Company cautions investors that any
forward-looking statements presented in this presentation are based
on managements beliefs and assumptions made by, and information
currently available to, management. When used, the words
anticipate, assume, believe, estimate, expect, forecast, guidance,
intend, may, might, outlook, project, should or similar expressions
that do not relate solely to historical matters are intended to
identify forward-looking statements. You can also identify
forward-looking statements by discussions of strategy, plans or
intentions. Forward-looking statements involve risks and
uncertainties (some of which are beyond the Companys control) and
are subject to change based upon various factors, including but not
limited to the following risks and uncertainties: the Companys lack
of operating history as an independent company; conditions
associated with the Companys primary market, including an
oversupply of office space, customer financial difficulties and
general economic conditions; that certain of the Companys
properties represent a significant portion of the Companys revenues
and costs; that the spin-off from Cousins Properties Incorporated
(Cousins) will not qualify for tax-free treatment; the Companys
ability to meet mortgage debt obligations on certain of the
Companys properties; the availability of refinancing current debt
obligations; joint ventures or potential co-investments with third
parties; changes in any credit rating the Company may obtain;
changes in the real estate industry and in performance of the
financial markets and interest rates and the Companys ability to
effectively hedge against interest rate changes; the actual or
perceived impact of global and economic conditions; declines in
commodity prices, which may negatively impact the Houston, Texas
market; the concentration of the Companys customers in the energy
sector; that a significant portion of the Company’s revenue comes
from the Company’s top 20 customers; the demand for and market
acceptance of the Companys properties for rental purposes; the
Companys ability to enter into new leases or renewal leases on
favorable terms; the potential for termination of existing leases
to customer termination rights; the amount, growth and relative
inelasticity of the Companys expenses; risks associated with the
ownership and development of real property; termination of property
management contracts; the bankruptcy or insolvency of companies for
which the Company provides property management services or the sale
of these properties; the outcome of claims and litigation involving
or affecting the Company; the ability to satisfy conditions
necessary to close pending transactions and the ability to
successfully integrate the assets and related operations acquired
in such transactions after closing; applicable regulatory changes;
risks associated with acquisitions, including the integration of
the portion of the combined business of Parkway Properties, Inc.
(Legacy Parkway) and Cousins relating to the ownership of real
properties in Houston and Legacy Parkways fee-based real estate
business; risks associated with
the fact that the Companys historical and predecessors financial
information may not be a reliable indicator of the Companys future
results; risks associated with achieving expected synergies or cost
savings; risks associated with the potential volatility of the
Companys common stock; and other risks and uncertainties detailed
from time to time in the Companys Securities and Exchange
Commission filings.
information may not be a reliable indicator of the Companys future
results; risks associated with achieving expected synergies or cost
savings; risks associated with the potential volatility of the
Companys common stock; and other risks and uncertainties detailed
from time to time in the Companys Securities and Exchange
Commission filings.
Should one or more of these risks or uncertainties occur, or should
underlying assumptions prove incorrect, the Companys business,
financial condition, liquidity, cash flows and results could differ
materially from those expressed in any forward-looking statement.
While forward-looking statements reflect the Companys good faith
beliefs, they are not guarantees of future performance. Any
forward-looking statement speaks only as of the date on which it is
made. New risks and uncertainties arise overtime, and it is not
possible for us to predict the occurrence of those matters or the
manner in which they may affect us. The Company disclaims any
obligation to publicly update or revise any forward-looking
statement to reflect changes in underlying assumptions or factors,
of new information, data or methods, future events or other
changes. Accordingly, investors should use caution in relying on
past forward-looking statements, which were based on results and
trends at the time they were made, to anticipate future results or
trends.
underlying assumptions prove incorrect, the Companys business,
financial condition, liquidity, cash flows and results could differ
materially from those expressed in any forward-looking statement.
While forward-looking statements reflect the Companys good faith
beliefs, they are not guarantees of future performance. Any
forward-looking statement speaks only as of the date on which it is
made. New risks and uncertainties arise overtime, and it is not
possible for us to predict the occurrence of those matters or the
manner in which they may affect us. The Company disclaims any
obligation to publicly update or revise any forward-looking
statement to reflect changes in underlying assumptions or factors,
of new information, data or methods, future events or other
changes. Accordingly, investors should use caution in relying on
past forward-looking statements, which were based on results and
trends at the time they were made, to anticipate future results or
trends.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
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Exhibit No.
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Description
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99.1
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Presentation Materials of Parkway, Inc., dated June 2017.
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About PARKWAY, INC. (NYSE:PKY)
Parkway, Inc. is a real estate investment trust (REIT). The Company has a portfolio of approximately five Class A office assets totaling over 8.7 million rentable square feet in the Galleria, Greenway and Westchase submarkets of Houston, Texas. The Company offers fee-based real estate services through its subsidiaries, which in total manages or leases approximately 2.7 million square feet primarily for third-party owners. The Company holds, directly and through its ownership of Parkway Properties General Partners, Inc. (Parkway GP), approximately 98% common partnership interest in the Parkway Operating Partnership LP (the Operating Partnership). The Company, through its Operating Partnership, owns substantially all of its assets and conducts substantially all of its operations. The Company’s assets include Greenway Plaza, Post Oak Central, CityWestPlace, Phoenix Tower and San Felipe Plaza.