ORLANDO, Fla., Dec. 17, 2013 /PRNewswire/ -- Parkway Properties,
Inc. (NYSE: PKY) ("Parkway") announced that at its special meeting
held today, stockholders overwhelmingly approved the proposed
merger with Thomas Properties Group, Inc. (NYSE: TPGI) ("Thomas
Properties") pursuant to the definitive merger agreement dated
September 4, 2013. Approximately
90.23% of the outstanding shares of Parkway's common stock voted
with respect to the proposed merger, with approximately 99.88% of
the votes cast in favor of the proposed merger.
(Logo: http://photos.prnewswire.com/prnh/20030513/PARKLOGO )
Subject to the satisfaction or waiver of the remaining
conditions to closing, the merger is expected to close on
December 19, 2013. Assuming
completion of the merger, TPGI's shares are expected to be delisted
after the close of trading on December 19,
2013. As a result of the merger, each former share of Thomas
Properties common stock will be converted into 0.3822 of a newly
issued share of Parkway common stock and each former share of
Thomas Properties limited voting stock will be converted into
0.3822 of a newly issued share of Parkway limited voting stock.
Shares of Parkway's common stock will continue to trade under the
existing ticker symbol "PKY" on the New York Stock Exchange.
About Parkway Properties
Parkway Properties, Inc. is a fully integrated,
self-administered and self-managed real estate investment trust
specializing in the acquisition, ownership and management of
quality office properties in higher growth submarkets in the
Sunbelt region of the United
States. Parkway owns or has an interest in 43 office
properties located in eight states with an aggregate of
approximately 12.6 million square feet at October 1, 2013. Parkway also offers fee-based
real estate services which manage and/or lease approximately 11.7
million square feet for third parties as of October 1, 2013. Additional information about
Parkway is available on the company's website at www.pky.com.
Forward Looking Statement
Certain statements in this release that are not in the present
or past tense or discuss the Company's expectations (including the
use of the words anticipate, believe, forecast, intends, expects,
project, or similar expressions) are forward-looking statements
within the meaning of the federal securities laws and as such are
based upon the Company's current belief as to the outcome and
timing of future events. Examples of forward-looking statements
include projected net operating income, cap rates, internal rates
of return, future dividend payment rates, forecasts of FFO
accretion, projected capital improvements, expected sources of
financing, expectations as to the timing of closing of
acquisitions, dispositions, or other transactions, including the
Investment, and descriptions relating to these expectations.
There can be no assurance that future developments affecting the
Company will be those anticipated by the Company. These
forward-looking statements involve risks and uncertainties (some of
which are beyond the control of the Company) and are subject to
change based upon various factors, including but not limited to the
following risks and uncertainties: changes in the real estate
industry and in performance of the financial markets; the actual or
perceived impact of U.S. monetary policy; the demand for and market
acceptance of the Company's properties for rental purposes; the
ability of the Company to enter into new leases or renewal leases
on favorable terms; the amount and growth of the Company's
expenses; tenant financial difficulties and general economic
conditions, including interest rates, as well as economic
conditions in those areas where the Company owns properties; risks
associated with joint venture partners; the risks associated with
the ownership and development of real property; the failure to
acquire or sell properties as and when anticipated; 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 pending transactions; risks
associated with acquisitions, including the integration of Thomas
Properties Group, Inc.'s businesses; risks associated with
achieving expected synergies or cost savings; risks associated with
the Company's ability to consummate the mergers and the timing of
the closing of the mergers with Thomas Properties and Thomas
Properties Group, L.P.; and other risks and uncertainties detailed
from time to time in the Company's Securities and Exchange
Commission filings. Should one or more of these risks or
uncertainties occur, or should underlying assumptions prove
incorrect, the Company's business, financial condition, liquidity,
cash flows and results could differ materially from those expressed
in the forward-looking statements. Any forward looking statements
speaks only as of the date on which it is made. New risks and
uncertainties arise over time, 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 does not undertake to update
forward-looking statements except as may be required by law.
Contact:
Ted McHugh
Director of Investor Relations
(407) 650-0593
SOURCE Parkway Properties, Inc.