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Parkway also announced that the following significant new and renewal leasing agreements have been signed subsequent to April 22, 2009 (the date of the Company's first quarter earnings press release). The Company signed a new lease agreement with a public company on 101,000 square feet at One Commerce Green in Houston, Texas, which will replace 100% of the DHL Airways space that expires in November, 2009. In addition, the Company announced the renewal lease of The Automation Group for 34,000 square feet at Town & Country in Houston, Texas, which was scheduled to expire in late 2009. The Company's occupancy at June 1, 2009, is 89.3% as compared to 89.2% at April 1, 2009.
The Company recently closed an $18.5 million non-recourse first mortgage at 7.58% per annum for seven years with John Hancock Life Insurance Company secured by two properties in Houston, Texas. Proceeds from the refinancing were used to reduce amounts outstanding under the Company's line of credit. At June 1, 2009, the balance outstanding on the Company's line of credit was $100.0 million. Additionally, the Company had approximately $32.0 million in cash and cash equivalents.
Parkway Properties, Inc., a member of the S&P Small Cap 600 Index, is a self-administered real estate investment trust specializing in the operation, leasing, acquisition, and ownership of office properties. The Company is geographically focused on the Southeastern and Southwestern United States and Chicago. Parkway owns or has an interest in 65 office properties located in 11 states with an aggregate of approximately 13.4 million square feet of leasable space at June 2, 2009. Included in the portfolio are 21 properties totaling 3.9 million square feet that are owned jointly with other investors, representing 28.8% of the portfolio. Fee-based real estate services are offered through the Company's wholly-owned subsidiary, Parkway Realty Services, which also manages and/or leases approximately 1.9 million square feet for third-party owners at June 2, 2009.
Parkway Properties, Inc.'s press releases and additional information about the Company are available on the World Wide Web at www.pky.com.
CONTACT: STEVEN G. ROGERS
CHIEF EXECUTIVE OFFICER
J. MITCHELL COLLINS
CHIEF FINANCIAL OFFICER
(601) 948-4091
SOURCE Parkway Properties, Inc.
http://www.pky.com
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