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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 4)
Parkway Properties Inc.
(Name of Issuer)
Common Stock
(Title of class of securities)
70159Q104
(CUSIP number)
Check the following box if a fee is being paid with this statement / / (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).
The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
notes).
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CUSIP NO. 70159Q104 13G PAGE 2 OF 9 PAGES
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Morgan Stanley, Dean Witter, Discover & Co.
IRS # 39-314-5972
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
The state of organization is Delaware.
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5 SOLE VOTING POWER
0
NUMBER OF ------------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 286,400**
OWNED BY ------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON WITH ------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
363,700**
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
363,700**
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.79%
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12 TYPE OF REPORTING PERSON*
IA, CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
** AS OF 4/30/97
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CUSIP NO. 70159Q104 13G PAGE 3 OF 9 PAGES
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Morgan Stanley Asset Management Inc.
IRS # 13-304-0307
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
The state of organization is Delaware.
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5 SOLE VOTING POWER
0
NUMBER OF -------------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 188,000**
OWNED BY -------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON WITH -------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
265,300**
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
265,300**
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.22%
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12 TYPE OF REPORTING PERSON*
IA, CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT !
** AS OF 4/30/97
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CUSIP NO. 70159Q104 13G PAGE 4 OF 9 PAGES
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Morgan Stanley Institutional Fund Inc.- U.S. Real Estate Portfolio
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
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5 SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY 0
OWNED BY ----------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 0
PERSON WITH ----------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
138,200**
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
138,200**
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.20%
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12 TYPE OF REPORTING PERSON*
IA, CO
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* SEE INSTRUCTIONS BEFORE FILLING OUT !
** AS OF 4/30/97
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CUSIP NO. 70159Q104 13G PAGE 5 OF 9 PAGES
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ITEM 1 (a) NAME OF ISSUER
Parkway Properties Inc.
ITEM 1 (b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
300 One Jackson Place
188 East Capitol Street
P.O. Box 22728
Jackson, Mississippi 39225-2728
ITEM 2 (a) NAME OF PERSON FILING
(a) Morgan Stanley, Dean Witter, Discover & Co.
(b) Morgan Stanley Asset Management Inc.
(c) Morgan Stanley Institutional Fund Inc.-U.S. Real
Estate Portfolio
ITEM 2 (b) PRINCIPAL BUSINESS OFFICE
(a) 1585 Broadway
New York, New York 10036
(b) 1221 Avenue of the Americas
New York, New York 10020
(c) 1221 Avenue of the Americas
New York, New York 10020
ITEM 2 (c) CITIZENSHIP
Incorporated by reference to Item 4 of the cover page
pertaining to each reporting person.
ITEM 2 (d) TITLE OF CLASS OF SECURITIES
Common Stock
ITEM 2 (e) CUSIP NO.
70159Q104
ITEM 3 (a) Morgan Stanley, Dean Witter, Discover & Co. is
(e) an Investment Adviser registered under
Section 203 of the Investment Advisers Act of 1940.
(b) Morgan Stanley Asset Management Inc. is (e) an
Investment Adviser registered under Section 203 of
the Investment Advisers Act of 1940.
(c) Morgan Stanley Institutional Fund Inc. is (d) an
investment company registered under Section 8 of the
Investment Company Act of 1940.
ITEM 4 OWNERSHIP
Incorporated by reference to Items (5) - (9) and (11) of
the cover page.
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CUSIP NO. 70159Q104 13G PAGE 6 OF 9 PAGES
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ITEM 5 OWNERSHIP OF 5 PERCENT OR LESS OF A CLASS
(a) Inapplicable
(b) As of the date hereof, Morgan Stanley Asset
Management Inc. has ceased to be the beneficial
owner of more than five percent of the class of
securities.
(c) As of the date hereof, the Morgan Stanley
Institutional Fund, Inc.-U.S. Real Estate Portfolio
has ceased to be the beneficial owner of more than
five percent of the class of securities.
ITEM 6 OWNERSHIP OF MORE THAN 5 PERCENT ON BEHALF OF ANOTHER
PERSON
Accounts managed on a discretionary basis by Morgan
Stanley, Dean Witter, Discover Co., are known to have
the right to receive or the power to direct the receipt
of dividends from, or the proceeds from, the sale of such
securities. No such account holds more than 5 percent of
the class.
ITEM 7 IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT
HOLDING COMPANY
Inapplicable
ITEM 8 IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Inapplicable
ITEM 9 NOTICE OF DISSOLUTION OF GROUP
Inapplicable
ITEM 10 CERTIFICATION
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to above
were acquired in the ordinary course of business and were
not acquired for the purpose of and do not have the
effect of changing or influencing the control of the
issuer of such securities and were not acquired in
connection with or as a participant in any transaction
having such purpose or effect.
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CUSIP NO. 70159Q104 13G PAGE 7 OF 9 PAGES
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After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
Date: June 27, 1997
Signature: /s/ Harold J. Schaaff
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Name / Title: Harold J. Schaaff / Vice President
MORGAN STANLEY INSTITUTIONAL FUND INC.-U.S. REAL ESTATE
PORTFOLIO
Date: June 27, 1997
Signature: /s/ Donald P. Ryan
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Name / Title: Donald P. Ryan / Vice President Morgan Stanley
Asset Management Inc.
MORGAN STANLEY ASSET MANAGEMENT INC.
Date: June 27, 1997
Signature: /s/ Bruce Bromberg
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Name / Title: Bruce Bromberg / Morgan Stanley & Co. Incorporated
MORGAN STANLEY, DEAN WITTER, DISCOVER & CO.
INDEX TO EXHIBITS PAGE
EXHIBIT 1 Agreement to Make a Joint Filing 8
EXHIBIT 2 Secretary's Certificate Authorizing Bruce Bromberg 9
to Sign on behalf of Morgan Stanley, Dean Witter,
Discover & Co.
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CUSIP NO. 70159Q104 13G PAGE 8 OF 9 PAGES
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EXHIBIT 1 TO SCHEDULE 13G
JUNE 27, 1997
MORGAN STANLEY, DEAN WITTER, DISCOVER & CO., MORGAN STANLEY ASSET
MANAGEMENT INC., and MORGAN STANLEY INSTITUTIONAL FUND INC.-U.S. REAL
ESTATE PORTFOLIO hereby agree that unless differentiated, this
Schedule 13G is filed on behalf of each of the parties.
MORGAN STANLEY INSTITUTIONAL FUND INC.-U.S. REAL ESTATE PORTFOLIO
BY: /s/ Harold J. Schaaff
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Harold J. Schaaff/ Vice President
MORGAN STANLEY ASSET MANAGEMENT INC.
BY: /s/ Donald P. Ryan
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Donald P. Ryan/ Vice President Morgan Stanley Asset Management Inc.
MORGAN STANLEY, DEAN WITTER, DISCOVER & CO.
BY: /s/ Bruce Bromberg
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Bruce Bromberg/ Morgan Stanley & Co., Incorporated
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EXHIBIT 2 PAGE 9 OF 9 PAGES
MORGAN STANLEY, DEAN WITTER, DISCOVER & CO.
SECRETARY'S CERTIFICATE
I, Charlene R. Herzer, a duly elected and acting Assistant Secretary
of Morgan Stanley, Dean Witter, Discover & Co., a corporation organized and
existing under the laws of the State of Delaware (the "Corporation"), certify
that, as approved by a Unanimous Consent of Directors in Lieu of a Meeting
dated as of May 31, 1997, the following persons are each authorized to sign
reports to be filed under Sections 13 and 16 of the Securities Exchange Act of
1934 on behalf of the Corporation, and such authorizations are in full force
and effect as of this date:
Stuart J. M. Breslow
Robert G. Koppenol
Bruce Bromberg
Robin Sherak
IN WITTNESS WHEREOF, I have hereunto set my name and affixed the seal
of the Corporation as of the 3rd day of June, 1997.
/s/ CHARLENE R. HERZER
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Charlene R. Herzer
Assistant Secretary
[SEAL]
