UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 30, 1997
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PARKWAY PROPERTIES, INC.
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(Exact name of Registrant as specified in its charter)
Maryland 1-11533 74-2123597
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) Number)
One Jackson Place Suite 1000
188 East Capitol Street
P. O. Box 24647
Jackson, Mississippi 39225-4647
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (601) 948-4091
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(Former name or former address, if changed since last report)
FORM 8-K
PARKWAY PROPERTIES, INC.
Item 2. Acquisition or Disposition of Assets
On September 30, 1997, a limited partnership in which
Parkway Properties, Inc. is a 99% limited partner and a wholly-
owned subsidiary is a 1% general partner, purchased Morgan Keegan
Tower for $36,000,000, from Morgan Properties, LLC. The Company
also paid approximately $473,000 in fees to pay off the existing
first mortgage. Morgan Keegan Tower is a 334,668 rentable square
foot, 21 floor office building located in Memphis, Tennessee.
This acquisition was funded with the remaining proceeds from the
September public stock offering and advances of $8,200,000
under bank lines of credit with Deposit Guaranty National Bank at
a rate equal to the 90-day LIBOR rate plus 1.75%.
Item 5. Other Events
On October 1, 1997, a limited partnership in which Parkway
Properties, Inc. is a 99% limited partner and a wholly-owned
subsidiary is a 1% general partner, purchased Hightower Centre for
$6,700,000. Hightower Centre consists of two three-story office
buildings constructed in 1983 containing approximately 78,000 net
rentable square feet located in the Central Perimeter submarket of
Atlanta, Georgia. The buildings are 96% leased to 27 tenants. The
purchase was funded with advances under bank lines of credit described
above.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements
The audited financial statements of Morgan Keegan Tower for
the twelve months ended December 31, 1996 are incorporated by
reference to the Registrant's Form 8-K dated and filed on September
9, 1997. Also incorporated is the unaudited financial statement of
Morgan Keegan Tower for the six months ended June 30, 1997.
(b) Pro Forma Consolidated Financial Statements
The pro forma consolidated financial statements required
are incorporated by reference to the Registrant's Form 8-K dated and
filed on September 9, 1997.
(c) Exhibits
(10) The Purchase and Sale Agreement between Morgan
Properties, LLC and Parkway Properties, LP dated August 28, 1997 is
incorporated by reference to the Registrant's Form 8-K dated and
filed on September 9, 1997. Parkway agrees to furnish supplementally
to the Securities and Exchange Commission on request a copy of any
omitted schedule or exhibit to this agreement.
FORM 8-K
PARKWAY PROPERTIES, INC.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
DATE: October 2, 1997 PARKWAY PROPERTIES, INC.
BY: /s/Sarah P. Clark
Sarah P. Clark
Senior Vice President,
Chief Financial Officer,
Treasurer and Secretary
