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 earliest event reported): February 25,1998
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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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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 February 25, 1998, Parkway Portfolio I LLC, a limited
liability corporation of which the sole member and Manager is
Parkway Properties LP, a limited partnership in which Parkway
Properties, Inc. is a 99% limited partner and a wholly-owned
subsidiary is a 1% general partner, purchased a 13 building
Southeastern office portfolio ("Southeastern Office Portfolio")
comprising a total of approximately 1,470,000 net rentable square
feet from Brookdale Investors, L.P., an Atlanta based real estate
investment firm for $163,014,000 in cash. The total purchase
price, including closing costs, anticipated capital expenditures
and leasing commissions, is expected to be approximately
$165,714,000. The Company funded the purchase with short-term
bank borrowings of $85,000,000 from a consortium of banks led by
Deposit Guaranty National Bank and $75,000,000 from NationsBank,
NA. The interest rate on both loans is LIBOR plus 140 basis
points, which equates to a rate of 7.025% today. In addition,
two parcels of land were purchased for $1,575,000 in non-interest
bearing notes receivables.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements
The audited financial statement of the Southeastern Office
Portfolio for the year ended December 31, 1996 is incorporated by
reference to the Registrant's Form 8-K dated and filed on
February 18, 1998. Also incorporated is the unaudited financial
statement for the nine months ended September 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 February 18, 1998.
(c) Exhibits
(10) The Sale Agreement and Amendments between Brookdale
Investors, L.P., a Delaware limited partnership, and
Parkway Properties LP, a Delaware limited partnership
is incorporated by reference to the Registrant's Form 8-
K dated and filed February 18, 1998. 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: February 27, 1998 PARKWAY PROPERTIES, INC.
BY: /s/Sarah P. Clark
Sarah P. Clark
Senior Vice President,
Chief Financial Officer,
Treasurer and Secretary
