Parkway Properties Q2 FFO Tops Estimate; Cuts FY13 FFO Outlook

(RTTNews) - Parkway Properties, Inc. (PKY) reported a net loss for the second quarter of $14.9 million or $0.22 per share, compared to a net loss of $948,000 or $0.04 per share for the year-ago quarter.

Funds from operations for the second quarter was $15.0 million or $0.22 per share, compared to $7.9 million or $0.32 per share in the prior year quarter. Recurring FFO for the quarter was $22.0 million or $0.32 per share, compared to $9.3 million or $0.38 per share in the same quarter last year.

Total revenue for the second quarter rose to $76.08 million from $53.63 million a year ago.

Analysts polled by Thomson Reuters expected the company to report FFO $0.21 per share on revenue of $73.32 million for the second quarter.

After considering the company's recently announced leasing activity, corporate services transition and sale of three non-core office properties, Parkway lowered its 2013 FFO outlook from $1.10 to $1.20 per share to $1.00 to $1.10 per share. Analysts currently expect the company to report FFO of $1.15 per share for the full year 2013.