Parkway Q3 FFO Rises; Boosts FY14 Outlook

(RTTNews) - Parkway Properties, Inc. (PKY) reported Funds from operations for the third quarter of $39.2 million or $0.37 per share for Parkway Properties LP's real estate portfolio, in which Parkway owns an interest, compared to $16.6 million or $0.24 per share for the prior year quarter.

Excluding items, recurring FFO for the third quarter was $40.8 million or $0.39 per share, compare to $20.5 million or $0.30 per share in the second quarter of last year.

Net loss for the third quarter was $485,000 or $0.00 per share, compared to a net loss of $2.3 million or $0.03 per share in the year-ago quarter.

Total revenue for the second quarter rose to $115.75 million from $73.33 million a year ago.

Analysts polled by Thomson Reuters expected the company to report FFO of $0.36 per share on revenue of $109.20 million for the third quarter. Analyst' estimates typically exclude special items.

Parkway raised its 2014 FFO and recurring FFO guidance to ranges of $1.36 to $1.40 per share and $1.44 to $1.48 per share, respectively, for the Parkway Portfolio. Previously, the company expected FFO and recurring FFO of $1.34 to $1.41 per share and $1.39 to $1.46 per share, respectively. Analysts currently expect the company to report FFO of $1.37 per share for the full year 2014.