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Parkway Properties Inc
Publicly traded real estate investment trust Parkway Properties, Inc. operates under the REIT—real estate investment trust—category. On November 2, 2 I 998, it was incorporated in Maryland, in the United States. Its headquarters are in Orlando, Florida, in the United States. With its subsidiaries, the business operates as a self-administered and self-managed REIT that specializes in owning, operating, and acquiring grocery store- and warehouse club-anchored neighborhood and community shopping centers in the United States. Iona financial Corp. contributed five shopping centers to Parkway Properties, L.L.C., a limited liability company initially formed in Delaware on September 20, 1996. The business was listed on the New York Stock Exchange and traded under the ticker symbol "PKY." James H. Rootes, the business's former CEO, also served as chairman of the board and director. Since then, the company's portfolio has grown to include a variety of retail properties totaling more than 400.
Since its founding, Parkway Properties has recorded a compound annual growth rate of 20%. Given that retail accounts for more than 40% of consumption and services represent almost 70% of the U.S. economy, retail locations for offices, shopping, and leisure activities are an essential component of the economy and will continue to be so in the future., Parkway believes. Retail has also been more resilient to downturns than other real estate asset classes, and food and other convenience items have proven to be a need, not a luxury. Since necessity retail provides a steady customer base and a low vacancy risk, grocery-anchored retail areas are favored.
In a $1.2 billion transaction completed in December 2004, the business acquired 30 retail centers from Developers Diversified Realty Corp. (DDR). In January 2005, the business purchased seven neighborhood retail centers totaling 871,000 square feet in Louisiana, Texas, and North Carolina from a private investment group for $172 million. During the following month, 19 retail facilities totaling 1.9 million square feet in Colorado, Minnesota, New Mexico, Texas, and Virginia were purchased from RREEF America II, an international real estate fund management firm that is part of the Deutsche Bank Group, for $254 million. Parkway acquired Highlands Village, a 218,833-square-foot retail center in Renton, Washington, for $82.5 million in cash in March 2005.
$Parkway bought $ 1.13 billion in retail space. They spent between $ 100 million and $ 400 million yearly on acquisitions and investments dating back to 2003. $ 731.7 million was raised through offerings of its common stock, preferred stock, and operating partnership units. They were, on average, $239 million annually.
As of March 31, 2007, the business owned interests in 82 retail facilities totaling 10.8 million square feet in 13 states, purchased for $ 1.78 billion. In 2006, 16 of its centers were anchored by grocery stores, totaling 3.7 million square feet and accounting for 34% of the entire portfolio. Grocery outlet- and warehouse club anchored retail centers made up 46% of Parkway's real estate portfolio, making that sector its primary focus. The firm held an interest in 79 retail facilities with a total of 12.4 million square feet located in 15 different states as of December 31, 2007.
Earnings
Parkway reported first-quarter 2006 FFO of $ 0.28 per fully diluted share, outperforming the $ 0.22 per share anticipated by analysts surveyed by First Call. A $ 7.8 million gain from the redemption of a $ 16.8 million investment in real estate ventures reduced earnings by $0.06 per share. Excluding the charge, the business reported a 26% year-over-year gain in FFO per share.
The largest owner of neighborhood and community shopping centers in the US is Parkway Properties, which has interests in 79 retail properties totaling 12.5 million square feet across 15 different states. Parkway's neighborhood and community retail portfolio is unique since it includes grocery stores.
The REIT had a successful year in 2006, purchasing $1.45 billion worth of retail properties and securing $1.7 billion in financing. Parkway's initial public offering (IPO) of preferred stock, which raised $150 million, contributed to their annual revenue of 494 million, which increased by 106.5% over the prior year. Without a doubt, one of the most significant real estate IP Os in recent years, Parkway Properties Inc. has more than quadrupled since its IPO.
The business's earnings per share (EPS) exceeded expectations by $0.05, coming in at $0.28, whereas analysts predicted $0.23, according to Forbes. According to Forbes, it was also anticipated that the corporation would collect $48.42 million in income for Q1. Portfolio occupancy for the REIT was at an average of 94.9%. 34% of the portfolio will be anchored by grocery stores (a necessity), and 14% (warehouse club). The portfolio of the REIT also includes retail parks in Pennsylvania, Florida, Texas, North Carolina, and Colorado.
According to the company's first-quarter earnings call transcript, CEO- James R. Heistand emphasized that one of the main goals of the business is to "identify portfolio enhancement opportunities and make the necessary changes to address space vacated by certain key anchor tenants in 2006. He went on to say that future endeavors would continue to concentrate on retail formats that serve the daily needs of the neighborhood."