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Segment Information
 12 Months Ended
Dec. 31, 2012
Segment Information [Abstract]  
Segment Information
Note M - Segment Information

Parkway's primary business is the ownership and operation of office properties. The Company accounts for each office property or groups of related office properties as an individual operating segment.  Parkway has aggregated its individual operating segments into a single reporting segment due to the fact that the individual operating segments have similar operating and economic characteristics.

The Company believes that the individual operating segments exhibit similar economic characteristics such as being leased by the square foot, sharing the same primary operating expenses and ancillary revenue opportunities and being cyclical in the economic performance based on current supply and demand conditions.  The individual operating segments are also similar in that revenues are derived from the leasing of office space to customers and each office property is managed and operated consistently in accordance with Parkway's standard operating procedures.  The range and type of customer uses of our properties is similar throughout our portfolio regardless of location or class of building and the needs and priorities of our customers do not vary from building to building.  Therefore, Parkway's management responsibilities do not vary from location to location based on the size of the building, geographic location or class.

 
 
The following reflects net income (loss) attributable to common stockholders for office properties and total consolidated entities for the years ending December 31, 2012, 2011 and 2010.  Amounts presented as "Unallocated and Other" represent primarily income and expense associated with providing management services, corporate general and administration expense, interest expense on unsecured credit facility and preferred dividends.

 
 
 
At or for the year ended December 31, 2012
 
 
 
Office
 
 
Unallocated
 
 
 
 
 
Properties
 
 
and Other
 
 
Consolidated
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
Income from office and parking properties (a)
 
$
206,739
 
 
$
-
 
 
$
206,739
 
Management company income
 
 
-
 
 
 
19,778
 
 
 
19,778
 
Property operating expenses (b)
 
 
(80,748
)
 
 
-
 
 
 
(80,748
)
Depreciation and amortization
 
 
(81,537
)
 
 
-
 
 
 
(81,537
)
Management company expenses
 
 
-
 
 
 
(17,237
)
 
 
(17,237
)
Income tax expense
 
 
-
 
 
 
(261
)
 
 
(261
)
General and administrative expenses
 
 
-
 
 
 
(16,420
)
 
 
(16,420
)
Acquisition costs
 
 
(2,791
)
 
 
-
 
 
 
(2,791
)
Interest and other income
 
 
-
 
 
 
272
 
 
 
272
 
Interest expense (c)
 
 
(31,394
)
 
 
(3,940
)
 
 
(35,334
)
Adjustment for noncontrolling interest-unit holders
 
 
-
 
 
 
269
 
 
 
269
 
Adjustment for noncontrolling interest-real estate partnerships
 
 
3,317
 
 
 
-
 
 
 
3,317
 
Income from discontinued operations
 
 
2,454
 
 
 
-
 
 
 
2,454
 
Impairment loss on real estate
 
 
(9,200
)
 
 
-
 
 
 
(9,200
)
Impairment loss on management contracts and goodwill
 
 
-
 
 
 
(41,967
)
 
 
(41,967
)
Gain on sale of real estate from discontinued operations
 
 
12,939
 
 
 
-
 
 
 
12,939
 
Gain on sale of real estate and other assets
 
 
48
 
 
 
500
 
 
 
548
 
Change in fair value of contingent consideration
 
 
-
 
 
 
(216
)
 
 
(216
)
Dividends on preferred stock
 
 
-
 
 
 
(10,843
)
 
 
(10,843
)
Dividends on convertible preferred stock
 
 
-
 
 
 
(1,011
)
 
 
(1,011
)
Net income (loss) attributable to common stockholders
 
$
19,827
 
 
$
(71,076
)
 
$
(51,249
)
 
Total assets
 
$
1,832,493
 
 
$
74,118
 
 
$
1,906,611
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office and parking properties
 
$
1,562,717
 
 
$
-
 
 
$
1,562,717
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures (d)
 
$
37,506
 
 
$
-
 
 
$
37,506
 
 
 
 
(a)    Included in income from office and parking properties are rental revenues, customer reimbursements, parking income and other income.
 
(b)    Included in property operating expenses are real estate taxes, insurance, contract services, repairs and maintenance and property operating expenses.
 
(c)    Interest expense for office properties represents interest expense on property secured mortgage debt.  It does not include interest expense on the Company's unsecured credit facility, which is included in "Unallocated and Other".
 
(d)    Capital expenditures include building improvements, tenant improvements and leasing costs.
 
 
 

 
 
 
At or for the year ended December 31, 2011
 
 
 
Office
 
 
Unallocated
 
 
 
 
 
Properties
 
 
and Other
 
 
Consolidated
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
Income from office and parking properties (a)
 
$
147,290
 
 
$
-
 
 
$
147,290
 
Management company income
 
 
-
 
 
 
16,896
 
 
 
16,896
 
Property operating expenses (b)
 
 
(60,733
)
 
 
-
 
 
 
(60,733
)
Depreciation and amortization
 
 
(56,522
)
 
 
-
 
 
 
(56,522
)
Management company expenses
 
 
-
 
 
 
(13,337
)
 
 
(13,337
)
Income tax expense
 
 
-
 
 
 
(56
)
 
 
(56
)
General and administrative expenses
 
 
-
 
 
 
(18,805
)
 
 
(18,805
)
Acquisition costs
 
 
(1,225
)
 
 
(15,994
)
 
 
(17,219
)
Interest and other income
 
 
-
 
 
 
938
 
 
 
938
 
Equity in earnings of unconsolidated joint ventures
 
 
57
 
 
 
-
 
 
 
57
 
Interest expense (c)
 
 
(24,888
)
 
 
(6,724
)
 
 
(31,612
)
Adjustment for noncontrolling interest – unit holders
 
 
-
 
 
 
(5
)
 
 
(5
)
Adjustment for noncontrolling interest – real estate partnerships
 
 
85,105
 
 
 
-
 
 
 
85,105
 
Loss from discontinued operation
 
 
(194,813
)
 
 
-
 
 
 
(194,813
)
Impairment loss on real estate
 
 
(6,420
)
 
 
-
 
 
 
(6,420
)
Impairment loss on mortgage loan receivable
 
 
-
 
 
 
(9,235
)
 
 
(9,235
)
Gain on sale of real estate from discontinued operations
 
 
17,825
 
 
 
-
 
 
 
17,825
 
Gain on sale of real estate
 
 
743
 
 
 
-
 
 
 
743
 
Change in fair value of contingent consideration
 
 
-
 
 
 
13,000
 
 
 
13,000
 
Dividends on preferred stock
 
 
-
 
 
 
(10,052
)
 
 
(10,052
)
Net loss attributable to common stockholders
 
$
(93,581
)
 
$
(43,374
)
 
$
(136,955
)
 
Total assets
 
$
1,532,803
 
 
$
103,508
 
 
$
1,636,311
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office and parking properties
 
$
921,937
 
 
$
-
 
 
$
921,937
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets held for sale
 
$
382,789
 
 
$
-
 
 
$
382,789
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures (d)
 
$
58,758
 
 
$
-
 
 
$
58,758
 

 
(a)  Included in income from office and parking properties are rental revenues, customer reimbursements, parking income and other income.
 
(b)  Included in property operating expenses are real estate taxes, insurance, contract services, repairs and maintenance and property operating expenses.
 
(c)  Interest expense for office properties represents interest expense on property secured mortgage debt.  It does not include interest expense on the Company's unsecured credit facility, which is included in "Unallocated and Other".
 
(d)  Capital expenditures include building improvements, tenant improvements and leasing costs.
 

 
 
At or for the year ended December 31, 2010
 
 
 
Office
 
 
Unallocated
 
 
 
 
 
Properties
 
 
and Other
 
 
Consolidated
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
Income from office and parking properties (a)
 
$
93,548
 
 
$
-
 
 
$
93,548
 
Management company income
 
 
-
 
 
 
1,652
 
 
 
1,652
 
Property operating expenses (b)
 
 
(40,408
)
 
 
-
 
 
 
(40,408
)
Depreciation and amortization
 
 
(28,496
)
 
 
-
 
 
 
(28,496
)
Management company expenses
 
 
-
 
 
 
(2,756
)
 
 
(2,756
)
Income tax expense
 
 
-
 
 
 
(2
)
 
 
(2
)
General and administrative expenses
 
 
-
 
 
 
(15,318
)
 
 
(15,318
)
Acquisition costs
 
 
(846
)
 
 
-
 
 
 
(846
)
Interest and other income
 
 
-
 
 
 
1,487
 
 
 
1,487
 
Equity in earnings of unconsolidated joint ventures
 
 
326
 
 
 
-
 
 
 
326
 
Interest expense (c)
 
 
(14,255
)
 
 
(6,016
)
 
 
(20,271
)
Adjustment for noncontrolling interest – real estate partnerships
 
 
10,789
 
 
 
-
 
 
 
10,789
 
Loss from discontinued operations
 
 
(10,881
)
 
 
-
 
 
 
(10,881
)
Gain on sale of real estate from discontinued operations
 
 
8,518
 
 
 
-
 
 
 
8,518
 
Gain on sale of real estate
 
 
40
 
 
 
-
 
 
 
40
 
Dividends on preferred stock
 
 
-
 
 
 
(6,325
)
 
 
(6,325
)
Net income (loss) attributable to common stockholders
 
$
18,335
 
 
$
(27,278
)
 
$
(8,943
)
 
Total assets
 
$
1,590,545
 
 
$
13,137
 
 
$
1,603,682
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office and parking properties
 
$
1,389,767
 
 
$
-
 
 
$
1,389,767
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures (d)
 
$
49,760
 
 
$
-
 
 
$
49,760
 

 
(a)  Included in income from office and parking properties are rental revenues, customer reimbursements, parking income and other income.
 
(b)  Included in property operating expenses are real estate taxes, insurance, contract services, repairs and maintenance and property operating expenses.
 
(c)  Interest expense for office properties represents interest expense on property secured mortgage debt.  It does not include interest expense on the Company's unsecured credit facility, which is included in "Unallocated and Other".
 
(d)  Capital expenditures include building improvements, tenant improvements and leasing costs.