Investment in Unconsolidated Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Unconsolidated Joint Ventures

Information relating to these unconsolidated joint ventures is summarized below (in thousands, except ownership %):

		Parkway's	December 31,
Joint Venture Entity	Location	Ownership%	2014		2013
US Airways Building Tenancy in Common	Phoenix, AZ	74.58%	$	39,760	$	42,501
7000 Central Park JV LLC ("7000 Central Park")	Atlanta, GA	40.00%	15,790		15,490
PKY/CalSTRS Austin, LLC ("Austin Joint Venture")	Austin, TX	50.00%	—		93,171
			$	55,550	$	151,162

Summary of Financial Information of the Unconsolidated Joint Ventures

The following table summarizes the income statements of the unconsolidated joint ventures from acquisition date through December 31, 2014 (in thousands):

	US Airways		7000 Central Park			PKY CalSTRS Austin, LLC(1)			Total
Revenues	$	4,504	$	7,430		$	86,548		$	98,482
Operating expenses	3		3,856			36,467			40,326
Operating income before interest and depreciation and amortization	4,501		3,574			50,081			58,156
Interest expense	413		769			33,106			34,288
Depreciation and amortization	2,089		4,352			32,878			39,319
Net income (loss)	$	1,999	$	(1,547	)	$	(15,903	)	$	(15,451	)

(1) Activity reflected through the date of the joint venture termination on November 16, 2014.

The following table summarizes the balance sheet of the unconsolidated joint ventures at December 31, 2014 (in thousands):

	US Airways		7000 Central Park		PKY/ CalSTRS Austin, LLC		Total
Cash	$	146	$	1,218	$	—	$	1,364
Restricted cash	—		269		—		269
Real estate, net	47,632		48,532		—		96,164
Intangible assets, net	5,078		4,157		—		9,235
Other assets	824		2,099		—		2,923
Total assets	$	53,680	$	56,275	$	—	$	109,955
Mortgage debt	$	13,441	$	30,000	$	—	$	43,441
Other liabilities	370		1,561		—		1,931
Partners' equity	39,869		24,714		—		64,583
Total liabilities & partners' equity	$	53,680	$	56,275	$	—	$	109,955

The following table summarizes the balance sheet of the unconsolidated joint ventures at December 31, 2013 (in thousands):

	US Airways		7000 Central Park		PKY/ CalSTRS Austin, LLC		Total
Cash	$	2,471	$	179	$	9,432	$	12,082
Restricted cash	—		—		5,846		5,846
Real estate, net	49,176		49,852		723,563		822,591
Intangible assets, net	2,809		4,832		55,593		63,234
Other assets	3,145		4,147		14,638		21,930
Total assets	$	57,601	$	59,010	$	809,072	$	925,683
Mortgage debt	$	13,777	$	30,000	$	628,066	$	671,843
Other liabilities	1,143		1,687		55,552		58,382
Partners' equity	42,681		27,323		125,454		195,458
Total liabilities & partners' equity	$	57,601	$	59,010	$	809,072	$	925,683

The following table summarizes the income statements of the unconsolidated joint ventures from acquisition date through December 31, 2013 (in thousands):

	US Airways		7000 Central Park			PKY CalSTRS Austin, LLC			Total
Revenues	$	2,560	$	1,136		$	3,595		$	7,291
Operating expenses	—		778			1,661			2,439
Operating income before interest and depreciation and amortization	2,560		358			1,934			4,852
Interest expense	209		270			1,335			1,814
Depreciation and amortization	1,219		836			1,577			3,632
Net income (loss)	$	1,132	$	(748	)	$	(978	)	$	(594	)