XML 96 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Operations and Comprehensive Loss (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Revenues      
Income from office and parking properties $ 418,007us-gaap_RealEstateRevenueNet $ 273,434us-gaap_RealEstateRevenueNet $ 190,718us-gaap_RealEstateRevenueNet
Management company income 22,140us-gaap_ManagementFeesRevenue 18,145us-gaap_ManagementFeesRevenue 19,778us-gaap_ManagementFeesRevenue
Sale of condominium units 16,554us-gaap_SalesOfRealEstate 0us-gaap_SalesOfRealEstate 0us-gaap_SalesOfRealEstate
Total revenues 456,701us-gaap_Revenues 291,579us-gaap_Revenues 210,496us-gaap_Revenues
Expenses      
Property operating expenses 168,071us-gaap_OperatingCostsAndExpenses 108,867us-gaap_OperatingCostsAndExpenses 76,835us-gaap_OperatingCostsAndExpenses
Management company expenses 20,280us-gaap_ServiceManagementCosts 19,399us-gaap_ServiceManagementCosts 17,237us-gaap_ServiceManagementCosts
Cost of sales - condominium units 13,199us-gaap_CostOfRealEstateSales 15us-gaap_CostOfRealEstateSales 0us-gaap_CostOfRealEstateSales
Depreciation and amortization 182,955us-gaap_DepreciationAndAmortization 118,031us-gaap_DepreciationAndAmortization 74,626us-gaap_DepreciationAndAmortization
Impairment loss on real estate 11,700us-gaap_ImpairmentOfRealEstate 0us-gaap_ImpairmentOfRealEstate 5,700us-gaap_ImpairmentOfRealEstate
Impairment loss on management contracts and goodwill 4,750pky_Impairmentlossonmanagementcontract 0pky_Impairmentlossonmanagementcontract 41,967pky_Impairmentlossonmanagementcontract
Change in fair value of contingent consideration 0us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 0us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 216us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
General and administrative 32,660us-gaap_GeneralAndAdministrativeExpense 25,653us-gaap_GeneralAndAdministrativeExpense 16,420us-gaap_GeneralAndAdministrativeExpense
Acquisition costs 3,463us-gaap_BusinessCombinationAcquisitionRelatedCosts 13,126us-gaap_BusinessCombinationAcquisitionRelatedCosts 2,791us-gaap_BusinessCombinationAcquisitionRelatedCosts
Total expenses 437,078us-gaap_OperatingExpenses 285,091us-gaap_OperatingExpenses 235,792us-gaap_OperatingExpenses
Operating income (loss) 19,623us-gaap_OperatingIncomeLoss 6,488us-gaap_OperatingIncomeLoss (25,296)us-gaap_OperatingIncomeLoss
Other income and expenses      
Interest and other income 1,452us-gaap_InvestmentIncomeInterest 2,236us-gaap_InvestmentIncomeInterest 272us-gaap_InvestmentIncomeInterest
Equity in earnings (losses) of unconsolidated joint ventures (967)us-gaap_IncomeLossFromEquityMethodInvestments 178us-gaap_IncomeLossFromEquityMethodInvestments 0us-gaap_IncomeLossFromEquityMethodInvestments
Gain on sale of in-substance real estate 6,289us-gaap_GainsLossesOnSalesOfOtherRealEstate 0us-gaap_GainsLossesOnSalesOfOtherRealEstate 0us-gaap_GainsLossesOnSalesOfOtherRealEstate
Gain on sale of real estate 76,378us-gaap_GainLossOnDispositionOfAssets 0us-gaap_GainLossOnDispositionOfAssets 48us-gaap_GainLossOnDispositionOfAssets
Recovery of loss on mortgage loan receivable 0pky_RecoveryOfLossesOnMortgageLoanReceivable 0pky_RecoveryOfLossesOnMortgageLoanReceivable 500pky_RecoveryOfLossesOnMortgageLoanReceivable
Loss on extinguishment of debt (2,405)us-gaap_GainsLossesOnExtinguishmentOfDebt 0us-gaap_GainsLossesOnExtinguishmentOfDebt 0us-gaap_GainsLossesOnExtinguishmentOfDebt
Interest expense (66,095)us-gaap_InterestExpense (45,622)us-gaap_InterestExpense (34,352)us-gaap_InterestExpense
Income (loss) before income taxes 34,275us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest (36,720)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest (58,828)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
Income tax benefit (expense) (139)us-gaap_IncomeTaxExpenseBenefit 1,405us-gaap_IncomeTaxExpenseBenefit (261)us-gaap_IncomeTaxExpenseBenefit
Income (loss) from continuing operations 34,136us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest (35,315)us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest (59,089)us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
Discontinued operations:      
Income (loss) from discontinued operations (391)us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax (9,215)us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax 3,170us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
Gain on sale of real estate from discontinued operations 10,463us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax 32,493us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax 12,938us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
Total discontinued operations 10,072us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax 23,278us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax 16,108us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax
Net income (loss) 44,208us-gaap_ProfitLoss (12,037)us-gaap_ProfitLoss (42,981)us-gaap_ProfitLoss
Net (income) loss attributable to noncontrolling interests-unit holders (2,089)us-gaap_NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable 291us-gaap_NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable 269us-gaap_NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable
Net (income) loss attributable to noncontrolling interests-real estate partnerships 824us-gaap_NetIncomeLossAttributableToNoncontrollingInterest (7,904)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 3,317us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Net income (loss) attributable to Parkway Properties, Inc. 42,943us-gaap_NetIncomeLoss (19,650)us-gaap_NetIncomeLoss (39,395)us-gaap_NetIncomeLoss
Dividends on preferred stock 0us-gaap_PreferredStockDividendsIncomeStatementImpact (3,433)us-gaap_PreferredStockDividendsIncomeStatementImpact (10,843)us-gaap_PreferredStockDividendsIncomeStatementImpact
Dividends on convertible preferred stock 0pky_DividendsOnConvertiblePreferredStock 0pky_DividendsOnConvertiblePreferredStock (1,011)pky_DividendsOnConvertiblePreferredStock
Dividends on preferred stock redemption 0us-gaap_RedeemablePreferredStockDividends (6,604)us-gaap_RedeemablePreferredStockDividends 0us-gaap_RedeemablePreferredStockDividends
Net income (loss) attributable to common stockholders 42,943us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic (29,687)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic (51,249)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic
Other comprehensive income (loss) (3,758)us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax 9,779us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax (3,364)us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
Comprehensive income (loss) 40,450us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest (2,258)us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest (46,345)us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
Comprehensive (income) loss attributable to noncontrolling interests (1,494)us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest (15,146)us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest 5,865us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
Comprehensive income (loss) attributable to common stockholders 38,956us-gaap_ComprehensiveIncomeNetOfTax (17,404)us-gaap_ComprehensiveIncomeNetOfTax (40,480)us-gaap_ComprehensiveIncomeNetOfTax
Basic:      
Income (loss) from continuing operations attributable to Parkway Properties, Inc. (in dollars per share) $ 0.33us-gaap_IncomeLossFromContinuingOperationsPerBasicShare $ (0.60)us-gaap_IncomeLossFromContinuingOperationsPerBasicShare $ (1.98)us-gaap_IncomeLossFromContinuingOperationsPerBasicShare
Discontinued operations (in dollars per share) $ 0.09us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $ 0.15us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $ 0.36us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
Basic net income (loss) attributable to Parkway Properties, Inc. (in dollars per share) $ 0.42us-gaap_EarningsPerShareBasic $ (0.45)us-gaap_EarningsPerShareBasic $ (1.62)us-gaap_EarningsPerShareBasic
Diluted:      
Income (loss) from continuing operations attributable to Parkway Properties, Inc. (in dollars per share) $ 0.33us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare $ (0.60)us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare $ (1.98)us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare
Discontinued operations (in dollars per share) $ 0.09us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $ 0.15us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $ 0.36us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
Diluted net income (loss) attributable to Parkway Properties, Inc. (in dollars per share) $ 0.42us-gaap_EarningsPerShareDiluted $ (0.45)us-gaap_EarningsPerShareDiluted $ (1.62)us-gaap_EarningsPerShareDiluted
Weighted average shares outstanding:      
Basic (in shares) 101,913us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 66,336us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 31,542us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Diluted (in shares) 107,319us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 66,336us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 31,542us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
Amounts attributable to Parkway Properties, Inc. common stockholders:      
Income (loss) from continuing operations attributable to Parkway Properties, Inc. 33,223us-gaap_IncomeLossFromContinuingOperations (39,522)us-gaap_IncomeLossFromContinuingOperations (62,537)us-gaap_IncomeLossFromContinuingOperations
Discontinued operations 9,720us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity 9,835us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity 11,288us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
Net income (loss) attributable to common stockholders $ 42,943us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ (29,687)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ (51,249)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic