Acquisitions

3 Months Ended

Mar. 31, 2012

Acquisitions And Dispositions [Abstract]

Acquisitions

Note D - Acquisitions

On January 11, 2012, Parkway Properties Office Fund II, LP ("Fund II") purchased The Pointe, a 252,000 square foot Class A office building in the Westshore submarket of Tampa, Florida.  The gross purchase price for The Pointe was $46.9 million and Parkway's ownership share is 30%.  Parkway's equity contribution of $7.0 million was funded through availability under the Company's senior unsecured revolving credit facility.

On February 10, 2012, Fund II purchased Hayden Ferry Lakeside II ("Hayden Ferry II"), a 300,000 square foot Class A+ office building located in the Tempe submarket of Phoenix, and directly adjacent to Hayden Ferry Lakeside I ("Hayden Ferry I") purchased by Fund II in the second quarter of 2011.  The gross purchase price was $86.0 million and Parkway's ownership share is 30%.  Parkway's equity contribution of $10.8 million was initially funded through availability under the Company's existing senior unsecured revolving credit facility.  This investment completed the total investment of Fund II.

The preliminary allocation of purchase price related to intangible assets and liabilities and weighted average amortization period (in years) for each class of asset or liability for The Pointe and Hayden Ferry II is as follows (in thousands, except weighted average life):

		Amount	Weighted Average Life
Land	$	8,924	N/A
Buildings		101,041	40
Tenant improvements		7,036	5
Lease commissions		3,811	5
Lease in place value		8,772	5
Above market leases		2,932	3
Below market leases		(2,660)	8

For details regarding dispositions during the first quarter of 2012, and to date through April 30, 2012, please see Note E - Discontinued Operations.