Investment in Unconsolidated Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2014

Equity Method Investments and Joint Ventures [Abstract]

Schedule of unconsolidated joint ventures

Information relating to the unconsolidated joint ventures is summarized below (in thousands):

Joint Venture Entity	Location	Parkway's Ownership%	Number of Properties	Investment Balance at June 30, 2014		Investment Balance at December 31, 2013
PKY/CalSTRS Austin, LLC ("Austin Joint Venture")	Austin, TX	40.00%	5	$	75,813	$	93,171
US Airways Building Tenancy in Common ("US Airways Building")	Phoenix, AZ	74.58%	1	40,371		42,501
7000 Central Park JV LLC ("7000 Central Park")	Atlanta, GA	40.00%	1	15,259		15,490
			7	$	131,443	$	151,162

Schedule of equity method investments financial information

The following table summarizes the combined balance sheet of the unconsolidated joint ventures at June 30, 2014 (in thousands):

	US Airways Building		7000 Central Park		Austin Joint Venture		Total
Cash	$	148	$	1,468	$	10,497	$	12,113
Restricted cash	—		170		515		685
Real estate, net	48,404		49,060		715,496		812,960
Intangible assets, net	5,350		5,888		53,795		65,033
Other assets	597		1,133		17,415		19,145
Total assets	$	54,499	$	57,719	$	797,718	$	909,936
Mortgage debt	$	13,609	$	30,000	$	627,744	$	671,353
Other liabilities	371		2,402		43,626		46,399
Partners' equity	40,519		25,317		126,348		192,184
Total liabilities and partners' equity	$	54,499	$	57,719	$	797,718	$	909,936

The following table summarizes the combined balance sheet of the unconsolidated joint ventures at June 30, 2013 (in thousands):

	US Airways Building		7000 Central Park		Austin Joint Venture		Total
Cash	$	—	$	—	$	—	$	—
Restricted cash	—		—		—		—
Real estate, net	49,945		—		—		49,945
Intangible assets, net	5,878		—		—		5,878
Other assets	547		—		—		547
Total assets	$	56,370	$	—	$	—	$	56,370
Mortgage debt	$	13,945	$	—	$	—	$	13,945
Other liabilities	247		—		—		247
Partners' equity	42,178		—		—		42,178
Total liabilities and partners' equity	$	56,370	$	—	$	—	$	56,370

The following table summarizes the combined statement of operations of the unconsolidated joint ventures for the three months ended June 30, 2014 (in thousands):

	US Airways Building		7000 Central Park			Austin Joint Venture			Total
Revenues	$	1,126	$	1,921		$	24,435		$	27,482
Operating expenses	—		1,023			9,807			10,830
Depreciation and amortization	522		1,181			9,214			10,917
Operating income (loss)	604		(283		)	5,414			5,735
Interest expense	103		148			9,579			9,830
Loan cost amortization	—		57			(161		)	(104		)
Other expenses	—		—			1			1
Net income (loss)	$	501	$	(488	)	$	(4,005	)	$	(3,992	)

The following table summarizes the combined statement of operations of the unconsolidated joint ventures for the six months ended June 30, 2014 (in thousands):

	US Airways Building		7000 Central Park			Austin Joint Venture			Total
Revenues	$	2,252	$	3,769		$	48,578		$	54,599
Operating expenses	—		1,873			19,664			21,537
Depreciation and amortization	1,044		2,293			19,164			22,501
Operating income (loss)	1,208		(397		)	9,750			10,561
Interest expense	207		63			19,064			19,334
Loan cost amortization	—		106			(322		)	(216		)
Other expenses	—		—			1			1
Net income (loss)	$	1,001	$	(566	)	$	(8,993	)	$	(8,558	)

The following table summarizes the combined statement of operations of the unconsolidated joint ventures for the three and six months ended June 30, 2013 (in thousands):

	US Airways Building		7000 Central Park		Austin Joint Venture		Total
Revenues	$	299	$	—	$	—	$	299
Operating expenses	—		—		—		—
Depreciation and amortization	193		—		—		193
Operating income	106		—		—		106
Interest expense	—		—		—		—
Loan cost amortization	—		—		—		—
Other expenses	—		—		—		—
Net income	$	106	$	—	$	—	$	106