-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H2a5Lv0lJzQMWgN5owV/DRHNOml3cLloDvuOH4aqKZreIXuG+36GA6X4y12Jhn8+ w2L6shfZjb3n9HvrRLD8Wg== 0000950152-03-005812.txt : 20030528 0000950152-03-005812.hdr.sgml : 20030528 20030528080240 ACCESSION NUMBER: 0000950152-03-005812 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030528 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030528 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PARKWAY PROPERTIES INC CENTRAL INDEX KEY: 0000729237 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 742123597 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11533 FILM NUMBER: 03720641 BUSINESS ADDRESS: STREET 1: ONE JACKSON PL STREET 2: 188 E CAPITOL ST STE 1000 CITY: JACKSON STATE: MS ZIP: 39225-4647 BUSINESS PHONE: 6019484091 MAIL ADDRESS: STREET 1: ONE JACKSON PL P O BOX 24647 STREET 2: 188 E CAPITOL ST STE 1000 CITY: JACKSON STATE: MS ZIP: 39225 FORMER COMPANY: FORMER CONFORMED NAME: PARKWAY CO DATE OF NAME CHANGE: 19951018 8-K 1 l01196ae8vk.txt PARKWAY PROPERTIES, INC. 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported): May 28, 2003 PARKWAY PROPERTIES, INC. -------------------------------------------------------- (Exact Name of registrant as specified in charter) Maryland 1-11533 74-2123597 - ----------------------------- ------------------------ --------------------- (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) One Jackson Place Suite 1000 188 East Capitol Street P.O. Box 24647 Jackson, MS 39225-4647 ------------------------------------------------------ (Address of principal executive offices) (601) 948-4091 ---------------------------------------------------- (Registrant's telephone number, including area code) - -------------------------------------------------------------------------------- Former name or former address, if changed since last report ITEM 5. OTHER EVENTS. The historical ratio of earnings to combined fixed charges and preferred stock dividends for the periods indicated is as follows:
Three Months Years Ended December 31, Ended March 31, 2003 2002 2001 2000 1999 1998 ---------------- Ratio of Earnings to Fixed Charges and 1.65 1.51 1.44 1.65 1.74 1.94 Preferred Stock Dividends
For purposes of calculating the above ratios, earnings represent net income from our consolidated statements of operations, as adjusted for fixed charges and dividends on preferred stock. Fixed charges represent interest expense from our consolidated statements of operations. The ratios are based solely on historical financial information and no pro forma adjustments have been made thereto. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. (12) Statements regarding Computation of Ratios. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: May 28, 2003 PARKWAY PROPERTIES, INC. (Registrant) By: /s/ Marshall A. Loeb --------------------------------- Marshall A. Loeb Chief Financial Officer Exhibit Index
Exhibit No. Description - ----------- ----------- (12) Statements regarding Computation of Ratios.
EX-12 3 l01196aexv12.txt EXHIBIT 12 . . . PARKWAY PROPERTIES, INC EXHIBIT 12 Ratio of earnings to fixed charges (Dollars in thousands)
THREE MONTHS YEAR ENDED DECEMBER 31 ENDED ------------------------------------------------------- MARCH 31, 2003 2002 2001 2000 1999 1998 ---------------- ---- ---- ---- ---- ---- Net income $9,113 $29,512 $26,548 $34,896 $26,327 $27,425 Adjustments: Extraordinary loss on early extinguishment of debt (1) - - - - - - Discontinued operations - (817) - - - - (Gain) loss on real estate and securities (1,096) 2,068 (1,611) (9,471) (795) (4,788) Minority interest 1 2 3 4 2 1 Income taxes 40 (23) 164 160 - - ------------------------------------------------------------------------- Consolidated pretax income from continuing operations 8,058 30,742 25,104 25,589 25,534 22,638 Less equity in earnings of unconsolidated joint ventures (431) (824) (62) (47) (39) (47) Distributed income from unconsolidated joint ventures 770 1,641 34 20 23 24 Interest expense 4,999 25,654 26,381 22,584 18,765 14,902 Amortization of loan costs 234 832 944 714 685 1,107 ------------------------------------------------------------------------- EARNINGS $13,630 $58,045 $52,401 $48,860 $44,968 $38,624 ========================================================================= Interest expense $4,999 $25,654 $26,381 $22,584 $18,765 $14,902 Capitalized interest - - - 520 661 - Amortization of loan costs 234 832 944 714 685 1,107 Preferred stock dividends 3,013 12,054 9,046 5,797 5,797 3,913 ------------------------------------------------------------------------- FIXED CHARGES $8,246 $38,540 $36,371 $29,615 $25,908 $19,922 ========================================================================= RATIO OF EARNINGS TO FIXED CHARGES 1.65 1.51 1.44 1.65 1.74 1.94 =========================================================================
(1) In accordance with SFAS 145 "Rescission of FASB Statements No. 4, 44 and 64, Amendment of FASB Statement No. 13 and Technical Corrections", effective for fiscal years beginning after May 15, 2002, any gain or loss on extinguishment of debt that was classified as an extraordinary item in prior periods shall be reclassified. Therefore, the amounts recognized as extraordinary losses on the early extinguishment of debt of $833 and $1,302 for the years ended December 31, 2002 and 2001, respectively, have been reclassified to interest expense. -----END PRIVACY-ENHANCED MESSAGE-----