Parkway Properties, Inc
Ratio of earnings to fixed charges (Dollars in thousands) Exhibit 12

	Nine Months
	Ended			Year Ended December 31
	September 30, 2008			2007			2006			2005			2004			2003
Net income	$	15,167		$	19,691		$	25,683		$	20,808		$	29,515		$	43,181
Adjustments:
Discontinued operations		(21,828	)		(2,473	)		(7,079	)		(6,548	)		(3,464	)		(1,014	)
(Gain) loss on real estate and securities		—			(20,307	)		(17,646	)		(1,038	)		(4,310	)		(10,661	)
Minority interest		—			2			1			3			2			3
Income taxes		2			(27	)		30			6			(49	)		5
Consolidated pretax income from continuing operations		(6,659	)		(3,114	)		989			13,231			21,694			31,514
Less equity in earnings of unconsolidated joint ventures		(802	)		(1,008	)		(751	)		(1,496	)		(1,697	)		(2,212	)
Distributed income from unconsolidated joint ventures		893			1,125			16,729			4,432			2,573			3,148
Interest expense		43,645			51,370			41,969			33,964			24,820			18,860
Amortization of loan costs		1,309			1,176			1,074			1,480			997			858
Earnings	$	38,386		$	49,549		$	60,010		$	51,611		$	48,387		$	52,168
Interest expense	$	43,645		$	51,370		$	41,969		$	33,964		$	24,820		$	18,860
Capitalized interest		601			242			—			—			15			—
Amortization of loan costs		1,309			1,176			1,074			1,480			997			858
Preferred stock dividends		3,600			4,800			6,573			7,146			9,986			14,062
Fixed charges	$	49,155		$	57,588		$	49,616		$	42,590		$	35,818		$	33,780
Ratio of earnings to fixed charges		0.78			0.86			1.21			1.21			1.35			1.54