Parkway Properties Q2 FFO Rises; Boosts FY14 Outlook

(RTTNews) - Parkway Properties, Inc. (PKY) reported a net loss available to common shareholders for the second quarter of $9.8 million or $0.10 per share, compared to a net loss available to common shareholders of $14.9 million or $0.22 per share for the year-ago quarter.

Funds from operations available to common shareholders for the second quarter was $34.2 million or $0.33 per share, compared to $15.0 million or $0.22 per share in the prior year quarter.

Excluding items, recurring FFO for the second quarter was $36.7 million or $0.35 per share, compare to $22.0 million or $0.32 per share in the second quarter of last year.

Total revenue for the second quarter rose to $110.46 million from $72.62 million a year ago.

Analysts polled by Thomson Reuters expected the company to report FFO of $0.33 per share on revenue of $105.32 million for the second quarter. Analyst' estimates typically exclude special items.

Parkway raised its 2014 FFO and recurring FFO guidance to ranges of $1.34 to $1.41 per share and $1.39 to $1.46 per share, respectively, from its prior guidance of $1.32 to $1.40 per share and $1.36 to $1.44 per share, respectively. Analysts currently expect the company to report FFO of $1.39 per share for the full year 2014.