Parkway Properties Q3 FFO Rises - Quick Facts

(RTTNews) - Parkway Properties Inc. (PKY) Monday said third-quarter funds from operations, or FFO, increased to $16.58 million from $13.20 million in the same period last year. On a per-share basis, earnings were $0.24, down from $0.36 last year.

Recurring FFO for the quarter was $20.49 million or $0.30 per share. On average, 12 analysts polled by Thomson Reuters expected the company to report FFO of $0.26 per share for the quarter. Analysts' estimates typically exclude special items.

Third-quarter loss widened to $2.31 million or $0.03 per share from $0.58 million or $0.02 per share last year.

Revenues increased to $74.58 million from $57.05 million last year. Analysts expected revenues of $63.96 million.

Looking ahead, the company has lowered its full-year 2013 earnings outlook to a range of $0.79 to $0.84 per share from its previous target range of $1.10 to $1.20 per share. Adjusted FFO is forecast in a range of $1.17 to $1.24 per share. Analysts currently expect full-year FFO of $1.08 per share.