New York, August 25, 2016 -- Moody's Investors Service ("Moody's") today downgraded the rating of Parkway Properties, Inc. ("Parkway") to Ba1 from Baa3. This concludes Moody's rating review that began on May 3, 2016, after Parkway announced that it agreed to merge with Cousins Properties Incorporated ("Cousins") in an all-stock transaction and to spin off their combined Houston assets into a separately traded REIT. The rating outlook is stable.

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