Parkway 10-Q 11 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 07, 2017
Document Information [Line Items]
Entity Registrant Name	Parkway, Inc.
Entity Central Index Key	1,677,761
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Amendment Flag Description
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		49,220,914
Limited Voting Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		858,417

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Real estate related investments:
Office properties	$ 782,599	$ 1,864,668
Accumulated depreciation	(52,536)	(159,057)
Total real estate related investments, net	730,063	1,705,611
Investment in unconsolidated joint venture	263,960	0
Cash and cash equivalents	448,416	230,333
Receivables and other assets	55,202	92,257
In-place lease intangibles, net of accumulated amortization of $26,908 and $76,137, respectively	55,509	117,243
Other intangible assets, net of accumulated amortization of $2,369 and $4,202, respectively	13,152	18,451
Total assets	1,566,302	2,163,895
Liabilities
Notes payable to banks, net	0	341,602
Mortgage notes payable, net	375,530	451,577
Accounts payable and other liabilities	37,175	47,219
Accrued tenant improvements	4,855	66,104
Accrued property taxes	12,438	53,659
Below market leases, net of accumulated amortization of $11,468 and $26,958, respectively	19,419	51,812
Total liabilities	449,417	1,011,973
Stockholder's Equity
8.00% Series A non-voting preferred stock, $100,000 liquidation preference per share, 50 shares authorized, issued and outstanding, and preferred stock, $0.001 par value, 48,999,950 shares authorized, zero issued and outstanding	5,000	5,000
Additional paid-in capital	1,139,260	1,138,151
Accumulated deficit	(47,210)	(14,316)
Total stockholder's equity	1,097,100	1,128,885
Noncontrolling interest - unitholders	19,785	23,037
Total equity	1,116,885	1,151,922
Total liabilities and equity	1,566,302	2,163,895
Common Stock
Stockholder's Equity
Preferred stock, value issued	49	49
Limited Voting Stock
Stockholder's Equity
Preferred stock, value issued	$ 1	$ 1

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Other intangible assets, accumulated amortization	$ 2,369,000	$ 4,202,000
Below market lease, accumulated amortization	$ 11,468,000	$ 26,958,000
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	49,220,914	49,110,645
Common stock, shares outstanding (in shares)	49,220,914	49,110,645
Preferred stock, shares authorized (in shares)	48,999,950	48,999,950
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, par or started value per share (in usd per share)	$ 0.001	$ 0.001
Limited Voting Stock
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, shares issued (in shares)	858,417	858,417
Common stock, shares outstanding (in shares)	858,417	858,417
Series A Preferred Stock
Series A preferred stock, dividend rate	8.00%	8.00%
Series A preferred stock, liquidation preference (in dollars)	$ 100,000	$ 100,000
Preferred stock, shares authorized (in shares)	50	50
Preferred stock, shares issued (in shares)	50	50
Preferred stock, shares outstanding (in shares)	50	50
Leases, Acquired-in-Place
Finite-lived intangible assets, accumulated amortization	$ 26,908,000	$ 76,137,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues
Revenues	$ 38,486		$ 108,603
Management company income	2,862		4,110
Total revenues	41,348		112,713
Expenses
Property operating expenses	17,587		48,031
Management company expenses	4,345		6,091
Depreciation and amortization of office properties	12,468		36,236
Impairment loss on real estate	0		15,000
General and administrative	5,717		9,865
Total expenses	40,117		115,223
Operating income (loss)	1,231		(2,510)
Other income and expenses
Interest and other income	692		900
Equity in earnings of unconsolidated joint venture	579		579
Loss on sale of interest in real estate	(625)		(625)
Loss on extinguishment of debt	(7,569)		(7,569)
Interest expense	(4,561)		(13,247)
Loss before income taxes	(10,253)		(22,472)
Income tax expense	(300)		(790)
Net loss	(10,553)		(23,262)
Net loss attributable to noncontrolling interest - unitholders	193		453
Net loss	(10,360)		(22,809)
Dividends on preferred stock	(100)		(200)
Net income	$ (10,460)		$ (23,009)
Net loss per common share attributable to common stockholders:
Basic net loss per common share attributable to common stockholders (in dollars per share)	$ (0.21)		$ (0.47)
Diluted net loss per common share attributable to common stockholders (in dollars per share)	$ (0.21)		$ (0.47)
Weighted average shares outstanding:
Basic (in shares)	49,206		49,200
Diluted (in shares)	49,206		49,200
Cousins Houston
Revenues
Revenues		$ 44,427		$ 87,696
Other		102		288
Total revenues		44,529		87,984
Expenses
Property operating expenses		19,276		37,202
Depreciation and amortization of office properties		15,740		31,168
General and administrative		1,799		4,976
Total expenses		38,780		77,285
Other income and expenses
Interest expense		(1,965)		(3,939)
Net loss				10,699
Net loss		5,749		10,699
Parkway Houston
Revenues
Revenues		26,650		55,779
Management company income		1,287		2,592
Total revenues		27,937		58,371
Expenses
Property operating expenses		12,828		26,367
Management company expenses		1,225		2,006
Depreciation and amortization of office properties		9,640		21,005
General and administrative		1,261		2,893
Total expenses		24,954		52,271
Operating income (loss)		2,983		6,100
Other income and expenses
Interest and other income		70		131
Loss on extinguishment of debt		154		154
Interest expense		(3,002)		(6,955)
Loss before income taxes		205		(570)
Income tax expense		(267)		(760)
Net loss		$ (62)		$ (1,330)

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands	Total	Preferred Stock	Additional Paid-In Capital	Accumulated Deficit	Noncontrolling Interest - Unitholders	Common StockCommon Stock	Limited Voting StockCommon Stock
Beginning balance at Dec. 31, 2016	$ 1,151,922	$ 5,000	$ 1,138,151	$ (14,316)	$ 23,037	$ 49	$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(23,262)			(22,809)	(453)
Common dividends declared - $0.20 per share	(10,077)			(9,885)	(192)
Preferred dividends declared - $4,000 per share	(200)			(200)
Share-based compensation	1,016		1,016
Issuance of 25,700 shares to directors	506		506
Purchase of 29,921 shares to satisfy tax withholding obligation in connection with the vesting of restricted stock	(665)		(665)
Redemption of 117,850 operating partnership units	(2,355)		252		(2,607)
Ending balance at Jun. 30, 2017	$ 1,116,885	$ 5,000	$ 1,139,260	$ (47,210)	$ 19,785	$ 49	$ 1

Consolidated Statement of Chan6

Consolidated Statement of Changes in Stockholder's Equity (Parenthetical)	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Statement of Stockholders' Equity [Abstract]
Common dividends declared (in usd per share) | $ / shares	$ 0.20
Preferred dividends declared (in use per share) | $ / shares	$ 4,000
Shares issued (in shares)	25,700
Tax withholding obligation, buyback (in shares)	29,921
Operating partnership units (in shares)	117,850

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities
Net loss	$ (23,262)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization of office properties	36,236
Amortization of management contracts	155
Amortization of above/below market leases, net	(1,651)
Amortization of financing costs	1,000
Amortization of debt premium, net	(1,306)
Share-based compensation expense	1,522
Deferred income tax expense	183
Loss on sale of interest in real estate	625
Impairment loss on real estate	15,000
Loss on extinguishment of debt	7,569
Equity in loss of unconsolidated joint venture	570
Increase in deferred leasing costs	(7,559)
Changes in operating assets and liabilities:
Change in receivables and other assets	(15,276)
Operating liabilities	(48,250)
Cash used in operating activities	(34,444)
Investing activities
Investment in unconsolidated joint venture	(41,111)
Proceeds from sale of real estate	211,671
Improvements to real estate	(13,439)
Cash used in investing activities	157,121
Financing activities
Proceeds from mortgage notes payable	465,000
Repayment of note payable to bank	(350,000)
Principal payments on mortgage notes payable	(4,257)
Deferred financing costs	(2,082)
Purchase of common stock	(665)
Dividends paid on common stock	(9,843)
Dividends paid on common units of the operating partnership	(192)
Dividends paid on non-voting preferred stock	(200)
Redemption of operating partnership units	(2,355)
Cash provided by financing activities	95,406
Change in cash and cash equivalents	218,083
Cash and cash equivalents at beginning of period	230,333
Cash and cash equivalents at end of period	448,416
Supplemental cash flow information:
Cash paid for interest	14,703
Cash paid for income taxes	332
Deconsolidation of Greenway Plaza and Phoenix Tower assets	1,093,949
Investment in unconsolidated joint venture	223,419
Deconsolidation of Greenway Properties loan	465,000
Phoenix Tower mortgage loan assumed by Greenway Properties joint venture	75,879
Accrued capital expenditures	$ 26,375
Cousins Houston
Operating activities
Net loss		$ 10,699
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization of office properties		31,168
Amortization of financing costs		89
Effect of certain non-cash adjustments to rental revenues		(5,836)
Changes in operating assets and liabilities:
Change in receivables and other assets		(2,411)
Operating liabilities		(16,697)
Cash used in operating activities		17,012
Investing activities
Improvements to real estate		(18,112)
Cash used in investing activities		(18,112)
Financing activities
Change in Parkway investment, net		3,886
Principal payments on mortgage notes payable		(1,724)
Cash provided by financing activities		2,162
Change in cash and cash equivalents		1,062
Cash and cash equivalents at beginning of period		109
Cash and cash equivalents at end of period		1,171
Supplemental cash flow information:
Cash paid for interest		3,856
Change in accrued property and tenant asset expenditures		(286)
Parkway Houston
Operating activities
Net loss		(1,330)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization of office properties		21,005
Amortization of management contract intangibles, net		378
Amortization of below market leases, net		(3,487)
Amortization of financing costs		21
Amortization of debt premium, net		(1,431)
Deferred income tax expense		256
Loss on extinguishment of debt		(154)
Increase in deferred leasing costs		(4,919)
Changes in operating assets and liabilities:
Change in receivables and other assets		1,197
Change in accounts payable and other liabilities		(11,666)
Cash used in operating activities		(130)
Investing activities
Improvements to real estate		(10,885)
Cash used in investing activities		(10,885)
Financing activities
Change in Parkway investment, net		124,012
Principal payments on mortgage notes payable		(116,985)
Cash provided by financing activities		7,027
Change in cash and cash equivalents		(3,988)
Cash and cash equivalents at beginning of period		11,961
Cash and cash equivalents at end of period		7,973
Supplemental cash flow information:
Cash paid for interest		8,728
Cash paid for income taxes		$ 1,043

Organization

Organization	6 Months Ended
	Jun. 30, 2017
Real Estate Properties [Line Items]
Organization	Organization Parkway, Inc. (the “Company”) is an independent, publicly traded, self-managed real estate investment trust (“REIT”) that owns and operates high-quality office properties located in submarkets in Houston, Texas. At June 30, 2017, the Company owned or had an interest, including an interest held in an unconsolidated joint venture, in a portfolio consisting of five assets comprising 19 buildings and totaling approximately 8.7 million rentable square feet (unaudited) in the Galleria, Greenway and Westchase submarkets of Houston, providing geographic focus and significant operational scale and efficiencies. In addition, the Company operates a fee-based real estate service (the “Third-Party Services Business” and together with the Houston real properties, the “Houston Business”) through a wholly owned subsidiary, Eola Office Partners, LLC and its wholly owned subsidiaries (collectively, “Eola”), which managed in total approximately 8.7 million square feet, including 5.0 million square feet related to interests held in an unconsolidated joint venture and the remainder related to properties held by third-party property owners. Unless otherwise indicated, all references to square feet represent net rentable square feet. The Company’s Pending Merger with the Canada Pension Plan Investment Board On June 29, 2017, the Company, Parkway LP and certain subsidiaries of the Canada Pension Plan Investment Board (“CPPIB”) entered into an agreement and plan of merger (the “Merger Agreement”) pursuant to which CPPIB will acquire 100% of the Company for $1.2 billion , or $23.05 per share. The $23.05 per share cash consideration consists of $19.05 per share plus a $4.00 per share special dividend to be paid prior to closing. The transaction is not subject to a financing condition and is expected to close in the fourth quarter of 2017, subject to customary closing conditions, including approval by the Company's stockholders. The Company’s Spin-Off from Cousins On October 7, 2016, Cousins Properties Incorporated (“Cousins”) completed the spin-off of the Company by distributing all of the Company’s outstanding shares of common and limited voting stock to the holders of Cousins common and limited voting preferred stock as of the record date, October 6, 2016 (the “Spin-Off”). The Spin-Off was effected pursuant to that certain Agreement and Plan of Merger (the “Legacy Parkway Merger Agreement”), dated as of April 28, 2016, by and among Parkway Properties, Inc. (“Legacy Parkway”), Parkway Properties LP (“Parkway LP”), Cousins and Clinic Sub Inc., a wholly owned subsidiary of Cousins, and pursuant to that certain Separation, Distribution and Transition Services Agreement (the “Separation and Distribution Agreement”), dated as of October 5, 2016, among the Company, Cousins and certain other parties thereto. Prior to the Spin-Off, the Company was incorporated on June 3, 2016 as a wholly owned subsidiary of Legacy Parkway. On October 6, 2016, pursuant to the Legacy Parkway Merger Agreement, Legacy Parkway merged with and into Clinic Sub Inc., with Clinic Sub Inc. continuing as the surviving corporation and a wholly owned subsidiary of Cousins (the “Legacy Parkway Merger”). In connection with the Legacy Parkway Merger, the Company became a subsidiary of Cousins. Immediately following the effective time of the Legacy Parkway Merger, in accordance with the Legacy Parkway Merger Agreement, Cousins separated the portion of its combined businesses relating to the ownership of real properties in Houston, Texas, as well as Legacy Parkway’s Third-Party Services Business, from the remainder of the combined businesses (the “Separation”). In connection with the Separation, the Company and Cousins reorganized the businesses through a series of transactions (the “UPREIT Reorganization”), pursuant to which the Houston Business was transferred to the Company, and the remainder of the combined business was transferred to Cousins Properties LP, a Delaware limited partnership (“Cousins LP”), the operating partnership of Cousins. Following the Separation and UPREIT Reorganization, Cousins effected the Spin-Off on October 7, 2016. Greenway Properties Joint Venture On February 17, 2017, the Company, through Parkway Operating Partnership LP (the “Operating Partnership”) and certain other subsidiaries, entered into an Omnibus Contribution and Partial Interest Assignment Agreement (the “Contribution Agreement”) with an affiliate of CPPIB and an entity controlled by TH Real Estate Global Asset Management and Silverpeak Real Estate Partners (“TIAA/SP”). Pursuant to the Contribution Agreement, on April 20, 2017, the Company completed the sale of an aggregate 49% interest in Greenway Plaza and Phoenix Tower (collectively, the “Greenway Properties”). As a result, the Operating Partnership, through a joint venture with CPPIB and TIAA/SP (the “Greenway Properties joint venture”), owns a 51% indirect interest in the Greenway Properties (with 1% held by a subsidiary acting as the general partner of the Greenway Properties joint venture and 50% held by a subsidiary acting as a limited partner of the Greenway Properties joint venture), and each of CPPIB and TIAA/SP owns a 24.5% indirect interest. While the Company has significant influence over the operations of the Greenway Properties joint venture, CPPIB and TIAA/SP hold substantive participating rights. As a result, the Company deconsolidated the Greenway Properties, and the retained interest is accounted for under the equity method. During the six months ended June 30, 2017, the Company recorded a $15.0 million impairment loss on real estate in connection with the excess of its carrying value over its estimated fair value, less costs to sell, of the properties related to the Greenway Properties joint venture. On April 17, 2017, certain subsidiaries of the Greenway Properties joint venture (collectively, the “Borrowers”) entered into a loan agreement (the “Loan Agreement”) with Goldman Sachs Mortgage Company (“Lender”).The Loan Agreement, which was executed while the Borrowers were still wholly-owned subsidiaries of the Company, provides for a loan in the original principal amount of $465 million (the “Loan”), and was fully funded to the Operating Partnership at the initial closing of the Greenway Properties joint venture on April 17, 2017. The Operating Partnership used the proceeds of the Loan to (i) repay all amounts outstanding under the Company’s Credit Agreement, dated as of October 6, 2016, by and among the Operating Partnership, as borrower, the Company, Bank of America, N.A., as Administrative Agent, and the lenders party thereto (the “Credit Agreement”), providing for a three -year, $100 million senior secured revolving credit facility (the “Revolving Credit Facility”), and a three -year, $350 million senior secured term loan facility (the “Term Loan” and, together with the Revolving Credit Facility, the “Credit Facility”), and (ii) to fund a credit to the Greenway Properties joint venture with respect to certain outstanding contractual lease obligations and in-process capital expenditures. The Loan has a term of five years, maturing on May 6, 2022, and bears interest at a rate of 3.8% per annum. The Loan is secured by, among other things, a first priority mortgage lien against the Borrowers’ fee simple interest in the Greenway Properties (other than the Phoenix Tower asset). Immediately following the execution of the Loan Agreement and funding of proceeds to the Operating Partnership, CPPIB and TIAA/SP each acquired a 24.5% interest in the Borrowers, and the assets and liabilities, including the Loan, were deconsolidated by the Company. The Greenway Properties joint venture also assumed the existing mortgage debt secured by Phoenix Tower, which had an outstanding balance of approximately $75.9 million at April 17, 2017 and matures on March 1, 2023. The Company recorded a non-cash loss on extinguishment of debt of approximately $7.6 million during the three and six months ended June 30, 2017 related to the termination of the Credit Facility.
Parkway Houston
Real Estate Properties [Line Items]
Organization	Organization On April 28, 2016, Cousins Properties Incorporated, a Georgia corporation (“Cousins”), and Parkway Properties, Inc., a Maryland corporation (“Legacy Parkway”), entered into that certain Agreement and Plan of Merger, dated as of April 28, 2016 (the “Legacy Parkway Merger Agreement”), by and among Legacy Parkway, Parkway Properties LP, Cousins and Clinic Sub Inc., a wholly owned subsidiary of Cousins. On October 6, 2016, pursuant to the Legacy Parkway Merger Agreement, Legacy Parkway merged with and into Clinic Sub Inc., with Clinic Sub Inc. continuing as the surviving corporation and a wholly owned subsidiary of Cousins (the “Legacy Parkway Merger”). Immediately following the effective time of the Legacy Parkway Merger, in accordance with the Legacy Parkway Merger Agreement, Cousins separated the portion of its combined businesses relating to the ownership of real properties in Houston, Texas, as well as Legacy Parkway’s fee-based real estate services (the “Third-Party Services Business” and together with the Houston real properties, the “Houston Business”), from the remainder of the combined businesses (the “Separation”). In connection with the Separation, Cousins and Legacy Parkway reorganized the combined businesses through a series of transactions (the “UPREIT Reorganization”) pursuant to which the Houston Business was transferred to Parkway, Inc. (the “Company”). On October 7, 2016, Cousins completed the spin-off of the Company, by distributing all of the outstanding shares of common and limited voting stock of the Company to the holders of Cousins common and limited voting preferred stock as of the record date, October 6, 2016 (the “Spin-Off”). The combined financial statements included herein represent the combined accounts and combined operations of the Houston Business previously owned and operated by Legacy Parkway (“Parkway Houston”). As of June 30, 2016, the Company had not conducted any business as a separate company and had no material assets or liabilities. The operations of Parkway Houston, which were transferred to the Company immediately following the effective time of the Legacy Parkway Merger, are presented as if the transferred business was Parkway Houston’s business for all historical periods described and at the carrying value of such assets and liabilities reflected in Legacy Parkway’s books and records.
Cousins Houston
Real Estate Properties [Line Items]
Organization	Organization And Basis Of Presentation Merger and Spin-Off On October 6, 2016, Cousins Properties Incorporated (“Cousins”) and Parkway Properties, Inc. (“Legacy Parkway”) completed a stock-for-stock merger (the “Legacy Parkway Merger”) pursuant to that certain Agreement and Plan of Merger, dated April 28, 2016 (the “Legacy Parkway Merger Agreement”), by and among Cousins, Clinic Sub Inc., Legacy Parkway and Parkway Properties LP, followed on October 7, 2016 by a spin-off (the “Spin-Off”) of the combined Houston-based assets of both companies (the “Houston Business”) into a new publicly traded real estate investment trust, Parkway, Inc. (the “Company”). Basis of Presentation The combined financial statements included herein represent the combined accounts and combined operations of the portion of the Houston Business owned and operated by Cousins (“Cousins Houston”). Cousins Houston includes the combined accounts related to the office properties of Greenway Plaza and Post Oak Central, operated prior to the Legacy Parkway Merger and the Spin-Off through subsidiaries of Cousins for the six months ended June 30, 2016, and certain corporate costs. The assets and liabilities in these combined financial statements represent historical carrying amounts of the following properties: Acquisition Date Number of Office Buildings Total Square Feet Post Oak Central February 7, 2013 3 1,280,000 Greenway Plaza September 9, 2013 10 4,348,000 13 5,628,000 Cousins Houston is a predecessor, as defined in applicable rules and regulations of the Securities and Exchange Commission (the “SEC”), to the Company which commenced operations upon completion of the Spin-Off. The combined financial statements are unaudited and were prepared by Cousins Houston in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the rules and regulations of the SEC. In the opinion of management, these financial statements reflect all adjustments necessary (which adjustments are of a normal and recurring nature) for the fair presentation of Cousins Houston’s results of operations for the six months ended June 30, 2016. The results of operations for the six months ended June 30, 2016 are not necessarily indicative of the results expected for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. These combined financial statements should be read in conjunction with the consolidated financial statements and the notes thereto as of December 31, 2015 and 2014 and for the years ended December 31, 2015 and 2014 and for the period from February 7, 2013 (date of inception) to December 31, 2013 included in the Company's Information Statement dated September 27, 2016. The accounting policies employed are substantially the same as those shown in Note 2 to those financial statements. For the periods presented, there were no items of other comprehensive income. Therefore, no presentation of comprehensive income is required. Allocated Costs The historical financial results for Cousins Houston include certain allocated corporate costs which Cousins Houston believes are reasonable. These costs were incurred by Cousins and estimated to be applicable to Cousins Houston based on proportionate leasable square footage. Such costs do not necessarily reflect what the actual costs would have been if Cousins Houston were operating as an independent, stand-alone public company. Additionally, the historical results for Cousins Houston include transaction costs that were incurred by Cousins related to the Spin-Off. These costs are discussed further in Note 3—Related Party Transactions. Recently Issued Accounting Standards Cousins Houston's operations ceased on October 6, 2016, and none of the recent accounting pronouncements impacted Cousins Houston's financial statement and notes. Therefore, this section is not applicable.

Basis of Presentation and Conso

Basis of Presentation and Consolidation/Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Real Estate Properties [Line Items]
Basis of Presentation and Consolidation/Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The Company, through its wholly owned subsidiary Parkway Properties General Partners, Inc. (“PPGP”), is the sole, indirect general partner of the Operating Partnership and, as of June 30, 2017, owned a 98.2% interest in the Operating Partnership directly and through its subsidiaries PPGP and Parkway LP. The remaining 1.8% interest is indirectly held by certain persons through their limited partnership interests in Parkway LP. As the sole, indirect general partner of the Operating Partnership, the Company has full and complete authority over the Operating Partnership’s operations and management. The accompanying unaudited consolidated financial statements have been prepared by the Company’s management (“management”) in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the requirements of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company also consolidates subsidiaries where the entity is a variable interest entity (a “VIE”) and the Company is the primary beneficiary because it has the power to direct the activities of the VIE and has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Operating Partnership was determined to be a VIE, and the Company is considered to be the primary beneficiary. All significant intercompany transactions and accounts have been eliminated in the accompanying financial statements. The equity method of accounting is used for those joint ventures that do not meet the criteria for consolidation and where the Company does not control these joint ventures, but exercises significant influence. The cost method of accounting is used for investments in which the Company does not have significant influence. These investments are reviewed for impairment when indicators of impairment exist. The accompanying unaudited consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim period presented. All such adjustments are of a normal recurring nature. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Operating results for the three and six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. These financial statements should be read in conjunction with the Annual Report on Form 10-K for the year ended December 31, 2016 and the audited financial statements included therein and the notes thereto. The balance sheet at December 31, 2016 has been derived from the audited financial statements as of that date but does not include all of the information and footnotes required by GAAP for complete financial statements. The Company’s operations are exclusively in the real estate industry and principally involve the operation, leasing, acquisition and ownership of office buildings in Houston, Texas. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company's revenues that will be impacted by this standard include revenues earned from fee-based real estate services, sales of real estate assets including land parcels and operating properties and other ancillary income. The Company expects that the amount and timing of revenue recognition from its fee-based real estate services referenced above will be generally consistent with its current measurement and pattern of recognition. The Company currently anticipates utilizing the modified retrospective method of adoption on January 1, 2018 and continues to evaluate the adoption impacts of this standard. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 requires companies to recognize lease assets and lease liabilities of lessees on the balance sheet and disclose key information about leasing arrangements. Lessor accounting will remain substantially similar to the current accounting; however, certain refinements were made to conform the standard with the recently issued revenue recognition guidance in ASU 2014-09, specifically related to the allocation and recognition of contract consideration earned from lease and non-lease revenue components. Additionally, certain leasing costs that are eligible to be capitalized as initial direct costs are also limited by ASU 2016-02. The Company expects to adopt this guidance effective January 1, 2019 and will utilize the modified retrospective method of adoption. Substantially all of the Company's revenues are earned from arrangements that are within the scope of ASU 2016-02, thus we anticipate that the timing of recognition and financial statement presentation of certain revenues, including revenues that related to consideration from non-lease components, may be affected. The Company is still assessing the impact of adopting this guidance. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805)” (“ASU 2017-01”). ASU 2017-01 clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance is effective for periods beginning after December 15, 2017, including interim periods within those periods. The Company adopted this standard prospectively as of January 1, 2017. In February 2017, the FASB issued ASU 2017-05, “Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)” (“ASU 2017-05”). ASU 2017-05 clarifies the scope of asset derecognition guidance and accounting for partial sales of nonfinancial assets. Partial sales of nonfinancial assets are common in the real estate industry and include transactions in which the seller retains an equity interest in the entity that owns the assets or has an equity interest in the buyer. ASU 2017-05 requires the re-measurement to fair value of a retained interest in a partial sale. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The Company is currently assessing the impact of this guidance.
Cousins Houston
Real Estate Properties [Line Items]
Basis of Presentation and Consolidation/Significant Accounting Policies	Significant Accounting Policies Real Estate Assets Cost Capitalization Cousins Houston capitalizes costs related to property and tenant improvements, including allocated costs of Cousins’ personnel working directly on projects. Cousins Houston capitalizes direct leasing costs related to leases that are probable of being executed. These costs include commissions paid to outside brokers, legal costs incurred to negotiate and document a lease agreement, and costs incurred by personnel of Cousins that are based on time spent on successful leases. Cousins Houston allocates these costs to individual tenant leases and amortizes them over the related lease term. Impairment For real estate assets that are considered to be held for sale according to accounting guidance, Cousins Houston records impairment losses if the fair value of the asset net of estimated selling costs is less than the carrying amount. For those long-lived assets that are held and used according to accounting guidance, management reviews each asset for the existence of any indicators of impairment. If indicators of impairment are present, Cousins Houston calculates the expected undiscounted future cash flows to be derived from such assets. If the undiscounted cash flows are less than the carrying amount of the asset, Cousins Houston reduces the asset to its fair value. Acquisition of Operating Properties Cousins Houston records the acquired tangible and intangible assets and assumed liabilities of operating property acquisitions at fair value at the acquisition date. The acquired assets and assumed liabilities for an operating property acquisition generally include but are not limited to: land, buildings and improvements, and identified tangible and intangible assets and liabilities associated with in-place leases, including leasing costs, value of above-market and below-market tenant leases, value of above-market and below-market ground leases, acquired in-place lease values, and tenant relationships, if any. The fair value of land is derived from comparable sales of land within the same submarket and/or region. The fair value of buildings and improvements, tenant improvements, and leasing costs are based upon current market replacement costs and other relevant market rate information. The fair value of the above-market or below-market component of an acquired in-place lease is based upon the present value (calculated using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining term and (ii) management’s estimate of the rents that would be paid using fair market rental rates and rent escalations at the date of acquisition over the remaining term of the lease. The amounts recorded for above-market and below-market leases are included in intangible assets and intangible liabilities, respectively, and are amortized on a straight-line basis into rental property operating revenues over the remaining terms of the applicable leases. The fair value of acquired in-place leases is derived based on management’s assessment of lost revenue and costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased. The amount recorded for acquired in-place leases is included in intangible assets and amortized as an increase to depreciation and amortization expense over the remaining term of the applicable leases. Depreciation and Amortization Real estate assets are stated at depreciated cost less impairment losses, if any. Buildings are depreciated over their estimated useful lives, which range from 30 to 42 years . The life of a particular building depends upon a number of factors including whether the building was developed or acquired and the condition of the building upon acquisition. Furniture, fixtures and equipment are depreciated over their estimated useful lives of five years . Tenant improvements, leasing costs and leasehold improvements are amortized over the term of the applicable leases or the estimated useful life of the assets, whichever is shorter. Cousins Houston accelerates the depreciation of tenant assets if it estimates that the lease term will end prior to the termination date. This acceleration may occur if a tenant files for bankruptcy, vacates its premises or defaults in another manner on its lease. Deferred expenses are amortized over the period of estimated benefit. Cousins Houston uses the straight-line method for all depreciation and amortization. Revenue Recognition Cousins Houston recognizes contractual revenues from leases on a straight-line basis over the term of the respective lease. In addition, leases typically provide for reimbursement of the tenants’ share of real estate taxes, insurance, and other operating expenses to Cousins Houston. Operating expense reimbursements are recognized as the related expenses are incurred. For the three and six months ended June 30, 2016, Cousins Houston recognized $15.5 million and $29.8 million , respectively, in revenues from tenants for reimbursements of operating expenses. Cousins Houston makes valuation adjustments to all tenant-related accounts receivable based upon its estimate of the likelihood of collectability. The amount of any valuation adjustment is based on the tenant’s credit and business risk, history of payment, and other factors considered by management. Income Taxes Through October 6, 2016, Cousins Houston’s properties were owned by Cousins, a Georgia corporation which has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, Cousins is not subject to federal income tax provided it distributes annually its adjusted taxable income, as defined in the Code, to stockholders and meets certain other organizational and operating requirements. Accordingly, the combined financial statements of Cousins Houston do not include a provision for federal income tax. Cash and Cash Equivalents Cash and cash equivalents include cash and highly-liquid money market instruments with maturities of three months or less. Segment Disclosure Cousins Houston is in the business of the ownership, development and management of office real estate. Cousins Houston has aggregated its office operations into one reportable segment. This segment is the aggregation of the aforementioned Cousins Houston office properties as reported to the Chief Operating Decision Maker and is aggregated due to the properties having similar economic and geographic characteristics. Fair Value Measurements Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets and appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect Cousins Houston’s best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. Cousins Houston has no investments for which fair value is measured on a recurring basis using Level 3 inputs. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Parkway Houston
Real Estate Properties [Line Items]
Basis of Presentation and Consolidation/Significant Accounting Policies	Basis of Presentation and Consolidation The accompanying combined financial statements include the accounts of Parkway Houston presented on a combined basis as the ownership interests were under common control and ownership of Legacy Parkway. All significant intercompany balances and transactions have been eliminated. These combined financial statements are derived from the books and records of Legacy Parkway and were carved out from Legacy Parkway at a carrying value reflective of such historical cost in such Legacy Parkway records. Parkway Houston’s historical financial results reflect charges for certain corporate costs and Parkway Houston believes such charges are reasonable; however, such results do not necessarily reflect what Parkway Houston's expenses would have been had Parkway Houston been operating as a separate stand-alone public company. Costs of the services that were charged to Parkway Houston were based on either actual costs incurred or a proportion of costs estimated to be applicable to Parkway Houston. The historical combined financial information presented may therefore not be indicative of the results of operations, financial position or cash flows that would have been obtained if Parkway Houston had been an independent, stand-alone public company during the periods presented or of Parkway Houston's future performance as an independent, stand-alone company. Parkway Houston is a predecessor, as defined in applicable rules and regulations for the Securities and Exchange Commission, to the Houston Business, which commenced operations on the date of the Spin-Off. These combined financial statements reflect the consolidation of properties that are wholly owned or properties in which, prior to the Legacy Parkway Merger, the Separation, the UPREIT Reorganization and the Spin-Off, Legacy Parkway owned less than a 100% interest but that Legacy Parkway controlled. Control of a property is demonstrated by, among other factors, Parkway Houston’s ability to refinance debt and sell the property without the consent of any other partner or owner and the inability of any other partner or owner to replace Legacy Parkway. Eola Capital, LLC (“Eola Capital”), Phoenix Tower, CityWestPlace and San Felipe Plaza were all indirectly wholly owned by Legacy Parkway for all periods presented. Parkway Houston consolidates its Murano residential condominium project which it controls. Parkway Houston’s partner has a stated ownership interest of 27% . Net proceeds from the project were distributed, to the extent available, based on an order of preferences described in the partnership agreement. Parkway Houston may receive distributions, if any, in excess of its stated 73% ownership interest if certain return thresholds are met.

Real Estate Related Investments

Real Estate Related Investments, Net	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Real Estate Related Investments, Net	Real Estate Related Investments, Net At June 30, 2017, real estate related investments, net consisted of CityWestPlace, San Felipe Plaza, and Post Oak Central, which are indirectly wholly owned by the Company, were comprised of eight buildings totaling approximately 3.7 million rentable square feet, located in the Galleria and Westchase submarkets of Houston. At December 31, 2016, real estate related investments, net consisted of five office assets located in the Galleria, Greenway and Westchase submarkets of Houston, comprising 19 buildings and two adjacent parcels of land totaling approximately 8.7 million rentable square feet. Balances of major classes of depreciable assets and their respective estimated useful lives are (in thousands): Asset Category Useful Life June 30, December 31, Land Non-depreciable $ 134,978 $ 417,315 Buildings and garages 7 to 40 years 529,642 1,095,815 Building improvements 5 to 40 years 24,593 55,093 Tenant improvements Lesser of useful life or term of lease 93,386 296,445 $ 782,599 $ 1,864,668 The Company is geographically concentrated in Houston, Texas. For the three months ended June 30, 2017, four tenants in the Company's wholly owned portfolio represented 15.1% , 11.1% , 6.0% and 5.5% of income from office properties, respectively. For the six months ended June 30, 2017, three tenants in the Company's wholly owned portfolio represented 10.7% , 8.5% and 7.8% of income from office properties, respectively.

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Ventures	Investment in Unconsolidated Joint Venture As of June 30, 2017, in addition to the eight buildings included in the consolidated financial statements, the Company also invested in the Greenway Properties joint venture, comprising 11 buildings and totaling approximately 5.0 million rentable square feet in the Greenway submarket of Houston. As of June 30, 2017, the Company's net investment in the Greenway Properties joint venture was $264.0 million . The assets (including identifiable intangible assets) and liabilities for the Greenway Properties joint venture were recorded at their respective fair values as of April 17, 2017. The following table summarizes the balance sheet of the Greenway Properties joint venture at June 30, 2017 (in thousands): June 30, 2017 Assets Real estate related investments: Office properties $ 923,334 Accumulated depreciation (7,730 ) Total real estate related investments, net 915,604 Cash and cash equivalents 22,828 Receivables and other assets 105,280 In-place lease intangibles, net of accumulated amortization of $6,230 118,242 Other intangible assets, net of accumulated amortization of $781 18,741 Total assets $ 1,180,695 Liabilities Mortgage notes payable, net $ 533,408 Accounts payable and other liabilities 34,303 Accrued tenant improvements 66,352 Accrued property taxes 14,125 Below market leases, net of accumulated amortization of $567 14,938 Total liabilities 663,126 Equity Partner's equity 517,569 Total liabilities and equity $ 1,180,695 The following table summarizes the statement of operations of the Greenway Properties joint venture from April 17, 2017, the date of inception of the Greenway Properties joint venture, to June 30, 2017 (in thousands): From April 17, 2017 (Date of Inception) to June 30, 2017 Revenues Income from office properties $ 32,735 Expenses Property operating expenses 14,542 Depreciation and amortization 14,859 Total expenses 29,401 Operating income 3,334 Other expenses Interest expense (4,452 ) Net loss $ (1,118 ) The following table presents a reconciliation of net loss of the Greenway Properties joint venture to the Company's equity in earnings of unconsolidated joint venture for the period from April 17, 2017, the date of inception of the Greenway Properties joint venture, to June 30, 2017 (in thousands): From April 17, 2017 (Date of Inception) to June 30, 2017 Net loss of Greenway Properties joint venture $ (1,118 ) Company's interest in Greenway Properties joint venture 51 % Company's share of net loss of Greenway Properties joint venture (570 ) Company's elimination of management company income 1,149 Company's equity in earnings of unconsolidated joint venture $ 579

Capital and Financing Transacti

Capital and Financing Transactions	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Capital and Financing Transactions	Capital and Financing Transactions Notes Payable to Banks, Net A summary of notes payable to banks, net at June 30, 2017 and December 31, 2016 is as follows (dollars in thousands): Interest Rate at December 31, 2016 Outstanding Balance at June 30, 2017 Outstanding Balance at December 31, 2016 $100.0 Million Revolving Credit Facility 3.8% $ — $ — $350.0 Million Three-Year Term Loan 3.7% — 350,000 Notes payable to banks outstanding — 350,000 Unamortized debt issuance costs, net — (8,398 ) Total notes payable to banks, net $ — $ 341,602 Credit Facility In connection with the Separation and the UPREIT Reorganization, on October 6, 2016, the Company and the Operating Partnership, as borrower, entered into a credit agreement providing for (i) a three -year, $100 million senior secured revolving credit facility (the “Revolving Credit Facility”), and (ii) a three -year, $350 million senior secured term loan facility (the “Term Loan” and, together with the Revolving Credit Facility, the “Credit Facility”), with Bank of America, N.A., as Administrative Agent, and the lenders party thereto (collectively, the “Lenders”). The Credit Facility had an initial maturity date of October 6, 2019, but was subject to a one -year extension option at the election of the Operating Partnership. The exercise of the extension option required the payment of an extension fee and the satisfaction of certain other customary conditions. The credit agreement also permitted the Operating Partnership to utilize up to $15 million of the Revolving Credit Facility for the issuance of letters of credit. Interest on the Credit Facility accrued at a rate based on LIBOR or a base rate plus an applicable margin. The Credit Facility was prepayable at the election of the borrower (upon not less than three business days’ written notice to the administrative agent) without premium or penalty (other than customary breakage fees), and did not require any scheduled repayments of principal prior to the maturity date. The Credit Facility was guaranteed pursuant to a Guaranty Agreement entered into on October 6, 2016, by the Company, all wholly owned material subsidiaries of the Operating Partnership that are not otherwise prohibited from guarantying the Credit Facility, PPGP and Parkway LP. On April 17, 2017, in connection with completion of the Greenway Properties joint venture transaction, the Operating Partnership repaid in full all amounts outstanding under the Credit Facility and terminated the Credit Facility. The Company recorded a non-cash loss on extinguishment of debt of approximately $7.6 million during the three and six months ended June 30, 2017 related to the termination of the Credit Facility. Mortgage Notes Payable, Net A summary of mortgage notes payable, net at June 30, 2017 and December 31, 2016 is as follows (dollars in thousands): Office Properties Fixed Rate Maturity Date June 30, 2017 December 31, 2016 San Felipe Plaza 4.8% 12/01/2018 $ 105,156 $ 106,085 CityWestPlace III and IV 5.0% 03/05/2020 87,852 88,700 Post Oak Central 4.3% 10/01/2020 176,487 178,285 Phoenix Tower 3.9% 03/01/2023 — 76,561 Unamortized premium, net 6,601 2,600 Unamortized debt issuance costs, net (566 ) (654 ) Total mortgage notes payable, net $ 375,530 $ 451,577 The Greenway Properties joint venture assumed the existing mortgage debt secured by Phoenix Tower, which had an outstanding balance of approximately $75.9 million at April 17, 2017 and matures on March 1, 2023. See “Note 1—Organization” for additional information regarding the assumption of the Phoenix Tower mortgage by the Greenway Properties joint venture. Mortgage Notes Payable, Net On April 6, 2016, Legacy Parkway paid in full the $114.0 million mortgage debt secured by CityWest Place I and II and recognized a gain on extinguishment of debt of $154,000 for the three and six months ended June 30, 2016.

Fair Values of Financial Instru

Fair Values of Financial Instruments	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Values of Financial Instruments	Fair Values of Financial Instruments FASB ASC “Fair Value Measurements and Disclosures,” (“ASC 820”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also provides guidance for using fair value to measure financial assets and liabilities. The codification requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3). Fair values of financial instruments were as follows (in thousands): June 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial Assets: Cash and cash equivalents $ 448,416 $ 448,416 $ 230,333 $ 230,333 Financial Liabilities: Notes payable to banks (1) $ — $ — $ 350,000 $ 349,372 Mortgage notes payable (1) 369,495 384,108 449,631 452,753 (1) The carrying amounts of notes payable to banks and mortgage notes payable represent par values. The methods and assumptions used to estimate fair value for each class of financial asset or liability are discussed below: Cash and cash equivalents: The carrying amount for cash and cash equivalents approximates fair value. Notes payable to banks: The fair value of the Company’s notes payable to banks is estimated by discounting expected cash flows at current market rates. This information is considered a Level 2 input as defined by ASC 820. Mortgage notes payable: The fair value of mortgage notes payable is estimated by discounting expected cash flows at current market rates. This information is considered a Level 2 input as defined by ASC 820. Non-financial assets and liabilities recorded at fair value on a non-recurring basis include the following: (1) non-financial assets and liabilities measured at fair value in a business combination, if any, and (2) impairment or disposal of long-lived assets measured at fair value. The fair values assigned to the Company’s purchase price assignments utilize Level 2 and Level 3 inputs as defined by ASC 820. The fair value assigned to the long-lived assets for which there was impairment recorded utilize Level 2 inputs as defined by ASC 820.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Loss Contingencies [Line Items]
Commitments and Contingencies	Commitments and Contingencies The Company and its subsidiaries may be involved from time to time in various legal proceedings that arise in the ordinary course of its business, including, but not limited to commercial disputes, environmental matters and litigation in connection with transactions including acquisitions and divestitures. The Company believes that such litigation, claims and administrative proceedings will not have a material adverse impact on the financial position or the results of operations. The Company will record a liability when a loss is considered probable and the amount can be reasonably estimated. The Company has a 1% limited partnership interest in 2121 Market Street Associates, LP (“2121 Market Street”). A mortgage loan secured by a first trust deed on 2121 Market Street is guaranteed by the Company up to a maximum amount of $14.0 million expiring in December 2022. Obligations for tenant improvements, lease commissions and lease incentives recorded on the consolidated balance sheet at June 30, 2017 are as follows (in thousands): 2017 $ 7,489 2018 479 2019 — 2020 1,093 2021 — Thereafter — Total $ 9,061
Parkway Houston
Loss Contingencies [Line Items]
Commitments and Contingencies	Commitments and Contingencies Parkway Houston and its subsidiaries are, from time to time, parties to litigation arising from the ordinary course of business. Parkway Houston does not believe that any such litigation will materially affect Parkway Houston's financial position or operations.
Cousins Houston
Loss Contingencies [Line Items]
Commitments and Contingencies	Commitments and Contingencies Litigation Cousins Houston is subject to various legal proceedings, claims and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. Cousins Houston records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, Cousins Houston accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, Cousins Houston accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, Cousins Houston discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, Cousins Houston discloses the nature and estimate of the possible loss of the litigation. Cousins Houston does not disclose information with respect to litigation where an unfavorable outcome is considered to be remote or where the estimated loss would not be material. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business or financial condition of Cousins Houston.

Share-Based and Long-Term Compe

Share-Based and Long-Term Compensation Plans	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based and Long-Term Compensation Plans	Share-Based and Long-Term Compensation Plans In September 2016, the Company adopted the Parkway, Inc. and Parkway Operating Partnership LP 2016 Omnibus Equity Incentive Plan (the “2016 Plan”), pursuant to which the following types of awards may be granted to the Company’s employees, directors and consultants: (i) options, including nonstatutory stock options and incentive stock options; (ii) stock appreciation rights; (iii) restricted shares; (iv) restricted stock units; (v) profits interest units (LTIP units); (vi) dividend equivalents; (vii) other forms of awards payable in or denominated by reference to shares of common stock; or (viii) cash. The Registration Statement on Form S-8, filed with the SEC on October 7, 2016, covered (i) 5,000,000 shares of the Company’s common stock, plus (ii) up to 1,300,000 shares of common stock issuable pursuant to equity awards of the Company resulting from awards originally granted under Legacy Parkway’s equity incentive plan that were assumed by the Company in connection with the Legacy Parkway Merger and the Spin-Off (the “Assumed Awards”). Ultimately, there were 1,002,596 Assumed Awards granted in connection with the Legacy Parkway Merger and the Spin-Off, such that the total number of shares reserved under the 2016 Plan is 6,002,596 shares of the Company’s common stock. Through June 30, 2017, the Company had stock options and restricted stock units (“RSUs”) outstanding under the 2016 Plan, each as described below. Long-Term Equity Incentives At June 30, 2017, a total of 773,617 shares underlying stock options with an aggregate fair value of $1.2 million had been granted to officers of the Company and former officers of Legacy Parkway and remained outstanding and exercisable under the 2016 Equity Plan. The options have exercise prices that range from $21.91 to $22.00 and expire on March 2, 2023. At June 30, 2017, a total of 209,125 time-vesting RSUs had been granted to officers and certain other employees of the Company and remained outstanding and unvested under the 2016 Equity Plan. The time-vesting RSUs are valued at $4.3 million , which equates to an average price per share of $20.55 . A total of 114,490 time-vesting RSU awards vested on January 1, 2017, 75,267 time-vesting RSU awards will vest in increments of 25% per year on each of the first, second, third and fourth anniversaries of the grant date and 133,858 time-vesting RSU awards will vest in increments of 33% per year on each of the first, second and third anniversaries of the grant date, subject to the grantee’s continued service. At June 30, 2017, a total of 283,099 performance-vesting RSUs had been granted to officers and certain other employees of the Company and remained outstanding and unvested under the 2016 Equity Plan. The performance-vesting RSUs are valued at approximately $2.4 million , which equates to an average price per share of $8.60 . Grant date fair values of the performance-vesting RSUs are estimated using a Monte Carlo simulation model and the resulting expense is recorded regardless of whether the total stockholder return (“TSR”) performance measures are achieved if the required service is delivered. Each performance-vesting RSU will vest based on the attainment of TSR targets during the applicable performance period, subject to the grantee’s continued service. Total compensation expense related to stock options and RSUs of $528,000 and $1.0 million was recognized in general and administrative expenses on the Company’s consolidated statements of operations for the three and six months ended June 30, 2017. Total compensation expense related to non-vested awards not yet recognized was $5.5 million at June 30, 2017. The weighted average period over which this expense is expected to be recognized is approximately 2.7 years . Options Time-Vesting RSUs Performance-Vesting RSUs # of Options Weighted Average Grant-Date Fair Value # of Stock Units Weighted Average Grant-Date Fair Value # of Stock Units Weighted Average Grant-Date Fair Value Balance at December 31, 2016 33,011 $ 1.57 270,815 $ 20.85 159,899 $ 11.82 Granted — — 52,800 19.60 123,200 4.41 Vested (33,011 ) 1.57 (114,490 ) 20.81 — — Balance at June 30, 2017 — $ — 209,125 $ 20.55 283,099 $ 8.60

Net Loss per Common Share

Net Loss per Common Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Net Loss per Common Share	Net Loss per Common Share The computation of basic and diluted earnings per share (“EPS”) is as follows (in thousands, except per share data): Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Numerator: Basic and diluted net loss attributable to common stockholders $ (10,460 ) $ (23,009 ) Denominator: Basic and diluted weighted average shares outstanding 49,206 49,200 Basic net loss per common share attributable to common stockholders $ (0.21 ) $ (0.47 ) Diluted net loss per common share attributable to common stockholders $ (0.21 ) $ (0.47 ) The computation of diluted EPS for the three and six months ended June 30, 2017 does not include the effect of net loss attributable to noncontrolling interest - unitholders in the numerator and partnership units and time-vesting RSUs in the denominator as their inclusion would have been anti-dilutive. Terms and conditions of these awards are described in “Note 8—Share-Based and Long-Term Compensation Plans.”

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2017
Related Party Transaction [Line Items]
Related Party Transactions	Related Party Transactions Certain of the Company’s executive officers own interests in properties that are managed and leased by Eola. For the three and six months ended June 30, 2017, the Company recorded approximately $41,000 and $86,000 in management fees and approximately $144,000 and $259,000 in reimbursements, respectively, related to the management and leasing of these properties. During the three and six months ended June 30, 2017, the Company paid director fees for the two directors nominated by TPG VI Pantera Holdings, L.P. (“TPG Pantera”) totaling approximately $32,000 and $106,000 , respectively, to TPG VI Management, LLC (“TPG Management,” and together with TPG Pantera, the “TPG Parties”). On September 28, 2016, Eola entered into an agreement and side letter with affiliates of the TPG Parties pursuant to which Eola performs property management, accounting and finance services for such affiliates of the TPG Parties at certain assets owned by such affiliates (collectively, the “TPG Owner”) that were purchased from Legacy Parkway on September 27, 2016. The agreement has a one -year term and automatically renews for successive one-year terms unless otherwise terminated in accordance with the terms of the agreement. Pursuant to the agreement and side letter, Eola receives a monthly management fee equal to approximately 2.5% of the aggregate gross revenues received from the operation of the properties and is reimbursed for certain personnel expenses. During the three and six months ended June 30, 2017, Eola recorded approximately $176,000 and $301,000 for management fees and $143,000 and $270,000 for salary reimbursements, respectively. During the three and six months ended June 30, 2017, the Company recorded management fees of approximately $452,000 and reimbursements, net of elimination, related to the unconsolidated joint venture of approximately $1.1 million . Concurrently with the execution of the Legacy Parkway Merger Agreement, Legacy Parkway and Parkway LP entered into a letter agreement (the “Thomas Letter Agreement”) with Mr. James A. Thomas, then chairman of the Legacy Parkway board of directors and the current chairman of the Company’s board of directors, and certain unitholders of Parkway LP who are affiliated with Mr. Thomas. Pursuant to the Separation and Distribution Agreement, the Thomas Letter Agreement is binding on the Company. On March 14, 2017, the Operating Partnership and Parkway LP entered into a Debt Guaranty Agreement (the “Debt Guaranty Agreement”) with Mr. Thomas and certain affiliates of Mr. Thomas (the “Thomas Investors”) that implements those provisions of the Thomas Letter Agreement regarding debt guarantee opportunities made available to Mr. Thomas and the Thomas Investors. Consistent with the Thomas Letter Agreement, pursuant to the Debt Guaranty Agreement, the Operating Partnership made available to Mr. Thomas and the Thomas Investors certain debt guarantee opportunities corresponding to specified mortgage loans of the Company, of which Mr. Thomas and the Thomas Investors entered into contribution agreements with respect to $109 million (representing an additional $70 million over their existing $39 million guarantee). In the event these specified mortgage loans become unavailable for guarantee (whether because the Company repays them, sells the corresponding asset, or otherwise), the Company is required to use commercially reasonable efforts to provide a replacement guarantee or contribution opportunity to the extent of the Company’s remaining qualifying debt (but not in excess of $109 million ). The Company has agreed to maintain any such debt for the remainder of the five -year period following October 2016, subject to early termination in the event of a going private transaction, sale of all or substantially all of the Company’s assets or certain similar transactions.
Parkway Houston
Related Party Transaction [Line Items]
Related Party Transactions	Related Party Transactions On May 18, 2011, Legacy Parkway entered into the Contribution Agreement pursuant to which Eola Capital contributed its property management company (the “Management Company”) to Parkway Houston. In connection with the Eola Capital contribution of its Management Company to Legacy Parkway, a subsidiary of Legacy Parkway made a $3.5 million preferred equity investment in an entity 21% owned by Mr. James R. Heistand. This investment provides that Legacy Parkway will be paid a preferred equity return equal to 7% per annum of the preferred equity outstanding. For the three and six months ended June 30, 2016, Legacy Parkway received preferred equity distributions on this investment in the aggregate amounts of approximately $61,000 and $122,000 , respectively. This preferred equity investment was approved by the board of directors of Legacy Parkway, and recorded as a cost method investment. Certain of Legacy Parkway’s executive officers own interests in properties that are managed and leased by the Management Company. Parkway Houston recorded approximately $77,000 and $156,000 in management fees, respectively, and $193,000 and $388,000 in reimbursements, respectively, related to the management and leasing of these assets for the three and six months ended June 30, 2016. As discussed in Note 1 and Note 2, the accompanying combined financial statements present the operations of Parkway Houston as carved out from the financial statements of Legacy Parkway. Transactions between the entities have been eliminated in the combined presentation. The combined financial statements include payroll costs and benefits for on-site personnel employed by Legacy Parkway allocated to Parkway Houston. These costs are reflected in property operating expenses on the combined statements of operations. A summary of these costs for the period presented is as follows (in thousands): For the Three Months Ended June 30, 2016 For the Six Months Ended June 30, 2016 Charged to property operating expense: Direct payroll charges $ 804 $ 1,607 Management fees 705 1,434 Other allocated expenses 771 771 Total $ 2,280 $ 3,812 Lease commissions and development fees paid to Legacy Parkway’s personnel and other leasing costs incurred by Parkway Houston are capitalized and amortized over the respective lease term. For the three and six months ended June 30, 2016, Parkway Houston capitalized $154,000 and $258,000 , respectively, in commissions and other leasing costs to the properties. The expenses charged by Legacy Parkway for these services are not necessarily indicative of the expenses that would have been incurred had Parkway Houston been a separate, independent entity.
Cousins Houston
Related Party Transaction [Line Items]
Related Party Transactions	Related Party Transactions The combined financial statements include direct payroll costs and benefits for on-site personnel employed by Cousins. These costs are reflected in rental property operating expenses on the Combined Statements of Operations. As described in Note 2, also included are costs for certain functions and services performed by Cousins and these costs were allocated to Cousins Houston based on proportionate leasable square footage which management believes is an appropriate estimate of usage. These costs are reflected as general and administrative expenses on the Combined Statements of Operations. The expenses allocated to Cousins Houston for these services are not necessarily indicative of the expenses that would have been incurred had Cousins Houston been a separate, independent entity that had otherwise managed these functions. A summary of these costs is as follows for the three and six months ended June 30, 2016 (in thousands): For the Three Months Ended June 30, 2016 For the Six Months Ended June 30, 2016 Charged to rental property operating expenses: Direct payroll charges $ 1,723 $ 3,478 Other allocated expenses 503 995 Charged to general and administrative expenses: Office rental expense 88 180 Payroll and other expenses 1,711 4,796 Leasing commissions paid to Cousins’ personnel and other leasing costs incurred by Cousins are capitalized and amortized over the respective lease term. For the three and six months ended June 30, 2016, Cousins Houston capitalized $383,000 and $540,000 , respectively, in commissions and other leasing costs to the properties.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Event [Line Items]
Subsequent Events	Subsequent Events On August 2, 2017, a purported federal securities class action related to the Merger Agreement, Price v. Parkway, Inc., et al., was filed in the United States District Court for the Southern District of Texas, Civil Action No. 4:17-cv-2367, against the Company and the members of the Company's board of directors. On August 9, 2017, another purported federal securities class action related to the Merger Agreement, Scarantino v. Parkway, Inc., et al., was filed in the United States District Court for the Southern District of Texas, Civil Action No. 4:17-cv-02441, against the Company, Parkway LP, CPPIB, certain affiliates of CPPIB and the members of the Company's board of directors. Each lawsuit, which purports to have been brought on behalf of all holders of the Company's common stock, generally alleges that the preliminary proxy statement filed by the Company with the SEC on July 27, 2017 failed to disclose material information about the pending merger transaction with CPPIB. Each complaint seeks to enjoin the defendants from proceeding with the stockholder vote on the Company-level merger at the special meeting or consummating the merger transaction unless and until the Company discloses the allegedly omitted information. Each complaint also seeks damages allegedly suffered by the plaintiffs as a result of the asserted omission, as well as related attorneys’ fees and expenses. The defendants believe that all of the allegations against them lack merit and intend to defend against the lawsuits vigorously. No assurance can be made as to the outcome of such lawsuits or the lawsuits described above, including the amount of costs associated with defending these claims or any other liabilities that may be incurred in connection with the litigation of these claims.
Parkway Houston
Subsequent Event [Line Items]
Subsequent Events	Subsequent Events The Legacy Parkway Merger, the Separation and the Reorganization were consummated on October 6, 2016, and the Spin-Off was completed on October 7, 2016. See “Note 1—Organization” to the consolidated financial statements of the Company for additional information regarding the completion of the Greenway Properties joint venture transaction and the pending acquisition of the Company by the Canada Pension Plan Investment Board (“CPPIB”). See “Note 11—Subsequent Events” to the consolidated financial statements of the Company for additional information regarding legal proceedings surrounding the pending acquisition of the Company by CPPIB.
Cousins Houston
Subsequent Event [Line Items]
Subsequent Events	Subsequent Events The Legacy Parkway Merger and related separation and reorganization transactions pursuant to the Legacy Parkway Merger Agreement were consummated on October 6, 2016, and the Spin-Off was completed on October 7, 2016. See “Note 1—Organization” to the consolidated financial statements of the Company for additional information regarding the completion of the Greenway Properties joint venture transaction and the pending acquisition of the Company by the Canada Pension Plan Investment Board (“CPPIB”). See “Note 11—Subsequent Events” to the consolidated financial statements of the Company for additional information regarding legal proceedings surrounding the pending acquisition of the Company by CPPIB.

Basis of Presentation and Con19

Basis of Presentation and Consolidation/Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Real Estate Properties [Line Items]
Basis of Presentation	The accompanying unaudited consolidated financial statements have been prepared by the Company’s management (“management”) in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the requirements of the Securities and Exchange Commission (“SEC”).
Consolidation	The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company also consolidates subsidiaries where the entity is a variable interest entity (a “VIE”) and the Company is the primary beneficiary because it has the power to direct the activities of the VIE and has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Operating Partnership was determined to be a VIE, and the Company is considered to be the primary beneficiary. All significant intercompany transactions and accounts have been eliminated in the accompanying financial statements.
Recently Issued Accounting Standards	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company's revenues that will be impacted by this standard include revenues earned from fee-based real estate services, sales of real estate assets including land parcels and operating properties and other ancillary income. The Company expects that the amount and timing of revenue recognition from its fee-based real estate services referenced above will be generally consistent with its current measurement and pattern of recognition. The Company currently anticipates utilizing the modified retrospective method of adoption on January 1, 2018 and continues to evaluate the adoption impacts of this standard. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 requires companies to recognize lease assets and lease liabilities of lessees on the balance sheet and disclose key information about leasing arrangements. Lessor accounting will remain substantially similar to the current accounting; however, certain refinements were made to conform the standard with the recently issued revenue recognition guidance in ASU 2014-09, specifically related to the allocation and recognition of contract consideration earned from lease and non-lease revenue components. Additionally, certain leasing costs that are eligible to be capitalized as initial direct costs are also limited by ASU 2016-02. The Company expects to adopt this guidance effective January 1, 2019 and will utilize the modified retrospective method of adoption. Substantially all of the Company's revenues are earned from arrangements that are within the scope of ASU 2016-02, thus we anticipate that the timing of recognition and financial statement presentation of certain revenues, including revenues that related to consideration from non-lease components, may be affected. The Company is still assessing the impact of adopting this guidance. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805)” (“ASU 2017-01”). ASU 2017-01 clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance is effective for periods beginning after December 15, 2017, including interim periods within those periods. The Company adopted this standard prospectively as of January 1, 2017. In February 2017, the FASB issued ASU 2017-05, “Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)” (“ASU 2017-05”). ASU 2017-05 clarifies the scope of asset derecognition guidance and accounting for partial sales of nonfinancial assets. Partial sales of nonfinancial assets are common in the real estate industry and include transactions in which the seller retains an equity interest in the entity that owns the assets or has an equity interest in the buyer. ASU 2017-05 requires the re-measurement to fair value of a retained interest in a partial sale. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The Company is currently assessing the impact of this guidance.
Cousins Houston
Real Estate Properties [Line Items]
Basis of Presentation	The combined financial statements included herein represent the combined accounts and combined operations of the portion of the Houston Business owned and operated by Cousins (“Cousins Houston”). Cousins Houston includes the combined accounts related to the office properties of Greenway Plaza and Post Oak Central, operated prior to the Legacy Parkway Merger and the Spin-Off through subsidiaries of Cousins for the six months ended June 30, 2016, and certain corporate costs. The assets and liabilities in these combined financial statements represent historical carrying amounts of the following properties: Acquisition Date Number of Office Buildings Total Square Feet Post Oak Central February 7, 2013 3 1,280,000 Greenway Plaza September 9, 2013 10 4,348,000 13 5,628,000 Cousins Houston is a predecessor, as defined in applicable rules and regulations of the Securities and Exchange Commission (the “SEC”), to the Company which commenced operations upon completion of the Spin-Off. The combined financial statements are unaudited and were prepared by Cousins Houston in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the rules and regulations of the SEC. In the opinion of management, these financial statements reflect all adjustments necessary (which adjustments are of a normal and recurring nature) for the fair presentation of Cousins Houston’s results of operations for the six months ended June 30, 2016. The results of operations for the six months ended June 30, 2016 are not necessarily indicative of the results expected for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. These combined financial statements should be read in conjunction with the consolidated financial statements and the notes thereto as of December 31, 2015 and 2014 and for the years ended December 31, 2015 and 2014 and for the period from February 7, 2013 (date of inception) to December 31, 2013 included in the Company's Information Statement dated September 27, 2016. The accounting policies employed are substantially the same as those shown in Note 2 to those financial statements. For the periods presented, there were no items of other comprehensive income. Therefore, no presentation of comprehensive income is required.
Cost Capitalization	Cost Capitalization Cousins Houston capitalizes costs related to property and tenant improvements, including allocated costs of Cousins’ personnel working directly on projects. Cousins Houston capitalizes direct leasing costs related to leases that are probable of being executed. These costs include commissions paid to outside brokers, legal costs incurred to negotiate and document a lease agreement, and costs incurred by personnel of Cousins that are based on time spent on successful leases. Cousins Houston allocates these costs to individual tenant leases and amortizes them over the related lease term.
Impairment	Impairment For real estate assets that are considered to be held for sale according to accounting guidance, Cousins Houston records impairment losses if the fair value of the asset net of estimated selling costs is less than the carrying amount. For those long-lived assets that are held and used according to accounting guidance, management reviews each asset for the existence of any indicators of impairment. If indicators of impairment are present, Cousins Houston calculates the expected undiscounted future cash flows to be derived from such assets. If the undiscounted cash flows are less than the carrying amount of the asset, Cousins Houston reduces the asset to its fair value.
Acquisition of Operating Properties	Acquisition of Operating Properties Cousins Houston records the acquired tangible and intangible assets and assumed liabilities of operating property acquisitions at fair value at the acquisition date. The acquired assets and assumed liabilities for an operating property acquisition generally include but are not limited to: land, buildings and improvements, and identified tangible and intangible assets and liabilities associated with in-place leases, including leasing costs, value of above-market and below-market tenant leases, value of above-market and below-market ground leases, acquired in-place lease values, and tenant relationships, if any. The fair value of land is derived from comparable sales of land within the same submarket and/or region. The fair value of buildings and improvements, tenant improvements, and leasing costs are based upon current market replacement costs and other relevant market rate information. The fair value of the above-market or below-market component of an acquired in-place lease is based upon the present value (calculated using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining term and (ii) management’s estimate of the rents that would be paid using fair market rental rates and rent escalations at the date of acquisition over the remaining term of the lease. The amounts recorded for above-market and below-market leases are included in intangible assets and intangible liabilities, respectively, and are amortized on a straight-line basis into rental property operating revenues over the remaining terms of the applicable leases. The fair value of acquired in-place leases is derived based on management’s assessment of lost revenue and costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased. The amount recorded for acquired in-place leases is included in intangible assets and amortized as an increase to depreciation and amortization expense over the remaining term of the applicable leases.
Depreciation and Amortization	Depreciation and Amortization Real estate assets are stated at depreciated cost less impairment losses, if any. Buildings are depreciated over their estimated useful lives, which range from 30 to 42 years . The life of a particular building depends upon a number of factors including whether the building was developed or acquired and the condition of the building upon acquisition. Furniture, fixtures and equipment are depreciated over their estimated useful lives of five years . Tenant improvements, leasing costs and leasehold improvements are amortized over the term of the applicable leases or the estimated useful life of the assets, whichever is shorter. Cousins Houston accelerates the depreciation of tenant assets if it estimates that the lease term will end prior to the termination date. This acceleration may occur if a tenant files for bankruptcy, vacates its premises or defaults in another manner on its lease. Deferred expenses are amortized over the period of estimated benefit. Cousins Houston uses the straight-line method for all depreciation and amortization.
Revenue Recognition	Revenue Recognition Cousins Houston recognizes contractual revenues from leases on a straight-line basis over the term of the respective lease. In addition, leases typically provide for reimbursement of the tenants’ share of real estate taxes, insurance, and other operating expenses to Cousins Houston. Operating expense reimbursements are recognized as the related expenses are incurred. For the three and six months ended June 30, 2016, Cousins Houston recognized $15.5 million and $29.8 million , respectively, in revenues from tenants for reimbursements of operating expenses. Cousins Houston makes valuation adjustments to all tenant-related accounts receivable based upon its estimate of the likelihood of collectability. The amount of any valuation adjustment is based on the tenant’s credit and business risk, history of payment, and other factors considered by management.
Income Taxes	Income Taxes Through October 6, 2016, Cousins Houston’s properties were owned by Cousins, a Georgia corporation which has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, Cousins is not subject to federal income tax provided it distributes annually its adjusted taxable income, as defined in the Code, to stockholders and meets certain other organizational and operating requirements. Accordingly, the combined financial statements of Cousins Houston do not include a provision for federal income tax.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash and highly-liquid money market instruments with maturities of three months or less.
Segment Disclosure	Segment Disclosure Cousins Houston is in the business of the ownership, development and management of office real estate. Cousins Houston has aggregated its office operations into one reportable segment. This segment is the aggregation of the aforementioned Cousins Houston office properties as reported to the Chief Operating Decision Maker and is aggregated due to the properties having similar economic and geographic characteristics.
Fair Value Measurements	Fair Value Measurements Level 1 fair value inputs are quoted prices for identical items in active, liquid and visible markets such as stock exchanges. Level 2 fair value inputs are observable information for similar items in active or inactive markets and appropriately consider counterparty creditworthiness in the valuations. Level 3 fair value inputs reflect Cousins Houston’s best estimate of inputs and assumptions market participants would use in pricing an asset or liability at the measurement date. The inputs are unobservable in the market and significant to the valuation estimate. Cousins Houston has no investments for which fair value is measured on a recurring basis using Level 3 inputs.
Recently Issued Accounting Standards	Recently Issued Accounting Standards Cousins Houston's operations ceased on October 6, 2016, and none of the recent accounting pronouncements impacted Cousins Houston's financial statement and notes. Therefore, this section is not applicable.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Parkway Houston
Real Estate Properties [Line Items]
Basis of Presentation	The accompanying combined financial statements include the accounts of Parkway Houston presented on a combined basis as the ownership interests were under common control and ownership of Legacy Parkway. All significant intercompany balances and transactions have been eliminated. These combined financial statements are derived from the books and records of Legacy Parkway and were carved out from Legacy Parkway at a carrying value reflective of such historical cost in such Legacy Parkway records. Parkway Houston’s historical financial results reflect charges for certain corporate costs and Parkway Houston believes such charges are reasonable; however, such results do not necessarily reflect what Parkway Houston's expenses would have been had Parkway Houston been operating as a separate stand-alone public company. Costs of the services that were charged to Parkway Houston were based on either actual costs incurred or a proportion of costs estimated to be applicable to Parkway Houston. The historical combined financial information presented may therefore not be indicative of the results of operations, financial position or cash flows that would have been obtained if Parkway Houston had been an independent, stand-alone public company during the periods presented or of Parkway Houston's future performance as an independent, stand-alone company. Parkway Houston is a predecessor, as defined in applicable rules and regulations for the Securities and Exchange Commission, to the Houston Business, which commenced operations on the date of the Spin-Off.
Consolidation	The accompanying combined financial statements include the accounts of Parkway Houston presented on a combined basis as the ownership interests were under common control and ownership of Legacy Parkway. All significant intercompany balances and transactions have been eliminated. These combined financial statements are derived from the books and records of Legacy Parkway and were carved out from Legacy Parkway at a carrying value reflective of such historical cost in such Legacy Parkway records. Parkway Houston’s historical financial results reflect charges for certain corporate costs and Parkway Houston believes such charges are reasonable; however, such results do not necessarily reflect what Parkway Houston's expenses would have been had Parkway Houston been operating as a separate stand-alone public company. Costs of the services that were charged to Parkway Houston were based on either actual costs incurred or a proportion of costs estimated to be applicable to Parkway Houston. The historical combined financial information presented may therefore not be indicative of the results of operations, financial position or cash flows that would have been obtained if Parkway Houston had been an independent, stand-alone public company during the periods presented or of Parkway Houston's future performance as an independent, stand-alone company. Parkway Houston is a predecessor, as defined in applicable rules and regulations for the Securities and Exchange Commission, to the Houston Business, which commenced operations on the date of the Spin-Off. These combined financial statements reflect the consolidation of properties that are wholly owned or properties in which, prior to the Legacy Parkway Merger, the Separation, the UPREIT Reorganization and the Spin-Off, Legacy Parkway owned less than a 100% interest but that Legacy Parkway controlled. Control of a property is demonstrated by, among other factors, Parkway Houston’s ability to refinance debt and sell the property without the consent of any other partner or owner and the inability of any other partner or owner to replace Legacy Parkway. Eola Capital, LLC (“Eola Capital”), Phoenix Tower, CityWestPlace and San Felipe Plaza were all indirectly wholly owned by Legacy Parkway for all periods presented. Parkway Houston consolidates its Murano residential condominium project which it controls. Parkway Houston’s partner has a stated ownership interest of 27% . Net proceeds from the project were distributed, to the extent available, based on an order of preferences described in the partnership agreement. Parkway Houston may receive distributions, if any, in excess of its stated 73% ownership interest if certain return thresholds are met.

Organization (Tables)

Organization (Tables)	6 Months Ended
	Jun. 30, 2017
Real Estate Properties [Line Items]
Schedule of Real Estate Properties	Balances of major classes of depreciable assets and their respective estimated useful lives are (in thousands): Asset Category Useful Life June 30, December 31, Land Non-depreciable $ 134,978 $ 417,315 Buildings and garages 7 to 40 years 529,642 1,095,815 Building improvements 5 to 40 years 24,593 55,093 Tenant improvements Lesser of useful life or term of lease 93,386 296,445 $ 782,599 $ 1,864,668
Cousins Houston
Real Estate Properties [Line Items]
Schedule of Real Estate Properties	The assets and liabilities in these combined financial statements represent historical carrying amounts of the following properties: Acquisition Date Number of Office Buildings Total Square Feet Post Oak Central February 7, 2013 3 1,280,000 Greenway Plaza September 9, 2013 10 4,348,000 13 5,628,000

Real Estate Related Investmen21

Real Estate Related Investments, Net (Tables)	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Schedule of Real Estate Properties	Balances of major classes of depreciable assets and their respective estimated useful lives are (in thousands): Asset Category Useful Life June 30, December 31, Land Non-depreciable $ 134,978 $ 417,315 Buildings and garages 7 to 40 years 529,642 1,095,815 Building improvements 5 to 40 years 24,593 55,093 Tenant improvements Lesser of useful life or term of lease 93,386 296,445 $ 782,599 $ 1,864,668

Investment in Unconsolidated 22

Investment in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Real Estate Investment Financial Statements, Disclosure	The following table summarizes the balance sheet of the Greenway Properties joint venture at June 30, 2017 (in thousands): June 30, 2017 Assets Real estate related investments: Office properties $ 923,334 Accumulated depreciation (7,730 ) Total real estate related investments, net 915,604 Cash and cash equivalents 22,828 Receivables and other assets 105,280 In-place lease intangibles, net of accumulated amortization of $6,230 118,242 Other intangible assets, net of accumulated amortization of $781 18,741 Total assets $ 1,180,695 Liabilities Mortgage notes payable, net $ 533,408 Accounts payable and other liabilities 34,303 Accrued tenant improvements 66,352 Accrued property taxes 14,125 Below market leases, net of accumulated amortization of $567 14,938 Total liabilities 663,126 Equity Partner's equity 517,569 Total liabilities and equity $ 1,180,695 The following table summarizes the statement of operations of the Greenway Properties joint venture from April 17, 2017, the date of inception of the Greenway Properties joint venture, to June 30, 2017 (in thousands): From April 17, 2017 (Date of Inception) to June 30, 2017 Revenues Income from office properties $ 32,735 Expenses Property operating expenses 14,542 Depreciation and amortization 14,859 Total expenses 29,401 Operating income 3,334 Other expenses Interest expense (4,452 ) Net loss $ (1,118 ) The following table presents a reconciliation of net loss of the Greenway Properties joint venture to the Company's equity in earnings of unconsolidated joint venture for the period from April 17, 2017, the date of inception of the Greenway Properties joint venture, to June 30, 2017 (in thousands): From April 17, 2017 (Date of Inception) to June 30, 2017 Net loss of Greenway Properties joint venture $ (1,118 ) Company's interest in Greenway Properties joint venture 51 % Company's share of net loss of Greenway Properties joint venture (570 ) Company's elimination of management company income 1,149 Company's equity in earnings of unconsolidated joint venture $ 579

Capital and Financing Transac23

Capital and Financing Transactions (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities	A summary of notes payable to banks, net at June 30, 2017 and December 31, 2016 is as follows (dollars in thousands): Interest Rate at December 31, 2016 Outstanding Balance at June 30, 2017 Outstanding Balance at December 31, 2016 $100.0 Million Revolving Credit Facility 3.8% $ — $ — $350.0 Million Three-Year Term Loan 3.7% — 350,000 Notes payable to banks outstanding — 350,000 Unamortized debt issuance costs, net — (8,398 ) Total notes payable to banks, net $ — $ 341,602
Schedule of Mortgage-Notes Payable	A summary of mortgage notes payable, net at June 30, 2017 and December 31, 2016 is as follows (dollars in thousands): Office Properties Fixed Rate Maturity Date June 30, 2017 December 31, 2016 San Felipe Plaza 4.8% 12/01/2018 $ 105,156 $ 106,085 CityWestPlace III and IV 5.0% 03/05/2020 87,852 88,700 Post Oak Central 4.3% 10/01/2020 176,487 178,285 Phoenix Tower 3.9% 03/01/2023 — 76,561 Unamortized premium, net 6,601 2,600 Unamortized debt issuance costs, net (566 ) (654 ) Total mortgage notes payable, net $ 375,530 $ 451,577

Fair Values of Financial Inst24

Fair Values of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Fair values of financial instruments were as follows (in thousands): June 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial Assets: Cash and cash equivalents $ 448,416 $ 448,416 $ 230,333 $ 230,333 Financial Liabilities: Notes payable to banks (1) $ — $ — $ 350,000 $ 349,372 Mortgage notes payable (1) 369,495 384,108 449,631 452,753 (1) The carrying amounts of notes payable to banks and mortgage notes payable represent par values.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Other Commitments	Obligations for tenant improvements, lease commissions and lease incentives recorded on the consolidated balance sheet at June 30, 2017 are as follows (in thousands): 2017 $ 7,489 2018 479 2019 — 2020 1,093 2021 — Thereafter — Total $ 9,061

Share-Based and Long-Term Com26

Share-Based and Long-Term Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Share-based Payment Award Activity	The weighted average period over which this expense is expected to be recognized is approximately 2.7 years . Options Time-Vesting RSUs Performance-Vesting RSUs # of Options Weighted Average Grant-Date Fair Value # of Stock Units Weighted Average Grant-Date Fair Value # of Stock Units Weighted Average Grant-Date Fair Value Balance at December 31, 2016 33,011 $ 1.57 270,815 $ 20.85 159,899 $ 11.82 Granted — — 52,800 19.60 123,200 4.41 Vested (33,011 ) 1.57 (114,490 ) 20.81 — — Balance at June 30, 2017 — $ — 209,125 $ 20.55 283,099 $ 8.60

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The computation of basic and diluted earnings per share (“EPS”) is as follows (in thousands, except per share data): Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Numerator: Basic and diluted net loss attributable to common stockholders $ (10,460 ) $ (23,009 ) Denominator: Basic and diluted weighted average shares outstanding 49,206 49,200 Basic net loss per common share attributable to common stockholders $ (0.21 ) $ (0.47 ) Diluted net loss per common share attributable to common stockholders $ (0.21 ) $ (0.47 )

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2017
Parkway Houston
Related Party Transaction [Line Items]
Schedule of Related Party Transactions	A summary of these costs for the period presented is as follows (in thousands): For the Three Months Ended June 30, 2016 For the Six Months Ended June 30, 2016 Charged to property operating expense: Direct payroll charges $ 804 $ 1,607 Management fees 705 1,434 Other allocated expenses 771 771 Total $ 2,280 $ 3,812
Cousins Houston
Related Party Transaction [Line Items]
Schedule of Related Party Transactions	A summary of these costs is as follows for the three and six months ended June 30, 2016 (in thousands): For the Three Months Ended June 30, 2016 For the Six Months Ended June 30, 2016 Charged to rental property operating expenses: Direct payroll charges $ 1,723 $ 3,478 Other allocated expenses 503 995 Charged to general and administrative expenses: Office rental expense 88 180 Payroll and other expenses 1,711 4,796

Organization - Narrative (Detai

Organization - Narrative (Details) $ / shares in Units, ft² in Thousands	Apr. 20, 2017	Apr. 17, 2017USD ($)	Jun. 30, 2017USD ($)ft²propertybuilding	Jun. 30, 2017USD ($)ft²propertybuilding	Jun. 29, 2017USD ($)$ / shares	Feb. 17, 2017	Dec. 31, 2016USD ($)ft²property	Jun. 30, 2016ft²building
Real Estate Properties [Line Items]
Number of office assets | property			5	5			5
Rentable square feet | ft²			8,700	8,700			8,700
Impairment loss				$ 15,000,000
Loss on extinguishment of debt			$ 7,569,000	$ 7,569,000
Greenway Plaza and Phoenix Tower Joint Venture
Real Estate Properties [Line Items]
Rentable square feet | ft²			5,000	5,000
Ownership percentage	51.00%					49.00%
Equity method investment, purchase price percentage	24.50%
Greenway Plaza and Phoenix Tower Joint Venture
Real Estate Properties [Line Items]
Limited liability company (LLC) or limited partnership (LP), managing member or general partner, ownership interest (as percent)	1.00%
Limited partnership interest (as percent)	50.00%
Office Building
Real Estate Properties [Line Items]
Number of office assets | building			19	19
Cousins Houston
Real Estate Properties [Line Items]
Number of office assets | building								13
Rentable square feet | ft²								5,628
Eola
Real Estate Properties [Line Items]
Area of real estate managed or leased | ft²			8,700	8,700
Area of real estate related to interests held in an unconsolidated joint venture | ft²			5,000	5,000
Mortgages
Real Estate Properties [Line Items]
Long-term debt			$ 375,530,000	$ 375,530,000			$ 451,577,000
Mortgages | Greenway Plaza and Phoenix Tower Joint Venture
Real Estate Properties [Line Items]
Long-term debt		$ 75,900,000
Loss on extinguishment of debt			$ (7,600,000)	$ 7,600,000
Canada Pension Plan Investment Board
Real Estate Properties [Line Items]
Interest acquired					100.00%
Transaction cost					$ 1,200,000,000
Share price | $ / shares					$ 23.05
Share price, excluding dividend | $ / shares					19.05
Share price, dividend | $ / shares					$ 4
Five Year Loan, Maturing May 6, 2022, 3.8% | Loans Payable | Greenway Plaza and Phoenix Tower Joint Venture
Real Estate Properties [Line Items]
Debt instrument face amount		$ 465,000,000
Term of debt		5 years
Fixed rate (as percent)		3.80%
Revolving Credit Facility | Bank of America, N.A. | Line of Credit
Real Estate Properties [Line Items]
Maximum borrowing capacity		$ 100,000,000
Term Loan | Bank of America, N.A. | Line of Credit
Real Estate Properties [Line Items]
Maximum borrowing capacity		$ 350,000,000
Post Oak Central | Cousins Houston
Real Estate Properties [Line Items]
Number of office assets | building								3
Rentable square feet | ft²								1,280
Greenway Plaza | Cousins Houston
Real Estate Properties [Line Items]
Number of office assets | building								10
Rentable square feet | ft²								4,348

Basis of Presentation and Con30

Basis of Presentation and Consolidation/Significant Accounting Policies - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2017	Jun. 30, 2016USD ($)segment	Dec. 31, 2016
Noncontrolling Interest [Line Items]
Ownership percentage by parent		98.20%
Ownership percentage by noncontrolling owners		1.80%
Cousins Houston
Noncontrolling Interest [Line Items]
Tenant reimbursements | $	$ 15.5		$ 29.8
Number of reportable segments | segment			1
Parkway Houston
Noncontrolling Interest [Line Items]
Ownership percentage by parent				100.00%
Parkway Houston | Murano Residential Condominium
Noncontrolling Interest [Line Items]
Ownership percentage by parent	73.00%		73.00%
Ownership percentage by noncontrolling owners	27.00%		27.00%
Furnitures, Fixtures, and Equipment | Cousins Houston
Noncontrolling Interest [Line Items]
Useful life			5 years
Minimum | Building
Noncontrolling Interest [Line Items]
Useful life		7 years
Minimum | Building | Cousins Houston
Noncontrolling Interest [Line Items]
Useful life			30 years
Maximum | Building
Noncontrolling Interest [Line Items]
Useful life		40 years
Maximum | Building | Cousins Houston
Noncontrolling Interest [Line Items]
Useful life			42 years

Real Estate Related Investmen31

Real Estate Related Investments, Net - Schedule of Major Classes of Assets and Estimate Useful Lives (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Real Estate Investment Property, at Cost [Abstract]
Land	$ 134,978	$ 417,315
Buildings and garages	529,642	1,095,815
Building improvements	24,593	55,093
Tenant improvements	93,386	296,445
Office properties	$ 782,599	$ 1,864,668
Buildings and garages | Minimum
Real Estate Investment Property, at Cost [Abstract]
Useful life	7 years
Buildings and garages | Maximum
Real Estate Investment Property, at Cost [Abstract]
Useful life	40 years
Building improvements | Minimum
Real Estate Investment Property, at Cost [Abstract]
Useful life	5 years
Building improvements | Maximum
Real Estate Investment Property, at Cost [Abstract]
Useful life	40 years

Real Estate Related Investmen32

Real Estate Related Investments, Net - Narrative (Details) ft² in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2017ft²property	Jun. 30, 2017ft²property	Dec. 31, 2016ft²propertyparcel_of_land
Real Estate [Line Items]
Number of buildings			19
Rentable square feet | ft²	8.7	8.7	8.7
Number of office assets	5	5	5
Parcels of land | parcel_of_land			2
Sales Revenue, Net | Customer Concentration Risk | Tenant One
Real Estate [Line Items]
Concentration risk, percentage	15.10%	10.70%
Sales Revenue, Net | Customer Concentration Risk | Tenant Two
Real Estate [Line Items]
Concentration risk, percentage	11.10%	8.50%
Sales Revenue, Net | Customer Concentration Risk | Tenant Three
Real Estate [Line Items]
Concentration risk, percentage	6.00%	7.80%
Sales Revenue, Net | Customer Concentration Risk | Tenant Four
Real Estate [Line Items]
Concentration risk, percentage	5.50%
Greenway Plaza and Phoenix Tower Joint Venture
Real Estate [Line Items]
Number of buildings	11	11
Rentable square feet | ft²	5	5
Wholly Owned Properties
Real Estate [Line Items]
Number of buildings	8	8
Rentable square feet | ft²	3.7	3.7

Investment in Unconsolidated 33

Investment in Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands, ft² in Millions	Jun. 30, 2017USD ($)ft²property	Dec. 31, 2016USD ($)ft²property
Schedule of Equity Method Investments [Line Items]
Number of buildings | property		19
Rentable square feet | ft²	8.7	8.7
Investment in unconsolidated joint venture | $	$ 263,960	$ 0
Total equity | $	$ 1,116,885	$ 1,151,922
Greenway Plaza and Phoenix Tower Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of buildings | property	11
Rentable square feet | ft²	5

Investment in Unconsolidated 34

Investment in Unconsolidated Joint Ventures - Balance Sheet (Details) - Greenway Plaza and Phoenix Tower Joint Venture $ in Thousands	Jun. 30, 2017USD ($)
Assets
Office properties	$ 923,334
Accumulated depreciation	(7,730)
Total real estate related investments, net	915,604
Cash and cash equivalents	22,828
Receivables and other assets	105,280
In-place lease intangibles, net of accumulated amortization of $6,230	118,242
Other intangible assets, net of accumulated amortization of $781	18,741
Total assets	1,180,695
Liabilities
Mortgage notes payable, net	533,408
Accounts payable and other liabilities	34,303
Accrued tenant improvements	66,352
Accrued property taxes	14,125
Below market leases, net of accumulated amortization of $567	14,938
Total liabilities	663,126
Equity [Abstract]
Partner's equity	517,569
Total liabilities and equity	$ 1,180,695

Investment in Unconsolidated 35

Investment in Unconsolidated Joint Ventures - Income Statement (Details) - Greenway Plaza and Phoenix Tower Joint Venture $ in Thousands	2 Months Ended
	Jun. 30, 2017USD ($)
Revenues
Income from office properties	$ 32,735
Expenses
Property operating expenses	14,542
Depreciation and amortization	14,859
Total expenses	29,401
Operating income	3,334
Other Expenses [Abstract]
Interest expense	(4,452)
Net loss	$ (1,118)

Investment in Unconsolidated 36

Investment in Unconsolidated Joint Ventures - Reconciliation of Net Loss (Details) $ in Thousands	2 Months Ended
	Jun. 30, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Company's interest in Greenway Properties joint venture	51.00%
Company's share of net loss of Greenway Properties joint venture	$ (570)
Company's elimination of management company income	1,149
Company's equity in earnings of unconsolidated joint venture	579
Greenway Plaza and Phoenix Tower Joint Venture
Schedule of Equity Method Investments [Line Items]
Net loss of Greenway Properties joint venture	$ (1,118)

Capital and Financing Transac37

Capital and Financing Transactions - Schedule of Notes Payable to Banks (Details) - Notes Payable to Banks - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Mortgage notes payable, gross	$ 0	$ 350
Unamortized debt issuance costs, net	0	(8)
Total notes payable to banks, net	0	342
Revolving Credit Facility
Debt Instrument [Line Items]
Mortgage notes payable, gross	0	$ 0
Interest rate		3.80%
Three-Year Term Loan
Debt Instrument [Line Items]
Mortgage notes payable, gross	$ 0	$ 350
Interest rate		3.70%

Capital and Financing Transac38

Capital and Financing Transactions - Notes Payable to Banks Narrative (Details) - USD ($)	Oct. 06, 2016	Apr. 06, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Apr. 17, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 7,569,000		$ 7,569,000
Notes Payable to Banks
Debt Instrument [Line Items]
Debt instrument, minimum notice period prior to prepayment	3 days
Mortgage notes payable, gross			0		0			$ 350,000
Long-term debt			0		0			342,000
Mortgages
Debt Instrument [Line Items]
Long-term debt			375,530,000		375,530,000			451,577,000
Revolving Credit Facility | Notes Payable to Banks
Debt Instrument [Line Items]
Term of debt	3 years
Maximum borrowing capacity	$ 100,000,000		100,000,000		100,000,000
Debt instrument, extension option term	1 year
Mortgage notes payable, gross			0		0			0
Letter of Credit | Notes Payable to Banks
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 15,000,000
Three-Year Term Loan | Notes Payable to Banks
Debt Instrument [Line Items]
Term of debt	3 years
Maximum borrowing capacity			350,000,000		350,000,000
Debt instrument face amount	$ 350,000,000
Debt instrument, extension option term	1 year
Mortgage notes payable, gross			0		0			$ 350,000
Greenway Plaza and Phoenix Tower Joint Venture | Mortgages
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ (7,600,000)		$ 7,600,000
Long-term debt							$ 75,900,000
Parkway Houston
Debt Instrument [Line Items]
Loss on extinguishment of debt				$ (154,000)		$ (154,000)
Mortgage Note Payable Maturing July 2017, 6.16% | Parkway Houston | Mortgages
Debt Instrument [Line Items]
Repayments of Debt		$ 114,000,000
Loss on extinguishment of debt				$ (154,000)

Capital and Financing Transac39

Capital and Financing Transactions - Schedule of Mortgage Notes Payable (Details) - Mortgages - USD ($) $ in Thousands	Jun. 30, 2017	Apr. 17, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Unamortized premium, net	$ 6,601		$ 2,600
Unamortized debt issuance costs, net	(566)		(654)
Total notes payable to banks, net	$ 375,530		451,577
4.78% Mortgage Note Payable
Debt Instrument [Line Items]
Fixed rate (as percent)	4.78%
Mortgage notes payable, gross	$ 105,156		106,085
5.03% Mortgage Note Payable
Debt Instrument [Line Items]
Fixed rate (as percent)	5.03%
Mortgage notes payable, gross	$ 87,852		88,700
4.26% Mortgage Note Payable
Debt Instrument [Line Items]
Fixed rate (as percent)	4.26%
Mortgage notes payable, gross	$ 176,487		178,285
3.87% Mortgage Note Payable
Debt Instrument [Line Items]
Fixed rate (as percent)	3.87%
Mortgage notes payable, gross	$ 0		$ 76,561
Greenway Plaza and Phoenix Tower Joint Venture
Debt Instrument [Line Items]
Total notes payable to banks, net		$ 75,900

Fair Values of Financial Inst40

Fair Values of Financial Instruments - Schedule of Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Carrying value
Financial Assets:
Cash and cash equivalents	$ 448,416	$ 230,333
Fair value
Financial Assets:
Cash and cash equivalents	448,416	230,333
Notes Payable to Banks | Carrying value
Financial Liabilities:
Notes payable to banks	0	350,000
Notes Payable to Banks | Fair value
Financial Liabilities:
Notes payable to banks	0	349,372
Mortgages | Carrying value
Financial Liabilities:
Notes payable to banks	369,495	449,631
Mortgages | Fair value
Financial Liabilities:
Notes payable to banks	$ 384,108	$ 452,753

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Obligations for Tenant Improvements (Details) - Lease Tenant Improvements $ in Thousands	Jun. 30, 2017USD ($)
Other Commitment, Fiscal Year Maturity [Abstract]
2,017	$ 7,489
2,018	479
2,019	0
2,020	1,093
2,021	0
Thereafter	0
Lease tenant improvement obligations	$ 9,061

Commitments and Contingencies42

Commitments and Contingencies - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Mar. 14, 2017
2121 Market Street Associates LLC
Other Commitments [Line Items]
Limited partnership interest (as percent)	1.00%
Financial Guarantee
Other Commitments [Line Items]
Guarantor maximum exposure	$ 39,000,000	$ 109,000,000
Financial Guarantee | 2121 Market Street Associates LLC
Other Commitments [Line Items]
Guarantor maximum exposure	$ 14,000,000

Share-Based and Long-Term Com43

Share-Based and Long-Term Compensation Plans - Long-Term Equity Incentives Schedule (Details) - $ / shares	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Employee Stock Option
Number of Options:
Number of shares, beginning balance (in shares)	0	33,011
Granted (in shares)	0
Vested (in shares)	(33,011)
Number of shares, ending balance (in shares)	0
Options, Weighted Average Grant-Date Fair Value:
Weighted average grant-date fair value, beginning balance (in dollars per share)	$ 0	$ 1.57
Average price per option (in dollars per share)	0
Vested (in dollars per share)	1.57
Weighted average grant-date fair value, ending balance (in dollars per share)	$ 0
Time-vesting Restricted Stock Units (RSUs)
Number of Stock Units:
Number of stock units, beginning balance (in shares)	270,815
Granted (in shares)	52,800
Vested (in shares)	(114,490)
Number of stock units, ending balance (in shares)	209,125
Stock Units, Weighted Average Grant-Date Fair Value:
Weighted average grant-date fair value, beginning balance (in dollars per share)	$ 20.85
Granted (in dollars per share)	19.60
Vested (in dollars per share)	20.81
Weighted average grant-date fair value, ending balance (in dollars per share)	$ 20.55
Performance-vesting Restricted Stock Units (RSUs)
Number of Stock Units:
Number of stock units, beginning balance (in shares)	159,899
Granted (in shares)	123,200
Vested (in shares)	0
Number of stock units, ending balance (in shares)	283,099
Stock Units, Weighted Average Grant-Date Fair Value:
Weighted average grant-date fair value, beginning balance (in dollars per share)	$ 11.82
Granted (in dollars per share)	4.41
Vested (in dollars per share)	0
Weighted average grant-date fair value, ending balance (in dollars per share)	$ 8.60

Share-Based and Long-Term Com44

Share-Based and Long-Term Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 01, 2017	Sep. 30, 2016	Jun. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense			$ 528	$ 1,000
Compensation expense, not yet recognized			$ 5,500	$ 5,500
Weighted average recognition period				2 years 8 months
Time-vesting Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units outstanding (in shares)			209,125	209,125	270,815
Average price per unit (in dollars per share)			$ 20.55	$ 20.55	$ 20.85
Number of units vested (in shares)				114,490
Performance-vesting Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units outstanding (in shares)			283,099	283,099	159,899
Average price per unit (in dollars per share)			$ 8.60	$ 8.60	$ 11.82
Number of units vested (in shares)				0
2016 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized		5,000,000
Share based compensation arrangement by share based payment award, pursuant to equity awards of the company, number of shares authorized		1,300,000
2016 Equity Plan | Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding stock options (in shares)			773,617	773,617
Aggregate fair value			$ 1,200	$ 1,200
2016 Equity Plan | Employee Stock Option | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average exercise price			$ 21.91	$ 21.91
2016 Equity Plan | Employee Stock Option | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average exercise price			$ 22	$ 22
2016 Equity Plan | Time-vesting Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units outstanding (in shares)			209,125	209,125
Value of units outstanding			$ 4,300	$ 4,300
Average price per unit (in dollars per share)			$ 20.55	$ 20.55
2016 Equity Plan | Immediate Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units vested (in shares)	114,490
2016 Equity Plan | Four-Year Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units vested (in shares)				75,267
2016 Equity Plan | Four-Year Vesting | Vesting on First Anniversary of Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
2016 Equity Plan | Four-Year Vesting | Vesting on Second Anniversary of Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25.00%
2016 Equity Plan | Four-Year Vesting | Vesting on Third Anniversary of Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25.00%
2016 Equity Plan | Four-Year Vesting | Vesting on Fourth Anniversary of Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25.00%
2016 Equity Plan | Three-Year Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units vested (in shares)				133,858
2016 Equity Plan | Three-Year Vesting | Vesting on First Anniversary of Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				33.00%
2016 Equity Plan | Three-Year Vesting | Vesting on Second Anniversary of Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					33.00%
2016 Equity Plan | Three-Year Vesting | Vesting on Third Anniversary of Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					33.00%
2016 Equity Plan | Performance-vesting Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units outstanding (in shares)			283,099	283,099
Value of units outstanding			$ 2,400	$ 2,400
Average price per unit (in dollars per share)			$ 8.60	$ 8.60
Agreement And Plan Of Merger
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, non-option equity instruments, granted		1,002,596
Parkway, Inc. And Parkway Operating Partnership LP 2016 Omnibus Equity Incentive Plan Including Agreement And Plan Of Merger
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized		6,002,596

Net Loss per Common Share - Com

Net Loss per Common Share - Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017
Numerator [Abstract]
Basic and diluted net loss attributable to common stockholders	$ (10,460)	$ (23,009)
Denominator [Abstract]
Basic and diluted weighted average shares outstanding	49,206	49,200
Basic net loss per common share attributable to common stockholders	$ (0.21)	$ (0.47)
Diluted net loss per common share attributable to common stockholders	$ (0.21)	$ (0.47)

Related Party Transactions - Su

Related Party Transactions - Summary of Costs Reflected in Property Operating Expense (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Parkway Houston
Related Party Transaction [Line Items]
Expenses from transactions with related party	$ 2,280	$ 3,812
Direct payroll charges | Parkway Houston
Related Party Transaction [Line Items]
Expenses from transactions with related party	804	1,607
Management fees | Parkway Houston
Related Party Transaction [Line Items]
Expenses from transactions with related party	705	1,434
Other Allocated Expenses | Parkway Houston
Related Party Transaction [Line Items]
Expenses from transactions with related party	771	771
Majority Shareholder | Direct payroll charges | Cousins Houston
Related Party Transaction [Line Items]
Expenses from transactions with related party	1,723	3,478
Majority Shareholder | Management fees | Cousins Houston
Related Party Transaction [Line Items]
Expenses from transactions with related party	503	995
Majority Shareholder | Office Rental Expense | Cousins Houston
Related Party Transaction [Line Items]
General and administrative expenses from transactions with related party	88	180
Majority Shareholder | Payroll and Other Expenses | Cousins Houston
Related Party Transaction [Line Items]
General and administrative expenses from transactions with related party	$ 1,711	$ 4,796

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ in Thousands	Mar. 14, 2017USD ($)	Sep. 28, 2016	Jun. 30, 2017USD ($)director	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)director	Jun. 30, 2016USD ($)	May 18, 2011USD ($)
Related Party Transaction [Line Items]
Number of directors nominated by TPG Pantera | director			2		2
Cost method investment, dividend income			$ 692		$ 900
Management | Reimbursements
Related Party Transaction [Line Items]
Revenue from related parties			144		259
Management | Management fees
Related Party Transaction [Line Items]
Revenue from related parties			41		86
Mr. James R. Heistand
Related Party Transaction [Line Items]
Cost method investment, equity return percentage (as percent)							7.00%
Parkway Houston
Related Party Transaction [Line Items]
Expenses from transactions with related party				$ 2,280		$ 3,812
Cost method investment, dividend income				70		131
Parkway Houston | Management fees
Related Party Transaction [Line Items]
Expenses from transactions with related party				705		1,434
Parkway Houston | Management | Reimbursements
Related Party Transaction [Line Items]
Revenue from related parties				193		388
Parkway Houston | Management | Management fees
Related Party Transaction [Line Items]
Revenue from related parties				77		156
Parkway Houston | Majority Shareholder | Lease Commissions
Related Party Transaction [Line Items]
Amount of transaction with related party				154		258
Parkway Houston | Mr. James R. Heistand | 7% Preferred Equity Cost Method Investment
Related Party Transaction [Line Items]
Cost method investment							$ 3,500
Cost method investment, related party ownership percentage (as percent)							21.00%
Cost method investment, dividend income				61		122
Cousins Houston | Majority Shareholder | Lease Commissions
Related Party Transaction [Line Items]
Amount of transaction with related party				383		540
Cousins Houston | Majority Shareholder | Management fees
Related Party Transaction [Line Items]
Expenses from transactions with related party				$ 503		$ 995
TPG VI Management, LLC | Monitoring Fee
Related Party Transaction [Line Items]
Expenses from transactions with related party			32		106
TPG Owner | Eola | Reimbursements
Related Party Transaction [Line Items]
Revenue from related parties			143		270
TPG Owner | Eola | Management fees
Related Party Transaction [Line Items]
Revenue from related parties			176		301
Related party transaction rate (as percent)		2.50%
Related party transaction, term		1 year
Greenway Properties Joint Venture | Reimbursements
Related Party Transaction [Line Items]
Revenue from related parties			452		1,100
Financial Guarantee
Related Party Transaction [Line Items]
Guarantor maximum exposure	$ 109,000		$ 39,000		$ 39,000
Undiscounted, increase (decrease) in maximum amount	$ 70,000
Guarantor obligations, term	P5Y